Williams Companies, Inc. (the) · NYSE:WMB
Williams Companies, Inc. (the) — The Williams Companies — Investor Presentation (October 2025)
46 slides from Williams Companies, Inc. (the)'s investor presentation, Oct 2, 2025
Slide 1: Winter Operations Meeting
Winter Operations Meeting October 2, 2025 NYSE: WMB | www.williams.com 10/1/2025 | 1
Slide 2: Agenda
Agenda • Opening Comments – Amy Morris, Director – Commercial Optimization and Transport Services • Fundamentals – Paul Kress, Director – Commercial Development • System Dynamics – John Bell, Manager – Commercial Optimization • Maintenance Review – Kelsey Johnson, Maintenance Coordinator – Pipeline
Slide 3: Welcome
Welcome Amy Morris NYSE: WMB | www.williams.com 10/1/2025 | 3
Slide 4: Transco Market Fundamentals
Transco Market Fundamentals Paul Kress NYSE: WMB | www.williams.com 10/1/2025 | 4
Slide 5: Transco Market Fundamentals: Key Themes
Transco Market Fundamentals: Key Themes Fluid Political Strong Natural Gas Power Robust LNG Export Ample Natural Gas Managing Increasing Environment Demand Demand Supply Volatility • Volatile and uncertain • Strong natural gas demand • LNG exports are the • Ample natural gas • Natural gas markets wi
Slide 6: Strong natural gas demand driven by growth in LNG export and power sectors
Strong natural gas demand driven by growth in LNG export and power sectors US L48 Natural Gas Demand by Sector 160 140 120 100 80 60 40 20 0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 Res/com Industrial Power
Slide 7: Natural gas demand growth drivers vary across Transco footprint
Natural gas demand growth drivers vary across Transco footprint Natural Gas Demand 2025-2035 (Bcf/d) 20 15 Northeast 10 Zone 5 6 0 2025 2030 2035 20 15 10 Mid Atlantic 5 Zone 4-5 0 Natural Gas Transmission Pipeline 2025 2030 2035 Natural Gas Gathering Pipeline Natural Gas Liquids Pipeline Oil Gather
Slide 8: Strong electricity demand leads power industry to turning point as load growth emerges
Strong electricity demand leads power industry to turning point as load growth emerges Total US Electricity Generation Wood Mackenzie (WM) Forecast through 2050 8,000 7,000 6,000 5,000 TWh 4,000 3,000 2025 WM Forecast 2024 WM Forecast 2,000 2023 WM Forecast Actuals 1,000 0 2000 2005 2010 2015 2020 2
Slide 9: US Natural gas production growth expected across key supply basins
US Natural gas production growth expected across key supply basins Forecasted L-48 Natural Gas Production by Supply Area (2025-2034) 3% CAGR 45 40 35 4% CAGR 30 6% CAGR Bcf/d 25 20 15 1% CAGR 10 3% CAGR 5 2% CAGR -6% CAGR 0% CAGR 3% CAGR -1% CAGR 0 Northeast Permian Haynesville Mid- Eagle Ford Barne
Slide 10: Natural gas demand volatility has become a prominent feature as renewables expand
Natural gas demand volatility has become a prominent feature in the market as renewables expand July 24, 2019 July 24, 2022 July 24, 2025 80,000 70,000 60,000 50,000 MWh 40,000 30,000 20,000 10,000 0 1 3 5 7 9 11 13 15 17 19 21 23 1 3 5 7 9 17 19 11 13 15 21 23 5 1 3 7 9 11 13 15 17 19 21 23 Coal Nu
Slide 11: Growing need for reliable infrastructure investment
Growing need for reliable infrastructure investment Cumulative Percentage Growth in L-48 Natural Gas Demand versus Growth in Interstate Natural Gas Pipeline Capacity and Natural Gas Storage Delivery, 2013-2024 50% Since 2013, demand for gas has grown by 40% Cumulative Growth Since 2013 49% 30% While
