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

DATE: Monday, Nov. 3, 2025

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

Williams Delivers Strong Third-Quarter 2025 Results

TULSA, Okla. – Williams (NYSE: WMB) today announced its unaudited financial results for the three and nine months ended Sept. 30, 2025.

Natural gas focused strategy continues to drive key financial metrics

•GAAP net income: $646 million, or $0.53 per diluted share (EPS)

•Adjusted net income: $603 million, or $0.49 per diluted share (Adj. EPS), up 14% vs. 3Q 2024

•Adjusted EBITDA: $1.920 billion, up $217 million or 13% vs. 3Q 2024

•Cash flow from operations (CFFO): $1.439 billion, up $196 million or 16% vs. 3Q 2024

•Available funds from operations (AFFO): $1.449 billion, up $163 million or 13% vs. 3Q 2024

•Dividend coverage ratio: 2.37x (AFFO basis)

Advanced key growth projects and executed strategic priorities

•Placed in service Transco's Alabama Georgia Connector and Commonwealth Energy Connector expansion projects as well as Northwest Pipeline's Stanfield South project

•Placed in service Gulf deepwater Shenandoah and Salamanca expansions

•Completed Louisiana Energy Gateway and Haynesville West expansion

•Expanded scope of Socrates by ~$400 million to $2 billion and announced two additional Power Innovation projects

•Accelerated wellhead to water strategy with Haynesville E&P sale and strategic partnership with Woodside

•Signed precedent agreements for Pine Prairie storage expansion, MountainWest's Green River West expansion and Transco's Wharton West expansion

CEO Perspective

Chad Zamarin, president and chief executive officer, made the following comments:

"Williams delivered another quarter of excellent financial results with Adjusted EBITDA up 13% over third quarter last year, reflecting the growing strength of our natural gas strategy. Expansions to our Transco and Gulf assets, as well as higher natural gas gathering and processing volumes in the Northeast and West, drove earnings growth in the quarter.

"Our teams placed critical projects into service in the Southeast, the Pacific Northwest, in Louisiana and in the deepwater Gulf, demonstrating growth and performance across our nationwide footprint. In addition, we increased our investment in the Socrates project and announced two new Power

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Innovation projects. Finally, we announced the sale of our South Mansfield upstream assets to JERA and a strategic partnership with Woodside Energy. The significant accomplishments achieved in the third quarter strengthen our core business and further position Williams to continue our impressive track record of growth."

Zamarin added, "Looking ahead, we are reaffirming our previously raised guidance for 2025, with an EBITDA midpoint of $7.750 billion that has been raised $350 million since original guidance was set. As we focus on finishing the year strong, we are also setting our sights to the future and Williams is incredibly well positioned to build upon the impressive growth we have delivered over the past five years. With a strong balance sheet, a solid foundation of core assets, a focused and motivated team and a growing backlog of fully contracted projects now extending beyond 2030, Williams remains uniquely positioned to benefit from the accelerating demand for natural gas."

Williams Summary Financial Information			3Q									Year to Date
Amounts in millions, except ratios and per-share amounts. Per share amounts are reported on a diluted basis. Net income amounts are from continuing operations attributable to The Williams Companies, Inc. available to common stockholders.			2025			2024						2025			2024
GAAP Measures
Net Income			$646			$705						$1,882			$1,737
Net Income Per Share			$0.53			$0.58						$1.54			$1.42
Cash Flow From Operations			$1,439			$1,243						$4,322			$3,756
Non-GAAP Measures (1)
Adjusted EBITDA			$1,920			$1,703						$5,717			$5,304
Adjusted Net Income			$603			$528						$1,899			$1,768
Adjusted Earnings Per Share			$0.49			$0.43						$1.55			$1.45
Available Funds from Operations			$1,449			$1,286						$4,211			$4,043
Dividend Coverage Ratio			2.37		x	2.22		x				2.30		x	2.33		x
Other
Debt-to-Adjusted EBITDA at Quarter End (2)			3.73		x	3.75		x
Capital Investments (Excluding Acquisitions) (3) (4)			$1,053			$720						$2,762			$1,946
(1) Schedules reconciling Adjusted Net Income, Adjusted EBITDA, Available Funds from Operations and Dividend Coverage Ratio (non-GAAP measures) to the most comparable GAAP measure are available at www.williams.com and as an attachment to this news release.
(2) Does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters.
(3) Capital investments includes increases to property, plant, and equipment (growth & maintenance), purchases of and contributions to equity-method investments and purchases of other long-term investments.
(4) 3Q YTD 2025 capital excludes $43 million for the acquisition of Saber Midstream, which closed June 2025; $153 million for the investment in Cogentrix, which closed March 2025; $319 million for the Rimrock acquisition, which closed January 2025; and $1 million for an adjustment of the Crowheart acquisition and Discovery consolidation, which closed in 2024. 3Q 2024 and 3Q YTD 2024 capital excludes $151 million for the consolidation of our Discovery JV, which closed August 2024. 3Q YTD 2024 capital also excludes $1.844 billion for the acquisition of the Gulf Coast Storage assets, which closed January 2024.

GAAP Measures

Third-quarter 2025 net income decreased by $59 million, while year-to-date 2025 net income increased by $145 million compared to the prior year. Both comparative periods benefited from:

•Higher service revenues of $210 million and $512 million, respectively, driven by Transco’s higher net rates and expansion projects, new Gulf volumes, and higher gathering and processing volumes including acquisitions,

•Favorable changes of $38 million and $265 million, respectively, in net unrealized gains/losses on commodity derivatives, and

•Higher net realized sales from upstream operations including contributions from the fourth-quarter 2024 Crowheart acquisition.

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These favorable changes were unfavorably impacted by:

•The absence of third-quarter 2024 gains of $149 million from the sale of our interests in Aux Sable and $127 million associated with the Discovery Acquisition.

•Lower equity allowance for funds used during construction (equity AFUDC) associated with capital projects at our regulated natural gas pipelines,

•A $25 million write-off in third-quarter 2025 of certain compression assets in the West,

•Higher net interest expense, and

•A higher provision for income taxes, including $25 million recorded in third-quarter 2025 associated with an increase in the estimated deferred state income tax rate.

