Williams Companies, Inc. (the) · NYSE:WMB
Williams Companies, Inc. (the) — The Williams Companies — Merger or Acquisition (July 2026)
8 slides from Williams Companies, Inc. (the)'s merger presentation, July 2026
Slide 1: Williams Power Innovation Joint Venture
Williams Power Innovation Joint Venture July 2026 WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams Power Innovation Joint Venture I July 2026 I www.williams.com 1
Slide 2: Creating shareholder value through innovative JV structure
Creating shareholder value through innovative JV structure SECURING LOW-COST, EFFICIENT EQUITY CAPITAL $5.34B1 raised at ~6.35% cost of equity while preserving upside and retaining operatorship and key decision-making authority Low-Cost Capital + Expanded Growth Opportunities ENHANCING POWER PROJECT
Slide 3: Long-term upside preserved through JV structure
Long-term upside preserved through JV structure KEY TAKEAWAYS Cash Distribution Illustration WMB Partner Return of Equity Partner Return on Equity 13% 10% 8% 5% 3% 19% 17% 15% ▪ Promote significantly improves WMB 28% 49% 49% project economics and creates near-term 30% 32% 34% 36% 39% 41% 44% 46% 21%
Slide 4: Forward-looking statements and Non-GAAP disclaimer
Forward-looking statements and Non-GAAP disclaimer WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams Power Innovation Joint Venture I July 2026 I www.williams.com 4
Slide 5: Forward-looking statements
Forward-looking statements > The reports, filings, and other public announcements of The Williams Companies, Inc. (Williams) may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements” within the
Slide 6: Forward-looking statements (continued)
Forward-looking statements (continued) > Forward-looking statements are based on numerous assumptions, uncertainties, and risks that could cause future events or results to be materially different from those stated or implied in this report. Many of the factors that will determine these results are
Slide 7: Forward-looking statements (continued)
Forward-looking statements (continued) – The ability of the members of the Organization of Petroleum Exporting Countries and other oil exporting nations to agree to and maintain oil price and production controls and the impact on domestic production; – Changes in the current geopolitical situation;
Slide 8: Non-GAAP Disclaimer
Non-GAAP Disclaimer > This news release and accompanying materials may include certain financial measures – adjusted EBITDA, adjusted income (“earnings”), adjusted earnings per share, available funds from operations and dividend coverage ratio – that are non-GAAP financial measures as defined under
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