WILLIAMS COMPANIES, INC. - Quarter Report: 2025 June (Form 10-Q)

Long-term debt Deferred income tax liabilities Regulatory liabilities, deferred income, and other

Contingent liabilities and commitments (Note 10)

Equity:Stockholders’ equity:

Preferred stock ($ par value; million shares authorized at June 30, 2025 and December 31, 2024; thousand shares issued at June 30, 2025 and December 31, 2024)

Common stock ($ par value; million shares authorized at June 30, 2025 and December 31, 2024; million shares issued at June 30, 2025 and million shares issued at December 31, 2024)

Capital in excess of par value Retained deficit()()Accumulated other comprehensive income (loss)

Treasury stock, at cost ( million shares at June 30, 2025 and December 31, 2024 of common stock)

()()Total stockholders’ equity Noncontrolling interests in consolidated subsidiaries Total equity Total liabilities and equity$ $

See the Combined Notes to Financial Statements.

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The Williams Companies, Inc.

Consolidated Statement of Changes in Equity

(Unaudited)

The Williams Companies, Inc. Stockholders

Preferred Stock

Common
Stock

Capital in
Excess of
Par Value

Retained
Deficit

AOCI*

Treasury
Stock

Total
Stockholders’
Equity

Noncontrolling
Interests

Total Equity

(Millions)

Balance at March 31, 2025

()

Net income (loss)

Other comprehensive income (loss)

Cash dividends – common stock ($ per share)

()

Stock-based compensation and related common stock issuances, net of tax

Dividends and distributions to noncontrolling interests

()

Contributions from noncontrolling interests

Other

()

Net increase (decrease) in equity

()

Balance at June 30, 2025

()

Balance at March 31, 2024

()

Net income (loss)

Other comprehensive income (loss)

Cash dividends – common stock ($ per share)

()

Stock-based compensation and related common stock issuances, net of tax

Dividends and distributions to noncontrolling interests

()

Contributions from noncontrolling interests

Other

()

Net increase (decrease) in equity

()

Balance at June 30, 2024

()

*Accumulated Other Comprehensive Income (Loss)

See the Combined Notes to Financial Statements.

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The Williams Companies, Inc.

Consolidated Statement of Changes in Equity (Continued)

(Unaudited)

The Williams Companies, Inc. Stockholders

Preferred Stock

Common
Stock

Capital in
Excess of
Par Value

Retained
Deficit

AOCI*

Treasury
Stock

Total
Stockholders’
Equity

Noncontrolling
Interests

Total Equity

(Millions)

Balance at December 31, 2024

()

Net income (loss)

Other comprehensive income (loss)

Cash dividends – common stock ($ per share)

()

Stock-based compensation and related common stock issuances, net of tax

()

Dividends and distributions to noncontrolling interests

()

Contributions from noncontrolling interests

Other

()

Net increase (decrease) in equity

()

Balance at June 30, 2025

()

Balance at December 31, 2023

()

Net income (loss)

Other comprehensive income (loss)

Cash dividends – common stock $ per share)

()

Stock-based compensation and related common stock issuances, net of tax

Dividends and distributions to noncontrolling interests

()

Contributions from noncontrolling interests

Regulatory assets Other current assets and deferred charges Total current assets Property, plant and equipment

Accumulated depreciation and amortization

()()Property, plant, and equipment – net Regulatory assets Deferred charges and other

See the Combined Notes to Financial Statements.

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Northwest Pipeline LLC

Balance Sheet

(Unaudited)


	June 30,	December 31,
	2025	2024
	(Millions)
ASSETS
Current Assets:
Cash and cash equivalents	$	$
Trade accounts and other receivables:
Advances to affiliate
Trade
Other
Inventories
Regulatory assets
Other current assets and deferred charges
Total current assets

Property, plant and equipment
Accumulated depreciation and amortization	()	()
Property, plant, and equipment – net
Regulatory assets
Deferred charges and other
Total assets	$	$

LIABILITIES AND MEMBER’S EQUITY
Current Liabilities:
Payables:
Advances from affiliate	$	$
Trade
Affiliates
Regulatory liabilities
Other current liabilities

See the Combined Notes to Financial Statements.

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Index of Combined Notes to Financial Statements

The Combined Notes to Financial Statements include information for multiple registrants, specifically The Williams Companies, Inc. (Williams), as well as Transcontinental Gas Pipe Line Company, LLC (Transco) and Northwest Pipeline LLC (NWP), both of which are wholly owned subsidiaries of Williams. References to subsidiaries by name, including equity-method investees, Transco, and NWP, refer exclusively to those businesses and operations.

The following list indicates the Registrants to which each of the combined notes apply. Specific disclosures within each combined note may apply to all Registrants unless indicated otherwise.

Note

Registrant

Page

Note 1 – General, Description of Business, and Basis of Presentation

Williams, Transco, NWP

Note 2 – Variable Interest Entities

Williams

Note 3 – Acquisitions and Divestitures

Williams

Note 4 – Related Party Transactions

Transco, NWP

Note 5 – Revenue Recognition

Williams, Transco, NWP

Note 6 – Provision (Benefit) for Income Taxes

Williams

Note 7 – Debt and Banking Arrangements

Williams, Transco, NWP

Note 8 – Fair Value Measurements and Guarantees

Williams, Transco, NWP

Note 9 – Commodity Derivatives

Williams

Note 10 – Contingencies

Williams, Transco, NWP

Note 11 – Segment Disclosures

Williams, Transco, NWP

June 30,December 31,20252024(Millions)Assets (liabilities):Cash and cash equivalents$ $ Trade accounts and other receivables – net Inventories Other current assets and deferred charges Property, plant, and equipment – net

Intangible assets – net

Regulatory assets, deferred charges, and other Accounts payable()()

Other current liabilities

()()

million. As a result of this sale, Williams recorded a gain of $ million reflected in Other investing income (loss) – net in the third quarter of 2024.

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Notes (Continued)

$ NWP Advances from affiliateNWP$ $

Interest expense and income are recognized when earned and the collectability is reasonably assured. The interest rate on intercompany demand notes is based upon the daily overnight investment rate paid on Williams’ excess cash at the end of each month, which was approximately percent at June 30, 2025. Interest income is included in Interest income in the Statement of Net Income for Transco and Other income (expense) – net in the Statement of Net Income for NWP.


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
	(Millions)
Net interest income from advances
Transco	$	$	$	$
NWP

$ $ $ Natural gas product costs

Services necessary to operate Transco and NWP are provided by Williams and certain affiliates of Williams. Transco and NWP reimburse Williams and its affiliates for all direct and indirect expenses incurred or payments made (including salary, bonus, incentive compensation, and benefits) in connection with these services. Employees of Williams also provide general, administrative, and management services, and Transco and NWP are charged for certain administrative expenses incurred by Williams. These charges are either directly assigned or allocated. Allocated charges are specific or general. Specific allocations are based on a relationship with the delivery of services and general allocations are based on a three-factor formula, which considers revenues; property, plant, and equipment; and payroll. In management’s estimation, the allocation methodologies used are reasonable and result in

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Notes (Continued)

$ $ $ NWP

Transco provided services to certain of its affiliates. Transco recorded reductions in operating expenses for services provided to and reimbursed by affiliates of $ million and $ million for three and six months ended June 30, 2024, respectively. such costs were incurred for the three and six months ended June 30, 2025.

During July 2025, Transco and NWP declared and paid cash distributions of $ million and $ million, respectively, to Williams, and Williams made a cash contribution to NWP of $ million.

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Notes (Continued)

$ $ $ $ $()$ Gathering, processing, transportation, fractionation, and storage:Monetary consideration () Commodity consideration Other () Total service revenues () Product sales () Total revenues from contracts with customers () Other revenues (1) () Other adjustments (2) () ()Total revenues$ $ $ $ $ $()$ Three Months Ended June 30, 2024Revenues from contracts with customers:Service revenues:Regulated interstate natural gas transportation and storage$ $ $ $ $ $()$ Gathering, processing, transportation, fractionation, and storage:Monetary consideration () Commodity consideration () Other () Total service revenues () Product sales () Total revenues from contracts with customers () Other revenues (1) () Other adjustments (2) () ()Total revenues$ $ $ $ $ $()$

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Notes (Continued)

$ $ $ $ $()$ Gathering, processing, transportation, fractionation, and storage:Monetary consideration () Commodity consideration Other () Total service revenues () Product sales () Total revenues from contracts with customers () Other revenues (1) () Other adjustments (2) () ()Total revenues$ $ $ $ $ $()$ Six Months Ended June 30, 2024Revenues from contracts with customers:Service revenues:Regulated interstate natural gas transportation and storage$ $ $ $ $ $()$ Gathering, processing, transportation, fractionation, and storage:Monetary consideration () Commodity consideration Other () Total service revenues () Product sales () Total revenues from contracts with customers () Other revenues (1) () Other adjustments (2) () ()Total revenues$ $ $ $ $ $()$

______________

(1)

(2)

For Transco and NWP, revenue disaggregation by major service line includes Natural gas transportation, Natural gas storage, Natural gas product sales, and Other, which are separately presented in their Statements of Net Income.

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Notes (Continued)

$ $ $ $ $ Revenue recognized in excess of amounts invoiced Minimum volume commitments invoiced()()() Balance at end of period$ $ $ $ $ $ Six Months Ended June 30,WilliamsTranscoNWP202520242025202420252024(Millions)Balance at beginning of period$ $ $ $ $ $ Revenue recognized in excess of amounts invoiced Minimum volume commitments invoiced()()() Amortization of contract assets() () Balance at end of period$ $ $ $ $ $

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Notes (Continued)

$ $ $ $ $ Payments received and deferred Other additions Significant financing component Recognized in revenue()()()() Balance at end of period$ $ $ $ $ $ Six Months Ended June 30,WilliamsTranscoNWP202520242025202420252024(Millions)Balance at beginning of period$ $ $ $ $ $ Payments received and deferred Other additions Significant financing component Recognized in revenue()()()() ()Balance at end of period$ $ $ $ $ $

Remaining Performance Obligations

Remaining performance obligations primarily include reservation charges on contracted capacity for Williams’ gas pipeline firm transportation contracts with customers, storage capacity contracts, long-term contracts containing MVC associated with midstream businesses, and fixed payments associated with offshore gathering and transportation. For Williams’ interstate natural gas pipeline businesses, including Transco and NWP, remaining performance obligations generally reflect the expected rates for such services for the life of the related contracts; however, these rates may change based on future tariffs approved by the FERC and the amount and timing of these changes are not currently known.

Remaining performance obligations exclude variable consideration, including contracts with variable consideration for which it has elected the practical expedient for consideration recognized in revenue as billed. Certain of its contracts contain evergreen and other renewal provisions for periods beyond the initial term of the contract. The remaining performance obligation amounts as of June 30, 2025, do not consider potential future performance obligations for which the renewal has not been exercised and exclude contracts with customers for which the underlying facilities have not received FERC authorization to be placed into service. Consideration received prior to June 30, 2025, that will be recognized in future periods is also excluded from its remaining performance obligations and is instead reflected in contract liabilities.

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Notes (Continued)

)$ $ $

2026 ()

2027 ()

2028 ()

2029 ()

Thereafter

Total$ $ $


	Remaining Performance Obligations
	Williams	Transco	NWP
	(Millions)
2025 ()	$	$	$
2026 ()
2027 ()
2028 ()
2029 ()
Thereafter
Total	$	$	$

$ Receivables from derivatives Other accounts receivable Trade accounts and other receivables$ $

Transco and NWP receivables from contracts with customers are included within Receivables - Trade and Receivables - Affiliates. Receivables that are not related to contracts with customers are included within Receivables - Advances to affiliate and Receivables - Other.

