News Release Tulsa, OK 74172
Williams (NYSE: WMB) One Williams Center News Release Tulsa, OK 74172 800-Williams www.williams.com
MEDIA CONTACT: INVESTOR CONTACTS: media@williams.com Caroline Sardella Ashley Mitchell (800) 945-8723 (918) 230-9992 (918) 240-6082
TULSA, Okla. – Williams (NYSE: WMB) today announced its unaudited financial results for the three and nine months ended Sept. 30, 2026.
• GAAP net income: $699 million, or $0.56 per diluted share (EPS), up 8% and 6%, respectively, vs. 3Q 2025
• Adjusted net income: $663 million, or $0.54 per diluted share (Adj. EPS), up 10% vs. 3Q 2025
• Cash flow from operations (CFFO): $1.505 billion, up $66 million or 5% vs. 3Q 2025
• Available funds from operations (AFFO): $1.589 billion, up $140 million or 10% vs. 3Q 2025
• Tracking toward the upper half of 2026 Adjusted EBITDA guidance range of $8.3 billion to $8.5 billion
• Closed acquisition of Momentum Midstream, enhancing our premier Haynesville position to serve growing LNG, industrial and power demand
Chad Zamarin, president and chief executive officer, made the following comments:
“Williams delivered another strong quarter as our teams continued to execute across a growing portfolio of critical energy infrastructure projects. Year-to- date Adjusted EBITDA increased 9% year over year to $6.2 billion, reflecting the strength of our natural gas transmission, storage and gathering businesses and keeping us on track toward the upper half of our 2026 guidance range. Our performance to date, combined with a growing slate of projects set to come online, gives us strong confidence in our ability to achieve our long-term 11% plus Adjusted EBITDA compound annual growth rate through 2030.” 1 “I am especially proud of our team's exceptional execution to bring Socrates fully online ahead of schedule. As the first of many power projects, Socrates demonstrates our ability to deliver fast, reliable and scalable solutions for customers facing rapidly growing power demand, and we are actively working to commercialize additional power projects, which we expect to announce soon. We also closed the Momentum Midstream acquisition ahead of schedule, enhancing our premier footprint in the Haynesville — America’s fastest-growing natural gas basin — which strengthens Williams' ability to serve growing LNG, power and industrial demand. Across our broader portfolio, we announced new Transco projects and expansions, advanced a storage expansion at Clay Basin, and placed four pipeline projects into service.”
Zamarin added, “Together, these accomplishments underscore our ability to execute across multiple growth platforms while maintaining safe and reliable operations. With growing demand from LNG, power generation and industrial development, Williams is well positioned to deliver durable, long-term value for our customers and shareholders.”
Will… Year Summ… 3Q to Fina… Date Info… Amou… in mill… exce… rati… and per-… amou… Per share amou… are repo… on a dilu… basi… Net 2026 2025 2026 2025 inco… amou… are from cont… oper… attr… to The Will… Comp… Inc. avai… to comm… stoc… GAAP Meas… Net $699 $646 $2,390 $1,8… Inco… Net Inco… $0.56 $0.53 $1.94 $1.54 Per Share Cash Flow $1,5… $1,439 $4,484 $4,3… From Oper… Non-… Meas… (1) Adju… $2,0… $1,920 $6,214 $5,7… EBIT… Adju… Net $663 $603 $2,172 $1,8… Inco… Adju… Earn… $0.54 $0.49 $1.77 $1.55 Per Share Avai… Funds $1,5… $1,449 $4,809 $4,2… from Oper… Divi… Cove… 2.42 x 2.37 x 2.48 x 2.30 x Ratio Other Debt… EBIT… at 3.80 x 3.73 x Quar… End (2) Capi… Inve… (Exc… $2,7… $1,053 $6,011 $2,7… acqu… (3) (4) (1) Sche… reco… Adju… Net Inco… Adju… EBIT… Avai… Funds from Oper… and Divi… Cove… Ratio (non… meas… to the most comp… GAAP meas… are avai… at www.… and as an atta… to this news rele… (2) Does not repr… leve… rati… meas… for WMB cred… agre… comp… or leve… rati… as calc… by the major cred… rati… agen… Debt is net of cash on hand and, for 2026, $857 mill… of cash purc… of cert… reim… long… Power equi… and Adju… EBIT… refl… the sum of the last four quar… (3) Capi… inve… incl… incr… to prop… plan… and equi… (gro… & main… purc… of and cont… to equi… inve… and purc… of other long… inve… (4) Third quar… and year… 2026 capi… inve… excl… $2.8… bill… for the Sept… 2026 Mome… acqu… and $6 mill… and $176 mill… resp… of cert… reim… long… Power equi… Year… 2025 capi… excl… $43 mill… for the acqu… of Saber Mids… which clos… June 2025; $319 mill… for the Rimr… acqu… which clos… Janu… 2025; $153 mill… for the inve… in Coge… which clos… March 2025; and $1 mill… for an adju… of the Crow… acqu… and Disc… cons… which clos… 2024.
