# WILLIAMS COMPANIES, INC. (WMB) Informational only - not investment advice. CIK: 0000107263 SIC: 4922 Natural Gas Transmission SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Electric, Gas, And Sanitary Services](/major-group/49/) > [SIC 4922 Natural Gas Transmission](/industry/4922/) Latest 10-K filed: 2026-02-24 SEC page: https://www.sec.gov/edgar/browse/?CIK=107263 Filing source: https://www.sec.gov/Archives/edgar/data/107263/000010726326000006/wmb-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0000107263-26-000006 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000107263.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 11,950,000,000 USD | 2025 | verified | | Net income | 2,618,000,000 USD | 2025 | verified | | Assets | 58,573,000,000 USD | 2025 | verified | | Free cash flow | 1,005,000,000 USD | 2025 | computed | | Net margin | 21.91% | 2025 | computed | | Operating margin | 35.11% | 2025 | computed | | Revenue YoY | +13.78% | 2025 | computed | | ROE | 20.44% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | WMB | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 21.9% | 18.0% | 75 | 9 | | Revenue growth | 13.8% | 13.8% | 50 | 9 | | FCF margin | 8.4% | 8.4% | 50 | 9 | | ROE | 20.4% | 15.1% | 57 | 8 | | ROA | 4.5% | 4.4% | 62 | 9 | | Liabilities / equity | 3.57 | 2.18 | 86 | 8 | | Current ratio | 0.53 | 0.69 | 0 | 9 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4922 Natural Gas Transmission, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 11950000000 | USD | 2025 | 2026-02-24 | | Net income | 2618000000 | USD | 2025 | 2026-02-24 | | Assets | 58573000000 | USD | 2025 | 2026-02-24 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000107263.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2007 | 2008 | 2009 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | 7,499,000,000 | 8,031,000,000 | 8,686,000,000 | 8,201,000,000 | 7,719,000,000 | 10,627,000,000 | 10,965,000,000 | 10,907,000,000 | 10,503,000,000 | 11,950,000,000 | | Net income | | | | -424,000,000 | 2,174,000,000 | -155,000,000 | 850,000,000 | 211,000,000 | 1,517,000,000 | 2,049,000,000 | 3,179,000,000 | 2,225,000,000 | 2,618,000,000 | | Operating income | | | | 689,000,000 | 927,000,000 | 768,000,000 | 1,921,000,000 | 2,202,000,000 | 2,631,000,000 | 3,018,000,000 | 4,311,000,000 | 3,339,000,000 | 4,196,000,000 | | Diluted EPS | | | | -0.57 | 2.62 | -0.16 | 0.70 | 0.17 | 1.24 | 1.67 | 2.60 | 1.82 | 2.14 | | Operating cash flow | | | | 4,155,000,000 | 3,089,000,000 | 3,293,000,000 | 3,693,000,000 | 3,496,000,000 | 3,945,000,000 | 4,889,000,000 | 5,938,000,000 | 4,974,000,000 | 5,898,000,000 | | Capital expenditures | | | | 2,051,000,000 | 2,399,000,000 | 3,256,000,000 | 2,109,000,000 | 1,239,000,000 | 1,239,000,000 | 2,253,000,000 | 2,516,000,000 | 2,573,000,000 | 4,893,000,000 | | Dividends paid | | | | 1,261,000,000 | 992,000,000 | 1,386,000,000 | 1,842,000,000 | 1,941,000,000 | 1,992,000,000 | 2,071,000,000 | 2,179,000,000 | 2,316,000,000 | 2,442,000,000 | | Share buybacks | 526,000,000 | 474,000,000 | 0.00 | | | | | | 0.00 | 9,000,000 | 130,000,000 | 0.00 | 0.00 | | Assets | | | | 46,835,000,000 | 46,352,000,000 | 45,302,000,000 | 46,040,000,000 | 44,165,000,000 | 47,612,000,000 | 48,433,000,000 | 52,627,000,000 | 54,532,000,000 | 58,573,000,000 | | Stockholders' equity | | | | 4,643,000,000 | 9,656,000,000 | 14,660,000,000 | 13,363,000,000 | 11,769,000,000 | 11,423,000,000 | 11,485,000,000 | 12,402,000,000 | 12,436,000,000 | 12,807,000,000 | | Free cash flow | | | | 2,104,000,000 | 690,000,000 | 37,000,000 | 1,584,000,000 | 2,257,000,000 | 2,706,000,000 | 2,636,000,000 | 3,422,000,000 | 2,401,000,000 | 1,005,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2007 | 2008 | 2009 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | -5.65% | 27.07% | -1.78% | 10.36% | 2.73% | 14.27% | 18.69% | 29.15% | 21.18% | 21.91% | | Operating margin | | | | 9.19% | 11.54% | 8.84% | 23.42% | 28.53% | 24.76% | 27.52% | 39.53% | 31.79% | 35.11% | | Return on equity | | | | -9.13% | 22.51% | -1.06% | 6.36% | 1.79% | 13.28% | 17.84% | 25.63% | 17.89% | 20.44% | | Return on assets | | | | -0.91% | 4.69% | -0.34% | 1.85% | 0.48% | 3.19% | 4.23% | 6.04% | 4.08% | 4.47% | | Liabilities / equity | | | | 9.09 | 3.80 | 2.09 | 2.45 | 2.75 | 3.17 | 3.22 | 3.24 | 3.39 | 3.57 | | Current ratio | | | | 0.50 | 0.82 | 0.81 | 0.40 | 0.62 | 0.91 | 0.78 | 0.77 | 0.50 | 0.53 | ## As-reported value updates 5 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/WMB/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-03. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000107263.