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Notes (Continued)

$ $ $ State Deferred:Federal State Provision (benefit) for income taxes$ $ $ $

June 30, 2025

September 30, 2035 %

January 9, 2025

March 15, 2035 %

January 9, 2025

March 15, 2055 %

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Notes (Continued)

billion. In the second quarter of 2025, the maturity date of our Credit Agreement was extended one year and now expires October 8, 2028. Transco and NWP are each able to borrow up to $ million under the credit facility to the extent not otherwise utilized by the other co-borrowers.


	June 30, 2025
	Stated Capacity	Outstanding
	(Millions)
Long-term credit facility (1)	$	$
Letters of credit under certain bilateral bank agreements

________________

(1)

commercial paper was outstanding under our commercial paper program.

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Notes (Continued)

$ $ $ $

Commodity derivative assets (1)

Commodity derivative liabilities (1)

()()()()()Additional disclosures:Guarantees()() ()()

Debt by issuer, including current portion:

Williams

()() () Transco()() () NWP()() () MountainWest()() ()

Total debt

()() ()

Assets (liabilities) at December 31, 2024:

Measured on a recurring basis:

ARO Trust investments - Transco

$ $ $ $ $

Commodity derivative assets (1)

Commodity derivative liabilities (1)

()()()()()Additional disclosures:Guarantees()() ()()

Debt by issuer, including current portion:

Williams

()() () Transco()() () NWP()() () MountainWest()() ()

Gulf Coast Storage deferred consideration (Note 3)

()() ()

Total debt

()() ()

(1).

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Notes (Continued)

million, with deposits made monthly. $ $ $

U.S. Equity Funds

International Equity Funds

Municipal Bond Funds

Total

$ $ $ $

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Notes (Continued)

million at June 30, 2025. The exposure declines systematically through the remaining term of WilTel’s obligation.

The fair value of the guarantee associated with the indemnification related to a disposed operation was estimated using an income approach that considered probability-weighted scenarios of potential levels of future performance. The terms of the indemnification do not limit the maximum potential future payments associated with the guarantee. The carrying value of this guarantee is reported in Regulatory liabilities, deferred income, and other.

Williams is required by its revolving credit agreement to indemnify lenders for certain taxes required to be withheld from payments due to the lenders and for certain tax payments made by the lenders. The maximum potential amount of future payments under these indemnifications is based on the related borrowings and such future payments cannot currently be determined. These indemnifications generally continue indefinitely unless limited by the underlying tax regulations and have carrying value. Williams has never been called upon to perform under these indemnifications and there is no current expectation of a future claim.

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Notes (Continued)

Central Hub Risk - Henry HubNatural GasMMBtu()Basis RiskNatural GasMMBtuCentral Hub Risk - Mont BelvieuNatural Gas LiquidsBarrels()Basis RiskNatural Gas LiquidsBarrelsCentral Hub Risk - WTICrude OilBarrels()

Financial Statement Presentation

$()$ $()Noncurrent () ()

Total commodity derivatives

$ $()$ $()Counterparty and collateral netting offset() () Amounts recognized in Williams’ Consolidated Balance Sheet$ $()$ $()

The pre-tax impacts of Williams’ commodity derivatives, which are not designated as hedging instruments for accounting purposes, are reflected as follows:


	2025		2024		2025		2024
	(Millions)
Net gain (loss) from commodity derivatives within Total revenues:

Realized	$		$	()	$	()	$
Unrealized			()				()
	$		$	()	$	()	$	()

Net gain (loss) from commodity derivatives within Net processing commodity expenses:
Realized	$	()	$	()	$	()	$	()
Unrealized			()				()
	$		$	()	$		$	()
Total net gain (loss) from commodity derivatives	$		$	()	$	()	$	()

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Notes (Continued)

million.

Williams maintains accounts with brokers or the clearing houses of certain exchanges to facilitate financial derivative transactions. Based on the value of the positions in these accounts and the associated margin requirements, Williams may be required to deposit cash into these accounts. At June 30, 2025 and December 31, 2024, net cash collateral held on deposit in broker margin accounts was $ million, and $ million, respectively.

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Notes (Continued)

million, included amounts for unpaid invoices, interest, and attorney fees. Management estimates the probable loss from the judgment to be substantially less and Transco has filed a notice of appeal. Transco has capitalized the amount considered probable within noncurrent assets and expects any additional probable loss would also be capitalized. Transco also expects to recover approximately percent of any amount paid from the co-owner of the project.

Environmental Matters

The EPA, other federal agencies, and various state regulatory agencies routinely propose and promulgate new rules, issue updated guidance to rules, or revise existing rules. These rulemakings include, but are not limited to, reviews and updates to the National Ambient Air Quality Standards, and promulgation of rules for new and existing source performance standards for certain equipment emitting volatile organic compound and methane as well as limitations on emissions of greenhouse gas compounds. Regulatory changes are continuously monitored including how they may impact operations. Implementation of new or revised regulations may result in impacts to operations and increase the cost of additions to Property, plant, and equipment – net for both new and existing facilities in affected areas; however, due to regulatory uncertainty on final rule content or guidance and applicability timeframes, the cost of these regulatory impacts is not known at this time.

Williams

Williams is a participant in certain environmental activities in various stages including assessment studies, cleanup operations, and/or remedial processes at certain sites, some of which Williams currently does not own. Williams is monitoring these sites in a coordinated effort with other potentially responsible parties, the EPA, or other governmental authorities. Williams is jointly and severally liable along with unrelated third parties in some of these activities and solely responsible in others. Certain of Williams’ subsidiaries have been identified as potentially responsible parties at various Superfund and state waste disposal sites. In addition, these subsidiaries have incurred, or are alleged to have incurred, various other hazardous materials removal or remediation obligations under environmental laws. At June 30, 2025, Williams has accrued liabilities totaling $ million for these matters, as discussed below. Estimates of the most likely costs of cleanup are generally based on completed assessment studies, preliminary results of studies, or Williams’ experience with other similar cleanup operations. At June 30, 2025, certain assessment studies were still in process for which the ultimate outcome may yield different estimates of most likely costs. Therefore, the actual costs incurred will depend on the final amount, type, and extent of contamination discovered at these sites, the final cleanup standards mandated by the EPA or other governmental authorities, and other factors.

Continuing operations

Williams’ interstate gas pipelines are involved in remediation and monitoring activities related to certain facilities and locations for polychlorinated biphenyls, mercury, and other hazardous substances. These activities have involved the EPA and various state environmental authorities, resulting in Williams’ identification as a potentially responsible party at various Superfund waste sites. At June 30, 2025, Williams has accrued liabilities of $ million (see Transco and NWP below) for these costs and expect to recover approximately $ million through rates.

Williams also accrues environmental remediation costs for natural gas underground storage facilities, primarily related to soil and groundwater contamination. At June 30, 2025, Williams has accrued liabilities totaling $ million for these costs.

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Notes (Continued)

million related to these matters.

Transco

Transco has had studies underway for many years to test some of its facilities for the presence of toxic and hazardous substances such as polychlorinated biphenyls (PCBs) and mercury to determine to what extent, if any, remediation may be necessary. Transco has also similarly evaluated past on-site disposal of hydrocarbons at a number of its facilities. Transco has worked closely with and responded to data requests from the EPA and state agencies regarding such potential contamination of certain of their sites. Transco is conducting environmental assessments and implementing a variety of remedial measures that may result in increases or decreases in the total estimated costs. Transco also has a program for monitoring certain environmental activities at their Eminence storage facility. At June 30, 2025, Transco has accrued liabilities of approximately $ million for the expected ongoing remediation and monitoring costs.

Transco has been identified as a potentially responsible party (PRP) at various Superfund and state waste disposal sites. Based on present volumetric estimates and other factors, their estimated aggregate exposure for remediation of these sites is less than $ million. The estimated remediation costs for all of these sites are included in the environmental liabilities discussed above. Liability under the Comprehensive Environmental Response, Compensation and Liability Act and applicable state law can be joint and several with other PRPs. Although volumetric allocation is a factor in assessing liability, it is not necessarily determinative; thus, the ultimate liability could be substantially greater than the amounts described above.

Transco considers prudently incurred environmental assessment and remediation costs and the costs associated with compliance with environmental standards to be recoverable through rates. Historically, with limited exceptions, it has been permitted recovery of environmental costs, and it is Transco’s intent to continue seeking recovery of such costs through future rate filings.

NWP

Beginning in the mid-1980s, NWP evaluated many of its facilities for the presence of toxic and hazardous substances to determine to what extent, if any, remediation might be necessary. NWP identified PCB contamination in air compressor systems, soils, and related properties at certain compressor station sites. Similarly, it identified hydrocarbon impacts at these facilities due to the former use of earthen pits, lubricating oil leaks or spills, and excess pipe coating released to the environment. In addition, heavy metals have been identified at these sites due to the former use of mercury containing meters and paint and welding rods containing lead, cadmium, and arsenic. The PCBs were remediated pursuant to a Consent Decree with the EPA in the late 1980s, and NWP conducted a voluntary clean-up of the hydrocarbon and mercury impacts in the early 1990s. In 2005, the Washington Department of Ecology required NWP to re-evaluate previous clean-ups in Washington. During 2006 to 2015, 129 meter stations were evaluated, of which 82 required remediation. As of June 30, 2025, two meter stations are still being remediated. During 2006 to 2018, 14 compressor stations were evaluated, of which 11 required remediation. As of June 30, 2025, four compressor stations are still being remediated. NWP had accrued liabilities totaling approximately $ million at June 30, 2025 for the ongoing remediation. NWP is conducting environmental assessments and implementing a variety of remedial measures that may result in increases or decreases in the total estimated costs.

Environmental expenditures are expensed or capitalized depending on their future economic benefit and potential for rate recovery. NWP believes that, with respect to any expenditures required to meet applicable

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Notes (Continued)

million and $ million, respectively, were included in Regulatory assets and was comprised of the cost of the purchased allowances held, the estimated difference between the allowances held and the allowances required, and the interest income component of the regulatory asset. At June 30, 2025 and December 31, 2024, $ million and $ million, respectively, were recorded in Other current liabilities as the estimated difference. Interest income of $ million for the six months ended June 30, 2025, and $ million for the six months ended June 30, 2024, is reflected in Other income (expense) – net.

Other Divestiture Indemnifications

Pursuant to various purchase and sale agreements relating to divested businesses and assets, Williams has indemnified certain purchasers against liabilities that they may incur with respect to the businesses and assets acquired. The indemnities provided to the purchasers are customary in sale transactions and are contingent upon the purchasers incurring liabilities that are not otherwise recoverable from third parties.

At June 30, 2025, other than as previously disclosed, Williams is not aware of any material claims against it involving the above-described indemnities. Any claim for indemnity brought against Williams in the future may have a material adverse effect on Williams’ results of operations in the period in which the claim is made.

In addition to the foregoing, various other proceedings are pending against Williams that are incidental to its operations, none of which are expected to be material to Williams’ expected future annual results of operations, liquidity, and financial position.