Slide 12: System Dynamics
System Dynamics John Bell NYSE: WMB | www.williams.com 10/1/2025 | 13
Slide 13: Agenda
Agenda • Transco Growth and Dynamics • Winter/Summer 2025 Review • Peak Day Growth • Year in Review • Continuous Improvement 10/1/2025 | 14 WILLIAMS © 2025 The Williams Companies, Inc. All rights reserved NYSE: WMB | www.williams.com
Slide 14: Transco Customer Evolution
Transco Customer Evolution % Capacity by Customer Type in 2010 % Capacity by Customer Type 2025 8% 5% 10% 4% Projects in Execution 27% 44% 24.2 BCF by 30.0 2030 82% 1% 9% 8% 25.0 LDC Marketer Other Power Gen LDC LNG Marketer Other Power Gen Producer 20.0 Capacity (Bcf/d) 20.6 BCF 15.0 “Shale Boom” 1
Slide 15: Transco Daily Deliveries
Transco Daily Deliveries 14,000 13,444 13,603 12,876 13,126 13,103 12,364 12,000 10,000 MDth/Day 8,000 6,000 4,000 2,000 - Sep '19 - Aug '20 Sep '20 - Aug '21 Sep '21 - Aug '22 Sep '22 - Aug '23 Sep '23 - Aug '24 Sep '24 - Aug '25 Storage 455 508 516 527 499 493 Power Generation(Transco) 3,307 3,065
Slide 16: Transco Zonal Receipts
Transco Zonal Receipts 7,000 6,000 5,000 4,000 MDth/Day 3,000 2,000 1,000 - ZONE 1 ZONE 2 ZONE 3 ZONE 4 ZONE 5 ZONE 6 Sep '19 - Aug '20 Sep '20 - Aug '21 Sep '21 - Aug '22 Sep '22 - Aug '23 Sep '23 - Aug '24 Sep '24 - Aug '25 WILLIAMS © 2025 The Williams Companies, Inc. All rights reserved NYSE: WMB
Slide 17: Transco Average Daily Deliveries
Transco Average Daily Deliveries Zn 1-3 Zone 4 3,000 3,000 2,500 2,500 1,033 2,000 2,000 845 1,017 909 878 1,000 MDth/day MDth/day 357 249 206 1,500 258 1,500 496 215 1,000 1,000 1,422 1,314 1,295 1,310 1,253 1,302 1,289 1,056 1,359 1,219 1,255 1,153 500 500 186 261 271 246 227 242 297 41 63 169 115
Slide 18: Transco Average Daily Deliveries
Transco Average Daily Deliveries Zone 5 Zone 6 5,000 5,000 4,500 4,500 4,000 4,000 399 380 421 436 418 422 3,500 1,876 3,500 776 1,729 1,663 1,735 769 746 768 785 817 3,000 3,000 1,474 MDth/day MDth/day 1,537 648 2,500 2,500 674 662 549 570 570 2,000 2,000 1,347 1,417 1,464 1,764 1,500 1,245 1,500 1
Slide 19: Winter Review
Winter Review Transco System November – March Average Deliveries 16,000 14,634 14,026 13,990 14,000 13,573 13,180 13,118 12,000 10,000 MDth/day 8,000 6,000 4,000 2,000 0 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 Distribution Company Industrial LNG Pipeline Interconnect Power Genera
Slide 20: January Winter Storm Overview
January Winter Storm Overview 25 Weekend 14.80 22 14.40 System Deliveries [MMDth/day] 14.00 System Line Pack [BCF] 19 13.60 16 13.20 12.80 13 Bracketed OFO Don’t be Short OFO 12.40 10 12.00 1/15/2025 1/16/2025 1/17/2025 1/18/2025 1/19/2025 1/20/2025 1/21/2025 1/22/2025 1/23/2025 1/24/2025 1/25/2025
Slide 21: January/February Weekend
January/February Weekend 20 15 19 Weekend 14.5 18 17 System Deliveries [MMDth/Day] 14 System Line Pack [BCF] 16 15 13.5 14 13 13 12 Bracketed OFO 12.5 11 10 12 1/29/2025 1/30/2025 1/31/2025 2/1/2025 2/2/2025 2/3/2025 2/4/2025 Hourly Flow Rate Allocated Line Pack WILLIAMS © 2025 The Williams Companie
Slide 22: Summer Review
Summer Review Transco System May – August Average Deliveries 16,000 14,115 13,841 14,000 13,541 13,191 13,549 12,168 12,000 10,000 MDth/day 8,000 6,000 4,000 2,000 - 2020 2021 2022 2023 2024 2025 Distribution Company Industrial LNG Pipeline Interconnect Power Generation(Transco) Storage WILLIAMS © 2
