What changed in this filing

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Item 1. Business

2025-02-25 compared with 2024-02-21 · 381 added, 344 removed, 250 unchanged (74% of the section changed)

In this report, Williams (which includes The Williams Companies, Inc.

and, unless the context otherwise indicates, all of our subsidiaries) is at times referred to in the first person as “we,” “us,” or “our.” We also sometimes refer to Williams as the “Company.”

We are an energy company committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy.

We have operations in 12 supply areas that provide natural gas gathering, processing, and transmission services, NGLs fractionation, transportation, and storage services, and marketing services to more than 700 customers.

We own an interest in and operate over 33,000 miles of pipelines in 24 states, 35 natural gas processing facilities, 9 NGL fractionation facilities, approximately 25 million barrels of NGL storage capacity, and 405.4 Bcf of natural gas storage capacity, and deliver natural gas that is used every day for clean-power generation, heating, and industrial use.

We were founded in 1908, originally incorporated under the laws of the state of Nevada in 1949 and reincorporated under the laws of the state of Delaware in 1987.

Our common stock trades on the New York Stock Exchange under the symbol “WMB.” Our operations are located in the United States.

Williams’ headquarters are located in Tulsa, Oklahoma, with other major offices in Houston, Texas and Pittsburgh, Pennsylvania.

Our telephone number is 800-945-5426 (800-WILLIAMS).

This report includes information for multiple registrants, specifically The Williams Companies, Inc.

(Williams), as well as Transcontinental Gas Pipe Line Company, LLC (Transco) and Northwest Pipeline LLC (NWP) both of which are wholly owned subsidiaries of Williams (collectively, the Registrants).

References to subsidiaries by name, including equity-method investees, Transco, and NWP, refer exclusively to those businesses and operations.

Williams is an energy company committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy.

Williams has operations in 12 supply areas that provide natural gas gathering, processing, and transmission services;

NGLs fractionation, transportation, and storage services;

and marketing services to approximately 800 customers.

Williams owns an interest in and operates over 33,000 miles of pipelines in 24 states, 34 natural gas processing facilities, 9 NGL fractionation facilities, approximately 25 million barrels of NGL storage capacity, and 417 Bcf of natural gas storage capacity, and delivers natural gas that is used every day for clean-power generation, heating, and industrial use.

Williams was founded in 1908, originally incorporated under the laws of the state of Nevada in 1949 and reincorporated under the laws of the state of Delaware in 1987.

Its common stock trades on the New York Stock Exchange under the symbol “WMB.” Its operations are located in the United States.

Williams’ headquarters are located in Tulsa, Oklahoma, with other major offices in Houston, Texas;

Pittsburgh, Pennsylvania;

and Salt Lake City, Utah.

Transco owns and operates an approximately 9,700-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.

The system serves customers in Texas and the 12 southeast and Atlantic seaboard states mentioned above, including major metropolitan areas in Georgia, Washington D.C., Maryland, North Carolina, New York, New Jersey, and Pennsylvania.

Transco’s principal business is the interstate transportation of natural gas, which is regulated by the FERC.

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.

The system serves customers in Washington, Oregon, Idaho, Wyoming, Nevada, Utah, Colorado, New Mexico, California, and Arizona, either directly or indirectly through interconnections with other pipelines.

NWP’s principal business is the interstate transportation of natural gas, which is regulated by FERC.

Service Assets, Customers, and Contracts

Key variables for our businesses will continue to be:

• Obstacles to our expansion efforts, including delays or denials of necessary permits and opposition to hydrocarbon-based energy development;

• Producer drilling activities impacting natural gas supplies supporting our gathering and processing volumes;

Key variables for Williams’ businesses will continue to be:

• Obstacles to Williams’ expansion efforts, including delays or denials of necessary permits and opposition to hydrocarbon-based energy development;

• Producer drilling activities impacting natural gas supplies supporting Williams’ gathering and processing volumes;

• Retaining and attracting customers by continuing to provide reliable services;

• Revenue growth associated with additional infrastructure either completed or currently under construction;

• Prices impacting our commodity-based activities;

• Disciplined growth in our service areas.

• Prices impacting Williams’ commodity-based activities;

• Disciplined growth in Williams’ service areas.

Interstate Natural Gas Pipeline Assets

Our interstate natural gas pipelines, which are presented in our Transmission & Gulf of Mexico segment as described under the heading “Business Segments,” are subject to regulation by the FERC and as such, our rates and charges for the transportation of natural gas in interstate commerce are subject to regulation.

The rates are established primarily through the FERC’s ratemaking process, but we also may negotiate rates with our customers pursuant to the terms of our tariffs and FERC policy.

Our 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.

Most of our interstate natural gas transmission businesses are fully

contracted under long-term firm reservation contracts with high credit quality customers.

These contracts have various expiration dates and account for the major portion of our regulated businesses.

Additionally, we offer storage services and interruptible transportation services under shorter-term agreements.

Our top ten customers of our interstate natural gas pipelines in 2023 accounted for approximately 47 percent of our regulated interstate natural gas transportation and storage revenues.

Gathering, Processing, and Treating Assets

Our gathering, processing, and treating operations are presented within our Transmission & Gulf of Mexico, Northeast G&P, and West reporting segments as described under the heading “Business Segments.”

Our gathering systems receive natural gas from producers’ crude oil and natural gas wells and gather these volumes to gas processing, treating, or redelivery facilities.

Williams’ interstate natural gas pipelines, which are presented in the Transmission & Gulf of America segment as described under the heading “Business Segments,” are subject to regulation by the FERC and as such, rates and charges for the transportation of natural gas in interstate commerce are subject to regulation.

The rates are established primarily through the FERC’s ratemaking process, but rates may also be negotiated with customers pursuant to the terms of tariffs and FERC policy.

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.

Most of Williams’ interstate natural gas transmission businesses are fully contracted under long-term firm reservation contracts with high credit quality customers.

These contracts have various expiration dates and account for the major portion of these regulated businesses.

Additionally, Williams offers storage services and interruptible transportation services under shorter-term agreements.

The top ten customers of the interstate natural gas pipelines in 2024 accounted for approximately 45 percent of Williams’ regulated interstate natural gas transportation and storage revenues.

Transco’s three largest customers in 2024 accounted for approximately 20 percent of Transco’s total operating revenues.

Transco’s firm transportation agreements are generally long-term agreements with various expiration dates and account for the major portion of its business.

During 2024, NWP’s three largest customers were Puget Sound Energy, Inc., Cascade Natural Gas Corporation, and Northwest Natural Gas Company, which accounted for approximately 31 percent, 10 percent, and 11 percent, respectively, of NWP total operating revenues for the year ended December 31, 2024.

No other customer accounted for more than 10 percent of NWP total operating revenues during that period.

Natural Gas Gathering and Processing Assets

Williams’ gathering, processing, and treating operations are presented within the Transmission & Gulf of America, Northeast G&P, and West reporting segments as described under the heading “Business Segments.”

Williams’ gathering systems receive natural gas from producers’ crude oil and natural gas wells and gather these volumes to gas processing, treating, or redelivery facilities.

Typically, natural gas, in its raw form, is not acceptable for transportation in major interstate natural gas pipelines or for commercial use as a fuel.

Our treating facilities remove water vapor, carbon dioxide, and other contaminants, and collect condensate.

We are generally paid a fee based on the volume of natural gas gathered and/or treated, generally measured in the Btu heating value.

Williams’ treating facilities remove water vapor, carbon dioxide, and other contaminants, and collect condensate.

Williams is generally paid a fee based on the volume of natural gas gathered and/or treated, generally measured in the Btu heating value.

In addition, natural gas contains various amounts of NGLs, which generally have a higher value when separated from the natural gas stream.

Our processing plants extract the NGLs, which include ethane, primarily used in the petrochemical industry;

Williams’ processing plants extract the NGLs, which include ethane, primarily used in the petrochemical industry;

propane, used for heating, fuel, and also in the petrochemical industry;

and, normal butane, isobutane, and natural gasoline, primarily used by the refining industry.

Our gas processing services generate revenues primarily from the following types of contracts:

We are paid a fee based on the volume of natural gas processed, generally measured in the Btu heating value.

A portion of our fee-based processing revenue includes a share of the margins on the NGLs produced.

For the year ended December 31, 2023, approximately 90 percent of our NGL production volumes were under fee-based contracts.

Williams’ gas processing services generate revenues primarily from the following types of contracts:

A cash fee is received based on the volume of natural gas processed, generally measured in the Btu heating value.

A portion of Williams’ fee-based processing revenue includes a share of the margins on the NGLs produced.

For the year ended December 31, 2024, approximately 95 percent of NGL production volumes were under fee-based contracts.

• Noncash commodity-based:

We also process gas under two types of commodity-based contracts, keep-whole and percent-of-liquids, where we receive consideration for our services in the form of NGLs.

For a keep-whole arrangement we replace the Btu content of the retained NGLs with natural gas purchases, also known as shrink replacement gas.

For a percent-of-liquids arrangement, we deliver an agreed-upon percentage of the extracted NGLs and retain the remainder.

Retained NGLs are referred to as our equity NGL production.

Per-unit NGL margins are calculated based on sales of our own equity volumes at the processing plants.

For the year ended December 31, 2023, approximately 10 percent of our NGL production volumes were under noncash commodity-based contracts.

Generally, our gathering and processing agreements are long-term agreements, with terms ranging from month-to-month to the life of the producing lease.

Certain contracts include cost of service mechanisms that are designed to support a return on invested capital and allow our gathering rates to be adjusted, subject to specified caps in certain cases, to account for variability in volume, capital expenditures, commodity price fluctuations, compression, and other expenses.

We also have certain gas gathering and processing agreements with MVC, whereby the customer is obligated to pay a contractually determined fee based on any shortfall between the actual gathered and processed volumes and the MVC for a stated period.

Gas is also processed under two types of commodity-based contracts, keep-whole and percent-of-liquids, where consideration for services is received in the form of NGLs.

For a keep-whole arrangement Williams replaces the Btu content of the retained NGLs with natural gas purchases, also known as shrink replacement gas.

For a percent-of-liquids arrangement, Williams delivers an agreed-upon percentage of the extracted NGLs and retains the remainder.

Retained NGLs, referred to as equity NGL production, are then sold.

Per-unit NGL margins are calculated based on sales of these equity volumes at the processing plants.

For the year ended December 31, 2024, approximately 5 percent of NGL production volumes were under noncash commodity-based contracts.

Generally, Williams’ gathering and processing agreements are long-term agreements, with terms ranging from month-to-month to the life of the producing lease.

Certain contracts include cost-of-service mechanisms that are designed to support a return on invested capital and allow gathering rates to be adjusted, subject to specified caps in certain cases, to account for variability in volume, capital expenditures, commodity price fluctuations, compression, and other expenses.

Williams also has certain gas gathering and processing agreements with MVC, whereby the customer is obligated to pay a contractually determined fee based on any shortfall between the actual gathered and processed volumes and the MVC for a stated period.

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.

Our gathering, processing, and treating businesses do not have direct exposure to crude oil prices.

Our 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.

Declines in crude oil drilling would be expected to result in less associated natural gas production, which could drive more demand for natural gas produced from gas-directed basins we serve.

During 2023, our facilities gathered and processed gas and crude oil for approximately 230 customers.

Our top ten customers accounted for approximately 70 percent of our gathering and processing fee revenues and NGL

margins from our noncash commodity-based agreements.

We believe counterparty credit concerns in our gathering and processing businesses are significantly mitigated by the physical nature of our services, where we gather at the wellhead and are therefore critical to a producer’s ability to move product to market.

Williams’ gathering, processing, and treating businesses do not have 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.

Declines in crude oil drilling would be expected to result in less associated natural gas production, which could drive more demand for natural gas produced from gas-directed basins served.

During 2024, Williams’ facilities gathered and processed gas for approximately 248 customers.

The top ten customers accounted for approximately 59 percent of gathering and processing fee revenues and NGL margins from noncash commodity-based agreements.

Williams believes counterparty credit concerns in its gathering and processing businesses are significantly mitigated by the physical nature of Williams’ services, where gathering occurs at the wellhead and therefore is critical to a producer’s ability to move product to market.

Gas and NGL Marketing

Our NGL and natural gas marketing services are presented primarily within our Gas & NGL Marketing Services segment.

We market natural gas and NGL products to a wide range of users in the energy and petrochemical industries.