Summary

Williams, Transco, and NWP have disclosed estimated ranges of reasonably possible losses for certain matters above, as well as all significant matters for which they are unable to reasonably estimate a range of possible loss. Williams, Transco, and NWP estimate that for all other matters for which they are able to reasonably estimate a range of loss, the aggregate reasonably possible losses beyond amounts accrued are immaterial to expected future annual results of operations, liquidity, and financial position. These calculations have been made without consideration of any potential recovery from third parties.

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Notes (Continued)

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Notes (Continued)

Total revenues of reportable segments

$ $ $ $ $

Segment costs and expenses and Proportional Modified EBITDA of equity-method investments:

Product costs and net realized processing commodity expenses()()()()Net unrealized gain (loss) from commodity derivatives within Net processing commodity expenses Operating and administrative expenses (3)()()()()Recoverable power, transportation, and storage costs (4)()()() Other segment income (expenses) - net (5) ()() Proportional Modified EBITDA of equity-method investments Total Modified EBITDA of reportable segments$ $ $ $()$ Reconciliation of Modified EBITDA:Contribution from upstream operations, corporate, and other business activities Depreciation, depletion, and amortization expenses()Equity earnings (losses) Other investing income (loss) - net Interest expense()

Accretion expense associated with AROs for nonregulated operations

()Proportional Modified EBITDA of equity-method investments()Income (loss) before income taxes$

Additions to long-lived segment assets

$ $ $ $ $

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Notes (Continued)

$ $ $ $ Internal Total service revenues Total service revenues – commodity consideration () Product salesExternal Internal () Total product sales Net gain (loss) from commodity derivativesRealized ()()Unrealized ()()Total net gain (loss) from commodity derivatives (2) ()()Total revenues of reportable segments$ $ $ $ $ Segment costs and expenses and Proportional Modified EBITDA of equity-method investments:Product costs and net realized processing commodity expenses()()()()Net unrealized gain (loss) from commodity derivatives within Net processing commodity expenses ()Operating and administrative expenses (3)()()()()Recoverable power, transportation, and storage costs (4)()()() Other segment income (expenses) - net (5) () Proportional Modified EBITDA of equity-method investments Total Modified EBITDA of reportable segments$ $ $ $()$ Reconciliation of Modified EBITDA:Contribution from upstream operations, corporate, and other business activities Depreciation, depletion, and amortization expenses()Equity earnings (losses) Other investing income (loss) - net Interest expense()

Accretion expense associated with AROs for nonregulated operations

()Proportional Modified EBITDA of equity-method investments()Income (loss) before income taxes$

Additions to long-lived segment assets

$ $ $ $ $

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Notes (Continued)

$ $ $ $ Internal Total service revenues Total service revenues – commodity consideration Product salesExternal Internal () Total product sales Net gain (loss) from commodity derivativesRealized() ()()()Unrealized ()()Total net gain (loss) from commodity derivatives (2)() ()()()Total revenues of reportable segments$ $ $ $ $ Segment costs and expenses and Proportional Modified EBITDA of equity-method investments:Product costs and net realized processing commodity expenses()()()()Net unrealized gain (loss) from commodity derivatives within Net processing commodity expenses Operating and administrative expenses (3)()()()()Recoverable power, transportation, and storage costs (4)()()() Other segment income (expenses) - net (5) () Proportional Modified EBITDA of equity-method investments

Total Modified EBITDA of reportable segments

$ $ $ $ $ Reconciliation of Modified EBITDA:

Contribution from upstream operations, corporate, and other business activities

Depreciation, depletion, and amortization expenses()Equity earnings (losses) Other investing income (loss) - net Interest expense()

Accretion expense associated with AROs for nonregulated operations

()Proportional Modified EBITDA of equity-method investments()Income (loss) before income taxes$ Additions to long-lived segment assets$ $ $ $ $

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Notes (Continued)

Total revenues of reportable segments

$ $ $ $ $ Segment costs and expenses and Proportional Modified EBITDA of equity-method investments:Product costs and net realized processing commodity expenses()()()()Net unrealized gain (loss) from commodity derivatives within Net processing commodity expenses ()

Operating and administrative expenses (3)

()()()()

Recoverable power, transportation, and storage costs (4)

()()()

Other segment income (expenses) - net (5)

() Proportional Modified EBITDA of equity-method investments

Total Modified EBITDA of reportable segments

$ $ $ $()$ Reconciliation of Modified EBITDA:

Contribution from upstream operations, corporate, and other business activities

Depreciation, depletion, and amortization expenses

()Equity earnings (losses) Other investing income (loss) - net Interest expense()

Accretion expense associated with AROs for nonregulated operations

()Proportional Modified EBITDA of equity-method investments()

Income (loss) before income taxes

Additions to long-lived segment assets

$ $ $ $ $

As of June 30, 2025

Equity-method investments by reportable segment$ $ $ $ $ Segment assets$ $ $ $ $

As of December 31, 2024

Equity-method investments by reportable segment$ $ $ $ $ Segment assets$ $ $ $ $

_______________________

(1)

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Notes (Continued)

(3)

(4)

(5)

Transco

Transco manages and evaluates its business as a single reportable segment. Transco’s CODM is the Senior Vice President, Transmission & Gulf of America. Transco’s CODM determines resource allocation, measures and evaluates segment operating performance based upon Net income (loss) as reported on the Statement of Net Income.

Significant expenses within net income include Operating and maintenance expenses and Selling, general, and administrative expenses, which are each separately presented on Transco’s Statement of Net Income. Other segment items within net income include natural gas product costs, depreciation and amortization expenses, taxes, other than income taxes, interest expense, interest income, other income (expense) – net, and AFUDC.

Transco’s segment assets include Property, plant, and equipment – net as presented on the Balance Sheet.

NWP

NWP manages and evaluates its business as a single reportable segment. NWP’s CODM is the Senior Vice President, Transmission & Gulf of America. NWP’s CODM determines resource allocation, measures and evaluates segment operating performance based upon Net income (loss) as reported on the Statement of Net Income.

Significant expenses within net income include Operating and maintenance expenses and Selling, general, and administrative expenses, which are each separately presented on NWP’s Statement of Net Income. Other segment items within net income include depreciation and amortization expenses, taxes, other than income taxes, interest expense, other income (expense) – net, and AFUDC.

NWP’s segment assets include Property, plant, and equipment – net as presented on the Balance Sheet.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations


Combined Management’s Discussion and Analysis of Financial Condition and Results of Operations			Page
General			53
Company Outlook			56
Results of Operations			60
Williams			60
Transco			71
NWP			73
Management’s Discussion and Analysis of Financial Condition and Liquidity			75

General

Williams is an energy company committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Its operations are located in the United States.

Williams’ interstate natural gas pipeline strategy is to create value by maximizing the utilization of its pipeline capacity by providing high-quality, low-cost transportation of natural gas to large and growing markets. Williams’ gas pipeline businesses’ interstate transmission and storage activities are subject to regulation by the FERC. As such, Williams’ rates and charges for the transportation of natural gas in interstate commerce, and the extension, expansion, or abandonment of jurisdictional facilities and accounting, among other things, are subject to regulation. The rates are established primarily through the FERC’s ratemaking process, but Williams may also negotiate rates with its customers pursuant to the terms of its tariffs and FERC policy. Changes in commodity prices and volumes transported have limited near-term impact on these revenues because the majority of the cost of service is recovered through firm capacity reservation charges in transportation rates.

The ongoing strategy of Williams’ midstream operations is to safely and reliably operate large-scale midstream infrastructure where its assets can be fully utilized and drive low per-unit costs. Williams focuses on consistently attracting new business by providing highly reliable service to its customers. These services include natural gas gathering, processing, treating, compression and storage; NGL fractionation, transportation and storage; and crude oil production handling and transportation, as well as marketing services for NGL, crude oil, and natural gas.

Consistent with the manner in which Williams’ CODM evaluates performance and allocates resources, Williams’ operations are conducted, managed, and presented within the following reportable segments: Transmission & Gulf of America, Northeast G&P, West, and Gas & NGL Marketing Services. All remaining business activities, including upstream operations, certain new energy ventures, and corporate activities, are included in Other. Williams’ reportable segments are comprised of the following business activities:

•Transmission & Gulf of America is comprised of the Transco, NWP, and MountainWest interstate natural gas pipelines, and their related natural gas storage facilities, as well as natural gas gathering and processing and crude oil production handling and transportation assets in the Gulf Coast region, including Discovery, a former 60 percent equity-method investment in which Williams acquired the remaining ownership interest in August 2024 (see Note 3 – Acquisitions and Divestitures), a 51 percent interest in Gulfstar One, and a 50 percent equity-method investment in Gulfstream. Transmission & Gulf of America also includes natural gas storage facilities and pipelines providing services in north Texas, and also in Louisiana and Mississippi related to the January 2024 Gulf Coast Storage Acquisition (see Note 3 – Acquisitions and Divestitures).

•Northeast G&P is comprised of midstream gathering, processing, and fractionation businesses in the Marcellus Shale region primarily in Pennsylvania and New York, and the Utica Shale region of eastern Ohio, as well as a 65 percent interest in Northeast JV which operates in West Virginia, Ohio, and

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Management’s Discussion and Analysis (Continued)

Pennsylvania, a 66 percent interest in Cardinal which operates in Ohio, a 50 percent equity-method investment in Blue Racer, and Appalachia Midstream Investments.

•West is comprised of gas gathering, processing, and treating operations in the Rocky Mountain region of Colorado and Wyoming, the Barnett Shale region of north-central Texas, the Eagle Ford Shale region of south Texas, the Haynesville Shale region of east Texas and northwest Louisiana, the Mid-Continent region which includes the Anadarko and Permian basins, and the DJ Basin of Colorado. This segment also includes NGL storage facilities, an undivided 50 percent interest in an NGL fractionator near Conway, Kansas, and a 50 percent equity-method investment in OPPL.

•Gas & NGL Marketing Services is comprised of NGL and natural gas marketing and trading operations, which include risk management and transactions related to the storage and transportation of natural gas and NGLs on strategically positioned assets.

Unless indicated otherwise, the following discussion and analysis of results of operations and financial condition and liquidity relates to Williams’ current continuing operations and should be read in conjunction with the financial statements and combined notes thereto of this Form 10-Q and the Annual Report on Form 10-K for the year ended December 31, 2024, dated February 25, 2025.

Dividends

In June 2025, Williams paid a regular quarterly dividend of $0.50 per share.

Overview of Six Months Ended June 30, 2025

Net income (loss) attributable to The Williams Companies, Inc. for the six months ended June 30, 2025, increased $204 million compared to the six months ended June 30, 2024. Further discussion of the results is found in this report in the Results of Operations.

Recent Developments

Transco FERC Rate Case Filing

On August 30, 2024, Transco filed a general rate case with the FERC for an overall increase in rates and to comply with the terms of the settlement of its prior rate case. On September 30, 2024, the FERC issued an order accepting and suspending Transco’s general rate filing to be effective March 1, 2025, subject to refund and the outcome of hearing procedures established by the FERC. The order also accepted rate decreases for certain services to be effective as of October 1, 2024. Transco has provided a reserve for rate refunds, which it believes is adequate for any refunds that may be required.

Data Center Power Projects

Williams continues to pursue projects to support the power demands created by new data center development, including an agreement with an unnamed large, investment-grade company to provide onsite natural gas and power generation infrastructure. See Expansion Projects for further discussion of Socrates.