•Higher operating and administrative costs for the year-to-date period were driven by recent acquisitions and assets placed in service, partially offset by the absence of prior year charges associated with a change in payroll policy. For the quarterly period, these impacts were largely offsetting.

•The year-to-date period also reflected higher depreciation expense, while the quarterly period had little change as higher depreciation expense was offset by a one-time benefit associated with the settlement-in-principle of Transco’s rate case.

Third-quarter and year-to-date 2025 cash flow from operations increased compared to the prior year primarily due to higher operating results exclusive of non-cash items. The year-to-date period was also impacted by favorable net changes to derivative collateral requirements, favorable net changes in working capital, and increased distributions from equity-method investees.

Non-GAAP Measures

Third-quarter and year-to-date 2025 Adjusted EBITDA increased by $217 million and $413 million, respectively, over the prior year, driven by the previously described increases in service revenues and net realized sales from upstream operations, partially offset by higher operating and administrative costs and lower equity AFUDC.

Third-quarter and year-to-date 2025 Adjusted Net Income improved by $75 million and $131 million, respectively, over the prior year, driven by the previously described impacts to net income, adjusted primarily to remove the effects of net unrealized gains/losses on commodity derivatives, the third-quarter 2024 gains related to Aux Sable and Discovery, the third-quarter 2025 write-off charge, and the third-quarter 2025 income tax expense associated with the increase in the estimated deferred state income tax rate, as well as the related income tax effects of such adjustments.

Third-quarter and year-to-date 2025 Available Funds From Operations (AFFO) increased by $163 million and $168 million, respectively, compared to the prior year primarily due to higher adjusted operating results exclusive of noncash items, partially offset by higher dividends and distributions paid to noncontrolling interests. The year-to-date period also benefited from higher distributions from equity-method investees.

Business Segment Results & Form 10-Q

Williams' operations are comprised of the following reportable segments: Transmission, Power & Gulf, Northeast G&P, West and Gas & NGL Marketing Services, as well as Other. For more information, see the company's third-quarter 2025 Form 10-Q.

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			Third Quarter																								Year to Date
Amounts in millions			Modified EBITDA												Adjusted EBITDA												Modified EBITDA												Adjusted EBITDA
			3Q 2025			3Q 2024			Change						3Q 2025			3Q 2024			Change						2025			2024			Change						2025			2024			Change
Transmission, Power & Gulf			$973			$811			$162						$947			$830			$117						$2,722			$2,448			$274						$2,712			$2,481			$231
Northeast G&P			505			476			29						505			484			21						1,520			1,461			59						1,520			1,467			53
West			342			323			19						367			330			37						1,037			968			69						1,062			977			85
Gas & NGL Marketing Services			54			11			43						11			4			7						176			(14)			190						151			179			(28)
Other			93			58			35						90			55			35						286			181			105						272			200			72
Total			$1,967			$1,679			$288						$1,920			$1,703			$217						$5,741			$5,044			$697						$5,717			$5,304			$413
Note: Williams uses Modified EBITDA for its segment reporting. Definitions of Modified EBITDA and Adjusted EBITDA and schedules reconciling to net income are included in this news release.

Transmission, Power & Gulf

Third-quarter and year-to-date 2025 Modified and Adjusted EBITDA improved compared to the prior year driven by Transco’s higher net rates and expansion projects, as well as new Gulf volumes, partially offset by lower equity AFUDC. Modified EBITDA for the 2024 periods was impacted by one-time acquisition costs and the unfavorable impact of a change in payroll policy, which are excluded from Adjusted EBITDA, while adjusted EBITDA for the 2025 periods reflect adjustments related to Transco’s rate case and a net gain related to certain asset retirements.

Northeast G&P

Third-quarter and year-to-date 2025 Modified and Adjusted EBITDA increased compared to the prior year driven primarily by higher gathering volumes at Bradford. The year-to-date period also benefited from higher volumes at Ohio Valley Midstream and Cardinal, partially offset by the absence of Aux Sable, which was sold in third-quarter 2024.

West

Third-quarter and year-to-date 2025 Modified and Adjusted EBITDA increased compared to the prior year driven by the Louisiana Energy Gateway project coming into service, new volumes from the 2025 Rimrock and Saber acquisitions, and higher volumes in the Haynesville, partially offset by lower minimum volume commitment (MVC) revenues in the Eagle Ford. The year-to-date period also benefited from higher commodity margins. Modified EBITDA for both the quarterly and year-to-date periods was impacted by a $25 million write-off of certain compression assets in third-quarter 2025, which is excluded from Adjusted EBITDA.

Gas & NGL Marketing Services

Third-quarter 2025 Modified EBITDA increased from the prior year primarily reflecting a $36 million net favorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA. Year-to-date 2025 Modified EBITDA also increased from the prior year reflecting a $230 million net favorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA. Both periods reflected lower gas marketing margins partially offset by proportional EBITDA from the March 2025 investment in Cogentrix.

Other

The increases in third-quarter and year-to-date 2025 Modified and Adjusted EBITDA compared to the prior year reflects contributions from the fourth-quarter 2024 Crowheart acquisition. Year-to-date Modified EBITDA also includes a $35 million net favorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA.

2025 Financial Guidance

The company continues to expect 2025 Adjusted EBITDA guidance midpoint of $7.75 billion within the range of between $7.6 billion and $7.9 billion. The company has increased its 2025 growth capex by $500 million to between $3.95 billion and $4.25 billion in connection with the recently announced

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decision to invest in Woodside Energy’s Louisiana LNG project. Maintenance capex remains between $650 million and $750 million, excluding capital for emissions reduction and modernization initiatives. Williams continues to expect a leverage ratio midpoint for 2025 of ~3.7x and has increased the dividend by 5.3% on an annualized basis to $2.00 in 2025 from $1.90 in 2024.

