Williams Companies, Inc. (the) · NYSE:WMB
Williams Companies, Inc. (the) — The Williams Companies — Q1 2026 Earnings Presentation
61 slides from Williams Companies, Inc. (the)'s earnings presentation, May 5, 2026
Slide 1: Williams 1st Quarter 2026 Earnings Call
Williams 1st Quarter 2026 Earnings Call May 5, 2026 WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams 1st Quarter 2026 Earnings I May 5, 2026 I www.williams.com 1
Slide 2: Strong start to 2026
Strong start to 2026 Driving meaningful earnings growth Delivered another quarter of growth with record Adjusted EBITDA of $2.25B and pointing to upper half of full-year 2026 Adjusted EBITDA guidance range Consistent progress on projects in execution Placed NWP’s Naughton Coal Conversion in service
Slide 3: Achieved 13% growth 1Q 2026 vs. 1Q 2025
Achieved 13% growth 1Q 2026 vs. 1Q 2025 Key Earnings Drivers WMB Adjusted EBITDA ($MM): 1Q 2026 vs. 1Q 2025 TRANSMISSION, POWER & GULF $2,300 ($21) Higher earnings due to transmission and Gulf expansions, $72 $2,254 higher Transco rates and favorable storage revenues driven Other by winter storms an
Slide 4: Positioned to win
Positioned to win 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 © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams 1st Qua
Slide 5: Appendix
Appendix WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams 1st Quarter 2026 Earnings I May 5, 2026 I www.williams.com 5
Slide 6: Key financial metrics
Key financial metrics Strong Financial Performance 1Q 1Q Change Across Key Metrics 2026 2025 Adjusted EBITDA $2,254 $1,989 13% Adjusted Earnings per Share $0.73 $0.60 22% Available Funds from Operations $1,770 $1,445 22% Dividend Coverage Ratio (AFFO basis) 2.76x 2.37x 16% Balance Sheet Strength and
Slide 7: Achieved 11% growth 1Q 2026 vs. 4Q 2025
Achieved 11% growth 1Q 2026 vs. 4Q 2025 Key Earnings Drivers WMB Adjusted EBITDA ($MM): 1Q 2026 vs. 4Q 2025 TRANSMISSION, POWER & GULF Increased earnings due favorable storage revenues driven $2,300 by winter storms and higher rates; partially offset by $185 ($14) maintenance in Gulf and 2 less bill
Slide 8: Recent accomplishments
Recent accomplishments Announced Neo, a new behind-the-meter project, and Atlas, a gas infrastructure agreement; In Pow er Innovation February, announced Socrates the Younger, along with the upsizing and extending of contracts Announcements on Apollo and Aquila Received FERC Notice-to-Proceed (NTP)
Slide 9: Anticipating continued business strength in 2026
Anticipating continued business strength in 2026 2025 Actuals 2026 Guidance (Updated) 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 Coverag
Slide 10: Diversification of Adjusted EBITDA fuels stability and growth
Diversification of Adjusted EBITDA fuels stability and growth $7.75B 2025 Adjusted EBITDA NGL Services1 2% ~2% from NGL Services Marketing Services 2% ~2% from Gas and NGL Marketing Services E&P 4% ~4% from E&P Other Onshore Oil Basin2 4% Eagle Ford 3% ~8% from G&P Barnett3 1% serving on-shore oil-d
Slide 11: Steady growth in Williams' volumes and Adjusted EBITDA
Steady growth in Williams’ volumes and Adjusted EBITDA Quarterly Growth: Williams Base Business Adjusted EBITDA1, Contracted Transmission Capacity and Gathering Volume vs. Crude Oil and Natural Gas Commodity Prices 250 Adjusted EBITDA 200 Indexed to 100 Capacity + Volume Gas Price 150 Oil Price 100
Slide 12: Williams' hedge positions
Williams’ hedge positions Opal Processing Plant, W Y Commodity 2026 2027 Volume Weighted-Average Volume Weighted-Average E&P Hedges Natural Gas E&P Hedges (MMBtu) Price ($MMBtu) (MMBtu) Price ($MMBtu) Fixed Price Swaps (18,527,500) $3.68 (3,825,000) $3.96 Basis Swaps (19,597,500) ($0.97) (3,825,000)
Slide 13: Balance sheet strength and financial flexibility
Balance sheet strength and financial flexibility Strong liquidity and minimal near-term debt maturities Principal Value of Debt Maturities ~4.1x 6% improvement 2026 guidance for as of March 31, 2026 Debt-to-Adjusted EBITDA2 in leverage since 20202 ($ in millions) $330 $3,575 BBB+/Baa2/BBB Investment
Slide 14: 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 Reaching 41.7 Bcf/d of 41 delivery capacity by 2030 GENERATING 40 SIGNIFICANT 39 TAKE-OR-PAY 38 EARNINGS Bcf/d 37 36 35 34 33 Over $5 billion ~22% growth 3
Slide 15: Clear line-of-sight to near-term contracted growth
Clear line-of-sight to near-term contracted growth Transmission Power Innovation 2026 uplift Naughton Coal Conversion 2Q’26 ✓ Socrates Atlas 3Q’26 & 4Q’26 4Q’26 2027 uplift Gillis West 4Q’26 Apollo 2H’27 Huntingdon Connector 4Q’26 2028 uplift Aquila 2H’27 & 1H’28 Ryckman Creek Lateral 4Q’26 Socrates
Slide 16: Investing ~$9.6 billion in projects with attractive returns
Supplying turnkey power solutions for data centers SOCRATES AQUILA Includes gas supply, pipeline, and Includes gas supply, pipeline, and APOLLO power gen ATLAS power gen • 556 MW ISO capacity Includes gas supply, pipeline, and • 520 MW ISO capacity power gen • ISD: Two phases (3Q & 4Q Gas infrastruc
Slide 17: 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 18: Executing significant portfolio of expansions along Transco
Executing significant portfolio of expansions along Transco 1 Target In- Project Project Current Status Service Capacity 2 Northeast Supply Under 1 4Q’27 400 MMcf/d Enhancement construction 3 Signed customer Power Express 2 3Q’30 750 MMcf/d agreements Southeast Supply Under 3 3Q’27 1,597 MMcf/d Enha
Slide 19: 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 Silver Spur Project NEW Capacity: 275 MMcf/d | Expected ISD: 1H 2030 | Northwest 3 4 Naughton Coal Co
