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

Williams Companies, Inc. (the) — Q4 2023 Earnings Presentation

193 slides from Williams Companies, Inc. (the)'s earnings presentation, Feb 14, 2024

1. Slide 1: Williams 4th Quarter and Full-year 2023 Earnings

   Williams 4th Quarter and Full-year 2023 Earnings February 14, 2024 WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams 4th Quarter and Full-year 2023 Earnings I February 14, 2024 I www.williams.com 1

2. Slide 2: Strong results across key financial metrics

   Strong results across key financial metrics Strong Financial Performance 4Q 4Q Change 2023 2022 Change Across Key Metrics 2023 2022 Adjusted EBITDA $1,721 $1,774 -3% $6,779 $6,418 6% Adjusted Earnings per Share $0.48 $0.53 -9% $1.91 $1.82 5% Available Funds from Operations $1,323 $1,357 -3% $5,213 $

3. Slide 3: Achieved 6% growth 2023 vs. 2022

   Achieved 6% growth 2023 vs. 2022 Core business performance drivers WMB Adjusted EBITDA ($MM): 2023 vs. 2022 Transmission & GOM Higher earnings due to the MountainWest and NorTex Core Business Performance acquisitions, increased gas transmission revenues, $7,200 increased Gulf of Mexico revenues driv

4. Slide 4: Adjusted EBITDA 4Q 2023 vs. 4Q 2022

   Adjusted EBITDA 4Q 2023 vs. 4Q 2022 Core business performance drivers WMB Adjusted EBITDA ($MM): 4Q 2023 vs. 4Q 2022 Transmission & GOM Higher earnings due to the MountainWest and Core Business Performance NorTex acquisitions, increased Gulf of Mexico $1,900 revenues driven by Taggart and Gunflint a

5. Slide 5: Achieved 4% growth 4Q 2023 vs. 3Q 2023

   Achieved 4% growth 4Q 2023 vs. 3Q 2023 Core business performance drivers WMB Adjusted EBITDA ($MM): 4Q 2023 vs. 3Q 2023 Transmission & GOM Decreased earnings due to the sale of purity Core Business Performance pipes and higher operating costs; partially offset $1,750 by higher service revenues drive

6. Slide 6: Anticipating continued base business strength in 2024 and 2025

   Anticipating continued base business strength in 2024 and 2025 2023 actuals 2024 guidance 2025 guidance 203 $6.950B $7.4B Adjusted EBITDA $6.779B $6.8B $7.1B $7.2B $7.6B $1.76 $1.97 Adjusted Diluted EPS1 $1.91 $1.65 $1.86 $1.85 $2.10 Available Funds From $5.050B $5.225B $5.213B $4.925B $5.175B $5.07

7. Slide 7: Forward Looking Statements

   Forward Looking Statements WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams 4th Quarter and Full-year 2023 Earnings I February 14, 2024 I www.williams.com 7

8. Slide 8: 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

9. Slide 9: 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

10. Slide 10: 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

11. Slide 11: Non-GAAP Reconciliations

    Non-GAAP Reconciliations WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I Williams 4th Quarter and Full-year 2023 Earnings I February 14, 2024 I www.williams.com 11

12. Slide 12: 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

13. Slide 13: Reconciliation of Income to Non-GAAP Adjusted Income 2022-2023

    Reconciliation of Income (Loss) From Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2022-2023 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 Income (loss) from continu

14. Slide 14: Reconciliation of Income to Adjusted Income 2022-2023 Cont.

    Reconciliation of Income (Loss) From Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2022-2023 Cont. 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 Gas & NGL Marketing

15. Slide 15: Reconciliation of Net Income to Modified EBITDA, Adjusted EBITDA 2022-2023

    Reconciliation of Net Income (Loss) to Modified EBITDA, Non- GAAP Adjusted EBITDA 2022-2023 2022 2023 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Net income (loss) $ 392 $ 407 $ 621 $ 697 $ 2,117 $ 957 $ 494 $ 684 $ 1,168 $ 3,303 Provision (benefit

16. Slide 16: Reconciliation of Cash Flow to AFFO 2022-2023

    Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO) 2022-2023 2022 2023 (Dollars in millions, except coverage ratios) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year $ 1,082 $ 1,098 $ 1,490 $ 1,219 $ 4,889 $ 1,514 $ 1,377

17. Slide 17: Guidance Reconciliation 2024-2025

    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) 2024 Guidance 2025 Guidance (Dollars in millions, except per-share amounts and coverage ratio) Low Mi

18. Slide 18: Analyst Day 2024

    Analyst Day 2024 February 14, 2024 WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024 Analyst Day I February 14, 2024 I www.williams.com 1

19. Slide 19: Welcome & Introductions; Agenda

    Welcome & Introductions Danilo Juvane, Vice President IR, ESG and Investment Analysis CEO Perspective Alan Armstrong, President & Chief Executive Officer Operations & Execution Micheal Dunn, Executive Vice President & Chief Operating Officer Corporate Strategy Chad Zamarin, Executive Vice President,

20. Slide 20: CEO Perspective

    ee) Williams. WE MAKE CLEAN ENERGY HAPPEN® , CEO Perspectiv Alan Armstrong, President & Chief Executive ic

21. Slide 21: Our value proposition

    Importance of Positioned to Our value natural gas serve a clean proposition energy future WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024 Analyst Day I February 14, 2024 I www.williams.com 4

22. Slide 22: As one of the nation’s leading energy infrastructure companies

    OUR HISTORY PRESENT: 2024 OUR FUTURE Founded in 1908 as a Premier natural gas Reliably deliver construction company pipeline company clean energy For more than a century, the Williams name has been associated with energy, innovation and trust. We have a long history of building and operating facilit

23. Slide 23: Each metric is directly aligned with our business strategy

    Each metric is directly aligned with our business strategy Improving leverage1 AFFO per share 25% reduction (2018-2023) AFFO per share growth Creating shareholder 8% CAGR (2018-2023) value Return on Leverage Capital Return on Capital Employed % growth2 Employed 10% CAGR (2018-2023) 1Does not represe

24. Slide 24: Delivering growth and profitability through strategic initiatives

    Building asset Simplification of Financial and Strategic position and footprint corporate structure operational execution transactions $4.1B Delivering growth and profitability through strategic initiatives and operational excellence $7.4B 2015 ADJ. EBITDA 2025 ADJ. EBITDA1 2015 2017 2019 2021 2023

25. Slide 25: Stable growth, financial strength, predictability

    Stable growth Financial strength Predictability 10 transmission Investment 50 years 17% 19.5% return grade rated on invested capital 2019-2022 projects of consecutive dividend total shareholder return in execution with 30 projects in BBB/Baa2 payments CAGR since 20181 backlog 32 quarters 8% CAGR 2.3

26. Slide 26: A strategy fueled by natural gas

    A strategy fueled by natural gas WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024 Analyst Day I February 14, 2024 I www.williams.com 9

27. Slide 27: Reliable, affordable, emissions reduction

    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 opportunity to reduce abroad creating energy secur

28. Slide 28: WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024

    WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024 Analyst Day I February 14, 2024 I www.williams.com 11

29. Slide 29: U.S. Annual Average Capacity Values Assigned by Power Grid Regulators

    U.S. Annual Average Capacity Values Assigned by Power Grid Regulators to Assess Reliability for Future Demand Needs Dispatchable Natural Gas 100% Variable Solar & Wind 10-30% Source: S&P Global Commodity Insights © 2024. Note: Capacity values are shown under normal conditions. WILLIAMS © 2024 The Wi