Saber Asset Purchase

In June 2025, Williams acquired 100 percent of Saber Midstream, LLC (Saber). The acquisition, which was accounted for as an asset purchase, included cash consideration of $47 million and the retention of $113 million of Saber’s debt, which was separately repaid in full within the same month. Saber operates a gas gathering system in the Haynesville Shale region in the West segment.

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Management’s Discussion and Analysis (Continued)

Cogentrix Investment

In March 2025, Williams purchased a minority interest in Cogentrix Co-Investment Fund, LP (Cogentrix) for $153 million, which is accounted for as an equity-method investment within the Gas & NGL Marketing Services segment. Cogentrix owns interests in 11 natural gas power plants.

Rimrock Asset Purchase

On January 31, 2025, Williams purchased a group of natural gas gathering and processing assets from Rimrock Energy Partners, LLC for approximately $325 million, to expand Williams’ gathering and processing footprint and create operational synergies in the DJ Basin in the West segment.

Expansion Project Updates

Expansion projects placed into service for the current year are described below. Ongoing major expansion projects are discussed later in Company Outlook.

Transmission & Gulf of America

Deepwater Shenandoah Project

In June 2021, Williams reached an agreement with two third parties to provide offshore natural gas gathering and transportation services as well as onshore natural gas processing services. The project expands the existing Gulf of America offshore infrastructure connecting to a third-party offshore lateral pipeline from the Shenandoah platform to Discovery’s existing Keathley Canyon Connector pipeline, adds onshore processing facilities at Larose, Louisiana to handle the expected rich Shenandoah production, and the natural gas liquids are now fractionated and marketed at Discovery’s Paradis plant in Louisiana. This project was placed into service in July 2025.

Texas to Louisiana Energy Pathway

In January 2024, Transco received approval from the FERC for the project, which involves an expansion of Transco’s existing natural gas transmission system to provide firm transportation capacity from receipt points in south Texas to delivery points in Texas and Louisiana. Transco placed the project into service in April 2025. Under the project, Transco provides 364 Mdth/d of new firm transportation service through a combination of increasing capacity, converting interruptible capacity to firm, and utilizing existing capacity.

Southeast Energy Connector

In November 2023, Transco received approval from the FERC for the project, which involves an expansion of Transco’s existing natural gas transmission system to provide incremental firm transportation capacity from receipt points in Mississippi and Alabama to a delivery point in Alabama. Transco placed the project into service in April 2025. The project increases Transco’s capacity by 150 Mdth/d.

Deepwater Whale Project

In August 2021, Williams reached an agreement with two third-parties to provide offshore natural gas gathering and crude oil transportation services as well as onshore natural gas processing services. The project expands its existing Western Gulf of America offshore infrastructure via a 26-mile gas lateral pipeline from the Whale platform to the existing Perdido gas pipeline and adds a new 124-mile oil pipeline from the Whale platform to Williams’ existing junction platform. This project was placed into service in January 2025.

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Management’s Discussion and Analysis (Continued)

West

Louisiana Energy Gateway

In August 2024, Williams began construction activities on new natural gas gathering assets in the Haynesville Shale basin to increase delivery of natural gas to premium markets, including Transco, industrial markets, and growing LNG export demand along the Gulf Coast. This project was placed into service in third-quarter 2025, increasing natural gas gathering capacity by 1.8 Bcf/d.

Company Outlook

Williams’ strategy is to provide a large-scale, reliable, and clean energy infrastructure designed to maximize the opportunities created by the vast supply of natural gas and natural gas products that exists in the United States. Williams accomplishes this by connecting the growing demand for cleaner fuels and feedstocks with our major positions in the premier natural gas and natural gas products supply basins. Williams continues to maintain a strong commitment to safety, environmental stewardship including seeking opportunities for renewable energy ventures, operational excellence, and customer satisfaction. Williams believes that accomplishing these goals will position it to deliver safe, reliable, clean energy services to its customers and an attractive return to shareholders. Williams’ business plan for 2025 includes a continued focus on earnings and cash flow growth.

In 2025, Williams’ operating results are expected to benefit from the continued growth in the Transmission & Gulf of America segment, primarily reflecting the impacts of numerous expansion projects at Transco and the Gulf of America. Additionally, growth in 2025 includes the impact of the Transco rate case and higher gathering and processing results associated with growth in the DJ Basin and the Northeast. Williams also expects increases in Haynesville Shale volumes, including partial year impact of the Louisiana Energy Gateway expansion project and higher expected results from its upstream operations, including the full year impact of the Crowheart Acquisition. Williams also expects to benefit from the recent equity investment in Cogentrix. These increases are partially offset by a modest increase in expenses, lower gas marketing results, and lower expected Eagle Ford results in our West segment related to minimum volume commitment reductions.

Williams seeks to maintain a strong financial position and liquidity, as well as manage a diversified portfolio of safe, clean, and reliable energy infrastructure assets that continue to serve key growth markets and supply basins in the United States. Williams’ growth capital and investment expenditures in 2025 are expected to range from $2.575 billion to $2.875 billion, excluding acquisitions. Growth capital spending in 2025 primarily includes the Socrates Power Innovation project, projects supporting growth in the Haynesville Shale basin (including the Louisiana Energy Gateway expansion project), Transco expansions, all of which are fully contracted with firm transportation agreements, and projects supporting the Northeast G&P business. Williams also expects to invest capital in the development of its upstream oil and gas properties. In addition to growth capital and investment expenditures, Williams also remains committed to projects that maintain its assets for safe and reliable operations, as well as projects that reduce emissions, and meet legal, regulatory, and/or contractual commitments.

Potential risks and obstacles that could impact the execution of Williams’ plan include:

•A global recession, which could result in downturns in financial markets and commodity prices, as well as impact demand for natural gas and related products;

•Opposition to, and regulations affecting, our infrastructure projects, including the risk of delay or denial in permits and approvals needed for our projects;

•Counterparty credit and performance risk;

•Unexpected significant increases in capital expenditures or delays in capital project execution, including increases from inflation or delays caused by supply chain disruptions;

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Management’s Discussion and Analysis (Continued)

•Unexpected changes in customer drilling and production activities, which could negatively impact gathering and processing volumes;

•Lower than anticipated demand for natural gas and natural gas products which could result in lower-than-expected volumes, energy commodity prices, and margins;

•General economic, financial markets, or industry downturns, including increased inflation, interest rates, or tariffs;

•Physical damages to facilities, including damage to offshore facilities by weather-related events;

•Other risks set forth under Part I, Item 1A. Risk Factors. Risk Factors in the Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 25, 2025, as may be supplemented by disclosure in Part II, Item 1A. Risk Factors in subsequent Quarterly Reports on Form 10‑Q.

Expansion Projects

Williams’ ongoing major expansion projects include the following:

Transmission & Gulf of America

Overthrust Westbound Compression Expansion

In October 2024, MountainWest received approval from the FERC for the project, which involves an expansion of MountainWest’s existing natural gas transmission system to provide incremental firm transportation capacity from multiple receipt points in Wamsutter, Wyoming to a delivery point in Opal, Wyoming. MountainWest plans to place the project into service as early as the fourth quarter of 2025, assuming timely receipt of all necessary regulatory approvals. The project is expected to increase capacity by 325 Mdth/d.

Commonwealth Energy Connector

In November 2023, Transco received approval from the FERC for the project, which involves an expansion of Transco’s existing natural gas transmission system to provide incremental firm transportation capacity in Virginia. Transco plans to place the project into service as early as the fourth quarter of 2025, assuming timely receipt of all necessary regulatory approvals. The project is expected to increase capacity by 105 Mdth/d.

Alabama Georgia Connector

In March 2024, Transco received approval from the FERC for the project, which involves an expansion of Transco’s existing natural gas transmission system to provide incremental firm transportation capacity from Transco’s Station 85 pooling point in Alabama to customers in Georgia. Transco plans to place the project into service as early as the fourth quarter of 2025, assuming timely receipt of all necessary regulatory approvals. The project is expected to increase capacity by 64 Mdth/d.

Southeast Supply Enhancement

In October 2024, Transco filed a certificate application with the FERC for the project, which involves an expansion of Transco’s existing natural gas transmission system to provide incremental firm transportation capacity from receipt points in Virginia to delivery points in Virginia, North Carolina, South Carolina, Georgia, and Alabama. Transco plans to place the project into service as early as the third quarter of 2027, assuming timely receipt of all necessary regulatory approvals. The project is expected to increase capacity by 1,597 Mdth/d.

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Management’s Discussion and Analysis (Continued)

Gillis West

Transco plans to file a prior notice application for the project with the FERC in 2026, which involves an expansion of Transco’s existing natural gas transmission system to provide incremental firm transportation capacity from receipt points in Louisiana to delivery points in Texas. Transco plans to place the project into service as early as the second quarter of 2026, assuming timely receipt of all necessary regulatory approvals. The project is expected to increase capacity by 115 Mdth/d.

Northeast Supply Enhancement

In May 2025, Transco filed a petition with the FERC for reissuance of the certificate authorization for the project, which involves an expansion of Transco’s existing natural gas transmission system to provide incremental firm transportation capacity from Transco’s Compressor Station 195 in Pennsylvania to the Rockaway Delivery Lateral transfer point in New York. Also in May 2025, Transco filed applications with the states of New York, New Jersey, and Pennsylvania for Clean Water Act and related permits for the project. In August 2025, Transco executed precedent agreements with customers subscribing to all of the capacity under the project. Transco plans to place the project into service as early as the fourth quarter of 2027, assuming timely receipt of all necessary regulatory approvals. The project is expected to increase capacity by 400 Mdth⁄d.

Dalton Lateral II

Transco plans to file a certificate application for the project with the FERC in 2026. The project involves an expansion of Transco’s existing natural gas transmission system to provide incremental firm transportation capacity from Transco’s main line near existing Station 115 to an existing power plant in Georgia. Transco plans to place the project into service as early as the fourth quarter of 2029, assuming timely receipt of all necessary regulatory approvals. The project is expected to increase capacity up to 460 Mdth/d.

Ryckman Creek Loop

NWP plans to file a prior notice application for the project with the FERC in 2025. The project involves an expansion of NWP’s existing natural gas transmission system to provide incremental firm transportation capacity from a receipt point in northeast Oregon (Stanfield) to multiple delivery points in southwest Wyoming. NWP plans to place the project into service as early as the fourth quarter of 2026, assuming timely receipt of all necessary regulatory approvals. The project is expected to increase capacity by 50 Mdth/d.

Stanfield South

The project involves an expansion of NWP’s existing natural gas transmission system to provide year-round transportation capacity from the Stanfield receipt point in Oregon to multiple delivery points in Idaho. NWP plans to place the project into service as early as the fourth quarter of 2025, assuming timely receipt of all necessary regulatory approvals. The project is expected to increase capacity by 80 Mdth/d.

Naughton Coal-to-Gas Conversion

The project involves an expansion of NWP’s existing natural gas transmission system to provide year-round transportation capacity to a power plant in southwest Wyoming. NWP plans to place the project into service as early as the second quarter of 2026, assuming timely receipt of all necessary regulatory approvals. The project is expected to increase capacity by 98 Mdth/d.

Kelso-Beaver Reliability

NWP filed a certificate application for the project with the FERC in February 2025. The Kelso-Beaver Reliability project on NWP’s existing natural gas transmission system will provide year-round transportation capacity to various receipt and delivery points in Oregon. NWP plans to place the project into service during the

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Management’s Discussion and Analysis (Continued)

fourth quarter of 2028, assuming timely receipt of all necessary regulatory approvals. The project is expected to increase capacity by 183 Mdth/d.