Third-quarter and year-to-date 2026 net income increased by $53 million and $508 million, respectively, compared to the prior year. Both comparative periods benefited from:
• Higher service revenues of $198 million and $512 million, respectively, reflecting new power generation revenues, the Momentum acquisition, projects placed in service, and higher storage revenues, while the year-to-date period also saw increases from new Gulf volumes.
• A gain of $83 million from the sale of a Permian gathering system. The year- to-date period also benefited from a net gain of $130 million from the June 2026 sale of the Brazos Permian II equity-method investment and a $194 million gain on the January 2026 sale of the South Mansfield upstream interests. 2 • The year-to-date period also reflects higher gas marketing margins.
• An increase in operating and administrative expenses, including $63 million of acquisition and JV formation costs, as well as costs from acquired businesses and new projects.
• Unfavorable changes in net unrealized gains/losses on commodity derivatives of $29 million and $116 million, respectively.
• The year-to-date period also reflects a higher provision for income taxes driven by increased pre-tax income.
Third-quarter and year-to-date 2026 cash flow from operations increased $66 million and $162 million, respectively, compared to the prior year primarily due to higher operating results exclusive of non-cash items and higher distributions from equity-method investments, partially offset by unfavorable net changes in both working capital, including payment of Transco’s rate refunds in April 2026, and derivative collateral requirements.
Third-quarter and year-to-date 2026 Adjusted EBITDA increased by $119 million and $497 million, respectively, over the prior year driven by the previously described increases in service revenues partially offset by reduced upstream results and higher operating and administrative expenses excluding the acquisition and JV formation costs. The year-to-date period also benefited from higher gas marketing margins.
Third-quarter and year-to-date 2026 Adjusted Net Income improved by $60 million and $273 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, acquisition and JV formation costs, and the gains associated with the asset sales.
Third-quarter and year-to-date 2026 Available Funds from Operations (AFFO) increased by $140 million and $598 million, respectively, compared to the prior year primarily due to higher adjusted operating results exclusive of non-cash items and higher distributions from equity-method investments. The year-to-date period also reflects a favorable change in the current component of the income tax provision.
Williams' operations are comprised of the following reportable segments: Transmission, Power & Gulf; Northeast G&P; West; Gas & NGL Marketing Services and Other. For more information, see the company's third-quarter 2026 Form 10-Q.
Third-quarter and year-to-date 2026 Modified and Adjusted EBITDA improved compared to the prior year driven by new power generation revenues, contributions from projects placed in service, and higher storage revenues, partially offset by higher operating and administrative expenses. New Gulf volumes also benefited the year-to-date period.
Third-quarter and year-to-date 2026 Modified and Adjusted EBITDA increased compared to the prior year driven primarily by higher volumes at Ohio Valley Midstream and higher proportional EBITDA from equity-method investments.
Third-quarter and year-to-date 2026 Modified EBITDA and Adjusted EBITDA improved compared to the prior year driven by the Momentum acquisition and Louisiana Energy Gateway, placed into service in third-quarter 2025. The year-to-date period also reflected higher gathering volumes including contributions from the 2025 Rimrock and Saber acquisitions, partially offset by lower minimum volume commitment revenues. Modified EBITDA benefited from the gain on sale of a Permian gathering system and the absence of a prior year impairment, partially offset by Momentum acquisition costs, all of which are excluded from Adjusted EBITDA.
Third-quarter 2026 Modified EBITDA decreased from the prior year, while year-to- date 2026 Modified EBITDA increased. Both periods reflect net unfavorable changes in unrealized gains/losses on commodity derivatives of $14 million and $79 million, respectively, which are excluded from Adjusted EBITDA. The year-to- date period for both measures benefited from higher gas marketing margins driven by winter storms.
The changes in third-quarter and year-to-date 2026 Modified EBITDA reflect the absence of the South Mansfield upstream interests sold in January 2026 and net unfavorable changes in unrealized gains/losses on commodity derivatives. The year-to-date period also includes a $194 million gain from the January 2026 sale of the South Mansfield upstream interests. Both the gains on sale of the South Mansfield interests and the unrealized gains/losses on commodity derivatives are excluded from Adjusted EBITDA.
The company continues to expect 2026 Adjusted EBITDA of $8.3 billion to $8.5 billion and growth capex between $7.3 billion and $7.9 billion. The leverage ratio midpoint for 2026 is approximately 3.75x. Guidance for 2026 growth capex and debt-to-adjusted EBITDA excludes certain reimbursable long-lead equipment.