In 2023, our three largest natural gas marketing customers accounted for approximately 10 percent of our gross natural gas marketing sales, and our three largest NGL marketing customers accounted for approximately 43 percent of our NGL marketing sales.

Our gas marketing business markets natural gas and provides natural gas asset management and wholesale marketing, trading, storage, and transportation for a diverse set of natural gas and electric utilities, municipalities, power generators, and producers, including for our own upstream properties.

Additionally, our gas marketing business moves and optimizes natural gas to markets through transportation and storage agreements on our own strategically positioned assets.

Our gas and NGL marketing services provide customers with access to diverse sources of supply and to various natural gas demand markets, including the southeastern and gulf coast regions which are the fastest growing natural gas demand regions in the United States.

We purchase natural gas for storage when the current market price paid to buy and transport natural gas plus the cost to store and finance the natural gas is less than an estimated, forward market price that can be received in the future, resulting in positive net product sales.

Williams’ natural gas and NGL marketing services are presented primarily within its Gas & NGL Marketing Services segment.

Williams markets natural gas and NGL products to a wide range of users in the energy and petrochemical industries.

In 2024, the three largest natural gas marketing customers accounted for approximately 10 percent of Williams’ gross natural gas marketing sales, and the three largest NGL marketing customers accounted for approximately 37 percent of Williams’ NGL marketing sales.

Williams’ gas marketing business markets natural gas and provides natural gas asset management and wholesale marketing, trading, storage, and transportation for a diverse set of natural gas and electric utilities, municipalities, power generators, and producers, including for Williams’ upstream properties.

Additionally, Williams’ gas marketing business moves and optimizes natural gas to markets through transportation and storage agreements on Williams’ own strategically positioned assets.

Williams’ gas and NGL marketing services provide customers with access to diverse sources of supply and to various natural gas demand markets, including the southeastern and Gulf Coast regions which are the fastest growing natural gas demand regions in the United States.

Williams purchases natural gas for storage when the current market price paid to buy and transport natural gas plus the cost to store and finance the natural gas is less than an estimated, forward market price that can be received in the future, resulting in positive net product sales.

Commodity-based exchange-traded futures contracts and over-the-counter (OTC) contracts are used to sell natural gas at that future price to substantially protect the natural gas revenues that will ultimately be realized when the stored natural gas is sold.

Additionally, we enter into transactions to secure transportation capacity between delivery points in order to serve our customers and various markets.

Additionally, Williams enters into transactions to secure transportation capacity between delivery points in order to serve Williams’ customers and various markets.

Commodity-based exchange-traded futures contracts and OTC contracts are used to capture the price differential or spread between the locations served by the capacity in order to substantially protect the natural gas revenues that will ultimately be realized when the physical flow of natural gas between receipt and delivery points occurs.

Monthly demand charges incurred for the contracted storage and transportation capacity and payments associated with asset management agreements are substantially indirectly reimbursed by our customers.

As we are acting as an agent, our natural gas marketing revenues are presented net of the related costs of those activities.

In addition, all of our natural gas marketing derivative activities qualify as held for trading purposes, which requires net presentation in our Consolidated Statement of Income.

Prior to the integration in 2022 of our historical gas marketing business with the acquired Sequent gas marketing business, natural gas marketing revenues and costs for our historical business were reported on a gross basis.

Following the integration in 2022, the entire natural gas marketing portfolio is considered held for trading purposes, and the related revenues are therefore presented net of the related costs of those activities in 2022.

Our NGL marketing business transports and markets our equity NGLs from the production at our processing plants, NGLs from the production at our upstream properties, and also NGLs on behalf of third-party NGL producers, including some of our fee-based processing customers, as well as the NGL volumes owned by certain of our equity-method investments.

Monthly demand charges incurred for the contracted storage and transportation capacity and payments associated with asset management agreements are substantially indirectly reimbursed by customers.

As Williams is acting as an agent, natural gas marketing revenues are presented net of the related costs of those activities.

In addition, all of Williams’ natural gas marketing derivative activities qualify as held for trading purposes, which requires net presentation in Williams Consolidated Statement of Income.

Williams’ NGL marketing business transports and markets equity NGLs from the production at Williams’ processing plants, NGLs from the production at Williams’ upstream properties, and also NGLs on behalf of third-party NGL producers, including some of our fee-based processing customers, as well as the NGL volumes owned by certain of Williams’ equity-method investments.

The NGL marketing business bears the risk of price changes in these NGL volumes while they are being transported to final sales delivery points.

In order to meet sales contract obligations, we may purchase products in the spot market for resale.

We are exposed to commodity price risk.

To manage this volatility, we use various contracts in our marketing and trading activities that generally meet the definition of derivatives.

We enter into commodity-related derivatives to hedge exposures to natural gas and NGLs and retain exposure to price changes that can, in a volatile energy market, be material and can adversely affect our results of operations.

We experience significant earnings volatility from the fair value accounting required for the derivatives used to hedge a portion of the economic value of the underlying transportation and storage portfolio as well as upstream related production.

However, the unrealized fair value measurement gains and losses are generally offset by

valuation changes in the economic value of the underlying production or transportation and storage contracts, which is not recognized until the underlying transaction occurs.

Crude Oil Transportation and Production Handling Assets

Our crude oil transportation operations, which are primarily presented in our Transmission & Gulf of Mexico segment as described under the heading “Business Segments,” earn revenues primarily from a combination of fixed-monthly fees, contractual fixed or variable fees applied to production volumes, and contributions in aid of construction (CIAC) arrangements.

In order to meet sales contract obligations, Williams may purchase products in the spot market for resale.

Williams is exposed to commodity price risk.

To manage this volatility, various contracts are used in the marketing and trading activities that generally meet the definition of derivatives.

Williams enters into commodity-related derivatives to hedge exposures to natural gas and NGLs and retain exposure to price changes that can, in a volatile energy market, be material and can adversely affect results of operations.

Williams experiences significant earnings volatility from the fair value accounting required for the derivatives used to hedge a portion of the economic value of the underlying transportation and storage portfolio as well as upstream related production.

However, the unrealized fair value measurement gains and losses are generally offset by valuation changes in the economic value of the underlying production or transportation and storage contracts, which is not recognized until the underlying transaction occurs.

Crude Oil Transportation and Production Handling Asset s

Williams’ crude oil transportation operations, which are primarily presented in the Transmission & Gulf of America segment as described under the heading “Business Segments,” earn revenues primarily from a combination of fixed-monthly fees, contractual fixed or variable fees applied to production volumes, and contributions in aid of

construction (CIAC) arrangements.

Generally, fixed-monthly fees associated with production handling and export revenues are recognized on a units-of-production basis utilizing either contractually determined maximum daily quantities or expected remaining production.

CIAC arrangements are recognized on a units of production basis, utilizing expected remaining production.

Our crude oil transportation business is supported mostly by major oil producers with long-cycle perspectives.

Williams’ crude oil transportation business is supported mostly by major oil producers with long-cycle perspectives.

Standalone, Market-Based Rate Natural Gas Storage Assets

Our standalone, market-based rate natural gas storage assets are presented in our Transmission & Gulf of Mexico segment as described under the heading “Business Segments” and include our NorTex assets acquired in August 2022 and our Gulf Coast storage assets acquired in January 2024.

Williams’ standalone, market-based rate natural gas storage assets are presented in the Transmission & Gulf of America segment as described under the heading “Business Segments” and include Williams’ North Texas Assets (NorTex) acquired in August 2022 and Williams’ Gulf Coast storage assets acquired in January 2024.

These natural gas storage assets provide natural gas storage services in interstate commerce under the jurisdiction of the FERC pursuant to the Natural Gas Act or Section 311 of the Natural Gas Policy Act.

We are authorized to charge and collect market-based rates for all of the services that these natural gas storage assets provide.

We 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.

Williams is authorized to charge and collect market-based rates for all of the services that these natural gas storage assets provide.

Williams stores 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.

Most of these natural gas storage businesses are fully contracted under long-term firm reservation contracts with high credit quality customers.

The contracts have various expiration dates and account for the major portion of the entities’ businesses.

Additionally, we offer storage services and interruptible transportation services under shorter-term agreements.

The three largest customers of this business in 2024 accounted for approximately 21 percent of its total operating revenues.

Business Segments

Consistent with the manner in which our chief operating decision maker evaluates performance and allocates resources, our operations are conducted, managed, and presented in Part I of this Annual Report within the following reportable segments:

Transmission & Gulf of Mexico, Northeast G&P, West, and Gas & NGL Marketing Services.

All remaining business activities, including our upstream operations and corporate activities, are included in Other.

Our reportable segments are comprised of the following business activities:

• Transmission & Gulf of Mexico is comprised of our interstate natural gas pipelines, Transcontinental Gas Pipe Line Company, LLC (Transco) , Northwest Pipeline LLC (Northwest Pipeline), and MountainWest Pipelines Holding Company (MountainWest), and their related natural gas storage facilities, as well as natural gas gathering and processing and crude oil production handling and transportation assets in the Gulf Coast region, including a 51 percent interest in Gulfstar One LLC (Gulfstar One), a 50 percent equity-method investment in Gulfstream Natural Gas System, L.L.C.

(Gulfstream), and a 60 percent equity-method investment in Discovery Producer Services LLC (Discovery).

Transmission & Gulf of Mexico also includes natural gas storage facilities and pipelines providing services in north Texas, Louisiana, and Mississippi.

• Northeast G&P is comprised of our midstream gathering, processing, and fractionation businesses in the Marcellus Shale region primarily in Pennsylvania and New York, and the Utica Shale region of eastern Ohio, as well as a 65 percent interest in our Ohio Valley Midstream LLC (Northeast JV) which operates in West Virginia, Ohio, and Pennsylvania, a 66 percent interest in Cardinal Gas Services, L.L.C.

(Cardinal) which operates in Ohio, a 69 percent equity-method investment in Laurel Mountain Midstream, LLC (Laurel Mountain), a 50 percent equity-method investment in Blue Racer Midstream LLC (Blue Racer),

and our equity-method investments with an approximate average 66 percent interest in multiple gas gathering systems in the Marcellus Shale region (Appalachia Midstream Investments).

• West is comprised of our gas gathering, processing, and treating operations in the Rocky Mountain region of Colorado and Wyoming, the Barnett Shale region of north-central Texas, the Eagle Ford Shale region of south Texas, the Haynesville Shale region of east Texas and northwest Louisiana, the Mid-Continent region which includes the Anadarko and Permian basins, and the DJ Basin of Colorado which includes RMM, a former 50 percent equity-method investment in which we acquired the remaining ownership interest in November 2023.

This segment also includes our NGL storage facilities, an undivided 50 percent interest in an NGL fractionator near Conway, Kansas, a 50 percent equity-method investment in Overland Pass Pipeline Company LLC (OPPL), a 20 percent equity-method investment in Targa Train 7 LLC (Targa Train 7), and a 15 percent equity-method investment in Brazos Permian II, LLC (Brazos Permian II).

• Gas & NGL Marketing Services is comprised of our NGL and natural gas marketing and trading operations, which includes risk management and transactions related to the storage and transportation of natural gas and NGLs on strategically positioned assets.

Consistent with the manner in which Williams’ chief operating decision maker evaluates performance and allocates resources, Williams’ operations are conducted, managed, and presented in Part I of this Annual Report within the following reportable segments:

Transmission & Gulf of America, Northeast G&P, West, and Gas & NGL Marketing Services.

All remaining business activities, including upstream operations, certain new energy ventures, and corporate activities, are included in Other.

Williams’ reportable segments are comprised of the following business activities:

• Transmission & Gulf of America is comprised of the Transco, NWP, and MountainWest interstate natural gas pipelines, and their related natural gas storage facilities, as well as natural gas gathering and processing and crude oil production handling and transportation assets in the Gulf Coast region, including Discovery, a former 60 percent equity-method investment in which Williams acquired the remaining ownership interest in August 2024, a 51 percent interest in Gulfstar One LLC (Gulfstar One), and a 50 percent equity-method investment in Gulfstream Natural Gas System, L.L.C.

(Gulfstream).

Transmission & Gulf of America also includes natural gas storage facilities and pipelines providing services in north Texas, Louisiana, and Mississippi.

