WILLIAMS COMPANIES, INC. (WMB)

Williams is a U.S. energy infrastructure company that provides natural gas gathering and processing, transmission and storage services; NGL fractionation, transportation and storage services; and marketing services. It operates in 11 supply areas and serves approximately 800 customers. The company owns an interest in and operates over 32,000 miles of pipelines in 24 states and the Gulf of America, 35 natural gas processing facilities, 9 NGL fractionation facilities, about 23 million barrels of NGL storage capacity and 423 Bcf of natural gas storage capacity. The report is a combined filing with two wholly owned subsidiaries, Transcontinental Gas Pipe Line Company (Transco) and Northwest Pipeline (NWP). Williams was founded in 1908.

Williams reports four segments: Transmission, Power & Gulf; Northeast G&P; West; and Gas & NGL Marketing Services. Upstream operations and corporate activities are included in Other. The Transmission, Power & Gulf segment includes the FERC-regulated interstate pipelines. Transco is an approximately 9,600-mile system running from Texas and the Gulf to the New York City area, with design capacity of about 20.6 MMdth/d and 188 Bcf of storage. NWP is an approximately 3,900-mile system running from the San Juan basin to the Canadian border, with about 3.8 MMdth/d of capacity. The segment also includes MountainWest, a roughly 2,200-mile pipeline with 64 Bcf of storage, and a 50 percent interest in the 745-mile Gulfstream pipeline. It also holds market-based-rate storage assets (Gulf Coast Storage with about 120 Bcf, and NorTex with 37 Bcf) and, since October 2025, a 10 percent interest in Louisiana LNG and an 80 percent interest in the Driftwood Pipeline. The segment further includes Gulf of America gathering and processing, five deepwater crude oil pipelines and production handling platforms. Gathering and processing earns mostly fee-based revenue, with about 93 percent of 2025 NGL production volumes under fee-based contracts and 7 percent under noncash commodity-based contracts. The marketing segment sells natural gas and NGLs, and provides asset management, wholesale marketing, trading, storage and transportation services.

Customers include natural gas producers, local distribution companies, public utilities, municipalities, industrial users, power generators, marketers, and energy and petrochemical companies. Williams' facilities gathered and processed gas for about 253 customers in 2025, with the top ten accounting for about 55 percent of related revenues and margins. The top ten interstate pipeline customers made up about 44 percent of regulated transportation and storage revenues. Most interstate pipeline capacity is under long-term firm reservation contracts. Transco's three largest customers were about 22 percent of its revenues and NWP's about 52 percent. Williams' services reach markets including the Southeast, Gulf Coast, Atlantic seaboard, Northwest and Rocky Mountain regions.

Williams' operations are located entirely in the United States. Its interstate pipelines are regulated by the FERC, which sets rates primarily through its ratemaking process. Gathering and processing demand depends on producer drilling activity, and the company uses futures and over-the-counter contracts to manage commodity price exposure in its marketing activities. Its common stock trades on the NYSE as "WMB." Headquarters are in Tulsa, Oklahoma, with other major offices in Houston, Pittsburgh and Salt Lake City.