Financial Performance - Net income attributable to The Williams Companies, Inc. for the nine months ended September 30, 2025, increased by $145 million compared to the same period in 2024[202]. - Net income attributable to The Williams Companies, Inc. for the three months ended September 30, 2025, was $647 million, a decrease of $59 million, or 8%, compared to $706 million in 2024[242]. - Operating income for the three months ended September 30, 2025, was $1,109 million, an increase of $271 million compared to $838 million in 2024[242]. - Total revenues for the nine months ended September 30, 2025, reached $8,752 million, an increase of $992 million, or 13%, compared to $7,760 million in 2024[242]. - Service revenues for the three months ended September 30, 2025, increased by $210 million, or 11%, compared to the same period in 2024, driven by expansion projects[241]. - Total revenues for the Transmission, Power & Gulf segment reached $1,392 million in Q3 2025, compared to $1,170 million in Q3 2024, a 19% increase[266]. - The company reported a $208 million increase in Transco's revenues due to expansion projects and transportation rate increases[269]. - Net income for Transco was $1,045 million, reflecting a $49 million increase or 5% growth compared to 2024[296]. - Total revenues for Transco reached $2,405 million, a $217 million increase from 2024, with natural gas transportation service revenues up by $185 million[296]. Capital Expenditures and Investments - Williams' growth capital and investment expenditures in 2025 are expected to range from $3.95 billion to $4.25 billion, excluding acquisitions[223]. - Growth capital and investment expenditures for 2025 are expected to range from $3.95 billion to $4.25 billion, focusing on Power Innovation projects and expansions in the Haynesville Shale basin[311]. - In June 2025, Williams acquired Saber for $47 million in cash and retained $113 million of Saber’s debt, which was repaid in full within the same month[313]. Expansion Projects - The Louisiana Energy Gateway expansion project is expected to increase natural gas gathering capacity by 1.8 Bcf/d[220]. - Transco's capacity increased by 105 Mdth/d with the Commonwealth Energy Connector project placed into service in November 2025[213]. - The ongoing expansion projects include the Overthrust Westbound Compression Expansion, expected to increase capacity by 325 Mdth/d[224]. - The project Power Express is expected to increase capacity by 689 Mdth/d and is planned to be placed into service as early as the third quarter of 2030[229]. - The Northeast Supply Enhancement project is expected to increase capacity by 400 Mdth/d and is planned to be placed into service as early as the fourth quarter of 2027[231]. - The Dalton Lateral II project is expected to increase capacity by up to 460 Mdth/d and is planned to be placed into service as early as the fourth quarter of 2029[232]. - Williams plans to place the Pine Prairie Phase IV Expansion project into service during the fourth quarter of 2028, increasing working gas storage capacity by 10 Bcf[225]. - The Kelso-Beaver Reliability project is expected to increase capacity by 183 Mdth/d and is planned to be placed into service during the fourth quarter of 2028[235]. - The Power Innovation project in Ohio is expected to provide a combined 400 megawatts of committed onsite power generation capacity and is planned to be placed into service in the second half of 2026[238]. Segment Performance - Service revenues for the Transmission, Power & Gulf segment increased to $1,237 million in Q3 2025 from $1,072 million in Q3 2024, representing a 15.4% increase[266]. - Modified EBITDA for the Transmission, Power & Gulf segment rose to $973 million in Q3 2025, up from $811 million in Q3 2024, reflecting a 20% increase[267]. - Northeast G&P segment service revenues increased to $499 million in Q3 2025 from $475 million in Q3 2024, a growth of 5.1%[270]. - West segment revenues increased to $712 million in Q3 2025 from $663 million in Q3 2024, marking a 7.4% increase[270]. - The Northeast G&P segment's Modified EBITDA increased to $505 million in Q3 2025 from $476 million in Q3 2024, a rise of 6.1%[271]. - The West segment's Modified EBITDA increased to $342 million in Q3 2025 from $323 million in Q3 2024, reflecting a 5.9% increase[270]. Debt and Liquidity - Williams issued $3 billion of long-term debt and retired $1.5 billion of long-term debt during the first nine months of 2025[312]. - As of September 30, 2025, Williams had a working capital deficit of $3.106 billion, with cash and cash equivalents of $70 million[317]. - Williams' long-term debt due after one year amounts to approximately $25.6 billion, with potential liquidity sources including cash generated from operations and refinancing[316]. - The quarterly cash dividend was increased from $0.475 per share in 2024 to $0.50 per share in the first three quarters of 2025[318]. Risk Management - The fair value of commodity derivative liabilities at September 30, 2025, was $(288) million, with significant amounts maturing in 2025 and 2026-2027[330]. - The Value at Risk (VaR) for Williams' integrated natural gas trading operations was $6 million as of September 30, 2025, compared to $4 million at December 31, 2024[334]. - The average VaR for the nine months ended September 30, 2025, was $8 million, with a high of $18 million and a low of $4 million[334]. - The VaR associated with Williams' non-trading portfolio, primarily consisting of commodity derivatives, was $2 million at September 30, 2025, down from $8 million at December 31, 2024[334]. - The average VaR for the non-trading portfolio for the nine months ended September 30, 2025, was $9 million, with a high of $18 million and a low of $2 million[334]. - Williams maintains a relatively small risk exposure as total buy volume is close to sell volume, resulting in minimal open natural gas price risk[334]. - Williams employs daily risk testing, utilizing both VaR and stress testing to evaluate the risk of its positions[332]. - The company's open exposure is managed according to established policies that limit market risk and require daily reporting of predicted financial loss to management[332]. - Williams generally mitigates its open exposure by managing physical gas assets and hedging in the futures markets[332]. - The VaR is calculated using parametric models with 95 percent confidence intervals and one-day holding periods[332]. - Williams actively monitors open commodity marketing positions and the resulting VaR[334].

