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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 1 February 2026 2026 Analyst Day
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 2 Welcome & Introductions Danilo Juvane, VP IR and ESG CEO Perspective Chad Zamarin, President & Chief Executive Officer Corporate Strategy Rob Wingo, EVP , Corporate Strategic Development Operations & Execution Larry Larsen, EVP & Chief Operating Officer Financial Outlook John Porter, EVP & Chief Financial Officer 15-minute Break All Attendees Panel Question & Answer Session Executive Officer Team Closing Remarks Chad Zamarin, President & Chief Executive Officer Agenda NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 2
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 3 CEO Perspective Chad Zamarin, President & Chief Executive Officer
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 4 We are the backbone of energy reliability Our teams and infrastructure are essential - reliably delivering energy when it is needed the most
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 5 Connecting energy to I N N O VAT I O N Proud history of innovation For more than a century, Williams has led the evolution of energy infrastructure 118 years Leading the next generation of growth Williams is the trusted infrastructure leader positioned to deliver the future of energy 2026+ NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 5 Culture of delivering results Adjusted EBITDA in 2025, marks 13 years of growth and 40 quarters meeting or beating consensus1 $7.75B Strategic assets and scale 1/3rd of U.S. natural gas by operating and growing the nation’s most expansive natural gas network deliver roughly 1Williams’ Adjusted EBITDA exceeded or was within 2% of consensus in each quarter 1Q 2016-4Q 2025. This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure.
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 6 Building upon a history of innovation For more than a century, Williams has led the evolution of energy infrastructure 118 YEARS OF INNOVATION 2026+ 1908 From humble beginnings… Williams is founded by two brothers, growing to become an international infrastructure company and steadily pioneering large-scale, energy infrastructure solutions, helping establish the backbone of today’s U.S. energy network Innovating and growing Rooted in a culture of continuous development, Williams builds, acquires, operates and grows the nation’s most expansive natural gas network, routinely delivering ~1/3rd of the nation's natural gas while continuously advancing the safety, efficiency and reliability of energy infrastructure Positioned to lead the energy future Williams remains a trusted energy infrastructure leader while positioning to lead and power the future
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 7 Poised to unlock value INDUSTRY LEADING SHAREHOLDER RETURNS FINANCIAL STRENGTH & STABILITY OPERATIONAL EXCELLENCE TRACK RECORD OF RESULTS CONTINUED INNOVATION After a year of intentional transition, a team positioned to accelerate forward
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 8 INVEST IN THE FUTURE OF ENERGY An attractive value proposition A long-term growth trajectory $ A fundamentals-based strategy
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 9 A fundamentals-based strategy
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 10 1Source: Wood Mackenzie North America Gas, Investment Horizons Outlook 2025. See appendix for required disclosures. A new growth cycle for natural gas LNG growth E x p o r t i n g t h e e n e r g y s o u r c e t h a t p o w e r s t h e w o r l d Power generation M e e t i n g t h e e n e r g y n e e d s t o p o w e r A I Natural gas is the foundation of the energy future Building blocks of natural gas growth Industrialization P o w e r i n g t h e r e s h o r i n g o f e n e r g y i n t e n s i v e m a n u f a c t u r i n g s e c t o r s Natural gas demand expected to rise ~35% in the next decade1
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 11 Source: © Energy Institute 2026. The U.S. has become the dominant natural gas producer U.S. is the largest producer of natural gas globally, surpassing Russia and Iran combined Since 2000, U.S. has doubled gas production U.S. holds 25% market share of total global gas production Natural gas production is a strategic advantage for the U.S. - 20 40 60 80 100 2000 2005 2010 2015 2020 2024 U.S. Russia Iran China Algeria Canada Qatar Australia Norway Saudi Arabia Top 10 Global Natural Gas Producers (Bcf/d)
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 12 Source: U.S. Energy Information Administration (EIA). EIA Short-Term Energy Outlook, January 2026 Natural gas is our nation’s competitive advantage 1 MMBtu of natural gas delivers roughly the same energy as 8 gallons of gasoline Natural gas is ~$3.50/MMBtu in 2026 The amount of energy from natural gas is equivalent to paying $0.25-$0.45 for a gallon of gasoline E N E R G Y D E N S E L O W-C O S T A D VA N TA G E D Natural gas in the Permian is even cheaper at ~$2/MMBtu Natural gas in many U.S. regions has an energy cost equivalent of $0.25 per gallon of gasoline
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 13 0% 20% 40% 60% 80% 100% 120% 2013 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 Source (left): U.S. Energy Information Administration (EIA). Note: 2023 is most current storage delivery data. Source (right): Wood Mackenzie North America Gas, Investment Horizons Outlook 2025. See appendix for required disclosures. 1Natural gas demand 2013 vs. 2035. Growing need for reliable natural gas infrastructure U.S. natural gas pipeline and storage capacity have not kept pace with demand As U.S. demand accelerates, so does the need for infrastructure Since 2013, demand for natural gas has grown by 49% while infrastructure to deliver natural gas has increased by 26% and storage delivery capacity has grown by 2% Infrastructure growth Natural gas demand Storage delivery By 2035, natural gas demand is expected to double, requiring more infrastructure and storage1
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 14 1S&P Global Energy, ©2026 S&P Global Inc. 2010-2025 period. 2Platts Gas Daily. Natural Gas Prices ($/MMBtu) at select Northeast price hubs on January 27, 2026. Outdated permitting drives costs higher for consumers Lack of infrastructure increases energy prices When pipeline and storage infrastructure lag demand, energy is more expensive in constrained regions, especially during peak demand Infrastructure constraints directly affect consumer costs Winter natural gas prices have been 230-250% higher in Massachusetts, New York and Connecticut vs. Northeast Pennsylvania1 During Winter Storm Fern, natural gas prices in New England were up to 16x higher than Northeast Pennsylvania, ranging from $50-$200 per MMBtu2
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 15 Sources: U.S. Energy Information Administration (EIA); Transmission Agency of Northern California (TANC); Institute for Energy Research (IER); GridStrategies. 1Comparing 2020-2024 average to 2010-2014 average. U.S. electricity generation has been stalled for decades Global electricity demand has more than doubled since 2000; however, U.S. generation has remained flat It takes an average of 10 years in the U.S. to bring a high-voltage transmission line to operation The pace of high-voltage transmission construction has fallen to ~460 miles per year in recent years, down from ~1,700 miles per year a decade ago1 Since 2010, the U.S. retired ~135 GW of coal generation and only installed ~100 GW of reliable natural gas generation - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2000 2004 2008 2012 2016 2020 2024 U.S. Total Electricity Generation, in TWh U.S.
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 16 Sources: U.S. Energy Information Administration (EIA) International Energy Statistics and estimates. China dominates the U.S. in scaling electricity generation China now generates DOUBLE the electricity as the U.S. and has demonstrated its ability to scale rapidly - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2000 2004 2008 2012 2016 2020 2024 China U.S. China’s electricity generation increased almost 10X since 2000 while U.S. generation was flat during the same period China is the world’s largest electricity producer, accounting for 1/3rd of global generation In China, fossil fuels make up ~90% of primary energy production, with solar and wind supplying less than 5% U.S. Total Electricity Generation, in TWh
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 17 And the energy race is on… Eventually, the cost of intelligence, the cost of AI, will converge to the cost of energy [..] and the abundance of it will be limited by the abundance of energy. In terms of long-term strategic investments for the U.S. to make, I can’t think of anything more important than energy Sam Altman, CEO of OPENAI The biggest barrier to realizing the potential of artificial intelligence is a lack of infrastructure and energy Satya Nadella, CEO of Microsoft As countries race to build AI infrastructure to capitalize on the technology's promise of huge efficiency gains, GDP growth in any place will be directly correlated to the cost of energy in using AI Sources: Satya Nadella (World Economic Forum, January 2026), Sam Altman (Senate hearing, May 2025).
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 18 An attractive value proposition
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 19 Strategic investments fuel Williams’ growth 1960s+ Williams has expanded its pipeline transmission footprint to over 34.4 Bcf/d as of YE 2025 Transmission 1980s+ Williams’ G&P footprint spans 11 critical supply areas and the company is the largest gatherer in key basins such as Appalachia and Haynesville G&P 2020s+ Storage Williams has expanded its storage footprint to over 423 Bcf and is the largest operator of storage in U.S. Gulf Coast 2025+ Power Alongside growing investments in pipeline and storage projects, Williams is investing in 4 power innovation projects to serve high-quality customers and fuel additional growth for the company Building upon a strong foundation to power the next generation of opportunity For more than a century, Williams has fueled progress with strategic investments and innovation
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 20 An unmatched footprint and strategic focus PROVEN PREMIER MIDSTREAM OPERATOR LONG -TERM SUSTAINABLE STRATEGY Routinely deliver approximately 1/3rd of the nation’s natural gas FINANCIAL STRENGTH AND STABILITY Proven ability to deliver stable growth while maintaining financial flexibility Strategy focused on delivering clean energy and durable shareholder returns
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 21 1TSR is indexed and annualized. Data pulled from FactSet and Bloomberg as of 12/31/2025. Outpacing the S&P 500 and related industry sectors 31% 24% 10% 14% WMB Energy Utilities S&P 500 Annualized 5-Year TSR1Annualized 3-Year TSR1 28% 6% 10% 23% WMB Energy Utilities S&P 500 1-Year TSR 15% 9% 16% 18% WMB Energy Utilities S&P 500
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 22 0% 50% 100% 150% 200% 250% 300% 350% 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1Includes share price appreciation and dividend reinvestment. Source: FactSet. Delivering proven results with compelling upside WMB 5-Year Total Shareholder Return Predictability A differentiated energy investment High-growth Attractive dividend growth with attractive growth ahead 298% Total Shareholder Return (2021-2025)1 $ Track record of delivering shareholder value 12/31/2025 12/31/2020 5% 5-YEAR CAGR (2020-2025) 13 YEARS OF ADJUSTED EBITDA GROWTH 14% 5-YEAR ADJUSTED EPS CAGR (2020-2025)
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 23 A long-term growth trajectory
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 24 Raising the bar – and leading into the future… 5-7% ADJUSTED EBITDA CAGR 10%+ ADJUSTED EBITDA CAGR THROUGH 2030 HISTORICAL GROWTH TARGET NEW GROWTH TARGET Suite of take-or-pay pipeline transmission projects Innovative high-return power innovation projects Delivering attractive shareholder returns Uniquely positioned to capture historic growth opportunity Executing to deliver industry leading shareholder value
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 25 1Source: Wood Mackenzie North America Gas, Investment Horizons Outlook 2025. See appendix for required disclosures. 2Wells Fargo Show Me the Money: 2024-2025 Edition—A Look at Midstream ROIC, published 11/24/2025. Peer group includes ENB, OKE, EPD, ET, TRP, and KMI. 3Does not represent leverage ratios measured for Williams credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. A differentiated energy investment opportunity A strategy rooted in fundamentals A long-term growth trajectory 9% ADJUSTED EBITDA CAGR (2020-2025) 10%+ ADJUSTED EBITDA CAGR (2025-2030E) Delivered Targeting NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 25 ~35% Expected increase in natural gas demand through 20351 7.1 Bcf/d & 1.9 GW High-return pipeline and power projects in execution with a growing project backlog 16% Peer-leading CROIC showcases history of high margin investments2 3.5x- 4.0x Long-term leverage range creates balance sheet strength & flexibility3 An attractive value proposition
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 26 Corporate Strategy Rob Wingo, Executive Vice President, Corporate Strategic Development
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 27 Williams’ clean energy strategy centers on combining the cleaner profile of natural gas with innovative technologies and best-in-class operational practices to responsibly meet growing energy demand 10 vendors Showcased key technologies to sustainably meet growing energy demand 11 panelists Highlighted the importance of natural gas & technology to drive economic and environmental performance Expo highlights and insights Platform designed to showcase the technologies and partnerships driving the future of energy infrastructure
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 28 Our strategy is driven by long-term fundamentals VALIDATED STRATEGIC MODEL MEANINGFUL COMPETITIVE EDGE COMPELLING LONG-TERM OUTLOOK NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 28
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 29 ~39 Bcf/d of forecasted natural gas demand growth through 2035 Source: Wood Mackenzie North America Gas, Investment Horizons Outlook 2025. See appendix for required disclosures. Business aligned with strong fundamentals LNG Exports Transport + Other Industrial + Blue Hydrogen Residential + Commercial Power Mexican Exports
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 30 Source: Wood Mackenzie North America Gas, Investment Horizons Outlook 2025. See appendix for required disclosures. Business aligned with strong fundamentals LNG Exports Transport + Other Industrial + Blue Hydrogen Residential + Commercial Power Mexican Exports ~80% of forecasted demand growth from LNG and power
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 31 Power demand growth drives the need for more natural gas 0 10 20 30 40 50 2025 2035 Lower 48 Natural Gas Demand (Bcf/d) Growing Natural Gas Demand from Power Sector ~10 Bcf/d gas demand growth in the power sector alone More on -grid power demand growth per year next decade vs. the previous decade 3.4x Estimated growth capital for data centers (2026 -2030) from U.S. hyperscalers $1.96T Electricity demand growth from data centers through 2035+66% Note: Demand forecast includes Lower 48 states and does not include LNG exports or natural gas exported to Mexico. Source: Wo od Mackenzie North America Gas, Investment Horizons Outlook 2025. See appendix for required disclosures. Data Centers Driving Power Demand Growth
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 32 Note: Demand forecast includes Lower 48 states and does not include LNG exports or natural gas exported to Mexico. Source: Wo od Mackenzie North America Gas Investment Horizon Outlooks 2021-2025. See appendix for required disclosures. Profound shift in natural gas power demand due to AI boom Prior Forecast Comparisons for U.S. L48 Natural Gas Demand for Power Generation 20 25 30 35 40 45 50 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Lower 48 Natural Gas Demand (Bcf/d) 2021 2022 2023 2024 2025 increase in expected 2035 demand 2021 forecast vs. 2025 forecast 76% Forecasters underestimating the need for gas Long-term forecasts for gas demand for power generation have increased year-over-year Since 2021, forecasted estimates for 2035 demand have grown by ~20 Bcf/d
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 33 Meaningful competitive edge
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 34 Source: Wood Mackenzie North America Gas, Investment Horizons Outlook 2025. See appendix for required disclosures. Strategically positioned to support the next LNG wave Forecasted Growth for LNG Feed Gas by Basin (2025-2035) 8.4 Bcf/d PERMIAN 1.6 Bcf/d APPALACHIA HAYNESVILLE 9.1 Bcf/d 20+ Bcf/d of LNG demand growth through 2035 PORTFOLIO-WIDE VALUE CREATION Greater pull from Williams’ G&P systems; supporting higher throughput Increased demand along Transco corridor; driving expansion opportunities Acquired interest in Louisiana LNG; increasing predictable, fixed -fee revenue Managing feed gas for LNG facility; linking markets and enhancing global insights1.4 Bcf/d EAGLE FORD
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 35 Evolving to ensure continued growth SOLVING A NEW CHALLENGE WITH AN EXISTING SOLUTION THE CHALLENGE OUR SOLUTION RELIABLE POWER UNIQUE LOAD DEMANDS SPEED TO MARKET Leveraging natural gas, proven technologies and marketing expertise to deliver reliable power Designing solutions to customer specifications and adapting to meet long-term needs Reaching market in <18 months while shielding residential consumers from costs ✓
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 36 Strategically positioned to serve growing demand Deliver ~1/3rd of the nation’s natural gas Operate >32,000 miles of pipeline in 24 states Operate 300+ turbines across our footprint Executed PPAs for various projects in execution Williams’ asset footprint Sequent’s marketing footprint A unique combination of scale and capabilities NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved Sequent’s marketing footprint Announced/under construction data center (Size based on number of data centers in area) Source: Wood Mackenzie Lens. See appendix for required disclosures. 36 Supply gas for 25 GW through our Sequent platform
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 37 Note: ISO capacity amounts exclude BESS. Capital represents entire project costs including pipeline, compression, power generation and BESS. Announced first three power innovation projects in 2025 AQUILA • 369 MW ISO capacity • 10-year agreement SOCRATES • 556 MW ISO capacity • 10-year agreement APOLLO • 490 MW ISO capacity • 10-year agreement Announced ~$5 BILLION of projects in 2025 Delivering full-scale solutions: including gas supply, pipeline and power generation
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 38 Note: ISO capacity amounts exclude BESS. Capital represents entire project costs including pipeline, compression, power generation and BESS. New project secured; upsized and extended Aquila & Apollo AQUILA • 520 MW ISO capacity • ISD: Two phases (2H 2027 & 1H 2028) • 12.5-year agreement SOCRATES • 556 MW ISO capacity • ISD: Two phases (2H 2026) • 10-year agreement APOLLO • 490 MW ISO capacity • ISD: 2H 2027 • 12.5-year agreement • 340 MW ISO capacity • ISD: 2H 2028 • 10-year agreement SOCRATES THE YOUNGER Investing over $7 BILLION in projects with attractive returns Delivering full-scale solutions: including gas supply, pipeline and power generation
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 39 Validated strategic model
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 40 Clear execution on our plan OUR STRATEGIC MODEL ALIGN WITH STRONG FUNDAMENTALS LEVERAGE OPERATIONAL SYNERGIES ENHANCE OUR FINANCIAL POSITION SUPPORT A CLEAN ENERGY FUTURE Value creation enabled by disciplined, strategy-led decisions Intentionally tailored portfolio to focus on clean, affordable and reliable energy✓ Proactively investing in assets and capabilities ahead of the curve✓ Anticipating natural gas momentum and shaping the business to benefit✓
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 41 Creating shareholder value through accretive investments Since 2020 Gained and acquired strategic E&P assets; formed JVs to extract value and drive volumes to midstream Acquired Sequent to increase marketing footprint, gaining significant market intelligence Scaled gathering and processing business through Trace, Cureton, Saber and Rimrock acquisitions Acquired remaining interest in Discovery JV to enhance commercially active Gulf assets Added critical gas pipeline and storage assets through MountainWest acquisition Added valuable gas storage and transmission pipelines through NorTex and Gulf Coast Storage Executed wellhead to water strategy through Woodside partnership and Haynesville E&P sale TRACK RECORD OF VALUE CREATION THROUGH STRATEGIC INVESTMENTS Invested in first behind-the- meter project to serve growing power demand ~$1.3 BILLION IN ADJUSTED EBITDA UPLIFT IN 2025 ALONE, AT AN AVERAGE ~5.4x MULTIPLE WITH MORE VALUE CREATION AHEAD... Acquired ~10% interest in Cogentrix, gaining power market intelligence Note: This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure.