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.49 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.76 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.38 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 2,559,000,000 | 654,000,000 | 0.54 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 2,784,000,000 | 1,138,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 2,771,000,000 | 632,000,000 | 0.52 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 2,336,000,000 | 401,000,000 | 0.33 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 2,653,000,000 | 706,000,000 | 0.58 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 2,743,000,000 | 486,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 3,048,000,000 | 691,000,000 | 0.56 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 2,781,000,000 | 546,000,000 | 0.45 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 2,923,000,000 | 647,000,000 | 0.53 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 3,198,000,000 | 734,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 3,030,000,000 | 865,000,000 | 0.70 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 3,053,000,000 | 827,000,000 | 0.68 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from WMB's latest 10-K: [/company/WMB/business/](/company/WMB/business/). ## Risk Factors Verbatim Item 1A Risk Factors from WMB's latest 10-K: [/company/WMB/risk-factors/](/company/WMB/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/107263/000010726326000026/wmb-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-03 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [["Combined Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations","Page"],["General","50"],["Company Outlook","52"],["Results of Operations","57"],["Williams","57"],["Transco","68"],["NWP","70"],["Management\u2019s Discussion and Analysis of Financial Condition and Liquidity","71"]] [[/GREPCENT_TABLE]] General Williams is an energy company committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Its operations are located in the United States. Williams’ interstate natural gas pipeline strategy is to create value by maximizing the utilization of its pipeline capacity by providing high-quality, low-cost transportation of natural gas to large and growing markets. Williams’ gas pipeline businesses’ interstate transmission and storage activities are subject to regulation by the FERC. As such, Williams’ rates and charges for the transportation of natural gas in interstate commerce; the extension, expansion, or abandonment of jurisdictional facilities; and accounting, among other things, are subject to regulation. The rates are established primarily through the FERC’s ratemaking process, but Williams may also negotiate rates with its customers pursuant to the terms of its tariffs and FERC policy. Changes in commodity prices and volumes transported have limited near-term impact on these revenues because the majority of the cost of service is recovered through firm capacity reservation charges in transportation rates. The ongoing strategy of Williams’ midstream operations is to safely and reliably operate large-scale midstream infrastructure where its assets can be fully utilized and drive low per-unit costs. Williams focuses on consistently attracting new business by providing highly reliable service to its customers. These services include natural gas gathering and processing, treating, compression and storage; NGL fractionation, transportation and storage; and crude oil production handling and transportation, as well as marketing services for NGL, crude oil, and natural gas. Consistent with the manner in which Williams’ CODM evaluates performance and allocates resources, Williams’ operations are conducted, managed, and presented within the following reportable segments: Transmission, Power & Gulf; Northeast G&P; West; and Gas & NGL Marketing Services (See Note 1 – Description of Business and Basis of Presentation). All remaining business activities, including upstream operations and corporate activities, are included in Other. Unless indicated otherwise, the following discussion and analysis of results of operations and financial condition and liquidity relates to Williams’ current continuing operations and should be read in conjunction with the financial statements and combined notes thereto of this Form 10-Q and the Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 24, 2026. Dividends In June 2026, Williams paid a regular quarterly dividend of $0.525 per share. Overview of Six Months Ended June 30, 2026 Net income (loss) attributable to The Williams Companies, Inc. for the six months ended June 30, 2026, increased $455 million compared to the six months ended June 30, 2025. Further discussion of the results is found in this report in the Results of Operations. 