5cb57623ddd28acfd40dd3b90b1e0899cb4dcef965c3f46619cdd87e3ab1d9ff

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

52076c5792227b6b7dec35c1b77895a16e96759499530265bde6b9eb82f0bbdc

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

ba612543a12f9c235abad2655d874849ebd2b8d9ae24bf48efda33992f69bfac

| Segment/Quarter                        | Q1 2023  **[0000107263-23-000013_wmb-20230331.htm:29]**  | Q2 2023  **[0000107263-23-000021_wmb-20230630.htm:33]**  | Q3 2023  **[0000107263-23-000027_wmb-20230930.htm:34]**  | Q4 2023 | Q1 2024  **[0000107263-24-000063_wmb-20240331.htm:29]**  | Q2 2024  **[0000107263-24-000077_wmb-20240630.htm:32]**  | Q3 2024  **[0000107263-24-000095_wmb-20240930.htm:34]**  |
|----------------------------------------|---------------|---------------|---------------|---------|---------------|---------------|---------------|
| **Transmission & Gulf of Mexico ($M)** | **1,007**     | **1,042**     | **1,053**     | N/A     | **1,119**     | **1,068**     | **1,170**     |
| **Northeast G&P ($M)**                 | **509**       | **514**       | **505**       | N/A     | **509**       | **483**       | **502**       |
| **West ($M)**                          | **503**       | **500**       | **533**       | N/A     | **701**       | **621**       | **663**       |
| **Gas & NGL Marketing Services ($M)**  | **1,131**     | **505**       | **558**       | N/A     | **570**       | **291**       | **482**       |
| **Other ($M)**                         | **117**       | **91**        | **130**       | N/A     | **120**       | **88**        | **103**       |
| **Eliminations ($M)**                  | N/A           | **-169**      | **-220**      | N/A     | **-248**      | **-215**      | N/A           |
| **Total Revenue ($M)**                 | **3,081**     | **2,483**     | **2,559**     | N/A     | **2,771**     | **2,336**     | **2,653**     |

9f83cdf2ae90b318587cbfcd6c94e775c0a27fc034f47276638b8da78a9e8661

| Segment / Quarter                          | Q4 2023  **[0000107263-24-000019_wmb-20231231.htm:127]**  | Q3 2023  **[0000107263-23-000027_wmb-20230930.htm:34]**  | Q2 2023  **[0000107263-23-000021_wmb-20230630.htm:33]**  | Q1 2023  **[0000107263-23-000013_wmb-20230331.htm:29]**  | Q4 2022  **[0000107263-23-000007_wmb-20221231.htm:150]**  | Q3 2024  **[0000107263-24-000095_wmb-20240930.htm:34]**  | Q2 2024  **[0000107263-24-000077_wmb-20240630.htm:32]**  | Q1 2024  **[0000107263-24-000063_wmb-20240331.htm:19]**  |
|--------------------------------------------|---------------|---------------|---------------|---------------|---------------|---------------|---------------|---------------|
| **Transmission & Gulf of Mexico (Million $)** | **627**       | **1,053**     | **1,042**     | **1,007**     | **N/A**       | **1,170**     | **1,068**     | **917**       |
| **Northeast G&P (Million $)**              | **492**       | **505**       | **514**       | **509**       | **N/A**       | **502**       | **483**       | **509**       |
| **West (Million $)**                       | **1,593**     | **533**       | **500**       | **503**       | **N/A**       | **663**       | **621**       | **701**       |
| **Gas & NGL Marketing Services (Million $)** | **1**         | **558**       | **505**       | **1,131**     | **N/A**       | **482**       | **291**       | **570**       |
| **Other (Million $)**                      | **N/A**       | **130**       | **91**        | **117**       | **N/A**       | **103**       | **88**        | **120**       |
| **Eliminations (Million $)**               | **N/A**       | **-220**      | **-169**      | **N/A**       | **N/A**       | **N/A**       | **-215**      | **-249**      |
| **Total Revenue (Million $)**              | **11,996**    | **2,559**     | **2,483**     | **3,081**     | **N/A**       | **2,653**     | **2,336**     | **2,771**     |

4c0b7499e8299800c80924d02411992f270e1ee07b239004541341646d34f256

The Williams Companies, Inc. (WMB) is an energy company dedicated to providing infrastructure for the safe delivery of natural gas products, playing a crucial role in supporting the clean energy economy. The company is organized into four main segments, each contributing to its operations and revenue. Williams Companies focuses on the transportation, storage, and marketing of natural gas and natural gas liquids, ensuring efficient and reliable energy delivery **[0000107263-24-000019_wmb-20231231.htm:95]** **[0000107263-24-000095_wmb-20240930.htm:12]** **[0000107263-24-000019_wmb-20231231.htm:60]** **[0000107263-24-000019_wmb-20231231.htm:11]** **[0000107263-24-000019_wmb-20231231.htm:127]**.

1. **Gas & NGL Marketing Services** - Engages in marketing and trading operations for natural gas liquids and natural gas, including risk management and transactions related to storage and transportation.
2. **Transmission & Gulf of Mexico** - Operates interstate natural gas pipelines and related storage facilities, and manages natural gas gathering, processing, and crude oil production handling in the Gulf Coast region.
3. **Northeast G&P** - Focuses on midstream gathering, processing, and fractionation in the Marcellus and Utica Shale regions, including interests in joint ventures and investments in gas gathering systems.
4. **West** - Covers gas gathering, processing, and treating operations in regions such as the Rocky Mountains, Barnett Shale, and Eagle Ford Shale, along with NGL storage facilities and investments in pipelines and fractionators.

