Slides
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 1 November 3, 2026 Williams 3rd Quarter 2026 Earnings Call
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 2 1Gillis West, Wharton West, Huntingdon Connector and Ryckman Creek Lateral. 2Project capacity reflects firm customer commitment, with potential upside from additional commitments subject to ongoing negotiations and customer exit rights. Executing priorities for long-term growth EXPANDING OUR GROWTH RUNWAY ADVANCING OUR KEY MILESTONES DRIVING INDUSTRY- LEADING GROWTH • Announced 150+ MMcf/d2 Southeast Supply Enhancement II • Commercialized 9.4 Bcf expansion of Clay Basin storage • Upsized Garden Connector capacity to 144 MMcf/d • Working to commercialize our backlog of power projects • Closed acquisition of Momentum Midstream • Expanded pipeline capacity by 413 MMcf/d across 4 projects1 • On track for Socrates full in-service by mid-November • Delivered another record third quarter of Adjusted EBITDA • Tracking toward the upper half of 2026 Adjusted EBITDA guidance • Well-positioned for our long-term Adjusted EBITDA growth target
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 3 Note: This slide contains non-GAAP financial measures. See appendix for a reconciliation of the midpoint to the nearest comparable GAAP financial measure. Achieved 6% growth 3Q 2026 vs. 3Q 2025 Key Earnings Drivers TRANSMISSION, POWER & GULF Increased earnings due to Socrates Phase 1 in-service, higher storage revenue and transmission expansions NORTHEAST G&P Increased earnings due to higher volumes at OVM and Marcellus South as well as higher volumes and rates in Susquehanna WEST Increased earnings due to the Momentum acquisition, LEG in-service and higher Haynesville volumes; partially offset by lower Eagle Ford volumes, lower DJ volumes and the sale of Permian assets GAS & NGL MARKETING SERVICES Decreased earnings due to unfavorable realized derivatives in gas marketing storage OTHER Decreased earnings due to the divestiture of the Haynesville upstream assets WMB Adjusted EBITDA ($MM): 3Q 2026 vs. 3Q 2025 $1,400 $1,600 $1,800 $2,000 $2,200 3Q 20263Q 2025 Transmission, Power & Gulf Northeast G&P Other ($28) $2,039 $1,920 West$83 $37 $34 ($7) Gas & NGL Marketing Services
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 4 Turning strategic advantage into long-term value Building upon a proven track record of strong business results Delivering our key growth projects on time and on budget Advancing opportunities for continued growth
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 5 Appendix
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 6 Note: Dekatherms converted to cubic feet at 1,000 cubic feet = 1 dekatherm. 1Project capacity reflects firm customer commitment, with potential upside from additional commitments subject to ongoing negotiations and customer exit rights. Recent accomplishments Successfully placed Wharton West, Gillis West, Huntingdon Connector, and Ryckman Creek Lateral in service, highlighting strong execution across the transmission portfolioProject Execution Advanced Southeast Supply Enhancement II, adding 150+ MMcf/d1 of Transco capacity; Announced a 9.4 Bcf expansion of MountainWest’s Clay Basin storage facility; Expanded Transco’s Garden Connector by 84 MMcf/d, supporting growing Northeast power demand Project Announcements Finalized sale of interest in Brazos Midstream and Quail Gathering assets, optimizing the portfolio and exiting non-core positions in the Permian Strategic Transactions Closed the Momentum Midstream acquisition ahead of schedule, adding 6 Bcf/d of gathering capacity and 4.05 Bcf/d of take-or-pay capacity to enhance a premier Haynesville platform Acquisition Closure Achieved OGMP 2.0 Gold Standard Reporting status, reinforcing continued leadership in methane emissions measurement, transparency and reduction Sustainability Progress
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 7 *Based on the 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. Pro forma leverage guidance assumes the pro forma impact of Adjusted EBITDA from the Momentum acquisition for the last four quarters. 32026 guidance excludes reimbursable long-lead equipment. 4Excludes the Momentum acquisition. 5Emissions 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 of the midpoint to the nearest comparable GAAP financial measure. 2026 financial guidance Financial Metric 2025 Actuals 2026 Guidance (updated August 2026) Y/Y Change* Adjusted EBITDA $7.750B $8.3B - $8.5B 8% Adjusted Diluted EPS1 $2.10 $2.30 - $2.40 12% Available Funds From Operations (AFFO) $5.858B $6.31B - $6.44B 9% AFFO Per Share $4.78 $5.10 - $5.20 8% Dividend Coverage Ratio 2.40x 2.47x 3% Debt-to-Adjusted EBITDA2 3.71x ~3.75x (FY acquisition normalized) Growth CAPEX3,4 $3.424B $7.3B - $7.9B Maintenance CAPEX (Includes ERP5 modernization) $870MM ($165MM) $850MM - $950MM ($75MM) Dividend Growth Rate (annual) 5.3% growth 5% growth
