Summary of The Williams Companies, Inc. Conference Call Company Overview - **Company**: The Williams Companies, Inc. (NYSE: WMB) - **Event**: Barclays CEO Energy-Power Conference - **Date**: September 6, 2023 - **Participants**: Alan Armstrong (CEO), Theresa Chen (Barclays) Key Financial Metrics - **Return on Invested Capital (ROIC)**: 17.5% over the last five years, indicating a healthy performance across the entire portfolio [3] - **Earnings Per Share (EPS) Growth**: 23% Compound Annual Growth Rate (CAGR) over the last five years [5] - **Dividend Growth**: 6% CAGR, with expanding coverage during the same period [5] - **Free Cash Flow Generation**: Expected to increase as credit metrics align, with higher returns anticipated [6] Business Predictability - **Earnings Consistency**: 30 consecutive quarters of meeting or exceeding consensus estimates, with guidance raised during this period [4] - **Base Business Stability**: 92% of the business is predictable and not significantly correlated with commodity prices [6][7] Market Dynamics - **Natural Gas Demand**: Projected to grow at a rate of 6% from 2022 to 2023, with peak demand reaching 53 Bcf per day [8][9] - **Electrification Impact**: Significant investments in electrification at ports and airports are expected to drive further demand for natural gas [11] - **Coal to Gas Transition**: 74 coal plants with a capacity of 79 gigawatts are transitioning to natural gas, representing a growth opportunity for the company [12] LNG and Infrastructure Growth - **LNG Projects**: Active projects totaling 12-13 Bcf per day, with an additional 26 Bcf per day in execution [13] - **Transco Pipeline**: The most valued pipeline in the U.S., with a 13% EBITDA CAGR over five years and expected to reach 21 Bcf per day by 2025 [15][16] Future Projects and Growth Opportunities - **Upcoming Projects**: Several projects expected to come online in 2023 and 2024, with significant growth anticipated in deepwater EBITDA [17][18] - **Pipeline Expansion**: Continued movement of projects into execution, with a focus on high-return expansions [19][20] Capital Allocation and Financial Strategy - **Capital Allocation**: Focus on maintaining a strong balance sheet with a BBB-plus credit rating, while also considering stock buybacks and dividend growth [24][28] - **Investment Opportunities**: Emphasis on high-return projects, particularly in emissions reduction and infrastructure improvements [26][30] Market Position and Competitive Advantage - **Competitive Edge**: Strong relationships and strategic acquisitions, such as the MountainWest deal, are expected to drive growth [21][23] - **Response to Market Needs**: Ability to adapt to market demands, particularly in the context of coal conversion and LNG supply [12][14] Conclusion - **Outlook**: The company is well-positioned to capitalize on the growing demand for natural gas and infrastructure needs, with a strong focus on sustainability and emissions reduction [30][31]

The Williams Companies, Inc. (NYSE:WMB) Q2 2023 Earnings Conference Call August 3, 2023 9:30 AM ET Company Participants Danilo Juvane – Vice President of Investor Relations, ESG, and Investment Analysis Alan Armstrong – President and Chief Executive Officer John Porter – Chief Financial Officer Michael Dunn – Chief Operating Officer Conference Call Participants Spiro Dounis – Citi Jeremy Tonet – JP Morgan Jean Ann Salisbury – Bernstein Brian Reynolds – UBS Praneeth Satish – Wells Fargo Colton Bean – TPH and ...

Williams 2nd Quarter 2023 Earnings Call WILLIAMS © 2023 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams 2nd Quarter 2023 Earnings Call I August 3, 2023 I www.williams.com 1 2Q at a glance Premier Midstream Operator Steadfast project execution to drive additional growth in 2023 and beyond ADJUST ED EBI T DA • Signed precedent agreement for Overthrust Westbound Expansion 8% • Fully integrated MountainWest into existing Western f ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ☑ ACT OF 1934 For the quarterly period ended June 30, 2023 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ☐ ACT OF 1934 For the transition period from _____________ to _____________ Commission file number 1-4174 THE WILLIAMS COMPANIES, INC. (Exact name of registrant as specified in its charter) Delaware 73-05 ...