• Northeast G&P is comprised of midstream gathering, processing, and fractionation businesses in the Marcellus Shale region primarily in Pennsylvania and New York, and the Utica Shale region of eastern Ohio, as well as a 65 percent interest in Ohio Valley Midstream LLC (Northeast JV) which operates in West Virginia, Ohio, and Pennsylvania, a 66 percent interest in Cardinal Gas Services, L.L.C.

• West is comprised of gas gathering, processing, and treating operations in the Rocky Mountain region of Colorado and Wyoming, the Barnett Shale region of north-central Texas, the Eagle Ford Shale region of south Texas, the Haynesville Shale region of east Texas and northwest Louisiana, the Mid-Continent region which includes the Anadarko and Permian basins, and the DJ Basin of Colorado which includes RMM, a former 50 percent equity-method investment in which Williams acquired the remaining ownership interest in November 2023.

This segment also includes NGL storage facilities, an undivided 50 percent interest in

an NGL fractionator near Conway, Kansas, and a 50 percent equity-method investment in Overland Pass Pipeline Company LLC (OPPL).

• Gas & NGL Marketing Services is comprised of NGL and natural gas marketing and trading operations, which includes risk management and transactions related to the storage and transportation of natural gas and NGLs on strategically positioned assets.

Detailed discussion of each of our reportable segments follows.

For a discussion of our ongoing expansion projects, see Part II, Item 7.

For a discussion of ongoing expansion projects, see Part II, Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Transmission & Gulf of Mexico

Transmission & Gulf of America

Interstate Natural Gas Pipeline Assets

Transco is an interstate natural gas transmission company that owns and operates an approximately 9,700-mile natural gas pipeline system, which is regulated by the FERC, extending from Texas, Louisiana, Mississippi, and the Gulf of Mexico through Alabama, Georgia, South Carolina, North Carolina, Virginia, Maryland, Delaware, Pennsylvania, and New Jersey to the New York City metropolitan area.

The system serves customers in Texas and 12 southeast and Atlantic seaboard states, including major metropolitan areas in Georgia, North Carolina, Washington, D.C., Maryland, New York, New Jersey, and Pennsylvania.

At December 31, 2024, Transco’s system had a design capacity totaling approximately 19.8 MMdth/d.

During 2024, Transco began full service on the Regional Energy Access expansion project which added approximately 0.4 MMdth/d of firm transportation capacity to its pipeline, partial early service on the Southside Reliability Enhancement expansion project which added approximately 0.4 MMdth/d of firm transportation capacity, and full service on Carolina Market Link expansion project which added approximately 0.1 MMdth/d of firm transportation capacity.

In addition, a reduction of approximately 0.1 MMdth/d of firm transportation capacity is attributable to unsubscribed capacity as well as a reduction of approximately 0.1 MMdth/d of firm transportation capacity is attributable to termination of interim service related to the Regional Energy Access expansion project.

Transco’s system includes 61 compressor stations, four underground storage fields, and one LNG storage facility.

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Transco has natural gas storage capacity in four underground storage fields located on or near its pipeline system or market areas and operates two of these storage fields.

During 2023, Transco began partial early service on the Regional Energy Access expansion project, which added approximately 0.5 MMdth/d of firm transportation capacity to its pipeline.

In addition, Transco added almost 0.1 MMdth/d of firm transportation capacity by converting certain interruptible transportation feeder capacity to firm transportation.

Transco also has storage capacity in an LNG storage facility that it owns and operates.

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At December 31, 2024, Transco’s customers had stored in its facilities approximately 137 Bcf of natural gas.

Storage capacity permits our customers to inject gas into storage during the summer and off-peak periods for delivery during peak winter demand periods.

Northwest Pipeline

Northwest Pipeline is an interstate natural gas transmission company that owns and operates an approximately 3,900-mile natural gas pipeline system, which is regulated by the FERC, 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.

Northwest Pipeline provides services for

markets in Washington, Oregon, Idaho, Wyoming, Nevada, Utah, Colorado, New Mexico, California, and Arizona, either directly or indirectly through interconnections with other pipelines.

At December 31, 2023, Northwest Pipeline’s system had a design capacity totaling approximately 3.8 MMdth/d.

Northwest Pipeline’s system includes 42 transmission compressor stations having a combined sea level-rated capacity of approximately 476,000 horsepower.

Northwest Pipeline owns a one-third undivided interest in the Jackson Prairie underground storage facility in Washington.

Northwest Pipeline also owns and operates an LNG storage facility in Washington.

These storage facilities have an aggregate working natural gas storage capacity of approximately 10.4 Bcf, which is substantially utilized for third-party natural gas.

These natural gas storage facilities enable Northwest Pipeline to balance daily receipts and deliveries and provide storage services to customers.

Storage capacity permits Transco’s customers to inject gas into storage during the summer and off-peak periods for delivery during peak winter demand periods.

At December 31, 2024, NWP’s system had a design capacity totaling approximately 3.8 MMdth/d.

NWP’s system includes 42 transmission compressor stations having a combined sea level-rated capacity of approximately 476,000 horsepower.

NWP owns a one-third undivided interest in the Jackson Prairie underground storage facility in Washington.

NWP also owns and operates an LNG storage facility in Washington.

These storage facilities have an aggregate working natural gas storage capacity of approximately 10 Bcf.

NWP also contracts for natural gas storage services for approximately 3 Bcf at the Clay basin underground storage reservoir with a Williams’ affiliate, MountainWest.

These natural gas storage facilities, which are substantially utilized for third-party natural gas, enable NWP to balance daily receipts and deliveries and provide storage services to customers.

MountainWest Acquisition

On February 14, 2023, we closed on the acquisition of 100 percent of MountainWest Pipelines Holding Company.

On February 14, 2023, Williams closed on the acquisition of 100 percent of MountainWest Pipelines Holding Company.

MountainWest is an interstate natural gas transmission company that owns and operates an approximately 2,000-mile natural gas pipeline system which is regulated by the FERC.

At December 31, 2024, MountainWest’s system has a design capacity totaling 8.0 MMdth/d.

The system is comprised of MountainWest Pipeline, LLC;

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and 64 Bcf of natural gas storage capacity, including the Clay basin underground storage reservoir in Utah.

During 2024, MountainWest increased its natural gas storage capacity at the Clay basin underground storage reservoir by

approximately 8 Bcf.

MountainWest is located in the Rocky Mountains near six producing areas, including the Greater Green River basin in Wyoming, the Uinta basin in Utah, and the Piceance basin in Colorado.

At December 31, 2023, MountainWest’s system has a design capacity totaling 8.0 MMdth/d.

Standalone Natural Gas Storage Assets

Williams owns a 50 percent equity-method investment in Gulfstream, a 745-mile interstate natural gas pipeline system extending from the Mobile Bay area in Alabama to markets in Florida, which has a capacity to transport 1.4 Bcf/d.

Operating responsibilities for Gulfstream are shared with the other 50 percent owner.

Standalone, Market-Based Rate Natural Gas Storage Assets

Gulf Coast Storage Acquisition

On January 3, 2024, we closed on the acquisition of a strategic portfolio of approximately 230 miles of natural gas transmission pipelines and six underground storage facilities with a capacity of approximately 115 Bcf of natural gas storage across Louisiana and Mississippi and direct access to LNG export facilities and interstate pipelines.

These assets expand our natural gas storage footprint in the Gulf Coast region.

On January 3, 2024, Williams closed on the Gulf Coast Storage Acquisition.

At December 31, 2024, these assets include a strategic portfolio of approximately 230 miles of natural gas transmission pipelines and six underground storage facilities with a capacity of approximately 118 Bcf of natural gas storage across Louisiana and Mississippi and direct access to LNG export facilities and interstate pipelines.

These assets expand Williams’ natural gas storage footprint in the Gulf Coast region.

North Texas Assets (NorTex)

On August 31, 2022, we purchased a group of assets in north Texas from NorTex Midstream Holdings, LLC.

The NorTex assets include approximately 80 miles of natural gas transmission pipelines and 36 Bcf of natural gas storage in the Dallas-Fort Worth market.

On August 31, 2022, Williams purchased a group of assets in north Texas from NorTex Midstream Holdings, LLC.

At December 31, 2024, NorTex includes approximately 94 miles of natural gas transmission pipelines and 37 Bcf of natural gas storage in the Dallas-Fort Worth market.

In addition to providing gas supply to power generation in north Texas, these assets also provide storage services for Permian gas directed toward growing Gulf Coast LNG demand.

Gas Gathering, Transportation, Processing, and Treating Assets

The following tables summarize the significant operated assets of this segment:

Offshore Natural Gas Pipelines

Natural Gas Gathering and Processing Assets

The following tables summarize the significant owned and operated gathering and processing assets of this segment:

Offshore Natural Gas Gathering Pipelines

Location Pipeline Miles Inlet Capacity (Bcf/d) Ownership Interest Supply Basins

Consolidated:

Canyon Chief, including Blind Faith and Gulfstar extensions Deepwater Gulf of Mexico 156 0.5 100% Eastern Gulf of Mexico

Norphlet Deepwater Gulf of Mexico 58 0.3 100% Eastern Gulf of Mexico

Other Eastern Gulf Offshore shelf and other 46 0.2 100% Eastern Gulf of Mexico

Seahawk Deepwater Gulf of Mexico 115 0.4 100% Western Gulf of Mexico

Perdido Norte Deepwater Gulf of Mexico 105 0.3 100% Western Gulf of Mexico

Other Western Gulf Offshore shelf and other 65 0.3 100% Western Gulf of Mexico

Non-consolidated:

Central Gulf of Mexico 594 0.6 60% Central Gulf of Mexico

Canyon Chief, including Blind Faith and Gulfstar extensions Deepwater Gulf of America 156 0.5 100% Eastern Gulf of America

Norphlet Deepwater Gulf of America 58 0.3 100% Eastern Gulf of America

Other Eastern Gulf Offshore shelf and other 46 0.2 100% Eastern Gulf of America

Seahawk Deepwater Gulf of America 115 0.4 100% Western Gulf of America

Perdido Norte Deepwater Gulf of America 105 0.3 100% Western Gulf of America

Deepwater Gulf of America 26 0.2 100% Western Gulf of America

Other Western Gulf Offshore shelf and other 53 0.2 100% Western Gulf of America

Central Gulf of America 594 0.6 100% Central Gulf of America

Natural Gas Processing Facilities

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Consolidated:

Markham, TX 0.5 45 100% Western Gulf of Mexico

Coden, AL 0.7 35 100% Eastern Gulf of Mexico

NorTex Jack Co., TX 0.1 13 100% Barnett Shale

Non-consolidated:

Discovery Larose, LA 0.6 35 60% Central Gulf of Mexico

_____________

(1) Includes 100 percent of the statistics associated with our operated equity-method investment Discovery.

Markham, TX 0.5 45 100% Western Gulf of America

Coden, AL 0.7 35 100% Eastern Gulf of America

Discovery Larose, LA 0.6 35 100% Central Gulf of America

Crude Oil Transportation and Production Handling Assets

In addition to our natural gas assets, we own and operate four deepwater crude oil pipelines and own production platforms serving the deepwater in the Gulf of Mexico.

Our offshore floating production platforms provide centralized services to deepwater producers such as compression, separation, production handling, water removal, and pipeline landings.

The following tables summarize the significant crude oil transportation pipelines and production handling platforms of this segment:

In addition to Williams’ natural gas assets, Williams owns and operates four deepwater crude oil pipelines and owns and operates production platforms serving the deepwater in the Gulf of America.

Williams’ offshore floating production platforms provide centralized services to deepwater producers such as compression, separation, production handling, water removal, and pipeline landings.

The following tables summarize the significant operated crude oil transportation pipelines and production handling platforms of this segment:

Crude Oil Pipelines

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Mountaineer, including Blind Faith and Gulfstar extensions

155 150 100% Eastern Gulf of Mexico

57 90 100% Western Gulf of Mexico

96 85 100% Western Gulf of Mexico

155 150 100% Eastern Gulf of America

57 90 100% Western Gulf of America

96 85 100% Western Gulf of America

Perdido Norte

74 150 100% Western Gulf of Mexico

74 150 100% Western Gulf of America

124 140 100% Western Gulf of America

Production Handling Platforms

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Consolidated:

110 60 100% Eastern Gulf of Mexico

110 60 100% Eastern Gulf of America

Gulfstar I FPS (1)

172 80 51% Eastern Gulf of Mexico

Non-consolidated:

75 10 60% Central Gulf of Mexico

(1) Statistics reflect 100 percent of the assets from our 51 percent interest in Gulfstar One floating production system (FPS).

