Williams Companies, Inc. (the) · NYSE:WMB

Williams Companies, Inc. (the) — Q4 2025 Earnings Presentation

156 slides from Williams Companies, Inc. (the)'s earnings presentation, Feb 10, 2026

Slide 2: Agenda
Agenda Welcome & CEO Corporate Operations & Introductions Perspective Strategy Execution Danilo Juvane, VP IR Chad Zamarin, President Rob Wingo, EVP, Corporate Larry Larsen, EVP & and ESG & Chief Executive Officer Strategic Development Chief Operating Officer Financial 15-minute Panel Question & Clo
Slide 3: CEO Perspective
CEO Perspective Chad Zamarin, President & Chief Executive Officer WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 3
Slide 4: We are the backbone of energy reliability
We are the backbone of energy reliability Our teams and infrastructure are essential - reliably delivering energy when it is needed the most WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 4
Slide 5: Connecting energy to innovation
Connecting energy to I N N O VAT I O N Proud history Strategic Culture of Leading the next of innovation assets and scale delivering results generation of growth 118 years deliver roughly 1/3rd $7.75B 2026+ For more than a century, of U.S. natural gas by Adjusted EBITDA in 2025, Williams is the trus
Slide 6: Building upon a history of innovation
Building upon a history of innovation 1908 From humble beginnings… Williams is founded by two brothers, growing to become an international infrastructure company and steadily pioneering large-scale, energy infrastructure solutions, helping establish the backbone of today’s U.S. energy network 118 YE
Slide 7: Poised to unlock value
Poised to unlock value INDUSTRY LEADING SHAREHOLDER RETURNS FINANCIAL STRENGTH & STABILITY OPERATIONAL EXCELLENCE TRACK RECORD OF RESULTS CONTINUED INNOVATION After a year of intentional transition, a team positioned to accelerate forward WILLIAMS © 2026 The Williams Companies, Inc. All rights reser
Slide 8: A fundamentals-based strategy
A fundamentals-based strategy INVEST IN THE An attractive $ value proposition FUTURE OF ENERGY A long-term growth trajectory WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 8
Slide 9: A fundamentals-based strategy
A fundamentals-based strategy WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 9
Slide 10: A new growth cycle for natural gas
A new growth cycle for natural gas Building blocks of natural gas growth LNG growth Exporting the energy source that powers the world Natural gas demand expected to rise Power generation Meeting the energy needs to power AI ~35% Industrialization in the next decade1 Powering the reshoring of energy
Slide 11: The U.S. has become the dominant natural gas producer
The U.S. has become the dominant natural gas producer Top 10 Global Natural Gas Producers (Bcf/d) Natural gas production is a 100 U.S. strategic advantage for the U.S. Since 2000, U.S. has 80 doubled gas production 60 Russia U.S. is the largest producer of natural gas globally, surpassing Russia and
Slide 12: Natural gas is our nation’s competitive advantage
Natural gas is our nation’s competitive advantage Natural gas in many U.S. regions has an energy cost equivalent of $0.25 per gallon of gasoline ENERGY DENSE LOW-COST A D VA N TA G E D Natural gas is The amount of energy 1 MMBtu of natural ~$3.50/MMBtu from natural gas is gas delivers roughly in 202
Slide 13: Growing need for reliable natural gas infrastructure
Growing need for reliable natural gas infrastructure U.S. natural gas pipeline and storage capacity As U.S. demand accelerates, so does the have not kept pace with demand need for infrastructure 120% Since 2013, demand for natural gas has grown by 100% 49% while infrastructure to deliver 80% natural
Slide 14: Outdated permitting drives costs higher for consumers
Outdated permitting drives costs higher for consumers Infrastructure constraints directly affect consumer costs Winter natural gas prices have been 230-250% higher Lack of infrastructure in Massachusetts, New York and increases energy prices Connecticut vs. Northeast Pennsylvania1 When pipeline and
Slide 15: U.S. electricity generation has been stalled for decades
U.S. electricity generation has been stalled for decades Global electricity demand has more than doubled since 2000; however, U.S. generation has remained flat U.S. Total Electricity Generation, in TWh It takes an average of 10 years in the U.S. to bring a high-voltage 10,000 transmission line to op
Slide 16: China dominates the U.S. in scaling electricity generation
China dominates the U.S. in scaling electricity generation China now generates DOUBLE the electricity as the U.S. and has demonstrated its ability to scale rapidly U.S. Total Electricity Generation, in TWh China is the world’s largest electricity producer, accounting 10,000 China for 1/3rd of global
Slide 17: And the energy race is on…
And the energy race is on… The biggest barrier to realizing the potential of artificial intelligence is a lack of infrastructure and energy Eventually, the cost of intelligence, the cost of AI, will As countries race to build AI converge to the cost of energy [..] infrastructure to capitalize on the
Slide 18: An attractive value proposition
An attractive value proposition WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 18
Slide 19: Strategic investments fuel Williams’ growth
Strategic investments fuel Williams’ growth For more than a century, Williams has fueled progress with strategic investments and innovation Power Storage Alongside growing G&P investments in pipeline and storage projects, Transmission Williams has Williams is investing in Williams’ G&P footprint exp
Slide 20: An unmatched footprint and strategic focus
An unmatched footprint and strategic focus PROVEN PREMIER M I D S T R E AM O P E R ATO R Routinely deliver approximately 1/3rd of the nation’s natural gas F I N AN C I AL S T R E N G T H AN D S TAB I L I T Y Proven ability to deliver stable growth while maintaining financial flexibility LONG-TERM S
Slide 21: Outpacing the S&P and related industry sectors
Outpacing the S&P 500 and related industry sectors 1-Year TSR Annualized 3-Year TSR1 Annualized 5-Year TSR1 31% 28% 24% 23% 18% 16% 15% 14% 10% 10% 9% 6% WMB Energy Utilities S&P 500 WMB Energy Utilities S&P 500 WMB Energy Utilities S&P 500 1TSR is indexed and annualized. Data pulled from FactSet an
Slide 22: Delivering proven results with compelling upside
Delivering proven results with compelling upside Track record of delivering shareholder value with attractive growth ahead 350% A differentiated energy investment 300% $ 298% Predictability High-growth 250% Total Shareholder Return (2021-2025)1 200% 13 YEARS 14% OF ADJUSTED EBITDA 5-YEAR ADJUSTED EP