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 8 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, for 2026, $857 million of cash purchases of certain reimbursable long-lead Power 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. 3Third quarter and year-to-date 2026 capital investments exclude $2,816 million for the September 2026 Momentum acquisition and $6 mil lion and $176 million, respectively, of certain reimbursable long-lead Power equipment. 3Q YTD 2025 capital excludes $43 million for the acquisition of Saber Midstream, which closed June 2025; $153 million for the investment in Cogentrix, which closed March 2025; $319 million for the Rimrock acquisition, which closed January 2025; and $1 million for an adjustment of the Crowheart acquisition and Discovery consolidation, which closed in 2024. This slide contains non-GAAP financial measures. See appendix for a reconciliation of the midpoint to the nearest comparable GAAP financial measure. Key financial metrics Balance Sheet Strength and Capital Discipline Debt-to-Adjusted EBITDA1 Capital Investments2,3 Strong Financial Performance Across Key Financial Metrics Adjusted EBITDA Adjusted Earnings per Share Available Funds from Operations Dividend Coverage Ratio (AFFO basis) 3.80x 3.73x $2,727 $1,053 3Q 2026 3Q 2025 Change $2,039 $1,920 6% $0.54 $0.49 10% $1,589 $1,449 10% 2.42x 2.37x 2% $6,011 $2,762 3Q’26 YTD 3Q’25 YTD Change $6,214 $5,717 9% $1.77 $1.55 14% $4,809 $4,211 14% 2.48x 2.30x 8%
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 9 Note: This slide contains non-GAAP financial measures. See appendix for a reconciliation of the midpoint to the nearest comparable GAAP financial measure. Achieved 6% growth sequentially WMB Adjusted EBITDA ($MM): 3Q 2026 vs. 2Q 2026 $1,400 $1,600 $1,800 $2,000 $2,200 3Q 20262Q 2026 Transmission, Power & Gulf Northeast G&P Other ($2) $2,039 $1,921 West $71 $2 $42 $5 Gas & NGL Marketing Services Key Earnings Drivers TRANSMISSION, POWER & GULF Increased earnings due to Socrates Phase 1 in-service and an additional billable day NORTHEAST G&P Increased earnings due to higher volumes at OVM and Marcellus South, largely offset by higher operating costs WEST Increased earnings due to the Momentum acquisition and favorable operating costs; partially offset by sale of Permian assets GAS & NGL MARKETING SERVICES Increased earnings due to favorable realized derivatives in gas marketing storage, NGL margins and Cogentrix; mostly offset by unfavorable transportation margins OTHER Decreased earnings due to lower liquids and crude oil volumes; largely offset by higher net realized gas prices
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 10 Note: This slide contains non-GAAP financial measures. See appendix for a reconciliation of the midpoint to the nearest comparable GAAP financial measure. Achieved 9% growth 3Q 2026 YTD vs. 3Q 2025 YTD WMB Adjusted EBITDA ($MM): 3Q’2 6 YTD vs. 3Q’25 YTD $3,800 $4,500 $5,200 $5,900 $6,600 3Q’26 YTD3Q’25 YTD Transmission, Power & Gulf Northeast G&P Other ($63) $6,214 $5,717 West $287 $86 $108 $79 Gas & NGL Marketing Services Key Earnings Drivers TRANSMISSION, POWER & GULF Increased earnings due to transmission and Gulf expansions, higher storage revenue and Socrates Phase 1 in-service NORTHEAST G&P Increased earnings due to higher volumes and favorable rate adjustments across several franchises WEST Increased earnings due to acquisitions of Momentum, Saber and Rimrock, LEG in-service and higher Haynesville and Piceance prices; partially offset by Eagle Ford MVC step down and lower DJ volumes GAS & NGL MARKETING SERVICES Increased earnings due to favorable transportation margins and Cogentrix OTHER Decreased earnings due to divestiture of Haynesville upstream assets; partially offset by higher Wamsutter volumes
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 11 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 of the midpoint 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 onshore 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% $7.75B 2025 Adjusted EBITDA
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 12 1Business segments include Transmission, Power & Gulf, Northeast G&P, and West and exclude contributions from Gas & NGL Marketing Services and Upstream Operations in Other. 2Source:U.S. Energy Information Administration (EIA), monthly avg. price of NYMEX WTI Crude Oil spot pricing. 3Source: EIA, monthly avg. price of NYMEX Henry Hub Natural Gas spot pricing. 4Sum of gathering volumes and avg. daily firm reserved capacity for regulated transportation (converted from Tbtu to Bcf at 1,000 btu/cf) for West, Northeast G&P, and Transmission & Gulf segments. Volumes for acquisitions were averaged over the entire quarter in which the acquisitions closed. Volumes for 1Q 2023 and beyond reflect revised gathering volumes for Blue Racer Midstream. This slide contains non-GAAP financial measures. See appendix for a reconciliation of the midpoint to the nearest comparable GAAP financial measure. Steady growth in Williams’ volumes and Adjusted EBITDA 50 100 150 200 250 Indexed to 100 WTI Oil Price Henry Hub Natural Gas Price Quarterly Growth: Williams Base Business Adjusted EBITDA1, Contracted Transmission Capacity and Gathering Volume vs. Crude Oil and Natural Gas Commodity Prices 2015 2016 2017 20192018 Contracted Transmission Capacity & Gathering Volume4 Base Business Adjusted EBITDA1 Adjusted EBITDA Capacity + Volume Oil Price Gas Price 2 3 2020 2021 2022 2023 2024 2025 2026
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 13 Opal Processing Plant, WY Williams’ hedge positions E&P HedgesG&P Hedges Commodity 2026 2027 Natural Gas Volume (MMBtu) Weighted-Average Price ($MMBtu) Volume (MMBtu) Weighted-Average Price ($MMBtu) Fixed Price Swaps (12,332,500) $3.68 (6,975,000) $3.93 Basis Swaps (12,262,500) ($0.72) (6,975,000) ($0.45) Liquids Volume (Bbls) Weighted-Average Price ($Bbl) Volume (Bbls) Weighted-Average Price ($Bbl) Fixed Price Swaps - Crude Oil (390,000) $65.16 Fixed Price Swaps - NGL (580,000) $37.14 Commodity 2026 2027 Natural Gas Volume (MMBtu) Weighted-Average Price ($MMBtu) Volume (MMBtu) Weighted-Average Price ($MMBtu) Fixed Price Swaps on Long (847,500) $3.83 (540,000) $3.85 Fixed Price Swaps on Short 2,160,000 $3.65 675,000 $3.35 Basis Swaps 1,685,000 ($1.32) 0 ($0.20) Index Swaps 725,000 225,000 Liquids Volume (Bbls) Weighted-Average Price ($Bbl) Volume (Bbls) Weighted-Average Price ($Bbl) Fixed Price Swaps - Crude Oil (30,000) $66.73 Fixed Price Swaps - NGL (1,110,000) $42.72 (411,000) $47.37 Note: Data as of 10/15/2026.G&P Hedges E&P Hedges