Summary of The Williams Companies, Inc. Conference Call Company Overview - **Company**: The Williams Companies, Inc. (NYSE: WMB) - **Industry**: Natural Gas and Energy Sector Key Points and Arguments Natural Gas as a Solution - Natural gas is viewed as a critical and affordable solution to the intermittency of renewable energy sources as the energy landscape evolves [2][4] - The focus is on the capacity for natural gas rather than average annual use, emphasizing the importance of peak day capacity [2][3] Emission Reduction and Sustainability - Williams emphasizes the potential for natural gas to reduce emissions on an economically sustainable basis without requiring subsidies [3][4] - The company supports tighter regulations on methane emissions and is actively working on emission tracking technologies [8][9] Growth in Peak Day Demand - A study by McKinsey indicates that peak day power demand will increase significantly, even as average annual consumption of natural gas may decline [5][6] - From 2019 to 2022, there was an 85% increase in renewables, with corresponding increases in peak days of 9% and 14% in their systems [6] Investment and Financial Performance - Williams has a strong track record of year-over-year EBITDA growth, with a long-term growth target of 5% to 7% [14][33] - The company has been able to maintain growth despite fluctuations in gas prices, with guidance reflecting a softer gas market [12][36] Project Pipeline and Future Growth - Significant projects are expected to come online in 2025, which will contribute to a substantial increase in capacity and EBITDA [15][34] - The company has several ongoing projects, including the Mountain Valley Pipeline and Regional Energy Access project, which are expected to enhance their service capabilities [21][24] Capital Allocation Strategy - Williams is focused on balancing growth projects with shareholder returns, including stock buybacks when opportunities arise [29][32] - The company has a $1.5 billion authority for stock buybacks and is strategically investing in emission reduction projects [30][32] Market Position and Competitive Advantage - Williams is well-positioned to capitalize on the transition from coal to natural gas, particularly in regions with high renewable energy penetration [19][21] - The integration of their gas marketing arm, Sequent, has proven successful, enhancing their operational efficiency and cash flow generation [25][26] Conclusion - The Williams Companies is strategically positioned in the natural gas sector, focusing on emission reductions, capacity growth, and sustainable practices while maintaining a strong financial outlook and commitment to shareholder value [27][28]

Williams 1st Quarter 2023 Earnings Call May 4, 2023 WILLIAMS© ...

The Williams Companies, Inc. (NYSE:WMB) Q1 2023 Earnings Conference Call May 4, 2023 9:30 AM ET Company Participants Danilo Juvane - Vice President, Investor Relations Alan Armstrong - President and Chief Executive Officer John Porter - Chief Financial Officer Michael Dunn - Chief Operating Officer Lane Wilson - General Counsel Chad Zamarin - Executive Vice President, Corporate Strategic Development Conference Call Participants Brian Reynolds - UBS Jeremy Tonet - JP Morgan Marc Solecitto - Barclays Praneeth ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ☑ ACT OF 1934 For the quarterly period ended March 31, 2023 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ☐ ACT OF 1934 For the transition period from _____________ to _____________ Commission file number 1-4174 THE WILLIAMS COMPANIES, INC. (Exact name of registrant as specified in its charter) Delaware 73-0 ...

[PART I](index=6&type=section&id=PART%20I) [Business](index=6&type=section&id=Item%201.%20Business) The Williams Companies, Inc. is a major energy infrastructure company focused on safely delivering natural gas products [General Overview](index=6&type=section&id=General%20Overview) Williams is a major energy infrastructure company focused on natural gas gathering, processing, transmission, and NGL services across the US - The company owns and operates over **33,000 miles of pipelines**, **29 natural gas processing facilities**, and **7 NGL fractionation facilities**[9](index=9&type=chunk) - Key business variables include obstacles to expansion (permitting), producer drilling activity, customer retention, infrastructure growth, commodity prices, and disciplined growth[12](index=12&type=chunk) [Service Assets, Customers, and Contracts](index=7&type=section&id=Service%20Assets%2C%20Customers%2C%20and%20Contracts) Company assets include FERC-regulated interstate pipelines under long-term contracts and fee-based gathering/processing services - Most interstate natural gas transmission business is fully contracted under long-term firm reservation contracts. In 2022, the top three customers for Transco and Northwest Pipeline accounted for approximately **23% and 51% of their respective operating revenues**[14](index=14&type=chunk)[15](index=15&type=chunk) - Approximately **90% of NGL