0000107263false00001072632024-08-052024-08-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 5, 2024

The Williams Companies, Inc.
(Exact name of registrant as specified in its charter)
Delaware1-417473-0569878
(State or other jurisdiction of
incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
One Williams Center
Tulsa, Oklahoma
74172-0172
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: 800-945-5426 (800-WILLIAMS)

NOT APPLICABLE
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueWMBNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition

On August 5, 2024, The Williams Companies, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2024. A copy of the press release and accompanying financial highlights and operating statistics and reconciliation schedules are furnished herewith as Exhibit 99.1 and are incorporated herein in their entirety by reference.

The press release and accompanying financial highlights and operating statistics and reconciliation schedules are being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The information furnished is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.


Item 9.01. Financial Statements and Exhibits

(a)    None

(b)    None

(c)    None

(d)    Exhibits.
Exhibit No.                                                                       Description                                                                   
99.1
104
Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document (contained in Exhibit 101).

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
THE WILLIAMS COMPANIES, INC.
(Registrant)
Dated:August 5, 2024By:
/s/ JOHN D. PORTER
John D. Porter
Senior Vice President and Chief Financial Officer (Principal Financial Officer)


Exhibit 99.1

News Release
Williams (NYSE: WMB)
One Williams Center
Tulsa, OK 74172
800-Williams
www.williams.com
  wmb_image1a19.jpg

DATE: Monday, August 5, 2024


MEDIA CONTACT:INVESTOR CONTACTS:
media@williams.com
(800) 945-8723		Danilo Juvane
(918) 573-5075		Caroline Sardella
(918) 230-9992

Williams Delivers Strong Second-Quarter Results

TULSA, Okla. – Williams (NYSE: WMB) today announced its unaudited financial results for the three and six months ended June 30, 2024.

Financial results build on track record of year-over-year consecutive growth
•GAAP net income of $401 million, or $0.33 per diluted share (EPS)
•Adjusted net income of $521 million, or $0.43 per diluted share (Adj. EPS)
•Record 2Q Adjusted EBITDA of $1.667 billion – up $56 million or 3% vs. 2Q 2023
•Cash flow from operations (CFFO) of $1.279 billion
•Available funds from operations (AFFO) of $1.250 billion – up $35 million or 3% vs. 2Q 2023
•Dividend coverage ratio of 2.16x (AFFO basis)
•On track to achieve top half of 2024 financial guidance

Crisp project execution and accelerating natural gas demand drive strong financial outlook
•Optimized portfolio by exiting Aux Sable joint venture position and consolidating ownership interest in Gulf of Mexico Discovery system
•Placed Transco's Regional Energy Access into full service ahead of schedule on Aug. 1
•Placed Marcellus South and MountainWest's Uinta Basin expansions in-service
•Significant emissions reductions and cost savings accomplished in replacing 57 Transco and Northwest Pipeline compressor units to date
•Initiated construction activities on Louisiana Energy Gateway gathering, treating and carbon capture & sequestration project
•Began construction on Transco's Texas to Louisiana Energy Pathway expansion
•Signed precedent agreement on Transco's Gillis West expansion
•Published 2023 Sustainability Report; set 2028 methane intensity goal for OGMP 2.0

CEO Perspective
Alan Armstrong, president and chief executive officer, made the following comments:

“Our record second quarter Adjusted EBITDA was driven primarily by the strong performance of our transmission and storage business. Even in this environment of low gas prices, we continue to deliver and are on track to achieve the top half of financial guidance this year and even higher levels of growth in 2025 with an expected five-year compound annual growth rate of over 12 percent on our Adjusted EPS, 2020 to 2025.
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“Our teams have continued to execute on our strategy across all fronts, including placing projects into service in the Northeast, the West and the Deepwater Gulf of Mexico. In addition to bringing Transco’s Regional Energy Access expansion fully online ahead of schedule, we have initiated construction activities on the Louisiana Energy Gateway gathering, treating and carbon capture & sequestration project as well as Transco’s Texas to Louisiana Energy Pathway expansion. We also continued to optimize our portfolio by selling our stake in the Aux Sable joint venture at an attractive premium and consolidated our ownership interest in the Gulf of Mexico Discovery system at an attractive value, which allows us to improve efficiencies in this commercially active and growing region.”

Armstrong added, “We’ve been delivering consecutive year-over-year growth for more than a decade at Williams, and all signals indicate that the future will be even stronger as demand for natural gas accelerates due to increasing electrification and LNG exports. With our powerful backlog of projects and outstanding track record of execution, no other company is better positioned than Williams to convert these opportunities into compounding returns for our shareholders.”
Williams Summary Financial Information2QYear to Date
Amounts in millions, except ratios and per-share amounts. Per share amounts are reported on a diluted basis. Net income amounts are from continuing operations attributable to The Williams Companies, Inc. available to common stockholders.2024202320242023
GAAP Measures
Net Income$401 $547 $1,032 $1,473 
Net Income Per Share$0.33 $0.45 $0.84 $1.20 
Cash Flow From Operations$1,279 $1,377 $2,513 $2,891 
Non-GAAP Measures (1)
Adjusted EBITDA$1,667 $1,611 $3,601 $3,406 
Adjusted Net Income$521 $515 $1,240 $1,199 
Adjusted Earnings Per Share$0.43 $0.42 $1.01 $0.98 
Available Funds from Operations$1,250 $1,215 $2,757 $2,660 
Dividend Coverage Ratio2.16 x2.23 x2.38 x2.44 x
Other
Debt-to-Adjusted EBITDA at Quarter End (2)3.76 x3.50 x
Capital Investments (Excluding Acquisitions) (3) (4)$663 $715 $1,226 $1,240 
(1) Schedules reconciling Adjusted Net Income, Adjusted EBITDA, Available Funds from Operations and Dividend Coverage Ratio (non-GAAP measures) to the most comparable GAAP measure are available at www.williams.com and as an attachment to this news release.
(2) Does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters.
(3) Capital Investments include increases to property, plant, and equipment (growth & maintenance capital), purchases of and contributions to equity-method investments and purchases of other long-term investments.
(4) Year-to-date 2024 capital excludes $1.844 billion for the acquisition of the Gulf Coast Storage assets, which closed in January 2024. Year-to-date 2023 capital excludes $1.053 billion for the acquisition of MountainWest, which closed in February 2023.