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 42 High-grading business mix through 2030 48% 45% 60%+ ~30-35% 8% ~5-10% 2025 2030E Transmission, Power & Gulf (TPG) Gathering & Processing Other Current fundamentals support shifting business mix Focused capital investment into high-return projects Attractive suite of high-return projects will grow the Transmission, Power & Gulf segment’s portion of overall Adjusted EBITDA Increasing long-term, take-or-pay earnings Strategic growth investments today drive stable future cash flows
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 43 NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 43 Best positioned to win Unmatched portfolio of growth opportunities
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 44 Operations & Execution Larry Larsen, Executive Vice President & Chief Operating Officer
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 45 A premier energy platform driving long-term value TOP-TIER MIDSTREAM OPERATOR ROBUST PROJECT EXECUTION UNMATCHED GROWTH PLATFORM NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 45
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 46 1Operating margin ratio = Operating margin/gross margin. Operating Margin Ratio includes our proportional share of equity-method investments and excludes certain items such as deferred revenue, reimbursable expenses and other expenses offset in revenue. Excludes Gas & NGL Marketing Services and E&P. 2Excess cash flow is defined as Northeast and West segment Adjusted EBITDA less Northeast and West segment capital expenditures and purchases of and contributions to equity-method investments. Capital excludes acquisitions. Key drivers of our best-in-class operations ✓ ✓ ✓ ✓ Prioritize Safety & Reliability Drive Sustainable Operations Grow Position & Asset Footprint Maintain Financial Strength OBJECTIVE EXECUTION • ~30% reduction in total recordable incident rate (TRIR) 2025 vs 2024 • Nearly 100% of customer volumes delivered reliably in 2025 • Exceeded target of 5% reduction in methane intensity 2025 vs 2024 • Outpaced the industry across key sustainability rankings • ~75% operating margin ratio achieved in 20251 • ~$2.5B of excess cash flow generated by G&P in 20252 • 12 projects completed and 10 new projects announced in 2025 • 2 West G&P acquisitions closed in 2025
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 47 Spotlight: Ensuring energy delivery in Winter Storm Fern Our teams work around the clock to ensure the safe and reliable delivery of energy to heat homes and power essential services,, even in the harshest conditions Collaborated cross-functionally to adjust plan and ensure reliability Leveraged learnings to develop and deploy a weather resiliency plan Staffed critical stations 24/7 to quickly implement adjustments Utilized technology and analytics to predict and monitor weather impacts
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 48 Robust project execution
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 49 0 1 2 3 4 5 6 7 8 Southeast Energy Connector Texas to Louisiana Energy Pathway Commonwealth Energy Connector Alabama Georgia Connector Overthrust Westbound Expansion Stanfield South Naughton Coal-to-Gas Conversion Kelso-Beaver Reliability Project Southeast Supply Enhancement Ryckman Creek Lateral Wild Trail Dalton Lateral Expansion II Gillis West Huntingdon Connector Northeast Supply Enhancement Line 200 Green River West Expansion Power Express Wharton West EA/ EIS1 FERC Certificate2 Precedent Agreement FERC Application Under Construction Commence Service Final Permits Received Mechanically Complete ANNOUNCED BEFORE 2025 1Environmental Assessment/Environmental Impact Statement. 2Includes FERC Prior Notice Certificate. Robust project execution accelerating transmission growth A Y E A R I N R E V I E W YEAR SUMMARYFEBRUARY 2026 FEBRUARY 2025 NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 49 Pipeline Transmission Project Milestones
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 50 A Y E A R I N R E V I E W YEAR SUMMARY FEBRUARY 2026 FEBRUARY 2025 0 1 2 3 4 5 6 7 8 Southeast Energy Connector Texas to Louisiana Energy Pathway Commonwealth Energy Connector Alabama Georgia Connector Overthrust Westbound Expansion Stanfield South Naughton Coal-to-Gas Conversion Kelso-Beaver Reliability Project Southeast Supply Enhancement Ryckman Creek Lateral Wild Trail Dalton Lateral Expansion II Gillis West Huntingdon Connector Northeast Supply Enhancement Line 200* Green River West Expansion Power Express Wharton West ANNOUNCED IN 2025 COMPLETED IN 2025 ANNOUNCED BEFORE 2025 *Williams announced decision to acquire 80% ownership in and become operator of Line 200 in October 2025. 1Environmental Assessment/Environmental Impact Statement. 2Includes FERC Prior Notice Certificate. Robust project execution accelerating transmission growth NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 50 EA/ EIS1 FERC Certificate2 Pipeline Transmission Project Milestones Precedent Agreement FERC Application Under Construction Commence Service Final Permits Received Mechanically Complete
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 51 A Y E A R I N R E V I E W YEAR SUMMARY FEBRUARY 2026 FEBRUARY 2025 ~7.5 Bcf/d Progressed ~ 4.4 Bcf/d Announced ~1.1 Bcf/d Completed Robust project execution accelerating transmission growth NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 51
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 52 SOCRATES POWER PROJECT TIMELINE Capital deployment All pipeline mechanically complete Plato South testing/commissioning starts All support systems go live Plato South electrical interconnection Plato North in service Plato North testing/commissioning starts Plato North electrical interconnection Plato South in service Ohio Power Siting Board approval Initial public outreach ✓ ✓ Receive state permits Begin construction ✓ ✓ 1H’25 2H’25 1H’26 3Q’26 2H’26 4Q’26 Precision-engineered delivery of Socrates CONSTRUCTION AT SOCRATES PLATO SOUTH SITE NEW ALBANY, OHIO | JANUARY 2026 $ $$$
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 53 Note: Backlog amount represents ISO capacity excluding BESS. Proactive and established supply chain management Diversified supply with best -in-class turbine manufacturers Minimized risk from equipment reservations via customer backstops Secured orders that ensure power project supply into the early 2030s Proven operator and first mover in turbine procurement Major equipment secured to support the ~6 GW project backlog
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 54 Unmatched growth platform
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 55 High-return growth opportunities across Williams’ portfolio TRANSMISSION • 13 transmission expansions underway • ~14.3 Bcf/d of expansions in backlog • Ideal footprint for demand-pull expansions STORAGE • 10 Bcf Pine Prairie expansion underway • ~18 Bcf of expansion opportunity in backlog • Re-contracting at higher rates POWER INNOVATION • 4 quick-cycle projects underway • ~6 GW in backlog NORTHEAST G&P • Large, established footprint • Scale and efficiency driving margins DEEPWATER • Volume growth from recent expansions • Many opportunities with minimal capital required WEST G&P • 1 Haynesville expansion underway • Wamsutter E&P to drive volume growth • Full contribution from 2025 acquisitions
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 56 1Dekatherms converted to cubic feet at 1,000 cubic feet = 1 dekatherm. Projects in execution adding long-term value 32 33 34 35 36 37 38 39 40 41 42 2026 2027 2028 2029 2030 Bcf/d Williams’ Total Fully-Contracted Year-End Delivery Capacity1, Highlighting Additions by Pipeline Prior Year-End Transco MountainWest Line 200 Northwest Surpassing 41 Bcf/d of delivery capacity by 2030 GENERATING SIGNIFICANT TAKE-OR-PAY EARNINGS ~$4.6 billion of spend for 13 high- return transmission expansions underway ~21% growth in total delivered transmission capacity 2025 to 2030 NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 56
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 57 1ISO capacity excluding BESS. Strong project pipelines underpin future growth potential EXECUTIONBACKLOG Transmission ~7.1 Bcf/d (2026-2030) Power1 ~1.9 GW (2026-2028) Storage 10 Bcf (2028) Driving rapid expansion in Williams’ most valuable segment with demand -pull projects that boost throughput and strengthen our G&P business ~14.3 Bcf/d (2027-2033) ~18 Bcf (2029-2030) ~6 GW (2027-2031)
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 58 Platform for continued success Distinguished by best-in-class safety, sustainability, financial discipline and growth Premier midstream operator Irreplaceable asset footprint with access to diverse gas basins and key demand hubs Unmatched growth platform Demonstrated timely execution of projects from commercial concept to operation Robust project execution NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 58
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 59 Financial Outlook John Porter, Executive Vice President & Chief Financial Officer
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 60 A track record of financial outperformance STRONG START TO DECADE INCREASING MOMENTUM AHEAD DRIVING SHAREHOLDER VALUE NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 60
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 61 1Does not represent leverage ratios measured for Williams credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand and excludes $573 million of cash purchases of certain reimbursable long-lead Power Innovation equipment in 2025, and Adjusted EBITDA reflects the sum of the last four quarters. Per s hare amounts are reported on a diluted basis. This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure. Continuing to showcase our financial strength Available Funds From Operations Per Share Net Debt-to-Adjusted EBITDA1 7% 5-YEAR CAGR 14% Adjusted EBITDA 2020 2021 2022 2023 2024 2025 9% 5-YEAR CAGR 2020 2021 2022 2023 2024 2025 Adjusted Earnings Per Share 5-YEAR CAGR 14% 2020 2021 2022 2023 2024 2025 5-YEAR CAGR 10% $4.78 2020 2021 2022 2023 2024 2025 improvement since 2020 15% $7.75B $2.10 3.71x ~5% 5-Year Dividend CAGR Demonstrated strong financial performance through economic cycles Balance sheet strength allows for flexibility Portfolio strength allows for continued growth and return of capital Continued growth after record years
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 62 Note: This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure. Closing out a record year with 9% growth 2024 vs. 2025 WMB Adjusted EBITDA ($MM): 2024 vs. 2025 $5,000 $6,000 $7,000 $8,000 20252024 Transmission, Power & Gulf Northeast G&P Other $99 $7,750 $7,080 West $403 $62 $128 ($22) Gas & NGL Marketing Services TRANSMISSION, POWER & GULF Higher earnings due to transmission and Gulf expansions, higher Transco rates, favorable storage re-contracting and the Discovery acquisition; partially offset by higher operating and admin costs and lower equity AFUDC NORTHEAST G&P Increased revenues driven by higher G&P volumes and favorable rate adjustments; partially offset by the divestment of Aux Sable WEST Increased earnings due to Louisiana Energy Gateway in service, Saber and Rimrock acquisitions, and higher Haynesville volumes; partially offset by a lower MVC in the Eagle Ford GAS & NGL MARKETING SERVICES Decreased earnings due to lower gas marketing transportation margins; partially offset by the Cogentrix investment OTHER Higher earnings driven by increased upstream volumes and favorable realized gas prices; partially offset by higher expenses due to greater ownership interest in Wamsutter assets Key Earnings Drivers
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 63 Demonstrated growth through various commodity cycles $- $1 $2 $3 $4 $5 $6 $7 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $/MMBtu Adjusted EBITDA ($MM) Fee-based1 Other Adjusted EBITDA3 Henry Hub4Commodity Margin2 Williams Annual Adjusted EBITDA vs. Natural Gas Commodity Prices 2020 2021 2022 2023 2024 2025 Adjusted EBITDA 9% CAGR (2020-2025) Henry Hub $3.44 per MMBtu avg. (2020-2025) ~$7.75B 9%2% 10% 14% 6% 6% 1Sum of West, Northeast G&P and Transmission, Power and Gulf (TPG) segment Adjusted EBITDA excluding commodity margin. 2Commodity Margin of West, Northeast G&P and TPG. 2020 includes Williams Energy Resources. 3Includes upstream positions. 4Source: EIA, monthly avg. of NYMEX Henry Hub natural gas spot price. This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure. Gas & NGL Marketing
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 64 Anticipating continued growth in 2026 and beyond
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 65 2025 Actuals 2026 Guidance Y/Y Change* Adjusted EBITDA $7.750B $8.05B - $8.35B 6% Adjusted EPS1 $2.10 $2.20 - $2.38 9% Available Funds From Operations (AFFO) $5.858B $6.085B - $6.315B 6% AFFO Per Share $4.78 $4.95 - $5.14 6% Dividend Coverage Ratio 2.40x 2.41x Annual Dividend Growth Rate 5.3% 5% Debt-to-Adjusted EBITDA2 3.71x ~4.0x Growth capital3 $3.424B $6.1B - $6.7B Maintenance capital (Includes ERP4 modernization) $870MM ($165MM) $850MM - $950MM ($75MM) Anticipating continued business strength in 2026 *Based on midpoint of guidance. 1From continuing operations attributable to Williams available to common stockholders. 2Does not represent leverage ratios measured for Williams credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters. 2025 excludes $573 million of cash purchases of certain reimbursable long-lead Power Innovation equipment. 2026 guidance also excludes long-lead equipment. 32025 excludes Rimrock, Cogentrix, Saber and Driftwood Pipeline acquisitions and $712 million for long-lead items. 2026 guidance also excludes long-lead equipment. 4Emissions reduction program. Financial guidance assumes approximately $100 million of total cash taxes in 2026. Per share amounts are reported on a diluted basis. This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure. Near-term step up fueling long-term growth
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 66 12026 Adjusted EBITDA based on the midpoint of 2026 guidance. This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure. Continued growth after record years $8.2B 2026 Adjusted EBITDA1 ➢ Pipeline expansions from 2H’25 into 2026 ➢ Ramping of Gulf projects ➢ Full year of LEG and growth in Haynesville G&P ➢ Partial year contribution from Socrates 2026 GROWTH DRIVERS
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 67 1Capital represents acquisitions net of divestitures. 2Transmission, Power and Gulf segment. 32025 capital excludes $712 million for long-lead items. 4Anticipated capital based on midpoint of 2026 guidance. 2026 growth capital excludes long- lead power generation equipment. Capital investments drive step up in earnings growth 2020 2021 2022 2023 2024 2025 2026 Investments drove 9% ADJUSTED EBITDA CAGR and 14% ADJUSTED EPS CAGR over this period ~$6.4B4 Targeted growth investments fuel sustained earnings expansion A&D1 Other G&P TPG2 Growth Capital by Segment Continued investments in TPG drive stable cash flows Supporting Adjusted EBITDA growth target of 10%+ CAGR to 2030 History of accretive, strategic M&A in low-leverage periods 3
