Financial Analysis

Note 18 Contingencies and Commitments Royalty Matters Certain customers, including Expand Energy Corporation (formerly Chesapeake Energy Corporation or Chesapeake), have been named in various lawsuits alleging underpayment of royalties and claiming, among other things, violations of anti-trust laws and the Racketeer Influenced and Corrupt Organizations Act. Williams has also been named as a defendant in certain of these cases filed in Pennsylvania based on allegations that Williams improperly participated with Chesapeake in causing the alleged royalty underpayments. Williams believes that the claims asserted are subject to indemnity obligations owed to Williams by Chesapeake, which obligations survived Chesapeakes bankruptcy proceedings. Prior to its bankruptcy, Chesapeake reached a settlement to resolve substantially all Pennsylvania royalty cases pending. During the pendency of the bankruptcy, that settlement was renegotiated. The settlement applied to both Chesapeake and Williams and did not require any contribution from Williams. On August 23, 2021, after referral to the United States District Court for the Southern District of Texas by the bankruptcy court, the court approved the settlement. Two objectors filed an appeal with the United States Court of Appeals for the Fifth Circuit. On June 8, 2023, the Court of Appeals vacated the settlement approval and remanded to the United States District Court for the Southern District of Texas with instructions to dismiss the sett …

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Note 13 Debt and Banking Arrangements Long-Term Debt by Issuing Entity December 31, 2025 2024 (Millions) Transco: 7.080% Debentures due 2026 $ 8 $ 8 7.250% Debentures due 2026 200 200 7.850% Notes due 2026 1,000 4.000% Notes due 2028 400 400 3.250% Notes due 2030 700 700 5.100% Notes due 2036 1,000 5.400% Notes due 2041 375 375 4.450% Notes due 2042 400 400 4.600% Notes due 2048 600 600 3.950% Notes due 2050 500 500 5.750% Notes due 2056 700 Other financing obligation Atlantic Sunrise 734 764 Other financing obligation Leidy South 74 75 Other financing obligation Dalton 247 247 Unamortized debt issuance costs (35) (23) Net unamortized debt premium (discount) (15) (11) Total debt Transco $ 5,888 $ 5,235 MountainWest: 3.530% Notes due 2028 (Note 3) $ 100 $ 100 3.910% Notes due 2038 (Note 3) 150 150 4.875% Notes due 2041 (Note 3) 180 180 Net unamortized debt premium (discount) (54) (58) Total debt MountainWest $ 376 $ 372 NWP: 7.125% Debentures due 2025 $ $ 85 4.000% Notes due 2027 500 500 Term loan due 2028 (see NWP Credit Agreement) 250 Unamortized debt issuance costs (1) (1) Net unamortized debt premium (discount) (1) (2) Total debt NWP $ 748 $ 582 Williams: 3.900% Notes due 2025 $ $ 750 4.000% Notes due 2025 750 5.400% Notes due 2026 1,100 1,100 7.700% Notes due 2027 2 2 3.750% Notes due 2027 1,450 1,450 5.300% Notes due 2028 900 900 4.900% Notes due 2029 1,100 1,100 4.800% Notes due 2029 450 450 4.625% Notes due 2030 750 3.500% Notes due 2030 1,000 1,000 December 31, 2025 2 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present Williams revenue disaggregated by major service line: Transmission, Power & Gulf Northeast G&P West Gas & NGL Marketing Services Other Eliminations Total (Millions) 2025 Revenues from contracts with customers: Service revenues: Regulated interstate natural gas transportation and storage $ 3,804 $ $ $ $ $ (83) $ 3,721 Gathering, processing, transportation, fractionation, and storage: Monetary consideration 933 1,850 1,824 (235) 4,372 Commodity consideration 104 2 86 192 Other 51 99 24 1 (20) 155 Total service revenues 4,892 1,951 1,934 1 (338) 8,440 Product sales 512 171 906 6,047 580 (1,757) 6,459 Total revenues from contracts with customers 5,404 2,122 2,840 6,047 581 (2,095) 14,899 Other revenues (1) 39 46 7 3,303 61 (2) 3,454 Other adjustments (2) (7,175) 772 (6,403) Total revenues $ 5,443 $ 2,168 $ 2,847 $ 2,175 $ 642 $ (1,325) $ 11,950 2024 Revenues from contracts with customers: Service revenues: Regulated interstate natural gas transportation and storage $ 3,500 $ $ $ $ $ (81) $ 3,419 Gathering, processing, transportation, fractionation, and storage: Monetary consideration 661 1,778 1,693 (162) 3,970 Commodity consideration 54 2 78 134 Other 46 92 21 (19) 140 Total service revenues 4,261 1,872 1,792 (262) 7,663 Product sales 328 110 869 4,530 420 (1,288) 4,969 Total revenues from contracts with customers 4,589 1,982 2,661 4,530 420 (1,550) 12,632 Other revenues (1) 39 43 8 2,236 24 (2) 2,348 Other adjustments (2) (4,977) 500 (4, …