83e153f75c9073da29b4ce725bdd20ee94b40efc5d74c101283f18fe0df62239

1. With multiple large greenfield pipelines being built simultaneously in the Haynesville, how do you assess the risk of overcapacity impacting returns on your Louisiana Energy Gateway project, especially given the competition for LNG feedgas supply?  **[WMB_3406578_19]** 
2. Regarding the Regional Energy Access project, could you elaborate on the potential financial and operational impacts if the FERC's temporary certificate is delayed further or if the DC Circuit's legal proceedings don't resolve in your favor?  **[WMB_3406578_20]** 
3. Considering the significant production curtailments you're experiencing, with about **4 Bcf/d** shut-ins across the Marcellus and Haynesville, how confident are you in the timing of demand recovery to fully utilize your gathering systems without requiring additional capital investment?  **[WMB_3406578_11]** 
4. Given the accelerating demand from data centers and power generation, what specific challenges do you foresee in securing high-return transmission projects beyond the end of this decade, and how might competition from other pipeline expansions affect your growth prospects?  **[WMB_3406578_18]** **[WMB_3406578_2]** 
5. In the context of increasing demand for pipeline capacity, are there opportunities to renegotiate existing contracts at higher rates, and how might regulatory constraints limit your ability to capitalize on the tightening capacity market?  **[WMB_3406578_9]** 

7f7f57f4091f21430a0f3548ac8b6e6c5288830b9f36f7ebee3bee9088cae699

- Enbridge Inc.  **[0000107263-24-000019_wmb-20231231.htm:59]** 
- TC Energy Corporation  **[0000107263-24-000019_wmb-20231231.htm:59]** 
- Kinder Morgan, Inc.  **[0000107263-24-000019_wmb-20231231.htm:59]** 
- ONEOK, Inc.  **[0000107263-24-000019_wmb-20231231.htm:59]** 
- Cheniere Energy, Inc.  **[0000107263-24-000019_wmb-20231231.htm:59]** 
- Pembina Pipeline Corporation  **[0000107263-24-000019_wmb-20231231.htm:59]** 
- Targa Resources Corp.  **[0000107263-24-000019_wmb-20231231.htm:59]** 
- Hess Midstream LP  **[0000107263-24-000019_wmb-20231231.htm:59]** 

e93de7b4b7e37e87cf87736705d7459d6b3eb059bc35b0ca8dbb12921bb300c9

Transmission & Gulf of Mexico

Northeast G&P

West

Gas & NGL Marketing Services

Other

Eliminations

Service Revenues

- Commodity Consideration

Product Sales

Net Gain (Loss) from Commodity Derivatives

Total Revenue

81544e947987bda2023209324bd42b07ff5e75956867c734f71061fe0f5f0137

- Northeast Midstream

- Atlantic-Gulf Midstream

- Transco

- Northwest Pipeline

United States

Canada

d8fc2974e062adbf9a2ea2480a0b7eba10b2644058292b10ea266e54c08d6f84

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024 and FY 2025
- **Guidance**:
  1. **Adjusted EBITDA**: Increased midpoint to **$7.075 billion**, range **$7 billion to $7.15 billion**  **[WMB_3406578_4]** .
  2. **Adjusted EPS and AFFO per Share**: Midpoints of **$1.88** and **$4.35**, respectively  **[WMB_3406578_4]** .
  3. **Leverage Guidance**: Improved to **3.8x**  **[WMB_3406578_4]** .
  4. **Debt to Adjusted EBITDA**: Expected **3.75x** for 2024, **3.6x or better** in 2025  **[WMB_3406578_4]** .
  5. **5-Year CAGR**: **7%** expected  **[WMB_3406578_4]** .
  6. **Dividend Coverage**: **2.22x** for Q3, **2.33x** year-to-date  **[WMB_3406578_4]** .
  7. **2025 Financial Guidance**: Reaffirmed, update expected with full-year 2024 results  **[WMB_3406578_4]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024 and FY 2025
- **Guidance**:
  1. **Adjusted EBITDA**: Upper half of **$6.95 billion to $7.1 billion** for 2024; **$7.2 billion to $7.6 billion** for 2025  **[WMB_3396791_3]** .
  2. **Adjusted EPS and AFFO per Share**: Expected at high end of ranges for 2024  **[WMB_3396791_3]** .
  3. **5-Year CAGR**: EBITDA **8%**, AFFO per share **7%**, EPS **12%**  **[WMB_3396791_2]** .
  4. **Dividend Coverage**: **2.16x** for Q2, **2.38x** year-to-date  **[WMB_3396791_3]** .
  5. **Debt to Adjusted EBITDA**: **3.76x** for 2024, **3.6x or better** in 2025  **[WMB_3396791_3]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024 and FY 2025
- **Guidance**:
  1. **Adjusted EBITDA**: Upper half of **$6.95 billion to $7.1 billion** for 2024; **$7.2 billion to $7.6 billion** for 2025  **[WMB_3386993_3]** .
  2. **Adjusted EPS and AFFO per Share**: Expected at high end of ranges for 2024  **[WMB_3386993_3]** .
  3. **Dividend Coverage**: **2.6x** on a dividend that grew **6.1%**  **[WMB_3386993_3]** .
  4. **Debt to Adjusted EBITDA**: **3.79x** for 2024, **3.6x** in 2025  **[WMB_3386993_3]** .
  5. **Transmission and Gulf of Mexico Business**: Ahead of plan for 2024  **[WMB_3386993_3]** .
  6. **Volume Assumptions**: Conservatism around Haynesville volumes  **[WMB_3386993_4]** .
  7. **Washington Storage Transition**: Embedded in 2025 EBITDA guidance  **[WMB_3386993_13]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: N/A
- **Guidance**: The documents do not contain information about the Q4 2023 earnings call for WMB, so no guidance metrics are available.