30. Slide 30: Electrification and AI-driven future will create growth in power demand

    Electrification of heating and transport, data centers and AI-driven future will create growth in power demand not seen in past two decades U.S. Net On-Grid Power Demand 5,000 Electricity demand experiencing 4,500 3x TWh 4,000 faster growth per year this decade vs. prior decade driven by EV growth a

31. Slide 31: U.S. L-48 Nameplate and Firm Power Capacity

    U.S. L-48 Nameplate and Firm Power Capacity Increasing demand with minimal increase of reliable energy sources 2,500 The need for 2,000 Growing gap between reliability nameplate and Capacity (GW) 1,500 firm power capacity Natural gas power capacity 1,000 provides grid stability as coal capacity is r

32. Slide 32: Natural gas plays a critical role in decarbonizing U.S. power supply

    Gas-fired power generation, 2021 peak day vs. expected 2040 peak day, TWh of gas-fired generation per day WECC Natural gas plays a PJM 63% critical role in in expected peak day demand 167% decarbonizing U.S. in expected peak MISO day demand power supply 86% in expected peak day demand Peak day gas d

33. Slide 33: WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024

    WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024 Analyst Day I February 14, 2024 I www.williams.com 16

34. Slide 34: Avg. Unit Costs of Energy for U.S. Mid Atlantic Residential

    Avg. Unit Costs of Energy for U.S. Mid Atlantic Residential Energy Sources $70 Residential natural gas bills are $60 4x Electricity $50 $40 $/MMBtu Propane less expensive $30 Fuel oil than electric bills today and will remain the most affordable $20 solution for residential customers for the $10 Nat

35. Slide 35: Natural gas is significantly less expensive

    Natural gas and electricity prices in industrial sector for select countries per mcf of energy, 2021 $200 $180 $160 Natural gas $140 is significantly $120 +123% less expensive $100 +54% +196% +140% than electricity in $80 +71% many countries $60 +294% +86% around the world $40 $20 $- Austria Belgium

36. Slide 36: WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024

    WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024 Analyst Day I February 14, 2024 I www.williams.com 19

37. Slide 37: Shift to natural gas reduced U.S. power sector CO2 emissions

    3 50% Natural gas increased to 2.4B 45% 2.5 metric tons CO2 39% from 18% 39% market share 40% 2.0B metric tons CO2 35% U.S. Electric 2 Shift to natural gas Power Sector: 1.5B directly responsible for reducing 30% CO2 Emissions 26% metric tons CO2 ~500 MM metric tons of CO2 or vs. Natural Gas 1.5 Mar

38. Slide 38: Replacing U.S. coal plants with gas-fired generation

    Replacing existing U.S. coal plants with natural There are 217 operating gas-fired generation could: coal plants in the U.S. today Cut CO2 power emissions by 27% Equivalent to Removing ~80% of the cars off the road today U.S. Operating Coal Plant Sources: Operating coal plant data sourced from Wood

39. Slide 39: Global coal methane emissions continue to rise

    2022 Global Methane Emissions by Source Coal Global coal methane emissions 10% 7% Oil continue to rise 8% Other Natural Gas Natural gas only makes up 6% 6% of total methane emissions across the globe 33% Replacing coal and fuel oil power generation with natural 24% Waste gas could dramatically reduc

40. Slide 40: Replacing global coal with U.S. natural gas

    Replacing global coal with low-cost, abundant U.S. natural gas could aid in significant CO2 emissions reductions 2023 Global Coal-fired Power Generation Heat Map by Country ‘23 was a record year 5,134 TWH for coal-fired power generation across the globe China generated 7.2x the electricity from coal

41. Slide 41: WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024

    WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024 Analyst Day I February 14, 2024 I www.williams.com 24

42. Slide 42: 53% of natural gas resources remaining

    ~3,000 trillion cubic feet 100% 53% of natural 75% Remaining U.S. gas resources Gas Resources U.S. Cumulative Gas Demand Growth remaining through 2050 as a 50% in 2050 Percent of Total U.S. Natural Gas Technically Recoverable Resources 25% Cumulative U.S. Natural Gas Demand Growth 0% 2021 2031 2041

43. Slide 43: The call on U.S. gas will need to come from Appalachia

    U.S. L-48 Dry Natural Gas Proved Reserves Estimates in Tcf 500 450 The call on U.S. gas will need to come from Appalachia 400 Appalachia remains largest gas 350 resource in U.S. at 36% of total 300 250 U.S. Lower-48 200 150 100 50 Appalachia 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2

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    WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024 Analyst Day I February 14, 2024 I www.williams.com 27

45. Slide 45: Cumulative Growth Since 2013

    Cumulative Percentage Growth in L-48 Natural Gas Demand versus Growth in Interstate Natural Gas Pipeline Capacity and Natural Gas Storage Delivery, 2013-2022 Since 2013 demand for gas 45% has grown by 40% 35% 43% Cumulative Growth Since 2013 while infrastructure to deliver 30% gas has increased by 2

46. Slide 46: Power demand growth, LNG growth, coal retirements

    Power demand growth • Electricity growing 3x faster this decade vs. prior decade driven by EV growth and emergence of large load data centers1 • Ability to expand transmission system to serve peak demand and provide capacity to serve data center growth LNG growth • Asset footprint offers unmatched o

47. Slide 47: Power Generation Market Share in Transco Corridor

    Power Generation Market Share in Transco Corridor ‘20-‘23 Natural gas plays a significant role in power generation along Transco’s footprint 50% o Captured 1/2 of market share in 2023 46% 46% 43% o Grew 21% since ‘20, even while renewables generation has grown 47% 28% 28% 26% 25% 14% 11% 12% 12% 13%

48. Slide 48: Utility demand forecasts: Georgia Power, Duke Energy, Dominion Energy

    GEORGIA POWER DUKE ENERGY DOMINION ENERGY By the ‘30-’31 winter season, Energy demands 8x greater than Predicted in 2023 forecast for PJM will need to produce predicted two years ago, driving an increase in peak and energy load 17x more energy move to add additional growth over next decade driven th

49. Slide 49: Spotlight: PJM

    Spotlight: PJM Significant opportunity for natural gas to meet reliable power resource needs of PJM Growing gap between adequate resources and increasing power demand ‘ • PJM’s latest winter peak load forecast increased significantly from prior expectations, now forecasting 178 GW in 2039, a 31% inc

50. Slide 50: Asset Map in U.S. Gulf Coast and LNG Facilities

    Williams’ Asset Map in U.S. Gulf Coast1 + U.S. L-48 Large Scale Approved and Potential Liquefaction Facilities Per EIA2 14.3 11.6 13.7 Bcf/d2 Bcf/d2 Bcf/d3 LNG projects INVESTED LNG export CAPITAL LNG export already projects currently 2018-2021 projects awaiting operational LNG construction under pr

51. Slide 51: Asset Map Highlighting Third-party Operating Coal Plants

    Williams Asset Map, Highlighting Third-party Operating Coal Plants 69 Equates to Coal Plants; 64 GW +9.8 Bcf/d natural Net Summer gas1 Capacity Equates to Equates to 380 MM 85 MM mt CO2 cars off the road reduction annually Operating coal plant in state with WMB natural gas transmission line Sources:

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    WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024 Analyst Day I February 14, 2024 I www.williams.com 35