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 68 1Anticipated capital based on midpoint of 2026 guidance. 2Includes capital for Emissions Reduction Projects. 32026 growth capital excludes long-lead power generation equipment. Expected capital drivers for 2026 Growth Capital3 Maintenance Capital2 $6.4B $900MM Power Innovation Transmission and Gulf G&P Other 2026 Capital High priority investments driving sustainable long- term growth Investments in working condition of assets to protect the business ➢ Maintenance capital supporting integrity of pipelines and continued investments in emissions reduction program ➢ Growth capital concentrated on high-return, take-or-pay projects Power innovation projects: ▪ Aquila ▪ Apollo ▪ Socrates ▪ Socrates the Younger Transmission pipeline projects: ▪ Southeast Supply Enhancement ▪ Line 200 ▪ Northeast Supply Enhancement 1
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 69 Delivering shareholder value
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 70 Returns-based approach to capital allocation WILLIAMS © 2025 The Williams Companies, Inc. All rights reserved NYSE: WMB I www.williams.com 70 Protect long-term health of balance sheet and investment-grade credit rating Preserve our long-standing commitment to shareholder returns and dividend growth Invest in high-return growth projects with a continued emphasis on ROIC Retain ability to enhance shareholder value through deleveraging, buybacks or M&A
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 71 Source: Wells Fargo Show Me the Money: 2024-2025 Edition—A Look at Midstream ROIC, published 11/24/2025. Peer group includes ENB, OKE, EPD, ET, TRP and KMI. Delivering peer-leading returns through disciplined investing 3% 9% 10% 12% 13% 13% 16% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 WMB Cash Return On Invested Capital (2019-2024) Top CROIC showcases track record of strong returns Driving value creation through attractive investments 16% cash return on investment
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 72 1Return on Invested Capital is defined as the increase in Adjusted EBITDA over a set period of time. Invested capital includes the sum of all growth capital, purchases of equity-method and other long-term investments, purchases of businesses (including acquired debt), less proceeds from divested assets. Time period referenced is 2025-2030 based on forecasted projects. This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure. Clear line-of-sight to near-term contracted growth Visibility to achieve 20%+ return on invested capital driven by attractive projects in execution1 Transmission Alabama Georgia Connector 4Q’25 Commonwealth Energy Connector 4Q’25 Stanfield South 4Q’25 Overthrust Westbound Expansion 4Q’25 Naughton Coal-to-Gas Conversion 2Q’26 Gillis West 2Q’26 Huntingdon Connector 4Q’26 Ryckman Creek Lateral 4Q’26 Wharton West 4Q’26 Southeast Supply Enhancement 3Q’27 Green River West Expansion 3Q’27 Northeast Supply Enhancement 4Q’27 Wild Trail 4Q’27 Line 200 2Q’28 Kelso-Beaver Reliability Project 4Q’28 Dalton Lateral Expansion II 4Q’29 Power Express 3Q’30 Deepwater Salamanca 4Q’25 G&P and CCS Dorne South Mansfield expansion 3Q’27 LEG CCS 2H’27 2026 uplift 2027 uplift 2028 uplift 2029+ uplift ✓ Power Innovation Socrates 3Q’26 & 4Q’26 Apollo 2H’27 Aquila 2H’27 & 1H’28 Socrates the Younger 2H’28 ✓ ✓ Storage Pine Prairie 4Q’28 ✓ ✓
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 73 2020-2025 Performance 2025-2030 Outlook 9% 14% 2025 Debt-to-Adjusted EBITDA2 3.71x 10%+ Adjusted EBITDA 5-year CAGR Adjusted EPS1 5-year CAGR 10%+ Debt-to-Adjusted EBITDA2 3.5x – 4x 1From continuing operations attributable to Williams available to common stockholders. 2Does not represent leverage ratios measured for Williams credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters. 2025 excludes $573 million of ca sh purchases of certain reimbursable long-lead Power Innovation equipment. This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure. Sustaining momentum through the end of the decade Strong financial trajectory through the next wave of growth Framework for success Delivering on projects currently in execution Capitalizing on robust suite of opportunities in backlog Utilizing balance sheet capacity to create value through strategic levers Adjusted EBITDA 5-year CAGR Adjusted EPS1 5-year CAGR
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 74 Why Williams? Financial Strength Driving results through operational excellence and a disciplined focus on long-term value creation Predictability Delivering year-over-year earnings growth and consistently meeting or beating expectations Continued Growth Building on the past and fueling future growth by executing on high-return projects
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 75 Positioned to win
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 76 A differentiated energy investment opportunity Williams offers a differentiated energy investment opportunity Williams will remain a long-term leader in energy infrastructure A long -term growth trajectory Solving the world’s need for clean, affordable and reliable energy An attractive value proposition A fundamentals -based strategy
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 77 Appendix
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 78 Exhibitors: Clean Energy and Technology Expo SPOTLIGHTING INNOVATIVE SOLUTIONS SUPPORTING THE RAPID GROWTH OF DATA CENTERS AND THE EVOLVING POWER DEMANDS THEY BRING
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 79 Panel 1: Clean Energy and Technology Expo MODERN ENERGY STRATEGIES FOR DATA CENTERS Louis Renjel CEO Midwest & Florida, Chief Corp Affairs Officer Duke Pablo Koziner COO GE Vernova Steven Westhoven CEO NJR Sarah Orban Salati Chief Commercial Officer National Grid Ventures Drew Maloney CEO EEI Discussing energy and infrastructure solutions and regulatory reform opportunities for meeting the rapid growth of data centers
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 80 Panel 2: Clean Energy and Technology Expo POWERING GROWTH, PROVING PROGRESS Discussing the integration of clean energy solutions into established infrastructure to drive economic and environmental performance Tim Vail CEO Ion Clean Energy Sean Jones Senior Business Development Manager Tesla Ian Dickinson President & CEO LongPath Technologies, Inc. Jaclyn Presnal Vice President, New Energy Ventures Williams Chip Pickering CEO INCOMPAS Jakob Carnemark CEO & Founder Endeavor
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 81 Who we are
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 82 Note: Map as of February 2026. Figures represent 100% capacity for operated assets, including those in which Williams has a share of ownership as of 12/31/2025. Excludes pending Anadarko asset sale expected February 2026. Core business critical to serving today’s energy needs WILLIAMS FACILITIES Gas Plant Fractionator Storage Amine Treating Rail Terminal Offshore Platform Operated Upstream Assets WILLIAMS PIPELINES Natural Gas Transmission Natural Gas Liquids Natural Gas Gathering Oil Gathering WILLIAMS OPERATING AREAS Supply Area Operational Activity Serving 11 key supply areas and handling approximately 1/3rd of the nation’s natural gas 34.6 MMDth/d 30.8 Bcf/d 8.3 Bcf/d 423 Bcf Gas Transmission Capacity Gas Gathering Capacity Gas Processing Capacity Gas Storage Capacity
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 83 Note: Map as of February 2026. Excludes pending Anadarko asset sale expected February 2026. Operating segments also include Other and Gas and NGL Marketing. Operating segments within our strategic asset footprint Natural Gas Transmission Pipeline Natural Gas Gathering Pipeline Natural Gas Liquids Pipeline Oil Gathering Pipeline Gas Plant Fractionator Storage Amine Treating Rail Terminal Offshore Platform Supply Area Basin Operational Activity Transmission, Power & Gulf • Transco • Northwest Pipe • Gulfstream • MountainWest • Gulf of America G&P • NorTex Storage • Gulf Coast Storage • Power Innovation Northeast Gathering and Processing • Laurel Mountain • Flint • Cardinal • Marcellus South • Northeast JV • Susquehanna Supply Hub • Bradford Supply Hub • Blue Racer Midstream (BRM) Gathering and Processing • SW Wyoming, Wamsutter, Piceance, DJ Basin, Haynesville, Barnett, Permian, Eagle Ford NGL Services • Overland Pass Pipeline • Conway/Hutch Rail • Bluestem • Targa Train 7 JV West Gathering, Processing and NGL Services Operated Upstream Assets
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 84 Note: Figures represent 100% capacity for operated assets, including those in which Williams has a share of ownership as of 12/31/2025. Excludes pending Anadarko asset sale expected February 2026. Williams’ functions across the natural gas value chain • Move post-processed natural gas to growing demand centers • Transco is the nation’s largest natural gas transmission pipeline • Transmission, Power & Gulf segment • Total transmission capacity is ~34.6 MMDth/d • Largest natural gas storage operator in the U.S. Gulf • ~423 Bcf of natural gas storage capacity • Market gas & NGLs to wide range of end-users primarily through transportation and storage agreements • Complementary to core pipeline transportation and storage business • Gas and NGL Marketing Services segment • Gas marketing footprint of ~7 Bcf/d • NGL marketing sales volume of 185 Mbbls/d • NGLs transported to fractionators to split out individual products: ethane, propane, butanes and natural gasoline • Purity products moved to end-users via pipeline, truck or rail • Transmission, Power & Gulf, Northeast G&P and West segments • ~23 MMbbls of NGL storage capacity • Process volumes to separate natural gas from natural gas liquids (NGLs) • Transmission, Power & Gulf, Northeast G&P and West segments • Processing capacity is ~8.3 Bcf/d • Gather and treat natural gas from producers’ wells and move volumes to processing • Transmission, Power & Gulf, Northeast G&P and West segments • Gas gathering capacity is ~30.8 Bcf/d Natural Gas Gathering & Treating Natural Gas Processing Natural Gas Transmission & Storage NGL Services Gas & NGL Marketing Services
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 85 1Gathering and processing statistics for Ohio River Supply Hub do not include Blue Racer. 2Includes 50 miles of condensate gathering. Note: Figures represent 100% capacity for operated and non-operated assets, including those of which Williams has proportional ownership. All data as of 12/31/2025. Northeast: Anchored in the nation’s largest gas supply basin Utica Bradford Supply Hub • Operated joint venture • 755 miles of pipeline • 4.4 Bcf/d of gathering capacity; dry gas Blue Racer Midstream • Operated joint venture • 639 miles of gathering pipeline in dry/rich gas2 • 1.2 Bcf/d of processing capacity • 2.0 Bcf/d of gathering capacity • 134,000 bpd fractionation capacity • 102 miles of NGL and condensate transport Susquehanna Supply Hub • 506 miles of pipeline • 4.6 Bcf/d of gathering capacity; dry gas LMM & Marcellus South Laurel Mountain Midstream: • Operated joint venture • 1,151 miles of pipeline; 0.9 Bcf/d gathering capacity; dry gas Marcellus South: • Operated joint venture • 353 miles of pipeline; 1.5 Bcf/d gathering capacity; liquids-rich Northeast JV Ohio Valley Midstream & Utica East Ohio Midstream: • Operated joint venture • 1.4 Bcf/d of gathering capacity; liquids-rich • 1.9 Bcf/d of processing capacity • 258,000 bpd fractionation and de-ethanization capacity Cardinal: • Operated joint venture • 468 miles of pipeline; 0.7 Bcf/d gathering capacity; liquids-rich Flint: • 102 miles of pipeline; 0.5 Bcf/d gathering capacity; dry gas Ohio River Supply Hub (ORSH1) Susquehanna River Supply Hub (SRSH) Northeast JV LMM & Marcellus South Cardinal & Flint Susquehanna Supply Hub Bradford Supply Hub Blue Racer Midstream Gas Plant Fractionator Natural Gas Gathering
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 86 1Northeast G&P segment capital expenditures and purchases of and contributions to equity-method investments. 2Excess cash flow is defined as Northeast segment Adjusted EBITDA less Northeast segment capital expenditures and purchases of and contributions to equity-method investments. This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure. Northeast generating significant excess cash flow $1,535 $1,712 $1,796 $1,955 $1,966 $2,028 $435 $238 $300 $458 $299 $249 2020 2021 2022 2023 2024 2025 Adjusted EBITDA CAPEX • Maintenance levels of capital spending in 2025 • A focus on efficiency and optimization reduces cost • Continuing to generate excess cash flow2 in 2025 and beyond ~$1.8B in excess cash flow2 generated in 2025 1 Northeast G&P Adjusted EBITDA and Total Capital in $ Millions
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 87 1West segment capital expenditures and purchases of and contributions to equity-method investments. 2025 capital excludes $319 million for the Rimrock acquisition, which closed January 2025, and $43 million for the acquisition of Saber Midstream, which closed June 2025. 2Excess cash flow is defined as West segment Adjusted EBITDA less West segment capital expenditures and purchases of and contributions to equity-method investments. This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure. West portfolio driving earnings growth and excess cash flow $940 $961 $1,219 $1,236 $1,322 $1,450 $320 $203 $463 $629 $490 $753 2020 2021 2022 2023 2024 2025 Adjusted EBITDA CAPEX ▪ 2025 capital spending increased due to the Louisiana Energy Gateway project ▪ A focus on efficiency and optimization reduces cost ▪ Continuing to generate excess cash flow2 in 2025 and beyond West Adjusted EBITDA and Total Capital in $ Millions $697MM in excess cash flow2 generated in 2025 1
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 88 Natural gas fundamentals drive our competitive strategy
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 89 Natural gas is a tool to solve energy challenges Natural gas is an immediate and scalable climate solution that works towards reducing global emissions while providing affordable and reliable energy RELIABLE Natural gas is an available backup and easily dispatchable AFFORDABLE Natural gas remains cheapest energy source for residential consumers EMISSIONS REDUCTION Continued opportunity to reduce emissions using natural gas to replace dirtier fuels like coal ABUNDANT Vast resource of gas supplies to serve demand domestically and abroad creating energy security for the U.S.
