Financial Performance & Growth - Williams expects a 9% Adjusted EBITDA CAGR from 2020-2025G[3] - Williams showcases a 7% 5-year CAGR in Available Funds From Operations Per Share[17] - Williams anticipates a 9% 5-year CAGR in Adjusted Earnings Per Share from 2020-2025G[17] - Williams projects a Debt-to-Adjusted EBITDA ratio of approximately 365x in 2025, a 16% improvement since 2020[17] Strategic Growth & Opportunities - Williams has a deep backlog of high-return projects with approximately 13 Bcf/d of transmission and approximately 6 GW of potential power innovation projects[3] - Williams has over $14 billion in project opportunities with in-service dates from 2027-2033[28] - Williams is investing $16 billion in projects under construction to deliver 400 MW of power, with a potential backlog of 6 GW of power projects[31] Market & Demand - Approximately 1/3 of operating coal plants are within Williams' footprint, equating to >8 Bcf/d natural gas from coal to gas switching opportunity[12] - Projected Lower 48 natural gas demand grows by 22 Bcf/d through 2030[53] - Since 2013, demand for gas has grown by 49%, while infrastructure to deliver gas has increased by 26%, and storage delivery capacity has grown by 2%[70]

Financial Data and Key Metrics Changes - The company increased its 2025 adjusted EBITDA guidance midpoint by $50 million to $7.75 billion, representing a cumulative increase of $350 million since the original guidance was set in 2024 [11][17] - Adjusted EBITDA for Q2 2025 was $1.808 billion, an 8% increase from $1.667 billion in Q2 2024 [13][16] - The transmission and Gulf business improved by $91 million or 11%, setting an all-time record due to higher revenues from expansion projects [13][14] Business Line Data and Key Metrics Changes - The Gulf gathering volumes increased over 17% year-over-year, and NGL production rose about 77% [14] - The Northeast Gathering and Processing business improved by $22 million or 5%, primarily due to higher revenues [15] - The West segment also saw a $22 million or 7% increase, driven by higher Haynesville volumes and growth in the DJ Basin [15] Market Data and Key Metrics Changes - The company set an all-time record for summer demand on Transco, delivering 16.1 Bcf of natural gas on July 29, 2025 [6] - The company noted that nine of the ten highest peak summer days occurred this summer, despite it being 4.2% cooler than the previous year [6] Company Strategy and Development Direction - The company is focused on expanding its natural gas infrastructure to meet growing demand, emphasizing the importance of natural gas as a reliable and affordable energy source [21][23] - The strategy includes investing in projects that connect to robust demand from LNG exports, power demand, and industrial demand [52] - The company is optimistic about the growth potential from its backlog of fully contracted projects extending beyond 2030 [21][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to exceed historical growth rates, citing a stronger balance sheet and favorable tailwinds [28] - The management highlighted the need for energy infrastructure to support the growing demand for natural gas, particularly in light of rising utility bills and energy reliability concerns [21][66] - The company is actively pursuing permitting reform to enhance infrastructure development efficiency [78][108] Other Important Information - The company completed six major projects in the past quarter, including the Southeast Energy Connector and the Texas to Louisiana Energy Pathway [7][8] - The company is positioned to benefit from the growing wave of natural gas demand, with a focus on infrastructure that supports cleaner energy [21][23] Q&A Session Summary Question: Is there an upward bias to the 5% to 7% EBITDA CAGR guidance? - Management indicated that there are no significant headwinds and the company is positioned to exceed historical growth rates, with more details expected in early 2026 [26][28] Question: Update on long lead time equipment for additional projects? - Management expects to deliver commercial agreements for the next projects in the second half of the year, with potential capacity of up to a gigawatt by 2027 [30][32] Question: FIDs on pipeline side for the back half of 2025? - Management noted ongoing opportunities across various regions, including the Pacific Northwest, with a focus on meeting growing demand [38][40] Question: Update on Rockies Columbia Connector project? - Management highlighted strong interest in the project, driven by increased demand for natural gas in the Pacific Northwest [99][100] Question: Impact of steel tariffs on CapEx? - Management stated that steel costs could have a minor impact on total project costs, but strategic sourcing is in place to manage variability [75][76] Question: LNG infrastructure build-out and storage opportunities? - Management sees significant growth in LNG demand, which will drive additional projects and storage opportunities in the future [81][85]

Financial Performance - Adjusted EBITDA for Q2 2025 reached $1808 million, an 8% increase compared to $1667 million in Q2 2024[7] - Adjusted Earnings per Share increased by 7% from $043 in Q2 2024 to $046 in Q2 2025[21] - Available Funds From Operations increased by 5% from $1250 million to $1317 million[21] - The company increased Adjusted EBITDA guidance by $50 million, now targeting $775 billion at the midpoint[3] - The company anticipates 9% CAGR Adjusted EBITDA growth from 2020 to 2025G, reaching $76 - $79 billion[12] Strategic Initiatives & Growth Projects - Williams completed 6 projects recently, enhancing transmission and earnings in the Gulf and West regions[3] - A precedent agreement was signed for Transco's Northeast Supply Enhancement[3] - Williams acquired Saber Midstream in the Haynesville, expanding its footprint[3] - The company's 2025 Adjusted EBITDA guidance has increased cumulatively by $350 million since the original issuance[14] Sustainability - The 2024 Sustainability Report was published, highlighting industry-leading performance[4] - The company is targeting a 30% reduction in carbon intensity from 2018 levels by 2028[101]