Williams Third-Quarter 2026 Materials to be Posted Shortly; Q&A Webcast Scheduled for Tomorrow
Williams' third-quarter 2026 earnings presentation will be posted at www.williams.com. The company's third-quarter 2026 earnings conference call and webcast with analysts and investors is scheduled for Tuesday, Nov. 3, 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/BI584a5f0f046f4d079d5ceddf753d218f
A webcast link to the conference call will be provided on Williams’ Investor Relations website. A replay of the webcast will be available on the website for at least 90 days following the event. 4
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. 5
September 30, 2026 ASSETS (Millions, except December 31, Current assets: per-share amounts) 2025 ────────────────────────────────────────────────────────────────────────────── Cash and cash $ 1,756 $ 63 equivalents Trade accounts and other receivables (net of allowance of ($1) at 2,098 2,084 September 30, 2026 and December 31, 2025) Inventories 319 314 Assets held for — 318 sale Derivative assets 132 209 Other current assets and deferred 427 256 charges Total current 4,732 3,244 assets Investments 4,507 4,559 Property, plant, 73,849 62,010 and equipment Accumulated depreciation, -21,318 -20,014 depletion, and amortization Property, plant, 52,531 41,996 and equipment – net Intangible assets – 6,972 6,763 net Regulatory assets, deferred charges, 1,938 2,011 and other Total assets $ 70,680 $ 58,573 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 2,441 $ 2,224 Liabilities held — 63 for sale Derivative 135 135 liabilities Other current 1,545 1,639 liabilities Commercial paper — 700 Long-term debt due 2,202 1,345 within one year Total current 6,323 6,106 liabilities Long-term debt 31,732 27,316 Deferred income tax 5,940 5,170 liabilities Regulatory liabilities, 5,191 4,986 deferred income, and other Contingent liabilities and commitments Equity: Stockholders’ equity: Preferred stock ($1 par value; 30 million shares authorized at September 30, 2026 and December 31, 2025; 35 35 35 thousand shares issued at September 30, 2026 and December 31, 2025) Common stock ($1 par value; 1,470 million shares authorized at September 30, 2026 and December 31, 2025; 1,290 1,290 1,261 million shares issued at September 30, 2026 and 1,261 million shares issued at December 31, 2025) Capital in excess 27,257 24,801 of par value Retained deficit -11,794 -12,237 Accumulated other comprehensive 125 127 income (loss) Treasury stock, at cost (39 million shares at September -1,180 -1,180 30, 2026 and December 31, 2025 of common stock) Total stockholders’ 15,733 12,807 equity Noncontrolling interests in 5,761 2,188 consolidated subsidiaries Total equity 21,494 14,995 Total liabilities $ 70,680 $ 58,573 and equity
Nine Months Ended September 30, 2026 OPERATING ACTIVITIES: (Millions) 2025 ────────────────────────────────────────────────────────────────────────────── Net income (loss) $ 2,555 $ 1,995 Adjustments to reconcile to net cash provided (used) by operating activities: Depreciation, depletion, and 1,796 1,754 amortization Provision (benefit) for deferred income 716 442 taxes Equity (earnings) losses -477 -449 Distributions from equity-method 678 600 investees Gain on sale of certain assets -277 — Net unrealized (gain) loss from commodity derivative 61 -55 instruments Gain on disposition of equity-method -127 — investments Inventory write-downs 14 5 Amortization of stock-based 65 70 awards Cash provided (used) by changes in current assets and liabilities: Accounts receivable 154 384 Inventories -18 -66 Other current assets and deferred -40 -43 charges Accounts payable -302 -359 Other current liabilities -196 95 Changes in current and noncurrent -31 77 commodity derivative assets and liabilities Other, including changes in noncurrent -87 -128 assets and liabilities Net cash provided (used) by operating 4,484 4,322 activities FINANCING ACTIVITIES: Proceeds from (payments of) commercial -700 -284 paper – net Proceeds from long-term debt 5,538 2,994 Payments of long-term debt -1,137 -1,733 Payments for debt issuance -51 -29 costs Proceeds from issuance of 13 9 common stock Proceeds from sale of partial interest 3,737 — in consolidated subsidiary Common dividends paid -1,940 -1,832 Dividends and distributions paid to -215 -197 noncontrolling interests Contributions from noncontrolling 38 22 interests Other – net -76 -60 Net cash provided (used) by financing 5,207 -1,110 activities INVESTING ACTIVITIES: Property, plant, and equipment: Capital expenditures (1) -5,682 -2,938 Dispositions – net 324 -80 Proceeds from sale of business 187 — Purchases of businesses, net of cash -2,816 -1 acquired Proceeds from disposition of 6 — equity-method investments Purchases of and contributions to -156 -192 equity-method investments Other – net 139 9 Net cash provided (used) by investing -7,998 -3,202 activities Increase (decrease) in cash and cash 1,693 10 equivalents Cash and cash equivalents at beginning 63 60 of year Cash and cash equivalents at end of $ 1,756 $ 70 period _________ (1) Increases to property, plant, and $ -6,013 $ -3,079 equipment Changes in related accounts payable and 331 141 accrued liabilities Capital expenditures $ -5,682 $ -2,938
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, depletion, 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. 15
