Summary of The Williams Companies, Inc. Conference Call Company Overview - **Company**: The Williams Companies, Inc. (NYSE: WMB) - **Industry**: Midstream Natural Gas - **Participants**: John Chandler (CFO), Danilo Juvane (VP, IR), Justin Jenkins (Raymond James) Key Points Financial Performance and Resilience - Williams maintained its pre-pandemic EBITDA guidance, with 2020 EBITDA exceeding the original midpoint despite market disruptions [3][4] - The company attributes its resilience to three main factors: 1. **Transmission Assets**: Approximately 50% of the business consists of transmission assets that are 100% committed to firm capacity, ensuring stable earnings [5][6] 2. **Diversified Gathering Systems**: Operating in 15 different basins, the company mitigates risks associated with any single basin's performance [7][8] 3. **Cost Control**: A proactive cost reduction strategy implemented in 2019 resulted in $75 million in payroll savings, positioning the company favorably for 2020 [9][10] Outlook for 2021 and Beyond - Positive outlook for 2021, particularly in the Northeast, driven by stable natural gas producers focusing on free cash flow and balance sheet improvement [11][12] - Anticipated EBITDA growth in the Northeast due to increased wet gas and processing capacity, rather than volume growth [12] - Expected stability in the West, with some areas like Haynesville showing growth, while others like Eagle Ford may decline due to producer inactivity [14][15] Capital Allocation Strategy - Williams aims to achieve a debt-to-EBITDA ratio of 4.2, with plans to evaluate capital allocation priorities post-target achievement [17][18] - Potential options include further deleveraging, share buybacks, or investing in lower-return projects with firm capacity [18][19] Operational Insights - The company experienced minimal impact from recent extreme weather events in Texas, with only 20% of gas volume affected [27][28] - Ongoing discussions with producers indicate a focus on free cash flow and cost reduction, with a cautious approach to drilling [23][24] M&A and Industry Consolidation - Williams supports consolidation in the upstream and midstream sectors, emphasizing the need for efficiency and cost reductions [31][32] - Recent acquisitions include a 50% interest in Blue Racer Midstream, aimed at creating synergies and capital efficiencies [33][34] ESG Initiatives - Williams is committed to emissions reduction, with a target to achieve net-zero emissions by 2050 and a 44% reduction already achieved [36][37] - The company is exploring solar power projects and renewable natural gas facilities, with significant investment opportunities identified [47][48] Future Growth Opportunities - Transco pipeline presents substantial growth potential with 26 projects valued at $12 billion, linked to new LNG and industrial developments [55][56] - The Gulf of Mexico operations are expected to grow due to high utilization rates and the company's capacity to build pipelines in deepwater [56][57] - Strategic ownership of acreage from bankruptcies will be leveraged to enhance midstream value without becoming an upstream operator [57] Governance and Board Strength - Williams boasts a strong, independent board with significant industry experience, contributing to effective governance and strategic direction [51][52] Conclusion - The Williams Companies is well-positioned for stability and growth in the midstream natural gas sector, with a focus on financial resilience, strategic capital allocation, and proactive ESG initiatives. The company anticipates leveraging its strong asset base and market position to capitalize on future opportunities.

The Williams Companies, Inc. (NYSE:WMB) Q4 2020 Earnings Conference Call February 23, 2021 9:30 AM ET Company Participants Danilo Juvane - VP, IR Alan Armstrong - President and CEO John Chandler - CFO Micheal Dunn - COO Lane Wilson - General Counsel Chad Zamarin - SVP and Corporate Strategic Development Conference Call Participants Jeremy Tonet - JPMorgan Securities Praneeth Satish - Wells Fargo Christine Cho - Barclays Gabriel Moreen - Mizuho Spiro Dounis - Credit Suisse Tristan Richardson - Truist Securit ...

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 September 30, 2020 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 ...

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, 2020 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 73-0569 ...

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, 2020 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 73-056 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 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 73-0569878 (State or Other Jurisdiction ...

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 September 30, 2019 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 ...