(2) Includes 100 percent of the statistics associated with our operated equity-method investment Discovery.

Certain Equity-Method Investments

Gulfstream is a 745-mile interstate natural gas pipeline system extending from the Mobile Bay area in Alabama to markets in Florida, which has a capacity to transport 1.4 Bcf/d.

We own a 50 percent equity-method investment in Gulfstream.

We share operating responsibilities for Gulfstream with the other 50 percent owner.

We operate and own a 60 percent interest in the facilities of Discovery.

Discovery’s assets include a 600 MMcf/d cryogenic natural gas processing plant near Larose, Louisiana, a 35 Mbbls/d NGL fractionator plant near Paradis, Louisiana, and a 594-mile offshore natural gas gathering and transportation system in the Gulf of Mexico.

172 80 51% Eastern Gulf of America

75 10 100% Central Gulf of America

(1) Statistics reflect 100 percent of the assets from Williams’ 51 percent interest in Gulfstar One floating production system (FPS).

Discovery Acquisition

On August 1, 2024, Williams closed on the acquisition of the remaining 40 percent interest in Discovery, along with certain other assets.

Discovery’s mainline has a gathering inlet capacity of 600 MMcf/d.

Discovery’s assets also include a crude oil production handling platform with capacity of 10 Mbbls/d and gas handling and separation capacity of 75 MMcf/d.

Transmission & Gulf of Mexico Operating Statistics

Deepwater Whale Expansion Project

In August 2021, Williams reached an agreement with two third-parties to provide offshore natural gas gathering and crude oil transportation services as well as onshore natural gas processing services.

The project expanded its

existing Western Gulf of America offshore infrastructure via a 26-mile gas lateral pipeline from the Whale platform to the existing Perdido gas pipeline and added a new 124-mile oil pipeline from the Whale platform to Williams’ existing junction platform.

This project was placed into service in January 2025.

Transmission & Gulf of America Operating Statistics

2024 2023 2022

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Further, the amounts for the acquired assets are averaged over the period owned, not over the entire year.

(3) Includes 100 percent of the volumes associated with our operated equity-method investments Gulfstream and Discovery.

(3) Includes 100 percent of the volumes associated with operated equity-method investments Gulfstream and Discovery, prior to the acquisition of the remaining 40 percent interest in Discovery on August 1, 2024.

Volumes associated with the Discovery assets for 2024 are presented entirely in the Consolidated section.

Northeast G&P

Gas Gathering, Processing, and Treating Assets

This segment includes our natural gas gathering, compression, processing, and NGL fractionation businesses in the Marcellus and Utica Shale regions in Pennsylvania, West Virginia, New York, and Ohio.

Natural Gas Gathering and Processing Assets

This segment includes Williams’ natural gas gathering, compression, processing, and NGL fractionation businesses in the Marcellus and Utica Shale regions in Pennsylvania, West Virginia, New York, and Ohio.

The following tables summarize the significant operated assets of this segment:

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_____________

(1) Statistics reflect 100 percent of the assets from our 65 percent ownership in our Northeast JV and 66 percent ownership of Cardinal gathering system.

(1) Statistics reflect 100 percent of the assets from Williams’ 65 percent ownership in its Northeast JV and 66 percent ownership of Cardinal gathering system.

(2) Utica East Ohio Midstream inlet capacity consists of 1.3 Bcf/d of a high-pressure gathering pipeline that delivers Cardinal gathering volumes to Utica East Ohio Midstream processing facilities.

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Other NGL Operations

We own and operate a 43 Mbbls/d NGL fractionation facility at Moundsville, West Virginia, de-ethanization and condensate facilities at our Oak Grove processing plant, a condensate stabilization facility near our Moundsville fractionator, an ethane pipeline, and an NGL pipeline.

Our Oak Grove de-ethanizer is capable of handling up to approximately 80 Mbbls/d of mixed NGLs to extract up to approximately 40 Mbbls/d of ethane.

Our condensate stabilizers are capable of handling approximately 17 Mbbls/d of field condensate.

We also own and operate 44 Mbbls/d of condensate stabilization capacity, a 135 Mbbls/d NGL fractionation facility, approximately 970,000 barrels of NGL storage capacity, and other ancillary assets, including loading and terminal facilities in Ohio.

NGLs are extracted from the natural gas stream in our Oak Grove and Fort Beeler cryogenic processing plants.

Ethane produced at our de-ethanizer is transported to markets via our 50-mile ethane pipeline from Oak Grove to Houston, Pennsylvania.

The remaining mixed NGL stream from the de-ethanizer is then transported via our 50-mile NGL pipeline and fractionated at either our Moundsville or Harrison County, Ohio, fractionation facility.

resulting products are then transported on truck, rail, or pipeline.

Ohio Valley Midstream provides residue natural gas take away options for our customers with interconnections to three interstate transmission pipelines.

As part of its Northeast G&P business, Williams owns and operates a 43 Mbbls/d NGL fractionation facility at Moundsville, West Virginia, nearby condensate stabilization facilities capable of handling approximately 17 Mbbls/d of field condensate, a de-ethanization facility at its Oak Grove processing plant, an ethane pipeline, and an NGL pipeline.

The Oak Grove de-ethanizer is capable of handling up to approximately 80 Mbbls/d of mixed NGLs to extract up to approximately 40 Mbbls/d of ethane.

Williams also owns and operates a 135 Mbbls/d NGL fractionation facility and approximately 970,000 barrels of NGL storage capacity in Harrison County, Ohio, as well as 44 Mbbls/d of condensate stabilization capacity, and other ancillary assets, including loading and terminal facilities in Harrison, Carroll, and Columbiana Counties, Ohio.

NGLs are extracted from the natural gas stream in Williams’ Oak Grove and Fort Beeler cryogenic processing plants.

Ethane produced at the Oak Grove de-ethanizer is transported to markets via its 50-mile ethane pipeline to Houston, Pennsylvania.

The remaining mixed NGL stream from the de-ethanizer is then transported via Williams’

50-mile NGL pipeline and fractionated at either its Moundsville or Harrison fractionation facility.

The resulting products are then transported on truck, rail, or pipeline.

Ohio Valley Midstream provides residue natural gas take away options for customers with interconnections to three interstate transmission pipelines.

Certain Equity-Method Investments

Appalachia Midstream Investments

Through our Appalachia Midstream Investments, we operate 100 percent of and own an approximate average 66 percent interest in the Bradford Supply Hub gathering system and own an approximate average 68 percent interest in the Marcellus South gathering system, together which consist of approximately 1,049 miles of gathering pipeline in the Marcellus Shale region with the capacity to gather 5,700 MMcf/d of natural gas.

The majority of our volumes in the region are gathered from northern Pennsylvania, southwestern Pennsylvania, and the northwestern panhandle of West Virginia in core areas of the Marcellus Shale.

We operate the assets primarily under long-term, 100 percent fixed-fee gathering agreements that include significant acreage dedications.

Through the Appalachia Midstream Investments, Williams operates and owns an approximate average 66 percent interest in the Bradford Supply Hub gathering system and owns an approximate average 68 percent interest in the Marcellus South gathering system, together which consist of approximately 1,050 miles of gathering pipeline in the Marcellus Shale region with the capacity to gather 5,700 MMcf/d of natural gas.

The majority of Williams’ volumes in the region are gathered from northern Pennsylvania, southwestern Pennsylvania, and the northwestern panhandle of West Virginia in core areas of the Marcellus Shale.

Williams operates the assets primarily under long-term, 100 percent fixed-fee gathering agreements that include significant acreage dedications.

Additionally, some Marcellus South agreements have MVCs.

Laurel Mountain

We operate and own a 69 percent interest in a joint venture, Laurel Mountain, which includes a 1,147-mile gathering system in western Pennsylvania with the capacity to gather 0.9 Bcf/d of natural gas.

Williams operates and owns a 69 percent interest in a joint venture, Laurel Mountain, which includes a 1,147-mile gathering system in western Pennsylvania with the capacity to gather 0.9 Bcf/d of natural gas.

Laurel Mountain has a long-term, dedicated, volumetric-based fee agreement, with exposure to natural gas prices, to gather the anchor customer’s production in the western Pennsylvania area of the Marcellus Shale.

Additionally, certain Laurel Mountain agreements have MVCs.

We operate and own a 50 percent interest in Blue Racer.

Williams operates and owns a 50 percent interest in Blue Racer.

Blue Racer is a joint venture to own, operate, develop, and acquire midstream assets in the Utica Shale and certain adjacent areas in the Marcellus Shale.

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as well as the Bradford Supply Hub and Marcellus South within Appalachia Midstream Investments.

Gas Gathering, Processing, and Treating Assets

Natural Gas Gathering and Processing Assets

The following tables summarize the significant operated assets of this segment:

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Parachute Garfield Co., CO 1.0 5 100% Piceance

Fort Lupton (1)

Weld Co., CO 0.3 50 100% Denver-Julesburg

Keenesburg I (1)

Weld Co., CO 0.2 40 100% Denver-Julesburg

Front Range (2)

0.1 12 100% Denver-Julesburg

_______________

(1) Fort Lupton and Keenesburg I are a part of RMM which became a wholly owned subsidiary during 2023.

(2) Purchased as a part of the DJ Basin Acquisitions on November 30, 2023.

DJ Basin Acquisitions

On November 30, 2023, we closed on the acquisition of 100 percent of Cureton Front Range, LLC and the acquisition of the remaining 50 percent interest in Rocky Mountain Midstream Holdings LLC, both of which operate midstream assets in Colorado’s DJ Basin.

The Cureton Acquisition includes gas gathering pipelines and two processing plants, one of which is currently idled.

The RMM Acquisition was the purchase of our partner’s 50 percent interest, resulting in 100 percent ownership by us.

DJ Basin Acquisition s

On November 30, 2023, Williams closed on the acquisition of 100 percent of Cureton Front Range, LLC and the acquisition of the remaining 50 percent interest in Rocky Mountain Midstream Holdings LLC, both of which operate midstream assets in Colorado’s DJ Basin.

The Cureton Acquisition includes natural gas gathering pipelines and one in-service processing plant.

The RMM Acquisition was the purchase of a partner’s 50 percent interest, resulting in 100 percent ownership by Williams.

RMM includes a natural gas gathering pipeline, an approximate 100-mile crude oil transportation pipeline, and natural gas processing assets in the DJ Basin.

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Trace Acquisition

On April 29, 2022, we closed on the acquisition of 100 percent of Gemini Arklatex, LLC through which we acquired the Haynesville Shale region gas gathering and related assets of Trace Midstream.

The purpose of this

acquisition was to expand our footprint into the east Texas area of the Haynesville Shale region, increasing in-basin scale.

On April 29, 2022, Williams closed on the acquisition of 100 percent of Gemini Arklatex, LLC, through which the gas gathering and related assets of Trace Midstream were acquired.

The purpose of this acquisition was to expand Williams’ footprint into the east Texas area of the Haynesville Shale region, increasing in-basin scale.

Other NGL Operations

We own interests in and/or operate NGL fractionation and storage assets in central Kansas near Conway.

These assets include a 50 percent interest in an NGL fractionation facility with capacity of slightly more than 100 Mbbls/d and we own approximately 23 million barrels of NGL storage capacity.

We also own a 189-mile NGL pipeline from our fractionator near Conway, Kansas, to an interconnection with a third-party NGL pipeline system in Oklahoma.

Certain Equity-Method Investments

Overland Pass Pipeline

We operate and own a 50 percent interest in OPPL.

OPPL is capable of transporting 255 Mbbls/d of NGLs and includes approximately 1,035 miles of NGL pipeline extending from Opal, Wyoming, to the Mid-Continent NGL market center near Conway, Kansas, along with extensions into the Piceance and DJ basins in Colorado and the Bakken Shale in the Williston basin in North Dakota.

Our equity NGL volumes from our Wyoming plants and our Willow Creek facility in Colorado are dedicated for transport on OPPL under a long-term transportation agreement.

NGL volumes from RMM are also transported on OPPL.

Brazos Permian II

We own a 15 percent interest in Brazos Permian II, a privately held Permian basin midstream company.

Targa Train 7

We own a 20 percent interest in Targa Train 7, a Mt.

Belvieu, Texas, fractionation train.

Williams owns interests in and/or operates NGL fractionation and storage assets in central Kansas near Conway.

