WILLIAMS COMPANIES, INC.

The Williams Companies, Inc. operates in the energy infrastructure industry, providing natural gas gathering and processing, transmission and storage services, NGL fractionation, transportation, and storage, and marketing services to approximately 800 customers ¹. The company owns an interest in and operates over 32,000 miles of pipelines in 24 states and in the Gulf of America, 35 natural gas processing facilities, 9 NGL fractionation facilities, approximately 23 million barrels of NGL storage capacity, and 423 Bcf of natural gas storage capacity ². The industry is characterized by obstacles to construction and expansion efforts, including delays or denials of necessary permits and opposition to hydrocarbon-based energy development, as well as producer drilling activities impacting natural gas supplies ³.

Williams faces competition from companies of varying size and financial capabilities, including major and independent natural gas midstream providers, private equity firms, and major integrated oil and natural gas companies, as well as some larger exploration and production companies that are choosing to develop midstream services to handle their own natural gas ⁴. The company believes its significant presence in key supply basins, expertise and reputation as a reliable and safe operator, commitment to sustainability, and ability to offer integrated packages of services positions it well against competition ⁵. In the interstate natural gas pipeline business, Williams competes with other interstate and intrastate pipelines for deliveries to customers who can take deliveries at multiple points, and natural gas delivered on its system competes with alternative energy sources used to generate electricity such as hydroelectric power, solar, wind, coal, fuel oil, and nuclear ⁶.

Williams generates revenue through fee-based and noncash commodity-based contracts for natural gas gathering and processing, regulated interstate natural gas transportation and storage services, market-based rate natural gas storage services, and gas and NGL marketing services ⁷. For the year ended December 31, 2025, approximately 93 percent of NGL production volumes were under fee-based contracts ⁸. The company's interstate natural gas transmission businesses are mostly fully contracted under long-term firm reservation contracts with high credit quality customers ⁹. Williams also generates revenue from crude oil transportation and production handling assets, and power innovation projects ¹⁰.

The Transmission, Power & Gulf segment includes Transco, an approximately 9,600-mile natural gas pipeline system with a design capacity totaling approximately 20.6 MMdth/d at December 31, 2025, and 62 compressor stations with compression facilities at sea level-rated capacity totaling approximately 2.7 million horsepower ¹¹. Transco has total usable gas storage capacity of approximately 188 Bcf of natural gas ¹². This segment also includes NWP, an approximately 3,900-mile natural gas pipeline system with a design capacity totaling approximately 3.8 MMdth/d at December 31, 2025, and 42 transmission compressor stations having a combined sea level-rated capacity of approximately 476,000 horsepower ¹³. NWP has aggregate working natural gas storage capacity of approximately 10 Bcf ¹⁴. MountainWest, also in this segment, owns and operates an approximately 2,200-mile natural gas pipeline system with a design capacity totaling 8.4 MMdth/d at December 31, 2025, and 64 Bcf of natural gas storage capacity ¹⁵. The segment also includes Gulf Coast Storage assets with approximately 230 miles of natural gas transmission pipelines and six underground storage facilities with a capacity of approximately 120 Bcf of natural gas storage, and NorTex assets with approximately 94 miles of natural gas transmission pipelines and 37 Bcf of natural gas storage ¹⁶. In October 2025, Williams closed on various agreements to acquire a 10 percent equity-method investment in Louisiana LNG LLC and an 80 percent interest in Driftwood Pipeline LLC ¹⁷. Williams owns a 50 percent equity-method investment in Gulfstream Natural Gas System, L.L.C., a 745-mile interstate natural gas pipeline system with a capacity to transport 1.4 Bcf/d ¹⁸. The segment also includes offshore natural gas gathering pipelines, crude oil transportation pipelines, and production handling platforms, including the Whale expansion project that went into service in January 2025 ¹⁹. Power innovation projects represent a combined 1.9 gigawatts of total capacity backed by up to 12.5 year, primarily fixed-price agreements ²⁰.