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 90 Source: U.S. Energy Information Administration (EIA). Note: wind capacity consists of onshore and offshore wind. ¹2025 Natural gas-fired generation estimated using rolling 12-month data from Dec-2024 through Nov-2025. 22016-2025. Gas generation climbs despite growth in solar and wind As intermittent solar and wind capacity increased, reliable natural gas generation also increased by 31%2 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 0 50 100 150 200 250 300 350 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025¹ Generation in TWh Capacity in GW L48 Natural Gas Generation vs. Solar & Wind Power Capacity Natural Gas-Fired Generation Solar PV and Wind Capacity Natural gas is now stronger than ever in U.S. power sector
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 91 Capacity credits adjust nameplate capacity to reflect firm capacity during peak demand events Natural Gas Combined-Cycle have highest accreditation factors; close to 100% in some regions Solar PV and Onshore Wind have lowest accreditation factors; ranging roughly from 10% to 50% Capacity Accreditation Factor Ranges in U.S. Markets (%) Natural Gas CC Coal 4-hour Battery Solar PV Onshore Wind 0 10 20 30 40 50 60 70 80 90 100 Source: S&P Global Energy, ©2026 S&P Global Inc. Data compiled September 2025. Natural gas remains the benchmark for reliable capacity
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 92 $- $5 $10 $15 $20 $25 $30 $35 $40 $45 $50$/MMBtu The delivered cost of natural gas is 3.3x less expensive than the delivered cost of electricity Abundant natural gas resources and an extensive pipeline network keep prices affordable and stable Electricity Propane Natural Gas Distillate Fuel Oil 2024 2050 U.S. Residential Energy Prices by Fuel Source: U.S. Energy Information Administration (EIA). Natural gas remains the most affordable option for residents
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 93 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Source: U.S. Energy Information Administration (EIA): Environmental Protection Agency (EPA) Greenhouse Gas Equivalencies Calculator. U.S. CO2 emissions fell as natural gas generation increased 2.4B Metric Tons CO2 1.9B Metric Tons CO2 1.4B Metric Tons CO2 18% 32% 42% 2005 2015 2024 Natural gas market share increased from 18% to 42% Shift away from carbon-intensive coal to natural gas and renewables contributes to nearly 1B metric tons of CO2 reduction Equivalent to the CO2 emissions saved from removing 233 million gasoline-powered vehicles driven for one year U.S. Electric Power Sector: CO2 Emissions vs. Natural Gas Market Share
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 94 Sources: Coal plant data per Wood Mackenzie North America Power Service Tool. See appendix for required disclosures. Metric tons of CO2 emitted by a typical passenger vehicle per year per Environmental Protection Agency (EPA). 1Using 6,600 Btu/kWh heat rate, 100% plant utilization. Ample coal-to-gas switching opportunities in our footprint Operating coal plant in state with WMB natural gas transmission line Williams Asset Map, Highlighting Third-party Operating Coal Plants Equates to +8.7 Bcf/d natural gas1 Equates to 80 MM cars off the road annually 65 Coal plants; 57 GW Net summer capacity Equates to 342 MM mt CO2 reduction
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 95 49% of natural gas resources remaining in 2050 Sources: Demand sourced by Wood Mackenzie North America Gas, Investment Horizon Outlook, November 2025. See appendix for required disclosures. U.S. Energy Information Administration (EIA) for natural gas Technically Recoverable Resources (TRR) as of January 2023. Ample U.S. natural gas supplies to meet growing demand 0% 25% 50% 75% 100% Cumulative U.S. Natural Gas Demand Growth Remaining U.S. Gas Resources U.S. Cumulative Gas Demand Growth through 2050 as a Percent of Total U.S. Natural Gas Technically Recoverable Resources ~2,984 trillion cubic feet 20502023
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 96 Source: Wood Mackenzie. See appendix for required disclosures. Note: Non-associated gas break-even are $/Mcf at 15% discount rate and associated gas break-even are $/Bbl at 15% discount rate. Assumes production profile matches Wood Mackenzie’s Investment Horizon Outlook through 2050 then extrapolates production levels thereafter. Nearly 40 years of economic gas resources 0 500 1,000 1,500 <$3.00 <$4.00 <$5.00 Total Resource Remaining Non-Associated Gas Resources (Trillion Cubic Feet) 0 200 400 600 800 1,000 1,200 <$50 <$55 <$75 Total Resource Remaining Associated Gas Resources (Trillion Cubic Feet) U.S. has enough sub-$4 non-associated gas resource and sub-$55 associated gas resource to reach 2052 Expanding to sub-$5 non-associated gas resource and sub-$75 associated gas resource extends the reach to 2059
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 97 Source: U.S. Energy Information Administration (EIA), Dry Natural Gas Proved Reserves as of year-end. Proved natural gas reserves continue to climb in the U.S. 0 110 220 330 440 550 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 U.S. L48 Dry Natural Gas Proved Reserves Estimates in Tcf Appalachia U.S. Lower 48 The call on U.S. natural gas will need to come from Appalachia Appalachia remains largest natural gas resource in U.S. at 37% of total
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 98 1Graph for global energy demand by fuel excludes Off-grid renewables, Geothermal & Other Renewables which, combined, are ~9 QBtu in 2040. Source: Wood Mackenzie Strategic Planning Outlook 2025. 2Wood Mackenzie North America Gas, Investment Horizon Outlook, November 2025. See appendix for required disclosures. The growing need for more natural gas 0 50 100 150 200 Oil Natural Gas Coal Solar + Wind Hydro Bioenergy Nuclear QBtu Total Projected Global Energy Consumption by Fuel, 2025 – 2040¹ 2025 2030 2035 2040 - 5 QBtu - 3% + 22 QBtu + 16% - 53 QBtu - 28% + 50 QBtu + 253% + 2 QBtu + 13% + 3 QBtu + 6% 1/4th Global demand will be supplied by natural gas in 2040 1 47 Bcf/d of demand growth will be filled by natural gas through 2040 1 50% of natural gas demand growth through 2040 in the U.S. 2 + 18 QBtu + 63% Natural gas remains a significant fuel source in domestic and global demand
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 99 1Wood Mackenzie Power and Renewables Service Investment Horizons Outlook, November 2025. 2U.S. Energy Information Administration (EIA) Annual Energy Outlook 2025. 3U.S. Energy Information Administration using rolling 12-month (Nov- 2024 through Oct-2025) capacity factors for U.S. combined-cycle gas fired-generation versus utility scale solar photovoltaic. 4Operating coal plant data sourced from Wood Mackenzie North America Power Service Tool (Using 6,600 Btu/kWh heat rate, 100% plant utilization). See appendix for required disclosures. Demand driven growth will fuel future performance Coal Retirements 199 coal plants remaining in operation in U.S. today4 ~1/3rd of operating coal plants are within Williams’ footprint, equating to ~9 Bcf/d natural gas from coal to gas switching opportunity 3.4x faster electricity growth this decade vs. prior1 Williams is expanding transmission pipeline and storage capacity to serve peak demand and data center growth Power Demand Doubling U.S. LNG exports by 20352 Williams’ asset footprint and storage position offers unmatched opportunity to capitalize on growing LNG market 2.4x more performance from natural gas than wind and solar3 Williams’ fully contracted infrastructure remains essential for backing up the low reliability of intermittent wind and solar LNG Demand Renewables Support
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 100 Source: IEA World Energy Outlook 2025 Historical and Current Policies Scenarios. China has a headstart in the race for more power GW Coal Oil Natural Gas Nuclear Hydro Solar PV Wind Battery storage Other Coal Oil Natural Gas Nuclear Hydro Solar PV Wind Battery Storage Other Installed Power Capacity (2010-2024) From 2010-2024, China outpaced U.S. installed power capacity by over 9x Despite U.S.’s forecasted 10x increase in installed capacity, China is still expected to install 7.5x more capacity than U.S. (2024-2040) Expected Installed Power Capacity (2024-2040) 3,000 0 25,000 0 U.S. CHINA U.S. CHINA China now generates twice as much electricity as the U.S. and has demonstrated its ability to scale rapidly
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 101 Source: United Nations Statistics Division. Note: First available manufacturing data for China is in 2004. China has become the world’s manufacturing superpower U.S. global manufacturing market share has been in decline since 2000, while China has risen to dominate Share of Global Manufacturing Output 2000 – 2023 By 2020, China manufacturing output became nearly double that of U.S. In 2010, China overtook U.S. to become world’s largest manufacturer Since 2010, U.S. share of global output averaged 16%, barely half of what it was in 2000 0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 2000 20232010 China U.S. Japan Germany India S. Korea
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 102 Source: U.S. Energy Information Administration (EIA); Note: Transco Pipeline corridor includes EIA state-level data for AL, DC, DE, GA, LA, MD, MS, NC, NJ, NY, PA, SC, TX and VA. 1Market share for 2025 is monthly data for December 2024 through November 2025. Gas power generation gaining market share along Transco 50% 52% 51% 50% 12% 10% 9% 10% 24% 24% 23% 23% 10% 11% 12% 13% 3% 3% '22 '23 '24 '25¹ '22 '23 '24 '25¹ '22 '23 '24 '25¹ '22 '23 '24 '25¹ '22 '23 '24 '25¹ COALNATURAL GAS WIND + SOLAR HYDRONUCLEAR Power Generation Market Share in Transco Corridor ‘22-‘25 o Captured 1/2 of market share in 2025 o Grew 14% since ‘20, even while renewables generation has grown 46% Natural gas plays a significant role in power generation along Transco’s footprint
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 103 Source: S&P Global Energy, ©2026 S&P Global Inc. Note: Pipeloss/Fuel demand is excluded from the charts and CDD and HDD are U.S. population-weighted Cooling and Heating Degree Days. Surge in U.S. LNG exports drives demand growth Total demand including exports averaged 113 Bcf/d in 2025 compared to 108 Bcf/d in 2024 Driven by strong LNG export demand and higher Res/Com demand LOWER 48 NATURAL GAS DEMAND + EXPORTS 2024 v. 2025 COMPARISON - 5 10 15 20 25 30 35 40 Power Industrial Res/Com LNG Feed Gas Mexican Exports Bcf/d 2024 2024 2024 2024 20242025 2025 2025 2025 2025 -2% +1% +26% +11% +3% 1,897 CDD 3,405 HDD 1,795 CDD 3,019 HDD +13% -5%
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 104 3,000 4,000 5,000 6,000 7,000 2010 2020 2030 2040 TWh Source: Wood Mackenzie, Investment Horizon Outlook, November 2025. See appendix for required disclosures. More natural gas required to feed growing electricity demand RAPID INCREASE IN ELECTRICITY DEMAND 52% (2025-2040) driven by emergence of large load data centers and EVs U.S. Net On-Grid Power Demand 5% (2010-2024) with majority of growth captured in 2024 AI-driven future and electrification of transport and heating will create unprecedented growth in power demand
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 105 Source: Wood Mackenzie North America Gas, Investment Horizon Outlook, November 2025. See appendix for required disclosures. Lower 48 natural gas demand rises 19 Bcf/d by 2030 Projected L48 Natural Gas Cumulative Demand Growth over 2025 Levels Expected Growth (2025 – 2030) -5 0 5 10 15 20 25 2026 2027 2028 2029 2030 Bcf/d LNG Exports | + 11.8 Bcf/d Transport + Other | + 1.7 Bcf/d Industrial + Blue Hydrogen | + 3.4 Bcf/d Residential + Commercial | - 0.3 Bcf/d Power | + 2.7 Bcf/d Mexican Exports | - 0.1 Bcf/d 3.2% Total Demand CAGR ‘25 – ’30
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 106 Source: U.S. Energy Information Administration (EIA) as of 12/30/2025. 1LNG export terminal capacity is the U.S. DOE-authorized maximum export quantity to non-FTA countries for operational & commissioning projects. Transco resides along active and growing U.S. LNG corridor Williams’ Asset Map in U.S. Gulf Coast + U.S. L48 Large Scale Approved and Potential Liquefaction Facilities Per EIA Active LNG export facilities LNG projects fully permitted, pre-FID 13.0 LNG projects active or in execution within Transco footprint LNG export projects awaiting FID within Transco footprint Bcf/d 17.8 15.9 LNG projects already operational within Transco footprint LNG export projects currently under construction within Transco footprint Bcf/d1 Bcf/d LNG export projects under construction ?
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 107 1Source: Wood Mackenzie LNG Tool 4Q 2025. See appendix for required disclosures. Note: Forecast includes projects with status of Existing, Under Development, Proposed, and FOB per Wood Mackenzie; Rest of World includes Global boil- off. Global boil-off assumed at 3.75%. Global LNG Supply 2025-2035: Canada +4%, Qatar +2%; Australia and Other -8%, Russia -2%. Global LNG demand growth poised to increase 0 14 0 11 0 2 0 3 3 0 10 20 30 40 50 60 70 80 90 Global Total 2025 Demand Growth Global LNG Demand Expected to Grow Over the Next Decade1 (57 Bcf/d in 2025 to 90 Bcf/d in 2035) Bcf/d More than global market demand by 2035 90 Marine bunkers China Asia (excl. China) Bcf/d Europe U.S. BEST-POSITIONED TO CAPTURE INCREASING DEMAND Rest of World From 2025-2035: ▪ Global LNG supply is forecasted to grow +59% ▪ Importantly, U.S. market share of global LNG supply is projected to grow from 24% to 37%
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 108 Source: Wood Mackenzie North America Gas, Investment Horizon Outlook 2025. See appendix for required disclosures. Rising U.S. gas demand calls for growth in key supply areas 0 5 10 15 20 25 30 35 40 45 Bcf/d Northeast Permian Haynesville Eagle FordMid- Continent Barnett DJ Greater Green River Piceance Gulf of America Forecasted Lower 48 Natural Gas Production by Supply Area (2025-2034) -6% CAGR0% CAGR 3% CAGR 3% CAGR 4% CAGR 7% CAGR 1% CAGR -1% CAGR 1% CAGR 4% CAGR Williams to capitalize on growth with assets in geographically diverse supply areas
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 109 1Type well local natural gas hub breakeven price ($/mcf) at 15% discount rate. Source: Wood Mackenzie North America Gas, Investment Horizons Outlook 2025. See appendix for required disclosures. Northeast remains largest and most economic gas basin 0 200 400 600 800 1,000 < $2.50 < $3.00 < $3.50 < $4.00 Marcellus Utica Haynesville Other Eagle Ford MidCon Natural Gas Reserves for Non-Associated Plays By Local Hub Natural Gas Breakeven Prices1 Tcf 85% remaining natural gas reserves under $3.50 are in Northeast & Haynesville ~83% of Williams’ gathering volumes are from Marcellus, Utica & Haynesville as of 4Q’25
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 110 1Other Renewables include Geothermal & Biofuels. Source: Wood Mackenzie North America Gas, Investment Horizons Outlook 2025. See appendix for required disclosures. Renewables remain a small part of the total energy mix 2025 Total Global Energy Consumption by Sector 2025 Global Power Generation by Fuel Type Transport 18% Electricity 37% Res/Com 13% Industrial 26% Losses & Gains 6% Electricity accounts for ~37% of total end-use energy consumption AND Wind & Solar only account for 9% of total global power generation Natural gas, 22% Wind, 5% Solar, 4% Nuclear, 12% Other Renewables¹, 4% Liquids, 3% Hydro, 6% Coal, 44% 9%
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 111 Williams in a position of growth
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 112 Note: Dekatherms converted to cubic feet at 1,000 cubic feet = 1 dekatherm. 1Per the customer agreement, the Dalton Lateral Expansion II will provide up to 460 MMcf/d. 2Line 200 is a FERC-regulated asset that operates independently of Transco. Ownership interest in the pipeline is 80%. Executing significant portfolio of expansions along Transco 4 Project Target In- Service Current Status Project Capacity Northeast Supply Enhancement 4Q’27 Final permits received 400 MMcf/d Power Express 3Q’30 Signed precedent agreements 689 MMcf/d Southeast Supply Enhancement 3Q’27 Received FERC certificate 1,597 MMcf/d Commonwealth Energy Connector 4Q’25 In-service 105 MMcf/d Alabama Georgia Connector 4Q’25 In-service 64 MMcf/d Dalton Lateral Expansion II 4Q’29 Signed precedent agreement 460 MMcf/d1 Gillis West 2Q’26 Signed precedent agreement 115 MMcf/d Line 2002 2Q’28 Signed precedent agreements 3,100 MMcf/d Wharton West 4Q’26 Signed precedent agreements 170 MMcf/d 4 5 3 5 77 6 6 3 2 2 1 1 9 8 IN- SERVICE IN- SERVICE 8 9
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 113 Investing in the West Kelso-Beaver Reliability Project Capacity: 183 MMcf/d | Expected ISD: 4Q 2028 | Northwest 2 Stanfield South Capacity: 80 MMcf/d | In-service: 4Q 2025 | Northwest 3 Naughton Coal-to-Gas Conversion Capacity: 98 MMcf/d | Expected ISD: 2Q 2026 | Northwest 4 Ryckman Creek Lateral Capacity: 50 MMcf/d | Expected ISD: 4Q 2026 | Northwest 5 Wild Trail Capacity: 83 MMcf/d | Expected ISD: 4Q 2027 | Northwest 6 Huntingdon Connector Capacity: 78 MMcf/d | Expected ISD: 4Q 2026 | Northwest 1 7 8 Overthrust Westbound Expansion Capacity: 325 MMcf/d | In-service: 4Q 2025 | MountainWest Green River West Expansion Capacity: 64 MMcf/d | Expected ISD: 3Q 2027 | MountainWest 7 8 4 3 2 1 5 6
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 114 Northwest Pipeline Transco Pipeline MountainWest Pipeline Winter natural gas peak day volumes in Bcf1 on Transco, NWP and MWP Systems vs. Renewables capacity growth in the same markets since ‘19/‘20 season Wind + solar capacity in GW Record peak day volumes on WMB system Source: U.S. Energy Information Administration (EIA). 1Dekatherms converted to cubic feet at 1,000 cubic feet = 1 dekatherm. Rising peak demand on Williams’ gas transmission systems 3.5 3.1 3.8 4.0 4.5 3.6 0 5 10 15 20 25 30 35 40 45 50 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 16.9 16.1 17.3 16.5 17.0 19.1 0 20 40 60 80 100 120 8.0 10.0 12.0 14.0 16.0 18.0 1.8 1.6 1.7 1.9 2.0 1.9 0 2 4 6 8 10 12 14 16 18 20 0.73 0.93 1.13 1.33 1.53 1.73 1.93 2.13 99 GW 15 GW32 GW Williams’ contracted natural gas capacity continually needed to supply grid reliability on days of peak demand alongside ongoing renewable capacity buildouts and coal retirements in our pipeline markets 7 GW 18 GW 45 GW
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 115 Note: Project list as of January 2026. Dekatherms converted to cubic feet at 1,000 cubic feet = 1 dekatherm. Deep and diverse portfolio of transmission projects Growing backlog of attractive projects Our ~$15.5 billion backlog enables profitable growth for Williams for the foreseeable future. Through our unique scope and scale, we are positioned to deliver additional transmission projects as demand accelerates. ~14.3 Bcf/d in queue to serve power gen facilities, LNG and industrial facilities/gas utilities 30+ potential projects in development stages serving industrial, power and LNG facilities Opportunity set expanded with additional re -filling of sales funnel ~$15.5B of project opportunities with in -service dates 2027 -2033