Slide 23: A long-term growth trajectory
A long-term growth trajectory WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 23
Slide 24: Raising the bar – and leading into the future…
Raising the bar – and leading into the future… Uniquely positioned to capture historic growth opportunity Suite of take-or-pay pipeline transmission projects 10%+ Innovative high-return ADJUSTED EBITDA power innovation projects CAGR THROUGH Delivering attractive 5-7% 2030 shareholder returns ADJUSTE
Slide 25: A differentiated energy investment opportunity
A differentiated energy investment opportunity A strategy rooted in An attractive value A long-term growth fundamentals proposition trajectory Delivered ~35% 16% 9% Expected increase in natural gas Peer-leading CROIC showcases demand through 20351 history of high margin investments2 ADJUSTED EBITDA
Slide 26: Corporate Strategy
Corporate Strategy Rob Wingo, Executive Vice President, Corporate Strategic Development WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 26
Slide 27: Expo highlights and insights
Expo highlights and insights Platform designed to showcase the technologies and partnerships driving the future of energy infrastructure 10 Showcased key technologies to vendors sustainably meet growing energy demand 11 Highlighted the importance of natural gas & technology panelists to drive econom
Slide 28: Our strategy is driven by long-term fundamentals
Our strategy is driven by long-term fundamentals COMPELLING MEANINGFUL VALIDATED LONG-TERM COMPETITIVE STRATEGIC OUTLOOK EDGE MODEL WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 28
Slide 29: Business aligned with strong fundamentals
Business aligned with strong fundamentals LNG Transport Power ~39 Bcf/d Exports + Other of forecasted natural gas demand growth through 2035 Industrial + Residential + Mexican Blue Hydrogen Commercial Exports Source: Wood Mackenzie North America Gas, Investment Horizons Outlook 2025. See appendix fo
Slide 30: Business aligned with strong fundamentals
Business aligned with strong fundamentals LNG Transport Power ~80% Exports + Other of forecasted demand growth from LNG and power Industrial + Residential + Mexican Blue Hydrogen Commercial Exports Source: Wood Mackenzie North America Gas, Investment Horizons Outlook 2025. See appendix for required
Slide 31: Power demand growth drives the need for more natural gas
Power demand growth drives the need for more natural gas Growing Natural Gas Data Centers Driving Demand from Power Sector Power Demand Growth 50 More on-grid power demand ~10 Bcf/d Lower 48 Natural Gas Demand (Bcf/d) gas demand growth in 3.4x growth per year next decade 40 the power sector alone vs
Slide 32: Profound shift in natural gas power demand due to AI boom
Profound shift in natural gas power demand due to AI boom Prior Forecast Comparisons for U.S. L48 Natural Gas Demand for Power Generation 50 76% Forecasters underestimating Lower 48 Natural Gas Demand (Bcf/d) 45 increase in expected 2035 demand 2021 forecast vs. 2025 forecast the need for gas 40 Lon
Slide 33: Meaningful competitive edge
Meaningful competitive edge WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 33
Slide 34: Strategically positioned to support the next LNG wave
Strategically positioned to support the next LNG wave Forecasted Growth for LNG Feed Gas by Basin (2025-2035) PORTFOLIO-WIDE VALUE CREATION 20+ Bcf/d APPALACHIA Greater pull from Williams’ G&P systems; of LNG demand supporting higher throughput growth through 2035 1.6 Bcf/d Increased demand along Tr
Slide 35: Evolving to ensure continued growth
Evolving to ensure continued growth SOLVING A NEW CHALLENGE WITH AN EXISTING SOLUTION THE CHALLENGE RELIABLE UNIQUE LOAD SPEED POWER DEMANDS TO MARKET ✓ Leveraging natural gas, Designing solutions to Reaching market in proven technologies and customer specifications <18 months while marketing expert
Slide 36: A unique combination of scale and capabilities
A unique combination of scale and capabilities Strategically positioned to serve growing demand Deliver ~1/3rd of the nation’s natural gas Operate >32,000 miles of pipeline in 24 states Operate 300+ turbines across our footprint Supply gas for 25 GW through our Sequent platform Williams’ asset Seque
Slide 37: Announced first three power innovation projects in 2025
Announced first three power innovation projects in 2025 AQUILA • 369 MW ISO capacity APOLLO • 10-year agreement • 490 MW ISO capacity Announced • 10-year agreement ~$5 BILLION SOCRATES of projects in • 556 MW ISO capacity • 10-year agreement 2025 Delivering full-scale solutions: including gas supply
Slide 38: New project secured; upsized and extended Aquila & Apollo
New project secured; upsized and extended Aquila & Apollo AQUILA • 520 MW ISO capacity APOLLO • ISD: Two phases (2H 2027 & 1H 2028) • 490 MW ISO capacity • 12.5-year agreement • ISD: 2H 2027 • 12.5-year agreement Investing over $7 BILLION in projects with SOCRATES • 556 MW ISO capacity attractive re
Slide 40: Clear execution on our plan
Clear execution on our plan OUR STRATEGIC MODEL Value creation enabled by ALIGN WITH STRONG disciplined, strategy-led decisions FUNDAMENTALS Intentionally tailored portfolio to focus LEVERAGE OPERATIONAL ✓ on clean, affordable and reliable energy SYNERGIES Proactively investing in assets and ENHANCE
Slide 41: Creating shareholder value through accretive investments
Creating shareholder value through accretive investments Gained and acquired strategic E&P Added critical gas pipeline and Acquired remaining interest in Invested in first behind-the- assets; formed JVs to extract value storage assets through Discovery JV to enhance meter project to serve Since 2020
Slide 42: High-grading business mix through 2030
High-grading business mix through 2030 Current fundamentals support shifting business mix ~5-10% Other 8% Attractive suite of high-return projects will ~30-35% grow the Transmission, Power & Gulf Gathering & 45% segment’s portion of overall Processing Adjusted EBITDA 60%+ Focused capital investment
Slide 43: Best positioned to win
Best positioned to win Unmatched portfolio of growth opportunities WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 43
Slide 44: Operations & Execution
Operations & Execution Larry Larsen, Executive Vice President & Chief Operating Officer WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 44
Slide 45: A premier energy platform driving long-term value