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Note 15 Equity-Based Compensation Williams Plan Information The Williams Companies, Inc. 2007 Incentive Plan (the Plan) provides common-stock-based awards to both employees and nonmanagement directors. To date, 50 million new shares have been authorized for making awards under the Plan. The Plan permits the granting of various types of awards including, but not limited to, restricted stock units and stock options. At December 31, 2025, 13 million shares of common stock were reserved for issuance pursuant to existing and future stock awards, of which 7 million shares were available for future grants. At December 31, 2025, Williams had 0.3 million stock options that were both outstanding and exercisable. Additionally, approximately 0.5 million shares were available for purchase at December 31, 2025 under Williams Employee Stock Purchase Plan. Williams recognizes compensation expense on employee stock-based awards on a straight-line basis; forfeitures are recognized when they occur. Operating and maintenance expenses and General and administrative expenses include equity-based compensation expense in 2025, 2024, and 2023 of $93 million, $99 million, and $77 million, respectively. Income tax benefit recognized related to the stock-based compensation expense in 2025, 2024, and 2023 was $22 million, $24 million, and $19 million, respectively. Measured but unrecognized stock-based compensation expense at December 31, 2025, was $78 million, all of which related to restricted stock un …

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Note 16 Fair Value Measurements, Guarantees, and Concentration of Credit Risk The following table presents, by level within the fair value hierarchy, certain of Williams, Transcos, and NWPs significant financial assets and liabilities. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and commercial paper approximate fair value because of the short-term nature of these instruments. Therefore, these assets and liabilities are not presented in the following table. Fair Value Measurements Using Carrying Amount Fair Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Millions) Assets (liabilities) at December 31, 2025: Measured on a recurring basis: ARO Trust - Transco $ 356 $ 356 $ 356 $ $ Commodity derivative assets (1) 336 722 431 158 133 Commodity derivative liabilities (1) (340) (915) (497) (270) (148) Additional disclosures: Guarantees (35) (28) (12) (16) Debt by issuer, including current portion: Williams (21,649) (21,556) (21,556) Transco (5,888) (5,941) (5,941) NWP (748) (747) (747) MountainWest (376) (385) (385) Total debt (28,661) (28,629) (28,629) Assets (liabilities) at December 31, 2024: Measured on a recurring basis: ARO Trust - Transco $ 297 $ 297 $ 297 $ $ Commodity derivative assets (1) 344 726 427 188 111 Commodity derivative liabilities (1) (400) (1,070) (532) (475) (63) Additional disclosures: Guarantees (36) (28) (1 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Note 11 Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill, included in Intangible assets net in Williams Consolidated Balance Sheet, by reportable segment for the years indicated are as follows: Transmission, Power & Gulf West Total (Millions) December 31, 2023 $ 400 $ 63 $ 463 Cureton Acquisition (Note 3) 5 5 RMM Acquisition (Note 3) (2) (2) December 31, 2024 400 66 466 December 31, 2025 $ 400 $ 66 $ 466 Goodwill is not subject to amortization, but is evaluated at least annually for impairment or more frequently if impairment indicators are present. Williams did not identify or recognize any impairments to goodwill in connection with the evaluation of goodwill for impairment during the year ended December 31, 2025. Other Intangible Assets The gross carrying amount and accumulated amortization of other intangible assets, included in Intangible assets net in Williams Consolidated Balance Sheet, at December 31 are as follows: 2025 2024 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (Millions) Customer relationships $ 10,113 $ (3,832) $ 10,239 $ (3,523) Transportation and storage capacity contracts 267 (254) 267 (244) Other 6 (3) 6 (2) Other intangible assets $ 10,386 $ (4,089) $ 10,512 $ (3,769) Customer Relationships Customer relationships primarily relate to gas gathering, processing, and fractionation contractual customer relationships recognized in acquisitions. Contractual customer re …

