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News Release DATE : Monday , August 2 , 2021 MEDIA CONTACT : media@williams.com ( 800 ) 945-8723 INVESTOR CONTACT : Danilo Juvane ( 918 ) 573-5075 ● Williams ( NYSE : WMB ) One Williams Center Tulsa , OK 74172 800 - Williams www.williams.com Grace Scott ( 918 ) 573-1092 ● Williams Reports Higher Results Across Key Metrics in Second Quarter TULSA , Okla . - Williams ( NYSE : WMB ) today announced its unaudited financial results for the three and six months ended June 30 , 2021 . Results exceed expectations and trend toward higher end of previously increased 2021 financial guidance Net income of $ 304 million , or $ 0.25 per diluted share ( EPS ) Adjusted EPS of $ 0.27 per diluted share - up 8 % from 2Q 2020 Cash flow from operations ( CFFO ) of $ 1.1 billion - down $ 86 million or 8 % from 2Q 2020 ; however , decline was due to working capital fluctuations Available funds from operations ( AFFO ) of $ 919 million - up $ 47 million or 5 % from 2Q 2020 Adjusted EBITDA of $ 1.317 billion - up $ 77 million or 6 % from 2Q 2020 Achieved record quarterly gathering volumes of 13.79 Bcf / d Debt - to - Adjusted EBITDA at quarter end : 4.13x Dividend coverage ratio is 1.85x ( AFFO basis ) Williams . Recently executed strategic transactions to drive optimization , synergies and volume growth across portfolio of assets ● Finalized upstream JV with GeoSouthern in Haynesville , in addition to previously announced JV with Crowheart in Wamsutter Closed Sequent Energy Management acquisition Signed definitive agreements for Shenandoah deepwater Gulf of Mexico expansion project Signed definitive agreements for Whale deepwater Gulf of Mexico expansion project following producer customer reaching final investment decision ( FID ) CEO Perspective Alan Armstrong , president and chief executive officer , made the following comments : " Williams once again posted another strong quarter of results with Adjusted EBITDA up 6 percent , reflecting record quarterly gas gathering volumes and the successful execution of several critical Transco expansion projects . Our natural gas focused strategy continues to deliver , driven by our connections in the best supply areas and evidenced in another quarter of growth in our gathering volumes despite flat production nationwide . As we move into the second half of the year , we are trending to the higher end of our previously increased 2021 financial guidance and are on track to bring into full service the Leidy South Transco expansion ahead of schedule and in time for the winter heating season . 1 " Our strategy of connecting the best supplies of affordable , reliable and clean natural gas with growing customer demand continues to produce sustainable growth for our shareholders . Our recent acquisition of Sequent is designed to enhance this strategy and accelerate our natural gas pipeline and storage optimization activities . In