Williams' Third-Quarter 2025 Materials to be Posted Shortly; Q&A Webcast Scheduled for Tomorrow

Williams' third-quarter 2025 earnings presentation will be posted at www.williams.com. The company's third-quarter 2025 earnings conference call and webcast with analysts and investors is scheduled for Tuesday, Nov. 4, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). Participants who wish to join the call by phone must register using the following link: https://register-conf.media-server.com/register/BIf717155f3c1d4f85b8cab5065ade2228

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

About Williams

Williams (NYSE: WMB) is a trusted energy industry leader committed to safely, reliably and responsibly meeting growing energy demand. We use our infrastructure to deliver one third of the nation’s natural gas to where it's needed most, supplying the energy used to heat our homes, cook our food and generate low-carbon electricity. For over a century, we’ve been driven by a passion for doing things the right way. Today, our team of problem solvers is leading the charge into the clean energy future. Learn more at www.williams.com.

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The Williams Companies, Inc.

Consolidated Statement of Income

(Unaudited)

						Three Months Ended   September 30,												Nine Months Ended   September 30,
						2025						2024						2025						2024
						(Millions, except per-share amounts)
Revenues:
Service revenues						$	2,121					$	1,911					$	6,165					$	5,653
Service revenues – commodity consideration						45						34						141						82
Product sales						701						703						2,416						2,158
Net gain (loss) from commodity derivatives						56						5						30						(133)
Total revenues						2,923						2,653						8,752						7,760
Costs and expenses:
Product costs						471						517						1,560						1,467
Net processing commodity expenses						14						7						46						29
Operating and maintenance expenses						583						580						1,697						1,613
Depreciation, depletion, and amortization expenses						564						566						1,754						1,654
Selling, general, and administrative expenses						168						170						530						520
Other (income) expense – net						14						(25)						17						(69)
Total costs and expenses						1,814						1,815						5,604						5,214
Operating income (loss)						1,109						838						3,148						2,546
Equity earnings (losses)						152						147						449						431
Other investing income (loss) – net						19						290						31						332
Interest expense						(372)						(338)						(1,071)						(1,026)
Other income (expense) – net						21						31						51						95
Income (loss) before income taxes						929						968						2,608						2,378
Less: Provision (benefit) for income taxes						246						227						613						549
Net income (loss)						683						741						1,995						1,829
Less: Net income (loss) attributable to noncontrolling interests						36						35						111						90
Net income (loss) attributable to The Williams Companies, Inc.						647						706						1,884						1,739
Less: Preferred stock dividends						1						1						2						2
Net income (loss) available to common stockholders						$	646					$	705					$	1,882					$	1,737
Basic earnings (loss) per common share:
Net income (loss) available to common stockholders						$	.53					$	.58					$	1.54					$	1.43
Weighted-average shares (millions)						1,222						1,220						1,221						1,219
Diluted earnings (loss) per common share:
Net income (loss) available to common stockholders						$	.53					$	.58					$	1.54					$	1.42
Weighted-average shares (millions)						1,225						1,223						1,224						1,222

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The Williams Companies, Inc.

Consolidated Balance Sheet

(Unaudited)

						September 30,						December 31,
						2025						2024
						(Millions, except per-share amounts)
ASSETS
Current assets:
Cash and cash equivalents						$	70					$	60
Trade accounts and other receivables (net of allowance of ($1) at September 30, 2025 and December 31, 2024)						1,480						1,863
Inventories						339						279
Derivative assets						157						267
Other current assets and deferred charges						225						192
Total current assets						2,271						2,661
Investments						4,188						4,140
Property, plant, and equipment						60,305						57,395
Accumulated depreciation, depletion, and amortization						(19,920)						(18,703)
Property, plant, and equipment – net						40,385						38,692
Intangible assets – net						7,004						7,209
Regulatory assets, deferred charges, and other						1,888						1,830
Total assets						$	55,736					$	54,532
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable						$	1,406					$	1,613
Derivative liabilities						101						164
Other current liabilities						1,472						1,360
Commercial paper						170						455
Long-term debt due within one year						2,228						1,720
Total current liabilities						5,377						5,312
Long-term debt						25,589						24,736
Deferred income tax liabilities						4,826						4,376
Regulatory liabilities, deferred income, and other						5,084						5,268
Contingent liabilities and commitments
Equity:
Stockholders’ equity:
Preferred stock ($1 par value; 30 million shares authorized at September 30, 2025 and December 31, 2024; 35 thousand shares issued at September 30, 2025 and December 31, 2024)						35						35
Common stock ($1 par value; 1,470 million shares authorized at September 30, 2025 and December 31, 2024; 1,261 million shares issued at September 30, 2025 and 1,258 million shares issued at December 31, 2024)						1,261						1,258
Capital in excess of par value						24,656						24,643
Retained deficit						(12,354)						(12,396)
Accumulated other comprehensive income (loss)						102						76
Treasury stock, at cost (39 million shares at September 30, 2025 and December 31, 2024 of common stock)						(1,180)						(1,180)
Total stockholders’ equity						12,520						12,436
Noncontrolling interests in consolidated subsidiaries						2,340						2,404
Total equity						14,860						14,840
Total liabilities and equity						$	55,736					$	54,532

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The Williams Companies, Inc.