These assets include a 50 percent interest in an NGL fractionation facility with capacity of slightly more than 100 Mbbls/d and also approximately 23 million barrels of NGL storage capacity.

In addition, Williams owns a 189-mile NGL pipeline from a fractionator near Conway, Kansas, to an interconnection with a third-party NGL pipeline system in Oklahoma.

Overland Pass Pipeline Equity-Method Investment

Williams operates and owns a 50 percent interest in OPPL.

OPPL is capable of transporting 245 Mbbls/d of NGLs and includes 1,035 miles of NGL pipeline extending from Opal, Wyoming, to the Mid-Continent NGL market center near Conway, Kansas, along with extensions into the Piceance and DJ basins in Colorado and the Bakken Shale in the Williston basin in North Dakota.

The equity NGL volumes from Williams’ Wyoming plants as well as certain Colorado plants are dedicated for transport on OPPL under long-term transportation agreements.

West Operating Statistics

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(2) Includes 100 percent of the volumes associated with operated equity-method investment RMM prior to acquisition of the remaining 50 percent interest on November 30, 2023.

Volumes associated with the RMM assets for 2023 are presented entirely in the Consolidated section.

Gas & NGL Marketing Services

Our natural gas marketing business provides asset management and the wholesale marketing, trading, storage, and transportation of natural gas for a diverse set of natural gas and electric utilities, municipalities, power generators, and producers and markets natural gas from the production at our upstream properties.

The Sequent Acquisition in July 2021 significantly increased the scope of our natural gas marketing operations.

Our NGL marketing business transports and markets our equity NGLs from the production at our processing plants, NGLs

from the production at our upstream properties, and also NGLs on behalf of third-party NGL producers, including some of our fee-based processing customers.

Williams’ natural gas marketing business provides asset management and the wholesale marketing, trading, storage, and transportation of natural gas for a diverse set of natural gas and electric utilities, municipalities, power generators, and producers and markets natural gas from the production at its upstream properties.

Williams’ NGL marketing business transports and markets its equity NGLs from the production at its processing plants, NGLs from the production at its upstream properties, and NGLs on behalf of third-party NGL producers, including some of its fee-based processing customers.

See the Gas and NGL Marketing section of Service Assets, Customers, and Contracts in Item 1.

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NGLs (Mbbls/d)

________________

(1) Includes 100% of the volumes associated with the Sequent Acquisition after the purchase on July 1, 2021.

Further, the amounts for the acquired assets presented for 2021 are averaged over the period owned, not over the entire year.

Other includes our upstream operations and minor business activities that are not reportable segments, as well as corporate operations.

Other includes upstream operations, certain new energy ventures, and minor business activities that are not reportable segments, as well as corporate operations.

Upstream Ventures

We acquired certain crude oil and natural gas properties in the Wamsutter basin in February 2021.

These properties were conveyed to a venture in the third quarter of 2021 along with certain oil and gas properties conveyed by a third-party operator in the region.

Under the terms of the agreement, the third party owns a 25 percent and we own a 75 percent undivided interest in each well’s working interest.

We will retain ownership in the undeveloped acreage until certain acreage earning hurdles are met, at which time the third party will receive an additional 25 percent of any new wells and 50 percent of the remaining undeveloped acreage resulting in the third party owning 50 percent and us owning 50 percent.

The combined properties consist of over 1.2 million net acres and an interest in over 3,500 wells.

Certain natural gas properties in Louisiana were transferred to us in November 2020 as part of a bankruptcy resolution with one of our customers.

In the third quarter of 2021, we sold 50 percent of the existing wells and wellbore rights in the South Mansfield area of the Haynesville Shale region to a third party operator, in a strategic effort to develop the acreage, thereby enhancing the value of our midstream natural gas infrastructure.

Williams acquired certain crude oil and natural gas properties in the Wamsutter basin in February 2021.

Williams had an agreement regarding these properties in which it owned 75 percent of the venture’s undivided interest in each well’s working interest.

In November 2024, Williams closed on the acquisition of the third-party operator Crowheart Energy, LLC.

After closing on the acquisition Williams is the operator and owns more than a 90 percent working interest in each well.

Certain natural gas properties in Louisiana were transferred to Williams in November 2020 as part of a bankruptcy resolution with a customer.

In the third quarter of 2021, Williams sold 50 percent of the existing wells and wellbore rights in the South Mansfield area of the Haynesville Shale region to a third party operator, in a strategic effort to develop the acreage, thereby enhancing the value of Williams midstream natural gas infrastructure.

Under the agreement, the third party operates the upstream position and develops the undeveloped acreage.

The third-party’s interest in new wells increased to 75 percent in early 2023 when a certain drilling hurdle was met.

We retained ownership in the undeveloped acreage until a separate acreage earning hurdle was met in the fourth quarter of 2023, at which time remaining undeveloped acreage was conveyed to the third party resulting in the third party owning 75 percent and us owning 25 percent.

Williams retained ownership in the undeveloped acreage until a separate acreage earning hurdle was met in the fourth quarter of 2023, at which time remaining undeveloped acreage was conveyed to the third party resulting in the third party owning 75 percent and Williams owning 25 percent.

Operating Statistics

2023 2022 2021

(Annual Average Amounts)

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Crude Oil (Mbbls/d) 6 4 2

________________

(1) Includes volumes for the Crowheart Acquisition after the purchase on November 1, 2024.

Further, the amounts for the acquired assets are averaged over the period owned, not over the entire year.

New Energy Ventures

Our Other segment also includes investments in new energy ventures related to hydrogen, solar, renewable natural gas, and NextGen Gas.

Williams’ Other segment also includes investments in certain new energy ventures related to hydrogen, solar, renewable natural gas, and NextGen Gas.

NextGen Gas is natural gas that has been independently certified as low emissions gas across all segments of the value chain.

FERC regulation requires all terms and conditions of service, including the rates charged, to be filed with and accepted by the FERC before any changes can go into effect.

Our interstate natural gas pipelines establish their rates primarily through the FERC’s ratemaking process, but also may negotiate rates with their customers pursuant to the terms of their tariff and FERC policy.

Key determinants in the ratemaking process are:

(1) costs of providing service, including depreciation expense;

(2) allowed rate of return, including the equity component of the capital structure and related income taxes;

and (3) contract and volume throughput assumptions.

The allowed rate of return is determined in each rate case.

Rate design and the allocation of costs between the reservation and commodity rates also impact profitability.

As a result of rate case proceedings, certain revenues may be collected subject to refund.

Estimates of rate refund liabilities may be recorded considering their and third-party regulatory proceedings, advice of counsel and other risks.

Consistent with FERC policy, our interstate natural gas pipelines design their rates using the straight fixed-variable (SFV) method of rate design.

Under the SFV method of rate design, substantially all fixed costs, including

return on equity and income taxes, are included in a reservation charge to customers and all variable costs are recovered through a commodity charge to customers.

While the use of SFV rate design limits our pipelines’ opportunity to earn incremental revenues through increased throughput, it also limits their risk associated with fluctuations in throughput.

Transco Rate Case Filing

On August 30, 2024, Transco filed a general rate case with the FERC for an overall increase in rates.

In September 2024, with the exception of certain rates that reflected a rate decrease, the FERC accepted and suspended our general rate filing to be effective March 1, 2025, subject to refund and the outcome of hearing procedures established by the FERC.

The specific rates that reflected a rate decrease were accepted, without suspension, to be effective October 1, 2024, as requested by Transco, and will not be subject to refund.

The impact of the rates reflecting a rate decrease is expected to reduce revenues by approximately $1 million per month beginning October 1, 2024.

NWP Rate Case Settlement

On November 15, 2022, the FERC approved NWP’s Petition for Approval of Pre-Filing Stipulation and Settlement Agreement (Settlement) in Docket No.

The Settlement established a new general system firm Rate Schedule TF-1 (Large Customer) daily reservation rate of $0.37250/Dth with a $0.00935/Dth commodity rate (which were made effective January 1, 2023), resolved other rate issues, established a Modernization and Emission Reduction Program and satisfied our rate case filing obligation under our settlement in Docket No.

Provisions were included in the Settlement that establish a moratorium on any NGA Section 4 or 5 proceedings that would seek to place new rates in effect any earlier than January 1, 2026.

The Settlement also provides that Northwest Pipeline file an NGA Section 4 general rate case with rates to be effective not later than April 1, 2028, unless (a) Northwest Pipeline has entered into a pre-filing settlement or (b) a Section 5 general rate case has been filed on or before April 1, 2028.

As a result of the Settlement, in January 2023, NWP refunded approximately $126 million, including interest, associated with the decrease in federal tax rates due to the Tax Cuts and Jobs Act of 2017 (Tax Reform), which reduced current Regulatory liabilities on NWP’s Balance Sheet.

Regulatory Matters

Our gas pipeline interstate transmission and storage activities are subject to FERC regulation under the Natural Gas Act of 1938 (NGA) and under the Natural Gas Policy Act of 1978, and, as such, our rates and charges for the transportation of natural gas in interstate commerce, accounting, and the extension, enlargement, or abandonment of our jurisdictional facilities, among other things, are subject to regulation.

Each of our gas pipeline companies holds certificates of public convenience and necessity issued by the FERC authorizing ownership and operation of all pipelines, facilities, and properties for which certificates are required under the NGA.

FERC Standards of Conduct govern how our interstate pipelines communicate and conduct transmission transactions with an affiliate that engages in marketing functions.

Williams’ natural gas pipeline interstate transmission and storage activities, including activities of Transco and NWP, are subject to FERC regulation under the NGA and under the Natural Gas Policy Act of 1978, as amended, and, as such, the rates and charges for the transportation of natural gas in interstate commerce, accounting, and the extension, enlargement, or abandonment of the jurisdictional facilities, among other things, are subject to regulation.

Each of Williams’ natural gas pipeline companies, including Transco and NWP, holds certificates of public convenience and necessity issued by the FERC authorizing ownership and operation of all pipelines, facilities, and properties for which certificates are required under the NGA.

FERC Standards of Conduct govern how the interstate pipelines communicate and conduct transmission transactions with an affiliate that engages in marketing functions.

Among other things, the Standards of Conduct require that interstate gas pipelines treat all transmission customers, affiliated and non-affiliated, on a not unduly discriminatory basis.

FERC regulation requires all terms and conditions of service, including the rates charged, to be filed with and approved by the FERC before any changes can go into effect.

Our interstate gas pipeline companies establish rates through the FERC’s ratemaking process.

In addition, our interstate gas pipelines may enter into negotiated rate agreements where cost-based recourse rates are made available.

FERC Standards of Conduct govern the relationship between natural gas transmission providers and marketing function employees as defined by the rule.

The Standards of Conduct are intended to prevent natural gas transmission providers from preferentially benefiting gas marketing functions by requiring the employees of a transmission provider that perform transmission functions to function independently from marketing function employees and by restricting the information that transmission providers may provide to marketing function employees.

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.

FERC regulation requires all terms and conditions of service, including the rates charged, to be filed with and accepted by the FERC before any changes can go into effect.

Williams’ interstate gas pipeline companies, including

Transco and NWP, establish rates through the FERC’s ratemaking process.

In addition, Williams’ interstate gas pipelines, including Transco and NWP, may enter into agreements with customers for negotiated rates, which may be less than, equal to, or greater than the otherwise applicable cost-based recourse rates.

Williams, including Transco, has also received authority to charge market-based rates for certain of our storage services.

Key determinants in the FERC ratemaking process include:

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Rate design and the allocation of costs between the reservation and commodity rates also impact profitability.

As a result of these proceedings, certain revenues previously collected may be subject to refund.

We also own interests in and operate natural gas liquids pipelines that are regulated by various federal and state governmental agencies.

Services provided on our interstate natural gas liquids pipelines are subject to regulation under the Interstate Commerce Act by the FERC, which has authority over the terms and conditions of service;

During the pendency of rate case proceedings, certain revenues collected may be subject to refund.

Williams also owns interests in and operates natural gas liquids pipelines that are regulated by various federal and state governmental agencies.

Services provided on the interstate natural gas liquids pipelines are subject to regulation under the Interstate Commerce Act by the FERC, which has authority over the terms and conditions of service;

rates, including depreciation and amortization policies;

and initiation of service.

Our intrastate natural gas liquids pipelines providing common carrier service are subject to regulation by various state regulatory agencies.

Williams’ intrastate natural gas liquids pipelines providing common carrier service are subject to regulation by various state regulatory agencies.

