WILLIAMS COMPANIES, INC. (WMB)

Williams Companies is an energy infrastructure company headquartered in Tulsa, Oklahoma, focused on providing infrastructure that safely delivers natural gas products to support the clean energy economy, operating across 11 supply areas throughout the United States including the Gulf of America. The company owns and operates over 32,000 miles of pipelines in 24 states, 35 natural gas processing facilities, 9 NGL fractionation facilities, roughly 23 million barrels of NGL storage capacity, and 423 Bcf of natural gas storage capacity, serving approximately 800 customers including local distribution companies, public utilities, municipalities, industrial users, power generators, and natural gas marketers/producers. Its operations are organized into reportable segments: Transmission, Power & Gulf; Northeast G&P; West; and Gas & NGL Marketing Services, with remaining activities including upstream operations reported as Other.

Williams' gathering, treating, and processing operations receive raw natural gas from producer wells, remove contaminants, and extract NGLs such as ethane, propane, butane, isobutane, and natural gasoline for sale to petrochemical, heating, fuel, and refining markets, earning revenue primarily through fee-based contracts (about 93% of NGL production volumes in 2025) as well as noncash commodity-based keep-whole and percent-of-liquids arrangements; in 2025 the company gathered and processed gas for approximately 253 customers, with the top ten accounting for about 55% of related revenues. Its interstate natural gas pipeline assets, regulated by the FERC, include Transcontinental Gas Pipe Line Company (Transco), a roughly 9,600-mile system extending from Texas and the Gulf of America through the southeastern and Atlantic seaboard states to the New York City metropolitan area, and Northwest Pipeline (NWP), a roughly 3,900-mile system extending from the San Juan basin through the Rocky Mountains and Pacific Northwest to the Canadian border, both serving utilities, municipalities, industrial users, power generators, and marketers under mostly long-term firm transportation contracts. Williams also owns MountainWest, a roughly 2,200-mile FERC-regulated pipeline system in the Rocky Mountains with associated storage assets, holds equity investments including a 50% interest in the Gulfstream pipeline serving Alabama-to-Florida markets, and in 2025 acquired a 10% equity-method interest in Louisiana LNG and an 80% interest in Driftwood Pipeline to support a planned LNG export facility.

The company operates standalone, market-based rate natural gas storage assets in North Texas and the Gulf Coast, and its Gas & NGL Marketing Services segment markets natural gas and NGLs to a broad range of energy and petrochemical industry customers, providing asset management, wholesale marketing, trading, storage, and transportation services while managing commodity price exposure through derivatives. Additionally, Williams owns and operates offshore natural gas gathering pipelines, natural gas processing facilities, crude oil transportation pipelines, and production handling platforms in the Gulf of America, supporting deepwater producers with services such as compression, separation, and water removal, primarily serving major oil and gas producers across the Eastern, Western, and Central Gulf supply basins.