53. Slide 53: Today, tomorrow, future

    Meeting the Capturing the Positioned for energy needs of demand of new energy TODAY TOMORROW FUTURE 20 high return projects Moving one-third of the in execution Investing in infrastructure nation’s natural gas to provide reliable energy ~30 project opportunities Serving 12 supply basins in backlog L

54. Slide 54: ESG ratings and recognition

    #1 Ranked “Most Responsible” list North American Oil & Gas Storage & Named as one of America’s Transportation segment company in the 2023 S&P Most Responsible Companies 2024 Global CSA1 S&P by Newsweek and ranked #1 Newsweek within the Energy & Utilities sector GLOBAL Index Inclusion DJSI Dow Jones

55. Slide 55: Our value proposition

    Our The importance of Uniquely positioned to serve value proposition natural gas clean energy future A differentiated energy Natural gas is a tool to solve Williams is a key long-term investment opportunity energy challenges leader in providing clean energy WILLIAMS © 2024 The Williams Companies, In

56. Slide 56: Operations & Execution

    <P Williams. WE MAKE CLEAN ENERGY HAPPEN® , Operations & E Micheal Dunn, Executive Vice President &

57. Slide 57: Our operational strategy

    Our Segment Emissions operational updates and reduction strategy opportunities progress WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024 Analyst Day I February 14, 2024 I www.williams.com 40

58. Slide 58: Key focus areas to be a best-in-class operator

    Key focus PRIORITIZE FOCUS ON GROW ASSET MAINTAIN SAFETY & SUSTAINABLE POSITION AND FINANCIAL areas to be a RELIABILITY OPERATIONS FOOTPRINT STRENGTH best-in-class operator Nearly 100% 10.1% reduction 20 high-return expansion projects in 5% improvement of customer volumes delivered in total 2023 met

59. Slide 59: WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024

    WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024 Analyst Day I February 14, 2024 I www.williams.com 42

60. Slide 60: Business segments and assets

    Transmission, Gulf of Mexico & Storage • Transco • Gulf of Mexico G&P • Northwest Pipe • NorTex Storage • Gulfstream • Gulf Coast Storage1 • MountainWest Northeast Gathering and Processing • Laurel Mountain • Susquehanna Supply Hub • Flint • Bradford Supply Hub • Cardinal • Blue Racer Midstream (BRM

61. Slide 61: Segment projects and expansion summary

    Transmission Gulf of Mexico West G&P Northeast G&P • 10 transmission • 5 high-return • 3 gathering • 2 gathering expansions expansions underway expansion projects in expansions underway underway and 2 in (7 Transco, 2 MountainWest execution service as of 4Q’23 and 1 Northwest Pipeline) • DJ optimiza

62. Slide 62: Irreplaceable infrastructure capturing growth

    Map of Williams Assets1, Highlighting Transmission and Gulf of Mexico Business Segment Natural Gas Transmission Pipeline Irreplaceable infrastructure Natural Gas Gathering Pipeline capturing growth Natural Gas Liquids Pipeline Oil Gathering Pipeline Gas Plant Fractionator Storage Amine Treating Rail

63. Slide 63: Contracted gas capacity needed for grid reliability on peak days

    Williams’ contracted 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 MountainWest Pipeline 5.00 30.0 20.0 18.0 17.3 100 4.5 2.13 Winter Na

64. Slide 64: Projects in Execution ~$2.7B

    Projects in Execution ~$2.7B2 1 Target In- Project Current Status Project Capacity Service ~1/2 in service; Regional Energy Partial ISD 4Q’23; Access 1 Full ISD 4Q’24 ~1/2 under 829 MMcf/d construction 2 Southeast Supply Pre-filed FERC 3 2 4Q’27 1,587 MMcf/d Enhancement application 5 4 Commonwealth

65. Slide 65: Transco Fully-Contracted Year-End Delivery Capacity

    Transco Fully-Contracted Year-End Delivery Capacity 22 21 Delivering long-term stable growth 20 Delivery Capacity Bcf/d 19 18 17 4% CAGR 21+ Bcf/d on delivered capacity Growing expected delivery 16 2018 vs. 2023 capacity to over 21 Bcf/d by YE 20251,2 15 14 2018 2019 2020 2021 2022 2023 1 2024 2 202

66. Slide 66: Strong project execution on significant opportunity set

    P R O J E C TS I N S E RV I C E Strong project execution on 570 ▪ Opal East ▪ Carbonate Tap significant opportunity set ✓ ▪ Green River 104 ▪ Rex Meeker MMcf/d ▪ Wells Draw ▪ Skull Creek P R O J E C TS I N E X E C U T I O N 400+ ▪ Uinta Basin Expansion Capacity: 113 MMcf/d | Expected ISD: 3Q 2024 MM

67. Slide 67: Project backlog and projects moved to execution

    DIVERSE OPTIONALITY ~9.9 Bcf/d in queue to serve power E X PA N S I V E generation facilities, LNG facilities and Moved from backlog into execution since 2020 FOOTPRINT industrial facilities/gas utilities Projects moved to execution serve 14 12 PROJECTS different states and 30 different customers ~3

68. Slide 68: Compressor modernization program

    Up to $1.3B in anticipated capital spend through 2030 Phased replacement Reducing compressor Reducing transmission of compressor units methane emissions NOx emissions Full program expectations ~205 units ~50% >75% Program progress through YE’24 112 units ~27% ~46% REDUCING REDUCING GENERATING EMISSI

69. Slide 69: Transco rate case timeline

    Timeline* TRANSCO, THE NATION’S LARGEST NATURAL GAS PIPELINE BY VOLUME 2023 2024 2025 J J A S O N D J F M A M J J A S O N D J F M A M Base Period Test Period Filing Obligation Effective Date Aug. 30, 2024 Mar. 1, 2025 * Base and Test Periods & Effective Date assumes August 30, 2024 filing date Consi

70. Slide 70: Gulf of Mexico projects

    Whale WESTERN ▪ Expected in-service date: 4Q 2024 GULF OF MEXICO ▪ Expected CAPEX: ~$450MM ▪ Combined reserves: ~545 MMboe: Oil: 380 MMBbls, Gas: 1,000 Bcf Shenandoah Salamanca ▪ Expected in-service date: 4Q 2024 ▪ Expected in-service date: 2Q 2025 ▪ Expected CAPEX: ~$160MM ▪ Expected CAPEX: Zero ▪

71. Slide 71: Producer rig activity near Williams’ Deepwater GOM infrastructure

    Producer rig activity near Williams’ AL MS existing Deepwater GOM infrastructure FL February 2024 LA TX Talos Limerock LLOG Who Dat Talos Shell Lobster Rydberg Chevron Legend: Ballymore Hess Gas Gathering Beacon Hess Stampede Shenandoah Pickerel Oil Gathering Deepwater Spar 2023 Lease Sales Chevron

72. Slide 72: Gulf of Mexico lease sales

    Lease sale 259 Lease sale ▪ Largest lease sale since 2017 259 ▪ 353 bids from 32 companies totaling $264MM in high bids March 2023 ▪ Top bidders: Chevron, ExxonMobil, BP, and Shell Bids totaled Lease sale 261 $645MM+ combined for 259 and ▪ Largest lease sale since 2015 261 lease sales ▪ 352 bids fro

73. Slide 73: Natural gas storage assets

    OPERATING ASSETS CRITICAL TO BALANCING MARKETS AND ENSURING RELIABILITY 405+ Bcf ~8% of natural gas of U.S. natural storage capacity gas storage1 ~37% Largest of gas storage natural gas storage charging market- operator in proximity based rates2 to LNG demand Williams’ Natural Gas Storage Asset 1Sou