Updated Certificate Policy Statement and Interim Greenhouse Gas (GHG) Policy Statement

On February 18, 2022, the FERC issued two policy statements providing guidance for its pending and future consideration of interstate natural gas pipeline projects.

The first policy statement is an Updated Certificate Policy Statement, which provides an analytical framework for how the FERC will consider whether a project is in the public convenience and necessity and explains that the FERC will consider all impacts of a proposed project, including economic and environmental impacts, together.

The second policy statement is an Interim GHG Policy Statement, which sets forth how the FERC will assess the impacts of natural gas infrastructure projects on climate change in its reviews under the National Environmental Policy Act and the NGA.

The FERC sought comment on all aspects of the policy statements, including the approach to assessing the significance of the proposed project’s contribution to climate change.

On March 24, 2022, the FERC issued an order converting the Updated Certificate Policy Statement and the Interim GHG Policy Statement into draft policy statements and announcing that it will not apply either policy statement to pending applications or applications filed before the FERC issues any final guidance on the policy statements.

The FERC has not yet issued final guidance on the policy statements.

On February 18, 2022, the FERC issued an Updated Certificate Policy Statement and an Interim GHG Policy Statement, which were to provide guidance for consideration of interstate natural gas pipeline projects.

The Updated Certificate Policy Statement was intended to provide an analytical framework for how the FERC would consider whether a project is in the public convenience and necessity.

The Interim GHG Policy Statement was intended to set forth how the FERC would assess the impacts of natural gas infrastructure projects on climate change in its reviews under the National Environmental Policy Act and the NGA.

On March 24, 2022, the FERC converted the Updated Certificate Policy Statement and the Interim GHG Policy Statement into draft policy statements, and on January 24, 2025, the FERC terminated the Interim GHG Policy Statement proceeding.

The FERC has not yet issued final guidance on the Updated Certificate Policy Statement.

Pipeline Safety

Our gas pipelines are subject to the Natural Gas Pipeline Safety Act of 1968, as amended, the Pipeline Safety Improvement Act of 2002, the Pipeline Safety, Regulatory Certainty, and Jobs Creation Act of 2011, and the Protecting Our Infrastructure of Pipelines and Enhancing Safety Act of 2016 and 2020, which regulate safety requirements in the design, construction, operation, and maintenance of interstate natural gas transmission facilities.

Williams’ interstate natural gas pipelines, including Transco and NWP, are subject to the Natural Gas Pipeline Safety Act of 1968, as amended, the Pipeline Safety Improvement Act of 2002, the Pipeline Safety, Regulatory Certainty, and Jobs Creation Act of 2011, and the Protecting Our Infrastructure of Pipelines and Enhancing Safety Act of 2016 and 2020, which regulate safety requirements in the design, construction, operation, and maintenance of interstate natural gas transmission facilities.

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

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Rule 2 went into effect in May 2023, but a Stay of Enforcement until February 2024 limited the amount of the regulation that was implemented.

Rule 2 contains new corrosion control requirements, new requirements for repair criteria outside of high consequence areas (HCAs), inspections to be performed after extreme weather events or natural disasters, management of change, and other integrity management related rule changes.

Since the rule was published in 2022, we have worked to understand the regulatory changes and modify our procedures as needed.

In total, we have modified more than 20 Williams procedures and forms to account for the Rule 2 changes.

All procedures will be in effect when the February 2024 Stay of Enforcement expires.

In May 2023, PHMSA published the Gas Pipeline Leak Detection and Repair Notice of Proposed Rule Making (NPRM).

While this regulation has not been published as final and is still subject to change, the rule could institute many new requirements including:

increased survey and patrol frequencies, new timelines for repairing and mitigating leaks, strict performance standards for advanced leak detection programs, and other additional requirements focused on reducing methane emissions.

We have been actively working to provide comments on the rule and are working to understand the overall impact if implemented as currently written.

Since the rule was published in 2022, Williams, including Transco and NWP, has worked to understand the regulatory changes and modify procedures as needed and will continue to monitor impacts, if any, from recently published amendments.

Pipeline Integrity Regulations

We have an enterprise-wide Gas Integrity Management Plan that meets the PHMSA final rule that was issued pursuant to the requirements of the Pipeline Safety Improvement Act of 2002.

The rules require gas pipeline operators to develop an integrity management program for pipelines that could affect HCAs in the event of pipeline failure.

The integrity management program includes a baseline assessment plan along with periodic reassessments to be completed within required time frames.

In meeting the integrity regulations, we have identified HCAs and developed baseline assessment plans.

Ongoing periodic reassessments and initial assessments of any new HCAs have been completed.

Also, in response to the portion of the Mega Rule implemented in 2021, we have identified Moderate Consequence Areas, and Class 3 and 4 pipeline locations required by the rule and integrated those segments into our integrity program, and have begun scheduling required assessments and reassessments as needed to meet the regulatory timelines.

We estimate that the cost to be incurred in 2024 associated with this program to be approximately $163 million.

Management considers costs associated with compliance with the rule to be prudent costs incurred in the ordinary course of business and, therefore, recoverable through Transco, Northwest Pipeline, and MountainWest’s rates.

We have an enterprise-wide Liquid Integrity Management Plan that we believe meets the PHMSA final rule that was issued pursuant to the requirements of the Pipeline Safety Improvement Act of 2002.

The rule requires liquid pipeline operators to develop an integrity management program for liquid transmission pipelines that could affect HCAs in the event of pipeline failure.

The integrity management program includes a baseline assessment plan along with periodic reassessments expected to be completed within required time frames.

In meeting the integrity regulations, we utilized government defined HCAs and developed baseline assessment plans.

We completed assessments within the required time frames.

We estimate that the cost to be incurred in 2024 associated with this program will be approximately $4 million.

Ongoing periodic reassessments and initial assessments of any new HCAs are expected to be completed within the time frames required by the rule.

Management considers the costs associated with compliance with the rule to be prudent costs incurred in the ordinary course of business.

Williams has an enterprise-wide Gas Integrity Management Plan, which includes Transco and NWP, that meets the PHMSA final rule issued pursuant to the requirements of the Pipeline Safety Improvement Act of 2002.

To meet the PHMSA regulations, Williams has identified all pipelines in high consequence areas (HCAs) and developed baseline assessment plans for all applicable pipelines.

In response to the PHMSA Mega Rule, implemented in 2021, Williams identified Moderate Consequence Areas, and integrated those segments into its integrity program along with Class 3 and 4 pipeline locations required by the rule.

Regulatory changes as part of the Mega Rule, effective in 2024, impose stricter requirements for repairing crack-like, dent, and metal loss features.

This has led to increased remediation efforts and higher costs compared to previous years.

Additionally, advancements in identifying, evaluating, and remediating hard spot defects have contributed to higher spending.

Williams estimates that the cost to be incurred in 2025 with its entire Gas Integrity Management program to be approximately $219 million, which includes $168 million and $38 million for Transco and NWP, respectively.

Management considers these costs to be prudent and incurred in the ordinary course of business and, the maintenance capital costs to be recoverable through rate case filings by Williams’ interstate pipelines.

Williams also has an enterprise-wide Liquid Integrity Management Plan that meets PHMSA requirements including HCA identification and a baseline assessment plan.

Williams estimates that the cost to be incurred in 2025 associated with this program will be approximately $2 million.

Williams considers these costs to be prudent and incurred in the ordinary course of business.

Cybersecurity Matters

The Transportation Security Administration (TSA) issued Security Directive Pipeline-2021-01B (Security Directive 1B) on May 29, 2022, which requires that owners/operators of critical pipelines (1) report cybersecurity incidents to the Cybersecurity and Infrastructure Agency (CISA) within 24 hours;

(2) appoint a cybersecurity coordinator to coordinate with TSA and CISA;

and (3) conduct a self-assessment of cybersecurity practices, identify any gaps, and develop a plan and timeline for remediation.

On July 27, 2022, the TSA issued Security Directive Pipeline-2021-02C (Security Directive 2C), which requires owners/operators of critical pipelines to (1) establish and implement a TSA-approved Cybersecurity Implementation Plan that describes the specific cybersecurity measures employed and the schedule for achieving the cybersecurity outcomes described in Security Directive 2C;

(2) develop and maintain a Cybersecurity Incident Response Plan to reduce the risk of operational disruption or other significant impacts from a cybersecurity incident;

and (3) establish a Cybersecurity Assessment Program and submit an annual plan describing how the effectiveness of cybersecurity measures will be assessed.

We have established and received TSA approval for our Cybersecurity Implementation Plan and are compliant with the remaining requirements established in Security Directives 1B and 2C.

New regulations or security directives issued by TSA may impose additional requirements applicable to our cybersecurity program, which could cause us to incur increased capital and operating costs and operational delays.

In 2024, the Transportation Security Administration (TSA) issued two updated security directives to further enhance cybersecurity resilience for pipeline operators.

Security Directive Pipeline-2021-01D, effective May 29, 2024, continues to require owners/operators of critical pipelines to:

(1) report cybersecurity incidents to the Cybersecurity and Infrastructure Security Agency (CISA) within 24 hours;

(2) designate a Cybersecurity Coordinator available 24 hours a day, seven days a week, to coordinate cybersecurity practices and incident responses;

and (3) conduct comprehensive reviews of cybersecurity practices, identify gaps, and report results to TSA and CISA.

Additionally, Security Directive Pipeline-2021-02E, effective July 27, 2024, builds on previous directives by requiring pipeline operators to:

(1) implement a TSA-approved Cybersecurity Implementation Plan, incorporating network segmentation, continuous monitoring, and access control measures;

(2) develop and maintain a robust Cybersecurity Incident Response Plan to reduce risks to critical systems during an incident;

and (3) establish a Cybersecurity Assessment Plan with annual updates and reports to evaluate the effectiveness of implemented measures and identify vulnerabilities.

Williams, including Transco and NWP, has established and received TSA approval for its Cybersecurity Implementation Plan and Cybersecurity Assessment Plan, and is compliant with the remaining requirements established in Security Directives 1D and 2E.

Additionally, the United States Coast Guard issued a final rule in January 2025, establishing baseline cybersecurity requirements for maritime transportation assets, including vessels and facilities regulated under the Maritime Transportation Security Act.

This rule mandates the development and maintenance of a Cybersecurity Plan, designation of a Cybersecurity Officer, implementation of security measures for account, device, and data protection, regular cybersecurity assessments, and reporting of cyber incidents.

Compliance timelines for these requirements are phased, with key milestones such as cybersecurity assessments and plan submissions required within 24 months of the rule’s effective date.

Williams is actively monitoring evolving regulatory requirements to ensure compliance across its operations, including Transco and NWP.

Williams is assessing the applicability of various regulations to its assets and implementing necessary measures to align with these standards.

Williams, including Transco and NWP, remains

committed to safeguarding its infrastructure, minimizing risks, and maintaining the resilience of its operations in the face of evolving cybersecurity threats

See Part I, Item 1A.

“Risk Factors” — “A breach of our information technology infrastructure, including a breach caused by a cybersecurity attack on us or third parties with whom we are interconnected, may interfere with the safe operation of our assets, result in the disclosure of personal or proprietary information, and harm our reputation.”

State Gathering Regulations

Our onshore midstream gathering operations are subject to laws and regulations in the various states in which we operate.

For example, the Texas Railroad Commission has the authority to regulate the terms of service for our intrastate natural gas gathering business in Texas.

“Risk Factors” — “A breach of information technology infrastructure, including a breach caused by a cybersecurity attack on Williams, Transco, or NWP, or the third parties with whom they are interconnected, may interfere with the safe operation of assets, result in the disclosure of personal or proprietary information, and cause reputational harm.”

Gathering Regulations

Williams’ onshore midstream gathering operations are subject to laws and regulations in the various states in which it operates.

For example, the Texas Railroad Commission has the authority to regulate the terms of service for Williams’ intrastate natural gas gathering business in Texas.

Although the applicable state regulations vary widely, they generally require that pipeline rates and practices be reasonable and nondiscriminatory, and may include provisions covering marketing, pricing, pollution, environment, and human health and safety.

Some states, such as New York and Ohio, have specific regulations pertaining to the design, construction, and operations of gathering lines within such state.

Intrastate Liquids Pipelines in the Gulf Coast

Our intrastate liquids pipelines in the Gulf Coast are regulated by the Louisiana Department of Natural Resources, the Texas Railroad Commission, and various other state and federal agencies.