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 116 Note: Backlog as of February 2026. 1ISO capacity amounts exclude BESS. Captail represents entire project costs including pipeline, compression, power generation and BESS. Growing portfolio of projects to support data centers ~6 GW of potential projects in backlog 1 $7.3B in execution Evaluating partnerships and commercial agreements to serve approximately 6 GW of power Investing in the future of POWER Quick. Reliable. Sustainable. • Williams’ behind-the-meter power generation opportunities strategically create a new line of business serving high-quality customers with high growth potential • Offering tailored power solutions directly to hyperscaler customers focused on speed-to-market, reliability and sustainability NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 116
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 117 Note: Map as of February 2026. Enhancing core business through Sequent Driving value to base business by increasing utilization of assets Generating significant earnings since acquisition by capitalizing on volatility and storage Unique opportunity for growth within core business and in emerging areas such as power optimization, LNG, NextGen Gas and more Managing downside risk and acting as natural hedge for G&P price exposure Providing extensive market intelligence, prompting accretive M&A Natural Gas Pipeline Natural Gas Gathering Pipeline Natural Gas Liquids Pipeline Oil Gathering Pipeline Gas Plant Fractionator Amine Treating Rail Terminal Offshore Platform Supply Area Basin Operational Activity Map legend Storage Powerplants Natural Gas Pipelines Sequent’s Marketing Footprint Operated Upstream Assets
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 118 Williams is a unique investment opportunity
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 119 1Does not represent leverage ratios measured for Williams credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand and 4Q 2025 excludes $573 million of cash purchases of certain reimbursable long-lead Power Innovation equipment, and Adjusted EBITDA reflects the sum of the last four quarters. 2Capital Investments includes increases to property, plant, and equipment (growth & maintenance capital), purchases of and contributions to equity-method investments and purchases of other long-term investments. 34Q and full-year 2025 capital excludes $712 million for long-lead items and $372 million for the Louisiana LNG and Driftwood Pipeline purchase, which closed in October of 2025. Full-year 2025 capital also excludes $1 million for an adjustment of the Crowheart acquisition and Discovery consolidation, which closed in 2024, $319 million for the Rimrock acquisition, which closed in January of 2025, $153 million for the Cogentrix investment, which closed in March of 2025, and $43 million for the Saber acquisition, which closed in June 2025. 4Q and full-year 2024 capital excludes $249 million for the Crowheart acquisition, which closed in November of 2024. Full-year 2024 capital also excludes $1.844 billion for the acquisition of the Gulf Coast Storage assets, which closed January 2024, and $151 million for the Discovery consolidation, which closed August 2024. Per share amounts are reported on a diluted basis. This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure. Strong results across key financial metrics Balance Sheet Strength and Capital Discipline Debt-to-Adjusted EBITDA1 Capital Investments2,3 Strong Financial Performance Across Key Metrics Adjusted EBITDA Adjusted Earnings per Share Available Funds from Operations Dividend Coverage Ratio (AFFO basis) 3.71x 3.79x $1,532 $760 4Q 2025 4Q 2024 Change $2,033 $1,776 14% $0.55 $0.47 17% $1,647 $1,335 23% 2.70x 2.31x 17% $4,294 $2,706 2025 2024 Change $7,750 $7,080 9% $2.10 $1.92 9% $5,858 $5,378 9% 2.40x 2.32x 3%
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 120 Note: This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure. Achieved 14% growth 4Q 2025 vs. 4Q 2024 Key Earnings Drivers TRANSMISSION, POWER & GULF Higher earnings due to transmission and Gulf expansions, higher Transco rates and favorable storage re-contracting NORTHEAST G&P Increased earnings due to higher volumes and rates, partially offset by higher operating and administrative costs due to increased maintenance expense WEST Increased earnings due to Louisiana Energy Gateway in - service and Saber and Rimrock acquisitions, partially offset by Eagle Ford MVC step down GAS & NGL MARKETING SERVICES Increased earnings due to favorable NGL spreads and the Cogentrix investment, partially offset by unfavorable realized derivatives in gas marketing transportation OTHER Higher earnings due to increased upstream volumes and higher gas prices WMB Adjusted EBITDA ($MM): 4Q 2025 vs. 4Q 2024 $1,500 $1,700 $1,900 $2,100 4Q 20254Q 2024 Transmission, Power & Gulf Northeast G&P Other $27 $2,033 $1,776 West $172 $9 $43 $6 Gas & NGL Marketing Services
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 121 Note: This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure. Achieved 6% growth 4Q 2025 vs. 3Q 2025 WMB Adjusted EBITDA ($MM): 4Q 2025 vs. 3Q 2025 $1,700 $1,900 $2,100 4Q 20253Q 2025 Transmission, Power & Gulf Northeast G&P Other $7 $2,033 $1,920 West $51 $3 $21 $31 Gas & NGL Marketing Services Key Earnings Drivers TRANSMISSION, POWER & GULF Higher earnings due to transmission expansions and increased Gulf volumes NORTHEAST G&P Higher earnings due to increased Blue Racer Midstream and Marcellus South volumes WEST Increased earnings due to full quarter of Louisiana Energy Gateway and higher volumes & fees in the Haynesville GAS & NGL MARKETING SERVICES Higher earnings due to increased pricing spreads and favorable realized derivative activity OTHER Higher earnings due to increased upstream volumes and favorable realized prices
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 122 1Business segments include Transmission, Power & Gulf, Northeast G&P, and West and excludes contributions from Gas & NGL Marketing Services and Upstream Operations in Other. 2Source:U.S. Energy Information Administration (EIA), monthly avg. price of NYMEX WTI Crude Oil spot pricing. 3Source: EIA, monthly avg. price of NYMEX Henry Hub Natural Gas spot pricing. 4Sum of gathering volumes and avg. daily firm reserved capacity for regulated transportation (converted from Tbtu to Bcf at 1,000 btu/cf) for West, Northeast G&P, and Transmission & Gulf segments. Volumes for acquisitions were averaged over the entire quarter in which the acquisitions closed. Volumes for 1Q 2023 and beyond reflect revised gathering volumes for Blue Racer Midstream. This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure. Steady growth in Williams’ volumes and Adjusted EBITDA 50 100 150 200 250 Indexed to 100 WTI Oil Price Henry Hub Natural Gas Price Quarterly Growth: Williams Base Business Adjusted EBITDA1, Contracted Transmission Capacity and Gathering Volume vs. Crude Oil and Natural Gas Commodity Prices 2015 2016 2017 20192018 Contracted Transmission Capacity & Gathering Volume4 Base Business Adjusted EBITDA1 Adjusted EBITDA Capacity + Volume Oil Price Gas Price 2 3 2020 2021 2022 2023 2024 2025
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 123 $1,100 $1,452 $900 $1,550 $1,750 $2,091 $15,745 $500 $250$208 $400 $700 $3,575 $1,055 $100 $330 2026 2027 2028 2029 2030 2031 2032+ Other WMB NWP Transco MountainWest Principal Value of Debt Maturities as of January 15, 2026 ($ in millions) Strong liquidity and minimal near-term debt maturities ~$31.7B Total Debt Maturities 1Other includes financing obligations associated with certain Transco growth projects. 2Based on midpoint of 2026 guidance. Does not represent leverage ratios measured for Williams credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters. 2026 guidance excludes long-lead equipment. 3Current S&P/Moody’s/Fitch ratings are BBB+ (stable)/Baa2 (positive)/BBB (positive). 4As of January 15, 2026 – Excludes NWP’s $250 million Term Loan and financing obligations associated with certain Transco growth projects. This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure. Balance sheet strength and financial flexibility 1 8% improvement in leverage since 20202 ~4.0x 2026 guidance for Debt-to-Adjusted EBITDA2 Investment-grade rated across all rating agencies BBB+/Baa2/BBB Credit Rating3 5.03% Weighted Average (fixed rate) Coupon For Debt Portfolio4 Issued ~$5B of long-term debt during 2025 $3.75B credit facility Well-laddered debt profile 10.8 years Weighted Average Maturity for Debt Portfolio4
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 124 Gulfstream 2% Gulf Coast Storage 3% Barnett3 1% MountainWest 2% Marketing Services 2% E&P 4% NGL Services1 2% Piceance 1% 1Includes Conway, Bluestem pipeline and Targa Frac. 2Includes Permian, Mid-continent and DJ Basin. 3Includes realized NYMEX gas hedge gains. This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure. Diversification of Adjusted EBITDA fuels stability and growth Blue Racer 2% Marcellus South 3% ~49% from Transmission & Deepwater ~8% from G&P serving on-shore oil-directed supply areas ~34% from G&P serving gas-directed supply areas SW Wyoming / Wamsutter 1% Transco 30% Deepwater 7% Other Onshore Oil Basin2 4% Eagle Ford 3% Haynesville 5% Bradford Supply Hub 4% Susquehanna Supply Hub 7% Northwest Pipeline 4% NorTex Transport & Storage 1% LMM, Cardinal & Flint 4% Northeast JV 7% ~4% from E&P ~2% from Gas and NGL Marketing Services ~2% from NGL Services OPPL 1% $7.75B 2025 Adjusted EBITDA
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 125 Note: Price assumed in guidance is based on 02/03/2025 strip, historic, basin NGL composite. This slide contains non-GAAP financial measures. See appendix for a reconciliation to the nearest comparable GAAP financial measure. 2026 upstream Adjusted EBITDA sensitivities Net Production Price Assumed in Guidance (excluding hedge impact) Natural Gas 180-220 MMBtu/d NYMEX: $4.04/MMBtu Oil Production 7-9 Mbbl/d WTI: $61.42/bbl NGL Production 11-13 Mbbl/d NGL (C3+): $0.82/gal Full-year 2026 projections and assumptions 2026 Upstream Adjusted EBITDA Guidance ~$200MM
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 126 Note: Data as of 02/02/2026. Williams’ hedge positions Opal Processing Plant, WY Commodity 2026 Natural Gas Volume (MMBtu) Weighted-Average Price ($MMBtu) Fixed Price Swaps (10,920,000) $4.07 Basis Swaps (11,182,500) ($0.94) Liquids Volume (Bbls) Weighted-Average Price ($Bbl) Fixed Price Swaps - Crude Oil (420,000) $61.81 Fixed Price Swaps - NGL (755,000) $37.10 Commodity 2026 Natural Gas Volume (MMBtu) Weighted-Average Price ($MMBtu) Fixed Price Swaps on Long (3,770,000) $4.28 Fixed Price Swaps on Short 960,000 $3.54 Basis Swaps 960,000 ($0.36) Index Swaps 700,000 Liquids Volume (Bbls) Weighted-Average Price ($Bbl) Fixed Price Swaps - NGL (245,000) $32.63 E&P HedgesG&P Hedges NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 126 NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 126
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 127 1Includes firm reserved capacity of Transco, Northwest Pipeline, MountainWest Pipeline, Overthrust Pipeline, White River Hub and Gulfstream at 100% and leases on Overthrust Pipeline and Transco. 2Transco, Northwest Pipeline, MountainWest Pipeline, Overthrust Pipeline, White River Hub and 50% of Gulfstream revenue earned from Top 100 customers company-wide for 3Q 2025 YTD. 3Counterparties deemed non-creditworthy post collateral to support contractual commitments. 4Counterparties post collateral to support contractual commitments. High credit-quality, demand-pull transmission customer base 60% 7% 9% 15% 9% Utilities/Power LNG / Industrial Producer Marketer Other Utilities / Power Customers 80% 15% 5% Investment Grade Not rated High Yield Investment-Grade Customers Firm Contracted Capacity By Customer Type for 20251 Credit Rating Profile Of Williams 3Q 2025 YTD Gas Transmission Revenue From Top 100 Customers2 3 4
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 128 Committed to sustainable operations
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 129 1Annual Incentive Program. 2OGMP 2.0 approved goal. Committed to a clean energy future For more information regarding our sustainability efforts, please review our 2024 Sustainability Report 2025 GOAL 5% reduction in methane intensity from 2024 for the 2025 AIP1 NEAR-TERM GOAL Reach 0.0375% in scope 1 methane intensity by 20282 NEAR-TERM GOAL 30% reduction in carbon intensity from 2018 levels by 2028 LONG-TERM AMBITION Achieve net zero ambition by 2050 utilizing a combination of immediate and long-term solutions
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 130 12026 Index Constituents expected to be announced in April 2026. 2Corporate Sustainability Assessment. All scores verified as of 02/03/2026. Outpacing the industry across key sustainability rankings CDP S&P Global Dow Jones Best-in- Class Index ISS MSCI Index Inclusion 2025 member of the Dow Jones Best-in-Class North America and World indices for the 5th and 4th consecutive years, respectively1 Received an ‘A-’ score on the 2025 CDP Climate Change Questionnaire, better than industry average of 'B' and Americas regional average of 'C' #1 Ranked North American Oil & Gas Storage & Transportation segment company in the 2025 S&P Global CSA2 ‘AA’ Rated maintained MSCI ESG Rating of ‘AA’ in 2025 ‘Prime’ Rated received an upgraded ISS ESG Rating of ‘B-’ and achieved ‘Prime’ status in 2025
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 131 0.072% 0.066% 0.055% 0.048% 0.045% 0.041% 0.039% 0.00% 0.01% 0.02% 0.03% 0.04% 0.05% 0.06% 0.07% 0.08% 2018 2019 2020 2021 2022 2023 2024 1Annual Incentive Program. 2Methane intensity measured as methane emissions divided by methane throughput. Includes all Scope 1 & 2 methane emissions from Williams' operated assets – including additional minor sources of emissions versus previous methodology. Total methane intensity: continued improvement Methane Intensity of Williams’ Operations2 (2018-2024) ~44% reduction Established the methane reduction AIP1 metric in 2022 to align emissions reductions with compensation; refreshed for 2025 AIP ✓ Exceeding ONE Future methane intensity targets across all three industry segments ✓ Strengthening our NextGen Gas commercialization opportunities in the U.S. and worldwide✓ Set target of reaching 0.0375% in Scope 1 methane intensity by 2028, as part of OGMP 2.0 membership✓
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 132 A solution for a changing environment Regulatory Compliance Trusted emissions data for compliance with most international standards and reducing carbon tax exposure Emissions Reduction Goals Reliable quantification of total CO2e data for achieving emissions reduction targets Market Differentiation Lower carbon products can garner pricing premiums and gain access to evolving global markets Lowering Cost of Net Zero Environmental attribute certificates can be bundled with, and lower the total cost of, many carbon offset products for Net Zero
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 133 Leveraging footprint for solar and battery storage projects Installing solar and battery power across our footprint to supply our own load and to meet electricity demands for commercial, residential and utility customers 02 Projects in execution ▪ ~22 MWac solar, ~24 MWdc battery 05 Projects in early development 02 Projects in advanced development ▪ ~85 MWac solar, target in service 1Q’26 and 4Q’26 WMB solar and/or battery storage project
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 134 Evolving to ensure a sustainable business model Executing a CCS project in the Haynesville and evaluating opportunities across our footprint C a r b o n C a p t u r e a n d S e q u e s t r a t i o n Investing in innovation and technologies at the forefront of energy evolution C o r p o r a t e Ve n t u r e C a p i t a l Deploying technologies across our footprint to deliver low-emissions natural gas from wellhead to market…. Wi l l i a m s ’ N e x t G e n G a s P r o d u c t Connected to 14 different RNG facilities with... capacity to receive ~108MMcf/d into our systems R e n e w a bl e N a t u r a l G a s.. Progressing backlog of solar and battery projects to.. offset electrical needs and supply utility partners S o l a r & B a t t e r y… . . Williams Will Be There Ideally positioned to develop scalable, low carbon power generation solutions to meet rapid demand growth P o w e r I n n o v a t i o n
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 135 Wood Mackenzie disclaimer
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 136 Wood Mackenzie disclaimer ˃The data and information provided by Wood Mackenzie should not be interpreted as advice, and you should not rely on it for any purpose. ˃You may not copy or use this data and information except as expressly permitted by Wood Mackenzie in writing. ˃To the fullest extent permitted by law, Wood Mackenzie accepts no responsibility for your use of this data and information.
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 137 Forward-looking statements
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 138 Forward-looking statements > The reports, filings, and other public announcements of The Williams Companies, Inc. (Williams) may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). These forward-looking statements relate to anticipated financial performance, management’s plans and objectives for future operations, business prospects, outcomes of regulatory proceedings, market conditions, and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. > All statements, other than statements of historical facts, included in this report that address activities, events, or developments that we expect, believe, or anticipate will exist or may occur in the future, are forward-looking statements. Forward-looking statements can be identified by various forms of words such as “anticipates,” “believes,” “seeks,” “could,” “may,” “should,” “continues,” “estimates,” “expects,” “forecasts,” “intends,” “might,” “goals,” “objectives,” “targets,” “planned,” “potential,” “projects,” “scheduled,” “will,” “assumes,” “guidance,” “outlook,” “in-service date,” or other similar expressions. These forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management and include, among others, statements regarding: – Levels of dividends to Williams’ stockholders; – Future credit ratings of Williams and its affiliates; – Amounts and nature of future capital expenditures; – Expansion and growth of business and operations; – Expected in-service dates for capital projects; – Financial condition and liquidity; – Business strategy; – Cash flow from operations or results of operations; – Rate case filings; – Seasonality of certain business components; – Natural gas, natural gas liquids, and crude oil prices, supply, and demand; – Demand for services.