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 14 $1,452 $900 $2,050 $1,750 $2,091 $17,995 $500 $250 $200 $400 $700 $3,575 $1,050 $100 $330 2026 2027 2028 2029 2030 2031 2032+ Other WMB NWP Transco MountainWest Principal Value of Debt Maturities as of September 30, 2026 ($ in millions) Strong liquidity and minimal near-term debt maturities ~$33.3B Total Debt Maturities 1Other includes financing obligations associated with certain Transco growth projects. Debt maturities shown exclude NG3 debt. 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. Pro forma leverage guidance assumes the pro forma impact of Adjusted EBITDA from the Momentum acquisition for the last four quarters. 3Current S&P/Moody’s/Fitch ratings are BBB+ (stable)/Baa2 (positive)/BBB (positive). 4As of September 30, 2026 – Excludes NWP’s $250 million Term Loan, NG3 debt, and financing obligations associated with certain Transco growth projects. This slide contains non-GAAP financial measures. See appendix for a reconciliation of the midpoint to the nearest comparable GAAP financial measure. Balance sheet strength and financial flexibility 1 13% improvement in leverage since 20202 ~3.75x 2026 guidance for Debt-to-Adjusted EBITDA2 Investment-grade rated across all rating agencies BBB+/Baa2/BBB Credit Rating3 5.04% Weighted Average (fixed rate) Coupon For Debt Portfolio4 Issued $5.5B of long-term debt during 2026 $4.75B of credit facilities Well-laddered debt profile 11.6 years Weighted Average Maturity for Debt Portfolio4
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 15 1Blackstone Credit & Insurance (“BXCI”) provides 59% of expected Power JV project capital, excluding capitalized interest, in exchange for 49% ownership interest. The commitment includes $4.4 billion, representing 49% of expected total growth capital expenditures, and approximately $0.9 billion of additional consideration to Williams. Creating shareholder value through innovative JV structure ENHANCING POWER PROJECT RETURNS SECURING LOW - COST, EFFICIENT EQUITY CAPITAL DRIVING GROWTH THROUGH CAPITAL RECYCLING $5.34B1 raised at ~6.35% cost of equity while preserving upside and retaining operatorship and key decision -making authority $900 million or 10% promote further lifts already compelling returns on the 5 WMB power generation projects underway Capital receives full equity treatment (with a buyout option), reducing leverage and providing flexibility for near -term attractive growth projects $ Low-Cost Capital + Expanded Growth Opportunities = Increased Shareholder Value
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 16 Strategic combination enhances shareholder value STRENGTHENS FOOTPRINT IN KEY BASIN , BOOSTS GULF COAST CONNECTIVITY Enhances premier Haynesville position ▪ $5.5B acquisition ($3.5B cash and debt/$2.0B equity) ▪ Adds 6 Bcf/d of gathering capacity and 4.05 Bcf/d of take-or-pay capacity ▪ Fee-based earnings profile with ~46% of EBITDA from take-or-pay assets Captures accelerating natural gas demand ▪ Announced two immediate expansion projects alongside acquisition ▪ Bolsters access to rapidly growing Gulf Coast LNG demand ▪ Enhances expansion optionality as basin egress is forecast to tighten by 2030 Creates long-term shareholder value ▪ ~8.5x 2027E EBITDA multiple, compressing quickly over time ▪ Accretive to AFFO per share and earnings per share ▪ Preserves balance sheet capacity and maintains flexibility for additional growth Momentum pipeline Momentum gas plant Momentum treating Transco Williams treating Williams gathering
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 17 Accelerating long-term growth 11%+ ADJUSTED EBITDA CAGR THROUGH 2030 UPDATED GROWTH TARGET 5-7% ADJUSTED EBITDA CAGR HISTORICAL GROWTH TARGET Executing and expanding upon a historic growth opportunity 10%+ ADJUSTED EBITDA CAGR THROUGH 2030 2026 ANALYST DAY GROWTH TARGET ▪ Suite of take-or-pay transmission projects ▪ Innovative high-return power projects ▪ G&P platform bolstered by Momentum Midstream Well-positioned to execute and deliver industry-leading shareholder value
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 18 1Dekatherms converted to cubic feet at 1,000 cubic feet = 1 dekatherm. 22026 projects now in-service. 3Line 200 and Delta Access. Projects in execution adding long-term value 31 33 35 37 39 41 43 45 2026 2027 2028 2029 2030 Bcf/d Williams’ Total Fully-Contracted Year-End Delivery Capacity1, Highlighting Additions by Pipeline Prior Year-End Transco MountainWest LNG Expansions Northwest Surpassing 44 Bcf/d of delivery capacity in 2030 GENERATING SIGNIFICANT TAKE-OR-PAY EARNINGS ~$6.7 billion of spend for 13 high- return transmission expansions underway ~30% growth in total delivered transmission capacity 2025 to 2030 3 2
