What changed in this filing

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Item 1. Business

2026-02-24 compared with 2025-02-25 · 151 added, 169 removed, 462 unchanged (41% of the section changed)

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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;

Williams has operations in 11 supply areas that provide natural gas gathering and processing (G&P), transmission and storage services;

NGL fractionation, transportation, and storage services;

and marketing services to approximately 800 customers.

Williams 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 owns an interest in and operates over 32,000 miles of pipelines in 24 states and in the Gulf of America, 35 natural gas processing facilities, 9 NGL fractionation facilities, approximately 23 million barrels of NGL storage capacity, and 423 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.

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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;

• Obstacles to Williams’ construction and 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;

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• Disciplined growth in Williams’ service areas.

Interstate Natural Gas Pipeline Assets

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, treating, and processing operations are presented within the Transmission, Power & Gulf;

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.

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• Noncash commodity-based:

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.

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

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.

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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.

Williams 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.

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

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

Williams’ on-shore natural gas gathering and processing businesses are substantially focused on gas-directed drilling basins rather than crude oil, with a broad diversity of basins and customers served.

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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.

Interstate Natural Gas Pipeline Assets

Williams’ interstate natural gas pipelines, which are presented in the Transmission, Power & Gulf 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.

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 2025 accounted for approximately 44 percent of Williams’ regulated interstate natural gas transportation and storage revenues.

Standalone, Market-Based Rate Natural Gas Storage Assets

Williams’, market-based rate natural gas storage assets, which are separate from its regulated interstate natural gas transportation assets, are presented in the Transmission, Power & Gulf segment as described under the heading “Business Segments” and include Williams’ North Texas storage assets and Williams’ Gulf Coast storage assets.

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.

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.

The three largest customers of this business in 2025 accounted for approximately 20 percent of its total operating revenues.

Gas and NGL Marketing

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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.

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

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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.

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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.

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

Standalone, Market-Based Rate Natural Gas Storage Assets

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.

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

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.

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

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

Business Segments

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.

(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 Appalachia Midstream Investments.

• 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.

Consistent with the manner in which Williams’ chief operating decision maker (CODM) 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, Power & Gulf;

Northeast G&P;

and Gas & NGL Marketing Services.

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

See Part II, Item 8.

Financial Statements and Supplementary Data in Note 1 – Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies for a full description of each segment.

Detailed discussion of each of our reportable segments follows.

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

Transmission & Gulf of America

Transmission, Power & Gulf

Interstate Natural Gas Pipeline Assets

At December 31, 2025, Transco’s system had a design capacity totaling approximately 20.6 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.

Transco’s system includes 62 compressor stations.

Compression facilities at sea level-rated capacity total approximately 2.7 million horsepower.

During 2025, Transco placed the following pipeline expansion projects in service:

Expansion Project:

Firm Transportation Capacity (MMdth/d)

Commonwealth Energy Connector

Alabama Georgia Connector 0.1

Texas to Louisiana Energy Pathway 0.4

Southeast Energy Connector 0.2

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.

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The total usable gas storage capacity available to Transco and its customers in such underground storage fields and LNG storage facility and through storage service contracts is approximately 188 Bcf of natural gas.

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

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.

Transco’s three largest customers in 2025 accounted for approximately 22 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.

At December 31, 2025, NWP’s system had a design capacity totaling approximately 3.8 MMdth/d.

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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, Williams closed on the acquisition of 100 percent of MountainWest Pipelines Holding Company.

NWP’s three largest customers in 2025 accounted for approximately 52 percent of NWP total operating revenues.

Williams owns 100 percent of MountainWest Pipelines Holding Company.

MountainWest is an interstate natural gas transmission company that owns and operates an approximately 2,200-mile natural gas pipeline system which is regulated by the FERC.

At December 31, 2025, MountainWest’s system has a design capacity totaling 8.4 MMdth/d.