Financial Data and Key Metrics Changes - The company reported a record second quarter EBITDA, with adjusted EBITDA up 7% compared to 2024, and earnings per share increased by 12% [25][9] - The debt to EBITDA ratio improved to 4.7 times as of June 30, primarily due to earnings from US gas utility acquisitions [9][30] - The company expects to finish the year in the upper end of its EBITDA guidance range and is well on track to meet its DCF per share midpoint [9][28] Business Line Data and Key Metrics Changes - In the Liquids segment, mainline volumes averaged 3,000,000 barrels per day, although there were weaker results at FSP and Spearhead, leading to a slight decrease compared to 2024 [25][26] - Gas transmission saw strong operational performance, with contributions from the Whistler JV and DBR system acquisitions, alongside revised rates on U.S. GT assets [26][27] - The gas distribution segment benefited from the acquisition of US gas utilities, higher rates, and colder weather, contributing to strong results [27][22] - Renewable power saw lower contributions from European offshore assets, partially offset by stronger wind resources in North America [27] Market Data and Key Metrics Changes - The company is well-positioned to capitalize on growing energy demand in North America, with its natural gas systems located near significant power generation facilities and data centers [15][14] - The company has a significant footprint in the Gulf Coast, connected to 100% of operating LNG export capacity, enhancing its market position [14][15] Company Strategy and Development Direction - The company is focused on disciplined capital allocation, with a target of $9 to $10 billion in annual investment capacity, prioritizing low multiple brownfield and utility-like projects [30][33] - The company is advancing a $32 billion secured capital program, adding visibility to its expected 5% growth through the end of the decade [35] - The company is actively pursuing opportunities across all business units, with a focus on renewable energy and gas transmission to meet rising power demand [16][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about ongoing conversations with policymakers to advance projects that meet growing energy demand [7][8] - The company highlighted its stable business model, which has protected it from commodity price volatility, with over 98% of EBITDA generated by regulated returns or long-term contracts [13][12] - Management remains confident in achieving near-term and medium-term growth outlooks despite challenges such as higher U.S. interest rates [29][28] Other Important Information - The company has sanctioned several projects, including the $900 million Clear Fork project in Texas, which is fully contracted under a long-term off-take agreement with Meta [11][12] - The company is also advancing multiple gas transmission projects to serve growing industrial power and LNG demand across North America [19][20] Q&A Session Summary Question: Opportunities for natural gas expansion - Management discussed various opportunities across their footprint, particularly in gas transmission and renewable sectors, highlighting 35+ opportunities for gas transmission [39][42] Question: Wood fiber project cost expectations - Management acknowledged higher capital costs for the wood fiber project but emphasized their ability to earn a low double-digit return [45][48] Question: Energy policy evolution in Canada - Management noted that current energy policies in Canada are not conducive to new pipeline investments, focusing instead on incremental projects to serve customer needs [53][56] Question: Ohio rate case impact - Management expressed confidence in the Ohio utility's growth despite disappointment in the recent rate case, highlighting strong ROE and capital riders [59][62] Question: Data center contractual frameworks - Management emphasized the importance of credit quality in customer contracts, favoring long-term agreements with established utilities and large tech companies [99][100]

Energy Market Outlook - Global energy demand is projected to steadily grow, driven by developing economies like India (32% of incremental demand from 2017 to 2040), China (26%), and Africa (15%) [9, 12] - The U S is the largest oil and gas producer, with production up 23% and 29% respectively in 2017 compared to 2000 and 2010 [16, 17] - U S oil and natural gas production is expected to grow by approximately 33% from 2017 to 2025 [22] Kinder Morgan's Asset and Financial Highlights - Kinder Morgan transports approximately 40% of the natural gas consumed in the U S [26, 39] - The company's 2019 budgeted Segment EBDA is approximately $84 billion, with natural gas pipelines contributing 61%, products pipelines 15%, terminals 14%, CO2 oil production 6%, and CO2 S&T 4% [25] - Kinder Morgan anticipates $5 billion of distributable cash flow (DCF) in 2019, allocating approximately $2 billion for dividends and $3 billion to enhance shareholder value [30] - Approximately 96% of Kinder Morgan's 2019 budgeted segment cash flow is from take-or-pay and other fee-based contracts or hedged [33] Growth and Capital Allocation - Kinder Morgan has $61 billion of commercially secured capital projects underway, with $43 billion specifically for natural gas projects [44] - The company's capital allocation priorities include maintaining a strong balance sheet with a target Net Debt / Adjusted EBITDA of approximately 45x, dividend growth, and share repurchases [37, 38] - U S natural gas production is projected to grow by over 30 Bcfd, or approximately 37%, through 2030, driven by key basins [39] Financial Performance and Valuation - Kinder Morgan's 2019 budgeted Adjusted EBITDA is $78 billion, and distributable cash flow (DCF) is $50 billion [73] - The company's 2019 dividend is targeted at $100 per share, with a planned increase to $125 per share in 2020 [38] - Approximately 69% of Kinder Morgan's 2019 budgeted net revenue is generated by end-users [87]