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) (Dollars in millions, except per-share 2026 Guidance amounts and coverage ratio) Midpoint ────────────────────────────────────────────────────────────────────────────── Net income (loss) from continuing $ 3,355 operations Provision (benefit) for income taxes 975 Interest expense 1,535 Equity (earnings) losses -620 Proportional Modified EBITDA of 990 equity-method investments Depreciation, depletion, and amortization expenses and accretion for 2,520 asset retirement obligations associated with nonregulated operations Other -160 Modified EBITDA $ 8,595 EBITDA Adjustments -195 Adjusted EBITDA $ 8,400 Net income (loss) from continuing $ 3,355 operations Less: Net income (loss) attributable to noncontrolling interests and preferred 220 dividends Net income (loss) from continuing operations attributable to The Williams $ 3,135 Companies, Inc. available to common stockholders Adjustments: Adjustments included in Modified -195 EBITDA(1) Adjustments below Modified EBITDA(1) -115 Allocation of adjustments to — noncontrolling interests Total adjustments -310 Less tax effect for above items 80 Adjusted income from continuing operations available to common $ 2,905 stockholders Adjusted income from continuing operations - diluted earnings per common $ 2.35 share Weighted-average shares - diluted 1,237 (millions) 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 $ 6,730 liabilities, and changes in other, including changes in noncurrent assets and liabilities) Preferred dividends paid -3 Dividends and distributions paid to -328 noncontrolling interests Additional adjustments(1) -24 Available funds from operations (AFFO) $ 6,375 AFFO per common share $ 5.15 Common dividends paid $ 2,585 Coverage Ratio (AFFO/Common dividends 2.47x paid) (1) Includes items of income or loss that we characterize as unrepresentative of our ongoing operations.
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;
• 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; 20 • 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 impacts of operational and developmental hazards and unforeseen interruptions;
• 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 conduct 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;
• 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 21 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 IA. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 24, 2026, and (b) Part II, Item IA. Risk Factors in subsequent Quarterly Reports on Form 10-Q. ###
Full text with the tables
Exhibit 99.1
Williams (NYSE: WMB)
One Williams Center
News Release Tulsa, OK 74172
800-Williams
www.williams.com
DATE: Monday, Nov. 2 , 2026
MEDIA CONTACT: INVESTOR CONTACTS:
media@williams.com Caroline Sardella Ashley Mitchell
(800) 945-8723 (918) 230-9992 (918) 240-6082
Williams Delivers Strong Third-Quarter 2026 Results
TULSA, Okla. – Williams (NYSE: WMB) today announced its unaudited financial
results for the three and nine months ended Sept. 30, 2026.
Financial performance demonstrates industry-leading growth position
• GAAP net income: $699 million, or $0.56 per diluted share (EPS), up 8% and 6%,
respectively, vs. 3Q 2025
• Adjusted net income: $663 million, or $0.54 per diluted share (Adj. EPS), up
10% vs. 3Q 2025
• Adjusted EBITDA: $2.039 billion, up $119 million or 6% vs. 3Q 2025
• Cash flow from operations (CFFO): $1.505 billion, up $66 million or 5% vs. 3Q
2025
• Available funds from operations (AFFO): $1.589 billion, up $140 million or 10%
vs. 3Q 2025
• Dividend coverage ratio: 2.42x (AFFO basis)
• Tracking toward the upper half of 2026 Adjusted EBITDA guidance range of $8.3
billion to $8.5 billion
Expanding growth runway and advancing key milestones
• Closed acquisition of Momentum Midstream, enhancing our premier Haynesville
position to serve growing LNG, industrial and power demand
• Announced a 9.4 Bcf storage expansion at Clay Basin
• Announced Transco's 150+ MMcf/d Southeast Supply Enhancement II
• Upsized Transco's Garden Connector capacity by 84 MMcf/d
• Expanded pipeline capacity by 413 MMcf/d across four projects
• Socrates' Plato North Power project on track for in-service by mid-November
CEO Perspective
Chad Zamarin, president and chief executive officer, made the following
comments:
“Williams delivered another strong quarter as our teams continued to execute
across a growing portfolio of critical energy infrastructure projects. Year-to-
date Adjusted EBITDA increased 9% year over year to $6.2 billion, reflecting the
strength of our natural gas transmission, storage and gathering businesses and
keeping us on track toward the upper half of our 2026 guidance range. Our
performance to date, combined with a growing slate of projects set to come
online, gives us strong confidence in our ability to achieve our long-term 11%
plus Adjusted EBITDA compound annual growth rate through 2030.”
1
“I am especially proud of our team's exceptional execution to bring Socrates
fully online ahead of schedule. As the first of many power projects, Socrates
demonstrates our ability to deliver fast, reliable and scalable solutions for
customers facing rapidly growing power demand, and we are actively working to
commercialize additional power projects, which we expect to announce soon. We
also closed the Momentum Midstream acquisition ahead of schedule, enhancing our
premier footprint in the Haynesville — America’s fastest-growing natural gas
basin — which strengthens Williams' ability to serve growing LNG, power and
industrial demand. Across our broader portfolio, we announced new Transco
projects and expansions, advanced a storage expansion at Clay Basin, and placed
four pipeline projects into service.”