Williams has been actively implementing PHMSA’s 2021 Gas Gathering final rule that requires all onshore gas gathering lines to report incidents and file annual reports.

The final rule also established a new Type C regulated gathering line and now requires Type C gathering lines to comply with specifically identified PHMSA regulations in 49 Code of Federal Regulations Part 192.

Since the rule was published, Williams has worked to understand the regulatory changes and modify our procedures as needed.

Liquids Pipelines

Williams’ liquids pipelines are regulated by the Louisiana Department of Natural Resources, the Texas Railroad Commission, and various other state and federal agencies.

These pipelines are also subject to the liquid pipeline safety and integrity regulations discussed above since both Louisiana and Texas have adopted the integrity management regulations defined in PHMSA.

Outer Continental Shelf Lands Act

Our offshore gas and liquids pipelines located on the outer continental shelf are subject to the Outer Continental Shelf Lands Act, which provides in part that outer continental shelf pipelines “must provide open and nondiscriminatory access to both owner and non-owner shippers.”

Williams’ offshore gas and liquids pipelines located on the outer continental shelf, including Transco, are subject to the Outer Continental Shelf Lands Act, which provides in part that outer continental shelf pipelines “must provide open and nondiscriminatory access to both owner and non-owner shippers.”

See Part I, Item 1A.

“Risk Factors” — “The operation of our businesses might be adversely affected by regulatory proceedings, changes in government regulations or in their interpretation or implementation, or the introduction of new laws or regulations applicable to our businesses or our customers,” and “The natural gas sales, transportation, and storage operations of our gas pipelines are subject to regulation by the FERC, which could have an adverse impact on their ability to establish transportation and storage rates that would allow them to recover the full cost of operating their respective pipelines and storage assets, including a reasonable rate of return.

“Risk Factors” — “The operation of Williams’, Transco’s, and NWP’s businesses might be adversely affected by regulatory proceedings, changes in government regulations or in their interpretation or implementation, or the introduction of new laws or regulations applicable to Williams’, Transco’s, and NWP’s businesses or customers,” and “The natural gas sales, transportation, and storage operations of Williams’, Transco’s, and NWP’s natural gas pipelines are subject to regulation by the FERC, which could have an adverse impact on their ability to establish transportation and storage rates that would allow them to recover the full cost of operating their respective pipelines and storage assets, including a reasonable rate of return.

Environmental Matters

Our operations are subject to federal environmental laws and regulations as well as the state, local, and tribal laws and regulations adopted by the jurisdictions in which we operate.

We could incur liability to governments or third parties for any unlawful discharge of pollutants into the air, soil, or water, as well as liability for cleanup costs.

Williams’ operations, including Transco and NWP, are subject to federal environmental laws and regulations as well as the state, local, and tribal laws and regulations adopted by the jurisdictions in which they operate.

Williams, Transco, and NWP could incur liability to governments or third parties for any unlawful discharge of pollutants into the air, soil, or water, as well as liability for cleanup costs.

Materials could be released into the environment in several ways including, but not limited to:

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• Blowouts, cratering, and explosions.

In addition, we may be liable for environmental damage caused by former owners or operators of our properties.

We believe compliance with current environmental laws and regulations will not have a material adverse effect on our capital expenditures, earnings, or current competitive position.

However, environmental laws and regulations could affect our business in various ways from time to time, including incurring capital and maintenance expenditures, fines and penalties, and creating the need to seek relief from the FERC for rate increases to recover the costs of certain capital expenditures and operation and maintenance expenses.

For additional information regarding the potential impact of federal, state, tribal, or local regulatory measures on our business and specific environmental issues, please refer to Part 1, Item 1A.

“Risk Factors” — “Our operations are subject to environmental laws and regulations, including laws and regulations relating to climate change and greenhouse gas emissions, which may expose us to significant costs, liabilities, and expenditures that could exceed our expectations,” and Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Environmental” and “Environmental Matters” in Part II, Item 8.

In addition, Williams, Transco, and NWP may be liable for environmental damage caused by former owners or operators of our properties.

Williams, Transco, and NWP believe compliance with current environmental laws and regulations will not have a material adverse effect on their capital expenditures, earnings, or current competitive position.

However, environmental laws and regulations could affect their business in various ways from time to time, including incurring capital and maintenance expenditures, fines and penalties, and creating the need to seek relief from the FERC for rate increases to recover the costs of certain capital expenditures and operation and maintenance expenses.

NWP - Washington State Climate Commitment Act

In 2021, the state of Washington passed its Climate Commitment Act establishing a market-based cap-and-invest program to reduce carbon emissions.

This program took effect on January 1, 2023, and sets a limit, or cap, on overall carbon emissions in the state and requires businesses like NWP to obtain allowances equal to their annual covered carbon emissions.

The state’s cap will be reduced over time to meet the state’s carbon emissions reduction targets, which means fewer carbon emissions allowances will be available to purchase each year.

These allowances can be purchased through quarterly auctions hosted by the state or bought and sold on a secondary market.

In 2023, NWP began purchasing allowances for the carbon emissions from nine of its thirteen compressor stations within the state whose annual carbon emissions have exceeded 25,000 metric tons of carbon dioxide equivalent at least once since 2015.

NWP also began purchasing allowances for NWP’s delivery of natural gas to certain of their customers and certain of their facilities in the state whose annual carbon emissions are insufficient to require their direct participation in the program.

NWP’s latest rate case settlement allows them to recover the costs of purchasing allowances under the program in their next rate case.

For additional information regarding the potential impact of federal, state, tribal, or local regulatory measures on business and specific environmental issues, please refer to Part 1, Item 1A.

“Risk Factors” — “Williams’, Transco’s, and NWP’s operations are subject to environmental laws and regulations, including laws and regulations relating to climate change and greenhouse gas emissions, which may expose them to significant costs, liabilities, and expenditures that could exceed expectation s ,” and Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Environmental” and “Environmental Matters” in Part II, Item 8.

Financial Statements and Supplementary Data — Note 18 – Contingencies and Commitments.

Our competitive strategy spans all our product and service offerings.

We have a narrowed natural gas value chain focus that supports the exceptional reliability and quality services that are valued by our customers.

Williams’ competitive strategy spans all of its product and service offerings.

Williams has a narrowed natural gas value chain focus that supports the exceptional reliability and quality services that are valued by our customers.

Gathering and Processing

Competition for natural gas gathering, processing, treating, transportation, and storage, as well as NGLs transportation, fractionation, and storage continues to increase as United States production continues to grow.

Our midstream services compete with similar facilities that are in close proximity to our assets.

We face competition from companies of varying size and financial capabilities, including major and independent natural gas midstream providers, private equity firms, and major integrated oil and natural gas companies that gather, transport, process, fractionate, store, and market natural gas and NGLs, as well as some larger exploration and production companies that are choosing to develop midstream services to handle their own natural gas.

Our gathering and processing agreements are generally long-term agreements that may include acreage dedication.

Williams’ midstream services compete with similar facilities that are in close proximity to its assets.

Williams faces competition from companies of varying size and financial capabilities, including major and independent natural gas midstream providers, private equity firms, and major integrated oil and natural gas companies that gather, transport, process, fractionate, store, and market natural gas and NGLs, as well as some larger exploration and production companies that are choosing to develop midstream services to handle their own natural gas.

Williams’ gathering and processing agreements are generally long-term agreements that may include acreage dedication.

Competition for natural gas volumes is primarily based on reputation, flexibility of commercial terms (including but not limited to fees charged, products retained, volume commitments), available capacity, array and quality of services provided, as well as efficiency, reliability, and safety of services.

We believe our significant presence in key supply basins, our expertise and reputation as a reliable and safe operator, our commitment to sustainability, and our ability to offer integrated packages of services position us well against our competition.

Williams believes its significant

presence in key supply basins, expertise and reputation as a reliable and safe operator, commitment to sustainability, and ability to offer integrated packages of services positions it well against competition.

Regulated Interstate Natural Gas Transportation and Storage

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Additionally, pipeline capacity in many natural gas supply basins is constrained and facing more regulation and opposition causing competition to increase among pipeline companies as they strive to connect those basins to major natural gas demand centers.

In our business, we predominately compete with major intrastate and interstate natural gas pipelines.

Williams predominately competes with major intrastate and interstate natural gas pipelines.

Some local distribution companies are also involved in the long-haul transportation business through joint venture pipelines.

The principle elements of competition in the interstate natural gas pipeline business are based on available capacity, rates, reliability, quality of customer service, diversity and flexibility of supply, and proximity or access to customers and market hubs.

We face competition in a number of our key markets, and we compete with other interstate and intrastate pipelines for deliveries to customers who can take deliveries at multiple points.

Natural gas delivered on our system competes with alternative energy sources used to generate electricity such as hydroelectric power, solar, wind, coal, fuel oil, and nuclear.

Williams faces competition in a number of key markets, and competes with other interstate and intrastate pipelines for deliveries to customers who can take deliveries at multiple points.

Natural gas delivered on Williams’ system competes with alternative energy sources used to generate electricity such as hydroelectric power, solar, wind, coal, fuel oil, and nuclear.

Future demand for natural gas within the power sector could be increased by growing power demand and by regulations limiting or discouraging coal use in power generation.

Conversely, natural gas demand could be adversely affected by laws mandating or encouraging solar and wind power sources or restricting the use of natural gas.

Conversely, natural gas demand could be adversely affected by laws mandating or encouraging solar and wind power sources or restricting the use of natural gas in power generation.

Significant entrance barriers to build new pipelines exist, including increased federal and state regulations and elevated public opposition against new pipeline builds, and these factors will continue to impact potential competition for the foreseeable future.

However, we believe our past success in working with regulators and the public, the position of our existing infrastructure, established strategic long-term contracts, and the fact that our pipelines have numerous receipt and delivery points along our systems provide us a competitive advantage, especially along the eastern seaboard and northwestern United States.

However, Williams believes past success in working with regulators and the public, the position of its existing infrastructure, established strategic long-term contracts, and the fact that Williams’ pipelines have numerous receipt and delivery points provide it a competitive advantage, especially along the eastern seaboard and northwestern United States.

Energy Management and Marketing Services

Our Gas & NGL Marketing Services segment competes with national and regional full-service energy providers, producers, and pipeline marketing affiliates or other marketing companies that aggregate commodities with transportation and storage capacity.

For additional information regarding competition for our services or otherwise affecting our business, please refer to Part 1, Item 1A.

“Risk Factors” - “ The financial condition of our natural gas transportation and midstream businesses is dependent on the continued availability of natural gas supplies in the supply basins that we access and demand for those supplies in the markets we serve,” “ Our industry is highly competitive and increased competitive pressure could adversely affect our business and operating results ,” and “ We may not be able to replace, extend, or add additional customer contracts or contracted volumes on favorable terms, or at all, which could affect our financial condition, the amount of cash available to pay dividends, and our ability to grow.

Williams’ Gas & NGL Marketing Services segment competes with national and regional full-service energy providers, producers, and pipeline marketing affiliates or other marketing companies that aggregate commodities with transportation and storage capacity.

For additional information regarding competition for Williams services or otherwise affecting our business, please refer to Part 1, Item 1A.

“Risk Factors” - “ The business, operating results, and financial condition of Williams’, Transco’s, and NWP’s natural gas transportation and midstream businesses are dependent on the continued availability of natural gas supplies in the supply basins and demand for those supplies in the markets that they serve,” “ The energy industry is highly competitive, and increased competitive pressure could adversely affect Williams’, Transco’s, and NWP’s businesses and operating results ,” and “ Williams, Transco, and NWP may not be able to replace, extend, or add additional customer contracts or contracted volumes on favorable terms, or at all, as applicable, which could affect Williams’, Transco’s, and NWP’s financial condition and ability to grow, as well as the amount of cash available to Williams to pay dividends.

Human Capital Resources

We are committed to maintaining a work environment that enables us to attract, develop, and retain a highly skilled and diverse group of talented employees who help promote long-term value creation now and into the clean energy future.

As of February 1, 2024, we had 5,601 full-time employees located throughout the United States.

Of this total, approximately 21 percent are women and 16 percent are ethnically diverse.

During 2023, our voluntary turnover rate was 7.2 percent.

We encourage you to review our 2022 Sustainability Report available on our website for more information about our human capital programs and initiatives.

Nothing on our website shall be deemed incorporated by reference into this Annual Report on Form 10-K.