50 Table of Contents Management’s Discussion and Analysis (Continued) Recent Developments Momentum Midstream Acquisition In July 2026, Williams agreed to acquire Momentum for total consideration up to $5.5 billion, including approximately $2 billion of Williams common stock, subject to certain holding restrictions. Momentum’s assets in the Haynesville Shale region include 6 Bcf/d of gathering capacity and 4 Bcf/d of pipeline capacity. The transaction is expected to close later this year, subject to customary closing conditions and regulatory approvals. Power Innovation Joint Venture In July 2026, Williams sold a 49 percent noncontrolling interest in five power innovation projects, Socrates, Apollo, Aquila, Socrates the Younger, and Neo, to an investor in exchange for $5.34 billion of committed capital. The initial July 2026 contribution of approximately $3.75 billion is expected to increase both Capital in excess of par value and Noncontrolling interests in consolidated subsidiaries, reflecting the change in Williams’ ownership interest while retaining control as an equity transaction. The balance of the committed capital is expected to be received through early 2027. Cash distributions will generally align with ownership percentages and distributions to the investor in excess of a target return will serve to reduce its investment balance. In addition, Williams has a buyout right between years 7 and 14 based on the investor’s outstanding investment balance, preserving Williams’ long-term upside in the projects. Sale of Permian Interests Consolidated Permian Gathering Assets In June 2026, Williams signed an agreement to sell certain gas gathering assets in the Permian basin within its West segment. These operations were designated as held for sale at June 30, 2026. Williams expects to recognize a gain upon closing in the third quarter of 2026. See Note 3 – Divestitures. Brazos Permian II Equity-Method Investment In June 2026, Williams completed the sale of an equity-method investment in Brazos Permian II, LLC within its West segment for total consideration of $143 million, resulting in the recognition of a $127 million gain reflected in the second quarter of 2026. See Note 3 – Divestitures. Transco FERC Rate Case Filing On August 30, 2024, Transco filed a general rate case with the FERC for an overall increase in rates and to comply with the terms of the settlement of its prior rate case. On September 30, 2024, the FERC issued an order accepting and suspending Transco’s general rate filing to be effective March 1, 2025, subject to refund and the outcome of hearing procedures established by the FERC. The order also accepted rate decreases for certain services to be effective as of October 1, 2024. During the third quarter of 2025, Transco reached an agreement in principle with its customers and the other participants to settle all aspects of the rate case and accrued a related liability for rate refunds. Transco filed with the FERC in October 2025 for approval of the settlement. On December 30, 2025, the FERC approved the settlement which became effective March 1, 2026. The refunds were paid in April 2026. Sale of Mid-Continent Gathering Assets In February 2026, Williams closed on the sale of certain gas gathering assets in the Mid-Continent region. These operations were designated as held for sale at December 31, 2025 and an impairment, within the West segment, was recognized. See Note 7 – Fair Value Measurements and Guarantees. 51 Table of Contents Management’s Discussion and Analysis (Continued) Sale of South Mansfield Upstream Interests In January 2026, Williams closed on the sale of 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 recognized a gain of $182 million in the first quarter of 2026 and an additional gain of $12 million in the second quarter of 2026. See Note 3 – Divestitures. Expansion Project Updates Expansion projects placed into service for the current year are described below. Ongoing major expansion projects are discussed later in Company Outlook. Transmission, Power & Gulf Power Innovation- Socrates The project consists of the Socrates North and South power generation facilities and associated gas pipeline infrastructure in New Albany, Ohio, which together have an expected 556 MW of capacity. Socrates South was placed into service in late July 2026. Socrates North remains under construction and is expected to be placed into service later in the fourth quarter of 2026. The project is supported by a 10‑year, primarily fixed‑price power purchase agreement, with an option for the customer to extend the term of the agreement. Williams has received necessary approvals from the Ohio Power Siting Board.  Naughton Coal-to-Gas Conversion The project involves an expansion of NWP’s existing natural gas transmission system to provide year-round transportation capacity to a power plant in southwest Wyoming. NWP placed the project into service in April 2026, increasing NWP’s contracted capacity by 98 Mdth/d. Company Outlook Williams’ strategy is to provide a large-scale, reliable, and clean energy infrastructure designed to maximize the opportunities created by the vast supply of natural gas and natural gas products that exists in the United States. Williams accomplishes this by connecting the growing demand for cleaner fuels and feedstocks with our major positions in the premier natural gas and natural gas products supply basins. Williams continues to maintain a strong commitment to safety, environmental stewardship including seeking opportunities for renewable energy ventures, operational excellence, and customer