GAAP Measures
Second-quarter 2024 net income decreased by $146 million compared to the prior year reflecting an unfavorable change of $214 million in net unrealized gains/losses on commodity derivatives, higher net interest expense from recent debt issuances and retirements, as well as higher operating costs, depreciation and interest expense resulting from recent acquisitions. These unfavorable changes were partially offset by a $89 million increase in service revenues driven by acquisitions and expansion projects, as well as higher equity allowance for funds used during construction (equity AFUDC) associated with ongoing capital projects at our regulated natural gas pipelines. The tax provision decreased primarily due to lower pretax income.

Year-to-date 2024 net income decreased by $441 million compared to the prior year reflecting an unfavorable change of $633 million in net unrealized gains/losses on commodity derivatives, higher net
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interest expense from recent debt issuances and retirements, lower realized hedge gains in the West, as well as higher operating costs, depreciation and interest expense resulting from recent acquisitions. These unfavorable changes were partially offset by a $300 million increase in service revenues driven by acquisitions and expansion projects, higher commodity margins, and higher equity AFUDC. The tax provision decreased primarily due to lower pretax income.

Second-quarter and year-to-date 2024 cash flow from operations decreased compared to the prior year primarily due to unfavorable net changes in both working capital and derivative collateral requirements, partially offset by higher operating results exclusive of non-cash items.

Non-GAAP Measures
Second-quarter 2024 Adjusted EBITDA increased by $56 million over the prior year, driven by the previously described favorable net contributions from acquisitions and expansion projects. Year-to-date 2024 Adjusted EBITDA increased by $195 million over the prior year, similarly reflecting favorable net contributions from acquisitions and expansion projects, as well as higher commodity margins.

Second-quarter and year-to-date 2024 Adjusted Net Income improved by $6 million and $41 million, respectively, over the prior year, driven by the previously described impacts to net income, adjusted primarily to remove the effects of net unrealized gains/losses on commodity derivatives and the related income tax effects.

Second-quarter and year-to-date Available Funds From Operations (AFFO) increased by $35 million and $97 million, respectively, compared to the prior year primarily due to higher results from continuing operations exclusive of non-cash items.

Business Segment Results & Form 10-Q
Williams' operations are comprised of the following reportable segments: Transmission & Gulf of Mexico, Northeast G&P, West and Gas & NGL Marketing Services, as well as Other. For more information, see the company's second-quarter 2024 Form 10-Q.
Second QuarterYear to Date
Amounts in millionsModified EBITDAAdjusted EBITDAModified EBITDAAdjusted EBITDA
2Q 20242Q 2023Change2Q 20242Q 2023Change20242023Change20242023Change
Transmission & Gulf of Mexico$808 $731 $77 $812 $748 $64 $1,637 $1,446 $191 $1,651 $1,476 $175 
Northeast G&P481 515 (34)479 515 (36)985 985 — 983 985 (2)
West318 312 6 319 312 7 645 616 29 647 598 49 
Gas & NGL Marketing Services(126)68 (194)(14)(16)2 (25)635 (660)175 215 (40)
Other47 41 6 71 52 19 123 115 8 145 132 13 
Total$1,528 $1,667 ($139)$1,667 $1,611 $56 $3,365 $3,797 ($432)$3,601 $3,406 $195 
Note: Williams uses Modified EBITDA for its segment reporting. Definitions of Modified EBITDA and Adjusted EBITDA and schedules reconciling to net income are included in this news release.

Transmission & Gulf of Mexico
Second-quarter 2024 Modified and Adjusted EBITDA improved compared to the prior year driven by favorable net contributions from the Gulf Coast Storage acquisition and the Regional Energy Access expansion project, as well as higher equity AFUDC. Year-to-date 2024 Modified and Adjusted EBITDA also benefited from the MountainWest acquisition. Modified EBITDA for all periods was impacted by one-time acquisition costs, which are excluded from Adjusted EBITDA.

Northeast G&P
Second-quarter 2024 Modified and Adjusted EBITDA decreased compared to the prior year driven by lower gathering volumes, partially offset by higher rates at Susquehanna Supply Hub and Bradford. For the year-to-date comparison, both metrics were largely unchanged as these higher rates offset the lower gathering volumes.
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West
Second-quarter 2024 Modified and Adjusted EBITDA increased compared to the prior year benefiting from the DJ Basin Acquisitions and higher volumes on the Overland Pass Pipeline, partially offset by lower gathering volumes and lower realized gains on natural gas hedges. Both metrics also improved for the year-to-date period reflecting similar drivers, as well as improved commodity margins reflecting favorable changes in shrink prices related to the absence of a short-term gas price spike at Opal in 2023. The year-to-date Modified EBITDA was also impacted by the absence of a first-quarter 2023 favorable contract settlement, which is excluded from Adjusted EBITDA.

Gas & NGL Marketing Services
Second-quarter 2024 Modified EBITDA decreased from the prior year primarily reflecting a $200 million net unfavorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA. Year-to-date 2024 Modified EBITDA also decreased from the prior year reflecting a decline in gas marketing margins and a $628 million net unfavorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA.

Strategic Transactions
Williams recently closed two strategic transactions to further derisk its portfolio from commodity price volatility and enhance the performance of commercially active and growing Gulf of Mexico assets.

Williams sold its 14 percent stake in a joint venture with Aux Sable for $160 million. The non-operated joint venture assets include a processing and fractionation facility near Chicago and a rich gas gathering pipeline and conditioning plant in North Dakota. Williams’ ownership in the joint venture was subject to cash flow volatility because the keep-whole arrangement made distributions sensitive to commodity prices.

Separately, Williams purchased from Phillips 66 for $170 million its 40 percent stake in Discovery pipeline in the Gulf of Mexico, bringing Williams’ ownership interest to 100 percent, as well as Phillips 66's Dauphin Island Gathering Partners system. Discovery's assets include approximately 600 miles of offshore gas pipelines, a 600 MMcf/d gas processing plant and a 35 Mbbls/d fractionator, both in Louisiana.

2024 Financial Guidance
Williams continues to expect Adjusted EBITDA at the top half of its 2024 guidance range of $6.8 billion and $7.1 billion. In addition, the company continues to expect 2024 growth capex between $1.45 billion and $1.75 billion and maintenance capex between $1.1 billion and $1.3 billion, which includes capital of $350 million for emissions reduction and modernization initiatives. For 2025, the company continues to expect Adjusted EBITDA between $7.2 billion and $7.6 billion with growth capex between $1.65 billion and $1.95 billion and maintenance capex between $750 million and $850 million, which includes capital of $100 million based on midpoint for emissions reduction and modernization initiatives. Williams continues to anticipate a leverage ratio midpoint for 2024 of 3.85x and increased the dividend by 6.1% on an annualized basis to $1.90 in 2024 from $1.79 in 2023.