A premier energy platform driving long-term value TOP-TIER ROBUST UNMATCHED MIDSTREAM PROJECT GROWTH OPERATOR EXECUTION PLATFORM WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 45
Slide 46: Key drivers of our best-in-class operations
Key drivers of our best-in-class operations OBJECTIVE EXECUTION ✓ Prioritize Safety & • ~30% reduction in total recordable incident rate (TRIR) 2025 vs 2024 Reliability • Nearly 100% of customer volumes delivered reliably in 2025 ✓ Drive Sustainable • Exceeded target of 5% reduction in methane inten
Slide 47: Spotlight: Ensuring energy delivery in Winter Storm Fern
Spotlight: Ensuring energy delivery in Winter Storm Fern Our teams work around the clock to ensure the safe and reliable delivery of energy to heat homes and power essential services,, even in the harshest conditions Leveraged learnings to develop and deploy a weather resiliency plan Utilized techno
Slide 49: Robust project execution accelerating transmission growth
Robust project execution accelerating transmission growth A YEAR IN REVIEW FEBRUARY 2025 FEBRUARY 2026 YEAR SUMMARY Wharton West ANNOUNCED BEFORE 2025 Power Express Green River West Expansion Line 200 Northeast Supply Enhancement Huntingdon Connector Gillis West Dalton Lateral Expansion II Wild Trai
Slide 50: Robust project execution accelerating transmission growth
Robust project execution accelerating transmission growth A YEAR IN REVIEW FEBRUARY 2025 FEBRUARY 2026 YEAR SUMMARY Wharton West ANNOUNCED BEFORE 2025 Power Express ANNOUNCED IN 2025 Green River West Expansion COMPLETED IN 2025 Line 200* Northeast Supply Enhancement Huntingdon Connector Gillis West
Slide 51: Robust project execution accelerating transmission growth
Robust project execution accelerating transmission growth A YEAR IN REVIEW FEBRUARY 2025 FEBRUARY 2026 YEAR SUMMARY ~7.5 Bcf/d ~ 4.4 Bcf/d ~1.1 Bcf/d Progressed Announced Completed WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www
Slide 52: Precision-engineered delivery of Socrates
Precision-engineered delivery of Socrates SOCRATES POWER PROJECT TIMELINE Capital ✓ Initial public outreach deployment 1H’25 $$$ ✓ Ohio Power Siting Board approval $ ✓ Receive state permits 2H’25 ✓ Begin construction All pipeline mechanically complete Plato South testing/commissioning starts 1H’26 A
Slide 53: Proactive and established supply chain management
Proactive and established supply chain management Diversified supply with best-in-class turbine manufacturers Proven operator and first mover Major equipment in turbine procurement secured to support the Secured orders that ensure power project supply into the early 2030s ~6 GW project backlog Minim
Slide 55: High-return growth opportunities across Williams’ portfolio
High-return growth opportunities across Williams’ portfolio TRANSMISSION STORAGE • 13 transmission expansions underway • 10 Bcf Pine Prairie expansion underway • ~14.3 Bcf/d of expansions in backlog • ~18 Bcf of expansion opportunity in backlog • Ideal footprint for demand-pull expansions • Re-contr
Slide 56: Projects in execution adding long-term value
Projects in execution adding long-term value Williams’ Total Fully-Contracted Year-End Delivery Capacity1, Highlighting Additions by Pipeline 42 Surpassing 41 Bcf/d of 41 delivery capacity by 2030 GENERATING 40 SIGNIFICANT 39 TAKE-OR-PAY 38 EARNINGS Bcf/d 37 36 35 34 33 ~$4.6 billion ~21% growth 32
Slide 57: Strong project pipelines underpin future growth potential
Strong project pipelines underpin future growth potential Driving rapid expansion in Williams’ most valuable segment with demand-pull projects that boost throughput and strengthen our G&P business Transmission Power1 Storage EXECUTION ~7.1 Bcf/d ~1.9 GW 10 Bcf (2026-2030) (2026-2028) (2028) BACKLOG
Slide 58: Platform for continued success
Platform for continued success Premier midstream operator Distinguished by best-in-class safety, sustainability, financial discipline and growth Robust project execution Demonstrated timely execution of projects from commercial concept to operation Unmatched growth platform Irreplaceable asset footp
Slide 59: Financial Outlook
Financial Outlook John Porter, Executive Vice President & Chief Financial Officer WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 59
Slide 60: A track record of financial outperformance
A track record of financial outperformance STRONG INCREASING DRIVING START TO MOMENTUM SHAREHOLDER DECADE AHEAD VALUE WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 60
Slide 61: Continuing to showcase our financial strength
Continuing to showcase our financial strength Adjusted EBITDA Adjusted Earnings Per Share $7.75B $2.10 Continued growth 7% after record years 9% 5-YEAR 14% 5-YEAR CAGR CAGR 5-YEAR CAGR Demonstrated strong financial performance 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 through econo
Slide 62: Closing out a record year with 9% growth 2024 vs. 2025
Closing out a record year with 9% growth 2024 vs. 2025 Key Earnings Drivers WMB Adjusted EBITDA ($MM): 2024 vs. 2025 TRANSMISSION, POWER & GULF Higher earnings due to transmission and Gulf expansions, higher $8,000 Transco rates, favorable storage re-contracting and the Discovery $99 $7,750 acquisit
Slide 63: Demonstrated growth through various commodity cycles
Demonstrated growth through various commodity cycles Williams Annual Adjusted EBITDA vs. Natural Gas Commodity Prices $8,000 ~$7.75B $7 $7,000 $6 Adjusted EBITDA Adjusted EBITDA ($MM) $5 $6,000 $4 9% $/MMBtu CAGR (2020-2025) $5,000 $3 $4,000 Henry Hub $2 $3,000 $1 $3.44 per MMBtu avg. (2020-2025) 2%
Slide 64: Anticipating continued growth in 2026 and beyond
Anticipating continued growth in 2026 and beyond WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 64
Slide 65: Anticipating continued business strength in 2026
Anticipating continued business strength in 2026 2025 Actuals 2026 Guidance Y/Y Change* Adjusted EBITDA $7.750B $8.05B - $8.35B 6% Adjusted EPS1 $2.10 $2.20 - $2.38 9% Available Funds From Operations (AFFO) $5.858B $6.085B - $6.315B 6% AFFO Per Share $4.78 $4.95 - $5.14 6% Dividend Coverage Ratio 2.
Slide 66: Continued growth after record years
Continued growth after record years 2026 GROWTH DRIVERS ➢ Pipeline expansions from 2H’25 into 2026 $8.2B ➢ Ramping of Gulf projects 2026 Adjusted ➢ Full year of LEG and growth in Haynesville G&P EBITDA1 ➢ Partial year contribution from Socrates 12026 Adjusted EBITDA based on the midpoint of 2026 gui
Slide 67: Capital investments drive step up in earnings growth
Capital investments drive step up in earnings growth Growth Capital Targeted growth investments fuel by Segment sustained earnings expansion ~$6.4B4 A&D1 Continued investments in TPG drive Other stable cash flows G&P TPG2 Supporting Adjusted EBITDA growth target of 10%+ CAGR to 2030 History of accre