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Note 6 Provision (Benefit) for Income Taxes Williams has adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures and has applied the disclosure guidance retrospectively for each period presented. The Provision (benefit) for income taxes includes: Year Ended December 31, 2025 2024 2023 (Millions) Current: Federal $ 99 $ 125 $ 3 State 14 9 21 113 134 24 Deferred: Federal 597 472 872 State 147 34 109 744 506 981 Provision (benefit) for income taxes $ 857 $ 640 $ 1,005 Reconciliations from the Provision (benefit) for income taxes at the federal statutory rate to recorded Provision (benefit) for income taxes are as follows: Year Ended December 31, 2025 % 2024 % 2023 % (Millions) Provision (benefit) for income taxes at the federal statutory rate $ 761 21.0 % $ 627 21.0 % $ 925 21.0 % State and local income tax, net of federal income tax effect 130 3.6 % 35 1.2 % 104 2.4 % Nontaxable or nondeductible items (34) (0.9) % (23) (0.8) % (23) (0.5) % Other adjustments 0.0 % 1 0.0 % (1) 0.0 % Provision (benefit) for income taxes $ 857 23.7 % $ 640 21.4 % $ 1,005 22.9 % During the course of audits of its business by domestic and foreign tax authorities, Williams frequently faces challenges regarding the amount of taxes due. These challenges include questions regarding the timing and amount of deductions and the allocation of income among various tax jurisdictions. In evaluating the liability associated with its various filing positions, Williams applies the two …

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Note 14 Leases Williams, Transco, and NWP are lessees through noncancellable lease agreements for property and equipment consisting primarily of buildings, land, vehicles, and equipment used in both its operations and administrative functions. Williams Year Ended December 31, 2025 2024 2023 (Millions) Lease Cost: Operating lease cost $ 39 $ 39 $ 38 Variable lease cost 33 31 31 Sublease income (1) Total lease cost $ 72 $ 70 $ 68 Cash paid for operating lease liabilities $ 40 $ 37 $ 37 December 31, 2025 2024 (Dollars in Millions) Other Information: Right-of-use assets (included in Regulatory assets, deferred charges, and other ) $ 170 $ 154 Operating lease liabilities: Current (included in Other current liabilities ) $ 32 $ 26 Noncurrent (included in Regulatory liabilities, deferred income, and other ) $ 151 $ 142 Weighted-average remaining lease term operating leases (years) 10 11 Weighted-average discount rate operating leases 4.99% 4.90% At December 31, 2025, the following table represents operating lease maturities, including renewal provisions Williams has assessed as being reasonably certain of exercise, for each of the years ended December 31: (Millions) 2026 $ 40 2027 36 2028 28 2029 25 2030 21 Thereafter 87 Total future lease payments 237 Less: Amount representing interest 54 Total obligations under operating leases $ 183 Williams is the lessor to certain lease agreements for office space in its headquarters building, which are insignificant to its financial statements …

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Accounting Standards Issued But Not Yet Adopted In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures , which requires public entities to disclose additional information in the notes to financial statements for certain types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales or general and administrative expenses). The amendments are effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The impact of this standard is currently being evaluated.

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Note 7 Employee Benefit Plans Pension Plans Williams has noncontributory defined benefit pension plans for eligible employees hired prior to January 1, 2019. Eligible employees earn compensation credits based on a cash balance formula. As of January 1, 2020, certain active employees are no longer eligible to receive compensation credits. Other Postretirement Benefits Williams provides subsidized retiree medical benefits to a closed group of participants as well as retiree life insurance benefits to eligible participants. Medical benefits for Medicare eligible participants are paid through contributions to health reimbursement accounts. Benefits for all other participants are provided through a self-insured medical plan, which includes participant contributions and contains other cost-sharing features such as deductibles, co-payments, and co-insurance. Defined Contribution Plan Williams has a defined contribution plan for the benefit of substantially all employees. Plan participants may contribute a portion of their compensation on a pre-tax or after-tax basis. Generally, Williams matches employee contributions up to 6 percent of eligible compensation. Additionally, eligible active employees that do not receive compensation credits under the defined benefit pension plan are eligible for an additional annual fixed-percentage contribution made by Williams to the defined contribution plan. Williams contributions charged to expense were $74 million in 2025, $69 million in 2024, an …