satisfaction. Williams believes that accomplishing these goals will position it to deliver safe, reliable, clean energy services to its customers and an attractive return to shareholders. Williams’ business plan for 2026 includes a continued focus on earnings and cash flow growth. In 2026, Williams’ operating results are expected to benefit from the continued growth in the Transmission, Power & Gulf segment, primarily reflecting the impacts of the Socrates Power Innovation project, as well as numerous expansion projects at Transco and the Gulf of America. Growth in 2026 will benefit from a full year of the Louisiana Energy Gateway expansion project as well as expected increases in Haynesville Shale volumes, including the recently announced Momentum acquisition. Additionally, Williams expects higher gathering and processing results in the Northeast. These increases are partially offset by the divestiture of the South Mansfield upstream joint venture, and lower expected Eagle Ford results in our West segment which relate to contractual step-downs in minimum volume commitments. Williams seeks to maintain a strong financial position and liquidity, as well as manage a diversified portfolio of safe, clean, and reliable energy infrastructure assets that continue to serve key growth markets and supply basins in the United States. Williams’ growth capital and investment expenditures in 2026 are expected to range from $7.3 billion to $7.9 billion, excluding acquisitions and certain long-lead time equipment for power innovation projects which are backed by reimbursement from the customer if the equipment order is canceled. Growth capital 52 Table of Contents Management’s Discussion and Analysis (Continued) spending in 2026 primarily includes the Power Innovation projects, Transco expansions, all of which are fully contracted with firm transportation agreements, projects supporting growth in the Haynesville Shale basin, and projects supporting the Northeast G&P business. Williams is investing capital in the Louisiana LNG and Driftwood Pipeline projects, as well as the development of its Wamsutter upstream oil and gas properties. In addition to growth capital and investment expenditures, Williams also remains committed to projects that maintain its assets for safe and reliable operations, as well as projects that reduce emissions, and meet legal, regulatory, and/or contractual commitments. Potential risks and obstacles that could impact the execution of Williams’ plan include: •A global recession, which could result in downturns in financial markets and commodity prices, as well [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/107263/000010726326000006/wmb-20251231.htm Complete FY 2025 MD&A: /company/WMB/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-24 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [["Combined Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations","Page"],["General","55"],["Company Outlook","58"],["Results of Operations","64"],["Williams","64"],["Transco","78"],["NWP","81"],["Management\u2019s Discussion and Analysis of Financial Condition and Liquidity","83"]] [[/GREPCENT_TABLE]] General Williams is an energy company committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Its operations are located in the United States. Williams’ interstate natural gas pipeline strategy is to create value by maximizing the utilization of its pipeline capacity by providing high-quality, low-cost transportation of natural gas to large and growing markets. Williams’ gas pipeline businesses’ interstate transmission and storage activities are subject to regulation by the FERC. As such, Williams’ rates and charges for the transportation of natural gas in interstate commerce; the extension, expansion, or abandonment of jurisdictional facilities; and accounting, among other things, are subject to regulation. The rates are established primarily through the FERC’s ratemaking process, but Williams may also negotiate rates with its customers pursuant to the terms of its tariffs and FERC policy. Changes in commodity prices and volumes transported have limited near-term impact on these revenues because the majority of the cost of service is recovered through firm capacity reservation charges in transportation rates. The ongoing strategy of Williams’ midstream operations is to safely and reliably operate large-scale midstream infrastructure where its assets can be fully utilized and drive low per-unit costs. Williams focuses on consistently attracting new business by providing highly reliable service to its customers. These services include natural gas gathering and processing, treating, compression and storage; NGL fractionation, transportation and storage; and crude oil production handling and transportation, as well as marketing services for NGL, crude oil, and natural gas. Consistent with the manner in which Williams’ CODM evaluates performance and allocates resources, Williams’ operations are conducted, managed, and presented within the following