Financial Data and Key Metrics Changes - The company reported a 3% increase in adjusted EBITDA for Q1 2025, reaching $1,989 million compared to $1,934 million in Q1 2024 [17][22] - Adjusted EBITDA guidance for 2025 was raised from a midpoint of $7,650 million to $7,700 million, reflecting a 9% growth over 2024 [22][24] - The company received an S&P credit rating upgrade to BBB+ and a positive outlook from Moody's during the quarter [13][14] Business Line Data and Key Metrics Changes - The Transmission and Gulf segment saw a 3% increase in EBITDA, driven by higher revenues from expansion projects [18][19] - The Northeast Gathering and Processing business improved by $10 million or 2%, primarily due to higher revenues [20] - The West segment increased by $26 million or 8%, supported by strong margins and pipeline volumes [20] Market Data and Key Metrics Changes - The company noted a 12% increase in Gulf gathering volumes and a 42% rise in NGL production [19] - The demand for natural gas pipeline capacity and volumetric demand is expected to grow, regardless of near-term macroeconomic conditions [24] Company Strategy and Development Direction - The company is focused on capitalizing on the rising demand for natural gas, particularly in power generation and LNG exports [25][26] - The company is pursuing high-return projects with a strong backlog of fully contracted projects extending beyond 2030 [25][26] - The leadership transition is aimed at maintaining the company's strategic focus on natural gas while leveraging new opportunities [26][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth, citing a strong start to 2025 and a robust pipeline of projects [22][24] - The company is well-positioned to respond to the increasing demand for natural gas, particularly in dry gas basins [52] - Management emphasized the importance of maintaining high trust relationships with customers and suppliers to enhance operational efficiency [48] Other Important Information - The company successfully placed two projects into service during the quarter, contributing to earnings growth [10][11] - The quarterly dividend was increased by 5.3% to $0.50 per share, reflecting a commitment to a well-covered dividend program [16] Q&A Session Summary Question: Can you help us understand the size and returns for the new power projects? - Management expects the new projects to have attractive returns similar to the Socrates project, with full commercialization anticipated throughout the year [34] Question: What is the strategic rationale for the Cogentrix investment? - The investment is aimed at positioning the company to better serve the changing power market dynamics, particularly in the Northeast [38] Question: What competitive advantages does Williams have in the market? - The company attributes its success to collaboration across teams and the ability to provide comprehensive solutions for customers [45] Question: How does the company view the gas market unfolding? - Management sees a strong call for gas and expects to see rigs rotate into gas areas as oil prices soften [52] Question: What is the outlook for capital spending and project backlog? - The company anticipates elevated CapEx due to a strong project backlog and has sufficient balance sheet capacity to fund upcoming projects [57][59] Question: Can you provide an update on the Transco Power Express project? - The project is a 950 million cubic feet per day expansion, primarily sourcing from Station 165, and is scalable without dependence on Mountain Valley Pipeline expansion [91] Question: What is the risk management strategy for the Socrates and data center projects? - The company has fixed price agreements that mitigate commodity price exposure, with Sequent helping to source gas [82][84]

Financial Performance - Williams achieved 3% Adjusted EBITDA growth in 1Q 2025 compared to 1Q 2024, with Adjusted EBITDA reaching $1,989 million versus $1,934 million[9] - Williams achieved 12% Adjusted EBITDA growth in 1Q 2025 compared to 4Q 2024, with Adjusted EBITDA reaching $1,989 million versus $1,776 million[27] - The company increased its 2025 Adjusted EBITDA guidance midpoint by $50 million[8] - Williams anticipates 9% year-over-year growth in Adjusted EBITDA for 2025, with guidance set between $75 billion and $79 billion[15, 32] - Adjusted diluted EPS for 2025 is projected to grow by 7%, with guidance ranging from $194 to $218[32] - The company raised its 2025 dividend by 53%[8] Strategic Initiatives and Investments - Williams commercialized the Socrates power generation project, a $16 billion power innovation project in Ohio[8, 34] - The company acquired approximately 10% interest in Cogentrix Energy to enhance market intelligence and gas supply opportunities[8, 34, 40] - Williams increased 2025 growth capex by $925 million for the Socrates project[8] - The company signed a precedent agreement for Transco's Power Express expansion[8] Operational Highlights - Williams started construction on Transco's Alabama Georgia Connector and MountainWest's Overthrust Westbound Expansion[8] - Transco's Texas to Louisiana Energy Pathway and Southeast Energy Connector were placed in-service[8] - The Whale and Ballymore projects in the deepwater Gulf were completed[8] - Williams is expanding Haynesville gathering by 400 MMcf/d and adding 18 Bcf/d of natural gas takeaway[100, 103]