Slide 23: July Heat Wave Overview
July Heat Wave Overview 20 15 19 Weekend 14.5 18 17 System Deliveries [MMDth/Day] 14 System Line Pack [BCF] 16 15 13.5 14 13 13 12 Don’t be Short OFO 12.5 11 10 12 7/24/2025 7/25/2025 7/26/2025 7/27/2025 7/28/2025 7/29/2025 7/30/2025 7/31/2025 Hourly Flow Rate Allocated Line Pack WILLIAMS © 2025 The
Slide 24: 2024/2025 Winter & Summer Peak Day Review
MMDth 11 17 20 14 5 8 12/1/2024 12/5/2024 12/9/2024 12/13/2024 12/17/2024 12/21/2024 12/25/2024 12/29/2024 1/2/2025 1/6/2025 1/10/2025 1/14/2025 1/18/2025 1/22/2025 1/26/2025 1/30/2025 2/3/2025 2/7/2025 2/11/2025 Winter 2/15/2025 2/19/2025 2/23/2025 2/27/2025 6/3/2025 New Peak Day 6/7/2025 6/11/2025
Slide 25: Peak Day Growth
Peak Day Growth Winter Peak Day Deliveries by Location Type Summer Peak Day Deliveries by Location Type 10 10 9 9 8 8 7 7 6 6 MMDth 5 5 4 4 3 3 2 2 1 1 - - LDC Interconnect Power Gen LNG LDC Interconnect Power Gen LNG Winter Peak Day Total Deliveries [MMDT’s] Summer Peak Day Total Deliveries [MMDT’s
Slide 26: Year in Review
Year in Review • Zone 5 growth in both receipts and deliveries continue to impact the evolution of the system • Record setting year in both Winter and Summer seasons • Overall system performed very well • Summer loads continue to increase, driven through growth of power generation WILLIAMS © 2025 Th
Slide 27: And now for everyone's favorite topic: OFO's
And now for everyone’s favorite topic OFO’s WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB | www.williams.com 10/1/2025 | 28
Slide 28: OFO's by the Numbers
OFO’s by the Numbers Number & Type of OFO's by Year OFO’s x Zone 1,200 350 300 1,000 250 800 200 150 600 100 50 400 - 2022 2023 2024 2025 200 Bracket 81 58 229 40 One Sided 163 185 106 56 No OFO 121 122 31 147 - One Sided Bracket No OFO 2022 2023 2024 2025 *data through August NYSE: WMB | www.willia
Slide 29: Imbalance Volatility
Imbalance Volatility June 2025 800,000 600,000 400,000 200,000 Imbalance [Dth's] 0 -200,000 -400,000 -600,000 -800,000 -1,000,000 Zone 4 Zone 5 Zone 6 Running Total (System Wide) NYSE: WMB | www.williams.com 10/1/2025 | 30 WILLIAMS © 2025 The Williams Companies, Inc. All rights reserved
Slide 30: Imbalance Challenges
Imbalance Challenges • No OFO’s March 5th through April (73 consecutive days) • Began issuing targeted weekend OFO’s in late May • Consistent trend of weekend vs. weekday behavior • Cumulative Imbalance: March through May • Weekend Cumulative Total: 3,334,000 Dth’s (Long) • Weekday Cumulative Total:
Slide 31: Summary & Closing Thoughts
Summary & Closing Thoughts Implemented Next Steps • Technology Improvements • Technology Improvements • Enhanced reporting tools to assist with live • Improve load forecaster and integration of monitoring of system conditions to improve gas/electric burn profiles real time decision making • System/T
Slide 32: Maintenance
Maintenance Kelsey Johnson NYSE: WMB | www.williams.com 10/1/2025 | 34
Slide 33: 2025 Maintenance Review
2025 Maintenance Review Major Projects YOY 2025 Project Breakdown 60 50 40 30 20 10 0 2021 2022 2023 2024 2025* Compliance Unplanned Capital Expansion Compressor Modernization • Continuous Improvement Wins • Areas of Opportunity • Start Date Consideration • Unplanned Outages • Overlapping Months • W
Slide 34: Maintenance Drivers