During 2025, MountainWest placed the Overthrust Westbound Compression expansion project into service increasing firm transportation capacity by approximately 0.3 MMdth/d to its pipeline.

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.

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.

Investments in Louisiana LNG and Driftwood Pipeline Projects

In October 2025, Williams closed on various agreements with the same counterparty to acquire a 10 percent equity-method investment in Louisiana LNG LLC (Louisiana LNG), which is developing a fully permitted LNG export facility, and an 80 percent interest in Driftwood Pipeline LLC (Driftwood Pipeline), which is constructing a fully permitted greenfield pipeline, Line 200, connecting to multiple other pipelines, including Transco and Louisiana Energy Gateway, to supply the LNG facility.

Williams will be the operator of the pipeline, and a third-party will operate the LNG facility.

Williams will also manage the gas supply for the LNG facility and purchase approximately 10 percent of the LNG produced.

Both investments will require additional capital to fund further construction.

These projects are expected to be placed into service by 2029.

Gulfstream Equity-Method Investment

Williams owns a 50 percent equity-method investment in Gulfstream Natural Gas System, L.L.C.

(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, 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.

Gulf Coast Storage Assets

At December 31, 2025, Gulf Coast Storage includes a strategic portfolio of approximately 230 miles of natural gas transmission pipelines and six underground storage facilities with a capacity of approximately 120 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, Williams purchased a group of assets in north Texas from NorTex Midstream Holdings, LLC.

At December 31, 2025, NorTex includes approximately 94 miles of natural gas transmission pipelines and 37 Bcf of natural gas storage in the Dallas-Fort Worth market.

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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

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

Natural Gas Processing Facilities

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

(1) Includes the Whale expansion project that went into service in January 2025.

Crude Oil Transportation and Production Handling Assets

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.

In addition to Williams’ natural gas assets, Williams owns and operates five 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.

Williams’ crude oil transportation operations 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.

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

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

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

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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 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 America.

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.

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

(1) Includes the Whale expansion project that went into service in January 2025.

(2) Williams’ previously owned a 51 percent interest in Gulfstar One LLC (Gulfstar One) floating production system (FPS) and acquired ownership of the remaining interest in December 2025.

Power Innovation Assets

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

The projects, located in Ohio and Utah, represent a combined 1.9 gigawatts of total capacity and are backed by up to 12.5 year, primarily fixed-price agreements, with an option for the customer to extend the term of the agreements.

The projects will require additional capital to fund construction until the projects are placed in-service.

Williams plans to place the projects into service during 2026 through 2028, assuming timely receipt of permits, and continues to pursue additional projects to support the power demands created by new data center and industrial development.

Transmission, Power & Gulf Operating Statistics

2025 2024 2023

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Interstate natural gas pipeline throughput (MMdth/d) (1)

Gathering volumes (Bcf/d) — 0.34 0.40

Plant inlet natural gas volumes (Bcf/d) — 0.34 0.40

NGL production (Mbbls/d) — 27 28

NGL equity sales (Mbbls/d) — 7 8

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(1) Tbtu converted to MMdth at one trillion British thermal units = one million dekatherms.

(2) Includes volumes for natural gas transmission assets acquired in the MountainWest Acquisition after the purchase on February 14, 2023, including 100 percent of the volumes associate with the operated equity-method investment White River Hub, LLC.

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 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.

(2) Includes 100 percent of the volumes associated with equity-method investment in Gulfstream.

Northeast G&P

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_____________

(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.

(1) Statistics reflect 100 percent of the assets from Williams’ 65 percent ownership in Ohio Valley Midstream LLC (Northeast JV) and 66 percent ownership of Cardinal Gas Services, L.L.C.

(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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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 remaining mixed NGL stream from the de-ethanizer is then transported via Williams’ 60-mile NGL pipeline and fractionated at either its Moundsville or Harrison fractionation facility.

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

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Appalachia Midstream Investments

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.