74. Slide 74: Significant gathering footprint benefiting from scale and efficiency

    Significant gathering footprint benefiting from scale and efficiency Natural Gas Transmission Pipeline Natural Gas Gathering Pipeline Natural Gas Liquids Pipeline Gas Plant Fractionator Storage Supply Area Basin Operational Activity Map of Williams Assets1 Highlighting Northeast G&P Business Segment

75. Slide 75: Northeast gathering volumes and Adjusted EBITDA per Mcf

    Increasing Increasing Northeast Gathering Volumes1 Northeast G&P Adjusted EBITDA Per Mcf2 10 $0.61 $0.57 8 $0.53 $0.52 6 $0.48 Bcf/d 4 $0.41 Increasing Adjusted EBITDA per Mcf driven by 2 scale, efficiency and business mix 0 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 Dry Gas Wet Gas

76. Slide 76: Northeast G&P Adjusted EBITDA and CAPEX

    Northeast G&P Adjusted EBITDA and Total CAPEX in $ Millions $1,955 • 2023 capital spending $1,796 increased due to 3 $1,712 $1,535 gathering expansions completed during the year $1,341 ~$1.5B in excess $1,090 cash flow2 • A focus on efficiency and generated optimization reduces cost in 2023 • Contin

77. Slide 77: Simplifying operating structures and realizing synergies

    S I M P L I F Y I N G O P E R AT I N G S T R U C T U R E S A N D R E A L I Z I N G S Y N E R G I E S Map of Williams’ Northeast Assets in Southwest Appalachia Purchased additional interest in Blue Racer Midstream 2021 (BRM), enabling integration between BRM and Williams’ Northeast JV assets Placed B

78. Slide 78: Diverse portfolio of stable assets in West segment

    Map of Williams Assets1, Highlighting West Business Segment Natural Gas Transmission Pipeline Natural Gas Gathering Pipeline Natural Gas Liquids Pipeline Diverse portfolio of stable Oil Gathering Pipeline Gas Plant assets poised for continued Fractionator excess cash flow2 generation Storage Amine T

79. Slide 79: West: broad portfolio, excess cash flow, growth

    Broad and Diverse Portfolio • Broad portfolio of supply areas, customers and contracts • Irreplaceable system with over 9,500 miles of gas gathering pipeline1 • Averaged ~6.02 Bcf/d of gas gathering volumes in 20232 Excess Cash Flow Generation • Portfolio generating steady and stable cash flow each

80. Slide 80: West Adjusted EBITDA and CAPEX

    West Adjusted EBITDA and Total CAPEX in $ Millions $1,219 $1,236 ▪ 2023 capital spending $1,064 plans reflective of $607MM in $940 $961 excess expansions underway, cash flow2 including Louisiana generated in 2023 Energy Gateway project ▪ A focus on efficiency and $629 optimization reduces cost $532

81. Slide 81: Bolstered positioning in the DJ Basin

    Bolstered positioning in the DJ Basin through strategic transactions1 Williams’ G&P footprint in the DJ Basin 472 miles 760 MMcf/d gas gathering pipelines gathering capacity 125% post transaction 36% post transaction 520 MMcf/d 515,000 acres processing capacity dedicated to Williams 13% post transac

82. Slide 82: Haynesville production forecast

    HAYNESVILLE NATURAL GAS PRODUCTION IN BCF/D 30 (2020-2033) Williams’ Haynesville footprint 20 well positioned for Haynesville long-term growth production forecasted to grow 10 12 Bcf/d over 10-year period 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Source: Wood Mackenzie

83. Slide 83: Map of Williams’ Assets in Haynesville

    Map of Williams’ Assets in Haynesville ADDING INCREMENTAL GATHERING CAPACITY ▪ Haynesville West | Capacity: 400 MMcf/d | ISD: 2H’25 Springridge ▪ Mansfield | Capacity: 150 MMcf/d | ISD: YE’25 (aligned with customer need) Mansfield Haynesville CO2 from gathering West LA and treating assets transporte

84. Slide 84: WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024

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85. Slide 85: Methane Intensity of Williams’ Operations

    Methane Intensity of Williams’ Operations2 ✓ Established the methane reduction AIP1 (2018-2022) metric in 2022 to align emissions 0.08% reductions with compensation 0.07% ✓ 0.06% Exceeding ONE Future targets across all three industry segments 0.05% 0.04% ✓ Strengthening our NextGen Gas commercializa

86. Slide 86: Scope 1+2 Emissions Versus Energy Throughput

    Scope 1+2 Emissions Versus Energy Throughput CO2e Intensity Versus Adjusted EBITDA Demonstrating 16 18 Responsible Growth 1.2 $7 16 Improvement in legacy ~8% 14 $6 Enterprise Scope 1+2 Emissions1 1.0 2018 asset emissions 14 Energy Throughput3 Adjusted EBITDA ($ billions) 12 $5 Carbon Intensity4 0.8

87. Slide 87: Intensity-based carbon reduction target

    intensity-based carbon 30% reduction from 2018 levels by 20281 Highlights ability to gather, treat, process, transport, and store natural gas efficiently with little energy lost Supports the responsible growth of natural gas infrastructure that is critical for U.S. energy security, reliability, and

88. Slide 88: Corporate Strategy

    ee Williams. WE MAKE CLEAN ENERGY HAPPEN® , Corporate Strategy — Chad Zamarin, Executive Vice President, Corporate Strategi

89. Slide 89: Clean Energy Expo, investment approach, assets positioned for demand

    Williams’ Clean Our strategic Assets well- Energy Expo approach to positioned for overview investments growing demand WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024 Analyst Day I February 14, 2024 I www.williams.com 72

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91. Slide 91: Williams’ Clean Energy Expo

    Platform to showcase how Williams is leveraging the natural gas value chain coupled with cutting-edge technologies to reduce emissions and develop the energy solutions of tomorrow 14 Showcased key technologies to reduce February 13, 2024 vendors emissions and provide emissions certainty Williams’ Cl

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93. Slide 93: Natural gas focused strategy

    Sustainably built for growth and longevity Align with Strengthen strong our financial ENHANCING fundamentals position ▪ Unlocking the benefits of natural gas ▪ Increasing value chain integration and optimization ▪ Commercial excellence and Sequent intelligence Natural gas EXPANDING focused ▪ Attract

94. Slide 94: Williams Will Be There

    NextGen Gas CCS 1 Deploying technologies across our footprint to Developing CCS projects in the Haynesville and deliver the next generation of low emissions Wyoming and evaluating opportunities across our natural gas from wellhead to market footprint Renewable Natural Gas Williams C o r p o r a t e

95. Slide 95: NextGen Gas emissions platform

    Industry leading platform for the Quantification, Monitoring, Reporting, and Verification of full supply chain emissions Delivering the capability to decarbonize the natural gas value chain NextGen Gas strategic partners Certifying natural gas from wellhead to market, tracking emissions and generati

96. Slide 96: Carbon capture projects: Wyoming and Louisiana

    Wyoming CCS Project ▪ Scope: CO2 compression, dehydration, capture equipment, and pipeline to capture and transport emissions from Williams’ Echo Springs plant ▪ Capacity: ~150,000 tons of CO2 per year ▪ In-service date: 4Q 2025 Louisiana CCS Project ▪ Scope: Treating, compression, capture equipment

