Summary of The Williams Companies, Inc. Conference Call Company Overview - The Williams Companies, Inc. is a leading natural gas infrastructure provider in the U.S. [2] Key Financial Metrics - Achieved a 21% Compound Annual Growth Rate (CAGR) in adjusted EPS since 2018 [4] - Recorded an 8% CAGR in EBITDA at the midpoint of guidance for the current year [4] - Maintained a strong dividend growth with a 6% CAGR and good coverage [4][5] Business Resilience - The company continued to grow through 2020, demonstrating durability during challenging times [5] - Williams has a healthy balance sheet and opportunities to create shareholder value [5] Strategic Focus - The strategy is centered around natural gas, emphasizing the high contracted nature of its major pipeline systems [6] - The company is positioned to benefit from increasing natural gas demand driven by winter heating and power generation [7] Demand Growth Insights - Natural gas remains a cost-effective energy source, significantly cheaper than electricity and other fuels [11] - Anticipates increased attention on utility bills due to high natural gas prices impacting power prices [12] - Infrastructure limitations are identified as a barrier to delivering lower costs to consumers [12] Capacity and Infrastructure - The company is focused on expanding its pipeline capacity, with 20.1 BCF of projects active or in execution within the Transco footprint [15] - Plans to replace coal plants with natural gas, which could equate to a 52% increase in Transco capacity [16][17] Market Positioning - Williams is well-positioned to capture industrial loads returning to the U.S. due to lower natural gas prices compared to global markets [14][15] - The company has significant reserves in key basins (Marcellus, Utica, Haynesville) that account for 86% of remaining U.S. gas reserves [23] Growth Opportunities - Five ongoing transmission expansion projects are expected to significantly increase capacity [24] - The Haynesville region is experiencing faster growth than anticipated, with gas curtailed due to high drilling success [26] Financial Strength and Capital Allocation - The company has a strong return on invested capital of 21.4% over the past four years [36] - The Inflation Reduction Act is viewed positively, with the company well-positioned to benefit from tax credits [37] Environmental Commitment - Williams aims for a 56% reduction in carbon emissions from 2005 levels by 2030 [38] Conclusion - The Williams Companies, Inc. presents a unique investment opportunity with strong financials, growth prospects, and a commitment to sustainability [38]

Financial Performance - Williams' Adjusted EBITDA for 2Q 2022 was $1.496 billion, a 14% increase compared to $1.317 billion in 2Q 2021[5] - Adjusted earnings per share for 2Q 2022 was $0.40, a 48% increase compared to $0.27 in 2Q 2021[6] - Available Funds From Operations (AFFO) increased by 19% from $1.948 billion to $2.320 billion[7] - Dividend coverage ratio (AFFO basis) increased by 18% from 1.85x to 2.19x[7] Guidance and Outlook - The company increased its 2022 Adjusted EBITDA guidance from a range of $5.6 billion - $6.0 billion to $6.1 billion - $6.4 billion[26] - Adjusted diluted EPS guidance increased from $1.29 - $1.54 to $1.59 - $1.76[25] - Growth CAPEX increased from $1.25 billion - $1.35 billion to $2.25 billion - $2.35 billion, primarily due to the Trace Midstream acquisition[29] Strategic Initiatives and Growth Projects - Williams closed the acquisition of Trace Midstream's Haynesville gathering system on April 29, 2022, for $933 million, increasing Williams' Haynesville gathering capacity from 1.8 Bcf/d to over 4 Bcf/d[42] - The company reached a final investment decision on the Louisiana Energy Gateway (LEG) project, a 1.8 Bcf/d gathering pipeline from the Haynesville to premium markets, expected to come online in late 2024[42] - Williams is executing on five Transco projects expected to bring over 1.2 Bcf/d of capacity online by 4Q 2024 and an additional ~600 MMcf/d of capacity online by 4Q 2025[42]

The Williams Companies, Inc. (NYSE:WMB) Q2 2022 Earnings Conference Call August 2, 2022 9:30 AM ET Company Participants Danilo Juvane - Vice President of Investor Relations Alan Armstrong - President and CEO John Porter - Chief Financial Officer Micheal Dunn - Chief Operating Officer Chad Zamarin - Senior Vice President of Corporate Strategic Development Lane Wilson - General Counsel Conference Call Participants Chase Mulvehill - Bank of America Marc Solecitto - Barclays Jean Ann Salisbury - Sanford C. Ber ...

The Williams Companies, Inc. (NYSE:WMB) J.P. Morgan Energy, Power & Renewables Conference June 22, 2022 8:20 AM ET Company Participants Micheal Dunn - EVP & COO Conference Call Participants Jeremy Tonet - Equity Analyst for Utilities and Midstream, J.P. Morgan Jeremy Tonet Good morning everyone. Can you hear me? Is the mike on, okay there we go. Good morning everyone. Thank you for joining us. This morning we are very excited to be joined by Micheal Dunn, COO of Williams to talk about all the great things g ...

Key Points Industry and Company * **Company**: The Williams Companies, Inc. (NYSE:WMB) * **Industry**: Energy Infrastructure * **Focus**: Midstream operations, natural gas production and transportation Core Views and Arguments * **European Energy Crisis**: The crisis underscores the importance of energy independence and security, and the role of natural gas as a bridge fuel. * **Energy Demand and Security**: The crisis highlights the need for adequate energy infrastructure and storage to meet growing demand and ensure energy security. * **Natural Gas Prices**: Low natural gas prices are beneficial for the long-term, but high prices can hinder demand and infrastructure development. * **Fugitive Emissions**: The industry must address fugitive methane emissions to overcome objections to natural gas usage. * **Infrastructure Development**: Adequate pipeline capacity is crucial for supporting natural gas production and meeting demand. * **Haynesville Shale**: The Haynesville Shale is a key area for natural gas production and infrastructure development, but it has a limited lifespan. * **Midstream Asset Monetization**: Williams is exploring opportunities to monetize its midstream assets, including the Rockies and Eagle Ford basins. * **Renewable Energy**: Williams is exploring opportunities to integrate renewable energy sources, such as solar and hydrogen, into its operations. * **Capital Allocation**: Williams remains focused on maximizing returns on capital employed and maintaining a low-cost operating model. Other Important Points * **State and Local Politics**: The company is monitoring changes in state and local politics, particularly regarding energy infrastructure and regulations. * **M&A Activity**: Williams is focused on bolt-on acquisitions that offer high returns and leverage its competitive advantages. * **Capital Return**: The company has a $1.5 billion buyback authorization and is exploring other ways to return capital to shareholders, including increasing the dividend.

The Williams Companies, Inc. (NYSE:WMB) Q1 2022 Earnings Conference Call May 3, 2022 9:30 AM ET Company Participants Danilo Juvane - Vice President of Investor Relations Alan Armstrong - President and CEO John Porter - Chief Financial Officer Micheal Dunn - Chief Operating Officer Chad Zamarin - Senior Vice President of Corporate Strategic Development Conference Call Participants Brian Reynolds - UBS Chase Mulvehill - BofA Merrill Lynch Praneeth Satish - Wells Fargo Securities, LLC Gabriel Moreen - Mizuho ...