Through the Appalachia Midstream Investments, Williams operates and owns an approximate average 66 percent interest in the Bradford Supply Hub gathering system and operates and owns an approximate average 68 percent interest in the Marcellus South gathering system, together which consist of approximately 1,108 miles of gathering pipeline in the Marcellus Shale region with the capacity to gather 5,870 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.

Additionally, certain Marcellus South agreements have MVCs.

Laurel Mountain

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.

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

Williams operates and owns a 69 percent interest in a joint venture, Laurel Mountain Midstream, LLC (Laurel Mountain), which includes a 1,151-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 subject to a floor, to gather the anchor customer’s production in the western Pennsylvania area of the Marcellus Shale.

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

Blue Racer’s assets include 617 miles of gathering pipelines and the Natrium complex in Marshall County, West Virginia, with a cryogenic processing capacity of 800 MMcf/d and fractionation capacity of approximately 134 Mbbls/d.

Blue Racer’s assets include 639 miles of gathering pipelines and the Natrium complex in Marshall County, West Virginia, with a cryogenic processing capacity of 800 MMcf/d and fractionation capacity of approximately 134 Mbbls/d with approximately 220,000 barrels of NGL storage capacity.

Blue Racer also owns the Berne complex in Monroe County, Ohio, with a cryogenic processing capacity of 400 MMcf/d, and 102 miles of NGL and condensate pipelines connecting Natrium to Berne.

Blue Racer provides gathering, processing, and marketing services primarily under percent-of-liquids and fixed-fee agreements.

Additionally, certain Blue Racer agreements have MVCs.

Northeast G&P Operating Statistics

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NGL equity sales (Mbbls/d) 3 5 4

(1) Includes 100 percent of the volumes associated with operated equity-method investments, including Laurel Mountain and Blue Racer;

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

(1) Includes 100 percent of the volumes associated with operated equity-method investments, including Laurel Mountain, Blue Racer, and the Bradford Supply Hub and Marcellus South within Appalachia Midstream Investments.

Natural Gas Gathering and Processing Assets

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Louisiana & Texas 978 5.6 100% Haynesville Shale, Bossier Shale

Louisiana Energy Gateway (3)

Louisiana & Texas 179 1.8 100% Haynesville Shale

Permian Texas 105 0.1 100% Permian

Mid-Continent Oklahoma & Texas 1,695 0.2 100% Miss-Lime, Granite Wash, Colony Wash

572 1.0 100% Denver-Julesburg

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0.1 12 100% Denver-Julesburg

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.

It also includes crude oil storage and compression assets.

Trace Acquisition

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.

Pierce Weld Co., CO 0.1 40 100% Denver-Julesburg

(1) The natural gas gathering pipeline miles and inlet capacity related to the Mid-Continent region assets have been removed from the table as they are considered held for sale at December 31, 2025.

(2) Statistics reflect assets from the completion of the Haynesville Gathering Expansion in September 2025 and the Saber Asset Purchase in June 2025.

(3) Placed into service in July and August 2025.

(4) Statistics include the Rimrock Asset Purchase on January 31, 2025.

Other NGL Operations

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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.

Williams operates and owns a 50 percent interest in Overland Pass Pipeline Company LLC (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 a connection that receives NGLs from the Bakken Shale in the Williston basin in North Dakota and the Powder River basin in Wyoming.

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.

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NGL equity sales (Mbbls/d) 7 7 14

Non-Consolidated:

Gathering volumes (Bcf/d) — — 0.29

Plant inlet natural gas volumes (Bcf/d) — — 0.28

NGL production (Mbbls/d) — — 33

________________

(1) Includes volumes for gathering assets acquired in the Trace Acquisition after the purchase on April 29, 2022 as well as volumes for gathering assets acquired in the DJ Basin Acquisitions after the purchase on November 30, 2023.

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

(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

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.

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

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

Business for additional information related to this business segment.

