14 unchanged sentences
Weighted-average interest rate 5.0 % 5.1 % 5.1 % 5.1 % 5.2 % 5.1 %
+Added: Variable rate (1)
+Added: $ — $ — $ 250 $ — $ — $ — $ 250 $ 250
Commercial paper (2)
8 unchanged sentences
__________________
+Added: (1) The weighted-average interest rate for the $250 million NWP term loan as of December 31, 2025 was approximately 4.69 percent.
(2) The weighted-average interest rate for commercial paper as of December 31, 2025 and 2024 was 3.85 percent and 4.6 percent, respectively.
20 unchanged sentences
Weighted-average interest rate 9.2 % 9.2 % 9.2 % 9.2 % 9.2 % 9.3 %
−Removed: At December 31, 2024 and 2023, NWP’s debt portfolio included only fixed rate debt, which mitigates the impact of fluctuations in interest rates.
−Removed: Any borrowings under the credit facility would be at a variable interest rate and would expose it to the risk of increasing interest rates.
+Added: At December 31, 2025 and 2024, NWP’s debt portfolio included fixed rate debt and 2025 also included a variable-rate term loan.
+Added: Any borrowings under the credit facility would be at a variable interest rate and would further expose it to the risk of increasing interest rates.
The following tables provide NWP’s information by maturity date about the interest rate risk-sensitive instruments, as of December 31, 2025 and 2024.
6 unchanged sentences
Weighted-average interest rate 4.0 % — % — % — % — % — %
+Added: Variable rate (1)
+Added: $ — $ — $ 250 $ — $ — $ — $ 250 $ 250
2025 2026 2027 2028 2029 Thereafter
3 unchanged sentences
Weighted-average interest rate 4.2 % 4.0 % — % — % — % — %
+Added: __________________
+Added: (1) The weighted-average interest rate for the $250 million NWP term loan as of December 31, 2025 was approximately 4.69 percent.
Commodity Price Risk
32 unchanged sentences
Williams employs daily risk testing, using both VaR and stress testing, to evaluate the risk of its positions.
−Removed: Williams actively monitors open commodity marketing positions and the resulting VaR and maintain a relatively small risk exposure as total buy volume is close to sell volume, with minimal open natural gas price risk.
+Added: Williams actively monitors open commodity marketing positions and the resulting VaR and maintains a relatively small risk exposure as total buy volume is close to sell volume, with minimal open natural gas price risk.
The VaR associated with Williams’ integrated natural gas trading operations was $11 million at December 31, 2025 and $4 million at December 31, 2024.
Williams had the following VaRs for the period shown:
−Removed: December 31, 2024 Year Ended
−Removed: December 31, 2023
+Added: December 31, 2025 Year Ended December 31, 2024
Average $ 9 $ 3
−Removed: High $ 15 $ 13
Williams’ non-trading portfolio primarily consists of commodity derivatives that hedge Williams’ upstream business and certain gathering and processing contracts.
1 unchanged sentence
Williams had the following VaRs for the period shown:
−Removed: December 31, 2024 Year Ended
−Removed: December 31, 2023
+Added: December 31, 2025 Year Ended December 31, 2024
Average $ 7 $ 5
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.