Williams' Second-Quarter 2024 Materials to be Posted Shortly; Q&A Webcast Scheduled for Tomorrow
Williams' second-quarter 2024 earnings presentation will be posted at www.williams.com. The company's second-quarter 2024 earnings conference call and webcast with analysts and investors is scheduled for Tuesday, Aug. 6, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). Participants who wish to join the call by phone must register using the following link: https://register.vevent.com/register/BI8cf6dbf9f06f47fabd194ab9f38a7eb8

A webcast link to the conference call will be provided on Williams' Investor Relations website. A replay of the webcast will also be available on the website for at least 90 days following the event.

About Williams
Williams (NYSE: WMB) is a trusted energy industry leader committed to safely, reliably, and responsibly meeting growing energy demand. We use our 33,000-mile pipeline infrastructure to move a third of the
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nation’s natural gas to where it's needed most, supplying the energy used to heat our homes, cook our food and generate low-carbon electricity. For over a century, we’ve been driven by a passion for doing things the right way. Today, our team of problem solvers is leading the charge into the clean energy future – by powering the global economy while delivering immediate emissions reductions within our natural gas network and investing in new energy technologies. Learn more at www.williams.com.
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The Williams Companies, Inc.
Consolidated Statement of Income
(Unaudited)
Three Months Ended  
June 30,		Six Months Ended  
June 30,
2024202320242023
(Millions, except per-share amounts)
Revenues:
Service revenues$1,837 $1,748 $3,742 $3,442 
Service revenues – commodity consideration18 27 48 63 
Product sales610 593 1,455 1,438 
Net gain (loss) from commodity derivatives(129)115 (138)621 
  Total revenues2,336 2,483 5,107 5,564 
Costs and expenses:
Product costs424 421 950 974 
Net processing commodity expenses17 44 22 98 
Operating and maintenance expenses522 481 1,033 944 
Depreciation and amortization expenses540 515 1,088 1,021 
Selling, general, and administrative expenses164 161 350 337 
Other (income) expense – net(27)(9)(44)(40)
  Total costs and expenses1,640 1,613 3,399 3,334 
Operating income (loss)696 870 1,708 2,230 
Equity earnings (losses)147 160 284 307 
Other investing income (loss) – net18 13 42 21 
Interest expense(339)(306)(688)(600)
Other income (expense) – net33 19 64 39 
Income (loss) before income taxes555 756 1,410 1,997 
  Less: Provision (benefit) for income taxes129 175 322 459 
Income (loss) from continuing operations426 581 1,088 1,538 
Income (loss) from discontinued operations)— (87)— (87)
Net income (loss)426 494 1,088 1,451 
  Less: Net income (loss) attributable to noncontrolling interests25 34 55 64 
Net income (loss) attributable to The Williams Companies, Inc.401 460 1,033 1,387 
  Less: Preferred stock dividends— — 1 1 
Net income (loss) available to common stockholders$401 $460 $1,032 $1,386 
Amounts attributable to The Williams Companies, Inc. available to common stockholders:
Income (loss) from continuing operations$401 $547 $1,032 $1,473 
Income (loss) from discontinued operations— (87)— (87)
  Net income (loss) available to common stockholders$401 $460 $1,032 $1,386 
Basic earnings (loss) per common share:
  Income (loss) from continuing operations$.33 $.45 $.85 $1.21 
  Income (loss) from discontinued operations— (.07)— (.07)
     Net income (loss) available to common stockholders$.33 $.38 $.85 $1.14 
     Weighted-average shares (thousands)1,219,367 1,217,673 1,218,761 1,218,564 
Diluted earnings (loss) per common share:
  Income (loss) from continuing operations$.33 $.45 $.84 $1.20 
  Income (loss) from discontinued operations— (.07)— (.07)
     Net income (loss) available to common stockholders$.33 $.38 $.84 $1.13 
     Weighted-average shares (thousands)1,222,236 1,219,915 1,222,229 1,223,429 

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The Williams Companies, Inc.
Consolidated Balance Sheet
(Unaudited)

June 30,December 31,
20242023
(Millions, except per-share amounts)
ASSETS
Current assets:
Cash and cash equivalents$55 $2,150 
Trade accounts and other receivables (net of allowance of $4 at June 30, 2024 and $3 at December 31, 2023)
1,398 1,655 
Inventories274 274 
Derivative assets218 239 
Other current assets and deferred charges170 195 
Total current assets2,115 4,513 
Investments4,612 4,637 
Property, plant, and equipment
54,930 51,842 
Accumulated depreciation and amortization(18,228)(17,531)
Property, plant, and equipment – net36,702 34,311 
Intangible assets – net of accumulated amortization7,402 7,593 
Regulatory assets, deferred charges, and other1,578 1,573 
Total assets$52,409 $52,627 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$1,192 $1,379 
Derivative liabilities109 105 
Accrued and other current liabilities1,229 1,284 
Commercial paper630 725 
Long-term debt due within one year1,536 2,337 
Total current liabilities4,696 5,830 
Long-term debt24,096 23,376 
Deferred income tax liabilities4,107 3,846 
Regulatory liabilities, deferred income, and other4,764 4,684 
Contingent liabilities and commitments
Equity:
Stockholders’ equity:
Preferred stock ($1 par value; 30 million shares authorized at June 30, 2024 and December 31, 2023; 35 thousand shares issued at June 30, 2024 and December 31, 2023)
35 35 
Common stock ($1 par value; 1,470 million shares authorized at June 30, 2024 and December 31, 2023; 1,258 million shares issued at June 30, 2024 and 1,256 million shares issued at December 31, 2023)
1,258 1,256 
Capital in excess of par value24,589 24,578 
Retained deficit(12,419)(12,287)
Accumulated other comprehensive income (loss)13 — 
Treasury stock, at cost (39 million shares at June 30, 2024 and December 31, 2023 of common stock)
(1,180)(1,180)
Total stockholders’ equity12,296 12,402 
Noncontrolling interests in consolidated subsidiaries2,450 2,489 
Total equity14,746 14,891 
Total liabilities and equity$52,409 $52,627 
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The Williams Companies, Inc.
Consolidated Statement of Cash Flows
(Unaudited)