Consolidated Statement of Cash Flows

(Unaudited)

						Nine Months Ended   September 30,
						2025						2024
						(Millions)
OPERATING ACTIVITIES:
Net income (loss)						$	1,995					$	1,829
Adjustments to reconcile to net cash provided (used) by operating activities:
Depreciation, depletion, and amortization						1,754						1,654
Provision (benefit) for deferred income taxes						442						467
Equity (earnings) losses						(449)						(431)
Distributions from equity-method investees						600						580
Net unrealized (gain) loss from commodity derivative instruments						(55)						210
Gain on disposition of equity-method investments						—						(149)
Gain on remeasurement of equity-method investments						—						(127)
Inventory write-downs						5						8
Amortization of stock-based awards						70						69
Cash provided (used) by changes in current assets and liabilities:
Accounts receivable						384						367
Inventories						(66)						(6)
Other current assets and deferred charges						(43)						(16)
Accounts payable						(359)						(317)
Other current liabilities						95						(108)
Changes in current and noncurrent commodity derivative assets and liabilities						77						(74)
Other, including changes in noncurrent assets and liabilities						(128)						(200)
Net cash provided (used) by operating activities						4,322						3,756
FINANCING ACTIVITIES:
Proceeds from (payments of) commercial paper – net						(284)						(723)
Proceeds from long-term debt						2,994						3,594
Payments of long-term debt						(1,733)						(2,286)
Payments for debt issuance costs						(29)						(31)
Proceeds from issuance of common stock						9						8
Common dividends paid						(1,832)						(1,737)
Dividends and distributions paid to noncontrolling interests						(197)						(178)
Contributions from noncontrolling interests						22						36
Other – net						(60)						(34)
Net cash provided (used) by financing activities						(1,110)						(1,351)
INVESTING ACTIVITIES:
Property, plant, and equipment:
Capital expenditures (1)						(2,938)						(1,805)
Dispositions – net						(80)						(73)
Purchases of businesses, net of cash acquired						(1)						(1,995)
Proceeds from dispositions of equity-method investments						—						161
Purchases of and contributions to equity-method investments						(192)						(101)
Other – net						9						20
Net cash provided (used) by investing activities						(3,202)						(3,793)
Increase (decrease) in cash and cash equivalents						10						(1,388)
Cash and cash equivalents at beginning of year						60						2,150
Cash and cash equivalents at end of period						$	70					$	762
_________
(1)  Increases to property, plant, and equipment						$	(3,079)					$	(1,840)
Changes in related accounts payable and accrued liabilities						141						35
Capital expenditures						$	(2,938)					$	(1,805)

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Transmission, Power & Gulf
(UNAUDITED)
			2024																		2025
(Dollars in millions)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr			3rd Qtr						Year-to-date
Regulated interstate natural gas transportation, storage, and other revenues (1)			$	836		$	805		$	833		$	864		$	3,338					$	873		$	892		$	930					$	2,695
Gathering, processing, storage and transportation revenues (1)			137			147			167			170			621						179			218			237						634
Other fee revenues			12			9			7			9			37						13			11			6						30
Commodity margins			9			5			11			28			53						14			17			16						47
Operating and administrative costs (1)			(254)			(261)			(294)			(295)			(1,104)						(270)			(286)			(290)						(846)
Other segment income (expenses) - net (1)			43			54			46			12			155						13			2			37						52
Proportional Modified EBITDA of equity-method investments			46			49			41			37			173						36			37			37						110
Modified EBITDA			829			808			811			825			3,273						858			891			973						2,722
Adjustments			10			4			19			1			34						4			12			(26)						(10)
Adjusted EBITDA			$	839		$	812		$	830		$	826		$	3,307					$	862		$	903		$	947					$	2,712
Statistics for Operated Assets
Natural Gas Transmission (2)
Transcontinental Gas Pipe Line
Avg. daily transportation volumes (MMdth)			14.6			12.9			14.3			14.1			14.0						15.9			14.0			14.9						14.9
Avg. daily firm reserved capacity (MMdth)			20.3			19.7			20.1			20.4			20.1						20.8			20.6			20.6						20.7
Northwest Pipeline LLC
Avg. daily transportation volumes (MMdth)			3.1			2.2			2.1			2.1			2.4						3.0			2.4			2.4						2.6
Avg. daily firm reserved capacity (MMdth)			3.8			3.7			3.7			3.7			3.7						3.7			3.7			3.7						3.7
MountainWest (3)
Avg. daily transportation volumes (MMdth)			4.3			3.2			3.6			4.1			3.8						3.7			3.1			3.3						3.4
Avg. daily firm reserved capacity (MMdth)			8.4			8.0			8.1			8.3			8.2						8.4			8.0			8.0						8.2
Gulfstream - Non-consolidated
Avg. daily transportation volumes (MMdth)			1.0			1.2			1.4			1.1			1.2						1.0			1.3			1.4						1.2
Avg. daily firm reserved capacity (MMdth)			1.4			1.4			1.4			1.4			1.4						1.4			1.4			1.4						1.4
Gathering, Processing, and Crude Oil Transportation
Gathering volumes (Bcf/d)			0.52			0.58			0.55			0.55			0.55						0.58			0.68			0.75						0.67
Plant inlet natural gas volumes (Bcf/d)			0.72			0.62			0.73			0.75			0.71						0.78			0.89			0.97						0.88
NGL production (Mbbls/d)			43			43			49			54			47						61			76			87						75
NGL equity sales (Mbbls/d)			8			10			9			13			10						10			15			12						12
Crude oil transportation volumes (Mbbls/d)			118			114			109			110			113						124			196			238						186
(1) Excludes certain amounts associated with revenues and operating costs for tracked or reimbursable charges.
(2) Tbtu converted to MMdth at one trillion British thermal units = one million dekatherms.
(3) Includes 100% of the volumes associated with the operated equity-method investment White River Hub, LLC.