b44a3a0befcc84c57d4efce42f9820d314c798cf98447699388fead5db77db35

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

**Net Long (Short) Position for Natural Gas at Index Risk (MMBtu)**

**Net Long (Short) Position for Natural Gas at Central Hub Risk (MMBtu)**

**Net Long (Short) Position for Natural Gas at Basis Risk (MMBtu)**

**Net Long (Short) Position for Natural Gas Liquids at Central Hub Risk (barrels)**

**Net Long (Short) Position for Natural Gas Liquids at Basis Risk (barrels)**

**Net Long (Short) Position for Crude Oil at Central Hub Risk (barrels)**

**Commodity Margins (USD million)**

**Commodity Margins - Gas & NGL Marketing Services (USD million)**

**Commodity Margins - Transmission & Gulf of Mexico (USD million)**

**Commodity Margins - Northeast G&P (USD million)**

**Commodity Margins - West (USD million)**

**Proportional Modified EBITDA of Equity-Method Investments (USD million)**

a3f96eec696214b983726691343152b943ece6a3df00cc2620eb8425c3040663

| Name                  | Position                                                      | Start Date | Short Bio                                                                                                                                                                                                 |
|-----------------------|---------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Alan S. Armstrong     | Director, Chief Executive Officer, and President              | 2011       | Alan S. Armstrong has been serving as the Director, Chief Executive Officer, and President of The Williams Companies, Inc. since 2011. He joined Williams in 1986 and has held various leadership roles  **[0001193125-24-072112_d538932ddef14a.htm:12]** **[0001193125-24-041468_d538932dpre14a.htm:12]** **[0000107263-24-000019_wmb-20231231.htm:57]** . |
| Micheal G. Dunn       | Executive Vice President and Chief Operating Officer          | 2017       | Micheal G. Dunn has been serving as the Executive Vice President and Chief Operating Officer of The Williams Companies, Inc. since 2017. He was a Director of the general partner at Williams Partners L.P.  **[0000107263-24-000019_wmb-20231231.htm:57]** **[0000107263-23-000007_wmb-20221231.htm:56]** . |
| Mary A. Hausman       | Vice President, Chief Accounting Officer, and Controller      | 2022       | Mary A. Hausman has been serving as the Vice President, Chief Accounting Officer, and Controller at The Williams Companies, Inc. since 2022. She was previously the Staff Vice President of Internal Audit  **[0000107263-24-000019_wmb-20231231.htm:57]** **[0000107263-23-000007_wmb-20221231.htm:56]** . |
| Larry C. Larsen       | Senior Vice President Gathering & Processing                  | 2022       | Larry C. Larsen is the Senior Vice President Gathering & Processing at The Williams Companies, Inc. since 2022. He held various positions within the company, including Vice President Strategic Development  **[0000107263-24-000019_wmb-20231231.htm:57]** . |
| Eric J. Ormond        | Senior Vice President Project Execution                       | 2023       | Eric J. Ormond is the Senior Vice President Project Execution at The Williams Companies, Inc. He started in this role in 2023. Previously, he served as Senior Vice President Commercial Operations at Crestwood Midstream Partners LP  **[0000107263-24-000019_wmb-20231231.htm:57]** . |
| Debbie (Cowan) Pickle | Senior Vice President and Chief Human Resources Officer       | 2018       | Debbie (Cowan) Pickle has been serving as the Senior Vice President and Chief Human Resources Officer at The Williams Companies, Inc. since 2018. She was previously the Global Vice President of Human Resources at Koch Chemical Technology Group  **[0000107263-24-000019_wmb-20231231.htm:57]** . |
| John D. Porter        | Senior Vice President and Chief Financial Officer             | 2022       | John D. Porter is the Senior Vice President and Chief Financial Officer at The Williams Companies, Inc. since 2022. He previously served as Vice President, Chief Accounting Officer, Controller, and Financial Planning & Analysis  **[0000107263-24-000019_wmb-20231231.htm:58]** **[0000107263-23-000007_wmb-20221231.htm:57]** . |
| Chad A. Teply         | Senior Vice President – Transmission & Gulf of Mexico         | 2023       | Chad A. Teply is the Senior Vice President – Transmission & Gulf of Mexico at The Williams Companies, Inc. since 2023. He was previously the Senior Vice President – Project Execution  **[0000107263-24-000019_wmb-20231231.htm:58]** . |
| T. Lane Wilson        | Senior Vice President and General Counsel                     | 2017       | T. Lane Wilson has been serving as the Senior Vice President and General Counsel at The Williams Companies, Inc. since 2017. He was a United States Magistrate Judge for the Northern District of Oklahoma  **[0000107263-24-000019_wmb-20231231.htm:58]** **[0000107263-23-000007_wmb-20221231.htm:57]** . |
| Chad J. Zamarin       | Executive Vice President of Corporate Strategic Development   | 2023       | Chad J. Zamarin is the Executive Vice President of Corporate Strategic Development at The Williams Companies, Inc. since 2023. He previously served as the Senior Vice President of Corporate Strategic Development  **[0000107263-24-000019_wmb-20231231.htm:58]** **[0000107263-23-000007_wmb-20221231.htm:57]** . |

6313b0ee699d0961d061735b54dd3c8163aef60d7da1ef5ccc1c626a80548315

| Program Details          | Program 1          |
|--------------------------|--------------------|
| Approval Date            | **September 2021**  **[0000107263-24-000095_wmb-20240930.htm:11]** **[0000107263-24-000095_wmb-20240930.htm:61]**  |
| End Date/Duration        | **No expiration date**  **[0000107263-24-000095_wmb-20240930.htm:11]** **[0000107263-24-000095_wmb-20240930.htm:61]**  |
| Total additional amount  | **$1.5 billion**  **[0000107263-24-000095_wmb-20240930.htm:11]** **[0000107263-24-000095_wmb-20240930.htm:61]**  |
| Remaining authorization amount | **$1,360,938,325**  **[0000107263-24-000095_wmb-20240930.htm:11]** **[0000107263-24-000095_wmb-20240930.htm:61]**  |
| Details                  | The program allows repurchases in the open market, by block purchases, or in privately negotiated transactions. It can be suspended or discontinued at any time.  **[0000107263-23-000027_wmb-20230930.htm:11]** **[0000107263-23-000013_wmb-20230331.htm:9]** **[0000107263-23-000021_wmb-20230630.htm:10]** **[0000107263-23-000007_wmb-20221231.htm:93]** **[0000107263-22-000024_wmb-20220630.htm:59]** **[0000107263-24-000077_wmb-20240630.htm:10]** **[0000107263-24-000063_wmb-20240331.htm:9]** **[0000107263-24-000095_wmb-20240930.htm:11]** **[0000107263-24-000019_wmb-20231231.htm:114]**  |

681bd00518576e5077ec14b7d9ec3421b576f19d0f9a271e44a6ec4d8b0903c1

**Annual guidance for FY 2024:**
- **Adjusted EBITDA**: $7.0B to $7.15B  **[WMB_3406578_4]**  (raised from upper half of $6.95B to $7.1B  **[WMB_3396791_3]** )  
- **Adjusted EPS**: $1.88  **[WMB_3406578_4]**  (no prior numeric guidance)  
- **AFFO per Share**: $4.35  **[WMB_3406578_4]**  (no prior numeric guidance)  
- **Debt to Adjusted EBITDA**: 3.75x  **[WMB_3406578_4]**  (lowered from 3.76x  **[WMB_3396791_3]** )  
- **Leverage Guidance**: 3.8x  **[WMB_3406578_4]**  (no prior guidance)