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Note 4 Related Party Transactions Williams Transactions with Equity-Method Investees Williams has Revenues from certain of its equity-method investees of $20 million, $2 million, and $5 million for 2025, 2024, and 2023, respectively. Williams also has costs and expenses associated with its equity-method investees of $180 million, $266 million, and $776 million for 2025, 2024, and 2023, respectively in its Consolidated Statement of Income. Substantially all of these expenses are included in Product costs . In addition, Williams has $4 million and $1 million included in Trade accounts and other receivables and $14 million and $19 million included in Accounts payable in its Consolidated Balance Sheet with its equity-method investees at December 31, 2025 and 2024, respectively. Williams has operating agreements with certain equity-method investees. These operating agreements typically provide for reimbursement or payment to Williams for certain direct operational payroll and employee benefit costs, materials, supplies, and other charges and also for management services. The total charges to equity-method investees for these fees are $73 million, $52 million, and $64 million for 2025, 2024, and 2023, respectively. Board of Directors Two members of Williams Board of Directors hold or have held executive officer roles at certain of its counterparties. Williams recorded $97 million, $59 million, and $90 million in Revenues , and $44 million, $40 million, and $25 million in Product co …

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Note 5 Revenue Recognition Revenue by Category The following tables present Williams revenue disaggregated by major service line: Transmission, Power & Gulf Northeast G&P West Gas & NGL Marketing Services Other Eliminations Total (Millions) 2025 Revenues from contracts with customers: Service revenues: Regulated interstate natural gas transportation and storage $ 3,804 $ $ $ $ $ (83) $ 3,721 Gathering, processing, transportation, fractionation, and storage: Monetary consideration 933 1,850 1,824 (235) 4,372 Commodity consideration 104 2 86 192 Other 51 99 24 1 (20) 155 Total service revenues 4,892 1,951 1,934 1 (338) 8,440 Product sales 512 171 906 6,047 580 (1,757) 6,459 Total revenues from contracts with customers 5,404 2,122 2,840 6,047 581 (2,095) 14,899 Other revenues (1) 39 46 7 3,303 61 (2) 3,454 Other adjustments (2) (7,175) 772 (6,403) Total revenues $ 5,443 $ 2,168 $ 2,847 $ 2,175 $ 642 $ (1,325) $ 11,950 2024 Revenues from contracts with customers: Service revenues: Regulated interstate natural gas transportation and storage $ 3,500 $ $ $ $ $ (81) $ 3,419 Gathering, processing, transportation, fractionation, and storage: Monetary consideration 661 1,778 1,693 (162) 3,970 Commodity consideration 54 2 78 134 Other 46 92 21 (19) 140 Total service revenues 4,261 1,872 1,792 (262) 7,663 Product sales 328 110 869 4,530 420 (1,288) 4,969 Total revenues from contracts with customers 4,589 1,982 2,661 4,530 420 (1,550) 12,632 Other revenues (1) 39 43 8 2,236 24 …

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Note 19 Segment Disclosures Williams Williams reportable segments are Transmission, Power & Gulf; Northeast G&P; West; and Gas & NGL Marketing Services. All remaining business activities are included in Other. (See Note 1 Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies.) Performance Measurement Williams CODM is the Chief Executive Officer. Williams CODM primarily utilizes Modified EBITDA , its measure of segment profit and loss, to evaluate performance and make decisions on capital allocation and human resources. Such evaluation includes periodic comparisons of actual performance versus historical and budget, as well as projections of Modified EBITDA . Williams defines Modified EBITDA of reportable segments as follows: Income (loss) before income taxes excluding: Contributions from upstream operations, corporate, and other business activities; Depreciation, depletion, and amortization expenses; Equity earnings (losses); Other investing income (loss) net; Interest expense; and Accretion expense associated with AROs for nonregulated operations. This measure is further adjusted to include Williams proportionate share (based on ownership interest) of Modified EBITDA from its equity-method investments, including its indirect share from interests owned by equity-method investees, calculated consistently with the definition described above. Significant noncash items which are components of Modified EBITDA may include net unr …