97. Slide 97: Solar and battery power across our footprint

    Installing solar and battery power across our footprint to supply our own load and to meet electricity demands for commercial, residential, and utility customers Projects in execution 02 ▪ ~22 MWac solar, ~24 MWdc battery storage, target in-service by 1Q’25 03 Projects in advanced development ▪ ~113

98. Slide 98: Lakeland solar project

    Lakeland solar: increasing the value of our footprint by installing ~1,400-acre solar power generation facility on company owned land in Florida Solar Array Substation WMB solar and/or energy storage project WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024 Analyst Da

99. Slide 99: Pacific Northwest Hydrogen Hub

    ▪ Williams named as a sub-recipient of DOE funding ▪ Williams to leverage existing footprint and build new Williams is committed to pipelines to safely and reliably transport hydrogen utilizing our expertise and footprint to advance the ▪ Hydrogen to serve heavy-duty transportation, port Pacific Nor

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101. Slide 101: $6.1 billion of acquisitions since 2021

     2% $6.1 billion of acquisitions since 2021 36% O R AG E Attractive multiples Plus synergies and associated growth opportunities ST D AN Adding highly contracted take-or- N I O S S pay transmission and fee-based M I 62% TR AN S storage assets to our portfolio Marketing G&P Transmission and Storage WI

102. Slide 102: Sequent, Trace and NorTex acquisitions

     July April August 2021 2022 2022 Sequent Trace NorTex . ▪ Increased marketing and ▪ Added ~140 miles of gas ▪ Added ~80 miles of gas optimization footprint to gathering and 2.5 Bcf/d of transmission pipeline and 36 over 7 Bcf/d treating capacity Bcf of natural gas storage ▪ Providing vital market ▪

103. Slide 103: MountainWest, RMM & Cureton, Gulf Coast Storage

     February November January 2023 2023 2024 MountainWest RMM & Cureton Gulf Coast Storage 1 . ▪ Added more than 8 Bcf/d ▪ Consolidated RMM interest ▪ Added ~230 miles of gas of transmission capacity and added ~260 miles of transmission pipeline and and 56 Bcf of gas storage Cureton gas gathering and 11

104. Slide 104: Strategic Rationale & Fundamental Drivers

     Building a bridge between gas supply and demand markets Strategic Rationale & Fundamental Drivers • Williams’ integrated assets connect Rockies abundant supplies with increasing West demand and the need for reliable gas infrastructure to support power generation needs and renewables capacity buildou

105. Slide 105: Capturing synergies through integration of DJ Basin assets

     Optimizing product flow Enhancing full gas & NGL value chain across our assets Capturing synergies through Cureton gathering OPPL Cureton processing plant integration of gas gathering DJ BASIN Williams/RMM gathering and processing and Overland Pass Pipeline (OPPL) Williams processing plant downstrea

106. Slide 106: Gas storage supply versus demand imbalance

     The increasing imbalance of gas storage supply versus gas demand and volatility is expected to result in Cumulative Percentage Growth in L-48 Natural Gas Demand versus Growth in Flashback to Alan’s Remarks sustainably higher gas storage rates Interstate Natural Gas Pipeline Capacity and Natural Gas

107. Slide 107: Newly Acquired Gulf Coast Storage

     Newly Acquired Gulf Coast Storage Economics $1.95 billion purchase price Closed ~10x 2024e EBITDA multiple January 3rd, 2024 with opportunity to improve over time 6 natural gas Assets storage facilities 115 Bcf storage capacity 230 miles among the highest injection and withdrawal transmission pipeli

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109. Slide 109: LNG demand, prolific gas resources, coal-to-gas switching, storage value

     Doubling LNG Demand Prolific Gas Resources LNG demand expected to double in next 10 years WMB operates across a diverse set of supply basins along Transco footprint1, increasing need for reliable… and is the largest gas gatherer in Appalachia, the gas supply, pipeline transportation and storage…...

110. Slide 110: Financial Outlook

     ee) William. WE MAKE CLEAN ENERGY HAPPEN® , Financial Outlook John Porter, Senior Vice President and Chief Finangial O: fi cer

111. Slide 111: Another record year, a strong future ahead, driving shareholder value

     Another A strong Driving record year future ahead shareholder value WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024 Analyst Day I February 14, 2024 I www.williams.com 94

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113. Slide 113: ~$11 billion in Free Cash Flow Generation 2018-2023

     Adjusted Adjusted Earnings Available Funds From Net Debt-to- EBITDA Per Share Operations Per Share Adjusted EBITDA1 ~$6.78B $4.27 $1.91 3.58x 8% 19% 8% 25% 5-YEAR 5-YEAR 5-YEAR improvement CAGR CAGR CAGR since 2018 ~6% 5-Year Dividend CAGR 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023

114. Slide 114: Core business performance drivers

     Core business performance drivers WMB Adjusted EBITDA ($MM): 2023 vs. 2022 Transmission & GOM Higher earnings due to the MountainWest and NorTex Core Business Performance acquisitions, increased gas transmission revenues, $7,200 increased Gulf of Mexico revenues driven by Taggart and Gunflint and fa

115. Slide 115: Williams Annual Adjusted EBITDA vs. Natural Gas Commodity Prices

     Williams Annual Adjusted EBITDA vs. Natural Gas Commodity Prices Generating stable growth $7,000 ~$6.78B $7 Protected from downside, participating in upside $6 $6,000 Adjusted EBITDA ($MM) Adjusted EBITDA $5 $5,000 8% $/MMBtu $4 CAGR (2018-2023) $3 $4,000 Adjusted EPS $2 $3,000 $1 19% CAGR (2018-202

116. Slide 116: *Includes NGL Services WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE:

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118. Slide 118: Generating ~$7.4B in free cash flow 2023-2025

     2023 actuals 2024 guidance 2025 guidance 203 $6.950B $7.4B Adjusted EBITDA $6.779B $6.8B $7.1B $7.2B $7.6B $1.76 $1.97 Adjusted Diluted EPS1 $1.91 $1.65 $1.86 $1.85 $2.10 Available Funds From $5.050B $5.225B $5.213B $4.925B $5.175B $5.075B $5.375B Operations (AFFO) $4.13 $4.25 AFFO Per Share $4.27 $

119. Slide 119: 2024 and 2025 Adjusted EBITDA tailwinds and headwinds

     2024 Adjusted EBITDA ($MM) Tailwinds Headwinds Continued growth after record years $7.2 - $7.6B 6% • REA partial in-service • Lower expected marketing contributions 3% • Full-year contribution from DJ 6% basin and MountainWest • Lower segment contributions from 14% acquisitions commodity exposed are

120. Slide 120: 2024 growth and maintenance capital

     Growth capital • Transmission projects led by REA High priority investments drive • G&P expansions including sustainable long-term growth Louisiana Energy Gateway project • Gulf of Mexico projects led by Whale $1.6B • Contributions to Upstream JVs • New Energy Ventures Investments Maintenance capita

121. Slide 121: 2025 growth and maintenance capital

     Growth capital • G&P expansions including Louisiana Energy Gateway project High priority investments drive sustainable long-term growth • New Energy Ventures investments including LEG CCS & solar projects $1.8B • Contributions to Upstream JVs • Transmission projects on Transco and MountainWest • Pro

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123. Slide 123: Capital allocation priorities

     Capital allocation priorities: • Protect long-term health of balance sheet and investment-grade rating Maintain financial strength 1 • 2023 Debt-to-Adjusted EBITDA1 ~3.58x • Preserve long-standing commitment to shareholder returns and grow dividend in- Dividends 2 • line with AFFO per share growth t