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 19 1Return on Invested Capital is defined as the increase in Adjusted EBITDA over a set period of time divided by invested capital. 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. Clear line-of-sight to near-term contracted growth Visibility to achieve 20%+ return on invested capital driven by attractive projects in execution1 Transmission Gillis West 4Q’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 Leidy Access 4Q’27 Line 200 2Q’28 Garden Connector 2Q’28 Kelso-Beaver Reliability Project 4Q’28 Delta Access 1Q’29 Southeast Supply Enhancement II 2Q’29 Dalton Lateral Expansion II 4Q’29 Silver Spur 2Q’30 Power Express 3Q’30 Solar, CCS and Storage Lakeland Solar 4Q’26 LEG CCS 2H’27 Pine Prairie 4Q’28 Clay Basin 2Q’29 2027 uplift 2028 uplift 2029+ uplift Power Socrates Phase 1 3Q’26 Socrates Phase 2 4Q’26 Atlas 4Q’26 Apollo 2H’27 Aquila 2H’27 & 1H’28 Socrates the Younger 2H’28 Neo 2H’28 G&P Haynesville East 4Q’26 Haynesville West 1Q’27 Marcellus South 1Q’27 Dorne South Mansfield Expansion 3Q’27 Shelby Trough Connector 2Q’28 ✓ ✓ ✓ ✓ ✓
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 20 Note: Capital represents entire project costs including pipeline, compression, power generation and BESS. ISO capacity amounts exclude BESS. 1Blackstone Credit & Insurance (“BXCI”) provides 59% of expected Power JV project capital, excluding capitalized interest, in exchange for 49% ownership interest. The commitment includes $4.4 billion, representing 49% of expected total growth capital expenditures, and ~$0.9 billion of additional consideration to Williams. Supplying turnkey power solutions for data centers AQUILA Includes gas supply, pipeline, and power gen • 520 MW ISO capacity • ISD: Two phases (2H 2027 & 1H 2028) • 12.5-year agreement SOCRATES Includes gas supply, pipeline, and power gen • 556 MW ISO capacity • ISD: Plato South (in-service) & Plato North (4Q 2026) • 10-year agreement APOLLO Includes gas supply, pipeline, and power gen • 490 MW ISO capacity • ISD: 2H 2027 • 12.5-year agreement Includes gas supply, pipeline, and power gen • 340 MW ISO capacity • ISD: 2H 2028 • 10-year agreement Investing ~$9.6 BILLION in projects with attractive returns1 NEO Includes gas supply, pipeline, and power gen • 682 MW ISO capacity • ISD: Two phases (2H 2028) • 12.5-year agreement SOCRATES THE YOUNGER Gas infrastructure agreement • Up to 164 MMcf/d • ISD: 4Q 2026 • 13-year agreement ATLAS
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 21 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 Supply gas for 25 GW through our Sequent platform Sequent’s marketing footprint Source: Wood Mackenzie Lens. See appendix for required Wood Mackenzie disclosures. A unique combination of scale and capabilities Announced/under construction data center (Size based on number of data centers in area)
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 22 Note: Dekatherms converted to cubic feet at 1,000 cubic feet = 1 dekatherm. 1Project capacity reflects firm customer commitment, with potential upside from additional commitments subject to ongoing negotiations and customer exit rights. 2Per the customer agreement, the Dalton Lateral Expansion II will provide up to 460 MMcf/d. 3Operates independently of Transco. Executing significant portfolio of expansions along Transco Project Target In- Service Current Status Project Capacity Northeast Supply Enhancement 4Q’27 Under construction 400 MMcf/d Leidy Access 4Q’27 Filed FERC application 183 MMcf/d Garden Connector 2Q’28 Signed customer agreement 144 MMcf/d Power Express 3Q’30 Signed customer agreements 800 MMcf/d Southeast Supply Enhancement 3Q’27 Under construction 1,597 MMcf/d Southeast Supply Enhancement II 2Q’29 Signed customer agreement 150+ MMcf/d1 Dalton Lateral Expansion II 4Q’29 Signed customer agreement 460 MMcf/d2 Delta Access3 1Q’29 Signed customer agreements 2,250 MMcf/d Gillis West 4Q’26 In-service 115 MMcf/d Line 2003 2Q’28 Signed customer agreements 3,100 MMcf/d Wharton West 4Q’26 In-service 170 MMcf/d 57 5 4 4 1 1 2 2 3 3 811 9 IN-SERVICE IN-SERVICE 10 6 7 9 8 11 10 6
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 23 Investing in the West Kelso-Beaver Reliability Project Capacity: 183 MMcf/d | ISD: 4Q 2028 | Northwest 2 3 4 Ryckman Creek Lateral Capacity: 50 MMcf/d | ISD: 4Q 2026 | Northwest 5 Wild Trail Capacity: 83 MMcf/d | ISD: 4Q 2027 | Northwest 6 Huntingdon Connector Capacity: 78 MMcf/d | ISD: 4Q 2026 | Northwest 1 Green River West Expansion Capacity: 64 MMcf/d | ISD: 3Q 2027 | MountainWest 5 6 2 1 4 3 Silver Spur Capacity: 275 MMcf/d | ISD: 2Q 2030 | Northwest IN-SERVICE IN-SERVICE
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 24 Note: Project backlog 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 Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 25 Note: Capital represents entire project costs including pipeline, compression, power generation and BESS. ISO capacity amounts exclude BESS. 1Blackstone Credit & Insurance (“BXCI”) provides 59% of expected Power JV project capital, excluding capitalized interest, in exchange for 49% ownership interest. The commitment includes $4.4 billion, representing 49% of expected total growth capital expenditures, and ~$0.9 billion of additional consideration to Williams. Growing portfolio of projects to support data centers 6+ GW of potential projects in backlog ~$9.6B in execution 1 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
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 26 Total demand including exports averaged 112 Bcf/d in 3Q 2025 YTD versus 116 Bcf/d in 3Q 2026 YTD Driven by LNG export growth as well as stronger power generation demand LOWER-48 NATURAL GAS DEMAND + EXPORTS 3Q 2025 YTD vs. 3Q 2026 YTD COMPARISON Source: S&P Global Energy, ©2026 S&P Global Inc. Note: Pipe, Lease & Plant Fuel is excluded from the charts and HDD and CDD are U.S. population-weighted Heating Degree and Cooling Degree Days. LNG and power driving growth in natural gas demand - 5 10 15 20 25 30 35 40 45 Power Industrial Residential/Commercial LNG Feedgas Mexico Exports Bcf/d +4% +1% -6% +21% +4% 1,743 CDD 3Q 2025 YTD 3Q 2026 YTD 1,921 CDD 2,249 HDD 2,104 HDD-6% +10%