Cogentrix Equity-Method Investment

In March 2025, Williams purchased a minority interest in Cogentrix Co-Investment Fund, LP (Cogentrix) which is accounted for as an equity-method investment within the Gas & NGL Marketing Services segment.

Cogentrix owns interests in 11 natural gas power plants (see Note 8 – Investing Activities).

Gas & NGL Marketing Services Operating Statistics

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NGLs (Mbbls/d)

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

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

Upstream Ventures

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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.

Certain natural gas properties in the Haynesville Shale region of 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.

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.

On January 30, 2026, Williams closed on the sale of its interests in the region for consideration of $398 million with additional contingent consideration to possibly be received through 2029.

Operating Statistics

2025 2024 (1)

(Annual Average Amounts)

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(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

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.

Further, the amounts for the acquired assets are averaged over the over the entire year.

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.

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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.

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.

On August 30, 2024, Transco filed a general rate case with the FERC in Docket No.

RP24-1035 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.

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

On October 29, 2025, Transco filed a stipulation and agreement with the FERC that resolves all issues in this proceeding without the need for a hearing.

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

Included in the agreement are provisions that establish a moratorium on any general NGA Section 4(e) filing by Transco and on any NGA Section 5 filing by a settling party to change the settlement rates prior to August 31, 2027.

The agreement also requires that Transco file an NGA Section 4(e) general rate case no later than August 30, 2030, unless any NGA Section 5 investigation into Transco’s generally applicable rates results in rates becoming effective before that date.

Transco has provided a reserve for rate refunds, which it believes is adequate for any refunds that may be required.

NWP Rate Case Settlement

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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.

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.

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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.

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

On January 24, 2025, the FERC terminated the Interim GHG Policy Statement proceeding and on September 12, 2025, the FERC terminated the Updated Certificate Policy Statement proceeding.

Pipeline Safety

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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.

PHMSA has finalized amendments to its gas transmission pipeline safety regulations addressing class location change requirements.

Williams is evaluating the final rule to assess its applicability across its pipeline systems and potential operational and cost impacts.

Certain aspects of the rule could result in increased compliance costs, changes to operating practices, or capital expenditures for some assets.

The magnitude and timing of any such impacts will depend on asset‑specific conditions, implementation choices, and future regulatory interpretations or guidance.

Pipeline Integrity Regulations

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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.

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.

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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

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.

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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.

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 I, 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.

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.

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

Gathering and Processing

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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.

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.

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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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.

For 2025, 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 Intensity 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.

For 2025, the LOPC Ratio, High Potential Hazard Identification to Incident Ratio and Methane Emissions Intensity Reduction goals outperformed the established targets.

Workforce Health, Engagement, and Development

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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.

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

Williams leverages employee-led resource groups to better understand business needs from the employee perspective, particularly related to engagement, development, and inclusion.

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

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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.

All formal leaders are evaluated on an additional competency around building 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.

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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.

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’ Employee Resource Groups (ERGs) create space for employees to share personal experiences and perspectives, appreciate differences, and promote inclusion across the company.

ERGs are employee‑led, based on shared interests and experiences, represent diverse communities and their allies, and are open to all employees.

Members participate in community and volunteer events, provide professional and personal support, and contribute to a culture where all individuals can achieve their full potential.

The ERG Roundtable, led by ERG Leaders and inclusive of organizational and operational leaders and employees from across the company, support alignment and collaboration across enterprise inclusion efforts.

Through this forum, ERG leaders coordinate priorities, share best practices, and advance policies, practices, and procedures that support the growth of a high‑performing workforce.

Each ERG leadership team includes one or two vice president sponsors, and leadership teams coordinate and prioritize efforts with corporate oversight and support, including events organized and hosted by Williams’ 10 ERGs.

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.

Williams seeks inclusive representation at all levels of the organization through our talent management practices and employee development programs.

As of December 31, 2025, Williams’ Board of Directors includes 12 members, 10 of whom are independent members.

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

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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.

Financial Statements and Supplementary Data — Note 1 – 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

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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 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.

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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