Zamarin added, “Together, these accomplishments underscore our ability to
execute across multiple growth platforms while maintaining safe and reliable
operations. With growing demand from LNG, power generation and industrial
development, Williams is well positioned to deliver durable, long-term value for
our customers and shareholders.”
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in
Coge…
which
clos…
March
2025;
and
$1
mill…
for
an
adju…
of
the
Crow…
acqu…
and
Disc…
cons…
which
clos…
2024.
GAAP Measures
Third-quarter and year-to-date 2026 net income increased by $53 million and $508
million, respectively, compared to the prior year. Both comparative periods
benefited from:
• Higher service revenues of $198 million and $512 million, respectively,
reflecting new power generation revenues, the Momentum acquisition, projects
placed in service, and higher storage revenues, while the year-to-date period
also saw increases from new Gulf volumes.
• A gain of $83 million from the sale of a Permian gathering system. The year-
to-date period also benefited from a net gain of $130 million from the June 2026
sale of the Brazos Permian II equity-method investment and a $194 million gain
on the January 2026 sale of the South Mansfield upstream interests.
2
• The year-to-date period also reflects higher gas marketing margins.
These favorable changes were partially offset by:
• Reduced upstream results due to the sale of the South Mansfield interests.
• An increase in operating and administrative expenses, including $63 million of
acquisition and JV formation costs, as well as costs from acquired businesses
and new projects.
• Unfavorable changes in net unrealized gains/losses on commodity derivatives of
$29 million and $116 million, respectively.
• The year-to-date period also reflects a higher provision for income taxes
driven by increased pre-tax income.
Third-quarter and year-to-date 2026 cash flow from operations increased $66
million and $162 million, respectively, compared to the prior year primarily due
to higher operating results exclusive of non-cash items and higher distributions
from equity-method investments, partially offset by unfavorable net changes in
both working capital, including payment of Transco’s rate refunds in April 2026,
and derivative collateral requirements.
Non-GAAP Measures
Third-quarter and year-to-date 2026 Adjusted EBITDA increased by $119 million
and $497 million, respectively, over the prior year driven by the previously
described increases in service revenues partially offset by reduced upstream
results and higher operating and administrative expenses excluding the
acquisition and JV formation costs. The year-to-date period also benefited from
higher gas marketing margins.
Third-quarter and year-to-date 2026 Adjusted Net Income improved by $60 million
and $273 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, acquisition and JV formation
costs, and the gains associated with the asset sales.
Third-quarter and year-to-date 2026 Available Funds from Operations (AFFO)
increased by $140 million and $598 million, respectively, compared to the prior
year primarily due to higher adjusted operating results exclusive of non-cash
items and higher distributions from equity-method investments. The year-to-date
period also reflects a favorable change in the current component of the income
tax provision.
Business Segment Results & Form 10-Q
Williams' operations are comprised of the following reportable segments:
Transmission, Power & Gulf; Northeast G&P; West; Gas & NGL Marketing Services
and Other. For more information, see the company's third-quarter 2026 Form 10-Q.
…
…
…
…
…
…
3
Transmission, Power & Gulf
Third-quarter and year-to-date 2026 Modified and Adjusted EBITDA improved
compared to the prior year driven by new power generation revenues,
contributions from projects placed in service, and higher storage revenues,
partially offset by higher operating and administrative expenses. New Gulf
volumes also benefited the year-to-date period.
Northeast G&P
Third-quarter and year-to-date 2026 Modified and Adjusted EBITDA increased
compared to the prior year driven primarily by higher volumes at Ohio Valley
Midstream and higher proportional EBITDA from equity-method investments.
West
Third-quarter and year-to-date 2026 Modified EBITDA and Adjusted EBITDA improved
compared to the prior year driven by the Momentum acquisition and Louisiana
Energy Gateway, placed into service in third-quarter 2025. The year-to-date
period also reflected higher gathering volumes including contributions from the
2025 Rimrock and Saber acquisitions, partially offset by lower minimum volume
commitment revenues. Modified EBITDA benefited from the gain on sale of a
Permian gathering system and the absence of a prior year impairment, partially
offset by Momentum acquisition costs, all of which are excluded from Adjusted
EBITDA.
Gas & NGL Marketing Services
Third-quarter 2026 Modified EBITDA decreased from the prior year, while year-to-
date 2026 Modified EBITDA increased. Both periods reflect net unfavorable
changes in unrealized gains/losses on commodity derivatives of $14 million and
$79 million, respectively, which are excluded from Adjusted EBITDA. The year-to-
date period for both measures benefited from higher gas marketing margins driven
by winter storms.
Other
The changes in third-quarter and year-to-date 2026 Modified EBITDA reflect the
absence of the South Mansfield upstream interests sold in January 2026 and net
unfavorable changes in unrealized gains/losses on commodity derivatives. The
year-to-date period also includes a $194 million gain from the January 2026 sale
of the South Mansfield upstream interests. Both the gains on sale of the South
Mansfield interests and the unrealized gains/losses on commodity derivatives are
excluded from Adjusted EBITDA.