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 27 0% 20% 40% 60% 80% 100% 120% 140% 2013 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 Source (left): U.S. Energy Information Administration (EIA). Source (right): Wood Mackenzie North America Gas Strategic Planning Outlook 2026. See appendix for required Wood Mackenzie disclosures. 1Natural gas demand 2013 vs. 2035. Growing need for reliable natural gas infrastructure U.S. natural gas pipeline and storage capacity has 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 55% while infrastructure to deliver natural gas has increased by 27% and storage delivery capacity has grown by 4% 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 Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 28 Note: Demand forecast reflects natural gas consumption in the power sector across the Lower 48 states only. Source: Wood Mackenzie North America Gas Strategic Planning Outlook 2026. See appendix for required Wood Mackenzie disclosures. Power demand growth drives the need for more natural gas 0 10 20 30 40 50 60 2025 2035 Lower 48 Natural Gas Demand (Bcf/d) Growing Natural Gas Demand from Power Sector ~17 Bcf/d gas demand growth in the power sector alone More on -grid power demand growth per year next decade vs. the previous decade 3.5x Estimated growth capital for data centers (2026 -2030) from U.S. hyperscalers $3.8T Electricity demand growth from data centers through 2035+68% Data Centers Driving Power Demand Growth
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 29 Source: U.S. Energy Information Administration (EIA) as of 6/30/2026. 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 8.9 LNG projects active or in execution within Transco footprint LNG export projects awaiting FID within Transco footprint Bcf/d 20.7 17.7 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 Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 30 Source: Wood Mackenzie North America Gas Strategic Planning Outlook 2026. See appendix for required Wood Mackenzie disclosures. Strategically positioned to support the next LNG wave Forecasted Growth for LNG Feed Gas by Basin (2025-2035) 9 Bcf/d PERMIAN 1 Bcf/d APPALACHIA HAYNESVILLE 8 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 insights3 Bcf/d EAGLE FORD
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 31 Source: Wood Mackenzie North America Gas Strategic Planning Outlook 2026. See appendix for required Wood Mackenzie disclosures. Rising U.S. gas demand calls for growth in key supply areas 0 5 10 15 20 25 30 35 40 45 50 Bcf/d Marcellus / Utica Permian Haynesville Eagle Ford Barnett DJ / Niobrara Greater Green River Piceance Gulf of America Forecasted Lower 48 Natural Gas Production by Supply Area (2025-2035) -4% CAGR2% CAGR 3% CAGR 6% CAGR 4% CAGR 7% CAGR -1% CAGR 2% CAGR 3% CAGR Williams to capitalize on growth with assets in geographically diverse supply areas
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 32 1Graph for global energy demand by fuel excludes Off-grid renewables, Geothermal & Other Renewables which, combined, are ~9 QBtu in 2040. Source: Wood Mackenzie North America Gas Strategic Planning Outlooks 2025 and 2026. See appendix for required Wood Mackenzie 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 58 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. 1 + 18 QBtu + 63% Natural gas remains a significant fuel source in domestic and global demand
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 33 1Type well local natural gas hub breakeven price ($/mcf) at 15% discount rate. Source: Wood Mackenzie North America Gas Strategic Planning Outlook 2026. See appendix for required Wood Mackenzie disclosures. Northeast remains largest and most economic gas basin 0 200 400 600 800 1,000 1,200 1,400 < $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 ~80% of remaining natural gas reserves under $3.50 are in Northeast & Haynesville ~85% of Williams’ gathering volumes are from Marcellus, Utica & Haynesville as of 3Q’26
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 34 Our commitment to sustainability P E E R L E A D I N G P R O G R E S S 28% REDUCTION in intensity-based GHG emissions from 2018, working toward a goal of a 30% reduction by 2028 14% REDUCTION in Tier 1 and Tier 2 process safety incidents compared to 2024, exceeding the target goal 615+ UNIQUE ENGAGEMENTS with local community stakeholders, strengthening relationships and identifying opportunities to collaborate 35,459 HOURS volunteered by employees to charitable organizations, representing approximately $1.4 million in value LINK HERE Sustainability Report 2025
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 35 Wood Mackenzie disclaimer
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 36 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 Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 37 Forward-looking statements
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 38 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 Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 39 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 Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 40 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, 2025, as filed with the SEC on February 24, 2026, and (b) Part II, Item 1A. Risk Factors in subsequent Quarterly Reports on Form 10-Q.