Huntingdon Connector

NWP plans to file a prior notice application for the project with the FERC in 2026. The project involves an expansion of NWP’s existing natural gas transmission system that will provide year-round transportation capacity from the Sumas receipt point to various delivery points in Washington. NWP plans to place the project into service during the fourth quarter of 2026, assuming timely receipt of all necessary regulatory approvals. The project is expected to increase capacity by 78 Mdth/d.

Wild Trail

In May 2025, NWP filed a certificate application with the FERC for the project, which involves an expansion of NWP’s existing natural gas transmission system that will provide year-round transportation capacity from the White River Hub receipt point in western Colorado to various delivery points in southwest Wyoming and southern Colorado. This Wild Trail project is fully subscribed by an affiliate within Williams’ Gas & NGL Marketing Services segment. NWP plans to place the project into service during the fourth quarter of 2027, assuming timely receipt of all necessary regulatory approvals. The project is expected to increase capacity by 83 Mdth/d.

Socrates

Williams has received partial approval and is waiting for full approval from the Ohio Power Siting Board for this Power Innovation project, which involves the construction of the Socrates North and South power generation facilities in New Albany, Ohio. Williams has agreed to invest approximately $1.6 billion to provide committed power generation and associated gas pipeline infrastructure for the project, which is expected to provide a combined 400 megawatts of committed onsite power generation capacity to the customer. The project is backed by a ten-year, primarily fixed-price power purchase agreement, with an option for the customer to extend. Williams plans to place the project into service in the second half of 2026, assuming timely receipt of permits.

West

Haynesville Gathering Expansion

In February 2023, Williams announced its agreement with a third party to facilitate natural gas production growth in the Haynesville Shale basin. Williams is constructing a greenfield gathering system in support of a 26,000-acre dedication. In April 2025, the third party sold a majority of their ownership interest to another party. The system, once completed, will provide natural gas gathering services to both parties who have also agreed to long-term capacity commitments on Williams’ Louisiana Energy Gateway expansion project. This project is expected to go into service in third-quarter 2025.

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Management’s Discussion and Analysis (Continued)

Results of Operations

Williams’ Consolidated Overview

The following table and discussion is a summary of Williams’ consolidated results of operations for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, and should be read in conjunction with the results of operations by segment, as discussed in further detail following this consolidated overview discussion.




	Three Months Ended June 30,				Change*			Six Months Ended June 30,				Change*
	2025		2024		$	%		2025		2024		$	%
	(Dollars in millions)							(Dollars in millions)
Revenues:
Service revenues	$	2,041	$	1,837	+204	+11	%	$	4,044	$	3,742	+302	+8	%

Product sales and service revenues – commodity consideration	704		628		+76	+12	%	1,811		1,503		+308	+20	%
Net gain (loss) from commodity derivatives	36		(129)		+165	NM		(26)		(138)		+112	+81	%
Total revenues	2,781		2,336					5,829		5,107
Costs and expenses:
Product costs and net processing commodity expenses	478		441		-37	-8	%	1,121		972		-149	-15	%

Operating and maintenance expenses	572		522		-50	-10	%	1,114		1,033		-81	-8	%
Depreciation, depletion, and amortization expenses	605		540		-65	-12	%	1,190		1,088		-102	-9	%
Selling, general, and administrative expenses	168		164		-4	-2	%	362		350		-12	-3	%




Other (income) expense – net	13		(27)		-40	NM		3		(44)		-47	NM
Total costs and expenses	1,836		1,640					3,790		3,399
Operating income (loss)	945		696					2,039		1,708
Equity earnings (losses)	142		147		-5	-3	%	297		284		+13	+5	%

Other investing income (loss) – net	4		18		-14	-78	%	12		42		-30	-71	%
Interest expense	(350)		(339)		-11	-3	%	(699)		(688)		-11	-2	%

Other income (expense) – net	16		33		-17	-52	%	30		64		-34	-53	%
Income (loss) before income taxes	757		555					1,679		1,410
Less: Provision (benefit) for income taxes	174		129		-45	-35	%	367		322		-45	-14	%


Net income (loss)	583		426					1,312		1,088
Less: Net income attributable to noncontrolling interests	37		25		-12	-48	%	75		55		-20	-36	%
Net income (loss) attributable to The Williams Companies, Inc.	$	546	$	401	+145	+36	%	$	1,237	$	1,033	+204	+20	%

_______

* + = Favorable change; - = Unfavorable change; NM = A percentage calculation is not meaningful due to a change in signs, a zero-value denominator, or a percentage change greater than 200.

Three months ended June 30, 2025 vs. three months ended June 30, 2024

Service revenues increased primarily due to:

•Higher revenues associated with expansion projects and increased transportation and storage rates that became effective March 1, 2025 at the Transmission & Gulf of America segment;

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Management’s Discussion and Analysis (Continued)

•Higher volumes from the August 2024 Discovery Acquisition at the Transmission & Gulf of America segment (See Note 3 – Acquisitions and Divestitures), the January 2025 Rimrock Asset Purchase, the Haynesville Shale region at the West segment, and the Northeast JV at the Northeast G&P segment;

•Higher revenues associated with reimbursable expenses primarily in the Northeast G&P segment, which is offset by similar changes in the charges reflected in Operating and maintenance expenses; partially offset by

•Lower revenues in the Eagle Ford Shale region due to lower MVC revenue at the West segment.

The Product sales and service revenues – commodity consideration increase primarily consists of:

•Higher equity NGL sales and commodity consideration revenues associated with equity NGL production activity primarily driven by the Discovery Acquisition at the Transmission & Gulf of America segment;

•Higher product sales from upstream operations primarily related to higher volumes from the November 2024 Crowheart Acquisition at Other (See Note 3 – Acquisitions and Divestitures); partially offset by

•Lower marketing sales activities primarily related to lower NGLs marketing sales prices and lower net natural gas marketing sales activity at the Gas & NGL Marketing Services segment.

As Williams is acting as agent for natural gas marketing customers, its natural gas marketing product sales are presented net of the related costs of those activities within the Gas & NGL Marketing Services segment.

Net gain (loss) from commodity derivatives includes realized and unrealized gains and losses from derivative instruments reflected within Total revenues primarily in the Gas & NGL Marketing Services segment, as well as at Other (see Note 9 – Commodity Derivatives).

Williams experiences significant earnings volatility from the fair value accounting required for the derivatives used to hedge a portion of the economic value of the underlying transportation and storage capacity portfolios as well as upstream-related production. However, the unrealized fair value measurement gains and losses are generally offset by valuation changes in the economic value of the underlying production or transportation and storage capacity contracts, which are not recognized until the underlying transaction occurs.

The Product costs and net processing commodity expenses increase primarily consists of:

•Higher shrink natural gas purchases and commodity consideration costs associated with Williams’ equity NGL production activities primarily due to the Discovery Acquisition at the Transmission & Gulf of America segment; partially offset by

•Lower marketing activities primarily related to lower NGLs marketing purchases at the Gas & NGL Marketing Services segment, including from the Discovery Acquisition.

Operating and maintenance expenses increased primarily due to operating costs of the assets acquired at the Transmission & Gulf of America and West segments, as well as at Other and higher electricity and fuel primarily in the Northeast G&P segment (substantially offset by higher Service revenues discussed above).

Depreciation, depletion, and amortization expenses increased primarily related to the increase in depreciation rates effective March 1, 2025 at the Transmission & Gulf of America segment and assets acquired at the Transmission & Gulf of America and West segments, as well as at Other.

Other (income) expense – net within Operating income (loss) includes an unfavorable change in the amortization of regulatory assets and liabilities at the Transmission & Gulf of America segment.

The unfavorable change in Other investing income (loss) – net includes lower interest income earned on lower cash and cash equivalent balances.

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Management’s Discussion and Analysis (Continued)

Interest expense was primarily impacted by Williams’ 2024 and 2025 debt issuances, partially offset by 2024 and 2025 debt retirements (see Note 7 – Debt and Banking Arrangements) and the absence of imputed interest on deferred consideration obligations related to previous acquisitions.

The unfavorable change in Other income (expense) – net below Operating income (loss) includes a decrease in equity AFUDC primarily as a result of the timing of capital projects at Williams’ regulated businesses.

Provision (benefit) for income taxes changed unfavorably primarily due to higher pre-tax income. See Note 6 – Provision (Benefit) for Income Taxes for a discussion of the effective tax rate compared to the federal statutory rate for both periods.

Six months ended June 30, 2025 vs. six months ended June 30, 2024

Service revenues increased primarily due to:

•Higher revenues associated with expansion projects and increased transportation and storage rates that became effective March 1, 2025, at the Transmission & Gulf of America segment;

•Higher volumes from the August 2024 Discovery Acquisition at the Transmission & Gulf of America segment (See Note 3 – Acquisitions and Divestitures), January 2025 Rimrock Asset Purchase at the West segment, and the Northeast JV at the Northeast G&P segment;

•Lower revenues in the Eagle Ford Shale region due to lower MVC revenue at the West segment.

The Product sales and service revenues – commodity consideration increase primarily consists of:

•Higher equity NGL sales and commodity consideration revenues associated with equity NGL production activity primarily due to the Discovery Acquisition at the Transmission & Gulf of America segment and higher prices at the West segment;

•Higher marketing sales activities primarily related to higher NGLs marketing sales at the Gas & NGL Marketing Services segment and higher sales prices at the West segment;

•Higher product sales from upstream operations primarily related to higher volumes from the November 2024 Crowheart Acquisition at Other (See Note 3 – Acquisitions and Divestitures).

The Product costs and net processing commodity expenses increase primarily consists of:

•Higher marketing activities primarily related to higher NGLs marketing purchases at the Gas & NGL Marketing Services segment;

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Management’s Discussion and Analysis (Continued)

Other (income) expense – net within Operating income (loss) includes an unfavorable change in the amortization of regulatory assets and liabilities and deferral of ARO-related depreciation at the Transmission & Gulf of America segment.

The unfavorable change in Other investing income (loss) – net includes lower interest income earned on lower cash and cash equivalent balances.

Provision (benefit) for income taxes changed unfavorably primarily due to higher pre-tax income.

Period-Over-Period Operating Results – Williams’ Segments

Williams’ CODM evaluates segment operating performance based upon Modified EBITDA. Note 11 – Segment Disclosures includes a reconciliation of this non-GAAP measure to Income (loss) before income taxes. Management uses Modified EBITDA because it is an accepted financial indicator used by investors to compare company performance. In addition, management believes that this measure provides investors an enhanced perspective of the operating performance of Williams’ assets. Modified EBITDA should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with GAAP.

Transmission & Gulf of America



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Millions)
Service revenues	$	1,176	$	1,023	$	2,311	$	2,072



Product sales and service revenues – commodity consideration (1)	136		45		274		115
Net realized gain (loss) from commodity derivatives (1)	—		—		(1)		—
Segment revenues	1,312		1,068		2,584		2,187



Product costs and net processing commodity expenses (1)	(119)		(40)		(242)		(101)
Other segment costs and expenses	(339)		(269)		(666)		(544)



Proportional Modified EBITDA of equity-method investments	37		49		73		95
Transmission & Gulf of America Modified EBITDA	$	891	$	808	$	1,749	$	1,637

Commodity margins	$	17	$	5	$	31	$	14

_______________

(1)Included as a component of Commodity margins.