 Six Months Ended  
June 30,
20242023
(Millions)
OPERATING ACTIVITIES:
Net income (loss)$1,088 $1,451 
Adjustments to reconcile to net cash provided (used) by operating activities:
Depreciation and amortization1,088 1,021 
Provision (benefit) for deferred income taxes258 427 
Equity (earnings) losses(284)(307)
Distributions from equity-method investees394 418 
Net unrealized (gain) loss from commodity derivative instruments223 (410)
Inventory write-downs6 23 
Amortization of stock-based awards48 40 
Cash provided (used) by changes in current assets and liabilities:
Accounts receivable270 1,423 
Inventories(3)41 
Other current assets and deferred charges12 24 
Accounts payable(219)(1,220)
Accrued and other current liabilities(76)(72)
Changes in current and noncurrent commodity derivative assets and liabilities(141)119 
Other, including changes in noncurrent assets and liabilities(151)(87)
Net cash provided (used) by operating activities2,513 2,891 
FINANCING ACTIVITIES:
Proceeds from (payments of) commercial paper – net(95)(352)
Proceeds from long-term debt2,100 1,503 
Payments of long-term debt(2,274)(14)
Payments for debt issuance costs(18)(13)
Proceeds from issuance of common stock5 4 
Purchases of treasury stock— (130)
Common dividends paid(1,158)(1,091)
Dividends and distributions paid to noncontrolling interests(130)(112)
Contributions from noncontrolling interests36 18 
Other – net(18)(17)
Net cash provided (used) by financing activities(1,552)(204)
INVESTING ACTIVITIES:
Property, plant, and equipment:
Capital expenditures (1)(1,123)(1,155)
Dispositions - net(27)(21)
Purchases of businesses, net of cash acquired (1,844)(1,053)
Purchases of and contributions to equity-method investments(82)(69)
Other – net20 10 
Net cash provided (used) by investing activities(3,056)(2,288)
Increase (decrease) in cash and cash equivalents(2,095)399 
Cash and cash equivalents at beginning of year2,150 152 
Cash and cash equivalents at end of period$55 $551 
_________
(1)  Increases to property, plant, and equipment$(1,141)$(1,168)
Changes in related accounts payable and accrued liabilities18 13 
Capital expenditures$(1,123)$(1,155)

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Transmission & Gulf of Mexico
(UNAUDITED)
20232024
(Dollars in millions)1st Qtr2nd Qtr3rd Qtr4th QtrYear1st Qtr2nd Qtr Year
Regulated interstate natural gas transportation, storage, and other revenues (1)
$774 $786 $794 $822 $3,176 $836 $805 $1,641 
Gathering, processing, storage and transportation revenues100 104 114 100 418 137 147 284 
Other fee revenues (1)
6 8 5 4 23 12 9 21 
Commodity margins10 8 7 8 33 9 5 14 
Operating and administrative costs (1)
(254)(254)(257)(270)(1,035)(254)(261)(515)
Other segment income (expenses) - net (1)
26 31 36 26 119 43 54 97 
Gain on sale of business— — 130 (1)129 — — — 
Proportional Modified EBITDA of equity-method investments
53 48 52 52 205 46 49 95 
Modified EBITDA715 731 881 741 3,068 829 808 1,637 
Adjustments13 17 (127)11 (86)10 4 14 
Adjusted EBITDA$728 $748 $754 $752 $2,982 $839 $812 $1,651 
Statistics for Operated Assets
Natural Gas Transmission (2)
Transcontinental Gas Pipe Line
Avg. daily transportation volumes (MMdth)14.3 13.2 14.0 14.0 13.9 14.6 12.9 13.8 
Avg. daily firm reserved capacity (MMdth) 19.5 19.4 19.4 19.3 19.4 20.3 19.7 20.0 
Northwest Pipeline LLC
Avg. daily transportation volumes (MMdth)3.1 2.3 2.3 2.8 2.6 3.1 2.2 2.7 
Avg. daily firm reserved capacity (MMdth) 3.8 3.8 3.8 3.8 3.8 3.8 3.7 3.8 
MountainWest (3)
Avg. daily transportation volumes (MMdth)4.2 3.2 3.8 4.2 3.9 4.3 3.2 3.8 
Avg. daily firm reserved capacity (MMdth)7.8 7.5 7.5 7.9 7.7 8.4 8.0 8.2 
Gulfstream - Non-consolidated
Avg. daily transportation volumes (MMdth)1.0 1.2 1.4 1.1 1.2 1.0 1.2 1.1 
Avg. daily firm reserved capacity (MMdth) 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 
Gathering, Processing, and Crude Oil Transportation
Consolidated (4)
Gathering volumes (Bcf/d) 0.28 0.23 0.27 0.27 0.26 0.25 0.23 0.24 
Plant inlet natural gas volumes (Bcf/d) 0.43 0.40 0.46 0.46 0.44 0.45 0.27 0.36 
NGL production (Mbbls/d)28 24 28 26 27 28 17 22 
NGL equity sales (Mbbls/d)7 5 6 5 6 5 3 4 
Crude oil transportation volumes (Mbbls/d)119 111 134 130 123 118 114 116 
Non-consolidated (5)
Gathering volumes (Bcf/d) 0.36 0.30 0.36 0.33 0.34 0.27 0.35 0.31 
Plant inlet natural gas volumes (Bcf/d) 0.36 0.30 0.36 0.33 0.34 0.27 0.35 0.31 
NGL production (Mbbls/d)28 21 30 28 27 15 26 20 
NGL equity sales (Mbbls/d)8 3 8 7 7 3 7 5 
(1) Excludes certain amounts associated with revenues and operating costs for tracked or reimbursable charges.
(2) Tbtu converted to MMdth at one trillion British thermal units = one million dekatherms.
(3) Includes 100% of the volumes associated with the MountainWest Acquisition transmission assets after the purchase on February 14, 2023, including 100% of the volumes associated with the operated equity-method investment White River Hub, LLC. Average volumes were calculated over the period owned.
(4) Excludes volumes associated with equity-method investments that are not consolidated in our results.
(5) Includes 100% of the volumes associated with operated equity-method investments, including Discovery Producer Services.
9