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Northeast G&P
(UNAUDITED)
			2024																		2025
(Dollars in millions)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr			3rd Qtr						Year-to-date
Gathering, processing, transportation, and fractionation revenues (1)			$	411		$	398		$	407		$	419		$	1,635					$	420		$	419		$	421					$	1,260
Other fee revenues			34			35			33			33			135						35			37			36						108
Commodity margins			11			—			8			5			24						6			6			6						18
Operating and administrative costs (1)			(108)			(108)			(120)			(105)			(441)						(106)			(113)			(114)						(333)
Other segment income (expenses) - net			(1)			3			(1)			2			3						—			(2)			(5)						(7)
Proportional Modified EBITDA of equity-method investments			157			153			149			143			602						159			154			161						474
Modified EBITDA			504			481			476			497			1,958						514			501			505						1,520
Adjustments			—			(2)			8			2			8						—			—			—						—
Adjusted EBITDA			$	504		$	479		$	484		$	499		$	1,966					$	514		$	501		$	505					$	1,520
Statistics for Operated Assets
Gathering and Processing
Consolidated (2)
Gathering volumes (Bcf/d)			4.33			4.11			4.04			4.16			4.16						4.39			4.15			4.10						4.21
Plant inlet natural gas volumes (Bcf/d)			1.76			1.77			1.99			1.93			1.86						1.86			1.89			1.90						1.89
NGL production (Mbbls/d)			133			136			140			145			139						137			138			150						142
NGL equity sales (Mbbls/d)			1			1			1			—			1						1			1			2						1
Non-consolidated (3)
Gathering volumes (Bcf/d)			6.57			6.24			6.20			6.05			6.27						6.47			6.72			6.72						6.64
Plant inlet natural gas volumes (Bcf/d)			0.98			0.94			0.98			1.04			0.98						0.94			1.13			1.16						1.08
NGL production (Mbbls/d)			72			70			72			74			72						68			71			81						73
NGL equity sales (Mbbls/d)			3			6			5			5			5						5			4			2						4
(1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges.
(2) Includes volumes associated with Susquehanna Supply Hub, the Northeast JV, and Utica Supply Hub, all of which are consolidated.
(3) Includes 100% of the volumes associated with operated equity-method investments, including the Laurel Mountain Midstream partnership, Blue Racer Midstream, and the Bradford Supply Hub and the Marcellus South Supply Hub within the Appalachia Midstream Services partnership.

10

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West
(UNAUDITED)
			2024																		2025
(Dollars in millions)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr			3rd Qtr						Year-to-date
Net gathering, processing, transportation, storage, and fractionation revenues (1)			$	421		$	397		$	409		$	427		$	1,654					$	415		$	426		$	449					$	1,290
Other fee revenues			8			5			4			8			25						8			5			6						19
Commodity margins			12			30			27			28			97						34			29			29						92
Operating and administrative costs (1)			(139)			(148)			(157)			(147)			(591)						(152)			(150)			(150)						(452)
Other segment income (expenses) - net			—			(2)			5			(8)			(5)						11			(1)			(28)						(18)
Proportional Modified EBITDA of equity-method investments			25			36			35			36			132						38			32			36						106
Modified EBITDA			327			318			323			344			1,312						354			341			342						1,037
Adjustments			1			1			7			1			10						—			—			25						25
Adjusted EBITDA			$	328		$	319		$	330		$	345		$	1,322					$	354		$	341		$	367					$	1,062
Statistics for Operated Assets
Gathering and Processing
Gathering volumes (Bcf/d) (2) (3)			5.75			5.25			5.38			5.46			5.46						5.69			5.94			6.14						5.92
Plant inlet natural gas volumes (Bcf/d)			1.52			1.48			1.57			1.57			1.54						1.52			1.69			1.72						1.64
NGL production (Mbbls/d)			87			91			91			90			90						83			102			103						96
NGL equity sales (Mbbls/d)			6			8			6			7			7						6			8			7						7
NGL and Crude Oil Transportation volumes (Mbbls/d) (4)			220			292			304			314			282						310			292			294						299
(1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges.
(2) Includes 100% of the volumes associated with the Rimrock Asset Purchase gathering assets after the purchase on January 31, 2025. 1st Qtr 2025 volumes were revised to reflect the average gathering volumes over the entire period. If averaged over the period owned, 1st Qtr 2025 volumes would have been 5.71 Bcf/d.
(3) Includes 100% of the volumes associated with the Saber Midstream Asset Purchase gathering assets after the purchase on June 2, 2025. Volumes for 2nd Qtr 2025 if averaged over the period owned would have been 6.42 Bcf/d.
(4) Includes 100% of the volumes associated with Overland Pass Pipeline Company (an operated equity-method investment), Rocky Mountain Midstream, and Bluestem pipelines.

11

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Gas & NGL Marketing Services
(UNAUDITED)
			2024																		2025
(Dollars in millions)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr			3rd Qtr						Year-to-date
Commodity margins			$	236		$	3		$	23		$	63		$	325					$	191		$	(16)		$	6					$	181
Net unrealized gain (loss) from derivative instruments			(95)			(106)			10			(150)			(341)						(3)			(4)			46						39
Operating and administrative costs			(40)			(23)			(22)			(23)			(108)						(39)			(19)			(14)						(72)
Other segment income (expenses) - net			—			—			—			—			—						—			1			—						1
Proportional Modified EBITDA of equity-method investments			—			—			—			—			—						3			8			16						27
Modified EBITDA			101			(126)			11			(110)			(124)						152			(30)			54						176
Adjustments			88			112			(7)			146			339						3			15			(43)						(25)
Adjusted EBITDA			$	189		$	(14)		$	4		$	36		$	215					$	155		$	(15)		$	11					$	151
Statistics
Product Sales Volumes
Natural Gas (Bcf/d)			7.53			6.98			7.14			6.81			7.11						7.27			6.17			6.52						6.65
NGLs (Mbbls/d)			170			162			182			196			177						182			170			174						175

12

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Other
(UNAUDITED)
			2024																		2025
(Dollars in millions)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr			3rd Qtr						Year-to-date
Service revenues			$	4		$	4		$	4		$	3		$	15					$	4		$	4		$	4					$	12
Net realized product sales			113			109			96			137			455						153			146			151						450
Net unrealized gain (loss) from derivative instruments			3			(25)			3			(7)			(26)						(29)			40			5						16
Operating and administrative costs			(51)			(50)			(51)			(77)			(229)						(54)			(76)			(71)						(201)
Other segment income (expenses) - net			7			9			4			—			20						1			4			4						9
Proportional Modified EBITDA of equity-method investments			—			—			2			—			2						—			—			—						—
Modified EBITDA			76			47			58			56			237						75			118			93						286
Adjustments			(2)			24			(3)			14			33						29			(40)			(3)						(14)
Adjusted EBITDA			$	74		$	71		$	55		$	70		$	270					$	104		$	78		$	90					$	272
Statistics
Net Product Sales Volumes(1)
Natural Gas (Bcf/d)			0.28			0.24			0.29			0.29			0.27						0.27			0.29			0.30						0.29
NGLs (Mbbls/d)			8			8			9			10			9						10			12			11						11
Crude Oil (Mbbls/d)			5			5			4			5			5						7			8			7						7
(1) Includes 100% of the volumes associated with the Crowheart Acquisition upstream assets after the purchase on November 1, 2024. 4th Qtr 2024 and Year 2024 volumes were revised to reflect the average volumes over the entire period. If averaged over the period owned, the 4th Qtr 2024 and Year 2024 volumes would have been: Natural Gas 0.31 Bcf/d and 0.31 Bcf/d, NGLs 10 Mbbls/ and 11 Mbbls/d, Crude Oil 6 Mbbls/d and 6 Mbbls/d, respectively.