Slide 68: Expected capital drivers for 2026
Expected capital drivers for 2026 1 2026 Capital ➢ Maintenance capital supporting integrity of pipelines and continued Maintenance Capital2 $900MM investments in emissions reduction Investments in working program condition of assets to Other protect the business G&P ➢ Growth capital concentrated on
Slide 69: Delivering shareholder value
Delivering shareholder value WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 69
Slide 70: Returns-based approach to capital allocation
Returns-based approach to capital allocation Protect long-term Preserve our Invest in health of balance long-standing high-return sheet and commitment to growth projects investment-grade shareholder with a continued credit rating returns and emphasis on dividend growth ROIC Retain ability to enhance
Slide 71: Delivering peer-leading returns through disciplined investing
Delivering peer-leading returns through disciplined investing Cash Return On Invested Capital (2019-2024) 16% 13% 13% 16% cash return on investment Top CROIC showcases track record 12% of strong returns 10% 9% Driving value creation through 3% attractive investments Peer 1 Peer 2 Peer 3 Peer 4 Peer
Slide 72: Clear line-of-sight to near-term contracted growth
Clear line-of-sight to near-term contracted growth Transmission Deepwater 2026 uplift Alabama Georgia Connector 4Q’25 ✓ Salamanca 4Q’25 ✓ Commonwealth Energy Connector 4Q’25 ✓ 2027 uplift Stanfield South 4Q’25 ✓ Overthrust Westbound Expansion Naughton Coal-to-Gas Conversion 4Q’25 2Q’26 ✓ Socrates Po
Slide 73: Sustaining momentum through the end of the decade
Sustaining momentum through the end of the decade Framework for success 2020-2025 Performance 2025-2030 Outlook Delivering on 9% 10%+ projects currently in Adjusted EBITDA 5-year CAGR Adjusted EBITDA 5-year CAGR execution Capitalizing on 14% 10%+ robust suite of Adjusted EPS1 5-year CAGR Adjusted EP
Slide 74: Why Williams?
Why Williams? Financial Strength Predictability Continued Growth Driving results through Delivering year-over-year Building on the past and operational excellence and earnings growth and fueling future growth by a disciplined focus on consistently meeting or executing on high-return long-term value
Slide 76: A differentiated energy investment opportunity
A differentiated energy investment opportunity A fundamentals-based An attractive A long-term strategy value proposition growth trajectory Solving the world’s need for clean, Williams offers a differentiated Williams will remain a long-term affordable and reliable energy energy investment opportunit
Slide 78: Exhibitors: Clean Energy and Technology Expo
Exhibitors: Clean Energy and Technology Expo SPOTLIGHTING INNOVATIVE SOLUTIONS SUPPORTING THE RAPID GROWTH OF DATA CENTERS AND THE EVOLVING POWER DEMANDS THEY BRING WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 78
Slide 79: Panel 1: Clean Energy and Technology Expo
Panel 1: Clean Energy and Technology Expo MODERN ENERGY STRATEGIES FOR DATA CENTERS Discussing energy and infrastructure solutions and regulatory reform opportunities for meeting the rapid growth of data centers Louis Renjel Pablo Koziner Steven Westhoven Sarah Orban Salati Drew Maloney CEO Midwest
Slide 80: Panel 2: Clean Energy and Technology Expo
Panel 2: Clean Energy and Technology Expo POWERING GROWTH, PROVING PROGRESS Discussing the integration of clean energy solutions into established infrastructure to drive economic and environmental performance Tim Vail Sean Jones Ian Dickinson Jaclyn Presnal Jakob Carnemark Chip Pickering CEO Senior
Slide 82: Core business critical to serving today’s energy needs
Core business critical to serving today’s energy needs Serving 11 key supply areas and handling approximately 1/3rd of the nation’s natural gas 34.6MMDth/d Gas Transmission Capacity 30.8 Bcf/d Gas Gathering Capacity WILLIAMS FACILITIES Gas Plant Fractionator Storage Amine Treating 8.3Bcf/d Gas Proce
Slide 83: Operating segments within our strategic asset footprint
Operating segments within our strategic asset footprint Transmission, Power & Gulf • Transco • Gulf of America G&P • Northwest Pipe • NorTex Storage • Gulfstream • Gulf Coast Storage • MountainWest • Power Innovation Northeast Gathering and Processing • Laurel Mountain • Northeast JV Natural Gas Tra
Slide 84: Williams’ functions across the natural gas value chain
Williams’ functions across the natural gas value chain Natural Gas Natural Gas Natural Gas NGL Gas & NGL Gathering & Treating Processing Transmission & Storage Services Marketing Services • Gather and treat natural • Process volumes to • Move post-processed • NGLs transported to • Market gas & NGLs
Slide 85: Northeast: Anchored in the nation’s largest gas supply basin
Northeast: Anchored in the nation’s largest gas supply basin Ohio River Supply Hub (ORSH1) Natural Gas Gathering Susquehanna River Northeast JV Northeast JV Supply Hub (SRSH) Ohio Valley Midstream & Utica East Ohio LMM & Marcellus South Midstream: Cardinal & Flint Susquehanna Supply Hub • Operated j
Slide 86: Northeast generating significant excess cash flow
Northeast generating significant excess cash flow Northeast G&P Adjusted EBITDA and Total Capital in $ Millions $2,028 $1,955 $1,966 $1,796 $1,712 • Maintenance levels of $1,535 capital spending in 2025 • A focus on efficiency and ~$1.8B in excess optimization reduces cost cash flow2 generated • Con
Slide 87: West portfolio driving earnings growth and excess cash flow
West portfolio driving earnings growth and excess cash flow West Adjusted EBITDA and Total Capital in $ Millions $1,450 $1,322 $697MM in $1,236 ▪ 2025 capital spending $1,219 excess cash flow2 increased due to the generated Louisiana Energy Gateway $961 in 2025 project $940 ▪ A focus on efficiency a
Slide 88: Natural gas fundamentals drive our competitive strategy
Natural gas fundamentals drive our competitive strategy WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 88
Slide 89: Natural gas is a tool to solve energy challenges
Natural gas is a tool to solve energy challenges RELIABLE AFFORDABLE Natural gas is an available Natural gas remains cheapest energy backup and easily dispatchable source for residential consumers EMISSIONS ABUNDANT Vast resource of gas supplies to REDUCTION serve demand domestically and Continued o
Slide 90: Gas generation climbs despite growth in solar and wind