production volumes** were under fee-based processing contracts in 2022, with the remaining **10%** under noncash commodity-based contracts[17](index=17&type=chunk)[18](index=18&type=chunk) - The top ten gathering and processing customers accounted for approximately **70% of related fee revenues and NGL margins** in 2022[21](index=21&type=chunk) [Business Segments](index=10&type=section&id=Business%20Segments) Operations are managed through four segments: Transmission & Gulf of Mexico, Northeast G&P, West, and Gas & NGL Marketing Services - The company's operations are managed through four reportable segments: **Transmission & Gulf of Mexico**, **Northeast G&P**, **West**, and **Gas & NGL Marketing Services**[30](index=30&type=chunk) - The **Transmission & Gulf of Mexico** segment includes major interstate pipelines (Transco, Northwest Pipeline, MountainWest) and Gulf Coast assets[30](index=30&type=chunk) - The **Northeast G&P** segment focuses on midstream operations in the Marcellus and Utica Shale regions[31](index=31&type=chunk) - The **West** segment comprises gathering, processing, and treating operations in the Rocky Mountains and various Texas and Louisiana shale regions[32](index=32&type=chunk) [Regulatory Matters](index=19&type=section&id=Regulatory%20Matters) Interstate gas pipeline transmission and storage are heavily regulated by FERC, PHMSA, and TSA, with state regulations also applying - Interstate gas pipeline activities are subject to **FERC regulation** under the Natural Gas Act of 1938, governing rates, facility construction, and abandonment[82](index=82&type=chunk) - PHMSA's 'Mega Rule' has expanded federal pipeline safety oversight to previously unregulated gas gathering pipelines, affecting thousands of miles of the company's pipelines[89](index=89&type=chunk) - The company estimates incurring approximately **$126 million in 2023** for its Gas Integrity Management Plan and **$10 million** for its Liquid Integrity Management Plan to comply with PHMSA regulations[92](index=92&type=chunk)[93](index=93&type=chunk) - The TSA has issued security directives requiring critical pipeline operators to implement TSA-approved Cybersecurity Implementation Plans, develop Incident Response Plans, and establish assessment programs[95](index=95&type=chunk) [Environmental Matters](index=23&type=section&id=Environmental%20Matters) Operations are subject to extensive environmental laws, creating potential liabilities for pollutant discharges and cleanup costs - Operations are subject to numerous environmental laws, with potential liability for unlawful discharge of pollutants and cleanup costs, including for damages caused by former owners[101](index=101&type=chunk)[102](index=102&type=chunk) [Competition](index=23&type=section&id=Competition) Williams faces significant competition across all segments, based on reputation, fees, service reliability, and available capacity - Competition in gathering and processing is based on reputation, commercial terms, services provided, efficiency, and location[105](index=105&type=chunk) - The interstate natural gas pipeline business competes based on available capacity, rates, reliability, and proximity to customers, with significant barriers to entry for new pipeline construction[107](index=107&type=chunk)[109](index=109&type=chunk) [Human Capital Resources](index=24&type=section&id=Human%20Capital%20Resources) As of Feb 1, 2023, Williams had 5,043 employees, emphasizing safety, comprehensive rewards, and diversity and inclusion - As of February 1, 2023, the company had **5,043 full-time employees**, with a voluntary turnover rate of **7.7% in 2022**[113](index=113&type=chunk) - For 2022, safety and environmental goals comprised **15% of the employee annual incentive program**[116](index=116&type=chunk) - The company promotes diversity and inclusion through a council, **10 Employee Resource Groups (ERGs)**, and required training for leaders, with **25% of the Board of Directors being women** as of December 31, 2022[125](index=125&type=chunk)[126](index=126&type=chunk) [Risk Factors](index=27&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from natural gas supply/demand, commodity price volatility, project opposition, financial conditions, and extensive regulations [Risks Related to Our Business](index=29&type=section&id=Risks%20Related%20to%20Our%20Business) Business risks include reliance on third-party production, volatile commodity prices, customer credit, project opposition, and operational hazards - Financial condition depends on the continued availability of natural gas supplies from third-party producers and the demand for those supplies in served markets[136](index=136&type=chunk) - The company faces opposition to the operation and expansion of its pipelines from governmental officials, environmental groups, and local advocates, which can delay or deny necessary permits[139](index=139&type=chunk) - Operational risks include aging infrastructure, uncontrolled releases of products, fires, explosions, and cybersecurity