Maintenance Drivers Evolving DOT Class Integrity Cycles Hard Spot Regulations Location Pipe Remediation Replacement Compliance Priority Pipeline Inspections Commitment to PHMSA Population Growth across Transco Footprint Anomaly Investigations Unplanned Digs NYSE: WMB | www.williams.com 10/1/2025
Slide 35: Population Growth Impacts
Population Growth Impacts WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB | www.williams.com 10/1/2025 | 37
Slide 36: DOT Class Location
DOT Class Location WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB | www.williams.com 10/1/2025 | 38
Slide 37: 2026 Maintenance Lookahead
2026 Maintenance Lookahead Major Project Trends by Work Type 30 25 20 15 10 5 0 Compliance/Integrity Operations Capital Expansion* Hard Spot 2024 2025 2026 (est.) • Increased anticipated capital expansion related to Southeast Supply Enhancement construction WILLIAMS © 2024 The Williams Companies, In
Slide 38: Continuous Improvement
Continuous Improvement • Heightened focus on improvement to planning tools • Planning discussion timing • Enhanced data focused approach • Exploring year-round maintenance • Focusing on horsepower utilization trends • Considering jobs with flexibility • Job specific posting improvements • Expected F
Slide 39: Business Development
Business Development Al NYSE: WMB | www.williams.com 10/1/2025 | 41
Slide 40: Deep and diverse portfolio of transmission projects
Deep and diverse portfolio of transmission projects Transco, MountainWest and Northwest Pipeline $14+B ~13 Bcf/d 30+ Growing backlog of attractive projects Our $14+ billion backlog enables growth for Williams for the foreseeable future. Through our unique scope of project in queue to potential and s
Slide 41: Over 3.1 Bcf/d of added capacity since 2020
Over 3.1 Bcf/d of added capacity since 2020 1 Project In-Service Project Capacity 3 2 Regional Energy 1 2024 829 MMcf/d Access 4 Gateway 2 2020 65 MMcf/d Leidy South 3 2021 582.4 MMcf/d 6 5 Chesterfield 4 2021 130 MMcf/d 7 Southside Reliability 5 2024 423 MMcf/d Enhancement Carolina Market Link 6 20
Slide 42: Executing on ~3.7 Bcf/d of Transco expansions
Executing on ~ 3.7 Bcf/d of Transco expansions Northeast Supply Enhancement 1 • Up to 400 MMcf/d serving Res/Com and power demand in New York City & Long Island 1 • FERC reissued Certificate 3Q’25 with expected in service date 4Q’27 Power Express 2 • Up to 950 MMcf/d serving power demand in Mid-Atla
Slide 43: Northeast Supply Enhancement
Northeast Supply Enhancement Bridging supply gaps with targeted infrastructure solutions Project Facts: ▪ Path: • From Station 195 to the Rockaway Rockaway Lateral Transfer Transfer ▪ Capacity: up to 400 MDth/d ▪ Filed FERC Application May 2025 ▪ FERC reissued Certificate August 2025 ▪ Proposed ISD:
Slide 44: Southeast Supply Enhancement
Southeast Supply Enhancement Linking MVP Supply with Key Demand Centers in the Atlantic Coast & Southeast Project Facts: ▪ Paths: • From Station 165 to Station 85 ▪ Capacity: 1,587 MDth/d ▪ Filed FERC Application October 2024 ▪ Proposed ISD: 4Q 2027 NYSE: WMB | www.williams.com
Slide 45: Closing Summary
Closing Summary WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB | www.williams.com 10/1/2025 | 47
Slide 46: Appendix
Appendix NYSE: WMB | www.williams.com 10/1/2025 | 48
The Williams Companies — Investor Presentation (October 2025) on 6ix