124. Slide 124: Strong liquidity and minimal near-term debt maturities

     Strong liquidity and minimal near-term debt maturities Principal Value of Debt Maturities 3.58x 1.22x improvement 2023 Net Debt to Adj. EBITDA In leverage since 20181 as of January 31, 2024 ($ in millions) $330 Investment $2,575 BBB/Baa2 grade rated Credit Rating across all rating agencies 4.86% Iss

125. Slide 125: Our commitment to shareholders

     Our commitment to shareholders Attractive Dividend Among S&P 500 PRESERVE the dividend Hit 50 consecutive years of dividend payments to shareholders in 2024 TOP 5% ‘24 dividend yield in the COVER the dividend S&P 500 at ~5.5% 100 125 150 175 200 225 250 275 300 325 350 375 400 425 450 475 500 25 50

126. Slide 126: Return on Invested Capital (ROIC)

     Return on Invested Capital (ROIC)1 • Disciplined capital Increase in spending seeking strong ~$1.77 Adj. EBITDA incremental returns billion 2019-2023 19.5% • Excellent project execution • Continuous INVESTED ReturnCAPITAL on improvement in Invested ~$9.1 capital 2018-2021 invested capital operating

127. Slide 127: Continued growth after record years, earnings step-up ahead

     CONTINUED GROWTH AFTER RECORD YEARS, WITH A SIGNIFICANT EARNINGS STEP-UP AHEAD Transmission Gathering & Processing 2024 uplift Regional Energy Access (Phase 1) 4Q’23 ✓ Cardinal expansion (Phase 2) 4Q’23 ✓ 2025 uplift Carolina Market Link MountainWest Uinta Basin expansion 1Q’24 3Q’24 ✓ Susquehanna e

128. Slide 128: Top quartile performance vs. peers on all key metrics

     Top quartile performance vs. peers on all key metrics (2018-2023) Total Shareholder Returns Earnings Per Return On Capital Share Growth Employed Growth Dividends Per Leverage Share Growth Reduction Growing key metrics through continuous improvement and without issuing equity Source: Factset. Peer gr

129. Slide 129: Attractive yield and track record of growth

     Attractive Yield ‘24 FCF Yield1 & ‘24 Dividend Yield2 >5% 1 Track Record of Growth 10 years Y-O-Y EBITDA Growth 26 Growing Per Share Metrics EPS 5-year CAGR >10% 105 352 Scale, Security & Sustainability Market Cap >$10B, 282 Investment Grade and MSCI ESG Rating ≥ A Number of S&P 500 companies meetin

130. Slide 130: Track record of creating shareholder value

     WHY WILLIAMS? S TA B L E P R E D I C TA B L E FINANCIAL SHAREHOLDER GROWTH EARNINGS STRENGTH RETURNS Track record of creating shareholder value Williams has demonstrated a long history of value creation to its shareholders through our strong balance sheet, durable returns, growing dividend and high-

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133. Slide 133: Key technologies and industry efforts to reduce emissions

     Highlighting key technologies and industry efforts to reduce emissions, provide emissions certainty and ensure a sustainable business model WILLIAMS © 2024 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2024 Analyst Day I February 14, 2024 I www.williams.com 116

134. Slide 134: Decarbonizing the Value Chain panel

     D E C A R B O N I Z I N G T H E VA L U E C H A I N Discussing industry efforts and progress to reduce emissions across the value chain, from wellhead to end-use Toby Rice Chad Zamarin Corey Grindal Arvind Ravikumar President and CEO EVP, CSD EVP and COO Co-Director, Energy Emissions EQT Williams Che

135. Slide 135: Role of Natural Gas in a Clean Energy Future panel

     R O L E O F N AT U R A L G A S I N A C L E A N E N E R G Y F U T U R E Discussing the importance of natural gas to meet energy demand, reduce emissions and ensure reliability Mary Landrieu Tim Ryan Kendrick Meek Michael Nutter Former Louisiana Senator Former Ohio Congressman Former Florida Congressm

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137. Slide 137: Serving key supply areas and handling 1/3 of nation’s natural gas

     Serving 12 key supply areas and handling approximately 1/3rd of nation’s natural gas Gas Transmission Gas Gathering Capacity Capacity 32.3 MMDth/d 29.1 Bcf/d Natural Gas Transmission Pipeline Natural Gas Gathering Pipeline Natural Gas Liquids Pipeline Oil Gathering Pipeline Gas Plant Fractionator St

138. Slide 138: Our vision, mission, who we are

     OUR VISION As the world demands reliable, low-cost, low-carbon energy, Williams will be there with the best transport, storage and delivery solutions. We make clean energy happen by being the best-in- class operator of the critical infrastructure that supports a clean AUTHENTIC SAFETY DRIVEN energy

139. Slide 139: Natural gas value chain

     Natural Gas Natural Gas Natural Gas NGL Gas & NGL Gathering Processing Transmission & Storage Services Marketing Services ▪ Gather natural gas from ▪ Process volumes to ▪ Move post-processed ▪ NGLs transported to ▪ Market gas & NGLs to producers’ wells and separate natural gas natural gas to growing

140. Slide 140: Quarterly Growth: Base Business EBITDA vs. commodity prices

     Quarterly Growth: Williams Base Business Adjusted EBITDA1, Contracted Transmission Capacity and Gathering Volume vs. Crude Oil and Natural Gas Commodity Prices 250 Capacity + Indexed to 100 200 Volume Adj. EBITDA 150 Oil Price 100 Gas Price 50 2015 2016 2017 2018 2019 2020 2021 2022 2023 WTI Oil Pri

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142. Slide 142: U.S. Electric Power Sector CO2 Emissions vs. Natural Gas Share

     U.S. Electric Power Sector: CO2 Emissions vs. Natural Gas Market Share 2,600 45% % of U.S. Electricity Net Generation from Natural Gas 2,400 40% 35% 2,200 30% 2,000 MM Tons CO2 25% CO2 Emissions Decline 1,800 20% 1,600 15% 1,400 10% 1,200 5% 1,000 0% Source: U.S. Energy Information Administration, M

143. Slide 143: US Natural Gas Demand for Power

     US Natural Gas Demand for Power The need for reliability 6% increase 60 in annual natural gas demand and peak day Our natural gas pipeline contracted demand 2023 vs. 2022 capacity is critical to ensure electric 50 grid reliability on peak days Growing demand for natural gas 40 Annual demand for natu

144. Slide 144: Projected Lower-48 Natural Gas Demand Growth By Sector

     Projected Lower-48 Natural Gas Cumulative Demand Growth By Sector Expected growth ‘23-‘32 (‘23–‘32) 35 LNG Exports, +16.1 Bcf/d 30 Total Demand 25 2.3% Mexican Exports, +3.5 Bcf/d CAGR ‘23–‘32 20 Bcf/d Transport/Other, +3.4 Bcf/d 15 10 Industrial+Blue Hydrogen +4.8 Bcf/d 5 Residential/Commercial, 0.