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Capital Expenditures and Investments
(UNAUDITED)
			2024																		2025
(Dollars in millions)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr			3rd Qtr						Year-to-date
Capital expenditures:
Transmission, Power & Gulf			$	310		$	397		$	459		$	428		$	1,594					$	369		$	590		$	660					$	1,619
Northeast G&P			71			46			54			53			224						62			39			57						158
West			120			90			98			180			488						549			274			172						995
Gas & NGL Marketing Services			—			—			1			—			1						—			1			—						1
Other			43			46			70			107			266						32			68			65						165
Total (1)			$	544		$	579		$	682		$	768		$	2,573					$	1,012		$	972		$	954					$	2,938
Purchases of and contributions to equity-method investments:
Transmission, Power & Gulf			$	27		$	10		$	—		$	—		$	37					$	—		$	—		$	—					$	—
Northeast G&P			25			19			19			12			75						10			10			12						32
West			—			1			—			1			2						—			—			1						1
Gas & NGL Marketing Services			—			—			—			—			—						153			—			—						153
Other			—			—			—			—			—						—			6			—						6
Total			$	52		$	30		$	19		$	13		$	114					$	163		$	16		$	13					$	192
Summary:
Transmission, Power & Gulf			$	337		$	407		$	459		$	428		$	1,631					$	369		$	590		$	660					$	1,619
Northeast G&P			96			65			73			65			299						72			49			69						190
West			120			91			98			181			490						549			274			173						996
Gas & NGL Marketing Services			—			—			1			—			1						153			1			—						154
Other			43			46			70			107			266						32			74			65						171
Total			$	596		$	609		$	701		$	781		$	2,687					$	1,175		$	988		$	967					$	3,130
Capital investments:
Increases to property, plant, and equipment			$	509		$	632		$	699		$	741		$	2,581					$	978		$	1,063		$	1,038					$	3,079
Purchases of businesses, net of cash acquired			1,851			(7)			151			249			2,244						1			—			—						1
Purchases of and contributions to equity-method investments			52			30			19			13			114						163			16			13						192
Purchases of other long-term investments			2			1			2			6			11						1			3			2						6
Total			$	2,414		$	656		$	871		$	1,009		$	4,950					$	1,143		$	1,082		$	1,053					$	3,278
(1) Increases to property, plant, and equipment			$	509		$	632		$	699		$	741		$	2,581					$	978		$	1,063		$	1,038					$	3,079
Changes in related accounts payable and accrued liabilities			35			(53)			(17)			27			(8)						34			(91)			(84)						(141)
Capital expenditures			$	544		$	579		$	682		$	768		$	2,573					$	1,012		$	972		$	954					$	2,938
Contributions from noncontrolling interests			$	26		$	10		$	—		$	—		$	36					$	5		$	14		$	3					$	22
Contributions in aid of construction			$	10		$	13		$	—		$	4		$	27					$	10		$	16		$	11					$	37
Proceeds from dispositions of equity-method investments			$	—		$	—		$	161		$	—		$	161					$	—		$	—		$	—					$	—

14

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Non-GAAP Measures

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

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

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

Available funds from operations (AFFO) is defined as cash flow from operations excluding the effect of changes in working capital and certain other changes in noncurrent assets and liabilities, reduced by preferred dividends and net distributions to noncontrolling interests. AFFO may be adjusted to exclude certain items that we characterize as unrepresentative of our ongoing operations.

