Williams reported higher profit and revenue in the second quarter and announced a deal to acquire Momentum Midstream as transmission expansion, volumes, higher storage revenues and strong natural gas gathering lifted results.

The energy infrastructure company reported a profit of $827 million, or 68 cents a share, compared with a profit of $546 million, or 45 cents a share, a year earlier.

Adjusted earnings were 50 cents a share, matching analysts' expectations, according to FactSet.

Revenue rose 10% to $3.05 billion. Analysts polled by FactSet expected $2.83 billion.

The company said results were driven by projects placed in service on Transco, new Gulf volumes, higher natural gas storage revenues and stronger gathering volumes, partly offset by higher operating and administrative expenses.

Williams said it agreed to acquire Momentum Midstream in a deal valued at up to $5.5 billion to expand its Haynesville footprint and connect supply to growing Gulf Coast LNG and power demand under long-term take-or-pay contracts.

For the full year, the company expects adjusted earnings before interest, taxes, depreciation and amortization of $8.3 billion to $8.5 billion, up from $8.05 billion to $8.35 billion previously. Analysts are expecting $8.35 billion.