**Annual guidance for FY 2025:**
- **Adjusted EBITDA**: Reaffirmed at $7.2B to $7.6B  **[WMB_3406578_4]**  (no change from $7.2B to $7.6B  **[WMB_3396791_3]** )  
- **Debt to Adjusted EBITDA**: 3.6x or better  **[WMB_3406578_4]**  (no change from 3.6x or better  **[WMB_3396791_3]** )  
- **5-Year CAGR**: 7%  **[WMB_3406578_4]**  (no prior guidance)

5f1eae99fd06d779cf75fdb9076854fae881762bed5f7db44a2a51ea0143fccf

| Name               | Start Date          | End Date          | Reason for Change                                                                 |
|--------------------|---------------------|-------------------|----------------------------------------------------------------------------------|
| Ernst & Young LLP  | Fiscal year 2014  **[0001299933-14-001534_htm_50598.htm:1]** | Present           | Current auditor.                                                                |
| PricewaterhouseCoopers LLP (PwC) | N/A                 | September 30, 2014  **[0001299933-14-001534_htm_50598.htm:1]**  | No disagreements; change made by Audit Committee of a significant subsidiary.  **[0001299933-14-001534_htm_50598.htm:1]**  |

a61b54a1bf88a312bf4758d0c30282d632ec50f1c2403010fccd4122fa35dc08

- Total Revenue: $2,653 million (+4% YoY from $2,559 million)  **[0000107263-24-000095_wmb-20240930.htm:5]** **[0000107263-24-000095_wmb-20240930.htm:21]** **[0000107263-24-000095_wmb-20240930.htm:23]** **[0000107263-23-000027_wmb-20230930.htm:5]** **[0000107263-23-000027_wmb-20230930.htm:18]** **[0000107263-23-000027_wmb-20230930.htm:35]**   
- Transmission & Gulf of Mexico: $1,170 million (**+11%** YoY from $1,053 million)  **[0000107263-24-000095_wmb-20240930.htm:34]** **[0000107263-23-000027_wmb-20230930.htm:34]**   
- West: $663 million (**+24%** YoY from $533 million)  **[0000107263-24-000095_wmb-20240930.htm:34]** **[0000107263-23-000027_wmb-20230930.htm:34]**   
- Gas & NGL Marketing Services: $482 million (**-14%** YoY from $558 million)  **[0000107263-24-000095_wmb-20240930.htm:34]** **[0000107263-23-000027_wmb-20230930.htm:34]**   
- Operating Income: $838 million (**-16%** YoY from $994 million)  **[0000107263-24-000095_wmb-20240930.htm:5]** **[0000107263-24-000095_wmb-20240930.htm:21]** **[0000107263-24-000095_wmb-20240930.htm:23]** **[0000107263-23-000027_wmb-20230930.htm:5]**   
- Net Income: $741 million (**+8%** YoY from $684 million)  **[0000107263-24-000095_wmb-20240930.htm:5]** **[0000107263-24-000095_wmb-20240930.htm:21]** **[0000107263-24-000095_wmb-20240930.htm:23]** **[0000107263-23-000027_wmb-20230930.htm:5]** **[0000107263-23-000027_wmb-20230930.htm:33]** **[0000107263-23-000027_wmb-20230930.htm:6]**   
- EPS (Diluted): $0.58 (**+9%** YoY from $0.53)  **[0000107263-24-000095_wmb-20240930.htm:5]** **[0000107263-24-000095_wmb-20240930.htm:21]** **[0000107263-24-000095_wmb-20240930.htm:23]** **[0000107263-23-000027_wmb-20230930.htm:5]**   
- Capital Expenditures (CapEx): -$682 million (**-81%** YoY from -$3,545 million)  **[0000107263-24-000095_wmb-20240930.htm:10]** **[0000107263-23-000027_wmb-20230930.htm:10]**   

aaef26e8c2329d2188a8d5f46b6d8b4ca4e4a7a6fef866ce1756b9e72c3b815a

f4629aec4cd539b1bf4193a7060d8f57d235d9b493b2a9deeb4eff4165e56a4c

Value at Risk for integrated natural gas trading operations (end of period) (USD millions)

Average VaR for integrated natural gas trading operations (USD millions)

High VaR for integrated natural gas trading operations (USD millions)

Low VaR for integrated natural gas trading operations (USD millions)

Value at Risk for non-trading portfolio (end of period) (USD millions)

Average VaR for non-trading portfolio (USD millions)

High VaR for non-trading portfolio (USD millions)

Low VaR for non-trading portfolio (USD millions)

e20f5ab9c14689c55b9fb11d3df6d05ef7d10dcff5839c30cb05dceffcc9d988

6ede40cd9f7ae595f420a23e9b626930af3787ebad748b6f8be5e6463229c9ce

| Year | Amount Due (Millions) | Debt Type       | Interest Rate (%) | % of Total Debt |
|----------|---------------------------|---------------------|-----------------------|---------------------|
| 2024     | 2,284                     | Long-term due within one year | N/A                   | 8.4% = (2,284 / 27,109) * 100 **[0000107263-24-000095_wmb-20240930.htm:7]** **[0000107263-24-000095_wmb-20240930.htm:26]** |
| 2029     | 1,100                     | Senior Unsecured    | 4.900                 | 4.1% = (1,100 / 27,109) * 100 **[0000107263-24-000095_wmb-20240930.htm:25]** **[0000107263-24-000095_wmb-20240930.htm:26]** |
| 2029     | 450                       | Senior Unsecured    | 4.800                 | 1.7% = (450 / 27,109) * 100 **[0000107263-24-000095_wmb-20240930.htm:25]** **[0000107263-24-000095_wmb-20240930.htm:26]** |
| 2034     | 1,000                     | Senior Unsecured    | 5.150                 | 3.7% = (1,000 / 27,109) * 100 **[0000107263-24-000095_wmb-20240930.htm:25]** **[0000107263-24-000095_wmb-20240930.htm:26]** |
| 2034     | 300                       | Senior Unsecured    | 5.150                 | 1.1% = (300 / 27,109) * 100 **[0000107263-24-000095_wmb-20240930.htm:25]** **[0000107263-24-000095_wmb-20240930.htm:26]** |
| 2054     | 750                       | Senior Unsecured    | 5.800                 | 2.8% = (750 / 27,109) * 100 **[0000107263-24-000095_wmb-20240930.htm:25]** **[0000107263-24-000095_wmb-20240930.htm:26]** |