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Note 20 Subsequent Event Quarterly Dividends to Common Stockholders On January 27, 2026, Williams board of directors approved a regular quarterly dividend to common stockholders of $0.525 per share payable on March 30, 2026. …

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Note 10 Contingencies and Commitments Royalty Matters Certain customers, including Expand Energy Corporation (formerly Chesapeake Energy Corporation or Chesapeake), have been named in various lawsuits alleging underpayment of royalties and claiming, among other things, violations of anti-trust laws and the Racketeer Influenced and Corrupt Organizations Act. Williams has also been named as a defendant in certain of these cases filed in Pennsylvania based on allegations that Williams improperly participated with Chesapeake in causing the alleged royalty underpayments. Williams believes that the claims asserted are subject to indemnity obligations owed to Williams by Chesapeake, which obligations survived Chesapeakes bankruptcy proceedings. Prior to its bankruptcy, Chesapeake reached a settlement to resolve substantially all Pennsylvania royalty cases pending. During the pendency of the bankruptcy, that settlement was renegotiated. The settlement applies to both Chesapeake and Williams and does not require any contribution from Williams. On August 23, 2021, after referral to the United States District Court for the Southern District of Texas by the bankruptcy court, the court approved the settlement. Two objectors filed an appeal with the United States Court of Appeals for the Fifth Circuit. On June 8, 2023, the Court of Appeals vacated the settlement approval and remanded to the United States District Court for the Southern District of Texas with instructions to dismiss the set …

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Note 7 Debt and Banking Arrangements Issuances Williams senior unsecured public debt issuances for 2025 are as follows: Issue Date Maturity Date Amount Rate (Millions) June 30, 2025 June 30, 2030 $ 750 4.625% June 30, 2025 September 30, 2035 750 5.300% January 9, 2025 March 15, 2035 1,000 5.600% January 9, 2025 March 15, 2055 500 6.000% Retirements Williams senior unsecured public debt retirements for 2025 are as follows: Date of Retirement Maturity Date Amount Rate (Millions) January 15, 2025 January 15, 2025 $ 750 3.900% September 15, 2025 September 15, 2025 750 4.000% Credit Facility Williams, Transco and NWP are party to a credit agreement with aggregate commitments available of $3.75 billion. In the second quarter of 2025, the maturity date of our Credit Agreement was extended one year and now expires October 8, 2028. Transco and NWP are each able to borrow up to $500 million under the credit facility to the extent not otherwise utilized by the other co-borrowers. September 30, 2025 Stated Capacity Outstanding (Millions) Long-term credit facility (1) $ 3,750 $ Letters of credit under certain bilateral bank agreements 15 ________________ (1) In managing its available liquidity, Williams does not expect a maximum outstanding amount in excess of the capacity of its credit facility inclusive of any outstanding amounts under the commercial paper program. Commercial Paper Program At September 30, 2025, $170 million of commercial paper was outstanding at a weighted-average inte …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present Williams revenue disaggregated by major service line: Transmission, Power & Gulf Northeast G&P West Gas & NGL Marketing Services Other Eliminations Total (Millions) Three Months Ended September 30, 2025 Revenues from contracts with customers: Service revenues: Regulated interstate natural gas transportation and storage $ 973 $ $ $ $ $ (21) $ 952 Gathering, processing, transportation, fractionation, and storage: Monetary consideration 247 463 464 (64) 1,110 Commodity consideration 24 21 45 Other 10 25 5 (4) 36 Total service revenues 1,254 488 490 (89) 2,143 Product sales 130 31 219 1,248 136 (416) 1,348 Total revenues from contracts with customers 1,384 519 709 1,248 136 (505) 3,491 Other revenues (1) 8 11 3 658 24 704 Other adjustments (2) (1,458) 186 (1,272) Total revenues $ 1,392 $ 530 $ 712 $ 448 $ 160 $ (319) $ 2,923 Three Months Ended September 30, 2024 Revenues from contracts with customers: Service revenues: Regulated interstate natural gas transportation and storage $ 879 $ $ $ $ $ (20) $ 859 Gathering, processing, transportation, fractionation, and storage: Monetary consideration 177 442 422 (42) 999 Commodity consideration 14 1 19 34 Other 8 22 4 (3) 31 Total service revenues 1,078 465 445 (65) 1,923 Product sales 84 26 218 1,005 95 (316) 1,112 Total revenues from contracts with customers 1,162 491 663 1,005 95 (381) 3,035 Other revenues (1) 8 11 515 8 (1) 541 Other adjustments (2) (1,038) 115 (923) Total revenues $ 1,170 $ 5 …