Northeast G&P
(UNAUDITED)
20232024
(Dollars in millions)1st Qtr2nd Qtr3rd Qtr4th Qtr Year1st Qtr2nd Qtr Year
Gathering, processing, transportation, and fractionation revenues$391 $431 $417 $411 $1,650 $411 $398 $809 
Other fee revenues (1)
32 27 27 28 114 34 35 69 
Commodity margins5 (1)7 1 12 11 — 11 
Operating and administrative costs (1)
(101)(101)(115)(107)(424)(108)(108)(216)
Other segment income (expenses) - net— — (1)(9)(10)(1)3 2 
Proportional Modified EBITDA of equity-method investments143 159 119 153 574 157 153 310 
Modified EBITDA470 515 454 477 1,916 504 481 985 
Adjustments— — 31 8 39 — (2)(2)
Adjusted EBITDA$470 $515 $485 $485 $1,955 $504 $479 $983 
Statistics for Operated Assets
Gathering and Processing
Consolidated (2)
Gathering volumes (Bcf/d)4.42 4.61 4.41 4.37 4.45 4.33 4.11 4.22 
Plant inlet natural gas volumes (Bcf/d)1.92 1.79 1.93 1.93 1.89 1.76 1.77 1.77 
NGL production (Mbbls/d)144 135 144 133 139 133 136 135 
NGL equity sales (Mbbls/d)1 1 — 1 1 1 1 1 
Non-consolidated (3)
Gathering volumes (Bcf/d)6.97 7.03 6.83 6.85 6.92 6.79 6.42 6.61 
Plant inlet natural gas volumes (Bcf/d)0.77 0.93 0.99 1.01 0.93 0.98 0.94 0.96 
NGL production (Mbbls/d)54 64 71 69 65 72 70 71 
NGL equity sales (Mbbls/d)4 5 4 4 4 3 6 5 
(1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges.
(2) Includes volumes associated with Susquehanna Supply Hub, the Northeast JV, and Utica Supply Hub, all of which are consolidated.
(3) Includes 100% of the volumes associated with operated equity-method investments, including the Laurel Mountain Midstream partnership, Blue Racer Midstream, and the Bradford Supply Hub and the Marcellus South Supply Hub within the Appalachia Midstream Services partnership.

10

West
(UNAUDITED)
20232024
(Dollars in millions)1st Qtr2nd Qtr3rd Qtr4th QtrYear 1st Qtr2nd Qtr Year
Net gathering, processing, transportation, storage, and fractionation revenues$382 $373 $371 $397 $1,523 $421 $397 $818 
Other fee revenues (1)
5 7 4 8 24 8 5 13 
Commodity margins(24)18 21 19 34 12 30 42 
Operating and administrative costs (1)
(115)(122)(122)(144)(503)(139)(148)(287)
Other segment income (expenses) - net23 (7)(4)(14)(2)— (2)(2)
Proportional Modified EBITDA of equity-method investments
33 43 45 41 162 25 36 61 
Modified EBITDA304 312 315 307 1,238 327 318 645 
Adjustments(18)— — 16 (2)1 1 2 
Adjusted EBITDA$286 $312 $315 $323 $1,236 $328 $319 $647 
Statistics for Operated Assets
Gathering and Processing
Consolidated (2)
Gathering volumes (Bcf/d) (3)
5.47 5.51 5.60 6.03 6.02 5.75 5.25 5.50 
Plant inlet natural gas volumes (Bcf/d)0.92 1.06 1.12 1.63 1.54 1.52 1.48 1.50 
NGL production (Mbbls/d)25 40 61 99 91 87 91 89 
NGL equity sales (Mbbls/d)6 16 22 14 14 6 8 7 
Non-consolidated
Gathering volumes (Bcf/d)0.32 0.33 0.33 — — — — — 
Plant inlet natural gas volumes (Bcf/d) 0.32 0.32 0.32 — — — — — 
NGL production (Mbbls/d)37 38 38 — — — — — 
NGL and Crude Oil Transportation volumes (Mbbls/d) (4)
161 217 244 250 218 220 292 256 
(1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges.
(2) Excludes volumes associated with equity-method investments that are not consolidated in our results.
(3) Includes 100% of the volumes associated with the Cureton Acquisition gathering assets after the purchase on November 30, 2023. Average volumes were calculated over the period owned.
(4) Includes 100% of the volumes associated with Overland Pass Pipeline Company (an operated equity-method investment), RMM (during the first three quarters of 2023), as well as volumes for our consolidated Bluestem pipeline.
11

Gas & NGL Marketing Services
(UNAUDITED)
20232024
(Dollars in millions)1st Qtr2nd Qtr3rd Qtr4th QtrYear 1st Qtr2nd Qtr Year
Commodity margins$265 $(2)$38 $88 $389 $236 $3 $239 
Other fee revenues1 — — — 1 — — — 
Net unrealized gain (loss) from derivative instruments333 94 24 208 659 (95)(106)(201)
Operating and administrative costs(32)(24)(19)(24)(99)(40)(23)(63)
Modified EBITDA567 68 43 272 950 101 (126)(25)
Adjustments(336)(84)(27)(203)(650)88 112 200 
Adjusted EBITDA$231 $(16)$16 $69 $300 $189 $(14)$175 
Statistics
Product Sales Volumes
Natural Gas (Bcf/d)7.24 6.56 7.31 7.11 7.05 7.53 6.98 7.25 
NGLs (Mbbls/d)234 239 245 173 223 170 162 166 
12

Other
(UNAUDITED)
20232024
(Dollars in millions)1st Qtr2nd Qtr3rd Qtr4th Qtr Year1st Qtr2nd Qtr Year
Service revenues$3 $5 $4 $4 $16 $4 $4 $8 
Net realized product sales120 97 127 145 489 113 109 222 
Net unrealized gain (loss) from derivative instruments(6)(11)(1)19 1 3 (25)(22)
Operating and administrative costs(48)(54)(58)(65)(225)(51)(50)(101)
Other segment income (expenses) - net5 5 10 8 28 7 9 16 
Net gain from Energy Transfer litigation judgment— — — 534 534 — — — 
Proportional Modified EBITDA of equity-method investments
— (1)(1)— (2)— — — 
Modified EBITDA74 41 81 645 841 76 47 123 
Adjustments6 11 1 (553)(535)(2)24 22 
Adjusted EBITDA$80 $52 $82 $92 $306 $74 $71 $145 
Statistics
Net Product Sales Volumes
Natural Gas (Bcf/d)0.26 0.29 0.31 0.30 0.29 0.28 0.24 0.26 
NGLs (Mbbls/d)3 6 9 10 7 8 8 8 
Crude Oil (Mbbls/d)1 3 5 7 4 5 5 5 
13