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Management’s Discussion and Analysis (Continued)

Three months ended June 30, 2025 vs. three months ended June 30, 2024

Transmission & Gulf of America Modified EBITDA increased primarily due to higher Service revenues, partially offset by higher Other segment costs and expenses.

Service revenues increased primarily due to:

•A $76 million increase in Transco’s revenues primarily associated with expansion projects placed in-service, notably Regional Energy Access in August 2024, Southside Reliability Enhancement in November 2024, Texas Louisiana Energy Pathway in April 2025, and Southeast Energy Connector in April 2025; and transportation and storage rate increases effective during the second quarter of 2024 and March 1, 2025;

•A $34 million increase in the Gulf Coast region primarily due to higher gathering and transportation volumes from the Whale expansion project that went in-service in January 2025 and production handling volumes from a new well at Gulfstar One in the Pickerel field;

•A $24 million increase primarily in gathering revenues due to the Williams’ Discovery Acquisition in August 2024 (see Note 3 – Acquisitions and Divestitures);

•A $9 million increase in Gulf Coast Storage’s revenues primarily associated with higher storage rates.

Commodity margins increased primarily due to the Discovery Acquisition.

Other segment costs and expenses increased primarily due to:

•Higher operating expenses and administrative costs including increased operating costs resulting from Williams’ Discovery Acquisition and the absence of a gain associated with MountainWest cash-out sales in 2024;

•Unfavorable change in equity AFUDC primarily as a result of the timing of capital projects at Williams’ regulated businesses;

•Unfavorable change in the amortization of regulatory assets and liabilities at Transco;

•Unfavorable change in the deferral of ARO-related depreciation at Transco.

Proportional Modified EBITDA of equity-method investments decreased primarily due to lower proportional results as Discovery was consolidated.

Six months ended June 30, 2025 vs. six months ended June 30, 2024

Transmission & Gulf of America Modified EBITDA increased primarily due to higher Service revenues, partially offset by higher Other segment costs and expenses.

Service revenues increased primarily due to:

•A $120 million increase in Transco’s revenues primarily associated with expansion projects placed in service, notably Regional Energy Access in August 2024, Southside Reliability Enhancement in November 2024, Texas Louisiana Energy Pathway in April 2025, and Southeast Energy Connector in April 2025; and transportation and storage rate increases effective during the second quarter of 2024 and March 1, 2025;

•A $46 million increase primarily in gathering revenues due to the Discovery Acquisition;

•A $44 million increase in the Gulf Coast region primarily due to higher gathering and transportation volumes from the Whale expansion project that went in-service in January 2025 and production handling

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Management’s Discussion and Analysis (Continued)

volumes from a new well at Gulfstar One in the Pickerel field, partially offset by shut-ins for maintenance activities at Devil’s Tower impacting the Taggart and Kodiak fields;

•A $22 million increase in Gulf Coast Storage’s revenues primarily associated with higher storage rates.

Commodity margins increased primarily due to the Discovery Acquisition.

Other segment costs and expenses increased primarily due to:

•Higher operating expenses and administrative costs including increased operating costs resulting from Williams’ Discovery Acquisition, corporate allocations, and employee-related costs; as well as the absence of a gain associated with MountainWest cash-out sales in 2024; partially offset by the absence of acquisition and transition costs related to Williams’ Gulf Coast Storage Acquisition in January 2024 (see Note 3 – Acquisitions and Divestitures);

•Unfavorable change in equity AFUDC primarily as a result of the timing of capital projects at Williams’ regulated businesses;

•Unfavorable change in the amortization of regulatory assets and liabilities at Transco;

•Unfavorable change in the deferral of ARO-related depreciation at Transco.

Proportional Modified EBITDA of equity-method investments decreased primarily due to lower proportional results as Discovery was consolidated.

Northeast G&P



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Millions)
Service revenues	$	497	$	465	$	994	$	944
Product sales and service revenues – commodity consideration (1)	44		18		102		48
Segment revenues	541		483		1,096		992

Product costs and net processing commodity expenses (1)	(38)		(18)		(90)		(37)
Other segment costs and expenses	(156)		(137)		(304)		(280)

Proportional Modified EBITDA of equity-method investments	154		153		313		310
Northeast G&P Modified EBITDA	$	501	$	481	$	1,015	$	985

Commodity margins	$	6	$	—	$	12	$	11

(1)Included as a component of Commodity margins.

Three months ended June 30, 2025 vs. three months ended June 30, 2024

Northeast G&P Modified EBITDA increased primarily due to higher Service revenues, partially offset by higher Other segment costs and expenses.

Service revenues increased primarily due to:

•A $17 million increase in revenues at the Northeast JV primarily related to higher gathering, processing, and fractionation volumes, and higher gathering and processing rates;

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Management’s Discussion and Analysis (Continued)

•A $9 million increase in revenues associated with reimbursable expenses, which is offset by similar changes in the charges reflected in Other segment costs and expenses.

Other segment costs and expenses increased primarily due to higher operating expenses, including higher electricity and fuel (substantially offset by higher Service revenues discussed above).

Proportional Modified EBITDA of equity-method investments increased at Appalachia Midstream Investments primarily driven by higher gathering volumes and escalated rates. The increase was partially offset by a decrease at Aux Sable Liquid Products LP due to the sale of Williams’ investment in the third quarter of 2024.

Six months ended June 30, 2025 vs. six months ended June 30, 2024

Northeast G&P Modified EBITDA increased primarily due to higher Service revenues, partially offset by higher Other segment costs and expenses.

Service revenues increased primarily due to:

•A $29 million increase in revenues at the Northeast JV primarily related to higher gathering, processing, and fractionation volumes, and higher gathering and processing rates;

•A $17 million increase in revenues associated with reimbursable expenses, which is offset by similar changes in the charges reflected in Other segment costs and expenses.

Other segment costs and expenses increased primarily due to higher operating expenses, including higher electricity and fuel (substantially offset by higher Service revenues discussed above).

Proportional Modified EBITDA of equity-method investments increased at Blue Racer primarily due to annual rate escalations and at Laurel Mountain Midstream, LLC primarily due to higher commodity-based gathering rates. Additionally, Appalachia Midstream Investments increased primarily driven by escalated gathering rates. The increase was partially offset by a decrease at Aux Sable Liquid Products LP due to the sale of Williams’ investment in the third quarter of 2024.

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Management’s Discussion and Analysis (Continued)

West



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Millions)
Service revenues	$	446	$	407	$	884	$	844
Product sales and service revenues – commodity consideration (1)	229		209		518		473

Net realized gain (loss) from commodity derivatives relating to service revenues	—		7		(1)		10
Net realized gain (loss) from commodity derivatives relating to product sales (1)	1		(2)		—		(5)
Net realized gain (loss) from commodity derivatives	1		5		(1)		5

Segment revenues	676		621		1,401		1,322

Product costs and net processing commodity expenses (1)	(201)		(177)		(455)		(426)
Other segment costs and expenses	(166)		(162)		(321)		(312)

Proportional Modified EBITDA of equity-method investments	32		36		70		61
West Modified EBITDA	$	341	$	318	$	695	$	645

Commodity margins	$	29	$	30	$	63	$	42

________________

(1) Included as a component of Commodity margins.

Three months ended June 30, 2025 vs. three months ended June 30, 2024

West Modified EBITDA increased primarily due to higher Service revenues.

Service revenues increased primarily due to:

•A $21 million increase in the DJ Basin region primarily associated with the Rimrock Asset Purchase;

•A $15 million increase in the Haynesville Shale region primarily due to higher gathering volumes;

•An $8 million increase in the Wamsutter region associated with higher gathering volumes;

•An $8 million increase in the Barnett Shale region primarily due to higher gathering rates driven by favorable commodity pricing; partially offset by

•A $16 million decrease in the Eagle Ford Shale region primarily due to lower MVC revenue.

Net realized gain (loss) from commodity derivatives relating to service revenues is unfavorable due to the absence of realized hedge positions in second-quarter 2025.

Six months ended June 30, 2025 vs. six months ended June 30, 2024

West Modified EBITDA increased primarily due to higher Service revenues and Commodity margins.

Service revenues increased primarily due to:

•A $30 million increase in the DJ Basin region primarily due to higher gathering volumes associated with the Rimrock Asset Purchase;

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Management’s Discussion and Analysis (Continued)

•A $16 million increase in the Haynesville Shale region primarily due to higher gathering volumes;

•A $14 million increase in the Barnett Shale region primarily due to higher gathering rates driven by favorable commodity pricing;

•An $8 million increase in other NGL operations primarily associated with higher fractionation revenue due to higher volumes and higher rates driven by favorable commodity pricing; partially offset by

•A $29 million decrease in the Eagle Ford Shale region primarily due to lower MVC revenue.

Net realized gain (loss) from commodity derivatives relating to service revenues reflects an unfavorable change in settled commodity prices relative to our natural gas hedge positions.

Commodity margins increased $21 million primarily due to $14 million higher margins from equity NGLs associated with higher net realized NGL sales prices and a $10 million increase in marketing margins from increased sales activities associated primarily with higher prices.

Other segment costs and expenses increased primarily due to higher operating expenses associated with the Rimrock Asset Purchase.

Proportional Modified EBITDA of equity-method investments increased primarily due to higher volumes at OPPL.

Gas & NGL Marketing Services



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Millions)

Product sales (1)	$	403	$	423	$	1,142	$	1,010

Net realized gain (loss) from commodity derivative instruments (1)	2		(33)		(33)		48
Net unrealized gain (loss) from commodity derivative instruments	(16)		(99)		(9)		(197)
Net gain (loss) from commodity derivatives	(14)		(132)		(42)		(149)

Segment revenues	389		291		1,100		861

Product costs (1)	(421)		(387)		(934)		(819)
Net unrealized gain (loss) from commodity derivative instruments within Net processing commodity expenses	12		(7)		2		(4)
Other segment costs and expenses	(18)		(23)		(57)		(63)
Proportional Modified EBITDA of equity-method investments	8		—		11		—
Gas & NGL Marketing Services Modified EBITDA	$	(30)	$	(126)	$	122	$	(25)

Commodity margins	$	(16)	$	3	$	175	$	239

________________

(1) Included as a component of Commodity margins.

Three months ended June 30, 2025 vs. three months ended June 30, 2024

Gas & NGL Marketing Services Modified EBITDA increased primarily due to a favorable change in Net unrealized gain (loss) from commodity derivative instruments, partially offset by lower Commodity margins.

Commodity margins decreased $19 million primarily due to an $11 million decrease in natural gas marketing margins, including $27 million of lower natural gas transportation capacity marketing margins due to unfavorable

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Management’s Discussion and Analysis (Continued)

net realized pricing spreads. The decrease in natural gas marketing margins was partially offset by $16 million of higher natural gas storage marketing margins primarily driven by favorable realized derivative gains, partially offset by higher storage fees.

The change in Net unrealized gain (loss) from commodity derivative instruments within Segment revenues and Net processing commodity expenses relates to derivative contracts that are not designated as hedges for accounting purposes. The change from 2024 is primarily due to a change in forward commodity prices relative to hedge positions in 2025 compared to 2024.

Six months ended June 30, 2025 vs. six months ended June 30, 2024

Commodity margins decreased $64 million primarily due to:

•A $49 million decrease in natural gas marketing margins, including $51 million of lower natural gas transportation capacity marketing margins due to unfavorable net realized pricing spreads. The decrease in natural gas marketing margins was partially offset by $2 million of higher natural gas storage marketing margins primarily driven by higher withdrawals in 2025 compared to 2024, partially offset by less favorable realized derivative gains.