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 41 Non-GAAP reconciliations
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 42 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, depletion 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 Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 43 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 Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 44 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 Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 45 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 Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 46 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 Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 47 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)
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 48 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 Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 49 Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2024 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 (Dollars in millions, except per-share amounts) 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 Income (loss) from continuing operations - diluted earnings (loss) per common share (1) $ .52 $ .33 $ .58 $ .40 $ 1.82 Adjustments: Transmission, Power & Gulf Transco rate case timing* $ — $ — $ — $ — $ — Acquisition and transition-related costs* 10 4 3 1 18 Net gain related to certain asset retirements* — — — — — Impact of change in payroll policy* — — 16 — 16 Total Transmission, Power & Gulf adjustments 10 4 19 1 34 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 — — — — — Impact of change in payroll policy* — — 7 — 7 Total West adjustments 1 1 7 1 10 Gas & NGL Marketing Services Impact of volatility on NGL linefill transactions* (6) 5 2 (4) (3) Net unrealized (gain) loss from derivative instruments 94 107 (10) 150 341 Impact of change in payroll policy* — — 1 — 1 Total Gas & NGL Marketing Services adjustments 88 112 (7) 146 339
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 50 Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2024 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. *Amounts are included in Additional adjustments on the Reconciliation of from Operating Activities to Non-GAAP Available Funds from Operations (AFFO). 2024 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Other Acquisition and transition-related costs* — — — 1 1 Net unrealized (gain) loss from derivative instruments (2) 24 (3) 7 26 Settlement charge related to former operations* — — — 6 6 Total Other adjustments (2) 24 (3) 14 33 Adjustments included in Modified EBITDA 97 139 24 164 424 Adjustments below Modified EBITDA Transco rate case timing — — — — — Our share of fair value change from Cogentrix investment — — — — — 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 19 19 (257) 16 (203) Total adjustments 116 158 (233) 180 221 Less tax effect for above items (28) (38) 56 (42) (52) Adjustments for tax-related items (2) — — — (44) (44) Adjusted income from continuing operations available to common stockholders $ 719 $ 521 $ 528 $ 579 $ 2,347 Adjusted income from continuing operations - diluted earnings per common share (1) $ .59 $ .43 $ .43 $ .47 $ 1.92 Weighted-average shares - diluted (millions) 1,222 1,222 1,223 1,224 1,223
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 51 Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2025-2026 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 from Operating Activities to Non-GAAP Available Funds from Operations (AFFO). 2025 2026 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year-to-date Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders $ 690 $ 546 $ 646 $ 733 $ 2,615 $ 864 $ 827 $ 699 $ 2,390 Income (loss) from continuing operations - diluted earnings (loss) per common share (1) $ .56 $ .45 $ .53 $ .60 $ 2.14 $ .70 $ .68 $ .56 $ 1.94 Adjustments: Transmission, Power & Gulf Transco rate case timing* $ 4 $ 11 $ (15) $ — $ — $ — $ — $ — $ — Transaction costs* — — — — — — — 30 30 Acquisition and transition-related costs* — 1 — — 1 — — — — Net gain related to certain asset retirements* — — (11) — (11) — — — — Total Transmission, Power & Gulf adjustments 4 12 (26) — (10) — — 30 30 West Impairment or write-off of certain assets — — 25 187 212 3 — — 3 Acquisition and transition-related costs* — — — — — — — 33 33 Gain on sale of certain assets — — — — — — — (83) (83) Total West adjustments — — 25 187 212 3 — (50) (47) Gas & NGL Marketing Services Impact of volatility on NGL linefill transactions* — 11 3 8 22 (5) (4) (3) (12) Net unrealized (gain) loss from derivative instruments 3 4 (46) (101) (140) 192 (120) (32) 40 Total Gas & NGL Marketing Services adjustments 3 15 (43) (93) (118) 187 (124) (35) 28
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 52 Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2025-2026 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 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 from Operating Activities to Non-GAAP Available Funds from Operations (AFFO). 