Capital Expenditures and Investments
(UNAUDITED)
20232024
(Dollars in millions)1st Qtr2nd Qtr3rd Qtr4th QtrYear1st Qtr2nd Qtr Year
Capital expenditures:
Transmission & Gulf of Mexico$205 $263 $382 $404 $1,254 $310 $397 $707 
Northeast G&P99 74 115 71 359 71 46 117 
West169 197 141 121 628 120 90 210 
Other72 76 52 75 275 43 46 89 
Total (1)
$545 $610 $690 $671 $2,516 $544 $579 $1,123 
Purchases of and contributions to equity-method investments:
Transmission & Gulf of Mexico$8 $18 $6 $9 $41 $27 $10 $37 
Northeast G&P31 12 4 52 99 25 19 44 
West— — 1 — 1 — 1 1 
Other— — — — — — — — 
Total$39 $30 $11 $61 $141 $52 $30 $82 
Summary:
Transmission & Gulf of Mexico$213 $281 $388 $413 $1,295 $337 $407 $744 
Northeast G&P130 86 119 123 458 96 65 161 
West169 197 142 121 629 120 91 211 
Other72 76 52 75 275 43 46 89 
Total$584 $640 $701 $732 $2,657 $596 $609 $1,205 
Capital investments:
Increases to property, plant, and equipment$484 $684 $792 $604 $2,564 $509 $632 $1,141 
Purchases of businesses, net of cash acquired1,056 (3)(29)544 1,568 1,851 (7)1,844 
Purchases of and contributions to equity-method investments39 30 11 61 141 52 30 82 
Purchases of other long-term investments2 1 2 1 6 2 1 3 
Total$1,581 $712 $776 $1,210 $4,279 $2,414 $656 $3,070 
(1) Increases to property, plant, and equipment
$484 $684 $792 $604 $2,564 $509 $632 $1,141 
Changes in related accounts payable and accrued liabilities61 (74)(102)67 (48)35 (53)(18)
Capital expenditures$545 $610 $690 $671 $2,516 $544 $579 $1,123 
Contributions from noncontrolling interests$3 $15 $— $— $18 $26 $10 $36 
Contributions in aid of construction$11 $7 $2 $8 $28 $10 $13 $23 
Proceeds from sale of business$— $— $348 $(2)$346 $— $— $— 
14

Non-GAAP Measures
This news release and accompanying materials may include certain financial measures – adjusted EBITDA, adjusted income (“earnings”), adjusted earnings per share, available funds from operations and dividend coverage ratio – that are non-GAAP financial measures as defined under the rules of the SEC.

Our segment performance measure, modified EBITDA, is defined as net income (loss) before income (loss) from discontinued operations, income tax expense, interest expense, equity earnings from equity-method investments, other net investing income, impairments of equity investments and goodwill, depreciation and amortization expense, and accretion expense associated with asset retirement obligations for nonregulated operations. We also add our proportional ownership share (based on ownership interest) of modified EBITDA of equity-method investments.

Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from net income to determine adjusted income and adjusted earnings per share. Management believes this measure provides investors meaningful insight into results from ongoing operations.

Available funds from operations (AFFO) is defined as net income (loss) excluding the effect of certain noncash items, reduced by distributions from equity-method investees, net distributions to noncontrolling interests, and preferred dividends. AFFO may also be adjusted to exclude certain items that we characterize as unrepresentative of our ongoing operations.

This news release is accompanied by a reconciliation of these non-GAAP financial measures to their nearest GAAP financial measures. Management uses these financial measures because they are accepted financial indicators used by investors to compare company performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of assets and the cash that the business is generating.

Neither adjusted EBITDA, adjusted income, nor available funds from operations are intended to represent cash flows for the period, nor are they presented as an alternative to net income or cash flow from operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles.
15

Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income
(UNAUDITED)
20232024
(Dollars in millions, except per-share amounts)1st Qtr2nd Qtr3rd Qtr4th QtrYear1st Qtr2nd Qtr Year
Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders$926 $547 $654 $1,146 $3,273 $631 $401 $1,032 
Income (loss) from continuing operations - diluted earnings (loss) per common share (1)
$.76 $.45 $.54 $.94 $2.68 $.52 $.33 $.84 
Adjustments:
Transmission & Gulf of Mexico
MountainWest acquisition and transition-related costs*$13 $17 $3 $9 $42 $— $1 $1 
Gulf Coast Storage acquisition and transition-related costs*— — — 1 1 10 3 13 
Gain on sale of business— — (130)1 (129)— — — 
Total Transmission & Gulf of Mexico adjustments13 17 (127)11 (86)10 4 14 
Northeast G&P
Accrual for loss contingency*— — — 10 10 — (3)(3)
Our share of operator transition costs at Blue Racer Midstream*— — — — — — 1 1 
Our share of accrual for loss contingency at Aux Sable Liquid
   Products LP
— — 31 (2)29 — — — 
Total Northeast G&P adjustments— — 31 8 39 — (2)(2)
West
Cureton acquisition and transition-related costs*— — — 6 6 1 1 2 
Gain from contract settlement(18)— — — (18)— — — 
Impairment of assets held for sale— — — 10 10 — — — 
Total West adjustments(18)— — 16 (2)1 1 2 
Gas & NGL Marketing Services
Impact of volatility on NGL linefill transactions*
(3)10 (3)5 9 (6)5 (1)
Net unrealized (gain) loss from derivative instruments
(333)(94)(24)(208)(659)94 107 201 
Total Gas & NGL Marketing Services adjustments(336)(84)(27)(203)(650)88 112 200 
Other
Net unrealized (gain) loss from derivative instruments
6 11 1 (19)(1)(2)24 22 
Net gain from Energy Transfer litigation judgment— — — (534)(534)— — — 
Total Other adjustments6 11 1 (553)(535)(2)24 22 
Adjustments included in Modified EBITDA(335)(56)(122)(721)(1,234)97 139 236 
Adjustments below Modified EBITDA
Gain on remeasurement of RMM investment— — — (30)(30)— — — 
Imputed interest expense on deferred consideration obligations*— — — — — 12 12 24 
Amortization of intangible assets from Sequent acquisition15 14 15 15 59 7 7 14 
15 14 15 (15)29 19 19 38 
Total adjustments(320)(42)(107)(736)(1,205)116 158 274 
Less tax effect for above items78 10 25 178 291 (28)(38)(66)
Adjustments for tax-related items (2)
— — (25)— (25)— — — 
Adjusted income from continuing operations available to common stockholders$684 $515 $547 $588 $2,334 $719 $521 $1,240 
Adjusted income from continuing operations - diluted earnings per common share (1)
$.56 $.42 $.45 $.48 $1.91 $.59 $.43 $1.01 
Weighted-average shares - diluted (thousands)1,225,781 1,219,915 1,220,073 1,221,894 1,221,616 1,222,222 1,222,236 1,222,229 
(1) The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding.
(2) The third quarter of 2023 includes an adjustment associated with a decrease in our estimated deferred state income tax rate.
*Amounts for the 2024 periods are included in Additional adjustments on the Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO).
16