28ffc2796ee41c35016d7a83515a1d53beb7f114ffff4e65958c48f570851e02

- **Potential Overcapacity in the Haynesville Region due to Increased Pipeline Projects**: With **three large Haynesville greenfield pipelines**, including Williams' Louisiana Energy Gateway, being built simultaneously, there is a risk of **overcapacity** and intensified competition.  **[WMB_3406578_19]**
- **Limited Ability to Increase Rates on Existing Pipeline Capacity**: Despite increased demand and competition for pipeline space, Williams has **limited opportunities to raise rates** on existing capacities due to **previous commitments and regulatory constraints**.  **[WMB_3406578_9]**
- **Dependency on Producer Activity and Gas Prices**: Williams' growth prospects are **partly reliant on producers increasing production** in response to higher gas prices. If **gas prices remain low**, the expected ramp-up in volumes may not materialize.  **[WMB_3406578_7]**

1e5a5900f9cb6d95a6d21e607bd2d74d722767df787f0ba8667852694efde517

- **Uncertainty in Volume Growth Due to Producer Response:** WMB's volume growth in its gathering business for 2024 is uncertain and depends on producers' responses to natural gas prices and the forward curve. Management stated that it's "a little bit early right now... to be calling what we'll see from the producer community in '24," which could impact volume growth on the gathering systems.  **[WMB_3363884_20]** **[WMB_3363884_19]**
- **Absence of 2023 Hedging Benefits May Affect 2024 Earnings:** The company benefited from gathering and processing related hedges in 2023. However, these hedges will not be in place in 2024, potentially leading to lower earnings. John Porter noted that "we will see the absence of some of the gathering and processing related hedges that we had in place in 2023."  **[WMB_3363884_20]** **[WMB_3363884_19]**
- **Potential Reduction in Pipeline Volumes Due to Competitor Expansion:** The expansion of ONEOK's Elk Creek pipeline may result in reduced Bakken flows on WMB's Overland Pass Pipeline (OPPL). Micheal Dunn acknowledged that "we'd see less Bakken flows" if ONEOK's expansion is completed, which could impact pipeline utilization and revenues. While WMB plans to bring in DJ Basin volumes to mitigate this, it's uncertain if this will fully offset the potential loss.  **[WMB_3363884_25]**

9c21571fc68cb22d72ed93edea8c0b23eb48605b269b4f56eac507ab3b9ff66d

1. **Southeast Supply Enhancement Project Timing and MVP Delay**  
   **Q:** If MVP is delayed, will your project's start date be pushed?  
   **A:** Alan Armstrong explained that if the Mountain Valley Pipeline (MVP) doesn't get done between now and 2027, they might need to find another way to supply their markets, which could mean a bigger project. However, their customers have urgent needs, and they plan to proceed with the initial project without waiting for MVP.  **[WMB_3363884_16]** 

2. **DJ Basin Acquisitions and Synergies**  
   **Q:** Can the 7x acquisition multiple be reduced with synergies?  
   **A:** Chad Zamarin stated that the 7x multiple reflects the stand-alone acquisition value. They expect significant opportunities to integrate the assets, which will increase value over time. As existing commitments roll off over the next 12 months, they can consolidate volumes and move more NGLs through their system, effectively lowering the acquisition multiple with synergies.  **[WMB_3363884_13]** 

3. **Capital Allocation Amid Higher Interest Rates**  
   **Q:** How do higher rates impact capital allocation and returns?  
   **A:** John Porter mentioned they haven't significantly changed their returns-based capital allocation approach despite higher borrowing costs. They continue to see strong returns on invested capital, and higher interest rates may actually benefit their business by making natural gas-fired generation more attractive due to lower upfront capital costs compared to alternatives.  **[WMB_3363884_23]** 

4. **EBITDA Growth Expectations for 2024 vs. 2023**  
   **Q:** How will volumes and margins affect 2024 vs. 2023?  
   **A:** Alan Armstrong noted that base business continues to grow, but volume growth depends on producer responses. Several projects will contribute to 2024 growth, including expansions in transmission and Deepwater Gulf of Mexico. However, some gathering and processing hedges present in 2023 won't be in place for 2024.  **[WMB_3363884_19]** 

5. **Adding Projects to Backlog Due to Gas Demand**  
   **Q:** Could you increase CapEx to add projects given gas demand growth?  
   **A:** Alan Armstrong expects many projects in their pipeline to move forward due to rising demand. He anticipates additional projects will help serve gas demand increases, especially for power generation in the Northeast, Mid-Atlantic, and LNG markets. It's unlikely they won't see more projects added to their backlog.  **[WMB_3363884_20]** 

6. **Utilities’ Shift in Perspective on Natural Gas**  
   **Q:** Are utilities adjusting views on gas amid rate pressures?  
   **A:** Alan Armstrong observed that in the Southeast and Mid-Atlantic, utilities urgently need natural gas due to demand growth and limitations of alternatives like offshore wind. In the Northeast, shifts haven't occurred yet, but he expects realities to set in as demand continues to grow and alternatives face challenges.  **[WMB_3363884_24]** 

7. **Benefit from Increased Gas Price Volatility**  
   **Q:** How will you benefit from expected gas price volatility?  
   **A:** Chad Zamarin explained that their core infrastructure converts volatility into infrastructure solutions. They benefit from basis differentials and are well-positioned to capture value from increased volatility through marketing, storage, and optimization, driving value across their business.  **[WMB_3363884_18]** 