reportable segments: Transmission, Power & Gulf; Northeast G&P; West; and Gas & NGL Marketing Services. All remaining business activities, including upstream operations and corporate activities, are included in Other. See Note 1 – Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies for a full description of each segment. Unless indicated otherwise, the following discussion and analysis of results of operations and financial condition and liquidity relates to Williams’ current continuing operations and should be read in conjunction with the financial statements and combined notes thereto included in Part II, Item 8. Financial Statements and Supplementary Data of this report. Dividends In December 2025, Williams paid a regular quarterly dividend of $0.500 per share. On January 27, 2026, Williams’ board of directors approved a regular quarterly dividend of $0.525 per share payable on March 30, 2026. 55 Table of Contents Management’s Discussion and Analysis (Continued) Overview of Year Ended December 31, 2025 Net income (loss) attributable to The Williams Companies, Inc. for the year ended December 31, 2025, increased $393 million compared to the year ended December 31, 2024. Further discussion of the results is found in this report in the Results of Operations. Recent Developments Transco FERC Rate Case Filing On August 30, 2024, Transco filed a general rate case with the FERC for an overall increase in rates and to comply with the terms of the settlement of its prior rate case. On September 30, 2024, the FERC issued an order accepting and suspending Transco’s general rate filing to be effective March 1, 2025, subject to refund and the outcome of hearing procedures established by the FERC. The order also accepted rate decreases for certain services to be effective as of October 1, 2024. During the third quarter of 2025, Transco reached an agreement in principle with its customers and the other participants to settle all aspects of the rate case and has accrued a related liability for rate refunds. Transco filed with the FERC in October 2025 for approval of the settlement. On December 30, 2025, the FERC approved the settlement which will become effective March 1, 2026. Power Innovation Projects Williams continues to pursue projects to support the power demands created by new data center and industrial development in power grid-constrained markets, including agreements with a large, investment-grade company to provide onsite natural gas and power generation infrastructure. See Expansion Projects for further discussion. Sale of Mid-Continent Gathering Assets In December 2025, Williams’ management approved a plan to sell certain gas gathering assets in the Mid-Continent region. These operations were designated as held for sale at December 31, 2025 and an impairment, within the West segment, has been recognized for 2025. 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. The transaction closed in January 2026, and Williams expects to recognize a gain in the first quarter of 2026. Investments in Louisiana LNG and Driftwood Pipeline Projects In October 2025, Williams closed on various agreements with the same counterparty to acquire a 10 percent equity-method investment in Louisiana LNG, which is developing a fully permitted LNG export facility, and an 80 percent interest in Driftwood Pipeline, which is constructing a fully permitted greenfield pipeline, Line 200, 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. Williams will also manage the gas supply for the LNG facility and purchase approximately 10 percent of the LNG produced. Saber Asset Purchase In June 2025, Williams acquired 100 percent of Saber Midstream, LLC (Saber). The acquisition, which was accounted for as an asset purchase, included cash consideration of $47 million and the retention of $113 million of Saber’s debt, which was separately repaid in full within the same month. Saber operates a gas gathering system in the Haynesville Shale region in the West segment. 56 Table of Contents Management’s Discussion and Analysis (Continued) Cogentrix Investment In March 2025, Williams purchased a minority interest in Cogentrix for $153 million, which is accounted for as an equity-method investment within the Gas & NGL Marketing Services segment. Cogentrix owns interests in 11 natural gas power plants (see Note 8 – Investing Activities). Rimrock Asset Purchase On January 31, 2025, Williams purchased a group of natural gas gathering and processing assets from Rimrock Energy Partners, LLC (Rimrock) for approximately $325 million, to expand Williams’ gathering and processing footprint and create operational synergies in the DJ Basin in the West segment. Expansion Project Updates Expansion projects placed into service for the current year are described below. Ongoing major expansion projects are discussed later in Company Outlook. Transmission, Power & Gulf Overthrust Westbound Compression Expansion In October 2024, MountainWest received approval from the FERC for the project, which involves an expansion of MountainWest’s existing natural gas transmission system to provide incremental firm transportation capacity from multiple receipt points in Wamsutter, Wyoming to a delivery point in Opal, Wyoming. MountainWest placed the project into service in November 2025, increasing capacity by 325 Mdth/d. Stanfield South The project on NWP’s existing natural gas transmission system provides year-round transportation capacity from the Stanfield receipt point in Oregon to multiple delivery points in Idaho and a new delivery meter in Wyoming. NWP placed the project into service in November 2025, increasing NWP’s contracted capacity by 80 Mdth/d. Commonwealth Energy Connector In November 2023, Transco received approval from the FERC for the project, which involves an expansion of Transco’s existing natural gas transmission system to provide incremental firm transportation capacity in Virginia. Transco placed the project into service in November 2025, increasing Transco’s capacity by 105 Mdth/d. Alabama Georgia Connector In March 2024, Transco received approval from the FERC for the project, which involves an expansion of Transco’s existing natural gas transmission system to provide incremental firm transportation capacity from Transco’s Station 85 pooling point in Alabama to customers in Georgia. Transco placed the project into service in October 2025, increasing Transco’s capacity by 64 Mdth/d. Deepwater Shenandoah Project In June 2021, Williams reached an agreement with two third parties to provide offshore natural gas gathering and transportation services as well as onshore natural gas processing services. The project expands the existing Gulf of America offshore infrastructure connecting to a third-party offshore lateral pipeline from the Shenandoah platform to Discovery’s existing Keathley Canyon Connector pipeline, adds onshore processing 57 Table of Contents Management’s Discussion and Analysis (Continued) facilities at Larose, Louisiana to handle the expected rich Shenandoah production, and the natural gas liquids are now fractionated and marketed at Discovery’s Paradis plant in Louisiana. This project was placed into service in July 2025. Texas to Louisiana Energy Pathway In January 2024, Transco received approval from the FERC for the project, which involves an expansion of Transco’s existing natural gas transmission system to provide firm transportation capacity from receipt points in south Texas to delivery points in Texas and Louisiana. Transco placed the project into service in April 2025. Under the project, Transco provides 364 Mdth/d of new firm transportation service through a combination of increasing capacity, converting interruptible capacity to firm, and utilizing existing capacity. Southeast Energy Connector In November 2023, Transco received approval from the FERC for the project, which involves an expansion of Transco’s existing natural gas transmission system to provide incremental firm transportation capacity from receipt points in Mississippi and Alabama to a delivery point in Alabama. Transco placed the project into service in April 2025, increasing Transco’s capacity by 150 Mdth/d. Deepwater Whale Project In August 2021, Williams reached an agreement with two third parties to provide offshore natural gas gathering and crude oil transportation services as well as onshore natural gas processing services. The project expands its existing Western Gulf of America offshore infrastructure via a 26-mile gas lateral pipeline from the Whale platform to the existing Perdido gas pipeline and adds a new 124-mile oil pipeline from the Whale platform to Williams’ existing junction platform. This project was placed into service in January 2025. West Haynesville Gathering Expansion In February 2023, Williams announced its agreement with a third party to facilitate natural gas production growth in the Haynesville Shale basin for the [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/WMB/mda/fy2025/ All MD&A years: /company/WMB/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/WMB/mda/fy2024/): filed 2025-02-25; accession 0000107263-25-000031 (https://www.sec.gov/Archives/edgar/data/107263/000010726325000031/wmb-20241231.htm) - [FY 2023 MD&A](/company/WMB/mda/fy2023/): filed 2024-02-21; accession 0000107263-24-000019 (https://www.sec.gov/Archives/edgar/data/107263/000010726324000019/wmb-20231231.htm) - [FY 2022 MD&A](/company/WMB/mda/fy2022/): filed 2023-02-27; accession 0000107263-23-000007 (https://www.sec.gov/Archives/edgar/data/107263/000010726323000007/wmb-20221231.htm) - [FY 2021 MD&A](/company/WMB/mda/fy2021/): filed 2022-02-28; accession 0000107263-22-000007 (https://www.sec.gov/Archives/edgar/data/107263/000010726322000007/wmb-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 4922 Natural Gas Transmission) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/WMB.md · JSON record: /company/WMB.json · verified financials: /company/WMB/financials.json / /company/WMB/financials.csv · machine TOC for the whole site: /llms.txt