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 139 Forward-looking statements (continued) > Forward-looking statements are based on numerous assumptions, uncertainties, and risks that could cause future events or results to be materially different from those stated or implied in this report. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following: – Availability of supplies, market demand, and volatility of prices; – Development and rate of adoption of alternative energy sources; – The impact of existing and future laws and regulations, the regulatory environment, environmental matters, and litigation, as well as our ability and the ability of other energy companies with whom we conduct or seek to conduct business, to obtain necessary permits and approvals, and our ability to achieve favorable rate proceeding outcomes; – Exposure to the credit risk of customers and counterparties; – Our ability to acquire new businesses and assets and successfully integrate those operations and assets into existing businesses as well as successfully expand our facilities, and consummate asset sales on acceptable terms; – The ability to successfully identify, evaluate, and timely execute on capital projects and investment opportunities; – The strength and financial resources of our competitors and the effects of competition; – The amount of cash distributions from and capital requirements of our investments and joint ventures in which we participate; – The ability to effectively execute our financing plan; – Increasing scrutiny and changing expectations from stakeholders with respect to environmental, social, and governance practices; – The physical and financial risks associated with climate change; – The impacts of operational and developmental hazards and unforeseen interruptions; – The risks resulting from outbreaks or other public health crises; – Risks associated with weather and natural phenomena, including climate conditions and physical damage to our facilities; – Acts of terrorism, cybersecurity incidents, and related disruptions; – Costs and funding obligations for defined benefit pension plans and other postretirement benefit plans; – Changes in maintenance and construction costs, as well as our ability to obtain sufficient construction-related inputs, including skilled labor; – Inflation, interest rates, tariffs on foreign-made materials and goods (including steel and steel pipes) necessary to our business, and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on customers and suppliers); – Risks related to financing, including restrictions stemming from debt agreements, future changes in credit ratings as determined by nationally recognized credit rating agencies, and the availability and cost of capital;
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 140 Forward-looking statements (continued) – The ability of the members of the Organization of Petroleum Exporting Countries and other oil exporting nations to agree to and maintain oil price and production controls and the impact on domestic production; – Changes in the current geopolitical situation; – Changes in U.S. governmental administration and policies; – Whether we are able to pay current and expected levels of dividends; – Additional risks described in our filings with the Securities and Exchange Commission (SEC). > Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. We disclaim any obligations to, and do not intend to, update the above list or announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments. > In addition to causing our actual results to differ, the factors listed above and referred to below may cause our intentions to change from those statements of intention set forth in this report. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise. > Because forward-looking statements involve risks and uncertainties, we caution that there are important factors, in addition to those listed above, that may cause actual results to differ materially from those contained in the forward-looking statements. For a detailed discussion of those factors, see (a) Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 25, 2025, (b) Part II, Item 1A. Risk Factors in subsequent Quarterly Reports on Form 10-Q, and (c) when filed with the SEC, Part I, Item 1A Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025.
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 141 Non-GAAP reconciliations
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 142 Non-GAAP Disclaimer > This news release and accompanying materials may include certain financial measures – adjusted EBITDA, adjusted income (“earnings”), adjusted earnings per share, available funds from operations and dividend coverage ratio – that are non-GAAP financial measures as defined under the rules of the SEC. > Our segment performance measure, modified EBITDA, is defined as net income (loss) before income (loss) from discontinued operations, income tax expense, net interest expense, equity earnings from equity-method investments, other net investing income, impairments of equity investments and goodwill, depreciation and amortization expense, and accretion expense associated with asset retirement obligations for nonregulated operations. We also add our proportional ownership share (based on ownership interest) of modified EBITDA of equity-method investments, including our indirect share from interests owned by equity-method investees. > Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from net income to determine adjusted income and adjusted earnings per share. Management believes this measure provides investors meaningful insight into results from ongoing operations. > Available funds from operations (AFFO) is defined as cash flow from operations excluding the effect of changes in working capital and certain other changes in noncurrent assets and liabilities, reduced by preferred dividends and net distributions to noncontrolling interests. AFFO may be adjusted to exclude certain items that we characterize as unrepresentative of our ongoing operations. > This news release is accompanied by a reconciliation of these non-GAAP financial measures to their nearest GAAP financial measures. Management uses these financial measures because they are accepted financial indicators used by investors to compare company performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of assets and the cash that the business is generating. > Neither adjusted EBITDA, adjusted income, nor available funds from operations are intended to represent cash flows for the period, nor are they presented as an alternative to net income or cash flow from operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles.
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 143 Reconciliation of Income (Loss) Attributable to The Williams Companies, Inc. to Adjusted Income 2015-2017 1The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding. 2015 2016 2017 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Income (loss) attributable to The Williams Companies, Inc. available to common stockholders $ 70 $ 114 $ (40) $ (715) $ (571) $ (65) $ (405) $ 61 $ (15) $ (424) $ 373 $ 81 $ 33 $ 1,687 $ 2,174 Income (loss) - diluted earnings (loss) per common share (1) $ .09 $ .15 $ (.05) $ (.95) $ (.76) $ (.09) $ (.54) $ .08 $ (.02) $ (.57) $ .45 $ .10 $ .04 $ 2.03 $ 2.62 Adjustments: Northeast G&P Impairment of certain assets $ 3 $ 21 $ 2 $ 6 $ 32 $ — $ — $ — $ — $ — $ — $ — $ 121 $ — $ 121 Share of impairment at equity-method investments 8 1 17 7 33 — — 6 19 25 — — 1 — 1 Ad valorem obligation timing adjustment — — — — — — — — — — — — 7 — 7 Settlement charge from pension early payout program — — — — — — — — — — — — — 7 7 Organizational realignment-related costs — — — — — — — — 3 3 1 1 2 — 4 Severance and related costs — — — — — 3 — — — 3 — — — — — ACMP Merger and transition costs — — — — — 2 — — — 2 — — — — — Total Northeast G&P adjustments 11 22 19 13 65 5 — 6 22 33 1 1 131 7 140 Transmission & Gulf of America Regulatory adjustments resulting from Tax Reform — — — — — — — — — — — — — 713 713 Share of regulatory charges resulting from Tax Reform for equity-method investments — — — — — — — — — — — — — 11 11 Constitution Pipeline project development costs — — — — — — 8 11 9 28 2 6 4 4 16 Potential rate refunds associated with rate case litigation — — — — — 15 — — — 15 — — — — — Settlement charge from pension early payout program — — — — — — — — — — — — — 19 19 Organizational realignment-related costs — — — — — — — — — — 1 2 2 1 6 Severance and related costs — — — — — 10 — — — 10 — — — — — Impairment of certain assets — — — 5 5 — — — — — — — — — — (Gain) loss on asset retirement — — — — — — — — (11) (11) — — (5) 5 — Total Transmission & Gulf of America adjustments — — — 5 5 25 8 11 (2) 42 3 8 1 753 765 West Estimated minimum volume commitments 55 55 65 (175) — 60 64 70 (194) — 15 15 18 (48) — Impairment of certain assets — 3 — 105 108 — 48 — 22 70 — — 1,021 9 1,030 Settlement charge from pension early payout program — — — — — — — — — — — — — 9 9 Organizational realignment-related costs — — — — — — — — 21 21 2 3 2 1 8 Severance and related costs — — — — — 8 — — 3 11 — — — — — ACMP Merger and transition costs 30 14 2 2 48 3 — — — 3 — — — — — Loss (recovery) related to Opal incident 1 — (8) 1 (6) — — — — — — — — — — Gains from contract settlements and terminations — — — — — — — — — — (13) (2) — — (15) Total West adjustments 86 72 59 (67) 150 71 112 70 (148) 105 4 16 1,041 (29) 1,032
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 144 Reconciliation of Income (Loss) Attributable to The Williams Companies, Inc. to Adjusted Income 2015-2017 cont. 1The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding. 2The fourth quarter of 2015 includes an unfavorable adjustment related to the translation of certain foreign-denominated unrecognized tax benefits. The second and third quarters of 2016 include a favorable adjustment related to the reversal of a cumulative anticipatory foreign tax credit. The first quarter of 2017 includes an unfavorable adjustment related to the release of a valuation allowance. The fourth quarter of 2017 includes an unfavorable adjustment to reverse the tax benefit associated with remeasuring our deferred tax balances at a lower corporate rate resulting from Tax Reform. 2015 2016 2017 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Other Impairment of certain assets — — — 64 64 — 747 — 8 755 — 23 68 — 91 Regulatory adjustments resulting from Tax Reform — — — — — — — — — — — — — 63 63 Settlement charge from pension early payout program — — — — — — — — — — — — — 36 36 (Gain) loss related to Canada disposition — — — — — — — 65 1 66 (2) (1) 4 5 6 Canadian PDH facility project development costs — — — — — 34 11 16 — 61 — — — — — Accrued long-term charitable commitment — — — 8 8 — — — — — — — — — — Severance and related costs — — — — — 5 — — 13 18 9 4 5 4 22 ACMP Merger and transition costs 8 9 7 12 36 2 — — — 2 — 4 3 4 11 Expenses associated with strategic alternatives — 7 19 6 32 6 13 21 7 47 1 3 5 — 9 Expenses associated with Financial Repositioning — — — — — — — — — — 8 2 — — 10 Expenses associated with strategic asset monetizations — — — — — — — — 2 2 1 4 — — 5 Loss related to Geismar Incident 1 1 — — 2 — — — — — — — — — — Geismar Incident adjustments — (126) — — (126) — — — (7) (7) (9) 2 8 (1) — Gain on sale of Geismar Interest — — — — — — — — — — — — (1,095) — (1,095) Gain on sale of RGP Splitter — — — — — — — — — — — (12) — — (12) Contingency (gain) loss accruals — — — (9) (9) — — — — — 9 — — — 9 (Gain) loss on early retirement of debt — (14) — — (14) — — — — — (30) — 3 — (27) Gain on sale of certain assets — — — — — (10) — — — (10) — — — — — Total Other adjustments 9 (123) 26 81 (7) 37 771 102 24 934 (13) 29 (999) 111 (872) Adjustments included in Modified EBITDA 106 (29) 104 32 213 138 891 189 (104) 1,114 (5) 54 174 842 1,065 Adjustments below Modified EBITDA Impairment of equity-method investments — — 461 898 1,359 112 — — 318 430 — — — — — Impairment of goodwill — — — 1,098 1,098 — — — — — — — — — — Gain on disposition of equity-method investment — — — — — — — (27) — (27) (269) — — — (269) Interest expense related to potential rate refunds associated with rate case litigation — — — — — 3 — — — 3 — — — — — Accelerated depreciation related to reduced salvage value of certain assets — — — 7 7 — — — 4 4 — — — — — Accelerated depreciation by equity-method investments — — — — — — — — — — — — — 9 9 Change in depreciable life associated with organizational realignment — — — — — — — — (16) (16) (7) — — — (7) ACMP Acquisition-related financing expenses - Williams Partners 2 — — — 2 — — — — — — — — — — Interest income on receivable from sale of Venezuela assets — (9) (18) — (27) (18) (18) — — (36) — — — — — Allocation of adjustments to noncontrolling interests (33) 21 (212) (767) (991) (83) (154) (41) (76) (354) 77 (10) (28) (199) (160) (31) 12 231 1,236 1,448 14 (172) (68) 230 4 (199) (10) (28) (190) (427) Total adjustments 75 (17) 335 1,268 1,661 152 719 121 126 1,118 (204) 44 146 652 638 Less tax effect for above items (28) 4 (129) (473) (626) (61) (202) (39) 19 (283) 77 (17) (55) (246) (241) Adjustments for tax-related items (2) 5 9 1 (74) (59) — 34 5 — 39 (127) — — (1,923) (2,050) Adjusted income available to common stockholders $ 122 $ 110 $ 167 $ 6 $ 405 $ 26 $ 146 $ 148 $ 130 $ 450 $ 119 $ 108 $ 124 $ 170 $ 521 Adjusted diluted earnings per common share (1) $ .16 $ .15 $ .22 $ .01 $ .54 $ .03 $ .19 $ .20 $ .17 $ .60 $ .14 $ .13 $ .15 $ .20 $ .63 Weighted-average shares - diluted (thousands) 752,028 752,775 753,100 751,930 752,460 751,040 751,297 751,858 752,818 751,761 826,476 828,575 829,368 829,607 828,518
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 145 2018 2019 2020 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders $ 152 $ 135 $ 129 $ (572) $ (156) $ 194 $ 310 $ 220 $ 138 $ 862 $ (518) $ 303 $ 308 $ 115 $ 208 Income (loss) from continuing operations - diluted earnings (loss) per common share (1) $ .18 $ .16 $ .13 $ (.47) $ (.16) $ .16 $ .26 $ .18 $ .11 $ .71 $ (.43) $ .25 $ .25 $ .09 $ .17 Adjustments: Northeast G&P Expenses associated with new venture $ — $ — $ — $ — $ — $ 3 $ 6 $ 1 $ — $ 10 $ — $ — $ — $ — $ — Impairment of certain assets — — — — — — — — 10 10 — — — 12 12 Severance and related costs — — — — — — 10 (3) — 7 — — — — — Pension plan settlement charge — — — 4 4 — — — — — 1 — — — 1 Benefit of change in employee benefit policy — — — — — — — — — — — (2) (2) (5) (9) Share of impairment of certain assets at equity-method investment — — — — — — — — — — — — 11 36 47 Share of early debt retirement gain at equity-method investment — — — — — — — — — — — (5) — — (5) Total Northeast G&P adjustments — — — 4 4 3 16 (2) 10 27 1 (7) 9 43 46 Transmission & Gulf of America Constitution Pipeline project development costs 2 1 1 — 4 — 1 1 1 3 — — — — — Northeast Supply Enhancement project development costs — — — — — — — — — — — 3 3 — 6 Impairment of certain assets (2) — — — — — — — — 354 354 — — — 170 170 Regulatory adjustments resulting from Tax Reform 4 (20) — — (16) — — — — — — — — — — Adjustment of regulatory asset associated with increase in Transco’s estimated deferred state income tax rate following WPZ Merger — — (3) — (3) — — — — — 2 — — — 2 Charge for regulatory liability associated with the decrease in Northwest Pipeline’s estimated deferred state income tax rates following WPZ Merger — — 12 — 12 — — — — — — — — — — Share of regulatory charges resulting from Tax Reform for equity-method investments 2 — — — 2 — — — — — — — — — — Reversal of costs capitalized in prior periods — — — — — — 15 — 1 16 — — 10 1 11 Gain on sale of certain Gulf Coast pipeline assets — — — (81) (81) — — — — — — — — — — Gain on asset retirement — — (10) (2) (12) — — — — — — — — — — Severance and related costs — — — — — — 22 14 3 39 1 1 (1) — 1 Pension plan settlement charge — — — 9 9 — — — — — 4 1 — — 5 Benefit of change in employee benefit policy — — — — — — — — — — — (3) (6) (13) (22) Total Transmission & Gulf of America adjustments 8 (19) — (74) (85) — 38 15 359 412 7 2 6 158 173 West Impairment of certain assets — — — 1,849 1,849 12 64 — 24 100 — — — — — Gain on sale of Four Corners assets — — — (591) (591) 2 — — — 2 — — — — — Severance and related costs — — — — — — 11 (1) — 10 — — — — — Pension plan settlement charge — — — 4 4 — — — — — 1 — — — 1 Benefit of change in employee benefit policy — — — — — — — — — — — (1) (2) (6) (9) Total West adjustments — — — 1,262 1,262 14 75 (1) 24 112 1 (1) (2) (6) (8) Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2018-2020 1The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding. 2Our partners' $209 million share of the fourth-quarter 2019 impairment of the Constitution pipeline project and $65 million share of the first-quarter 2020 impairment of goodwill are reflected below in Allocation of adjustments to noncontrolling interests.