Reconciliation of "Net Income (Loss)" to “Modified EBITDA” and Non-GAAP “Adjusted EBITDA”
(UNAUDITED)
20232024
(Dollars in millions)1st Qtr2nd Qtr3rd Qtr4th QtrYear1st Qtr2nd Qtr Year
Net income (loss)$957 $494 $684 $1,168 $3,303 $662 $426 $1,088 
Provision (benefit) for income taxes284 175 176 370 1,005 193 129 322 
Interest expense294 306 314 322 1,236 349 339 688 
Equity (earnings) losses(147)(160)(127)(155)(589)(137)(147)(284)
Other investing (income) loss - net(8)(13)(24)(63)(108)(24)(18)(42)
Proportional Modified EBITDA of equity-method investments
229 249 215 246 939 228 238 466 
Depreciation and amortization expenses
506 515 521 529 2,071 548 540 1,088 
Accretion expense associated with asset retirement obligations for nonregulated operations
15 14 14 16 59 18 21 39 
(Income) loss from discontinued operations, net of tax— 87 1 9 97 — — — 
Modified EBITDA$2,130 $1,667 $1,774 $2,442 $8,013 $1,837 $1,528 $3,365 
Transmission & Gulf of Mexico$715 $731 $881 $741 $3,068 $829 $808 $1,637 
Northeast G&P470 515 454 477 1,916 504 481 985 
West304 312 315 307 1,238 327 318 645 
Gas & NGL Marketing Services567 68 43 272 950 101 (126)(25)
Other74 41 81 645 841 76 47 123 
Total Modified EBITDA$2,130 $1,667 $1,774 $2,442 $8,013 $1,837 $1,528 $3,365 
Adjustments (1):
Transmission & Gulf of Mexico$13 $17 $(127)$11 $(86)$10 $4 $14 
Northeast G&P— — 31 8 39 — (2)(2)
West(18)— — 16 (2)1 1 2 
Gas & NGL Marketing Services(336)(84)(27)(203)(650)88 112 200 
Other6 11 1 (553)(535)(2)24 22 
Total Adjustments$(335)$(56)$(122)$(721)$(1,234)$97 $139 $236 
Adjusted EBITDA:
Transmission & Gulf of Mexico$728 $748 $754 $752 $2,982 $839 $812 $1,651 
Northeast G&P470 515 485 485 1,955 504 479 983 
West286 312 315 323 1,236 328 319 647 
Gas & NGL Marketing Services231 (16)16 69 300 189 (14)175 
Other80 52 82 92 306 74 71 145 
Total Adjusted EBITDA$1,795 $1,611 $1,652 $1,721 $6,779 $1,934 $1,667 $3,601 
(1) Adjustments by segment are detailed in the "Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income," which is also included in these materials.

17

Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO)
(UNAUDITED)
20232024
(Dollars in millions, except coverage ratios)1st Qtr2nd Qtr3rd Qtr4th QtrYear1st Qtr2nd Qtr Year
Net cash provided (used) by operating activities$1,514 $1,377 $1,234 $1,813 $5,938 $1,234 $1,279 $2,513 
Exclude: Cash (provided) used by changes in:
Accounts receivable(1,269)(154)128 206 (1,089)(314)44 (270)
Inventories, including write-downs(45)(19)7 14 (43)(38)35 (3)
Other current assets and deferred charges4 (28)29 (65)(60)(9)(3)(12)
Accounts payable1,017 203 (148)(63)1,009 309 (90)219 
Accrued and other current liabilities318 (246)42 (95)19 218 (142)76 
Changes in current and noncurrent commodity derivative assets and liabilities(82)(37)(53)(28)(200)68 73 141 
Other, including changes in noncurrent assets and liabilities40 47 53 106 246 61 90 151 
Preferred dividends paid(1)— (1)(1)(3)(1)— (1)
Dividends and distributions paid to noncontrolling interests(54)(58)(62)(39)(213)(64)(66)(130)
Contributions from noncontrolling interests3 15 — — 18 26 10 36 
Adjustment to exclude litigation-related charges in discontinued operations— 115 1 9 125 — — — 
Adjustment to exclude net gain from Energy Transfer litigation judgment— — — (534)(534)— — — 
Additional Adjustments *— — — — — 17 20 37 
Available funds from operations$1,445 $1,215 $1,230 $1,323 $5,213 $1,507 $1,250 $2,757 
Common dividends paid$546 $545 $544 $544 $2,179 $579 $579 $1,158 
Coverage ratio:
Available funds from operations divided by Common dividends paid2.65 2.23 2.26 2.43 2.39 2.60 2.16 2.38 
* See detail on Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income.
18