Gas generation climbs despite growth in solar and wind L48 Natural Gas Generation vs. Solar & Wind Power Capacity 350 2,000 1,800 Natural gas is now 300 1,600 stronger than ever in 250 U.S. power sector 1,400 Generation in TWh Capacity in GW 1,200 200 As intermittent solar and 1,000 wind capacity in
Slide 91: Natural gas remains the benchmark for reliable capacity
Natural gas remains the benchmark for reliable capacity Capacity Accreditation Factor Ranges in U.S. Markets (%) 100 Capacity credits adjust 90 nameplate capacity to reflect firm capacity during peak 80 demand events 70 60 Natural Gas Combined-Cycle 50 have highest accreditation factors; close to 10
Slide 92: Natural gas remains the most affordable option for residents
Natural gas remains the most affordable option for residents U.S. Residential Energy Prices by Fuel $50 Abundant natural gas Electricity resources and an extensive $45 pipeline network keep prices $40 affordable and stable $35 Propane The delivered cost $30 of natural gas is $/MMBtu Distillate Fuel
Slide 93: U.S. CO2 emissions fell as natural gas generation increased
U.S. CO2 emissions fell as natural gas generation increased 3.0 50% 2.4B 45% Metric Tons CO2 2.5 Natural gas market share 1.9B 40% Metric Tons CO2 42% increased from 18% to 42% U.S. Electric 35% Shift away from carbon-intensive 2.0 Power Sector: coal to natural gas and renewables CO2 Emissions 30% c
Slide 94: Ample coal-to-gas switching opportunities in our footprint
Ample coal-to-gas switching opportunities in our footprint Williams Asset Map, Highlighting Third-party Operating Coal Plants 65 Equates to Coal plants; 57 GW +8.7 Bcf/d natural Net summer gas1 capacity Equates to Equates to 342 MM 80 MM mt CO2 reduction cars off the road annually Operating coal pla
Slide 95: Ample U.S. natural gas supplies to meet growing demand
Ample U.S. natural gas supplies to meet growing demand ~2,984 trillion cubic feet 100% 75% 49% of natural U.S. Cumulative Gas Demand Growth Remaining U.S. Gas Resources gas resources through 2050 as a Percent of Total U.S. 50% remaining Natural Gas Technically in 2050 Recoverable Resources 25% Cumul
Slide 96: Nearly 40 years of economic gas resources
Nearly 40 years of economic gas resources Remaining Non-Associated Gas Resources U.S. has enough sub-$4 (Trillion Cubic Feet) 1,500 non-associated gas resource and sub-$55 associated gas 1,000 resource to reach 500 0 2052 <$3.00 <$4.00 <$5.00 Total Resource Remaining Associated Gas Resources (Trilli
Slide 97: Proved natural gas reserves continue to climb in the U.S.
Proved natural gas reserves continue to climb in the U.S. U.S. L48 Dry Natural Gas Proved Reserves Estimates in Tcf 550 The call on U.S. natural gas will need to come from Appalachia 440 Appalachia remains largest natural gas resource in U.S. at 37% of total 330 U.S. Lower 48 220 110 Appalachia 0 20
Slide 98: The growing need for more natural gas
The growing need for more natural gas Total Projected Global Energy Consumption by Fuel, Natural gas remains a significant fuel source in 2025 – 2040¹ domestic and global demand 1/4th - 5 QBtu - 53 QBtu 200 - 3% - 28% + 22 QBtu + 16% Global demand will be supplied by natural gas in 2040 1 150 50% QB
Slide 99: Demand driven growth will fuel future performance
Demand driven growth will fuel future performance Power Demand LNG Demand Renewables Support Coal Retirements 3.4x faster Doubling 2.4x more 199 coal plants electricity growth this decade U.S. LNG exports performance from natural gas remaining in operation in vs. prior1 by 20352 than wind and solar3
Slide 100: China has a headstart in the race for more power
China has a headstart in the race for more power Installed Power Capacity (2010-2024) Expected Installed Power Capacity (2024-2040) 3,000 25,000 From 2010-2024, China outpaced U.S. installed power capacity by over 9x GW 7.5x Despite U.S.’s forecasted 10x increase in installed more capacity 0 capacit
Slide 101: China has become the world’s manufacturing superpower
China has become the world’s manufacturing superpower U.S. global manufacturing market share has been in decline since 2000, while China has risen to dominate Share of Global Manufacturing Output 2000 – 2023 0.35 In 2010, China overtook U.S. to become world’s 0.3 China largest manufacturer 0.25 By 2
Slide 102: Gas power generation gaining market share along Transco
Gas power generation gaining market share along Transco Power Generation Market Share in Transco Corridor ‘22-‘25 Natural gas plays a significant role in power generation along Transco’s footprint 52% 51% o Captured 1/2 of market share in 2025 50% 50% o Grew 14% since ‘20, even while renewables gene
Slide 103: Surge in U.S. LNG exports drives demand growth
Surge in U.S. LNG exports drives demand growth Total demand including exports averaged 113 Bcf/d in 2025 compared to 108 Bcf/d in 2024 Driven by strong LNG export demand and higher Res/Com demand 40 -2% 35 30 25 +1% +11% Bcf/d 20 1,897 -5% 1,795 CDD CDD +26% 15 10 +13% 3,019 3,405 HDD HDD +3% 5 - 20
Slide 104: More natural gas required to feed growing electricity demand
More natural gas required to feed growing electricity demand AI-driven future and electrification of transport and heating will create unprecedented growth in power demand U.S. Net On-Grid Power Demand RAPID INCREASE IN 7,000 ELECTRICITY DEMAND 6,000 5% (2010-2024) with majority of growth captured i
Slide 105: Lower natural gas demand rises Bcf/d by 2030
Lower 48 natural gas demand rises 19 Bcf/d by 2030 Projected L48 Natural Gas Cumulative Expected Growth (2025 – 2030) Demand Growth over 2025 Levels 25 LNG Exports | + 11.8 Bcf/d Total Demand 20 3.2% Industrial + Blue Hydrogen | + 3.4 Bcf/d CAGR ‘25 – ’30 15 Power | + 2.7 Bcf/d Bcf/d 10 Transport +
Slide 106: Transco resides along active and growing U.S. LNG corridor
Transco resides along active and growing U.S. LNG corridor Williams’ Asset Map in U.S. Gulf Coast + U.S. L48 Large Scale Approved and Potential Liquefaction Facilities Per EIA 17.8 15.9 13.0 Bcf/d1 Bcf/d Bcf/d LNG projects LNG export LNG export already projects currently projects awaiting operationa
Slide 107: Global LNG demand growth poised to increase
Global LNG demand growth poised to increase Global LNG Demand Expected to Grow Over the Next Decade1 (57 Bcf/d in 2025 to 90 Bcf/d in 2035) 90 Rest of World U.S. BEST-POSITIONED TO 3 Marine bunkers More than 3 2 Europe CAPTURE INCREASING DEMAND 80 70 90 Bcf/d 11 China global market From 2025-2035: d
Slide 108: Rising U.S. gas demand calls for growth in key supply areas
Rising U.S. gas demand calls for growth in key supply areas Forecasted Lower 48 Natural Gas Production by Supply Area (2025-2034) 3% CAGR 45 40 35 Williams to capitalize 4% CAGR on growth with assets in 30 7% CAGR geographically diverse Bcf/d 25 supply areas 20 15 10 1% CAGR 3% CAGR 5 1% CAGR 0% CAG