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

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

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Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income
(UNAUDITED)
			2024																		2025
(Dollars in millions, except per-share amounts)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr			3rd Qtr						Year-to-date
Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders			$	631		$	401		$	705		$	485		$	2,222					$	690		$	546		$	646					$	1,882
Income (loss) from continuing operations - diluted earnings (loss) per common share (1)			$	.52		$	.33		$	.58		$	.40		$	1.82					$	.56		$	.45		$	.53					$	1.54
Adjustments:
Transmission, Power & Gulf
Transco rate case timing*			$	—		$	—		$	—		$	—		$	—					$	4		$	11		$	(15)					$	—
Acquisition and transition-related costs*			10			4			3			1			18						—			1			—						1
Net gain related to certain asset retirements*			—			—			—			—			—						—			—			(11)						(11)
Impact of change in payroll policy*			—			—			16			—			16						—			—			—						—
Total Transmission, Power & Gulf adjustments			10			4			19			1			34						4			12			(26)						(10)
Northeast G&P
Adjustment of prior year accrual for loss contingency*			—			(3)			—			—			(3)						—			—			—						—
Our share of operator transition costs at Blue Racer Midstream*			—			1			1			2			4						—			—			—						—
Impact of change in payroll policy*			—			—			7			—			7						—			—			—						—
Total Northeast G&P adjustments			—			(2)			8			2			8						—			—			—						—
West
Acquisition and transition-related costs*			1			1			—			1			3						—			—			—						—
Write-off of certain compression assets*			—			—			—			—			—						—			—			25						25
Impact of change in payroll policy*			—			—			7			—			7						—			—			—						—
Total West adjustments			1			1			7			1			10						—			—			25						25
Gas & NGL Marketing Services
Impact of volatility on NGL linefill transactions*			(6)			5			2			(4)			(3)						—			11			3						14
Net unrealized (gain) loss from derivative instruments			94			107			(10)			150			341						3			4			(46)						(39)
Impact of change in payroll policy*			—			—			1			—			1						—			—			—						—
Total Gas & NGL Marketing Services adjustments			88			112			(7)			146			339						3			15			(43)						(25)
Other
Acquisition and transition-related costs*			—			—			—			1			1						—			—			2						2
Net unrealized (gain) loss from derivative instruments			(2)			24			(3)			7			26						29			(40)			(5)						(16)
Settlement charge related to former operations*			—			—			—			6			6						—			—			—						—
Total Other adjustments			(2)			24			(3)			14			33						29			(40)			(3)						(14)
Adjustments included in Modified EBITDA			97			139			24			164			424						36			(13)			(47)						(24)
Adjustments below Modified EBITDA
Transco rate case timing			—			—			—			—			—						11			35			(46)						—
Gain on remeasurement of Discovery investment			—			—			(127)			—			(127)						—			—			—						—
Gain on sale of Aux Sable investment			—			—			(149)			—			(149)						—			—			—						—
Our share of Blue Racer Midstream debt extinguishment loss			—			—			—			3			3						—			—			—						—
Our share of accelerated depreciation related to operator transition at Blue Racer Midstream			—			—			—			1			1						—			—			—						—
Imputed interest expense on deferred consideration obligations*			12			12			11			5			40						—			—			—						—
Amortization of intangible assets from 2021 Sequent acquisition			7			7			8			7			29						5			4			5						14
			19			19			(257)			16			(203)						16			39			(41)						14
Total adjustments			116			158			(233)			180			221						52			26			(88)						(10)
Less tax effect for above items			(28)			(38)			56			(42)			(52)						(12)			(6)			20						2
Adjustments for tax-related items (2)			—			—			—			(44)			(44)						—			—			25						25
Adjusted income from continuing operations available to common stockholders			$	719		$	521		$	528		$	579		$	2,347					$	730		$	566		$	603					$	1,899
Adjusted income from continuing operations - diluted earnings per common share (1)			$	.59		$	.43		$	.43		$	.47		$	1.92					$	.60		$	.46		$	.49					$	1.55
Weighted-average shares - diluted (millions)			1,222			1,222			1,223			1,224			1,223						1,225			1,224			1,225						1,224
(1) The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding.
(2) The fourth quarter of 2024 includes an adjustment associated with a decrease in our estimated deferred state income tax rate and the third quarter of 2025 includes an adjustment associated with an increase in our estimated deferred state income tax rate.
*Amounts are included in Additional adjustments on the Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO).

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Reconciliation of "Net Income (Loss)" to “Modified EBITDA” and Non-GAAP “Adjusted EBITDA”
(UNAUDITED)
			2024																		2025
(Dollars in millions)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr			3rd Qtr						Year-to-date
Net income (loss)			$	662		$	426		$	741		$	517		$	2,346					$	729		$	583		$	683					$	1,995
Provision (benefit) for income taxes			193			129			227			91			640						193			174			246						613
Interest expense			349			339			338			338			1,364						349			350			372						1,071
Equity (earnings) losses			(137)			(147)			(147)			(129)			(560)						(155)			(142)			(152)						(449)
Other investing (income) loss - net			(24)			(18)			(290)			(11)			(343)						(8)			(4)			(19)						(31)
Proportional Modified EBITDA of equity-method investments			228			238			227			216			909						236			231			250						717
Depreciation, depletion, and amortization expenses			548			540			566			565			2,219						585			605			564						1,754
Accretion expense associated with asset retirement obligations for nonregulated operations			18			21			17			25			81						24			24			23						71
Modified EBITDA			$	1,837		$	1,528		$	1,679		$	1,612		$	6,656					$	1,953		$	1,821		$	1,967					$	5,741
Transmission, Power & Gulf			$	829		$	808		$	811		$	825		$	3,273					$	858		$	891		$	973					$	2,722
Northeast G&P			504			481			476			497			1,958						514			501			505						1,520
West			327			318			323			344			1,312						354			341			342						1,037
Gas & NGL Marketing Services			101			(126)			11			(110)			(124)						152			(30)			54						176
Other			76			47			58			56			237						75			118			93						286
Total Modified EBITDA			$	1,837		$	1,528		$	1,679		$	1,612		$	6,656					$	1,953		$	1,821		$	1,967					$	5,741
Adjustments (1):
Transmission, Power & Gulf			$	10		$	4		$	19		$	1		$	34					$	4		$	12		$	(26)					$	(10)
Northeast G&P			—			(2)			8			2			8						—			—			—						—
West			1			1			7			1			10						—			—			25						25
Gas & NGL Marketing Services			88			112			(7)			146			339						3			15			(43)						(25)
Other			(2)			24			(3)			14			33						29			(40)			(3)						(14)
Total Adjustments			$	97		$	139		$	24		$	164		$	424					$	36		$	(13)		$	(47)					$	(24)
Adjusted EBITDA:
Transmission, Power & Gulf			$	839		$	812		$	830		$	826		$	3,307					$	862		$	903		$	947					$	2,712
Northeast G&P			504			479			484			499			1,966						514			501			505						1,520
West			328			319			330			345			1,322						354			341			367						1,062
Gas & NGL Marketing Services			189			(14)			4			36			215						155			(15)			11						151
Other			74			71			55			70			270						104			78			90						272
Total Adjusted EBITDA			$	1,934		$	1,667		$	1,703		$	1,776		$	7,080					$	1,989		$	1,808		$	1,920					$	5,717
(1) Adjustments by segment are detailed in the "Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income," which is also included in these materials.