Reconciliation of Net Income (Loss) from Continuing Operations to Modified EBITDA, Non-GAAP Adjusted EBITDA and Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO)
2024 Guidance2025 Guidance
(Dollars in millions, except per-share amounts and coverage ratio)LowMid HighLowMidHigh
Net income (loss) from continuing operations$2,094 $2,219 $2,344 $2,373 $2,523 $2,673 
Provision (benefit) for income taxes670695 720735785 835
Interest expense1,380 1,390 
Equity (earnings) losses(535)(610)
Proportional Modified EBITDA of equity-method investments
895 990 
Depreciation and amortization expenses and accretion for asset retirement obligations associated with nonregulated operations
2,270 2,325 
Other(6)(8)
Modified EBITDA$6,768 $6,918 $7,068 $7,195 $7,395 $7,595 
EBITDA Adjustments32 5 
Adjusted EBITDA$6,800 $6,950 $7,100 $7,200 $7,400 $7,600 
Net income (loss) from continuing operations$2,094 $2,219 $2,344 $2,373 $2,523 $2,673 
Less: Net income (loss) attributable to noncontrolling interests and preferred dividends115 115 
Net income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders$1,979 $2,104 $2,229 $2,258 $2,408 $2,558 
Adjustments:
Adjustments included in Modified EBITDA (1)
32 5 
Adjustments below Modified EBITDA (2)
29 18 
Allocation of adjustments to noncontrolling interests— — 
Total adjustments61 23 
Less tax effect for above items (15)(6)
Adjusted income from continuing operations available to common stockholders$2,025 $2,150 $2,275 $2,275 $2,425 $2,575 
Adjusted income from continuing operations - diluted earnings per common share$1.65 $1.76 $1.86 $1.85 $1.97 $2.10 
Weighted-average shares - diluted (millions)1,224 1,228 
Available Funds from Operations (AFFO):
Net cash provided by operating activities (net of changes in working capital, changes in current and noncurrent derivative assets and liabilities, and changes in other, including changes in noncurrent assets and liabilities)$5,125 $5,250 $5,375 $5,295 $5,445 $5,595 
Preferred dividends paid(3)(3)
Dividends and distributions paid to noncontrolling interests(215)(235)
Contributions from noncontrolling interests18 18 
Available funds from operations (AFFO)$4,925 $5,050 $5,175 $5,075 $5,225 $5,375 
AFFO per common share$4.02 $4.13 $4.23 $4.13 $4.25 $4.38 
Common dividends paid$2,320 5%-7% Dividend growth
Coverage Ratio (AFFO/Common dividends paid)2.12x2.18x2.23x~2.12x
(1) Adjustments reflect transaction and transition costs of acquisitions
(2) Adjustments reflect amortization of intangible assets from Sequent acquisition

19

Forward-Looking Statements
The reports, filings, and other public announcements of The Williams Companies, Inc. (Williams) may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). These forward-looking statements relate to anticipated financial performance, management’s plans and objectives for future operations, business prospects, outcomes of regulatory proceedings, market conditions, and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.

All statements, other than statements of historical facts, included in this report that address activities, events, or developments that we expect, believe, or anticipate will exist or may occur in the future, are forward-looking statements. Forward-looking statements can be identified by various forms of words such as “anticipates,” “believes,” “seeks,” “could,” “may,” “should,” “continues,” “estimates,” “expects,” “forecasts,” “intends,” “might,” “goals,” “objectives,” “targets,” “planned,” “potential,” “projects,” “scheduled,” “will,” “assumes,” “guidance,” “outlook,” “in-service date,” or other similar expressions. These forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management and include, among others, statements regarding:

•Levels of dividends to Williams stockholders;

•Future credit ratings of Williams and its affiliates;

•Amounts and nature of future capital expenditures;

•Expansion and growth of our business and operations;

•Expected in-service dates for capital projects;

•Financial condition and liquidity;

•Business strategy;

•Cash flow from operations or results of operations;

•Seasonality of certain business components;

•Natural gas, natural gas liquids, and crude oil prices, supply, and demand;

•Demand for our services.

Forward-looking statements are based on numerous assumptions, uncertainties, and risks that could cause future events or results to be materially different from those stated or implied in this report. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following:
20

•Availability of supplies, market demand, and volatility of prices;

•Development and rate of adoption of alternative energy sources;

•The impact of existing and future laws and regulations, the regulatory environment, environmental matters, and litigation, as well as our ability and the ability of other energy companies with whom we conduct or seek to conduct business, to obtain necessary permits and approvals, and our ability to achieve favorable rate proceeding outcomes;

•Our exposure to the credit risk of our customers and counterparties;

•Our ability to acquire new businesses and assets and successfully integrate those operations and assets into existing businesses as well as successfully expand our facilities, and consummate asset sales on acceptable terms;

•Whether we are able to successfully identify, evaluate, and timely execute our capital projects and investment opportunities;

•The strength and financial resources of our competitors and the effects of competition;

•The amount of cash distributions from and capital requirements of our investments and joint ventures in which we participate;

•Whether we will be able to effectively execute our financing plan;

•Increasing scrutiny and changing expectations from stakeholders with respect to our environmental, social, and governance practices;

•The physical and financial risks associated with climate change;

•The impacts of operational and developmental hazards and unforeseen interruptions;

•The risks resulting from outbreaks or other public health crises;

•Risks associated with weather and natural phenomena, including climate conditions and physical damage to our facilities;

•Acts of terrorism, cybersecurity incidents, and related disruptions;

•Our costs and funding obligations for defined benefit pension plans and other postretirement benefit plans;

•Changes in maintenance and construction costs, as well as our ability to obtain sufficient construction-related inputs, including skilled labor;

•Inflation, interest rates, and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on customers and suppliers);

•Risks related to financing, including restrictions stemming from debt agreements, future changes in credit ratings as determined by nationally recognized credit rating agencies, and the availability and cost of capital;
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•The ability of the members of the Organization of Petroleum Exporting Countries and other oil exporting nations to agree to and maintain oil price and production controls and the impact on domestic production;

•Changes in the current geopolitical situation, including the Russian invasion of Ukraine and conflicts in the Middle East, including between Israel and Hamas and conflicts involving Iran and its proxy forces;

•Changes in U.S. governmental administration and policies;

•Whether we are able to pay current and expected levels of dividends;

•Additional risks described in our filings with the Securities and Exchange Commission (SEC).

Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. We disclaim any obligations to, and do not intend to, update the above list or announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments.
In addition to causing our actual results to differ, the factors listed above and referred to below may cause our intentions to change from those statements of intention set forth in this report. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.
Because forward-looking statements involve risks and uncertainties, we caution that there are important factors, in addition to those listed above, that may cause actual results to differ materially from those contained in the forward-looking statements. For a detailed discussion of those factors, see Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 21, 2024, and as may be supplemented by disclosures in Part II, Item 1A. Risk Factors in subsequent Quarterly Reports on Form 10-Q.


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v3.24.2.u1
Document and Entity Information
Aug. 05, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 05, 2024
Entity Registrant Name Williams Companies, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 1-4174
Entity Tax Identification Number 73-0569878
Entity Address, Address Line One One Williams Center
Entity Address, City or Town Tulsa
Entity Address, State or Province OK
Entity Address, Postal Zip Code 74172-0172
City Area Code 800
Local Phone Number 945-5426
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $1.00 par value
Trading Symbol WMB
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000107263
Amendment Flag false
Williams Companies (NYSE:WMB)
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