Exhibit 99.1 News Release Williams (NYSE: WMB) One Williams Center Tulsa, OK 74172 800-Williams www.williams.com DATE: Monday, Nov. 3, 2025 media@williams.com (800) 945-8723 MEDIA CONTACT: INVESTOR CONTACTS: Danilo Juvane (918) 573-5075 Caroline Sardella (918) 230-9992 Williams Delivers Strong Third-Quarter 2025 Results TULSA, Okla. – Williams (NYSE: WMB) today announced its unaudited financial results for the three and nine months ended Sept. 30, 2025. Natural gas focused strategy continues to drive key fi ...

Core Viewpoint - The Williams Companies, Inc. is set to report its third-quarter earnings on November 3, 2025, with analysts predicting an earnings per share (EPS) of $0.51 and revenue of approximately $2.88 billion, reflecting significant year-over-year growth [1][2][5] Financial Performance - The anticipated EPS of $0.51 represents an 18.6% increase from the previous year, driven by the performance of the Transmission & Gulf of Mexico unit, particularly Transco and deepwater projects [2][5] - Revenue is expected to reach $2.88 billion, indicating a 14.4% rise year-over-year [5] Financial Ratios - The company has a price-to-earnings (P/E) ratio of approximately 29.11, suggesting a strong investor willingness to pay for earnings [3][5] - The price-to-sales ratio is about 6.30, reflecting the market value relative to revenue [3] - The enterprise value to sales ratio stands at around 8.77, indicating total value compared to sales [3] Debt and Liquidity Metrics - The debt-to-equity ratio is approximately 2.30, highlighting the proportion of debt used to finance assets relative to shareholders' equity [4][5] - The current ratio is around 0.54, suggesting the company's ability to cover short-term liabilities with short-term assets [4]

Core Insights - A significant infrastructure race driven by artificial intelligence is unfolding in the United States, with planned large data center projects exceeding 45 GW and attracting over $2.5 trillion in investments [1][2] Group 1: Major Players and Projects - The primary drivers of this expansion include OpenAI's Stargate project, Amazon, Meta, Microsoft, and Elon Musk's xAI, all of which are rapidly planning and constructing computing clusters to support increasingly complex AI models [1][2] - Key projects include Stargate 1 (1.2-1.6 GW), Frontier (1.4 GW), Lighthouse (1 GW), Project Jupiter (1.5 GW), and a combined capacity of over 2 GW in Lordstown, OH, and Milam County, TX, with significant involvement from OpenAI and various partners [3][5] Group 2: Financial Aspects - The construction cost for data centers has surpassed $1.7 million per MW, with OpenAI's Stargate project alone representing a commitment of over $400 billion for a 7 GW capacity, translating to approximately $5.7 million per MW [3][5] - Financing structures are complex, with private equity firms and infrastructure funds playing crucial roles, such as Blue Owl Capital's $15 billion joint venture with Crusoe for the Stargate 1 project [7] Group 3: Power Supply Challenges - The existing power grid poses significant challenges, leading companies to adopt "Bring-Your-Own-Power" strategies, including on-site power generation to ensure reliability and expedite energization timelines [1][4] - For instance, the Stargate 1 project plans to deploy approximately 350 MW of on-site natural gas generation despite having grid access approved for 1.2 GW [4] Group 4: Supply Chain Issues - The explosive demand for power generation equipment has strained supply chains, with heavy gas turbine prices increasing by 50% in less than two years and extended delivery times [8] - Companies are resorting to acquiring second-hand or "off-the-shelf" new equipment to mitigate long order queues, exemplified by Fermi America's acquisition of a Siemens gas turbine from an unused LNG project [8]