Slide 109: Northeast remains largest and most economic gas basin
Northeast remains largest and most economic gas basin Natural Gas Reserves for Non-Associated Plays By Local Hub Natural Gas Breakeven Prices1 Tcf 85% remaining natural 1,000 gas reserves under $3.50 are in Northeast 800 & Haynesville 600 ~83% 400 of Williams’ gathering volumes are from Marcellus, U
Slide 110: Renewables remain a small part of the total energy mix
Renewables remain a small part of the total energy mix 2025 Total Global Energy Electricity accounts for Consumption by Sector 2025 Global Power Generation by Fuel Type ~37% of total end-use energy consumption Transport 18% Natural gas, Losses Coal, 22% & Gains Wind, 5% 44% 6% 9% Solar, 4% AND Elect
Slide 111: Williams in a position of growth
Williams in a position of growth WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 111
Slide 112: Executing significant portfolio of expansions along Transco
Executing significant portfolio of expansions along Transco 1 Project Target In- Current Status Project Service Capacity Northeast Supply Final permits 1 4Q’27 400 MMcf/d 2 Enhancement received Signed precedent Power Express 2 3Q’30 689 MMcf/d 3 agreements 4 Southeast Supply Received FERC 3 3Q’27 1,
Slide 113: Investing in the West
Investing in the West 1 1 Huntingdon Connector Capacity: 78 MMcf/d | Expected ISD: 4Q 2026 | Northwest 2 2 Kelso-Beaver Reliability Project Capacity: 183 MMcf/d | Expected ISD: 4Q 2028 | Northwest 3 3 Stanfield South Capacity: 80 MMcf/d | In-service: 4Q 2025 | Northwest 4 Naughton Coal-to-Gas Conver
Slide 114: Rising peak demand on Williams’ gas transmission systems
Rising peak demand on Williams’ gas transmission systems Williams’ contracted natural gas capacity continually needed to supply grid reliability on days of peak demand alongside ongoing renewable capacity buildouts and coal retirements in our pipeline markets Transco Pipeline Northwest Pipeline Moun
Slide 115: Growing backlog of attractive projects
Deep and diverse portfolio of transmission projects Opportunity set expanded with additional re-filling of sales funnel Growing backlog of 30+ potential projects in attractive projects development stages serving industrial, power and LNG facilities Our ~$15.5 billion backlog enables profitable growt
Slide 116: Growing portfolio of projects to support data centers
Growing portfolio of projects to support data centers Investing in the future of POWER ~6 GW Quick. Reliable. Sustainable. $7.3B of potential projects in execution in backlog 1 • Williams’ behind-the-meter power generation opportunities strategically create a new line of business serving high-qualit
Slide 117: Enhancing core business through Sequent
Enhancing core business through Sequent Generating significant earnings since acquisition by capitalizing on volatility and storage Driving value to base business by increasing utilization of assets Managing downside risk and acting as natural hedge for G&P price exposure Map legend Sequent’s Market
Slide 118: Williams is a unique investment opportunity
Williams is a unique investment opportunity WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 118
Slide 119: Strong results across key financial metrics
Strong results across key financial metrics Strong Financial Performance 4Q 4Q Change 2025 2024 Change Across Key Metrics 2025 2024 Adjusted EBITDA $2,033 $1,776 14% $7,750 $7,080 9% Adjusted Earnings per Share $0.55 $0.47 17% $2.10 $1.92 9% Available Funds from Operations $1,647 $1,335 23% $5,858 $
Slide 120: Achieved 14% growth 4Q 2025 vs. 4Q 2024
Achieved 14% growth 4Q 2025 vs. 4Q 2024 Key Earnings Drivers WMB Adjusted EBITDA ($MM): 4Q 2025 vs. 4Q 2024 TRANSMISSION, POWER & GULF $2,100 Higher earnings due to transmission and Gulf expansions, higher Transco rates and favorable storage re-contracting $27 $2,033 $43 $6 NORTHEAST G&P $9 Other In
Slide 121: Achieved 6% growth 4Q 2025 vs. 3Q 2025
Achieved 6% growth 4Q 2025 vs. 3Q 2025 Key Earnings Drivers WMB Adjusted EBITDA ($MM): 4Q 2025 vs. 3Q 2025 TRANSMISSION, POWER & GULF Higher earnings due to transmission expansions and $2,100 increased Gulf volumes $7 $2,033 NORTHEAST G&P $31 Other Higher earnings due to increased Blue Racer Midstre
Slide 122: Steady growth in Williams’ volumes and Adjusted EBITDA
Steady growth in Williams’ volumes and Adjusted EBITDA Quarterly Growth: Williams Base Business Adjusted EBITDA1, Contracted Transmission Capacity and Gathering Volume vs. Crude Oil and Natural Gas Commodity Prices 250 Adjusted EBITDA 200 Indexed to 100 Capacity + Volume 150 Oil Price Gas Price 100
Slide 123: Balance sheet strength and financial flexibility
Balance sheet strength and financial flexibility Strong liquidity and minimal near-term debt maturities Principal Value of Debt Maturities ~4.0x 8% improvement 2026 guidance for as of January 15, 2026 Debt-to-Adjusted EBITDA2 in leverage since 20202 ($ in millions) $330 $3,575 BBB+/Baa2/BBB Investme
Slide 124: Diversification of Adjusted EBITDA fuels stability and growth
Diversification of Adjusted EBITDA fuels stability and growth $7.75B 2025 Adjusted EBITDA NGL Services1 2% ~2% from NGL Services Marketing Services 2% ~2% from Gas and NGL Marketing Services E&P 4% ~4% from E&P Other Onshore Oil Basin2 4% Eagle Ford 3% ~8% from G&P Barnett3 1% serving on-shore oil-d
Slide 125: 2026 upstream Adjusted EBITDA sensitivities
2026 upstream Adjusted EBITDA sensitivities Full-year 2026 projections and assumptions 2026 Upstream Adjusted EBITDA Guidance Net Price Assumed Production in Guidance (excluding hedge impact) Natural Gas 180-220 MMBtu/d NYMEX: $4.04/MMBtu ~$200MM Oil Production 7-9 Mbbl/d WTI: $61.42/bbl NGL Product
Slide 126: Williams’ hedge positions
Williams’ hedge positions Opal Processing Plant, W Y Commodity 2026 Volume Weighted-Average Price Natural Gas E&P Hedges (MMBtu) ($MMBtu) Fixed Price Swaps (10,920,000) $4.07 Basis Swaps (11,182,500) ($0.94) Volume Weighted-Average Price Liquids (Bbls) ($Bbl) Fixed Price Swaps - Crude Oil (420,000)
Slide 127: High credit-quality, demand-pull transmission customer base
High credit-quality, demand-pull transmission customer base Firm Contracted Capacity By Credit Rating Profile Of Williams 3Q 2025 YTD Gas Customer Type for 20251 Transmission Revenue From Top 100 Customers2 9% 5% 15% 15% 60% Utilities / Power 9% Customers 80% Investment-Grade Customers 7% Utilities/
Slide 128: Committed to sustainable operations