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 146 2018 2019 2020 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Gas & NGL Marketing Services Total Gas & NGL Marketing Services adjustments — — — — — — — — — — — — — — — Other Regulatory asset reversals from impaired projects — — — — — — — — — — — — 8 7 15 Reversal of costs capitalized in prior periods — — — — — — — — — — — — 3 — 3 Loss on early retirement of debt 7 — — — 7 — — — — — — — — — — Impairment of certain assets — 66 — — 66 — — — — — — — — — — Pension plan settlement charge — — — 5 5 — — — — — — — — 1 1 Regulatory adjustments resulting from Tax Reform — 1 — — 1 — — — — — — — — — — (Benefit) adjustment of regulatory assets associated with increase in Transco’s estimated deferred state income tax rate following WPZ Merger — — (45) — (45) 12 — — — 12 — — — — — WPZ Merger costs — 4 15 1 20 — — — — — — — — — — Gain on sale of certain Gulf Coast pipeline systems — — — (20) (20) — — — — — — — — — — Charitable contribution of preferred stock to Williams Foundation — — 35 — 35 — — — — — — — — — — Accrual for loss contingencies — — — — — — — 9 (5) 4 — — — 24 24 Severance and related costs — — — — — — — 1 1 — — — — — Total Other adjustments 7 71 5 (14) 69 12 — 9 (4) 17 — — 11 32 43 Adjustments included in Modified EBITDA 15 52 5 1,178 1,250 29 129 21 389 568 9 (6) 24 227 254 Adjustments below Modified EBITDA Gain on deconsolidation of Jackalope interest — (62) — — (62) — — — — — — — — — — Gain on deconsolidation of certain Permian assets — — — (141) (141) 2 — — — 2 — — — — — Loss on deconsolidation of Constitution — — — — — — — — 27 27 — — — — — Impairment of equity-method investments — — — 32 32 74 (2) 114 — 186 938 — — 108 1,046 Impairment of goodwill (2) — — — — — — — — — — 187 — — — 187 Share of impairment of goodwill at equity-method investment — — — — — — — — — — 78 — — — 78 Gain on sale of equity-method investments — — — — — — (122) — — (122) — — — — — Allocation of adjustments to noncontrolling interests (5) 21 — — 16 — (1) — (210) (211) (65) — — — (65) (5) (41) — (109) (155) 76 (125) 114 (183) (118) 1,138 — — 108 1,246 Total adjustments 10 11 5 1,069 1,095 105 4 135 206 450 1,147 (6) 24 335 1,500 Less tax effect for above items (3) (3) (1) (267) (274) (26) (1) (34) (51) (112) (316) 8 1 (68) (375) Adjustments for tax-related items (3) — — 110 — 110 — — — — — — — — — — Adjusted income from continuing operations available to common stockholders $ 159 $ 143 $ 243 $ 230 $ 775 $ 273 $ 313 $ 321 $ 293 $ 1,200 $ 313 $ 305 $ 333 $ 382 $ 1,333 Adjusted income from continuing operations - diluted earnings per common share (1) $ .19 $ .17 $ .24 $ .19 $ .79 $ .22 $ .26 $ .26 $ .24 $ .99 $ .26 $ .25 $ .27 $ .31 $ 1.10 Weighted-average shares - diluted (thousands) 830,197 830,107 1,026,504 1,212,822 976,097 1,213,592 1,214,065 1,214,165 1,214,212 1,214,011 1,214,348 1,214,581 1,215,335 1,216,381 1,215,165 Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2018-2020 cont. 1The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding. 2Our partners' $209 million share of the fourth-quarter 2019 impairment of the Constitution pipeline project and $65 million share of the first-quarter 2020 impairment of goodwill are reflected below in Allocation of adjustments to noncontrolling interests. 3The third quarter of 2018 reflects tax adjustments driven by the WPZ Merger, primarily a valuation allowance for foreign tax credits.
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 147 Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2021-2023 1The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding. 2021 2022 2023 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders $ 425 $ 304 $ 164 $ 621 $ 1,514 $ 379 $ 400 $ 599 $ 668 $ 2,046 $ 926 $ 547 $ 654 $ 1,146 $ 3,273 Income (loss) from continuing operations - diluted earnings (loss) per common share (1) $ .35 $ .25 $ .13 $ .51 $ 1.24 $ .31 $ .33 $ .49 $ .55 $ 1.67 $ .76 $ .45 $ .54 $ .94 $ 2.68 Adjustments: Transmission & Gulf of America MountainWest acquisition and transition-related costs — — — — — — — — — — 13 17 3 9 42 Gulf Coast Storage acquisition and transition-related costs — — — — — — — — — — — — — 1 1 Impairment of certain assets — 2 — — 2 — — — — — — — — — — Gain on sale of certain Gulf Coast pipeline assets — — — — — — — — — — — — (130) 1 (129) Loss related to Eminence storage cavern abandonments and monitoring — — — — — — — 19 12 31 — — — — — Regulatory liability charges associated with decrease in Transco’s estimated deferred state income tax rate — — — — — — — 15 — 15 — — — — — Net unrealized (gain) loss from derivative instruments — — — — — — — (1) 1 — — — — — — Total Transmission & Gulf of America adjustments — 2 — — 2 — — 33 13 46 13 17 (127) 11 (86) Northeast G&P Accrual for loss contingency — — — — — — — — — — — — — 10 10 Our share of accrual for loss contingency at Aux Sable Liquid Products LP — — — — — — — — — — — — 31 (2) 29 Total Northeast G&P adjustments — — — — — — — — — — — — 31 8 39 West Impairment of certain assets — — — — — — — — — — — — — 10 10 Trace acquisition costs — — — — — — 8 — — 8 — — — — — Cureton acquisition and transition costs — — — — — — — — — — — — — 6 6 Gain from contract settlement — — — — — — — — — — (18) — — — (18) Total West adjustments — — — — — — 8 — — 8 (18) — — 16 (2) Gas & NGL Marketing Services Amortization of purchase accounting inventory fair value adjustment — — 2 16 18 15 — — — 15 — — — — — Impact of volatility on NGL linefill transactions — — — — — (20) — 23 6 9 (3) 10 (3) 5 9 Net unrealized (gain) loss from derivative instruments — — 294 (188) 106 57 288 (5) (66) 274 (333) (94) (24) (208) (659) Total Gas & NGL Marketing Services adjustments — — 296 (172) 124 52 288 18 (60) 298 (336) (84) (27) (203) (650)
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 148 2021 2022 2023 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Gas & NGL Marketing Services Amortization of purchase accounting inventory fair value adjustment — — 2 16 18 15 — — — 15 — — — — — Impact of volatility on NGL linefill transactions — — — — — (20) — 23 6 9 (3) 10 (3) 5 9 Net unrealized (gain) loss from derivative instruments — — 294 (188) 106 57 288 (5) (66) 274 (333) (94) (24) (208) (659) Total Gas & NGL Marketing Services adjustments — — 296 (172) 124 52 288 18 (60) 298 (336) (84) (27) (203) (650) Other Regulatory liability charge associated with decrease in Transco’s estimated deferred state income tax rate — — — — — — — 5 — 5 — — — — — Expenses associated with Sequent acquisition and transition — — 3 2 5 — — — — — — — — — — Accrual for loss contingencies 5 5 — — 10 — — 11 — 11 — — — — — Net unrealized (gain) loss from derivative instruments — 4 16 (20) — 66 (47) (29) (15) (25) 6 11 1 (19) (1) Net gain from Energy Transfer litigation judgment — — — — — — — — — — — — — (534) (534) Total Other adjustments 5 9 19 (18) 15 66 (47) (13) (15) (9) 6 11 1 (553) (535) Adjustments included in Modified EBITDA 5 11 315 (190) 141 118 249 38 (62) 343 (335) (56) (122) (721) (1,234) Adjustments below Modified EBITDA Gain on investment remeasurement — — — — — — — — — — — — — (30) (30) Depreciation adjustment related to Eminence storage cavern abandonments — — — — — — — (1) — (1) — — — — — Accelerated depreciation for decommissioning assets — 20 13 — 33 — — — — — — — — — — Amortization of intangible assets from Sequent acquisition — — 21 (3) 18 42 41 42 42 167 15 14 15 15 59 — 20 34 (3) 51 42 41 41 42 166 15 14 15 (15) 29 Total adjustments 5 31 349 (193) 192 160 290 79 (20) 509 (320) (42) (107) (736) (1,205) Less tax effect for above items (1) (8) (87) 48 (48) (40) (72) (17) 5 (124) 78 10 25 178 291 Adjustments for tax-related items (2) — — — — — — (134) (69) — (203) — — (25) — (25) Adjusted income from continuing operations available to common stockholders $ 429 $ 327 $ 426 $ 476 $ 1,658 $ 499 $ 484 $ 592 $ 653 $ 2,228 $ 684 $ 515 $ 547 $ 588 $ 2,334 Adjusted income from continuing operations - diluted earnings per common share (1) $ .35 $ .27 $ .35 $ .39 $ 1.36 $ .41 $ .40 $ .48 $ .53 $ 1.82 $ .56 $ .42 $ .45 $ .48 $ 1.91 Weighted-average shares - diluted (thousands) 1,217,211 1,217,476 1,217,979 1,221,454 1,218,215 1,221,279 1,222,694 1,222,472 1,224,212 1,222,672 1,225,781 1,219,915 1,220,073 1,221,894 1,221,616 1The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding. 2The second quarter of 2022 includes adjustments for the reversal of valuation allowance due to the expected utilization of certain deferred income tax assets and previously unrecognized tax benefits from the resolution of certain federal income tax audits. The third quarter of 2022 includes an unfavorable adjustment to reverse the net benefit primarily associated with a significant decrease in our estimated deferred state income tax rate, partially offset by an unfavorable revision to a state net operating loss carryforward. Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2021-2023 cont.
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 149 Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2024-2025 1The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding. *Amounts are included in Additional adjustments on the Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO). 2024 2025 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders $ 631 $ 401 $ 705 $ 485 $ 2,222 $ 690 $ 546 $ 646 $ 733 $ 2,615 Income (loss) from continuing operations - diluted earnings (loss) per common share (1) $ .52 $ .33 $ .58 $ .40 $ 1.82 $ .56 $ .45 $ .53 $ .60 $ 2.14 Adjustments: Transmission, Power & Gulf Transco rate case timing* $ — $ — $ — $ — $ — $ 4 $ 11 $ (15) $ — $ — Acquisition and transition-related costs* 10 4 3 1 18 — 1 — — 1 Net gain related to certain asset retirements* — — — — — — — (11) — (11) Impact of change in payroll policy* — — 16 — 16 — — — — — Total Transmission, Power & Gulf adjustments 10 4 19 1 34 4 12 (26) — (10) Northeast G&P Adjustment of prior year accrual for loss contingency* — (3) — — (3) — — — — — Our share of operator transition costs at Blue Racer Midstream* — 1 1 2 4 — — — — — Impact of change in payroll policy* — — 7 — 7 — — — — — Total Northeast G&P adjustments — (2) 8 2 8 — — — — — West Acquisition and transition-related costs* 1 1 — 1 3 — — — — — Impairment or write-off of certain assets — — — — — — — 25 187 212 Impact of change in payroll policy* — — 7 — 7 — — — — — Total West adjustments 1 1 7 1 10 — — 25 187 212 Gas & NGL Marketing Services Impact of volatility on NGL linefill transactions* (6) 5 2 (4) (3) — 11 3 8 22 Net unrealized (gain) loss from derivative instruments 94 107 (10) 150 341 3 4 (46) (101) (140) Impact of change in payroll policy* — — 1 — 1 — — — — — Total Gas & NGL Marketing Services adjustments 88 112 (7) 146 339 3 15 (43) (93) (118)
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 150 Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2024-2025 cont. 1The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding. 2The fourth quarter of 2024 includes an adjustment associated with a decrease in our estimated deferred state income tax rate. The third quarter of 2025 includes an adjustment associated with an increase in our estimated deferred state income tax rate. The fourth quarter of 2025 includes an adjustment associated with a decrease in our estimated deferred state income tax rate. *Amounts are included in Additional adjustments on the Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO). 2024 2025 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Other Acquisition and transition-related costs* — — — 1 1 — — 2 1 3 Net unrealized (gain) loss from derivative instruments (2) 24 (3) 7 26 29 (40) (5) 6 (10) Settlement charge related to former operations* — — — 6 6 — — — — — Total Other adjustments (2) 24 (3) 14 33 29 (40) (3) 7 (7) Adjustments included in Modified EBITDA 97 139 24 164 424 36 (13) (47) 101 77 Adjustments below Modified EBITDA Transco rate case timing — — — — — 11 35 (46) — — Our share of fair value change from Cogentrix investment — — — — — — — — (153) (153) Gain on remeasurement of Discovery investment — — (127) — (127) — — — — — Gain on sale of Aux Sable investment — — (149) — (149) — — — — — Our share of Blue Racer Midstream debt extinguishment loss — — — 3 3 — — — — — Our share of accelerated depreciation related to operator transition at Blue Racer Midstream — — — 1 1 — — — — — Imputed interest expense on deferred consideration obligations* 12 12 11 5 40 — — — — — Amortization of intangible assets from 2021 Sequent acquisition 7 7 8 7 29 5 4 5 4 18 19 19 (257) 16 (203) 16 39 (41) (149) (135) Total adjustments 116 158 (233) 180 221 52 26 (88) (48) (58) Less tax effect for above items (28) (38) 56 (42) (52) (12) (6) 20 12 14 Adjustments for tax-related items (2) — — — (44) (44) — — 25 (25) — Adjusted income from continuing operations available to common stockholders $ 719 $ 521 $ 528 $ 579 $ 2,347 $ 730 $ 566 $ 603 $ 672 $ 2,571 Adjusted income from continuing operations - diluted earnings per common share (1) $ .59 $ .43 $ .43 $ .47 $ 1.92 $ .60 $ .46 $ .49 $ .55 $ 2.10 Weighted-average shares - diluted (millions) 1,222 1,222 1,223 1,224 1,223 1,225 1,224 1,225 1,226 1,225
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 151 Reconciliation of Net Income (Loss) to Modified EBITDA and Non-GAAP Adjusted EBITDA 2015-2017 1Adjustments by segment are detailed in the "Reconciliation of Income (Loss) Attributable to The Williams Companies, Inc. to Adjusted Income," which is also included in these materials. 2015 2016 2017 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Net income (loss) $ 13 $ 183 $ (173) $ (1,337) $ (1,314) $ (13) $ (505) $ 131 $ 37 $ (350) $ 569 $ 193 $ 125 $1,622 $2,509 Provision (benefit) for income taxes 30 83 (65) (447) (399) 2 (145) 69 49 (25) 37 65 24 (2,100) (1,974) Interest expense 251 262 263 268 1,044 291 298 297 293 1,179 280 271 267 265 1,083 Equity (earnings) losses (51) (93) (92) (99) (335) (97) (101) (104) (95) (397) (107) (125) (115) (87) (434) Impairment of equity-method investments — — 461 898 1,359 112 — — 318 430 — — — — — Other investing (income) loss – net — (9) (18) — (27) (18) (18) (28) 1 (63) (272) (2) (4) (4) (282) Proportional Modified EBITDA of equity-method investments 136 183 185 195 699 189 191 194 180 754 194 215 202 184 795 Impairment of goodwill — — — 1,098 1,098 — — — — — — — — — — Depreciation and amortization expenses 427 428 432 451 1,738 445 446 435 437 1,763 442 433 433 428 1,736 Accretion expense associated with asset retirement obligations for nonregulated operations 6 9 6 7 28 7 8 9 7 31 7 9 7 10 33 Modified EBITDA $ 812 $1,046 $ 999 $ 1,034 $ 3,891 $ 918 $ 174 $1,003 $1,227 $3,322 $1,150 $1,059 $ 939 $ 318 $3,466 Northeast G&P $ 194 $ 184 $ 204 $ 188 $ 770 $ 220 $ 222 $ 214 $ 197 $ 853 $ 226 $ 247 $ 115 $ 231 $ 819 Transmission & Gulf of America 421 473 499 471 1,864 466 436 502 538 1,942 535 531 507 (236) 1,337 West 227 253 264 412 1,156 243 236 284 460 1,223 300 279 (692) 426 313 Other (30) 136 32 (37) 101 (11) (720) 3 32 (696) 89 2 1,009 (103) 997 Total Modified EBITDA $ 812 $1,046 $ 999 $ 1,034 $ 3,891 $ 918 $ 174 $1,003 $1,227 $3,322 $1,150 $1,059 $ 939 $ 318 $3,466 Adjustments included in Modified EBITDA (1): Northeast G&P $ 11 $ 22 $ 19 $ 13 $ 65 $ 5 $ — $ 6 $ 22 $ 33 $ 1 $ 1 $ 131 $ 7 $ 140 Transmission & Gulf of America — — — 5 5 25 8 11 (2) 42 3 8 1 753 765 West 86 72 59 (67) 150 71 112 70 (148) 105 4 16 1,041 (29) 1,032 Other 9 (123) 26 81 (7) 37 771 102 24 934 (13) 29 (999) 111 (872) Total Adjustments included in Modified EBITDA $ 106 $ (29) $ 104 $ 32 $ 213 $ 138 $ 891 $ 189 $ (104) $1,114 $ (5) $ 54 $ 174 $ 842 $1,065 Adjusted EBITDA: Northeast G&P $ 205 $ 206 $ 223 $ 201 $ 835 $ 225 $ 222 $ 220 $ 219 $ 886 $ 227 $ 248 $ 246 $ 238 $ 959 Transmission & Gulf of America 421 473 499 476 1,869 491 444 513 536 1,984 538 539 508 517 2,102 West 313 325 323 345 1,306 314 348 354 312 1,328 304 295 349 397 1,345 Other (21) 13 58 44 94 26 51 105 56 238 76 31 10 8 125 Total Adjusted EBITDA $ 918 $1,017 $1,103 $ 1,066 $ 4,104 $1,056 $1,065 $1,192 $1,123 $4,436 $1,145 $1,113 $1,113 $1,160 $4,531
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 152 2018 2019 2020 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Net income (loss) $ 270 $ 269 $ 200 $ (546) $ 193 $ 214 $ 324 $ 242 $ (66) $ 714 $ (570) $ 315 $ 323 $ 130 $ 198 Provision (benefit) for income taxes 55 52 190 (159) 138 69 98 77 91 335 (204) 117 111 55 79 Interest expense 273 275 270 294 1,112 296 296 296 298 1,186 296 294 292 290 1,172 Impairment of goodwill — — — — — — — — — — 187 — — — 187 Equity (earnings) losses (82) (92) (105) (117) (396) (80) (87) (93) (115) (375) (22) (108) (106) (92) (328) Impairment of equity-method investments — — — 32 32 74 (2) 114 — 186 938 — — 108 1,046 Other investing (income) loss - net (4) (68) (2) (145) (219) (1) (124) (7) 25 (107) (3) (1) (2) (2) (8) Proportional Modified EBITDA of equity-method investments 169 178 205 218 770 190 175 181 200 746 192 192 189 176 749 Depreciation and amortization expenses 431 434 425 435 1,725 416 424 435 439 1,714 429 430 426 436 1,721 Accretion expense associated with asset retirement obligations for nonregulated operations 8 10 8 7 33 9 8 8 8 33 10 7 10 8 35 (Income) loss from discontinued operations, net of tax — — — — — — — — 15 15 — — — — — Modified EBITDA $ 1,120 $ 1,058 $ 1,191 $ 19 $ 3,388 $ 1,187 $ 1,112 $ 1,253 $ 895 $ 4,447 $ 1,253 $ 1,246 $ 1,243 $ 1,109 $ 4,851 Northeast G&P $ 250 $ 255 $ 281 $ 300 $ 1,086 $ 299 $ 303 $ 345 $ 367 $ 1,314 $ 369 $ 370 $ 387 $ 363 $ 1,489 Transmission & Gulf of America 531 541 549 672 2,293 636 590 665 284 2,175 662 615 616 486 2,379 West 333 323 355 (973) 38 256 217 247 232 952 233 227 229 259 948 Gas & NGL Marketing — (5) (2) 7 — (18) 26 18 24 50 Other 6 (61) 6 20 (29) (4) 7 (2) 5 6 7 8 (7) (23) (15) Total Modified EBITDA $ 1,120 $ 1,058 $ 1,191 $ 19 $ 3,388 $ 1,187 $ 1,112 $ 1,253 $ 895 $ 4,447 $ 1,253 $ 1,246 $ 1,243 $ 1,109 $ 4,851 Adjustments included in Modified EBITDA (1): Northeast G&P $ — $ — $ — $ 4 $ 4 $ 3 $ 16 $ (2) $ 10 $ 27 $ 1 $ (7) $ 9 $ 43 $ 46 Transmission & Gulf of America 8 (19) — (74) (85) — 38 15 359 412 7 2 6 158 173 West — — — 1,262 1,262 14 75 (1) 24 112 1 (1) (2) (6) (8) Gas & NGL Marketing — — — — — — — — — — — — — — — Other 7 71 5 (14) 69 12 — 9 (4) 17 — — 11 32 43 Total Adjustments included in Modified EBITDA $ 15 $ 52 $ 5 $ 1,178 $ 1,250 $ 29 $ 129 $ 21 $ 389 $ 568 $ 9 $ (6) $ 24 $ 227 $ 254 Adjusted EBITDA: Northeast G&P $ 250 $ 255 $ 281 $ 304 $ 1,090 $ 302 $ 319 $ 343 $ 377 $ 1,341 $ 370 $ 363 $ 396 $ 406 $ 1,535 Transmission & Gulf of America 539 522 549 598 2,208 636 628 680 643 2,587 669 617 622 644 2,552 West 333 323 355 289 1,300 270 292 246 256 1,064 234 226 227 253 940 Gas & NGL Marketing — — — — — — (5) (2) 7 — (18) 26 18 24 50 Other 13 10 11 6 40 8 7 7 1 23 7 8 4 9 28 Total Adjusted EBITDA $ 1,135 $ 1,110 $ 1,196 $ 1,197 $ 4,638 $ 1,216 $ 1,241 $ 1,274 $ 1,284 $ 5,015 $ 1,262 $ 1,240 $ 1,267 $ 1,336 $ 5,105 Reconciliation of Net Income (Loss) to Modified EBITDA and Non-GAAP Adjusted EBITDA 2018-2020 1Adjustments by segment are detailed in the "Reconciliation of Income (Loss) Attributable to The Williams Companies, Inc. to Adjusted Income," which is also included in these materials.
