The Williams Companies, Inc.

“Williams has operations in 11 supply areas that provide natural gas gathering and processing (G&P), transmission and storage services; NGL fractionation, transportation, and storage services; and marketing services to approximately 800 customers.”

“Williams' gathering, treating, and processing businesses do not have material direct exposure to crude oil prices. Williams' on-shore natural gas gathering and processing businesses are substantially focused on gas-directed drilling basins rather than crude oil, with a broad diversity of basins and customers served.”

“Williams' operations are conducted, managed, and presented within the following reportable segments: Transmission, Power & Gulf; Northeast G&P; West; and Gas & NGL Marketing Services.”

“Williams' interstate natural gas pipelines transport and store natural gas for a broad mix of customers, including local natural gas distribution companies, public utilities, municipalities, direct industrial users, electric power generators, and natural gas marketers and producers.”

“Transco owns and operates an approximately 9,600-mile natural gas pipeline system extending from Texas, Louisiana, Mississippi and the Gulf of America through Alabama, Georgia, South Carolina, North Carolina, Virginia, Maryland, Delaware, Pennsylvania and New Jersey to the New York City metropolitan area.”

“NWP owns and operates an approximately 3,900-mile natural gas pipeline system, extending from the San Juan basin in northwestern New Mexico and southwestern Colorado through Colorado, Utah, Wyoming, Idaho, Oregon, and Washington to a point on the Canadian border near Sumas, Washington.”

“For the year ended December 31, 2025, approximately 93 percent of NGL production volumes were under fee-based contracts.”

“The total initial purchase price was $378 million, and both investments will require additional capital to fund further construction. Williams will also manage the gas supply for the LNG facility and purchase approximately 10 percent of the LNG produced.”

“On January 31, 2025, Williams purchased a group of natural gas gathering and processing assets from Rimrock Energy Partners, LLC (Rimrock) for approximately $325 million, to expand Williams' gathering and processing footprint and create operational synergies in the DJ Basin in the West segment.”

“The acquisition, which was accounted for as an asset purchase, included cash consideration of $47 million and the retention of $113 million of Saber's debt, which was separately repaid in full within the same month.”

“In March 2025, Williams purchased a minority interest in Cogentrix for $153 million, which is accounted for as an equity-method investment within the Gas & NGL Marketing Services segment. Cogentrix owns interests in 11 natural gas power plants”

“Transco placed the project into service in November 2025, increasing Transco's capacity by 105 Mdth/d.”

“Williams continues to pursue projects to support the power demands created by new data center and industrial development in power grid-constrained markets, including agreements with a large, investment-grade company to provide onsite natural gas and power generation infrastructure.”

“Demand for gas gathering and processing services is dependent on producers' drilling activities, which is impacted by the strength of the economy, commodity prices, and the resulting demand for natural gas by manufacturing and industrial companies and consumers.”

“In October 2025, Williams entered into an agreement to sell its interests in certain upstream ventures in the South Mansfield area of the Haynesville Shale region, included in Other, for consideration of $398 million with additional contingent consideration to possibly be received through 2029.”

“In December 2025, Williams' management approved a plan to sell certain gas gathering assets in the Mid-Continent region.”

“Williams' interstate natural gas pipeline strategy is to create value by maximizing the utilization of its pipeline capacity by providing high-quality, low-cost transportation of natural gas to large and growing markets.”

“On January 27, 2026, Williams' board of directors approved a regular quarterly dividend of $0.525 per share payable on March 30, 2026.”

“Net income (loss) attributable to The Williams Companies, Inc. for the year ended December 31, 2025, increased $393 million compared to the year ended December 31, 2024.”

“On December 30, 2025, the FERC approved the agreement, which will become effective on March 1, 2026.”

“Under the Energy Policy Act of 2005, the FERC is authorized to impose civil penalties of more than $1.5 million per day for each violation of its rules.”

“The United States Department of Transportation Pipeline and Hazardous Materials Safety Administration (PHMSA) administers federal pipeline safety laws.”

“Williams, Transco, and NWP have experienced, and anticipate continuing to face, opposition to the operation and expansion of pipelines and facilities from governmental officials, environmental groups, landowners, tribal groups, local groups, and other advocates.”

“Prices for natural gas, NGLs, oil, LNG, and other commodities are volatile, and this volatility has and could continue to adversely affect Williams' financial condition, results of operations, cash flows, access to capital, and ability to maintain or grow its business.”

“Williams, Transco, and NWP could also be subjected to a carbon tax assessed on the basis of carbon dioxide emissions or otherwise.”

“Inflation, interest rates, tariffs on foreign-made materials and goods (including steel and steel pipes) necessary to conduct business, and general economic conditions”

“Some of Williams', Transco's, and NWP's businesses are exposed to supplier concentration risks arising from dependence on a single or a limited number of suppliers.”

“Events such as an aging workforce without appropriate replacements, mismatch of skill sets to future needs, the challenges of attracting new, qualified workers to the midstream energy industry, or unavailability of contract labor may lead to”

“This rate design disparity can result in producers bypassing Transco's offshore facilities in favor of alternative transportation facilities.”