The Northeast G&P segment includes natural gas gathering, compression, processing, and NGL fractionation businesses in the Marcellus and Utica Shale regions, with assets including the Susquehanna Supply Hub with 506 miles of pipeline and 4.6 Bcf/d inlet capacity, and the Ohio Valley Midstream and Cardinal gathering systems ²¹. Williams owns and operates a 43 Mbbls/d NGL fractionation facility at Moundsville, West Virginia, a 135 Mbbls/d NGL fractionation facility in Harrison County, Ohio, and approximately 970,000 barrels of NGL storage capacity in Harrison County, Ohio ²². Through the Appalachia Midstream Investments, Williams operates and owns an approximate average 66 percent interest in the Bradford Supply Hub gathering system and an approximate average 68 percent interest in the Marcellus South gathering system, together consisting of approximately 1,108 miles of gathering pipeline with the capacity to gather 5,870 MMcf/d of natural gas ²³. Williams operates and owns a 69 percent interest in Laurel Mountain, which includes a 1,151-mile gathering system with the capacity to gather 0.9 Bcf/d of natural gas ²⁴. Williams operates and owns a 50 percent interest in Blue Racer, whose assets include 639 miles of gathering pipelines and the Natrium complex with a cryogenic processing capacity of 800 MMcf/d and fractionation capacity of approximately 134 Mbbls/d with approximately 220,000 barrels of NGL storage capacity ²⁵. The West segment includes natural gas gathering assets in the Wamsutter, Southwest Wyoming, Piceance, Barnett Shale, Eagle Ford Shale, Haynesville Shale, Permian, and DJ Basin, with the Louisiana Energy Gateway placed into service in July and August 2025 ²⁶. Williams owns interests in and/or operates NGL fractionation and storage assets in central Kansas near Conway, including a 50 percent interest in an NGL fractionation facility with capacity of slightly more than 100 Mbbls/d and approximately 22 million barrels of NGL storage capacity, and a 189-mile NGL pipeline ²⁷. Williams operates and owns a 50 percent interest in Overland Pass Pipeline Company LLC, capable of transporting 245 Mbbls/d of NGLs and including 1,035 miles of NGL pipeline ²⁸. The Gas & NGL Marketing Services segment markets natural gas and NGL products to a wide range of users in the energy and petrochemical industries ²⁹. In March 2025, Williams purchased a minority interest in Cogentrix Co-Investment Fund, LP, which owns interests in 11 natural gas power plants ³⁰.

During 2025, Transco placed the Commonwealth Energy Connector, Alabama Georgia Connector, Texas to Louisiana Energy Pathway, and Southeast Energy Connector pipeline expansion projects in service ³¹. MountainWest placed the Overthrust Westbound Compression expansion project into service increasing firm transportation capacity by approximately 0.3 MMdth/d ³². In October 2025, Williams closed on various agreements to acquire a 10 percent equity-method investment in Louisiana LNG LLC and an 80 percent interest in Driftwood Pipeline LLC ³³. In March 2025, Williams purchased a minority interest in Cogentrix Co-Investment Fund, LP ³⁴. On January 30, 2026, Williams closed on the sale of its interests in the South Mansfield region for consideration of $398 million with additional contingent consideration to possibly be received through 2029 ³⁵. On January 8, 2026, Williams issued $1.25 billion aggregate principal amount of 5.65% Senior Unsecured Notes due 2033, $1.0 billion aggregate principal amount of 5.15% Senior Unsecured Notes due 2036, and $1.25 billion aggregate principal amount of 5.95% Senior Unsecured Notes due 2056 ³⁶. On December 5, 2025, Transco redeemed all $200 million aggregate principal amount of its 7.85% Senior Unsecured Notes due 2026 ³⁷. On December 1, 2025, NWP redeemed all $100 million aggregate principal amount of its 7.125% Debentures due 2025 ³⁸.

For the year ended December 31, 2025, Williams reported total revenues of $10.507 billion ³⁹, compared to $10.674 billion ⁴⁰ for the year ended December 31, 2024. Net income attributable to Williams for 2025 was $3.248 billion ⁴¹, compared to $3.610 billion ⁴² for 2024. Diluted earnings per common share for 2025 was $2.64 ⁴³, compared to $2.95 ⁴⁴ for 2024. Adjusted EBITDA for 2025 was $7.579 billion ⁴⁵, compared to $7.247 billion ⁴⁶ for 2024. Net cash provided by operating activities for 2025 was $5.937 billion ⁴⁷, compared to $5.664 billion ⁴⁸ for 2024.