8. **Transco Expansion Challenges Texas to Louisiana**  
   **Q:** What are impediments to scaling up Transco from Texas to Louisiana?  
   **A:** Micheal Dunn stated that FERC approvals for looping projects can take 1.5 to 2 years due to environmental impact statements, making them more time-consuming than compression-only projects. However, looping is less controversial and uses existing corridors, which can aid in approval and minimize landowner resistance.  **[WMB_3363884_12]** 

9. **Impact on Overland Pass from Elk Creek Expansion**  
   **Q:** Will Elk Creek expansion affect Overland Pass volumes, and can DJ NGLs backfill?  
   **A:** Micheal Dunn noted that if ONEOK expands Elk Creek, they might see fewer Bakken flows on Overland Pass. However, they have space to bring in DJ Basin volumes, so they don't see it as a constraint and can utilize NGLs from DJ assets to backfill any volume loss.  **[WMB_3363884_25]** 

10. **Dividend Growth Relative to EBITDA Growth**  
    **Q:** Will dividend growth match the 5% to 7% EBITDA growth?  
    **A:** Alan Armstrong stated that while dividend growth is a board decision, they intend to continue growing it in line with their Adjusted Funds From Operations (AFFO), which is growing at **5% to 7%**, keeping it within their established growth rate.  **[WMB_3363884_22]** 

9c1cbaa17b26445e44dce766dc5fc71063aacd9398e3a3468f72154bc5523eb0

1. **Impact of Trump's Victory**  
   **Q:** How does Trump's win affect your business?  
   **A:** Management expects a **very favorable tax outcome**, particularly on bonus depreciation, which could be a **huge positive** to current guidance.  **[WMB_3406578_15]**  There's optimism about **comprehensive permitting reform** that would benefit energy infrastructure.  **[WMB_3406578_15]** 

2. **Growth Rate and Potential Upside**  
   **Q:** Could you revisit your growth rate target?  
   **A:** There are opportunities to **exceed the current 5–7% long-term growth rate**, driven by **high-return projects** and already **contracted business**, suggesting potential for higher growth.  **[WMB_3406578_17]** 

3. **Capital Spending Plans**  
   **Q:** Will you increase CapEx to capture more opportunities?  
   **A:** The company is considering **increasing capital spending** to pursue **high-return projects**, but these generate substantial EBITDA, so they don't significantly consume capacity. Management is evaluating capital allocation while maintaining **free cash flow** and **dividend policies**.  **[WMB_3406578_10]** 

4. **Shut-ins and Production Trends**  
   **Q:** What's the current status of shut-ins and delayed production?  
   **A:** Approximately **4 Bcf/d** is currently shut in or delayed, with **3 Bcf/d** in the Marcellus and **1 Bcf/d** in the Haynesville.  **[WMB_3406578_11]**  Some gas is returning online as prices rebound, and management is **encouraged** by the opportunity to **increase volumes rapidly**.  **[WMB_3406578_11]** 

5. **Operating Leverage and Production Uptick**  
   **Q:** How much production uptick are you expecting?  
   **A:** There's significant opportunity to increase production as prices rebound, with **4 Bcf/d** of potential volumes between the Marcellus and Haynesville.  **[WMB_3406578_7]**  The company can increase volumes **rapidly** without significant capital expenditure, leveraging existing infrastructure.  **[WMB_3406578_7]** 

6. **Industry Consolidation and Acquisitions**  
   **Q:** How do you view industry consolidation?  
   **A:** The company focuses on **organic growth** and **bolt-on acquisitions**, leveraging **high-return projects**. While open to acquisitions, their strong base business growth makes large acquisitions **tough to justify**.  **[WMB_3406578_8]** 

7. **Rates and Pricing Pressure**  
   **Q:** Are you seeing upward pressure on rates?  
   **A:** Existing capacity is **super precious**, leading to longer-term contracts (e.g., **84 years**), but regulatory and contractual constraints limit the ability to increase rates on existing capacity.  **[WMB_3406578_9]** 

8. **Data Center Opportunities**  
   **Q:** How are data center opportunities shaping up?  
   **A:** The company is engaged in detailed discussions for both **grid supply** and **behind-the-meter solutions**, with opportunities becoming **more concrete and positive** compared to earlier in the year.  **[WMB_3406578_18]** 

9. **Dividend Growth Policy**  
   **Q:** How does growth influence dividend policy?  
   **A:** Management has **no concern** about needing to pull back the dividend despite growth investments. High-return projects generate substantial EBITDA, providing capacity for both **growth and dividends**.  **[WMB_3406578_21]** 

10. **Inflation Risk Management**  
    **Q:** How are you managing inflation risk?  
    **A:** Inflation risk is built into contracts, especially in the gathering business. The company ensures estimates account for inflation, and regulatory mechanisms allow for adjustments in pipeline rates over time.  **[WMB_3406578_22]** 

11. **Storage Assets Acquisition Strategy**  
    **Q:** How important are potential storage acquisitions?  
    **A:** The company is bullish on storage but cautious. They focus on strategic fits with high value, noting that **not all storage is created equal**.  **[WMB_3406578_23]** 

12. **Lake Pipeline and Haynesville Projects**  
    **Q:** Will additional Haynesville pipelines affect Lake?  
    **A:** Management is not surprised by new projects, given high demand. The **vast majority** of Lake's capacity is contracted, and additional projects are necessary to meet over **10 Bcf/d** of anticipated Haynesville growth.  **[WMB_3406578_19]** 

13. **Transco Expansion Opportunities**  
    **Q:** Can you expand Transco soon to meet data center demand?  
    **A:** Yes, there are areas where small expansions can be made relatively soon, depending on facility size. The company can tap into Transco with **minimal changes**.  **[WMB_3406578_25]** 

14. **Regional Energy Access Project Update**  
    **Q:** What's the status of the FERC certificate?  
    **A:** All filings are made, and they are awaiting FERC action. The pipeline is **operational and flowing gas**, and management is **confident** in receiving the certificate.  **[WMB_3406578_20]** 

20513fe2f2b46df9cb89f1626e31016e1abbc3ce1c10fddff357682dc177a22b

1. **Growth Targets**  
   **Q:** Can growth exceed 5-7% target?  
   **A:** CEO Alan Armstrong believes there's a high probability they can exceed their **5–7%** growth target over the next five years due to strong project returns and increasing demand from data centers and power generation. They have projects coming online in **2025–2027** and see accelerating growth into **2027 and 2028**.  **[WMB_3396791_10]** 