threats, potentially resulting in significant damage, reputational harm, and financial losses[151](index=151&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk) [Risks Related to Financing Our Business](index=37&type=section&id=Risks%20Related%20to%20Financing%20Our%20Business) Financial stability is subject to credit rating downgrades, significant indebtedness, difficult market conditions, and restricted fossil-fuel investment - A downgrade of the company's credit ratings could increase borrowing costs, require posting collateral, and limit access to capital markets[161](index=161&type=chunk) - Total outstanding long-term debt was **$22.6 billion** as of December 31, 2022, and debt agreements contain restrictive covenants affecting financial and operating flexibility[161](index=161&type=chunk) - Some financial institutions have restricted or eliminated investment in fossil-fuel related businesses, which could make it more difficult for the company and its customers to secure funding[165](index=165&type=chunk) [Risks Related to Regulations](index=39&type=section&id=Risks%20Related%20to%20Regulations) Operations are subject to extensive regulation by FERC and environmental laws, including climate change, impacting costs and profitability - Interstate pipeline transportation and storage are subject to comprehensive regulation by **FERC**, which affects rates, services, and facility construction, potentially impacting profitability[167](index=167&type=chunk) - Operations are subject to extensive environmental laws which may expose the company to significant costs, liabilities, and penalties for non-compliance[168](index=168&type=chunk) - Future climate change regulations or carbon taxes could result in increased costs to operate and maintain facilities, potentially making some activities uneconomic[168](index=168&type=chunk) [Legal Proceedings](index=42&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in legal proceedings, including an environmental matter with the DOJ and EPA for alleged Clean Air Act violations - The company has reached an agreement in principle with the DOJ to resolve alleged Clean Air Act violations at several facilities, which includes a proposed civil penalty of **$3.75 million** and injunctive relief[177](index=177&type=chunk) [Information About Our Executive Officers](index=43&type=section&id=Information%20About%20Our%20Executive%20Officers) This section details the company's executive officers as of February 27, 2023, including their names, ages, positions, and experience [PART II](index=45&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=45&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Common stock trades on NYSE under 'WMB', with a $1.5 billion stock repurchase program and a performance graph comparing returns - The company has a stock repurchase program authorized for up to **$1.5 billion**, with no expiration date, and no shares were purchased in Q4 2022[187](index=187&type=chunk) Cumulative Total Shareholder Return (2017-2022) | | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | The Williams Companies, Inc. | 100.0 | 74.5 | 85.1 | 78.7 | 108.9 | 144.8 | | S&P 500 Index | 100.0 | 94.8 | 124.7 | 147.6 | 189.9 | 155.5 | | Bloomberg Americas Pipelines Index | 100.0 | 83.8 | 113.4 | 89.7 | 120.3 | 139.0 | | Arca Natural Gas Index | 100.0 | 66.4 | 65.5 | 56.7 | 91.0 | 116.5 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=47&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses 2022 financial results, highlighting increased net income, recent acquisitions, and a positive 2023 outlook with planned capital expenditures [Recent Developments and Company Outlook](index=48&type=section&id=Recent%20Developments%20and%20Company%20Outlook) Recent strategic activities include MountainWest, NorTex, and Trace Midstream acquisitions, with a positive 2023 outlook and planned growth capital expenditures - Closed on the acquisition of MountainWest Pipelines Holding Company for **$1.08 billion in cash** and **$430 million in assumed debt** on February 14, 2023[203](index=203&type=chunk) - Acquired Haynesville Shale assets from Trace Midstream for **$972 million** in April 2022 and north Texas assets from NorTex for **$424 million** in August 2022[206](index=206&type=chunk)[205](index=205&type=chunk) - 2023 growth capital and investment expenditures are expected to be between **$1.40 billion and $1.70 billion**, excluding the MountainWest Acquisition[209](index=209&type=chunk) [Results of Operations](index=53&type=section&id=Results%20of%20Operations) Net income increased by $532 million to $2.049 billion in 2022, driven by higher service revenues and volume growth, partially offset by derivatives Consolidated Results of Operations (2022 vs. 2021) | Metric | 2022 (Millions) | 2021 (Millions) | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $10,965 | $10,627 | +$338 | +3% | | Operating Income | $3,018 | $2,631 | +$387 | +15% | | Net Income Attributable to Williams | $2,049 | $1,517 | +$532 | +35% | - Service revenues increased by **$535 