Committed to sustainable operations WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 128
Slide 129: Committed to a clean energy future
Committed to a clean energy future For more information regarding our sustainability efforts, please review our 2024 Sustainability Report 2025 GOAL LONG-TERM AMBITION NEAR-TERM GOAL NEAR-TERM GOAL 5% reduction Reach 0.0375% 30% reduction Achieve net zero in methane intensity ambition by 2050 utiliz
Slide 130: Outpacing the industry across key sustainability rankings
Outpacing the industry across key sustainability rankings Index Inclusion 2025 member of the Dow Jones Best-in-Class North America and World indices for the 5th and 4th consecutive years, respectively1 Dow Jones Best-in- Class Index #1 Ranked ‘Prime’ Rated North American Oil & Gas Storage S&P receiv
Slide 131: Total methane intensity: continued improvement
Total methane intensity: continued improvement Methane Intensity of Williams’ Operations2 Established the methane reduction AIP1 (2018-2024) ✓ metric in 2022 to align emissions reductions with compensation; refreshed for 2025 AIP 0.08% 0.07% 0.072% 0.066% ✓ Exceeding ONE Future methane 0.06% 0.055%
Slide 132: A solution for a changing environment
A solution for a changing environment Regulatory Emissions Market Lowering Cost Compliance Reduction Goals Differentiation of Net Zero Environmental attribute Trusted emissions data Reliable quantification of Lower carbon products certificates can be for compliance with total CO2e data for can garne
Slide 133: Leveraging footprint for solar and battery storage projects
Leveraging footprint for solar and battery storage projects Installing solar and battery power across our footprint to supply our own load and to meet electricity demands for commercial, residential and utility customers 02 Projects in execution ▪ ~22 MWac solar, ~24 MWdc battery 02 Projects in adva
Slide 134: Evolving to ensure a sustainable business model
Evolving to ensure a sustainable business model Williams’ NextGen Gas Product Carbon Capture and Sequestration Deploying technologies across our footprint to deliver Executing a CCS project in the Haynesville and evaluating low-emissions natural gas from wellhead to market…. opportunities across our
Slide 136: Wood Mackenzie disclaimer
Wood Mackenzie disclaimer ˃The data and information provided by Wood Mackenzie should not be interpreted as advice, and you should not rely on it for any purpose. ˃You may not copy or use this data and information except as expressly permitted by Wood Mackenzie in writing. ˃To the fullest extent per
Slide 137: Forward-looking statements
Forward-looking statements WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 137
Slide 138: 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 139: 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 140: 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 142: 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
Slide 143: Reconciliation of Income (Loss) to Adjusted Income 2015-2017
Reconciliation of Income (Loss) Attributable to The Williams Companies, Inc. to Adjusted Income 2015-2017 2015 2016 2017 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Income (loss) attrib
Slide 144: Reconciliation to Adjusted Income 2015-2017 (continued)
Reconciliation of Income (Loss) Attributable to The Williams Companies, Inc. to Adjusted Income 2015-2017 cont. 2015 2016 2017 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Other Impairme
Slide 145: Reconciliation to Non-GAAP Adjusted Income 2018-2020
Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2018-2020 2018 2019 2020 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Q
Slide 146: Reconciliation to Non-GAAP Adjusted Income 2018-2020 (continued)
Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2018-2020 cont. 2018 2019 2020 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr
Slide 147: Reconciliation to Non-GAAP Adjusted Income 2021-2023
Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2021-2023 2021 2022 2023 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Q
Slide 148: Reconciliation to Non-GAAP Adjusted Income 2021-2023 (continued)
Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2021-2023 cont. 2021 2022 2023 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr
Slide 149: Reconciliation to Non-GAAP Adjusted Income 2024-2025
Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2024-2025 2024 2025 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Income (loss) from continu
Slide 150: Reconciliation to Non-GAAP Adjusted Income 2024-2025 (continued)
Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2024-2025 cont. 2024 2025 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Other Acquisition an
Slide 151: Reconciliation to Modified EBITDA and Adjusted EBITDA 2015-2017
Reconciliation of Net Income (Loss) to Modified EBITDA and Non-GAAP Adjusted EBITDA 2015-2017 2015 2016 2017 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Net income (loss) $ 13 $ 183 $ (173) $ (1,337) $ (1,314) $
Slide 152: Reconciliation to Modified EBITDA and Adjusted EBITDA 2018-2020
Reconciliation of Net Income (Loss) to Modified EBITDA and Non-GAAP Adjusted EBITDA 2018-2020 2018 2019 2020 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Net income (loss) $ 270 $ 269 $ 200 $ (546) $ 193 $ 214 $
Slide 153: Reconciliation to Modified EBITDA and Adjusted EBITDA 2021-2023
Reconciliation of Net Income (Loss) to Modified EBITDA and Non-GAAP Adjusted EBITDA 2021-2023 2021 2022 2023 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Net income (loss) $ 435 $ 322 $ 173 $ 632 $ 1,562 $ 392 $
Slide 154: Reconciliation to Modified EBITDA and Adjusted EBITDA 2024-2025
Reconciliation of Net Income (Loss) to Modified EBITDA and Non-GAAP Adjusted EBITDA 2024-2025 2024 2025 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Net income (loss) $ 662 $ 426 $ 741 $ 517 $ 2,346 $ 729 $ 583 $ 683 $ 773 $ 2,768 Provision (benefit
Slide 155: Reconciliation to Non-GAAP Available Funds from Operations 2024-2025
Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations 2024-2025 2024 2025 (Dollars in millions, except coverage ratios) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Net cash provided (used) by operating activities $ 1,234 $ 1,2
Slide 156: Reconciliation of 2026 Guidance to Modified EBITDA and AFFO
Reconciliation of Net Income (Loss) from Continuing Operations to Modified EBITDA, Non-GAAP Adjusted EBITDA and Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO) 2026 Guidance (Dollars in millions, except per-share amounts and coverage ratio) Low Mid High Net inc