Slide 20: Deep and diverse portfolio of transmission 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 21: 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. ~$9.6B of potential projects in execution in backlog 1 • Williams’ behind-the-meter power generation opportunities strategically create a new line of business serving high-quali
Slide 22: 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 23: 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% 55% while infrastructure to deliver natural gas
Slide 24: 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 25: 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 26: 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 27: 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 Value 2000 – 2024 35% In 2010, China overtook U.S. to become world’s 30% largest manufacturer China 25% By 2020
Slide 28: 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 29: 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 30: 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 31: 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 32: 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 Williams to capitalize 35 4% CAGR on growth with assets in 30 7% CAGR geographically diverse supply areas Bcf/d 25 20 15 10 3% CAGR 1% CAGR 5 0% CAGR 4% CAG
Slide 33: 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 34: 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 35: 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 36: Outpacing the industry across key sustainability rankings
Outpacing the industry across key sustainability rankings Index Inclusion 2026 member of the Dow Jones Best-in-Class North America and World indices for the 6th and 5th consecutive years, respectively Dow Jones Best-in- Class Index #1 Ranked ‘Prime’ Rated North American Oil & Gas Storage S&P receive
Slide 37: Wood Mackenzie disclaimer
Wood Mackenzie disclaimer WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams 1st Quarter 2026 Earnings I May 5, 2026 I www.williams.com 37
Slide 38: 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 39: Forward-looking statements
Forward-looking statements WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams 1st Quarter 2026 Earnings I May 5, 2026 I www.williams.com 39
Slide 40: 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 41: 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 42: 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 43: Non-GAAP reconciliations
Non-GAAP reconciliations WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams 1st Quarter 2026 Earnings I May 5, 2026 I www.williams.com 43
Slide 44: 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 45: Reconciliation of Income 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 46: Reconciliation of Income 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
Slide 47: 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 48: 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
Slide 49: 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 50: 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
Slide 51: Reconciliation to Non-GAAP Adjusted Income 2024
Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2024 2024 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Income (loss) from continuing operations attributable to The Williams Com
Slide 52: Reconciliation to Non-GAAP Adjusted Income 2024 cont.
Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2024 cont. 2024 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Other Acquisition and transition-related costs* — — — 1 1 Net unrea
Slide 53: Reconciliation to Non-GAAP Adjusted Income 2025-2026
Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2025-2026 2025 2026 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr $ 690 $ 546 $ 646 $ 733 $ 2,615 $ 864 Income (loss) fro
Slide 54: Reconciliation to Non-GAAP Adjusted Income 2025-2026 cont.
Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2025-2026 cont. 2025 2026 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr Other Acquisition and transition-related costs* —
Slide 55: 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 56: 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 57: Reconciliation to Modified EBITDA and Adjusted EBITDA 2021-2022
Reconciliation of Net Income (Loss) to Modified EBITDA and Non-GAAP Adjusted EBITDA 2021-2022 2021 2022 (Dollars in millions) 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 $ 407 $ 621 $ 697 $ 2,117 Provision (benefit
Slide 58: Reconciliation to Modified EBITDA and Adjusted EBITDA 2023-2024
Reconciliation of Net Income (Loss) to Modified EBITDA and Non-GAAP Adjusted EBITDA 2023-2024 2023 2024 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Net income (loss) $ 957 $ 494 $ 684 $ 1,168 $ 3,303 $ 662 $ 426 $ 741 $ 517 $ 2,346 Provision (benef
Slide 59: Reconciliation to Modified EBITDA and Adjusted EBITDA 2025-2026
Reconciliation of Net Income (Loss) to Modified EBITDA and Non-GAAP Adjusted EBITDA 2025-2026 2025 2026 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr Net income (loss) $ 729 $ 583 $ 683 $ 773 $ 2,768 $ 912 Provision (benefit) for income taxes 193 174 246 244 857 244 Interest exp
Slide 60: Reconciliation to Non-GAAP Available Funds from Operations 2025-2026
Reconciliation of from Operating Activities to Non-GAAP Available Funds from Operations 2025-2026 2025 2026 (Dollars in millions, except coverage ratios) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr Net cash provided (used) by operating activities $ 1,433 $ 1,450 $ 1,439 $ 1,576 $ 5,898 $ 1,603 Excl
Slide 61: Reconciliation of 2026 Guidance to Adjusted EBITDA and AFFO
Reconciliation of Net Income (Loss) from Continuing Operations to Modified EBITDA, Non-GAAP Adjusted EBITDA and 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 income (loss)
The Williams Companies — Q1 2026 Earnings Presentation on 6ix