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 153 Reconciliation of Net Income (Loss) to Modified EBITDA and Non-GAAP Adjusted EBITDA 2021-2023 1Adjustments by segment are detailed in the "Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income," which is also included in these materials. 2021 2022 2023 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Net income (loss) $ 435 $ 322 $ 173 $ 632 $ 1,562 $ 392 $ 407 $ 621 $ 697 $ 2,117 $ 957 $ 494 $ 684 $ 1,168 $ 3,303 Provision (benefit) for income taxes 141 119 53 198 511 118 (45) 96 256 425 284 175 176 370 1,005 Interest expense 294 298 292 295 1,179 286 281 291 289 1,147 294 306 314 322 1,236 Equity (earnings) losses (131) (135) (157) (185) (608) (136) (163) (193) (145) (637) (147) (160) (127) (155) (589) Other investing (income) loss - net (2) (2) (2) (1) (7) (1) (2) (1) (12) (16) (8) (13) (24) (63) (108) Proportional Modified EBITDA of equity-method investments 225 230 247 268 970 225 250 273 231 979 229 249 215 246 939 Depreciation and amortization expenses 438 463 487 454 1,842 498 506 500 505 2,009 506 515 521 529 2,071 Accretion expense associated with asset retirement obligations for nonregulated operations 10 11 12 12 45 11 13 12 15 51 15 14 14 16 59 (Income) loss from discontinued operations, net of tax — — — — — — — — — — — 87 1 9 97 Modified EBITDA $ 1,410 $ 1,306 $ 1,105 $ 1,673 $ 5,494 $ 1,393 $ 1,247 $ 1,599 $ 1,836 $ 6,075 $ 2,130 $ 1,667 $ 1,774 $ 2,442 $ 8,013 Transmission & Gulf of America $ 660 $ 646 $ 630 $ 685 $ 2,621 $ 697 $ 652 $ 638 $ 687 $ 2,674 $ 715 $ 731 $ 881 $ 741 $ 3,068 Northeast G&P 402 409 442 459 1,712 418 450 464 464 1,796 470 515 454 477 1,916 West 222 223 257 259 961 260 288 337 326 1,211 304 312 315 307 1,238 Gas & NGL Marketing Services 93 8 (262) 183 22 13 (282) 20 209 (40) 567 68 43 272 950 Other 33 20 38 87 178 5 139 140 150 434 74 41 81 645 841 Total Modified EBITDA $ 1,410 $ 1,306 $ 1,105 $ 1,673 $ 5,494 $ 1,393 $ 1,247 $ 1,599 $ 1,836 $ 6,075 $ 2,130 $ 1,667 $ 1,774 $ 2,442 $ 8,013 Adjustments included in Modified EBITDA (1): Transmission & Gulf of America $ — $ 2 $ — $ — $ 2 $ — $ — $ 33 $ 13 $ 46 $ 13 $ 17 $ (127) $ 11 $ (86) Northeast G&P — — — — — — — — — — — — 31 8 39 West — — — — — — 8 — — 8 (18) — — 16 (2) Gas & NGL Marketing Services — — 296 (172) 124 52 288 18 (60) 298 (336) (84) (27) (203) (650) Other 5 9 19 (18) 15 66 (47) (13) (15) (9) 6 11 1 (553) (535) Total Adjustments included in Modified EBITDA $ 5 $ 11 $ 315 $ (190) $ 141 $ 118 $ 249 $ 38 $ (62) $ 343 $ (335) $ (56) $ (122) $ (721) $ (1,234) Adjusted EBITDA: Transmission & Gulf of America $ 660 $ 648 $ 630 $ 685 $ 2,623 $ 697 $ 652 $ 671 $ 700 $ 2,720 $ 728 $ 748 $ 754 $ 752 $ 2,982 Northeast G&P 402 409 442 459 1,712 418 450 464 464 1,796 470 515 485 485 1,955 West 222 223 257 259 961 260 296 337 326 1,219 286 312 315 323 1,236 Gas & NGL Marketing Services 93 8 34 11 146 65 6 38 149 258 231 (16) 16 69 300 Other 38 29 57 69 193 71 92 127 135 425 80 52 82 92 306 Total Adjusted EBITDA $ 1,415 $ 1,317 $ 1,420 $ 1,483 $ 5,635 $ 1,511 $ 1,496 $ 1,637 $ 1,774 $ 6,418 $ 1,795 $ 1,611 $ 1,652 $ 1,721 $ 6,779
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 154 Reconciliation of Net Income (Loss) to Modified EBITDA and Non-GAAP Adjusted EBITDA 2024-2025 1Adjustments by segment are detailed in the "Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income," which is also included in these materials. 2024 2025 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Net income (loss) $ 662 $ 426 $ 741 $ 517 $ 2,346 $ 729 $ 583 $ 683 $ 773 $ 2,768 Provision (benefit) for income taxes 193 129 227 91 640 193 174 246 244 857 Interest expense 349 339 338 338 1,364 349 350 372 371 1,442 Equity (earnings) losses (137) (147) (147) (129) (560) (155) (142) (152) (311) (760) Other investing (income) loss - net (24) (18) (290) (11) (343) (8) (4) (19) (11) (42) Proportional Modified EBITDA of equity-method investments 228 238 227 216 909 236 231 250 248 965 Depreciation, depletion, and amortization expenses 548 540 566 565 2,219 585 605 564 593 2,347 Accretion expense associated with asset retirement obligations for nonregulated operations 18 21 17 25 81 24 24 23 25 96 Modified EBITDA $ 1,837 $ 1,528 $ 1,679 $ 1,612 $ 6,656 $ 1,953 $ 1,821 $ 1,967 $ 1,932 $ 7,673 Transmission, Power & Gulf $ 829 $ 808 $ 811 $ 825 $ 3,273 $ 858 $ 891 $ 973 $ 998 $ 3,720 Northeast G&P 504 481 476 497 1,958 514 501 505 508 2,028 West 327 318 323 344 1,312 354 341 342 201 1,238 Gas & NGL Marketing Services 101 (126) 11 (110) (124) 152 (30) 54 135 311 Other 76 47 58 56 237 75 118 93 90 376 Total Modified EBITDA $ 1,837 $ 1,528 $ 1,679 $ 1,612 $ 6,656 $ 1,953 $ 1,821 $ 1,967 $ 1,932 $ 7,673 Adjustments (1): Transmission, Power & Gulf $ 10 $ 4 $ 19 $ 1 $ 34 $ 4 $ 12 $ (26) $ — $ (10) Northeast G&P — (2) 8 2 8 — — — — — West 1 1 7 1 10 — — 25 187 212 Gas & NGL Marketing Services 88 112 (7) 146 339 3 15 (43) (93) (118) Other (2) 24 (3) 14 33 29 (40) (3) 7 (7) Total Adjustments $ 97 $ 139 $ 24 $ 164 $ 424 $ 36 $ (13) $ (47) $ 101 $ 77 Adjusted EBITDA: Transmission, Power & Gulf $ 839 $ 812 $ 830 $ 826 $ 3,307 $ 862 $ 903 $ 947 $ 998 $ 3,710 Northeast G&P 504 479 484 499 1,966 514 501 505 508 2,028 West 328 319 330 345 1,322 354 341 367 388 1,450 Gas & NGL Marketing Services 189 (14) 4 36 215 155 (15) 11 42 193 Other 74 71 55 70 270 104 78 90 97 369 Total Adjusted EBITDA $ 1,934 $ 1,667 $ 1,703 $ 1,776 $ 7,080 $ 1,989 $ 1,808 $ 1,920 $ 2,033 $ 7,750
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 155 Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations 2024-2025 *See detail on Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income. The first quarter of 2025 also includes $20 million related to an expected distribution from an equity-method investee not received until early April. This amount is excluded from the second quarter of 2025. The fourth quarter of 2025 also includes $15 million related to an expected distribution from an equity-method investee not received until early January 2026, and this amount will be excluded from the first quarter of 2026. 2024 2025 (Dollars in millions, except coverage ratios) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Net cash provided (used) by operating activities $ 1,234 $ 1,279 $ 1,243 $ 1,218 $ 4,974 $ 1,433 $ 1,450 $ 1,439 $ 1,576 $ 5,898 Exclude: Cash (provided) used by changes in: Accounts receivable (314) 44 (97) 536 169 (82) (219) (83) 603 219 Inventories, including write-downs (38) 35 1 1 (1) (29) 86 4 (24) 37 Other current assets and deferred charges (9) (3) 28 (25) (9) 40 (4) 7 28 71 Accounts payable 309 (90) 98 (456) (139) 29 236 94 (474) (115) Other current liabilities 218 (142) 32 (143) (35) 70 (220) 55 (75) (170) Changes in current and noncurrent commodity derivative assets and liabilities 68 73 (67) 212 286 (4) (15) (58) (22) (99) Other, including changes in noncurrent assets and liabilities 61 90 49 45 245 29 48 76 60 213 Preferred dividends paid (1) — (1) (1) (3) (1) — (1) (1) (3) Dividends and distributions paid to noncontrolling interests (64) (66) (48) (64) (242) (69) (62) (66) (62) (259) Contributions from noncontrolling interests 26 10 — — 36 5 14 3 14 36 Additional Adjustments * 17 20 48 12 97 24 3 (21) 24 30 Available funds from operations $ 1,507 $ 1,250 $ 1,286 $ 1,335 $ 5,378 $ 1,445 $ 1,317 $ 1,449 $ 1,647 $ 5,858 Common dividends paid $ 579 $ 579 $ 579 $ 579 $ 2,316 $ 610 $ 611 $ 611 $ 610 $ 2,442 Coverage ratio: Available funds from operations divided by Common dividends paid 2.60 2.16 2.22 2.31 2.32 2.37 2.16 2.37 2.70 2.40
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NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 156 Reconciliation of Net Income (Loss) from Continuing Operations to Modified EBITDA, Non-GAAP Adjusted EBITDA and Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO) 1Includes items of income or loss that we characterize as unrepresentative of our ongoing operations. 2026 Guidance (Dollars in millions, except per-share amounts and coverage ratio) Low Mid High Net income (loss) from continuing operations $ 3,010 $ 3,125 $ 3,240 Provision (benefit) for income taxes 905 940 975 Interest expense 1,485 Equity (earnings) losses (600) Proportional Modified EBITDA of equity-method investments 970 Depreciation, depletion, and amortization expenses and accretion for asset retirement obligations associated with nonregulated operations 2,470 Other (5) Modified EBITDA $ 8,235 $ 8,385 $ 8,535 EBITDA Adjustments (185) Adjusted EBITDA $ 8,050 $ 8,200 $ 8,350 Net income (loss) from continuing operations $ 3,010 $ 3,125 $ 3,240 Less: Net income (loss) attributable to noncontrolling interests and preferred dividends 180 Net income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders $ 2,830 $ 2,945 $ 3,060 Adjustments: Adjustments included in Modified EBITDA(1) (185) Adjustments below Modified EBITDA (1) 11 Allocation of adjustments to noncontrolling interests — Total adjustments (174) Less tax effect for above items 44 Adjusted income from Continuing operations available to common stockholders $ 2,700 $ 2,815 $ 2,930 Adjusted income from continuing operations - diluted earnings per common share $ 2.20 $ 2.29 $ 2.38 Weighted-average shares - diluted (millions) 1,229 Available Funds from Operations (AFFO): Net cash provided by operating activities (net of changes in working capital, changes in current and noncurrent derivative assets and liabilities, and changes in other, including changes in noncurrent assets and liabilities) $ 6,315 $ 6,430 $ 6,545 Preferred dividends paid (3) Dividends and distributions paid to noncontrolling interests (260) Contributions from noncontrolling interests 48 Additional adjustments(1) (15) Available funds from operations (AFFO) $ 6,085 $ 6,200 $ 6,315 AFFO per common share $ 4.95 $ 5.05 $ 5.14 Common dividends paid $ 2,575 Coverage Ratio (AFFO/Common dividends paid) 2.36x 2.41x 2.45x