Williams Companies, Inc. (The) — Q4 2025 Earnings Presentation on 6ix

Williams Companies, Inc. (the) — Q4 2025 Earnings Presentation

Slide 1: 2026 Analyst Day

Slide 2: Agenda

Slide 3: CEO Perspective

Slide 4: We are the backbone of energy reliability

Slide 5: Connecting energy to innovation

Slide 6: Building upon a history of innovation

Slide 7: Poised to unlock value

Slide 8: A fundamentals-based strategy

Slide 9: A fundamentals-based strategy

Slide 10: A new growth cycle for natural gas

Slide 11: The U.S. has become the dominant natural gas producer

Slide 12: Natural gas is our nation’s competitive advantage

Slide 13: Growing need for reliable natural gas infrastructure

Slide 14: Outdated permitting drives costs higher for consumers

Slide 15: U.S. electricity generation has been stalled for decades

Slide 16: China dominates the U.S. in scaling electricity generation

Slide 17: And the energy race is on…

Slide 18: An attractive value proposition

Slide 19: Strategic investments fuel Williams’ growth

Slide 20: An unmatched footprint and strategic focus

Slide 21: Outpacing the S&P and related industry sectors

Slide 22: Delivering proven results with compelling upside

Slide 23: A long-term growth trajectory

Slide 24: Raising the bar – and leading into the future…

Slide 25: A differentiated energy investment opportunity

Slide 26: Corporate Strategy

Slide 27: Expo highlights and insights

Slide 28: Our strategy is driven by long-term fundamentals

Slide 29: Business aligned with strong fundamentals

Slide 30: Business aligned with strong fundamentals

Slide 31: Power demand growth drives the need for more natural gas

Slide 32: Profound shift in natural gas power demand due to AI boom

Slide 33: Meaningful competitive edge

Slide 34: Strategically positioned to support the next LNG wave

Slide 35: Evolving to ensure continued growth

Slide 36: A unique combination of scale and capabilities

Slide 37: Announced first three power innovation projects in 2025

Slide 38: New project secured; upsized and extended Aquila & Apollo

Slide 39: Validated strategic model

Slide 40: Clear execution on our plan

Slide 41: Creating shareholder value through accretive investments

Slide 42: High-grading business mix through 2030

Slide 43: Best positioned to win

Slide 44: Operations & Execution

Slide 45: A premier energy platform driving long-term value

Slide 46: Key drivers of our best-in-class operations

Slide 47: Spotlight: Ensuring energy delivery in Winter Storm Fern

Slide 48: Robust project execution

Slide 49: Robust project execution accelerating transmission growth

Slide 50: Robust project execution accelerating transmission growth

Slide 51: Robust project execution accelerating transmission growth

Slide 52: Precision-engineered delivery of Socrates

Slide 53: Proactive and established supply chain management

Slide 54: Unmatched growth platform

Slide 55: High-return growth opportunities across Williams’ portfolio

Slide 56: Projects in execution adding long-term value

Slide 57: Strong project pipelines underpin future growth potential

Slide 58: Platform for continued success

Slide 59: Financial Outlook

Slide 60: A track record of financial outperformance

Slide 61: Continuing to showcase our financial strength

Slide 62: Closing out a record year with 9% growth 2024 vs. 2025

Slide 63: Demonstrated growth through various commodity cycles

Slide 64: Anticipating continued growth in 2026 and beyond

Slide 65: Anticipating continued business strength in 2026

Slide 66: Continued growth after record years

Slide 67: Capital investments drive step up in earnings growth

Slide 68: Expected capital drivers for 2026

Slide 69: Delivering shareholder value

Slide 70: Returns-based approach to capital allocation

Slide 71: Delivering peer-leading returns through disciplined investing

Slide 72: Clear line-of-sight to near-term contracted growth

Slide 73: Sustaining momentum through the end of the decade

Slide 74: Why Williams?

Slide 75: Positioned to win

Slide 76: A differentiated energy investment opportunity

Slide 77: Appendix

Slide 78: Exhibitors: Clean Energy and Technology Expo

Slide 79: Panel 1: Clean Energy and Technology Expo