2025 2026 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year-to-date Other Acquisition and transition-related costs* — — 2 1 3 — — — — Net unrealized (gain) loss from derivative instruments 29 (40) (5) 6 (10) 33 (22) 10 21 Gain on sale of certain upstream assets — — — — — (182) (12) — (194) Total Other adjustments 29 (40) (3) 7 (7) (149) (34) 10 (173) Adjustments included in Modified EBITDA 36 (13) (47) 101 77 41 (158) (45) (162) Adjustments below Modified EBITDA Gain on sale of Brazos investment, including additional (gain)/loss on consideration received — — — — — — (126) (4) (130) Transco rate case timing 11 35 (46) — — — — — — Our share of fair value change from Cogentrix investment — — — (153) (153) (2) — — (2) Amortization of intangible assets from 2021 Sequent acquisition 5 4 5 4 18 3 2 3 8 16 39 (41) (149) (135) 1 (124) (1) (124) Total adjustments 52 26 (88) (48) (58) 42 (282) (46) (286) Less tax effect for above items (12) (6) 20 12 14 (11) 69 10 68 Adjustments for tax-related items (2) — — 25 (25) — — — — — Adjusted income from continuing operations available to common stockholders $ 730 $ 566 $ 603 $ 672 $ 2,571 $ 895 $ 614 $ 663 $ 2,172 Adjusted income from continuing operations - diluted earnings per common share (1) $ .60 $ .46 $ .49 $ .55 $ 2.10 $ .73 $ .50 $ .54 $ 1.77 Weighted-average shares – diluted (millions) 1,225 1,224 1,225 1,226 1,225 1,226 1,225 1,239 1,230
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 53 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 Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 54 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 Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 55 Reconciliation of Net Income (Loss) to Modified EBITDA and Non-GAAP Adjusted EBITDA 2021-2022 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 (Dollars in millions) 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 Provision (benefit) for income taxes 141 119 53 198 511 118 (45) 96 256 425 Interest expense 294 298 292 295 1,179 286 281 291 289 1,147 Equity (earnings) losses (131) (135) (157) (185) (608) (136) (163) (193) (145) (637) Other investing (income) loss - net (2) (2) (2) (1) (7) (1) (2) (1) (12) (16) Proportional Modified EBITDA of equity-method investments 225 230 247 268 970 225 250 273 231 979 Depreciation and amortization expenses 438 463 487 454 1,842 498 506 500 505 2,009 Accretion expense associated with asset retirement obligations for nonregulated operations 10 11 12 12 45 11 13 12 15 51 (Income) loss from discontinued operations, net of tax — — — — — — — — — — Modified EBITDA $ 1,410 $ 1,306 $ 1,105 $ 1,673 $ 5,494 $ 1,393 $ 1,247 $ 1,599 $ 1,836 $ 6,075 Transmission & Gulf of America $ 660 $ 646 $ 630 $ 685 $ 2,621 $ 697 $ 652 $ 638 $ 687 $ 2,674 Northeast G&P 402 409 442 459 1,712 418 450 464 464 1,796 West 222 223 257 259 961 260 288 337 326 1,211 Gas & NGL Marketing Services 93 8 (262) 183 22 13 (282) 20 209 (40) Other 33 20 38 87 178 5 139 140 150 434 Total Modified EBITDA $ 1,410 $ 1,306 $ 1,105 $ 1,673 $ 5,494 $ 1,393 $ 1,247 $ 1,599 $ 1,836 $ 6,075 Adjustments included in Modified EBITDA (1): Transmission & Gulf of America $ — $ 2 $ — $ — $ 2 $ — $ — $ 33 $ 13 $ 46 Northeast G&P — — — — — — — — — — West — — — — — — 8 — — 8 Gas & NGL Marketing Services — — 296 (172) 124 52 288 18 (60) 298 Other 5 9 19 (18) 15 66 (47) (13) (15) (9) Total Adjustments included in Modified EBITDA $ 5 $ 11 $ 315 $ (190) $ 141 $ 118 $ 249 $ 38 $ (62) $ 343 Adjusted EBITDA: Transmission & Gulf of America $ 660 $ 648 $ 630 $ 685 $ 2,623 $ 697 $ 652 $ 671 $ 700 $ 2,720 Northeast G&P 402 409 442 459 1,712 418 450 464 464 1,796 West 222 223 257 259 961 260 296 337 326 1,219 Gas & NGL Marketing Services 93 8 34 11 146 65 6 38 149 258 Other 38 29 57 69 193 71 92 127 135 425 Total Adjusted EBITDA $ 1,415 $ 1,317 $ 1,420 $ 1,483 $ 5,635 $ 1,511 $ 1,496 $ 1,637 $ 1,774 $ 6,418
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 56 Reconciliation of Net Income (Loss) to Modified EBITDA and Non-GAAP Adjusted EBITDA 2023-2024 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. 2023 2024 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Net income (loss) $ 957 $ 494 $ 684 $ 1,168 $ 3,303 $ 662 $ 426 $ 741 $ 517 $ 2,346 Provision (benefit) for income taxes 284 175 176 370 1,005 193 129 227 91 640 Interest expense 294 306 314 322 1,236 349 339 338 338 1,364 Equity (earnings) losses (147) (160) (127) (155) (589) (137) (147) (147) (129) (560) Other investing (income) loss - net (8) (13) (24) (63) (108) (24) (18) (290) (11) (343) Proportional Modified EBITDA of equity-method investments 229 249 215 246 939 228 238 227 216 909 Depreciation, depletion, and amortization expenses 506 515 521 529 2,071 548 540 566 565 2,219 Accretion expense associated with asset retirement obligations for nonregulated operations 15 14 14 16 59 18 21 17 25 81 Modified EBITDA — 87 1 9 97 $ 1,837 $ 1,528 $ 1,679 $ 1,612 $ 6,656 $ 2,130 $ 1,667 $ 1,774 $ 2,442 $ 8,013 Transmission, Power & Gulf $ 715 $ 731 $ 881 $ 741 $ 3,068 $ 829 $ 808 $ 811 $ 825 $ 3,273 Northeast G&P 470 515 454 477 1,916 504 481 476 497 1,958 West 304 312 315 307 1,238 327 318 323 344 1,312 Gas & NGL Marketing Services 567 68 43 272 950 101 (126) 11 (110) (124) Other 74 41 81 645 841 76 47 58 56 237 Total Modified EBITDA $ 2,130 $ 1,667 $ 1,774 $ 2,442 $ 8,013 $ 1,837 $ 1,528 $ 1,679 $ 1,612 $ 6,656 Adjustments (1): Transmission, Power & Gulf $ 13 $ 17 $ (127) $ 11 $ (86) $ 10 $ 4 $ 19 $ 1 $ 34 Northeast G&P — — 31 8 39 — (2) 8 2 8 West (18) — — 16 (2) 1 1 7 1 10 Gas & NGL Marketing Services (336) (84) (27) (203) (650) 88 112 (7) 146 339 Other 6 11 1 (553) (535) (2) 24 (3) 14 33 Total Adjustments $ (335) $ (56) $ (122) $ (721) $ (1,234) $ 97 $ 139 $ 24 $ 164 $ 424 Adjusted EBITDA: Transmission, Power & Gulf $ 728 $ 748 $ 754 $ 752 $ 2,982 $ 839 $ 812 $ 830 $ 826 $ 3,307 Northeast G&P 470 515 485 485 1,955 504 479 484 499 1,966 West 286 312 315 323 1,236 328 319 330 345 1,322 Gas & NGL Marketing Services 231 (16) 16 69 300 189 (14) 4 36 215 Other 80 52 82 92 306 74 71 55 70 270 Total Adjusted EBITDA $ 1,795 $ 1,611 $ 1,652 $ 1,721 $ 6,779 $ 1,934 $ 1,667 $ 1,703 $ 1,776 $ 7,080