145. Slide 145: Global LNG Demand Expected to Grow

     Global LNG Demand Expected to Grow Over the Next Decade1 (54 Bcf/d in 2023 to 83 Bcf/d in 2033) Key Growth Drivers 90 More than Asia: Economic and population growth 80 2.8 Marine bunkers lead to demand growth as gas 70 83 Bcf/d 2.1 9.0 Europe China competitiveness improves and domestic global market

146. Slide 146: Lower-48 Natural Gas Demand 2022 vs. 2023

     Total demand including exports averaged 106 Bcf/d in 2023 compared to 104 Bcf/d in 2022, driven by strong power sector demand POWER GEN INDUSTRIAL RES / COM LNG & MEXICAN EXPORTS Bcf/d Bcf/d Bcf/d Bcf/d 40 40 40 40 6.4% 35 35 35 35 30 30 30 30 25 25 -1.0% 25 25 -8.5% 20 20 20 20 8.6% 3,476 15 15 15

147. Slide 147: Total Projected Global Energy Consumption By Fuel

     Total Projected Global Energy Consumption By Fuel 2015-2040 +22 QBtu 250 Or 11% Projected Global Energy +57 QBtu Demand (QBtu) 200 Or 45% -30 QBtu 821 619 Or -18% +124 QBtu QBtu Or 674% 150 2015 2040 100 +12 QBtu +8 QBtu Or 29% Or 21% +9 QBtu 50 Or 34% 0 Oil Natural Gas Coal Solar & Wind Hydro Bioma

148. Slide 148: Forecasted Lower-48 Natural Gas Production by Supply Area

     Forecasted Lower-48 Natural Gas Production by Supply Area (2024-2033) 45 2% CAGR 40 35 Williams to capitalize on growth with assets in 4% CAGR 30 6% CAGR geographically diverse supply areas Bcf/d 25 20 15 10 -1% CAGR 2% CAGR 5 1% CAGR -5% CAGR 0% CAGR -3% CAGR -3% CAGR 0 Northeast Permian Haynesvill

149. Slide 149: Natural Gas Reserves by Breakeven Prices

     Natural Gas Reserves for non-Associated Plays By Henry Hub Natural Gas Breakeven Prices1 Tcf 88% remaining gas reserves 1,000 under $3.50 are in Northeast 800 & Haynesville 600 ~84% 400 of Williams’ gathering volumes are from Marcellus, Utica & 200 Haynesville as of 4Q ‘23 0 < $2.50 < $3.00 < $3.50

150. Slide 150: Global energy consumption and power generation by fuel

     2023 Total Global Energy Electricity only Consumption by Sector 2023 Global Power Generation by Fuel Type accounts for ~21% of total end-use energy consumption Transportation Natural 25% Gas, Coal, 20% Wind, 6.6% Non- 40% 10% Energy 11% Solar, 3.5% Electricity AND 21% Hydro, Nuclear, 9% Distribution

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152. Slide 152: Transmission projects: target in-service and status

     Target Current Project Project Markets Served In-service Status Capacity1 Carolina Market Link 1Q’24 In service 78 MMcf/d Res/Com demand in Mid-Atlantic Regional Partial ISD 4Q’23; ~1/2 in service; Res/Com & Power demand in 829 MMcf/d Energy Access Full ISD 4Q’24 ~1/2 under construction PA, NJ & MD

153. Slide 153: Gulf of Mexico projects: Whale, Shenandoah, Ballymore, Salamanca, Anchor

     Whale Shenandoah Ballymore Salamanca Anchor > Increased utilization of > Increased utilization of > Increased utilization of > Increased utilization of > Increased utilization of Asset existing pipelines; existing pipelines; existing pipelines; existing pipelines; existing pipelines; Synergies Downs

154. Slide 154: Ohio River and Susquehanna River Supply Hubs

     Ohio River Supply Hub (ORSH) Natural Gas Gathering Northeast JV Susquehanna River Northeast JV LMM & Marcellus South Supply Hub (SRSH) Ohio Valley Midstream & Utica East Ohio Midstream: Cardinal & Flint Susquehanna Supply Hub • Operated joint venture Susquehanna Supply Hub • 1.4 Bcf/d of gathering c

155. Slide 155: Capturing Northeast Volume Growth

     Strategically Positioned: Capturing Northeast Volume Growth Northeast Natural Gas Williams Northeast Natural Gas Bcf/d Bcf/d Production Gathering Volumes 36 12 35 11 Gathering Production volume growth 34 growth 10 3.0% 5.3% 2023 vs 2023 vs 2022 33 2022 9 32 8 31 7 2022 2023 2022 2023 Source: S&P Glo

156. Slide 156: Northeast gathering expansions in execution

     Susquehanna Marcellus South Gathering expansion Gathering expansion ▪ Scope: ~22 miles of gathering pipeline ▪ Scope: ~2 miles of gathering pipeline and incremental compression and incremental compression ▪ Incremental capacity: 320 MMcf/d ▪ Incremental capacity: 120 MMcf/d IN EXECUTION IN SERVICE ✓

157. Slide 157: Sequent marketing footprint

     Generating significant earnings since acquisition 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 Marketing Footprint Natural Gas Pipelines Powerplants Storage Providing extensive market

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159. Slide 159: Strong Financial Performance Across Key Metrics

     Strong Financial Performance 4Q 4Q Change 2023 2022 Change Across Key Metrics 2023 2022 Adjusted EBITDA $1,721 $1,774 -3% $6,779 $6,418 6% Adjusted Earnings per Share $0.48 $0.53 -9% $1.91 $1.82 5% Available Funds from Operations $1,323 $1,357 -3% $5,213 $4,918 6% Dividend Coverage Ratio (AFFO basis

160. Slide 160: Core business performance drivers 4Q 2023 vs. 3Q 2023

     Core business performance drivers WMB Adjusted EBITDA ($MM): 4Q 2023 vs. 3Q 2023 Transmission & GOM Decreased earnings due to the sale of purity Core Business Performance pipes and higher operating costs; partially offset $1,750 by higher service revenues driven by early in- $12 $1,721 service of Re

161. Slide 161: Core business performance drivers 4Q 2023 vs. 4Q 2022

     Core business performance drivers WMB Adjusted EBITDA ($MM): 4Q 2023 vs. 4Q 2022 Transmission & GOM Higher earnings due to the MountainWest and Core Business Performance NorTex acquisitions, increased Gulf of Mexico $1,900 revenues driven by Taggart and Gunflint and $21 ($3) ($80) favorable other se

162. Slide 162: ~$6.8B 2023 Adj. EBITDA

     ~$6.8B 2023 Adj. EBITDA NGL Services1 1% ~1% from NGL Services Marketing Services 4% ~4% from Gas and NGL Marketing Services E&P 4% ~4% from E&P Joint Ventures Other Onshore Oil Basin2 2% Eagle Ford 5% ~7% from G&P SW Wyoming / Wamsutter 1% serving on-shore oil-directed supply areas Piceance 1% Barn

163. Slide 163: Full-year 2024 projections and assumptions

     2024 Upstream JV Adj. EBITDA Guidance Full-year 2024 projections and assumptions ~$200MM Net Price assumed production in guidance LA WY Natural Gas 215-250 MMcf/d NYMEX: $2.66/MMBtu Oil Production 4-6 Mbbl/d WTI: $71.25/bbl NGL 5-7 Mbbl/d NGL (C3+): $0.82/gal Production Wamsutter Haynesville Price a

164. Slide 164: E&P and G&P Hedges

     Commodity 2024 2025 Weighted-Average Weighted-Average E&P Hedges Natural Gas Volume (MMBtu) Volume (MMBtu) Price ($MMBtu) Price ($MMBtu) Fixed Price Swaps (27,910,000) $3.37 (4,560,000) $3.41 Basis Swaps (26,150,000) ($0.23) Weighted-Average Weighted-Average Liquids Volume (Bbls) Volume (Bbls) Price