•A $15 million decrease in NGL marketing margins including an unfavorable change in net realized gains and losses on sale of inventory in 2025 compared to 2024 driven by an unfavorable change in NGL prices.

Net unrealized gain (loss) from commodity derivative instruments within Segment revenues and Net processing commodity expenses changed from 2024 primarily due to a change in forward commodity prices relative to hedge positions in 2025 compared to 2024.

Proportional Modified EBITDA of equity-method investments increased due to the March 2025 investment in Cogentrix.

Other



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Millions)
Service revenues	$	4	$	4	$	8	$	8
Product sales (1)	137		86		292		194

Net realized gain (loss) from derivative instruments (1)	9		23		7		28
Net unrealized gain (loss) from derivative instruments	40		(25)		11		(22)
Net gain (loss) from commodity derivatives	49		(2)		18		6

Net revenues from upstream operations, corporate, and other business activities.	190		88		318		208

Other costs and expenses	(72)		(41)		(125)		(85)


Modified EBITDA from upstream operations, corporate, and other business activities	$	118	$	47	$	193	$	123

Net realized product sales	$	146	$	109	$	299	$	222

________________

(1) Included as a component of Net realized product sales.

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Management’s Discussion and Analysis (Continued)

Three months ended June 30, 2025 vs. three months ended June 30, 2024

Modified EBITDA from upstream operations, corporate, and other business activities increased primarily due to:

•A $65 million favorable change in Net unrealized gain (loss) from derivative instruments due to a change in forward commodity prices relative to hedge positions;

•A $37 million increase in Net realized product sales from our upstream operations primarily due to higher production volumes associated with Williams’ Wamsutter region production, including the Crowheart Acquisition. The second quarter 2025 also benefited from higher net realized gas prices, which were partially offset by lower net realized oil prices compared to second quarter 2024; partially offset by

•A $31 million unfavorable change in other costs and expenses primarily related to upstream operations, including an increase from the Crowheart Acquisition in November 2024.

Six months ended June 30, 2025 vs. six months ended June 30, 2024

Modified EBITDA from upstream operations, corporate, and other business activities increased primarily due to:

•A $77 million increase in Net realized product sales from upstream operations primarily due to higher production volumes and higher net realized commodity prices associated with Williams’ Wamsutter region production, including the Crowheart Acquisition. The first half of 2025 also benefited from higher net realized commodity prices associated with Williams’ South Mansfield production in the Haynesville Shale region;

•A $33 million favorable change in Net unrealized gain (loss) from derivative instruments due to a change in forward commodity prices relative to hedge positions; partially offset by

•A $40 million unfavorable change in other costs and expenses primarily related to upstream operations, including an increase from the Crowheart Acquisition in November 2024.

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Management’s Discussion and Analysis (Continued)

Transco - Results of Operations


	Six Months Ended June 30,
	2025		$ Change from 2024*	% Change from 2024*		2024
	(Millions)
Revenues:
Natural gas transportation service revenues	$	1,384	+98	+8	%	$	1,286
Natural gas storage service revenues	118		+22	+23	%	96
Natural gas product sales	44		-2	-4	%	46
Other service revenues	15		+1	+7	%	14
Total revenues	1,561					1,442

Costs and expenses:
Natural gas product costs	44		+2	+4	%	46
Operating and maintenance expenses	241		-3	-1	%	238
Selling, general, and administrative expenses	110		-7	-7	%	103
Depreciation and amortization expenses	315		-50	-19	%	265
Taxes, other than income taxes	61		-4	-7	%	57

Other (income) expense – net	21		-46	NM		(25)
Total costs and expenses	792					684

Operating income (loss)	769		+11	+1	%	758

Interest expense	(162)		-1	-1	%	(161)
Interest income	15		-18	-55	%	33
Allowance for equity and borrowed funds used during construction (AFUDC)	15		-35	-70	%	50
Other income (expense) – net	(2)		+1	+33	%	(3)

Net income (loss)	$	635	-42	-6	%	$	677

_______

* + = Favorable change; - = Unfavorable change; NM = A percentage calculation is not meaningful due to a change in signs, a zero-value denominator, or a percentage change greater than 200.

Six months ended June 30, 2025 vs. six months ended June 30, 2024

Variances due to the changes in natural gas prices and transportation volumes have little impact on revenues because, under our rate design methodology, the majority of overall cost of service is recovered through firm capacity reservation charges in Transco’s transportation rates.

Transco has cash out sales, which settle gas imbalances with shippers. In the course of providing transportation services to customers, Transco may receive different quantities of gas from shippers than the quantities delivered on behalf of those shippers. Additionally, Transco transports gas on various pipeline systems, which may deliver

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Management’s Discussion and Analysis (Continued)

different quantities of gas on Transco’s behalf than the quantities of gas received from Transco. These transactions result in gas transportation and exchange imbalance receivables and payables. Transco’s tariff includes a method whereby the majority of transportation imbalances are settled on a monthly basis through cash out sales or purchases. The cash out sales have no impact on Transco’s operating income.

Revenues increased primarily due to:

•An increase in Natural gas transportation service revenues primarily due to additional capacity from placing the following projects into service:

◦The Regional Energy Access Expansion in August 2024;

◦The Southside Reliability Enhancement in November 2024;

◦The Texas Louisiana Energy Pathway in April 2025; and

◦The Southeast Energy Connector in April 2025.

The increase in Natural gas transportation service revenues is also due to transportation rate increases effective March 1, 2025, partially offset by one less billing day in 2025 and lower electric power costs in 2025. Electric power costs are recovered from our customers through transportation rates and are offset in Operating and maintenance expenses resulting in no net impact on our results of operations;

•An increase in Natural gas storage service revenues primarily due to an increase in rates that became effective during the second quarter of 2024 and an increase in rates that became effective March 1, 2025;

•A decrease in Natural gas product sales due to lower cash-out volumes, partially offset by higher than average cash-out pricing, which directly offsets in Natural gas product costs resulting in no net impact on our results of operations.

Natural gas product costs changed favorably, directly offsetting Natural gas product sales and resulting in no net impact on our results of operations.

Operating and maintenance expenses increased primarily due to higher employee-related costs partially offset by lower electric power costs. Electric power costs are recovered from customers through transportation rates and are offset in Natural gas transportation service revenues resulting in no net impact on results of operations.

Depreciation and amortization expenses increased as a result of an increase in depreciation rates effective March 1, 2025, and due to assets and expansion projects placed into service, partially offset by a decrease in ARO related depreciation (offset in Other income (expense) – net resulting in no net impact on Transco’s results of operations).

Other (income) expense – net changed unfavorably primarily driven by an unfavorable change associated with the deferral of ARO related depreciation (offset in Depreciation and amortization expenses resulting in no net impact on Transco’s results of operations), an unfavorable change in the amortization of ARO regulatory assets, an unfavorable change in the amortization of the regulatory pension liabilities, and an unfavorable change in project feasibility costs.

Interest income decreased due to a decrease in affiliated interest income on our advances to Williams due to a lower note receivable balance during 2025.

Allowance for equity and borrowed funds used during construction (AFUDC) decreased as a result of lower eligible capital expenditures.

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Management’s Discussion and Analysis (Continued)

NWP - Results of Operations


	Six Months Ended June 30,
	2025		$ Change from 2024*		% Change from 2024*		2024
	(Millions)
Revenues:
Natural gas transportation service revenues	$	212	$	+3	+1	%	$	209
Natural gas storage service revenues	8		—		—	%	8
Other service revenues	4		-1		-20	%	5
Total revenues	224						222

Costs and expenses:
Operating and maintenance expenses	45		—		—	%	45
Selling, general, and administrative expenses	24		—		—	%	24
Depreciation and amortization expenses	59		-5		-9	%	54
Taxes, other than income taxes	8		-1		-14	%	7

Other (income) expense - net	(10)		+1		+11	%	(9)
Total costs and expenses	126						121

Operating income (loss)	98		-3		-3	%	101

Interest expense	(14)		—		—	%	(14)
Allowance for equity and borrowed funds used during construction (AFUDC)	4		—		—	%	4
Other income (expense) – net	3		-2		-40	%	5

Net income (loss)	$	91	$	-5	-5	%	$	96

_______

* + = Favorable change; - = Unfavorable change; NM = A percentage calculation is not meaningful due to a change in signs, a zero-value denominator, or a percentage change greater than 200.

Six months ended June 30, 2025 vs. six months ended June 30, 2024

Variances due to changes in natural gas prices and transportation volumes have little impact on revenues, because under our rate design methodology, the majority of overall cost of service is recovered through firm capacity reservation charges in our transportation rates.

Revenues increased primarily due to:

•An increase in Natural gas transportation service revenues primarily due to a cost recovery surcharge effective April 1, 2025, partially offset by one less billing day in 2025 and a decrease in short-term firm transportation;

•Partially offset by a decrease in Other service revenues from lower park and loan services.

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Management’s Discussion and Analysis (Continued)

Other (income) expense - net changed favorably primarily as a result of projects transferred to capital.

Depreciation and amortization expenses increased due to additional assets placed in service in 2025.

Other income (expense) – net decreased primarily due to a decrease in affiliated interest income on our advances to Williams due to a lower note receivable balance during 2025.

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Management’s Discussion and Analysis (Continued)

Management’s Discussion and Analysis of Financial Condition and Liquidity

Outlook

Williams’ growth capital and investment expenditures in 2025 are expected to range from $2.575 billion to $2.875 billion, excluding acquisitions. Growth capital spending in 2025 primarily includes the Socrates Power Innovation project, projects supporting growth in the Haynesville Shale basin (including the Louisiana Energy Gateway expansion project), Transco expansions, all of which are fully contracted with firm transportation agreements, and projects supporting the Northeast G&P business. Williams also expects to invest capital in the development of its upstream oil and gas properties. In addition to growth capital and investment expenditures, Williams also remains committed to projects that maintain its assets for safe and reliable operations, as well as projects that reduce emissions, and meet legal, regulatory, and/or contractual commitments. Williams intends to fund substantially all planned 2025 capital spending with cash available after paying dividends. Williams retains the flexibility to adjust planned levels of growth capital and investment expenditures in response to changes in economic conditions or business opportunities including the repurchase of its common stock.

During the first six months of 2025, Williams issued $3 billion of long-term debt and retired $750 million of long-term debt (see Note 7 – Debt and Banking Arrangements).

In June 2025, Williams acquired Saber for cash consideration of $47 million and the retention of $113 million of Saber’s debt, which was separately repaid in full within the same month. On January 3, 2025, Williams paid the remaining $100 million of the Gulf Coast Storage Acquisition purchase price obligation (see Note 3 – Acquisitions and Divestitures).

As of June 30, 2025, Williams, including consolidated subsidiaries, has approximately $3.0 billion of long-term debt due within one year. Williams’ potential sources of liquidity available to address these maturities include cash on hand, proceeds from refinancing, the credit facility, or the commercial paper program, as well as proceeds from asset monetizations.