2. **Production Outlook**  
   **Q:** How is production trending across assets?  
   **A:** WMB is comfortable with current forecasts for production profiles. While dry gas is challenged by low pricing, rich gas basins are outperforming. They have over **1 Bcf** of delayed TILs and over **1 Bcf** of DUCs ready to bring online when price signals improve.  **[WMB_3396791_7]** 

3. **M&A Strategy**  
   **Q:** Updates on M&A and JV consolidations?  
   **A:** WMB recently acquired the remaining interest in the Discovery joint venture from Phillips 66, viewing it as a core asset with significant growth ahead. They sold their interest in Aux Sable to Pembina, optimizing their portfolio by focusing on strategic assets with stable, contracted cash flows.  **[WMB_3396791_12]** 

4. **Storage Opportunities**  
   **Q:** Thoughts on storage rates and expansion?  
   **A:** WMB has seen storage rates exceeding expectations and believes storage value will continue to increase. They are approaching rates that justify both brownfield and potentially greenfield expansions but require more contract depth before investing in expansion.  **[WMB_3396791_13]** 

5. **Gulf of Mexico Upside**  
   **Q:** Potential upside in the Gulf projects?  
   **A:** WMB is excited about deepwater projects like Shell's **Whale** and Chevron's **Ballymore**, with risks largely retired. They expect high incremental returns as producers develop reserves around existing infrastructure, utilizing latent capacity in their systems.  **[WMB_3396791_14]** 

6. **LEG Project Status**  
   **Q:** Progress on LEG after FERC request?  
   **A:** WMB has responded to FERC's data request regarding the LEG project and anticipates FERC will dismiss the matter or confirm LEG as a gathering system. They have no concerns and continue construction.  **[WMB_3396791_9]** 

7. **Regulatory Environment**  
   **Q:** Impact of court decisions on permitting?  
   **A:** WMB's General Counsel, Lane Wilson, believes the recent DC Circuit decision on REA and potential reversal of Chevron deference will not significantly change their approach to permitting. They expect to continue operations without concerns and anticipate defending FERC's certificate successfully.  **[WMB_3396791_19]** 

6dca0ae4d488ad0a86a90489794da8ff53ebae972db5f25b6fc2f99b1dbbdba3

- **Williams anticipates significant growth in natural gas demand starting mid-2025, driven by increased LNG exports and power generation needs, which will last for years to come.**  **[WMB_3386993_9]**
- **Williams is proactively working to capitalize on the growing demand from data centers and the reshoring of industrial loads, owing to the U.S.'s low-cost energy advantage, expecting this to be sizable and impactful over time.**  **[WMB_3386993_8]**
- **Williams is well-positioned to benefit from the acceleration of coal plant retirements, increasing demand for natural gas-fired power generation, as utilities face challenges with carbon sequestration requirements.**  **[WMB_3386993_21]**

0b2b2f32efc56e13d55e8399ccaec45b94e5e967f5845d7c51e57ad6925833e1

- **The natural gas market is currently oversupplied**, leading to low gas prices, which may negatively impact Williams' revenues and growth prospects.  **[WMB_3386993_9]**
- **Regulatory challenges from new EPA rules** requiring carbon sequestration on new gas-fired power plants could slow down natural gas demand growth, affecting Williams' pipeline expansions targeting power generation markets.  **[WMB_3386993_21]**
- **Producers are delaying sales until gas prices improve**, which may result in lower volumes and potential volume reductions, impacting Williams' financial performance.  **[WMB_3386993_17]**

ef6e4f78b69583d8092dfd49b53489eee7ee003b78727aa8ff03710dc456d39d

- **Williams is poised to capitalize on significant growth opportunities due to increasing natural gas demand**, especially in the Northeast, Mid-Atlantic, and LNG markets. The company anticipates that its project backlog for 2025-2026 will turn into substantial projects, driven by delays in alternative energy sources like offshore wind and increasing energy needs ( **[WMB_3363884_20]** ,  **[WMB_3363884_24]** ).
- **Strategic acquisitions and operational synergies are enhancing Williams' value proposition**. The recent acquisitions in the DJ Basin are expected to provide low-risk, high-value synergies, potentially lowering acquisition multiples by "better than 1 or 2 turns" ( **[WMB_3363884_13]** ). Additionally, optimizing operations, such as taking over operatorship of Blue Racer, is reducing inefficiencies and improving performance ( **[WMB_3363884_13]** ).
- **Williams forecasts strong financial performance and plans to grow dividends in line with EBITDA growth at 5% to 7%, indicating robust shareholder returns**. The company expects significant earnings growth from projects coming online in 2024 and 2025, particularly in transmission and Deepwater Gulf of Mexico, with potential upside from accelerating these projects ( **[WMB_3363884_19]** ,  **[WMB_3363884_22]** ).

f85d7039f024cd309f7bfb73a7b350e324b484613f87538200d5c3e170833bbf

- **The company expects to exceed its 5-7% growth target over the next five years** due to strong returns on projects and a robust pipeline of opportunities extending into 2027 and beyond.  **[WMB_3396791_2]**
- **Significant growth opportunities in the Deepwater Gulf of Mexico are anticipated to drive high incremental cash flows**, with major projects like **Shell's Whale and Chevron's Ballymore** coming online with minimal capital investment required.  **[WMB_3396791_25]**
- **Recent acquisitions in the DJ Basin are outperforming expectations**, providing integration benefits in processing and gathering, and are expected to continue growing for a long time.  **[WMB_3396791_3]**

b4d2a5ef0c9b414dd752a14be04e3f1ae45dd268398501a335eaebe4b1eb5787

- **Low natural gas prices are challenging the dry gas sector**, leading producers to make **month-by-month decisions on gas volumes** and consider **temporary shut-ins**. This situation has resulted in **over 1 Bcf of delayed TILs** (turned-in-line wells), potentially impacting WMB's gathering volumes.  **[WMB_3396791_8]**
- **2025 is expected to be price sensitive**, indicating potential volatility in production volumes and WMB's revenues due to commodity price fluctuations, as producers may adjust output based on price signals.  **[WMB_3396791_8]**
- **Producers have drilled and completed wells that are ready but not producing**, waiting for better prices. This dependence on producer decisions adds uncertainty to WMB's operations.  **[WMB_3396791_8]**

c9859e0cb0635e153df0936788bd93e59f4c29dd1cbe9216af572efa0657c632

1. **2025 EBITDA Guidance Unchanged**  
   **Q:** Why is 2025 EBITDA guidance unchanged despite volume reductions?  
   **A:** Management remains cautious due to low natural gas prices and potential volume reductions but has left 2025 EBITDA guidance unchanged. They hope for upside but are prepared for continued caution, especially in dry gas areas.  **[WMB_3386993_7]** 