165. Slide 165: Firm Contracted Capacity By Customer Type; Credit Rating Profile

     Firm Contracted Capacity By Credit Rating Profile Of Williams 3Q 2023 YTD Gas Customer Type for 20231 Transmission Revenue From Top 100 Customers2 9% 8% 54% 14% 21% Utilities / Power Customers 78% Investment-Grade 7% Customers 8% Utilities/Power LNG / Industrial Producer 3 4 Investment Grade Not rat

166. Slide 166: Quarterly Adjusted EBITDA vs. Contracted Capacity and Volumes

     Williams Quarterly Adjusted EBITDA vs. Contracted Transmission Capacity and Gathering Volumes DJ Basin MountainWest $2,400 Acquisition 60 Transactions Trace Nov. ‘23 Sequent Feb. ‘23 Acquisition Acquisition & Jackalope Haynesville Apr. ‘22 $2,000 FCA Sale Wamsutter 50 Sale E&P Adjusted EBITDA ($MM)

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168. Slide 168: Employee Resource Groups and Community Giving

     Community Giving Donating and volunteering to strengthen the communities where Employee Resource Groups our employees work and live Employee-led groups designed to ➢ Awarded more than $13.1MM in provide professional and personal 2023 to over 2,100 organizations support across 48 states ➢ 10 ERGs wit

169. Slide 169: Board diversity and governance recognition

     11 of 12 Named 2022 Top 1/3 Released Williams’ Board Inclusive Workplace of Board members 2022 EEO-1 members by the Tulsa Regional represent gender, Survey Data are independent Chamber’s Mosaic racial or ethnic coalition diversity in 2023 in 1Q 2023 5th year in a row Williams Adopted of being recogn

170. Slide 170: Emissions reduction goals and net zero ambition

     For more information regarding our sustainability efforts, please review our 2022 Sustainability Report and 2023 CDP Disclosure Long-term ambition Near-term goal Achieve net zero by 2050 utilizing a combination of immediate and long-term Upcoming goal 30% reduction solutions in carbon intensity from

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172. Slide 172: 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 meaning of Section 27A of t

173. Slide 173: 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 beyond our ability to control or predic

174. Slide 174: 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, including the Russian invasion of Ukrai

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176. Slide 176: Non-GAAP financial measures

     > 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 the rules of the SEC

177. Slide 177: Adjusted income reconciliation 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) attributable to The Williams Companies, Inc. available to common $ 70 $ 114 $ (40) $ (715) $ (571) $ (65) $ (405

178. Slide 178: Adjusted income reconciliation 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 Impairment of certain assets — — — 64 64 — 747 — 8 755 — 23 68 — 91 Regulatory adjustments resulting from Tax Reform — —

179. Slide 179: Adjusted income reconciliation 2018-2019

     2018 2019 (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 continuing operations attributable to The Williams Companies, Inc. available to common stockholders $ 152 $ 135 $ 129 $ (572) $ (156) $ 194 $ 310 $ 2

180. Slide 180: Adjusted income reconciliation 2018-2019 (cont.)

     2018 2019 (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 Regulatory asset reversals from impaired projects — — — — — — — — — — Commodity derivative non-cash mark-to-market — — — — — — — — — — Reversal of costs capitaliz

181. Slide 181: Adjusted income reconciliation 2020-2021

     2020 2021 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr (1) 4th Qtr Year Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to $ (518) $ 303 $ 308 $ 115 $ 208 $ 425 $ 304 $ 164 $ 621 $ 1,514 c

182. Slide 182: Adjusted income reconciliation 2020-2021 (cont.)

     2020 2021 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr (1) 4th Qtr Year Gas & NGL Marketing Services Amortization of purchase accounting inventory fair value adjustment — — — — — — — 2 16 18 Net unrealized (gain) loss from derivative in

183. Slide 183: Adjusted income reconciliation 2022-2023

     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 Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders $ 379 $ 400 $ 599 $ 668 $ 2,046 $ 926 $ 547 $ 654

184. Slide 184: Adjusted income reconciliation 2022-2023 (cont.)

     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 Gas & NGL Marketing Services Amortization of purchase accounting inventory fair value adjustment 15 — — — 15 — — — — — Impact of volatility on NGL linefill transactions

185. Slide 185: Modified EBITDA reconciliation 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) $ (13) $ (505) $ 131 $ 37 $ (350) $ 569 $ 193 $ 125 $1,622 $2,509 Provision (benefit) for incom

186. Slide 186: Modified EBITDA reconciliation 2018-2019

     2018 2019 (Dollars in millions) 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 $ 324 $ 242 $ (66) $ 714 Provision (benefit) for income taxes 55 52 190 (159) 138 69 98 77 91 335 Interest expense 273 275 270 294 1,112 2

187. Slide 187: Modified EBITDA reconciliation 2020-2021

     2020 2021 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Net income (loss) $ (570) $ 315 $ 323 $ 130 $ 198 $ 435 $ 322 $ 173 $ 632 $ 1,562 Provision (benefit) for income taxes (204) 117 111 55 79 141 119 53 198 511 Interest expense 296 294 292 290 1,1

188. Slide 188: Modified EBITDA reconciliation 2022-2023

     2022 2023 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Net income (loss) $ 392 $ 407 $ 621 $ 697 $ 2,117 $ 957 $ 494 $ 684 $ 1,168 $ 3,303 Provision (benefit) for income taxes 118 (45) 96 256 425 284 175 176 370 1,005 Interest expense 286 281 291 28

189. Slide 189: AFFO reconciliation 2018-2019

     2018 2019 (Dollars in millions, except coverage ratios) Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year The Williams Companies, Inc. Reconciliation of GAAP "Net cash provided (used) by operating activities" to Non-GAAP "Available Funds from Operations" Net cash provided (used) by operating activities $3,2

190. Slide 190: AFFO reconciliation 2020-2021

     2020 2021 (Dollars in millions, except coverage ratios) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year The Williams Companies, Inc. Reconciliation of GAAP "Net cash provided (used) by operating activities" to Non-GAAP "Available funds from operations" Net cash provided (us

191. Slide 191: AFFO reconciliation 2022-2023

     2022 2023 (Dollars in millions, except coverage ratios) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year $ 1,082 $ 1,098 $ 1,490 $ 1,219 $ 4,889 $ 1,514 $ 1,377 $ 1,234 $ 1,930 $ 6,055 Net cash provided (used) by operating activities Exclude: Cash (provided) used by changes

192. Slide 192: Northeast G&P Adjusted EBITDA and operating statistics

     2016 2017 2018 2019 2020 2021 2022 2023 (Dollars in millions) Year Year Year Year Year Year Year Year Adjusted EBITDA 886 959 1,090 1,341 1,535 1,712 1,796 $1,955 Less: Adjusted EBITDA from non-operated equity-method investments (182) (161) (173) (108) (102) (173) (161) (146) Adjusted EBITDA excludi

193. Slide 193: 2024-2025 Guidance reconciliation

     2024 Guidance 2025 Guidance (Dollars in millions, except per-share amounts and coverage ratio) Low Mid High Low Mid High Net income (loss) from continuing operations $ 2,094 $ 2,219 $ 2,344 $ 2,373 $ 2,523 $ 2,673 Provision (benefit) for income taxes 670 695 720 735 785 835 Interest expense 1,380 1,

Williams Companies, Inc. (The) — Q4 2023 Earnings Presentation on 6ix