Group 1 - The number of ships waiting to load sugar at Brazilian ports is 86, unchanged from the previous week [1] - The quantity of sugar waiting to be loaded at ports is 2.9933 million tons, down from 3.384 million tons in the previous week [1]

Core Viewpoint - The Williams Companies, Inc. (WMB) is expected to report third-quarter 2025 results on November 3, with a consensus estimate of earnings at 51 cents per share and revenues at $3.1 billion [1][8]. Group 1: Previous Quarter Performance - In the last reported quarter, WMB missed the consensus earnings estimate, reporting adjusted earnings per share of 46 cents against an expected 49 cents, and revenues of $2.8 billion, which fell short by $277 million due to underperformance in the Gas & NGL Marketing Services segment [2]. - WMB has beaten the Zacks Consensus Estimate for earnings in three of the last four quarters, with an average earnings surprise of 2.5% [3]. Group 2: Upcoming Quarter Expectations - The Zacks Consensus Estimate for the third-quarter earnings indicates an 18.6% year-over-year increase, while revenues are expected to rise by 14.8% compared to the previous year [3]. - The Transmission & Gulf of Mexico unit, particularly the Transco project, is anticipated to drive growth, with an estimated adjusted EBITDA of $946 million, reflecting a 14% increase from the previous year's $830 million [4]. Group 3: Cost Considerations - Rising costs and inflation are expected to negatively impact results, with total costs and expenses in the second quarter reported at $1.8 billion, a nearly 12% increase from the previous year [5][8]. Group 4: Earnings Prediction Model - The earnings prediction model suggests a potential earnings beat for WMB, supported by a positive Earnings ESP of +1.03% and a Zacks Rank of 3 [6][7][9].

Core Viewpoint - Williams has announced a quarterly cash dividend, indicating a commitment to returning value to shareholders and reflecting the company's financial health [1] Group 1 - The company has declared a cash dividend for the quarter, which is a positive signal for investors [1] - This announcement may enhance investor confidence and attract potential investors looking for dividend-paying stocks [1]

Core Insights - Williams has established itself as a reliable dividend stock, with a history of paying dividends for 51 consecutive years and a current yield of 3.2%, significantly higher than the S&P 500's 1.2% [4][8] - The company's stock price has surged by 80% since 2022, driven by increasing demand for natural gas infrastructure due to catalysts like AI data centers and electric vehicles [2][10] - Williams has a strong financial profile, generating cash flows that cover its dividend payments by more than 2.3 times, allowing for substantial excess free cash flow for expansion projects [7][8] Financial Performance - The company has achieved a 5% compound annual growth rate in dividends since 2020, despite not increasing its dividend every year [4] - Williams' market capitalization stands at $76 billion, with a gross margin of 39.08% [7] - The expected leverage ratio for the company is under 3.7 times for the current year, indicating a stable financial position [7] Growth Strategy - Williams has invested heavily in expanding its natural gas infrastructure, completing several organic projects and strategic acquisitions, including a $2 billion gas storage portfolio and a $1.5 billion acquisition of MountainWest [9][12] - The company has a backlog of commercially secured expansion projects, with plans extending through the third quarter of 2030, which includes pipeline expansions and gas-fired power plants [10][11] - There are over 30 potential projects representing more than $14 billion in future investment potential to expand pipeline systems and meet growing electricity needs [11][12] Total Return Potential - The combination of income from dividends and growth from infrastructure investments positions Williams for high total returns in the future [13] - The company's ongoing investments in gas infrastructure are expected to sustain healthy growth in funds from operations (FFO), further supporting dividend increases [12][13]

Core Viewpoint - Williams plans to announce its third-quarter 2025 financial results on November 3, 2025, with a conference call scheduled for November 4, 2025, at 9:30 a.m. Eastern Time [1] Group 1: Company Overview - Williams is a leader in the energy industry, focusing on safely and responsibly meeting growing energy demand [2] - The company operates a 33,000-mile pipeline infrastructure that transports one-third of the nation's natural gas [2] - Williams is committed to reducing emissions and investing in new energy technologies while supporting the global economy [2]

Core Viewpoint - Williams (NYSE: WMB) is transitioning from a traditional midstream operator to a significant player in the digital economy through its new Power Innovation strategy, which focuses on building behind-the-meter (BTM) gas generation [1] Group 1: Company Transformation - The company is adopting a new strategy aimed at enabling the digital economy, indicating a shift in its operational focus [1] - The Power Innovation strategy is a key component of this transformation, highlighting the company's commitment to innovation and modernization [1] Group 2: Investment Philosophy - The investment approach emphasizes identifying undervalued companies with long-term growth potential, suggesting a focus on fundamental analysis [1] - The strategy combines value investing principles with a long-term growth perspective, aiming to purchase quality companies at a discount to their intrinsic value [1]