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Note 8 Fair Value Measurements and Guarantees The following table presents, by level within the fair value hierarchy, certain of Williams, Transcos, and NWPs significant financial assets and liabilities. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and commercial paper approximate fair value because of the short-term nature of these instruments. Therefore, these assets and liabilities are not presented in the following table. Fair Value Measurements Using Carrying Amount Fair Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Millions) Assets (liabilities) at September 30, 2025: Measured on a recurring basis: ARO Trust - Transco $ 346 $ 346 $ 346 $ $ Commodity derivative assets (1) 231 565 367 133 65 Commodity derivative liabilities (1) (308) (853) (459) (337) (57) Additional disclosures: Guarantees (35) (28) (12) (16) Debt by issuer, including current portion: Williams (21,645) (21,503) (21,503) Transco (5,214) (5,282) (5,282) NWP (583) (581) (581) MountainWest (375) (382) (382) Total debt (27,817) (27,748) (27,748) Assets (liabilities) at December 31, 2024: Measured on a recurring basis: ARO Trust - Transco $ 297 $ 297 $ 297 $ $ Commodity derivative assets (1) 344 726 427 188 111 Commodity derivative liabilities (1) (400) (1,070) (532) (475) (63) Additional disclosures: Guarantees (36) (28) (12) (16) Debt by issuer, including …

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Note 6 Provision (Benefit) for Income Taxes Williams Provision (benefit) for income taxes includes: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (Millions) Current: Federal $ (8) $ 11 $ 155 $ 65 State (2) 7 16 17 (10) 18 171 82 Deferred: Federal 185 178 337 395 State 71 31 105 72 256 209 442 467 Provision (benefit) for income taxes $ 246 $ 227 $ 613 $ 549 The effective income tax rates for the total provision (benefit) for the three and nine months ended September 30, 2025 are greater than the federal statutory rate, primarily due to the effect of state income taxes, including a $25 million state income tax provision related to an increase in our estimate of the deferred state income tax rate (net of federal benefit). The effective income tax rates for the total provision (benefit) for the three and nine months ended September 30, 2024 are greater than the federal statutory rate, primarily due to the effect of state income taxes. On July 4, 2025, the One Big Beautiful Bill Act was enacted. While the new law is not expected to have a significant impact on Williams federal income tax provision, Williams does expect a temporary deferral of federal income tax payments as a result of permanently restoring full bonus depreciation of certain business property and excluding tax depreciation and amortization in the calculation of the business interest expense limitation. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Note 4 Related Party Transactions Transco and NWP Affiliate Transactions Cash Management Program Transco and NWP are participants in Williams cash management program, and thus make advances to and receive advances from Williams. Advances to Williams are represented by demand notes and are classified as Trade accounts and other receivables - Advances to affiliate in the Balance Sheet. Advances from Williams are classified as Payables - Advances from affiliate . Advances are stated at the historical carrying amounts. September 30, December 31, 2025 2024 (Millions) Advances to affiliate Transco $ 498 $ 638 NWP 70 Advances from affiliate NWP $ $ 26 Interest expense and income are recognized when earned and the collectability is reasonably assured. The interest rate on intercompany demand notes is based upon the daily overnight investment rate paid on Williams excess cash at the end of each month, which was approximately 4 percent at September 30, 2025. Interest income is included in Interest income in the Statement of Net Income for Transco and Other income (expense) net in the Statement of Net Income for NWP. Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (Millions) Net interest income from advances Transco $ 6 $ 12 $ 18 $ 42 NWP 1 1 2 5 Other Affiliate Transactions Revenues received from affiliates are included in Transcos Total revenues in the Statement of Net Income. Costs of gas purchased from affiliates are included in Transcos Natural …