2026 Financial Guidance
The company continues to expect 2026 Adjusted EBITDA of $8.3 billion to $8.5
billion and growth capex between $7.3 billion and $7.9 billion. The leverage
ratio midpoint for 2026 is approximately 3.75x. Guidance for 2026 growth capex
and debt-to-adjusted EBITDA excludes certain reimbursable long-lead equipment.
Williams Third-Quarter 2026 Materials to be Posted Shortly; Q&A Webcast
Scheduled for Tomorrow
Williams' third-quarter 2026 earnings presentation will be posted at
www.williams.com. The company's third-quarter 2026 earnings conference call and
webcast with analysts and investors is scheduled for Tuesday, Nov. 3, 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/BI584a5f0f046f4d079d5ceddf753d218f
A webcast link to the conference call will be provided on Williams’ Investor
Relations website. A replay of the webcast will be available on the website for
at least 90 days following the event.
4
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.
5
The Williams Companies, Inc.
Consolidated Statement of Income
(Unaudited)
Three
Months
Ended
Septem…
30, Nine
2026 Months
(Milli… Ended
except Septemb…
per-sh… 30,
Revenu… amount… 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Service $ 2,319 $ 2,121 $ 6,677 $ 6,165
revenu…
Service
revenu…
– 57 45 148 141
commod…
consid…
Product 845 701 2,744 2,416
sales
Net
gain
(loss) 2 56 -263 30
from
commod…
deriva…
Total 3,223 2,923 9,306 8,752
revenu…
Costs
and
expens…
Product 618 471 1,670 1,560
costs
Net
proces… 14 14 35 46
commod…
expens…
Operat…
and 639 583 1,801 1,697
mainte…
expens…
Deprec…
deplet…
and 620 564 1,796 1,754
amorti…
expens…
General
and 275 168 648 530
admini…
expens…
Gain on
sale of -83 — -277 —
certain
assets
Other
operat…
(incom… 4 14 -6 17
expense
– net
Total
costs 2,087 1,814 5,667 5,604
and
expens…
Operat…
income 1,136 1,109 3,639 3,148
(loss)
Equity
earnin… 157 152 477 449
(losse…
Other
invest…
income 30 19 188 31
(loss)
– net
Intere… -385 -372 -1,132 -1,071
expense
Other
income 50 21 108 51
(expen…
– net
Income
(loss)
before 988 929 3,280 2,608
income
taxes
Less:
Provis…
(benef… 221 246 725 613
for
income
taxes
Net
income 767 683 2,555 1,995
(loss)
Less:
Net
income
(loss) 67 36 163 111
attrib…
to
noncon…
intere…
Net
income
(loss)
attrib… 700 647 2,392 1,884
to The
Willia…
Compan…
Inc.
Less:
Prefer… 1 1 2 2
stock
divide…
Net
income
(loss)
availa… $ 699 $ 646 $ 2,390 $ 1,882
to
common
stockh…
Basic
earnin…
(loss)
per
common
share:
Net
income
(loss)
availa… $ .56 $ .53 $ 1.95 $ 1.54
to
common
stockh…
Weight…
shares 1,238 1,222 1,228 1,221
(milli…
Diluted
earnin…
(loss)
per
common
share:
Net
income
(loss)
availa… $ .56 $ .53 $ 1.94 $ 1.54
to
common
stockh…
Weight…
shares 1,239 1,225 1,230 1,224
(milli…
6
The Williams Companies, Inc.
Consolidated Balance Sheet
(Unaudited)
September 30,
2026
ASSETS (Millions, except December 31,
Current assets: per-share amounts) 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash $ 1,756 $ 63
equivalents
Trade accounts and
other receivables
(net of allowance
of ($1) at 2,098 2,084
September
30, 2026 and
December 31, 2025)
Inventories 319 314
Assets held for — 318
sale
Derivative assets 132 209
Other current
assets and deferred 427 256
charges
Total current 4,732 3,244
assets
Investments 4,507 4,559
Property, plant, 73,849 62,010
and equipment
Accumulated
depreciation, -21,318 -20,014
depletion, and
amortization
Property, plant, 52,531 41,996
and equipment – net
Intangible assets – 6,972 6,763
net
Regulatory assets,
deferred charges, 1,938 2,011
and
other
Total assets $ 70,680 $ 58,573
LIABILITIES AND
EQUITY
Current
liabilities:
Accounts payable $ 2,441 $ 2,224
Liabilities held — 63
for sale
Derivative 135 135
liabilities
Other current 1,545 1,639
liabilities
Commercial paper — 700
Long-term debt due 2,202 1,345
within one year
Total current 6,323 6,106
liabilities
Long-term debt 31,732 27,316
Deferred income tax 5,940 5,170
liabilities
Regulatory
liabilities, 5,191 4,986
deferred income,
and other
Contingent
liabilities and
commitments
Equity:
Stockholders’
equity:
Preferred stock ($1
par value; 30
million shares
authorized at
September
30, 2026 and
December 31, 2025; 35 35
35
thousand shares
issued at September
30,
2026 and December
31, 2025)
Common stock ($1
par value; 1,470
million shares
authorized at
September
30, 2026 and
December 31, 2025;
1,290 1,290 1,261
million shares
issued at September
30,
2026 and 1,261
million shares
issued at
December 31, 2025)
Capital in excess 27,257 24,801
of par value
Retained deficit -11,794 -12,237
Accumulated other
comprehensive 125 127
income
(loss)
Treasury stock, at
cost (39 million
shares at September -1,180 -1,180
30, 2026 and
December 31, 2025
of common stock)
Total stockholders’ 15,733 12,807
equity
Noncontrolling
interests in 5,761 2,188
consolidated
subsidiaries
Total equity 21,494 14,995
Total liabilities $ 70,680 $ 58,573
and equity
7
The Williams Companies, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
2026
OPERATING ACTIVITIES: (Millions) 2025
──────────────────────────────────────────────────────────────────────────────
Net income (loss) $ 2,555 $ 1,995
Adjustments to reconcile to net
cash
provided (used) by operating
activities:
Depreciation, depletion, and 1,796 1,754
amortization
Provision (benefit) for
deferred income 716 442
taxes
Equity (earnings) losses -477 -449
Distributions from
equity-method 678 600
investees
Gain on sale of certain assets -277 —
Net unrealized (gain) loss from
commodity derivative 61 -55
instruments
Gain on disposition of
equity-method -127 —
investments
Inventory write-downs 14 5
Amortization of stock-based 65 70
awards
Cash provided (used) by changes
in
current assets and liabilities:
Accounts receivable 154 384
Inventories -18 -66
Other current assets and
deferred -40 -43
charges
Accounts payable -302 -359
Other current liabilities -196 95
Changes in current and
noncurrent -31 77
commodity derivative assets and
liabilities
Other, including changes in
noncurrent -87 -128
assets and liabilities
Net cash provided (used) by
operating 4,484 4,322
activities
FINANCING ACTIVITIES:
Proceeds from (payments of)
commercial -700 -284
paper – net
Proceeds from long-term debt 5,538 2,994
Payments of long-term debt -1,137 -1,733
Payments for debt issuance -51 -29
costs
Proceeds from issuance of 13 9
common stock
Proceeds from sale of partial
interest 3,737 —
in consolidated subsidiary
Common dividends paid -1,940 -1,832
Dividends and distributions
paid to -215 -197
noncontrolling interests
Contributions from
noncontrolling 38 22
interests
Other – net -76 -60
Net cash provided (used) by
financing 5,207 -1,110
activities
INVESTING ACTIVITIES:
Property, plant, and equipment:
Capital expenditures (1) -5,682 -2,938
Dispositions – net 324 -80
Proceeds from sale of business 187 —
Purchases of businesses, net of
cash -2,816 -1
acquired
Proceeds from disposition of 6 —
equity-method investments
Purchases of and contributions
to -156 -192
equity-method investments
Other – net 139 9
Net cash provided (used) by
investing -7,998 -3,202
activities
Increase (decrease) in cash and
cash 1,693 10
equivalents
Cash and cash equivalents at
beginning 63 60
of year
Cash and cash equivalents at
end of $ 1,756 $ 70
period
_________
(1) Increases to property,
plant, and $ -6,013 $ -3,079
equipment
Changes in related accounts
payable and 331 141
accrued liabilities
Capital expenditures $ -5,682 $ -2,938
8
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1 1 2 1 1 — — — —
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5 4 2 1 3 2 3 3 3
10
… 2…
… … … … 1… 2… 3…
… … … … … Q… Q… Q… Y…
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ … $ … $ … $ … $ … $ …
8 5 6 8 … 7 7 5 …
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11
… 2…
… … … … 1… 2… 3…
… … … … … Q… Q… Q… Y…
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ 6 $ … $ … $ … $ … $ 9 $ …
… … … … … … … … …
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— 1 — 1 2 — … — …
3 8 … 9 … … … … …
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3 … … … … … … … …
$ … $ … $ … $ … $ … $ … $ … $ 4 $ …
… … … … … … … … …
… … … … … … … … …
12
… 2…
… … … … 1… 2… 3…
… … … … … Q… Q… Q… Y…
──────────────────────────────────────────────────────────────────────────────
$ 4 $ 4 $ 4 $ 4 $ … $ 4 $ 4 $ … $ …
… … … … … … … … …
… … 5 … … … … … …
… … … … … … … … …
1 4 4 8 … 4 8 … …
— — — — — … … — …
… … … … … … … … …
… … … 7 … … … … …
$ … $ … $ … $ … $ … $ … $ … $ … $ …
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… … … … … … … … …
7 8 7 7 7 8 9 7 8
13
… 2…
… … … … 1… 2… 3…
… … … … … Q… Q… Q… Y…
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ … $ … $ … $ … $ … $ …
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… … … … … … … … …
— 1 — — 1 — — — —
… … … … … … … … …
$ … $ … $ … $ … $ … $ … $ … $ … $ …
$ — $ — $ — $ … $ … $ … $ … $ … $ …
… … … 6 … … … … …
— — 1 — 1 — — — —
… — — — … — — — —
— 6 — — 6 — — — —
$ … $ … $ … $ … $ … $ … $ … $ … $ …
$ … $ … $ … $ … $ … $ … $ … $ … $ …
… … … … … … … … …
… … … … … … … … …
… 1 — — … — — — —
… … … … … … … … …
$ … $ … $ … $ … $ … $ … $ … $ … $ …
$ … $ … $ … $ … $ … $ … $ … $ … $ …
1 — — — 1 — — … …
… … … … … … … … …
1 3 2 1 7 2 … 2 …
$ … $ … $ … $ … $ … $ … $ … $ … $ …
$ … $ … $ … $ … $ … $ … $ … $ … $ …
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$ … $ … $ … $ … $ … $ … $ … $ … $ …
$ 5 $ … $ 3 $ … $ … $ — $ … $ 6 $ …
$ … $ … $ … $ … $ … $ … $ … $ … $ …
$ — $ — $ — $ — $ — $ … $ … $ — $ …
$ — $ — $ — $ — $ — $ … $ — $ … $ …
$ — $ — $ — $ — $ — $ — $ 6 $ — $ 6
$ — $ — $ — $ — $ — $ — $ — $ … $ …
14
Non-GAAP Measures
This news release and accompanying materials may include certain financial
measures – adjusted EBITDA, adjusted income (“earnings”), adjusted earnings per
share, available funds from operations and dividend coverage ratio – that are
non-GAAP financial measures as defined under the rules of the SEC.
Our segment performance measure, modified EBITDA, is defined as net income
(loss) before income (loss) from discontinued operations, income tax expense,
net interest expense, equity earnings from equity-method investments, other net
investing income, impairments of equity investments and goodwill, depreciation,
depletion, 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.
15
… 2…
… … … … 1… 2… 3…
… … … … … Q… Q… Q… Y…
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ … $ … $ … $ … $ … $ …
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$ 4 $ … $ … $ — $ — $ — $ — $ — $ —
— — — — — — — … …
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3 4 … … … … … … …
3 … … … … … … … …
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5 4 5 4 … 3 2 3 8
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16
… 2…
… … … … 1… 2… 3…
… … … … … Q… Q… Q… Y…
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ … $ … $ … $ … $ … $ …
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17
… 2…
… … … … 1… 2… 3…
… … … … … Q… Q… Q… Y…
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ … $ … $ … $ … $ … $ …
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… … 7 … … 9 … … …
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$ … $ … $ … $ … $ … $ … $ … $ … $ …
… … … … … … … … …
18
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)
(Dollars in millions, except per-share 2026 Guidance
amounts and coverage ratio) Midpoint
──────────────────────────────────────────────────────────────────────────────
Net income (loss) from continuing $ 3,355
operations
Provision (benefit) for income taxes 975
Interest expense 1,535
Equity (earnings) losses -620
Proportional Modified EBITDA of 990
equity-method investments
Depreciation, depletion, and
amortization expenses and accretion for 2,520
asset retirement obligations associated
with nonregulated operations
Other -160
Modified EBITDA $ 8,595
EBITDA Adjustments -195
Adjusted EBITDA $ 8,400
Net income (loss) from continuing $ 3,355
operations
Less: Net income (loss) attributable to
noncontrolling interests and preferred 220
dividends
Net income (loss) from continuing
operations attributable to The Williams $ 3,135
Companies, Inc. available to common
stockholders
Adjustments:
Adjustments included in Modified -195
EBITDA(1)
Adjustments below Modified EBITDA(1) -115
Allocation of adjustments to —
noncontrolling interests
Total adjustments -310
Less tax effect for above items 80
Adjusted income from continuing
operations available to common $ 2,905
stockholders
Adjusted income from continuing
operations - diluted earnings per common $ 2.35
share
Weighted-average shares - diluted 1,237
(millions)
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 $ 6,730
liabilities, and changes in other,
including changes in noncurrent assets
and liabilities)
Preferred dividends paid -3
Dividends and distributions paid to -328
noncontrolling interests
Additional adjustments(1) -24
Available funds from operations (AFFO) $ 6,375
AFFO per common share $ 5.15
Common dividends paid $ 2,585
Coverage Ratio (AFFO/Common dividends 2.47x
paid)
(1) Includes items of income or loss
that we characterize as unrepresentative
of our ongoing operations.
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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 on 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 conduct 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;
• 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 IA. Risk Factors in our Annual Report on Form 10-K for the year ended
December 31, 2025, as filed with the SEC on February 24, 2026, and (b) Part II,
Item IA. Risk Factors in subsequent Quarterly Reports on Form 10-Q.
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