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 57 Reconciliation of Net Income (Loss) to Modified EBITDA and Non-GAAP Adjusted EBITDA 2025-2026 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. 2025 2026 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year-to-date Net income (loss) $ 729 $ 583 $ 683 $ 773 $ 2,768 $ 912 $ 876 $ 767 $ 2,555 Provision (benefit) for income taxes 193 174 246 244 857 244 260 221 725 Interest expense 349 350 372 371 1,442 376 371 385 1,132 Equity (earnings) losses (155) (142) (152) (311) (760) (161) (159) (157) (477) Other investing (income) loss - net (8) (4) (19) (11) (42) (24) (134) (30) (188) Proportional Modified EBITDA of equity-method investments 236 231 250 248 965 259 249 252 760 Depreciation, depletion, and amortization expenses 585 605 564 593 2,347 584 592 620 1,796 Accretion expense associated with asset retirement obligations for nonregulated operations 24 24 23 25 96 23 24 26 73 Modified EBITDA $ 1,953 $ 1,821 $ 1,967 $ 1,932 $ 7,673 $ 2,213 $ 2,079 $ 2,084 $ 6,376 Transmission, Power & Gulf $ 858 $ 891 $ 973 $ 998 $ 3,720 $ 1,010 $ 959 $ 1,000 $ 2,969 Northeast G&P 514 501 505 508 2,028 524 540 542 1,606 West 354 341 342 201 1,238 407 359 451 1,217 Gas & NGL Marketing Services 152 (30) 54 135 311 40 123 39 202 Other 75 118 93 90 376 232 98 52 382 Total Modified EBITDA $ 1,953 $ 1,821 $ 1,967 $ 1,932 $ 7,673 $ 2,213 $ 2,079 $ 2,084 $ 6,376 Adjustments (1): Transmission, Power & Gulf $ 4 $ 12 $ (26) $ — $ (10) $ — $ — $ 30 $ 30 West — — 25 187 212 3 — (50) (47) Gas & NGL Marketing Services 3 15 (43) (93) (118) 187 (124) (35) 28 Other 29 (40) (3) 7 (7) (149) (34) 10 (173) Total Adjustments $ 36 $ (13) $ (47) $ 101 $ 77 $ 41 $ (158) $ (45) $ (162) Adjusted EBITDA: Transmission, Power & Gulf $ 862 $ 903 $ 947 $ 998 $ 3,710 $ 1,010 $ 959 $ 1,030 $ 2,999 Northeast G&P 514 501 505 508 2,028 524 540 542 1,606 West 354 341 367 388 1,450 410 359 401 1,170 Gas & NGL Marketing Services 155 (15) 11 42 193 227 (1) 4 230 Other 104 78 90 97 369 83 64 62 209 Total Adjusted EBITDA $ 1,989 $ 1,808 $ 1,920 $ 2,033 $ 7,750 $ 2,254 $ 1,921 $ 2,039 $ 6,214
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 58 Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations 2025-2026 1Beginning in the second quarter of 2026, contributions from noncontrolling interests are excluded from AFFO. 2See 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 is excluded from the first quarter of 2026. 2025 2026 (Dollars in millions, except coverage ratios) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year-to-date Net cash provided (used) by operating activities $ 1,433 $ 1,450 $ 1,439 $ 1,576 $ 5,898 $ 1,603 $ 1,376 $ 1,505 $ 4,484 Exclude: Cash (provided) used by changes in: Accounts receivable (82) (219) (83) 603 219 (425) 319 (48) (154) Inventories, including write-downs (29) 86 4 (24) 37 (52) 72 (16) 4 Other current assets and deferred charges 40 (4) 7 28 71 9 14 17 40 Accounts payable 29 236 94 (474) (115) 194 46 62 302 Other current liabilities 70 (220) 55 (75) (170) 317 (259) 138 196 Changes in current and noncurrent commodity derivative assets and liabilities (4) (15) (58) (22) (99) 138 (82) (25) 31 Other, including changes in noncurrent assets and liabilities 29 48 76 60 213 74 41 (28) 87 Preferred dividends paid (1) — (1) (1) (3) (1) — (1) (2) Dividends and distributions paid to noncontrolling interests (69) (62) (66) (62) (259) (67) (73) (75) (215) Contributions from noncontrolling interests (1) 5 14 3 14 36 — — — — Additional Adjustments (2) 24 3 (21) 24 30 (20) (4) 60 36 Available funds from operations $ 1,445 $ 1,317 $ 1,449 $ 1,647 $ 5,858 $ 1,770 $ 1,450 $ 1,589 $ 4,809 Common dividends paid $ 610 $ 611 $ 611 $ 610 $ 2,442 $ 642 $ 642 $ 656 $ 1,940 Coverage ratio: Available funds from operations divided by Common dividends paid 2.37 2.16 2.37 2.70 2.40 2.76 2.26 2.42 2.48
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NYSE: WMB I Williams 3rd Quarter 2026 Earnings I November 3, 2026 I www.williams.comWILLIAMS © 2026 The Williams Companies, Inc. All rights reserved 59 Reconciliation of Net Income (Loss) from Continuing Operations to Modified EBITDA, Non-GAAP Adjusted EBITDA and 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) Midpoint Net income (loss) from continuing operations $ 3,355 Provision (benefit) for income taxes 975 Interest expense 1,535 Equity (earnings) losses (620) Proportional Modified EBITDA of equity-method investments 990 Depreciation, depletion, and amortization expenses and accretion for asset retirement obligations associated with nonregulated operations 2,520 Other (160) Modified EBITDA $ 8,595 EBITDA Adjustments (195) Adjusted EBITDA $ 8,400 Net income (loss) from continuing operations $ 3,355 Less: Net income (loss) attributable to noncontrolling interests and preferred dividends 220 Net income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders $ 3,135 Adjustments: Adjustments included in Modified EBITDA(1) (195) Adjustments below Modified EBITDA (1) (115) Allocation of adjustments to noncontrolling interests — Total adjustments (310) Less tax effect for above items 80 Adjusted income from Continuing operations available to common stockholders $ 2,905 Adjusted income from continuing operations - diluted earnings per common share $ 2.35 Weighted-average shares - diluted (millions) 1,237 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) $ 6,730 Preferred dividends paid (3) Dividends and distributions paid to noncontrolling interests (328) Additional adjustments(1) (24) Available funds from operations (AFFO) $ 6,375 AFFO per common share $ 5.15 Common dividends paid $ 2,585 Coverage Ratio (AFFO/Common dividends paid) 2.47x