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Note 5 Revenue Recognition Revenue by Category The following tables present Williams revenue disaggregated by major service line: Transmission, Power & Gulf Northeast G&P West Gas & NGL Marketing Services Other Eliminations Total (Millions) Three Months Ended September 30, 2025 Revenues from contracts with customers: Service revenues: Regulated interstate natural gas transportation and storage $ 973 $ $ $ $ $ (21) $ 952 Gathering, processing, transportation, fractionation, and storage: Monetary consideration 247 463 464 (64) 1,110 Commodity consideration 24 21 45 Other 10 25 5 (4) 36 Total service revenues 1,254 488 490 (89) 2,143 Product sales 130 31 219 1,248 136 (416) 1,348 Total revenues from contracts with customers 1,384 519 709 1,248 136 (505) 3,491 Other revenues (1) 8 11 3 658 24 704 Other adjustments (2) (1,458) 186 (1,272) Total revenues $ 1,392 $ 530 $ 712 $ 448 $ 160 $ (319) $ 2,923 Three Months Ended September 30, 2024 Revenues from contracts with customers: Service revenues: Regulated interstate natural gas transportation and storage $ 879 $ $ $ $ $ (20) $ 859 Gathering, processing, transportation, fractionation, and storage: Monetary consideration 177 442 422 (42) 999 Commodity consideration 14 1 19 34 Other 8 22 4 (3) 31 Total service revenues 1,078 465 445 (65) 1,923 Product sales 84 26 218 1,005 95 (316) 1,112 Total revenues from contracts with customers 1,162 491 663 1,005 95 (381) 3,035 Other revenues (1) 8 11 515 8 (1) 541 Other adjustments ( …

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Note 11 Segment Disclosures Williams Williams reportable segments are Transmission, Power & Gulf, Northeast G&P, West, and Gas & NGL Marketing Services. All remaining business activities are included in Other. (See Note 1 General, Description of Business, and Basis of Presentation.) Performance Measurement Williams CODM is the Chief Executive Officer. Williams CODM primarily utilizes Modified EBITDA, its measure of segment profit and loss, to evaluate performance and make decisions on capital allocation and human resources. Such evaluation includes periodic comparisons of actual performance versus historical and budget, as well as projections of Modified EBITDA . Williams defines Modified EBITDA of reportable segments as follows: Income (loss) before income taxes excluding: Contributions from upstream operations, corporate, and other business activities; Depreciation, depletion, and amortization expenses; Equity earnings (losses); Other investing income (loss) net; Interest expense; and Accretion expense associated with AROs for nonregulated operations. This measure is further adjusted to include Williams proportionate share (based on ownership interest) of Modified EBITDA from its equity-method investments, including its indirect share from interests owned by equity-method investees, calculated consistently with the definition described above. Significant noncash items which are components of Modified EBITDA may include net unrealized gain (loss) from commodity d …

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Note 12 Subsequent Events Sale of South Mansfield Upstream Interests In October 2025, Williams entered into an agreement to sell its interests in certain upstream ventures in the South Mansfield area of the Haynesville Shale region, included in Other, for consideration of $398 million with additional contingent consideration to possibly be received through 2029. Upon closing, Williams expects to record a gain in the fourth quarter of 2025. The results of operations for this disposal group were not significant for the reporting periods. Louisiana LNG and Driftwood Pipeline In October 2025, Williams closed on various agreements with the same counterparty to acquire a 10 percent equity-method interest in Louisiana LNG LLC, which is developing a fully permitted LNG export facility, and an 80 percent interest in Driftwood Pipeline LLC, which is constructing a fully permitted greenfield pipeline connecting to multiple other pipelines, including Transco and Louisiana Energy Gateway, to supply the LNG facility. Williams will be the operator of the pipeline. The total initial purchase price was $378 million, and both investments will require additional capital to fund further construction. The Louisiana LNG LLC and Driftwood Pipeline LLC purchases were funded with available liquidity. Williams will also manage the gas supply for the LNG facility and purchase a portion of the LNG produced. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing