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

Williams Companies, Inc. (the) — Q3 2025 Earnings Presentation

50 slides from Williams Companies, Inc. (the)'s earnings presentation, Nov 4, 2025

  1. Slide 1: Williams 3rd Quarter 2025 Earnings Call

    Williams 3rd Quarter 2025 Earnings Call November 4, 2025 WILLIAMS © 2025 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams 3rd Quarter 2025 Earnings I November 4, 2025 I www.williams.com 1

  2. Slide 2: Continued momentum into 2026

    Continued momentum into 2026 COMPLETING EXPANSIONS ADVANCING PROJECTS STRATEGIC INVESTMENTS 3 transmission projects Advancing wellhead placed in service with an 2 new transmission to water strategy additional project in service expansion projects through strategic LNG by year-end 2025 announced on T

  3. Slide 3: Achieved 13% growth 3Q 2025 vs. 3Q 2024

    Achieved 13% growth 3Q 2025 vs. 3Q 2024 WMB Adjusted EBITDA ($MM): 3Q 2025 vs. 3Q 2024 Key Earnings Drivers TRANSMISSION, POWER & GULF $1,950 Higher earnings due to transmission and gulf expansions, higher $35 $1,920 Transco rates, the Discovery acquisition, and favorable storage re- contracting; pa

  4. Slide 4: Key takeaways

    Key takeaways Commercializing and Delivering another Advancing progressing key quarter of strategy driven by growth projects solid results natural gas Executing strategy for long-term sustainable growth WILLIAMS © 2025 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams 3rd Quarter

  5. Slide 5: Appendix

    Appendix WILLIAMS © 2025 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams 3rd Quarter 2025 Earnings I November 4, 2025 I www.williams.com 5

  6. Slide 6: Key financial metrics

    Key financial metrics Strong Financial Performance 3Q 3Q 3Q’25 3Q’24 Change Change Across Key Financial Metrics 2025 2024 YTD YTD Adjusted EBITDA $1,920 $1,703 13% $5,717 $5,304 8% Adjusted Earnings per Share $0.49 $0.43 14% $1.55 $1.45 7% Available Funds from Operations $1,449 $1,286 13% $4,211 $4,

  7. Slide 7: Achieved 6% growth 3Q 2025 vs. 2Q 2025

    Achieved 6% growth 3Q 2025 vs. 2Q 2025 WMB Adjusted EBITDA ($MM): 3Q 2025 vs. 2Q 2025 Key Earnings Drivers TRANSMISSION, POWER & GULF $2,000 Higher earnings due to higher Transco rates, increased $12 $1,920 Gulf volumes, and one more billable day $26 $26 $44 $4 Other $1,808 Gas & NGL NORTHEAST G&P N

  8. Slide 8: Achieved 8% growth 3Q 2025 YTD vs. 3Q 2024 YTD

    Achieved 8% growth 3Q 2025 YTD vs. 3Q 2024 YTD Key Earnings Drivers WMB Adjusted EBITDA ($MM): 3Q’25 YTD vs. 3Q’24 YTD TRANSMISSION, POWER & GULF Higher earnings due to transmission and gulf expansions, higher Transco rates, favorable storage re-contracting, and the Discovery $5,750 $72 $5,717 acqui

  9. Slide 9: Recent accomplishments

    Recent accomplishments Upsized Socrates and announced two additional behind-the-meter projects, representing an Pow er Innovation approximately $5.1 billion investment in power innovation efforts at an attractive 5x Adj. EBITDA Progress multiple Strategic Announced strategic LNG partnership with Woo

  10. Slide 10: Executing our wellhead to water strategy

    Executing our wellhead to water strategy TX Expanding LA G&P system Strategic partnerships advance Haynesville wellhead to water strategy MONETIZING UPSTREAM JV • Selling Williams’ 25% interest in South Mansfield upstream to JERA, a global energy leader and Japan’s largest power generation company U

  11. Slide 11: 2025 financial guidance

    2025 financial guidance Financial Metric 2024 Actuals Updated 2025 Guidance Y/Y Change* Adjusted EBITDA $7.080B $7.6B - $7.9B 9% Adjusted Diluted EPS1 $1.92 $2.01 - $2.19 9% Available Funds From Operations (AFFO) $5.378B $5.56B - $5.79B 6% AFFO Per Share $4.40 $4.53 - $4.72 5% Dividend Coverage Rati

  12. Slide 12: Expected capital drivers for 2025

    Expected capital drivers for 2025 Growth Capital • Onsite natural gas and power generation infrastructure projects High priority investments drive sustainable long-term growth • Investment in LA LNG • Transmission projects • G&P expansions including the $4.1B Louisiana Energy Gateway (LEG) project •

  13. Slide 13: Diversification of Adjusted EBITDA fuels stability and growth

    Diversification of Adjusted EBITDA fuels stability and growth Other & Divestitures1 1% ~$7.1B 2024 Adj. EBITDA ~1% from Other NGL Services2 2% ~2% from NGL Services Marketing Services 3% E&P 3% ~3% from Gas and NGL Marketing Services Other Onshore Oil Basin3 4% ~3% from E&P Eagle Ford 4% Barnett4 1%

  14. Slide 14: Williams generates steady growth in volumes and Adjusted EBITDA

    Williams generates steady growth in 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 250 200 Capacity + Indexed to 100 Volume Adj. EBITDA 150 Oil Price Gas Price

  15. Slide 15: Williams' hedge positions

    Williams’ hedge positions Opal Processing Plant, W Y Commodity 2025 2026 Volume Weighted-Average Volume Weighted-Average Natural Gas E&P Hedges (MMBtu) Price ($MMBtu) (MMBtu) Price ($MMBtu) Fixed Price Swaps (16,420,000) $3.84 (5,850,000) $4.30 Basis Swaps (15,802,500) ($0.55) (4,577,500) ($0.16) Vo

  16. Slide 16: 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 ~3.7x 15% improvement as of September 30, 2025 2025 guidance for in leverage since 20202 Debt-to-Adjusted EBITDA2 ($ in millions) $330 $1,875 BBB+/Baa2/BBB Inves

  17. Slide 17: Strong natural gas demand across all sectors

    Strong natural gas demand across all sectors Total demand including exports averaged 111 Bcf/d in 3Q’25 YTD versus 107 Bcf/d in 3Q’24 YTD Driven by LNG export growth as well as stronger res/comm demand POWER GEN INDUSTRIAL RES / COM LNG & MEXICAN EXPORTS Bcf/d Bcf/d Bcf/d Bcf/d 40 -1.4% 40 40 40 35

  18. Slide 18: 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 Coast1 + U.S. L-48 Large Scale Approved and Potential Liquefaction Facilities Per EIA 17.8 15.1 13.8 Bcf/d2 Bcf/d Bcf/d LNG projects INVESTED LNG export CAPITAL LNG export already projects currently projects

  19. Slide 19: More natural gas is required to feed growing electricity demand

    More natural gas is required to feed growing electricity demand Electrification of heating and transport, data centers and AI-driven future will create unprecedented growth in power demand U.S. Net On-Grid Power Demand 6,000 RAPID INCREASE IN ELECTRICITY DEMAND 5,500 5,000 5% 2010-2024 with majority

  20. Slide 20: Ample coal-to-gas switching opportunities reside in our footprint

    Ample coal-to-gas switching opportunities reside in our footprint Williams Asset Map, Highlighting Third-party Operating Coal Plants 58 Equates to Coal plants; 55 GW +8.4 Bcf/d natural Net summer gas1 capacity Equates to Equates to 328 MM 76 MM mt CO2 cars off the road reduction annually Operating c

  21. Slide 21: There is a growing need for reliable infrastructure investment

    There is a growing need for reliable infrastructure investment Cumulative Percentage Growth in L-48 Natural Gas Demand versus Growth in Interstate Natural Gas Pipeline Delivery Capacity and Natural Gas Storage Delivery Since 2013 demand for Capacity, 2013-2024 60% gas has grown by 50% 49% Cumulative

  22. Slide 22: Natural gas meets the trifecta for energy solutions

    Natural gas meets the trifecta for energy solutions CLEAN AFFORDABLE RELIABLE 45% less carbon dioxide 3.3x 2.6x Performance of gas power cheaper than emissions than coal1 capacity compared to electricity2 solar PV power capacity3 U.S. CO2 emissions decline with Natural gas is a flexible and increase

  23. Slide 23: The growing need for natural gas

    The growing need for natural gas Total Projected Global Energy Consumption by Fuel, Gas remains a significant fuel source in domestic 2024 – 2040¹ and global demand - 4 QBtu - 2% - 55 QBtu 200 + 22 QBtu + 15% - 28% 1/4th Global demand will be supplied by natural gas in 2040 1 150 45% QBtu 100 + 57 Q

  24. Slide 24: Call on U.S. natural gas requires production growth across key supply areas

    Call on U.S. natural gas requires production growth across 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 6% CAGR geographically diverse supply areas Bcf/d 25 20 15 1% CAGR 10 3% CAGR

  25. Slide 25: 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 gas 1,000 reserves under $3.50 800 are in Northeast & Haynesville 600 400 ~83% of Williams’ gathering volumes are from Marcellus, Utica & 2

  26. Slide 26: Clear line-of-sight into near-term contracted growth

    Clear line-of-sight into near-term contracted growth Transmission Deepwater 2026 uplift Alabama Georgia Connector 4Q’25 ✓ Shenandoah 3Q’25 ✓ Commonwealth Energy Connector 4Q’25 ✓ Salamanca 4Q’25 ✓ 2027 uplift Stanfield South Overthrust Westbound Expansion 4Q’25 4Q’25 ✓ 2028 uplift Naughton Coal-to-G

  27. Slide 27: Executing significant portfolio of expansion projects along Transco

    Executing significant portfolio of expansion projects along Transco 1 Project Target In- Current Status Project Service Capacity Northeast Supply Received FERC 1 4Q’27 400 MMcf/d 2 Enhancement certificate Signed precedent Power Express 2 3Q’30 689 MMcf/d 3 agreements 4 Southeast Supply 3 3Q’27 EA is

  28. Slide 28: 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

  29. Slide 29: Committed to sustainable operations

    Committed to sustainable operations EXPERIENCE POWERS US 24% REDUCTION in carbon intensity from 2018, working towards goal of a 30% reduction by 2028 607+ UNIQUE ENGAGEMENTS with local community stakeholders, strengthening WE MAKE CLEAN ENERGY HAPPEN ® relationships and identifying opportunities to

  30. Slide 30: 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 LONG-TERM AMBITION Achieve net zero NEAR-TERM GOAL ambition by 2050 utilizing a combination of immediate NEAR-TERM GOAL 30% reduction and long-term in carbon int

  31. Slide 31: Forward Looking Statements

    Forward Looking Statements WILLIAMS © 2025 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams 3rd Quarter 2025 Earnings I November 4, 2025 I www.williams.com 31

  32. Slide 32: 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

  33. Slide 33: Forward-looking statements (cont'd)

    Forward-looking statements (cont’d) > 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 bey

  34. Slide 34: Forward-looking statements (cont'd)

    Forward-looking statements (cont’d) – 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, inc

  35. Slide 35: Non-GAAP Reconciliations

    Non-GAAP Reconciliations WILLIAMS © 2025 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams 3rd Quarter 2025 Earnings I November 4, 2025 I www.williams.com 35

  36. Slide 36: 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

  37. Slide 37: 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

  38. Slide 38: Reconciliation of Income (Loss) to Adjusted Income 2015-2017 cont.

    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

  39. Slide 39: 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

  40. Slide 40: Reconciliation to Non-GAAP Adjusted Income 2018-2020 Cont.

    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

  41. Slide 41: 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

  42. Slide 42: Reconciliation to Non-GAAP Adjusted Income 2021-2023 Cont.

    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

  43. Slide 43: 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 Year-to-date Income (loss) from continu

  44. Slide 44: Reconciliation to Non-GAAP Adjusted Income 2024-2025 Cont.

    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 Year-to-date Other Acquisition an

  45. Slide 45: Reconciliation of Net Income 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) $

  46. Slide 46: Reconciliation of Net Income 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 $

  47. Slide 47: Reconciliation of Net Income 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 $

  48. Slide 48: Reconciliation of Net Income 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 Year-to-date Net income (loss) $ 662 $ 426 $ 741 $ 517 $ 2,346 $ 729 $ 583 $ 683 $ 1,995 Provision (benefit) for

  49. Slide 49: Reconciliation of Cash Flow from Operating Activities to AFFO 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 Year-to-date Net cash provided (used) by operating activities $ 1,234 $ 1,2

  50. Slide 50: Reconciliation of Net Income to Adjusted EBITDA and AFFO 2025 Guidance

    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) 2025 Guidance (Dollars in millions, except per-share amounts and coverage ratio) Low Mid High Net inc

Williams Companies, Inc. (The) — Q3 2025 Earnings Presentation on 6ix