million in 2022**, primarily due to higher gathering and processing rates, higher volumes from the Trace and NorTex acquisitions, and the Leidy South expansion project[228](index=228&type=chunk) - Net loss on commodity derivatives increased by **$239 million**, reflecting higher net unrealized losses in the Gas & NGL Marketing Services segment[231](index=231&type=chunk) [Financial Condition and Liquidity](index=66&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Liquidity) The company maintains strong liquidity with $3.55 billion available as of Dec 31, 2022, funding capital spending primarily with cash flow after dividends Available Liquidity as of Dec 31, 2022 | Source | Amount (Millions) | | :--- | :--- | | Cash and cash equivalents | $152 | | Available Credit Facility Capacity | $3,400 | | **Total Available Liquidity** | **$3,552** | Cash Flow Summary | Cash Flow Category | 2022 (Millions) | 2021 (Millions) | | :--- | :--- | :--- | | Net Cash from Operating Activities | $4,889 | $3,945 | | Net Cash from Financing Activities | $(3,042) | $(942) | | Net Cash from Investing Activities | $(3,375) | $(1,465) | - The company holds stable, investment-grade credit ratings: **BBB from S&P, Baa2 from Moody's, and BBB from Fitch**[293](index=293&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=70&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages interest rate and commodity price risks using derivatives, with VaR for trading and non-trading portfolios as of Dec 31, 2022 - The debt portfolio is primarily comprised of fixed-rate debt, which mitigates the impact of interest rate fluctuations[304](index=304&type=chunk) - Commodity price risk is managed with exchange-traded and OTC energy contracts, though these are generally not designated for hedge accounting treatment[306](index=306&type=chunk) - At December 31, 2022, the Value at Risk (VaR) for the integrated natural gas trading activity was **$10 million**, and the VaR for the non-trading hedging portfolio was **$8 million**[314](index=314&type=chunk)[315](index=315&type=chunk) [Financial Statements and Supplementary Data](index=73&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains audited consolidated financial statements for 2022, with an unqualified opinion from Ernst & Young LLP on financials and internal controls - The independent auditor, Ernst & Young LLP, issued an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting as of December 31, 2022[318](index=318&type=chunk)[320](index=320&type=chunk) Consolidated Statement of Income Highlights (Year Ended Dec 31) | (Millions, except per-share) | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Total Revenues | $10,965 | $10,627 | $7,719 | | Operating Income | $3,018 | $2,631 | $2,202 | | Net Income Attributable to Williams | $2,049 | $1,517 | $211 | | Diluted EPS | $1.67 | $1.24 | $0.17 | Consolidated Balance Sheet Highlights (As of Dec 31) | (Millions) | 2022 | 2021 | | :--- | :--- | :--- | | Total Assets | $48,433 | $47,612 | | Total Liabilities | $34,388 | $33,511 | | Total Equity | $14,045 | $14,101 | [Controls and Procedures](index=141&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls and internal control over financial reporting were effective as of Dec 31, 2022, with no material changes - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[639](index=639&type=chunk) - Management assessed internal control over financial reporting as effective based on the COSO 2013 framework, and the independent auditor, Ernst & Young LLP, concurred[644](index=644&type=chunk)[647](index=647&type=chunk) [PART III](index=144&type=section&id=PART%20III) Part III incorporates by reference information from the company's definitive Proxy Statement for its 2023 Annual Meeting of Stockholders - Information regarding directors, executive compensation, security ownership, and related party transactions is incorporated by reference from the company's definitive Proxy Statement to be filed for the April 25, 2023, Annual Meeting of Stockholders[654](index=654&type=chunk)[657](index=657&type=chunk)[658](index=658&type=chunk)[660](index=660&type=chunk) [PART IV](index=146&type=section&id=PART%20IV) Part IV lists all financial statements, schedules, and exhibits filed as part of the Form 10-K report, including consolidated financials - This section lists all financial statements, schedules, and exhibits filed with the annual report, including consents of independent auditors and certifications by the CEO and CFO[663](index=663&type=chunk)[664](index=664&type=chunk)

The Williams Companies, Inc. (NYSE:WMB) Q3 2022 Earnings Conference Call November 1, 2022 9:30 AM ET Company Participants Danilo Juvane - Vice President of Investor Relations Alan Armstrong - President and CEO John Porter - Chief Financial Officer Chad Zamarin - Senior Vice President of Corporate Strategic Development Micheal Dunn - Chief Operating Officer Lane Wilson - General Counsel Conference Call Participants Jeremy Tonet - JPMorgan Praneeth Satish - Wells Fargo Chase Mulvehill - Bank of America Gabri ...