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Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO)
(UNAUDITED)
			2024																		2025
(Dollars in millions, except coverage ratios)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr			3rd Qtr						Year-to-date
Net cash provided (used) by operating activities			$	1,234		$	1,279		$	1,243		$	1,218		$	4,974					$	1,433		$	1,450		$	1,439					$	4,322
Exclude: Cash (provided) used by changes in:
Accounts receivable			(314)			44			(97)			536			169						(82)			(219)			(83)						(384)
Inventories, including write-downs			(38)			35			1			1			(1)						(29)			86			4						61
Other current assets and deferred charges			(9)			(3)			28			(25)			(9)						40			(4)			7						43
Accounts payable			309			(90)			98			(456)			(139)						29			236			94						359
Other current liabilities			218			(142)			32			(143)			(35)						70			(220)			55						(95)
Changes in current and noncurrent commodity derivative assets and liabilities			68			73			(67)			212			286						(4)			(15)			(58)						(77)
Other, including changes in noncurrent assets and liabilities			61			90			49			45			245						29			48			51						128
Preferred dividends paid			(1)			—			(1)			(1)			(3)						(1)			—			(1)						(2)
Dividends and distributions paid to noncontrolling interests			(64)			(66)			(48)			(64)			(242)						(69)			(62)			(66)						(197)
Contributions from noncontrolling interests			26			10			—			—			36						5			14			3						22
Additional Adjustments *			17			20			48			12			97						24			3			4						31
Available funds from operations			$	1,507		$	1,250		$	1,286		$	1,335		$	5,378					$	1,445		$	1,317		$	1,449					$	4,211
Common dividends paid			$	579		$	579		$	579		$	579		$	2,316					$	610		$	611		$	611					$	1,832
Coverage ratio:
Available funds from operations divided by Common dividends paid			2.60			2.16			2.22			2.31			2.32						2.37			2.16			2.37						2.30
*See detail on Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income. The first quarter of 2025 also includes $20 million related to an expected distribution from an equity-method investee not received until early April. This amount is excluded from the second quarter of 2025.

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Reconciliation of Net Income (Loss) from Continuing Operations to Modified EBITDA, Non-GAAP Adjusted EBITDA and Cash Flow from Operating Activities to Available Funds from Operations (AFFO)
									2025 Guidance
(Dollars in millions, except per-share amounts and coverage ratio)									Low						Mid						High
Net income (loss) from continuing operations									$	2,630					$	2,745					$	2,860
Provision (benefit) for income taxes									782						817						852
Interest expense															1,430
Equity (earnings) losses															(605)
Proportional Modified EBITDA of equity-method investments															985
Depreciation and amortization expenses and accretion for asset retirement obligations associated with nonregulated operations															2,420
Other															(18)
Modified EBITDA									$	7,624					$	7,774					$	7,924
EBITDA Adjustments															(24)
Adjusted EBITDA									$	7,600					$	7,750					$	7,900
Net income (loss) from continuing operations									$	2,630					$	2,745					$	2,860
Less: Net income (loss) attributable to noncontrolling interests and preferred dividends															165
Net income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders									$	2,465					$	2,580					$	2,695
Adjustments:
Adjustments included in Modified EBITDA(1)															(24)
Adjustments below Modified EBITDA (2)															18
Allocation of adjustments to noncontrolling interests															—
Total adjustments															(6)
Less tax effect for above items															1
Adjusted income from continuing operations available to common stockholders									$	2,460					$	2,575					$	2,690
Adjusted income from continuing operations - diluted earnings per common share									$	2.01					$	2.10					$	2.19
Weighted-average shares - diluted (millions)															1,227
Available Funds from Operations (AFFO):
Net cash provided by operating activities (net of changes in working capital, changes in current and noncurrent derivative assets and liabilities, and changes in other, including changes in noncurrent assets and liabilities)									$	5,760					$	5,875					$	5,990
Preferred dividends paid															(3)
Dividends and distributions paid to noncontrolling interests															(270)
Contributions from noncontrolling interests															42
Additional adjustments(3)															31
Available funds from operations (AFFO)									$	5,560					$	5,675					$	5,790
AFFO per common share									$	4.53					$	4.63					$	4.72
Common dividends paid															$	2,445
Coverage Ratio (AFFO/Common dividends paid)									2.27x						2.32x						2.37x
(1) Primarily includes September year-to-date adjustments as shown in the "Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income".
(2) Adjustments reflect amortization of intangible assets from Sequent acquisition.
(3) Primarily includes September year-to-date adjustments as shown in the "Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO)".

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Forward-Looking Statements

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

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

•Levels of dividends to Williams' stockholders;

•Future credit ratings of Williams and its affiliates;

•Amounts and nature of future capital expenditures;

•Expansion and growth of business and operations;

•Expected in-service dates for capital projects;

•Financial condition and liquidity;

•Business strategy;

•Cash flow from operations or results of operations;

•Rate case filings;

•Seasonality of certain business components;

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

•Demand for services.

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

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

•Development and rate of adoption of alternative energy sources;

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

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•Exposure to the credit risk of customers and counterparties;

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

•The ability to successfully identify, evaluate, and timely execute our capital projects and investment opportunities;

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

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

•The ability to effectively execute our financing plan;

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

•The physical and financial risks associated with climate change;

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

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

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

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

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

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

•Inflation, interest rates, tariffs on foreign-made materials and goods (including steel and steel pipes) necessary to our business, and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on customers and suppliers);

•Risks related to financing, including restrictions stemming from debt agreements, future changes in credit ratings as determined by nationally recognized credit rating agencies, and the availability and cost of capital;

•The ability of the members of the Organization of Petroleum Exporting Countries and other oil exporting nations to agree to and maintain oil price and production controls and the impact on domestic production;

•Changes in the current geopolitical situation, including the Russian invasion of Ukraine and conflicts in the Middle East;

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

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

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

Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking

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statements. We disclaim any obligations to, and do not intend to, update the above list or announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments.

In addition to causing our actual results to differ, the factors listed above and referred to below may cause our intentions to change from those statements of intention set forth in this report. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.

Because forward-looking statements involve risks and uncertainties, we caution that there are important factors, in addition to those listed above, that may cause actual results to differ materially from those contained in the forward-looking statements. For a detailed discussion of those factors, see (a) Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 25, 2025, and (b) Part II, Item 1A. Risk Factors in subsequent Quarterly Reports on Form 10-Q.

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