Williams is investing in construction projects to support the power demands created by new data center and industrial development in power grid-constrained markets, including agreements with a large, investment-grade company to provide onsite natural gas and power generation infrastructure ⁴⁹. The projects, located in Ohio and Utah, represent a combined 1.9 gigawatts of total capacity and are backed by up to 12.5 year, primarily fixed-price agreements, with an option for the customer to extend the term of the agreements ⁵⁰. The projects will require additional capital to fund construction until the projects are placed in-service, and Williams plans to place the projects into service during 2026 through 2028, assuming timely receipt of permits, and continues to pursue additional projects to support the power demands created by new data center and industrial development ⁵¹.

In October 2025, Williams closed on various agreements to acquire a 10 percent equity-method investment in Louisiana LNG LLC, which is developing a fully permitted LNG export facility, and an 80 percent interest in Driftwood Pipeline LLC, which is constructing a fully permitted greenfield pipeline, Line 200, connecting to multiple other pipelines, including Transco and Louisiana Energy Gateway, to supply the LNG facility ⁵². Williams will be the operator of the pipeline, and a third-party will operate the LNG facility ⁵³. Williams will also manage the gas supply for the LNG facility and purchase approximately 10 percent of the LNG produced ⁵⁴. Both investments will require additional capital to fund further construction, and these projects are expected to be placed into service by 2029 ⁵⁵.

The filing does not contain explicit margin trajectory or cost structure evolution targets with exact figures.

Williams estimates that the cost to be incurred in 2026 with its entire Gas Integrity Management program to be approximately $210 million, which includes $141 million and $57 million for Transco and NWP, respectively ⁵⁶. Williams estimates that the cost to be incurred in 2026 associated with its Liquid Integrity Management program will be approximately $2 million ⁵⁷.

The filing does not contain explicit R&D spending levels, capital expenditure plans, share repurchase authorization amounts, or dividend policy with exact figures for the upcoming period.

Obstacles to Williams' construction and expansion efforts, including delays or denials of necessary permits and opposition to hydrocarbon-based energy development, are key variables for Williams' businesses ⁵⁸. Producer drilling activities impacting natural gas supplies supporting Williams' gathering and processing volumes are also key variables ⁵⁹.

Prices impacting Williams' commodity-based activities are a key variable for its businesses ⁶⁰.

The operation of Williams' businesses might be adversely affected by regulatory proceedings, changes in government regulations or in their interpretation or implementation, or the introduction of new laws or regulations applicable to Williams' businesses or customers ⁶¹. The natural gas sales, transportation, and storage operations of Williams' natural gas pipelines are subject to regulation by the FERC, which could have an adverse impact on their ability to establish transportation and storage rates that would allow them to recover the full cost of operating their respective pipelines and storage assets, including a reasonable rate of return ⁶². Williams' operations are subject to environmental laws and regulations, including laws and regulations relating to climate change and greenhouse gas emissions, which may expose them to significant costs, liabilities, and expenditures that could exceed expectations ⁶³. A breach of information technology infrastructure, including a breach caused by a cybersecurity attack on Williams or the third parties with whom they are interconnected, may interfere with the safe operation of assets, result in the disclosure of personal or proprietary information, and cause reputational harm ⁶⁴. The business, operating results, and financial condition of Williams' natural gas transportation and midstream businesses are dependent on the continued availability of natural gas supplies in the supply basins and demand for those supplies in the markets that they serve ⁶⁵.

Management's message emphasizes Williams' commitment to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy ⁶⁶. The filing highlights disciplined growth in Williams' service areas as a key variable for its businesses ⁶⁷. Management emphasizes the importance of retaining and attracting customers by continuing to provide reliable services, and revenue growth associated with additional infrastructure either completed or currently under construction ⁶⁸.