Williams is committed to maintaining a work environment that enables Williams to attract, develop, and retain a highly skilled and diverse group of talented employees who help promote long-term value creation now and into the clean energy future.

As of February 1, 2025, Williams had 5,829 full-time employees located throughout the United States.

During 2024, Williams’ voluntary turnover rate was 5.0 percent.

Transco and NWP have no employees.

Operations, management and certain administrative services are provided by Williams for both Transco and NWP.

Williams’ 2023 Sustainability Report is available on its website for more information about human capital programs and initiatives.

The 2024 Sustainability Report will be available in the summer of 2025.

Nothing on Williams’ website shall be deemed incorporated by reference into this Annual Report on Form 10-K.

Workforce Safety

We continue to advance our safety-first culture by developing and empowering our employees to operate our assets in a safe, reliable, and customer-focused way.

We strive to continuously improve safety and implement best practices to progress towards zero safety incidents.

Williams continues to advance a safety-first culture by developing and empowering employees to operate assets in a safe, reliable, and customer-focused way.

Williams strives to continuously improve safety and implement best practices to progress towards zero safety incidents.

When a safety hazard is recognized, every employee has the authority and responsibility to stop work activities, make changes to enhance safety, and share the lessons learned with the organization on how we made it right.

For 2022 and 2023, these goals included our Loss of Primary Containment Events Reduction, a Behavioral Near Miss to Incident Ratio goal aimed to focus attention on behaviors that are the leading causes of incidents, as well as a Methane Emissions Reduction goal focusing on our efforts to reduce greenhouse gas emissions by safely and reliably operating and maintaining assets.

These three metrics comprise 15 percent of our annual incentive program for employees, and reinforce the importance of incident prevention and our commitment to environmental and safety-focused improvements.

These metrics align the focus of the organization, from entry level to executives, and create a connection to annual compensation on environmental and safety performance.

For 2023, our Behavioral Near Miss to Incident Ratio and Methane Emissions Reduction goals outperformed the established targets, however, our Loss of Primary Containment Events goal fell short of the reduction targets.

Williams includes three safety and environmental metrics as a part of its Annual Incentive Program design.

For 2024, these goals included Critical Tier 3 Loss of Primary Containment (LOPC) Ratio, a High Potential Hazard Identification to Incident Ratio goal aimed to focus attention on behaviors that are the leading causes of incidents, as well as a Methane Emissions Reduction goal focusing on efforts to reduce greenhouse gas emissions by safely and reliably operating and maintaining assets.

These three metrics comprise 15 percent of Williams annual incentive program for eligible employees, and reinforce the importance of incident prevention and a commitment to environmental and safety-focused improvements.

For 2024, the LOPC Ratio, High Potential Hazard Identification to Incident Ratio and Methane Emissions Reduction goals outperformed the established targets.

Workforce Health, Engagement, and Development

Our employees are our most valued resource, are instrumental in our mission to safely deliver products that fuel the clean energy economy, and are the driving force behind our reputation as a safe, reliable company that does the right thing, every time.

Cultivating a healthy work environment increases productivity and promotes long-term value creation.

We provide a comprehensive total rewards program that includes base salary, an annual incentive program, retirement benefits, and health benefits, including wellness and employee assistance programs.

We provide employees with company-paid life insurance, disability coverage, and paid parental leave for both birth and non-birth parents, as well as adoption assistance.

Our annual incentive program is a key component of our commitment to a performance culture focused on recognizing and rewarding high performance.

In order to attract and retain top talent, we create and are committed to maintaining a safe, inclusive workplace where employees feel valued, heard, respected, and supported in their personal and professional development.

We utilize employee surveys and employee led advisory councils to ensure we understand the needs of the business from the perspective of our employees regarding engagement, development and inclusion.

Additionally, we support employee engagement through formal programming including professional development, mentoring, and succession planning.

We provide comprehensive corporate and technical training programs that are agile and robust.

These programs are designed to support the professional, skill, and technological development of our employees, which in turn creates a competitive advantage for our business.

We are committed to adding long-term value to our business by investing in our employees’ growth and development.

In addition to our internal development programming, we also support external development opportunities to further enhance our employees’ professional and technical skills.

Performance is measured considering both the achieved results associated with attaining annual goals and observable skills and behaviors based on our defined competencies that contribute to workplace effectiveness and career success.

Including the defined competencies in our annual performance assessments illustrates our emphasis on, and commitment to, achieving results in the right way.

Additionally, we are committed to strengthening the communities where we operate through philanthropic giving and volunteerism.

We support Science, Technology, Engineering, and Math education initiatives, environmental conservation, first responder efforts, and the work of United Way agencies across the United States.

The Compensation and Management Development Committee of our Board of Directors oversees executive compensation and equity-based compensation plans and the material risks associated with our compensation

program, as well as the oversight elements of human capital management, including diversity and inclusion, and talent development.

Diversity & Inclusion

We are committed to creating an inclusive culture, where differences are embraced and employees feel valued, welcomed, appreciated, and compelled to reach their full potential.

We believe that inclusion fosters innovation, collaboration, and drives business growth and long-term success.

To create a culture of inclusion, we embrace, appreciate, and fully leverage the diversity within our teams, including gender, race and ethnicity, life experiences, thoughts, perspectives, and anything that makes us different from one another.

We believe that incorporating our many differences into a team of people who are working toward the same goal gives us a competitive advantage.

To create space for employees to share personal experiences and perspectives, and to appreciate and celebrate what makes people different, we offer Employee Resource Groups (ERGs).

These groups are employee-led and based on similar interests and experiences, represent diverse communities and their allies, and are open to everyone.

Williams’ employees are its most valued resource, are instrumental in our mission to safely deliver products that support the clean energy economy, and are the driving force behind Williams’ reputation as a safe, reliable company that does the right thing, every time.

Cultivating a healthy work environment increases productivity, enhances employee satisfaction, and promotes long-term value creation.

Williams provides a competitive total rewards program that includes base salary, an annual incentive program, retirement benefits, and health benefits, including wellness and employee assistance programs.

Williams provides employees with company-paid life insurance, disability coverage, and paid parental leave for both birth and non-birth parents, as well as adoption assistance.

The annual incentive program is a key component of Williams’ commitment to a performance culture focused on recognizing and rewarding high performance.

In order to attract and retain top talent, Williams creates and is committed to maintaining a safe, inclusive workplace where employees feel valued, heard, respected, and supported in their personal and professional development.

Williams leverages social and digital platforms like a careers site, external job boards, virtual and in-person career fairs and community events to attract candidates who have the specific skills we need.

Further, leaders participate in inclusion training and utilize interview guides with collaboration and inclusion-focused questions to ensure they are equipped with interviewer best practices that help them holistically evaluate candidates.

Williams utilizes employee surveys and employee-led advisory councils to understand the needs of the business from the perspective of employees regarding engagement, development and inclusion.

Additionally, Williams supports employee engagement through formal programming including professional development, mentoring, and succession planning.

Williams provides extensive corporate and technical training programs that are agile and robust.

These programs are designed to support the professional, skill, and technological development of employees, which in turn creates a competitive advantage.

Williams is committed to adding long-term value by investing in employees’ growth and development.

In addition to internal development programming, Williams also supports external development opportunities to further enhance employees’ professional and technical skills.

Performance is measured considering both the achieved results associated with attaining annual goals and the observable skills and behaviors based on defined competencies that contribute to workplace effectiveness and career success.

All formal leaders are

evaluated on two additional competencies around building inclusive, high-performing teams.

Including the defined competencies in the annual performance assessments illustrates Williams’ emphasis on, and commitment to, achieving results in the right way.

Additionally, Williams is committed to strengthening the communities where we operate through philanthropy and volunteerism.

Williams supports Science, Technology, Engineering, and Math education initiatives, community benefit projects, environmental conservation, first responder efforts, and the work of United Way agencies across the United States.

The Compensation and Management Development Committee of Williams’ Board of Directors oversees executive compensation and equity-based compensation plans and the material risks associated with the compensation program, as well as the oversight elements of human capital management, including talent development and diversity and inclusion.

Inclusive Workforce

Williams is committed to creating an inclusive culture, where differences are embraced and employees feel valued, welcomed, appreciated, and compelled to reach their full potential.

Williams believes that inclusion fosters innovation, collaboration, and drives business growth and long-term success.

To create a culture of inclusion, Williams embraces, appreciates, and fully leverages the diversity of background and experience within teams.

Williams believes that incorporating differences into a team of people who are working toward the same goal provides a competitive advantage.

To create space for employees to share personal experiences and perspectives, and to appreciate differences, Williams offers Employee Resource Groups (ERGs).

These groups are employee-led and based on similar interests and experiences, represent different communities and their allies, and are open to everyone.

ERG members participate in community events, volunteer, lend professional and personal support to one another, and promote inclusion across the company.

They also have executive sponsors and provide input to the leadership team.

We are committed to helping all employees develop and succeed.

We strive for diverse representation at all levels of the organization through our talent management practices and employee development programs, including required baseline diversity and inclusion training for all leaders across the company.

Diversity metrics are reported monthly to our management team to enhance transparency and opportunities for improvement.

Our Diversity and Inclusion Council, which includes members of the executive officer team, organizational and operational leaders, and individual employees, promotes policies, practices, and procedures that support the growth of a high-performing workforce where all individuals can achieve their full potential.

The council serves as the governing body over enterprise diversity and inclusion initiatives, including enterprise diversity and inclusion events, organized and hosted by one of our 10 ERGs, and our annual awards that recognize an outstanding leader and an individual contributor who champion inclusion.

As of December 31, 2023, our Board of Directors includes 12 members, 11 of whom are independent members, 25 percent of whom are women, and 8.33 percent of whom are from an underrepresented race or ethnicity.

As part of the director selection and nominating process, the Governance and Sustainability Committee annually assesses the Board’s diversity in areas such as expertise, geography, gender, race and ethnicity, and age.

We strive to maintain a board of directors with diverse occupational and personal backgrounds.

Each ERG leadership team includes one or two vice president sponsors to help the group champion efforts.

These leadership teams coordinate and prioritize efforts with corporate oversight and support.

Williams is committed to helping all employees develop and succeed.

Williams seeks inclusive representation at all levels of the organization through our talent management practices and employee development programs, including required baseline inclusion training for all leaders across the company.

Williams’ Diversity and Inclusion Council, which includes members of the executive officer team, organizational and operational leaders, and individual employees, promotes policies, practices, and procedures that support the growth of a high-performing workforce where all individuals can achieve their full potential.

The council serves as the governing body over enterprise inclusion initiatives, including events, organized and hosted by one of Williams 10 ERGs, and annual awards that recognize an outstanding leader and an individual contributor who champion inclusion.

As of December 31, 2024, Williams’ Board of Directors includes 12 members, 11 of whom are independent members, including the Chairman.

As part of the director selection and nominating process, the Governance and Sustainability Committee annually assesses the Board’s effectiveness.

Williams strives to maintain a board of directors with varied occupational and personal backgrounds.

Transactions with Affiliates

Transco and NWP engage in transactions with Williams and its subsidiaries.

Please see Part II, Item 8.

Financial Statements and Supplementary Data — Note 1 – General, Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies and Note 4 – Related Party Transactions.

Website Access To Reports and Other Information

We file our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and other documents electronically with the SEC under the Exchange Act.

Our Internet website is www.williams.com .

We make available, free of charge, through the Investors tab of our Internet website our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8‑K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

Our Corporate Governance Guidelines, Sustainability Report, Code of Ethics for Senior Officers, Board committee charters, and the Williams Code of Business Conduct are also available on our Internet website.

We will also provide, free of charge, a copy of any of our corporate documents listed above upon written request to our Corporate Secretary, One Williams Center, Suite 4700, Tulsa, Oklahoma 74172.

Williams files its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and other documents electronically with the SEC under the Exchange Act.

Williams’ Internet website is www.williams.com .

Williams makes available, free of charge, through the Investors tab of its Internet website its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8‑K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after Williams electronically files such material with, or furnishes it to, the SEC.

Williams Corporate Governance Guidelines, Sustainability Report, Board committee charters, and the Williams Code of Business Conduct are also available on the Internet website.

Williams will also provide, free of charge, a copy of any of our corporate documents listed above upon written request to Williams’ Corporate Secretary, One Williams Center, Suite 4700, Tulsa, Oklahoma 74172.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business