2. **Natural Gas Oversupply Impact**  
   **Q:** How does gas oversupply affect Williams' trajectory into 2025?  
   **A:** The market is currently oversupplied, keeping prices low and rigs running. Management expects producers to reduce activity, balancing supply and demand over time. Starting mid-2025, they anticipate a significant demand increase due to LNG and industrial loads, positively impacting operations.  **[WMB_3386993_9]** 

3. **2025 Growth CapEx Projects**  
   **Q:** What are the key 2025 growth CapEx projects?  
   **A:** Major 2025 growth capital will be spent on the **Louisiana Energy Gateway (LEG) project**, accounting for significant gathering and processing expansions. Other investments include carbon capture and sequestration projects at the LEG terminus, solar projects, upstream joint ventures, and several Transco transmission projects scheduled for in-service dates in 2025.  **[WMB_3386993_11]** 

4. **Producer Activity and Guidance**  
   **Q:** How do delayed wells affect 2025 guidance?  
   **A:** Despite producers delaying wells due to low gas prices, management expects they will be ready to respond to market improvements. There's potential upside for 2025 as supply and demand respond. Producers are positioning themselves based on confidence in future fundamentals and forward markets.  **[WMB_3386993_17]** 

5. **LEG Project Litigation**  
   **Q:** What's the status of the LEG project amid litigation?  
   **A:** Despite challenges from Energy Transfer on pipeline crossings in Louisiana, management is confident the LEG project will proceed with an in-service date in the second half of 2025. Legal issues were anticipated and accounted for in the project schedule. The project is essential due to rising LNG demand in the Gulf Coast.  **[WMB_3386993_10]** 

6. **Data Center Demand Growth**  
   **Q:** How does data center demand impact future growth?  
   **A:** Management sees data center and AI demand driving incremental gas demand over time, particularly in markets served by Transco. While individual data centers may not significantly impact demand alone, collectively they contribute to growth. They anticipate long-term planning to address infrastructure constraints, working closely with utility customers to serve their needs.  **[WMB_3386993_8]** 

7. **Permitting Reform Importance**  
   **Q:** How critical is permitting reform for meeting demand growth?  
   **A:** Underinvestment in gas infrastructure and permitting constraints hinder the ability to meet growing demand, especially with increasing reliance on natural gas for baseload power. Management is hopeful that awareness of infrastructure needs will lead to permitting reform, enabling investment to keep up with demand.  **[WMB_3386993_19]** 

8. **Use of Excess Cash Flow**  
   **Q:** How will excess cash flow be used if performance exceeds guidance?  
   **A:** Management considers adjusting the dividend policy, share buybacks, and pursuing bolt-on acquisitions aligned with their strategy. They are prepared to act quickly on acquisitions that add immediate value and integrate well with their operations.  **[WMB_3386993_23]** 

9. **Washington Storage Market Rates**  
   **Q:** What uplift is expected from moving Washington Storage to market-based rates?  
   **A:** Transitioning Washington Storage to market-based rates is expected to be effective in **April 2025**, with the uplift embedded in 2025 EBITDA guidance. Management anticipates existing customers will fully subscribe to the capacity given high demand for storage, leading to improved financial performance.  **[WMB_3386993_13]** 

10. **LNG Strategy and Investments**  
    **Q:** Is Williams interested in acquiring a stake in Port Arthur LNG?  
    **A:** Management is focused on high-return projects they build and operate, rather than non-operated positions in infrastructure projects like Port Arthur LNG. They are open to opportunities that connect customers to better markets but prefer investments where they can actively build and operate assets.  **[WMB_3386993_15]** 

11. **Coal Plant Retirements and EPA Rules**  
    **Q:** How do new EPA carbon emission rules affect Williams?  
    **A:** Management is monitoring the impact of new EPA rules requiring carbon sequestration for new gas-fired plants. They anticipate challenges for utilities in meeting demand with accelerated coal plant retirements and the expense of sequestration technology. They expect debates within utility boards and possible tempering of regulations due to litigation.  **[WMB_3386993_21]** 

12. **Gulf Projects and Shenandoah Delay**  
    **Q:** How does the Shenandoah delay impact projects?  
    **A:** Management states that their part of the Shenandoah project is on schedule and they are confident in their forecast. While they cannot speak for the producer, they emphasize readiness to serve when required.  **[WMB_3386993_14]** 

13. **Storage Rates and Contango Market**  
    **Q:** Are increased storage rates due to current contango sustainable?  
    **A:** Management believes storage value is not solely dependent on contango. They see long-term value in storage due to increased volatility in power markets, renewable integration, and the need for reliability. The evolving market recognizes storage's role, and they expect continued demand for storage capacity.  **[WMB_3386993_18]** 

14. **Northeast and MVP Startup**  
    **Q:** How will MVP startup affect producers and Williams?  
    **A:** The Mountain Valley Pipeline (MVP) startup is expected to initially serve strong power generation loads, potentially increasing upstream volumes gathered by Williams. They anticipate significant additional expansions from MVP connection points, benefiting from higher-margin expansions on Transco.  **[WMB_3386993_24]** 

15. **Gas Storage Brownfield Opportunities**  
    **Q:** How much storage can be added via brownfield projects?  
    **A:** Management indicates they have significant capacity to expand storage at existing facilities, potentially in **10 Bcf increments** at salt-cavern sites. They will expand storage capacity incrementally based on market demand and long-term contracts, recognizing storage's increasing value.  **[WMB_3386993_22]** 

20b361b1c79e1c220ac78658402ee32d6b93d346ec6dd73f3c1cef21adf9c5bd

Williams Companies Inc (WMB)

Financials