Liquidity

Williams expects to have sufficient liquidity to manage its businesses in 2025 based on forecasted levels of cash flow from operations and other sources of liquidity. Williams’ potential material internal and external sources and uses of liquidity are as follows:


Sources:
			Cash and cash equivalents on hand
			Cash generated from operations
			Distributions from equity-method investees
			Utilization of the credit facility and/or commercial paper program
			Cash proceeds from issuance of debt and/or equity securities
			Proceeds from asset monetizations
Uses:
			Working capital requirements
			Capital and investment expenditures
			Product costs
			Gas & NGL Marketing Services payments for transportation and storage capacity and gas supply
			Other operating costs including human capital expenses
			Quarterly dividends to shareholders
			Repayments of borrowings under the credit facility and/or commercial paper program
			Debt service payments, including payments of long-term debt
			Distributions to noncontrolling interests
			Share repurchase program

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Management’s Discussion and Analysis (Continued)

As of June 30, 2025, Williams has approximately $25.6 billion of long-term debt due after one year. Potential sources of liquidity available to address these maturities include cash generated from operations, proceeds from refinancing, the credit facility, or the commercial paper program, as well as proceeds from asset monetizations.

Potential risks associated with Williams’ planned levels of liquidity discussed above include those previously discussed in Company Outlook.

As of June 30, 2025, Williams had a working capital deficit of $2.791 billion, including cash and cash equivalents and long-term debt due within one year. Williams’ available liquidity is as follows:


	June 30, 2025
	(Millions)
Cash and cash equivalents	$	903
Capacity available under Williams’ $3.75 billion credit facility, less amounts outstanding under Williams’ $3.5 billion commercial paper program (1)	3,750
	$	4,653

__________

(1)In managing its available liquidity, Williams does not expect a maximum outstanding amount in excess of the capacity of its credit facility inclusive of any outstanding amounts under its commercial paper program. Williams had no Commercial paper outstanding as of June 30, 2025. Through June 30, 2025, the highest amount outstanding under the commercial paper program and credit facility during 2025 was $475 million. Williams expects to be in compliance with the financial covenants associated with the credit facility for the June 30, 2025, reporting period.

Dividends

Williams increased the regular quarterly cash dividend to common stockholders from $0.475 per share paid in each quarter of 2024, to $0.50 per share paid in March and June 2025.

Distributions from Equity-Method Investees

The organizational documents of entities in which Williams has an equity-method investment generally require periodic distributions of their available cash to their members. In each case, available cash is reduced, in part, by reserves appropriate for operating their respective businesses.

Credit Ratings

The interest rates at which Williams is able to borrow money are impacted by its credit ratings, which are currently as follows:

Rating Agency

Outlook

Senior Unsecured
Debt Rating

S&P Global Ratings

Stable

BBB+

Moody’s Investors Service

Positive

Baa2

Fitch Ratings

Positive

BBB

In April 2025 Moody’s Investors Service changed its Outlook from Stable to Positive. In March 2025 S&P Global Ratings changed its Senior Unsecured Debt Rating to BBB+ with Stable Outlook. In January 2025, Fitch Ratings changed its Outlook from Stable to Positive.

These credit ratings are included for informational purposes and are not recommendations to buy, sell, or hold Williams securities, and each rating should be evaluated independently of any other rating. No assurance can be given that the credit rating agencies will continue to assign Williams investment-grade ratings even if it meets or exceeds their current criteria for investment-grade ratios. A downgrade of its credit ratings might increase Williams’

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Management’s Discussion and Analysis (Continued)

future cost of borrowing and, if ratings were to fall below investment-grade, could require it to provide additional collateral to third parties, negatively impacting Williams’ available liquidity.

Sources (Uses) of Cash

The following table summarizes the sources (uses) of cash and cash equivalents for each of the periods presented in the Williams Consolidated Statement of Cash Flows:


	Cash Flow	Six Months Ended June 30,
	Category	2025		2024
		(Millions)
Sources of cash and cash equivalents:
Proceeds from long-term debt (Note 7)	Financing	$	2,994	$	2,100
Net cash provided (used) by operating activities	Operating	2,883		2,513






Uses of cash and cash equivalents:
Capital expenditures	Investing	(1,984)		(1,123)
Payments of long-term debt	Financing	(975)		(2,274)
Common dividends paid	Financing	(1,221)		(1,158)

Purchases of and contributions to equity-method investments	Investing	(179)		(82)
Proceeds from (payments of) commercial paper – net	Financing	(454)		(95)
Dividends and distributions paid to noncontrolling interests	Financing	(131)		(130)
Purchases of businesses, net of cash acquired (Note 3)	Investing	(1)		(1,844)


Other sources / (uses) – net	Financing and Investing	(89)		(2)
Increase (decrease) in cash and cash equivalents		$	843	$	(2,095)

Operating activities

The factors that determine Williams’ operating activities are largely the same as those that affect Net income (loss), with the exception of noncash items such as Depreciation, depletion, and amortization, Provision (benefit) for deferred income taxes, Equity (earnings) losses, Net unrealized (gain) loss from commodity derivative instruments , Inventory write-downs, and Amortization of stock-based awards.

Williams’ Net cash provided (used) by operating activities for the six months ended June 30, 2025, increased from the same period in 2024, primarily due to favorable changes in margin requirements and net operating working capital, as well as higher operating income (excluding non-cash items previously discussed).

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

Williams’ current interest rate risk exposure, inclusive of subsidiaries, is related primarily to its debt portfolio. The debt portfolio is primarily comprised of fixed rate debt, which mitigates the impact of fluctuations in interest rates. Any borrowings under the credit facility and any issuances under Williams’ commercial paper program could be at a variable interest rate and could expose it to the risk of increasing interest rates. The maturity of Williams’ long-term debt portfolio is partially influenced by the expected lives of its operating assets. Williams may utilize interest rate derivative instruments to hedge interest rate risk associated with future debt issuances (see Note 7 – Debt and Banking Arrangements).

Commodity Price Risk

Williams is exposed to commodity price risk through its natural gas and NGL marketing activities, including contracts to purchase, sell, transport, and store product. Williams routinely manages this risk with a variety of exchange-traded and OTC energy contracts such as forward contracts, futures contracts, and basis swaps, as well as physical transactions. Although many of the contracts used to manage commodity exposure are derivative instruments, these economic hedges are not designated or do not qualify for hedge accounting treatment.

Williams is also exposed to commodity prices through the upstream business and certain gathering and processing contracts. Williams uses derivative instruments to lock in forward sales prices on a portion of expected future production and to lock in NGL margin on a portion of commodity-exposed gathering and processing volumes. These economic hedges are not designated for hedge accounting treatment.

The fair value measurements and maturities of Williams’ commodity derivative assets (liabilities) at June 30, 2025 were as follows:


	Total Fair Value		Maturity
Fair Value Measurements Level (1)			2025		2026 - 2027		2028 - 2029+
	(Millions)
Level 1 (2)	$	(101)	$	(11)	$	(67)	$	(23)
Level 2	(244)		(20)		(143)		(81)
Level 3	5		6		(2)		1
Fair value of contracts outstanding at June 30, 2025	$	(340)	$	(25)	$	(212)	$	(103)

_______________

(1)See Note 8 – Fair Value Measurements and Guarantees for discussion of valuation techniques by level within the fair value hierarchy. See Note 9 – Commodity Derivatives for the amount of change in fair value recognized in Williams’ Consolidated Statement of Income.

(2)Commodity derivative assets and liabilities exclude $269 million of net cash collateral in Level 1.

Value at Risk (VaR)

VaR is the maximum predicted loss in portfolio value over a specified time period that is not expected to be exceeded within a given degree of probability. Williams’ VaR may not be comparable to that of other companies due to differences in the factors used to calculate VaR. Williams’ VaR is determined using parametric models with 95 percent confidence intervals and one-day holding periods, which means that 95 percent of the time, the risk of loss in a day from a portfolio of positions is expected to be less than or equal to the amount of VaR calculated. Williams’ open exposure is managed in accordance with established policies that limit market risk and require daily reporting of predicted financial loss to management. Because Williams generally manages physical gas assets and economically protects its positions by hedging in the futures markets, its open exposure is generally mitigated. Williams employs daily risk testing, using both VaR and stress testing, to evaluate the risk of its positions.

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Williams actively monitors open commodity marketing positions and the resulting VaR and maintains a relatively small risk exposure as total buy volume is close to sell volume, with minimal open natural gas price risk.

The VaR associated with Williams’ integrated natural gas trading operations was $8 million at June 30, 2025 and $4 million at December 31, 2024. Williams had the following VaRs for the period shown:


	Six Months Ended June 30, 2025

	(Millions)
Average	$	9
High	$	18
Low	$	5

Williams’ non-trading portfolio primarily consists of commodity derivatives that hedge Williams’ upstream business and certain gathering and processing contracts. The VaR associated with these commodity derivatives was $9 million at June 30, 2025 and $8 million at December 31, 2024. Williams had the following VaRs for the period shown:


	Six Months Ended June 30, 2025

	(Millions)
Average	$	12
High	$	18
Low	$	8


*			Filed herewith.
**			Furnished herewith.

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NWP

The following instruments are included as exhibits to this report.


Exhibit No.						Description

2						Certificate of Conversion of Northwest Pipeline GP (filed July 3, 2013 as Exhibit 2.1 to Transcontinental Gas Pipeline Company, LLC and Northwest Pipeline LLC current report on Form 8-K (File No. 001-07414) and incorporated herein by reference).

3.7						Certificate of Formation of Northwest Pipeline LLC (filed July 3, 2013 as Exhibit 2.2 to Transcontinental Gas Pipeline Company, LLC and Northwest Pipeline LLC current report on Form 8-K (File No. 001-07414) and incorporated herein by reference).

3.8						Operating Agreement of Northwest Pipeline LLC (filed July 3, 2013 as Exhibit 3.1 to Transcontinental Gas Pipeline Company, LLC and Northwest Pipeline LLC current report on Form 8-K (File No. 001-07414) and incorporated herein by reference).

31.5*						Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended and Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of The Sarbanes-Oxley Act of 2002.

31.6*						Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of The Sarbanes-Oxley Act of 2002.

32.3**						Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*						XBRL Instance Document. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

101.SCH*						XBRL Taxonomy Extension Schema.

101.CAL*						XBRL Taxonomy Extension Calculation Linkbase.

101.DEF*						XBRL Taxonomy Extension Definition Linkbase.

101.LAB*						XBRL Taxonomy Extension Label Linkbase.

101.PRE*						XBRL Taxonomy Extension Presentation Linkbase.
104*						Cover Page Interactive Data File. The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document (contained in Exhibit 101).


*			Filed herewith.
**			Furnished herewith.

The Williams Companies, Inc.

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 thereunto duly authorized.


			THE WILLIAMS COMPANIES, INC.
			(Registrant)

			/s/ Mary A. Hausman
			Mary A. Hausman
			Vice President, Chief Accounting Officer and Controller (Duly Authorized Officer and Principal Accounting Officer)

August 4, 2025

Transcontinental Gas Pipe Line Company, LLC

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 thereunto duly authorized.


			TRANSCONTINENTAL GAS PIPE LINE COMPANY, LLC
			(Registrant)

			/s/ Billeigh W. Mark
			Billeigh W. Mark
			Controller (Principal Accounting Officer)

August 4, 2025

Northwest Pipeline LLC

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 thereunto duly authorized.


			NORTHWEST PIPELINE LLC
			(Registrant)

			/s/ Billeigh W. Mark
			Billeigh W. Mark
			Controller (Principal Accounting Officer)

August 4, 2025

WILLIAMS COMPANIES, INC. - Quarter Report: 2025 June (Form 10-Q)

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