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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

The Williams Companies, Inc.

Transcontinental Gas Pipe Line Company, LLC

Northwest Pipeline LLC

(Exact name of registrant as specified in its charter)


	Commission file number:	State or Other Jurisdiction of Incorporation or Organization:	IRS Employer Identification No.:
The Williams Companies, Inc.	1-4174	Delaware	73-0569878
Transcontinental Gas Pipe Line Company, LLC	1-7584	Delaware	74-1079400
Northwest Pipeline LLC	1-7414	Delaware	26-1157701


	Address of Principal Executive Offices:	Zip Code:	Registrant’s Telephone Number, Including Area Code:
The Williams Companies, Inc.	One Williams Center, Tulsa, Oklahoma	74172	800-945-5426 (800-WILLIAMS)
Transcontinental Gas Pipe Line Company, LLC	2800 Post Oak Boulevard, Houston, Texas	77056	713-215-2000
Northwest Pipeline LLC	One Williams Center, Tulsa, Oklahoma	74172	800-945-5426

NO CHANGE

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


	Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
The Williams Companies, Inc.	Common Stock, $1.00 par value	WMB	New York Stock Exchange
Transcontinental Gas Pipe Line Company, LLC	None	None	None
Northwest Pipeline LLC	None	None	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

The Williams Companies, Inc.

Yes

☑

☐

Transcontinental Gas Pipe Line Company, LLC

Yes

☑

☐

Northwest Pipeline LLC

Yes

☑

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

The Williams Companies, Inc.

Yes

☑

☐

Transcontinental Gas Pipe Line Company, LLC

Yes

☑

☐

Northwest Pipeline LLC

Yes

☑

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

The Williams Companies, Inc.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

Transcontinental Gas Pipe Line Company, LLC

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☑

Smaller reporting company

☐

Emerging growth company

☐

Northwest Pipeline LLC

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☑

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


The Williams Companies, Inc.			☐
Transcontinental Gas Pipe Line Company, LLC			☐
Northwest Pipeline LLC			☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

The Williams Companies, Inc.

Yes

☐

☑

Transcontinental Gas Pipe Line Company, LLC

Yes

☐

☑

Northwest Pipeline LLC

Yes

☐

☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


			July 31, 2025
The Williams Companies, Inc.			1,221,177,427
Transcontinental Gas Pipe Line Company, LLC			None
Northwest Pipeline LLC			None

Both Transcontinental Gas Pipe Line Company, LLC and Northwest Pipeline LLC meet the conditions set forth in General Instructions H(1)(a) and (b) of Form 10‑Q and are therefore filing this Form 10‑Q with the reduced disclosure format specified in General Instructions H(2)(a), (b), and (c) of Form 10‑Q.

This combined Form 10‑Q is separately filed by The Williams Companies, Inc., Transcontinental Gas Pipe Line Company, LLC, and Northwest Pipeline LLC. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants.

FORM 10-Q

TABLE OF CONTENTS


						Page
Part I. Financial Information						8
Item 1. Financial Statements						8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations						53
Item 3. Quantitative and Qualitative Disclosures About Market Risk						78
Item 4. Controls and Procedures						79
Part II. Other Information						81
Item 1. Legal Proceedings						81
Item 1A. Risk Factors						82

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities						82
Item 5. Other Information						82
Item 6. Exhibits						83

The reports, filings, and other public announcements of Williams, Transco, and NWP 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 and Section 21E of the 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. Williams, Transco, and NWP make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995, as applicable.

All statements, other than statements of historical facts, included in this report that address activities, events, or developments that Williams, Transco, and NWP 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 Transco, NWP, and 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;

Table of Contents

•Seasonality of certain business components;

•Natural gas, natural gas liquids, and crude oil prices, supply, and demand;

•Demand for services.

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 Williams’, Transco’s, and NWP’s 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 the ability and the ability of other energy companies with whom Williams, Transco, and NWP conduct or seek to conduct business, to obtain necessary permits and approvals, and the ability to achieve favorable rate proceeding outcomes;

•Exposure to the credit risk of customers and counterparties;

•Williams’ ability to acquire new businesses and assets and successfully integrate those operations and assets into existing businesses as well as successfully expand 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 competitors and the effects of competition;

•The amount of cash distributions from and capital requirements of Williams’ investments and joint ventures in which Williams participates;

•The ability of Williams to effectively execute on its 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 facilities;

•Acts of terrorism, cybersecurity incidents, and related disruptions;

•Williams’ costs and funding obligations for defined benefit pension plans and other postretirement benefit plans, and Transco’s and NWP’s allocations regarding the same;

•Changes in maintenance and construction costs, as well as the ability to obtain sufficient construction- related inputs, including skilled labor;

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•Inflation, interest rates, tariffs on foreign-made materials and goods (including steel and steel pipes) necessary to conduct 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;

•The ability of the members of the Organization of Petroleum Exporting Countries (OPEC) 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, including the Russian invasion of Ukraine and conflicts in the Middle East;

•Changes in U.S. governmental administration and policies;

•Whether Williams is able to pay current and expected levels of dividends;

•Additional risks described in Williams’, Transco’s, and NWP’s SEC filings.

Given the uncertainties and risk factors that could cause Williams’, Transco’s, and NWP’s actual results to differ materially from those contained in any forward-looking statement, Williams, Transco, and NWP caution investors not to unduly rely on these forward-looking statements. Williams, Transco, and NWP 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 actual results to differ, the factors listed above and referred to below may cause Williams’, Transco’s, and NWP’s intentions to change from those statements of intention set forth in this report. Such changes in intentions may also cause results to differ. Williams, Transco, and NWP may change intentions, at any time and without notice, based upon changes in such factors, assumptions, or otherwise.

Because forward-looking statements involve risks and uncertainties, Williams, Transco, and NWP 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 Part I, Item 1A. Risk Factors in the Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 25, 2025, as may be supplemented by disclosures in Part II, Item 1A. Risk Factors in subsequent Quarterly Reports on Form 10‑Q.

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DEFINITIONS

The following is a listing of certain abbreviations, acronyms, and other industry terminology that may be used throughout this Form 10-Q.

Measurements:

Barrel or Bbl: One barrel of petroleum products that equals 42 U.S. gallons

Mbbls/d: One thousand barrels per day

Bcf : One billion cubic feet of natural gas

Bcf/d: One billion cubic feet of natural gas per day

MMcf/d: One million cubic feet of natural gas per day

British Thermal Unit (Btu): A unit of energy needed to raise the temperature of one pound of water by one degree Fahrenheit

MMBtu: One million British thermal units

Dekatherms (Dth): A unit of energy equal to one million British thermal units

Mdth/d: One thousand dekatherms per day

MMdth: One million dekatherms or approximately one trillion British thermal units

MMdth/d: One million dekatherms per day

Government and Regulatory:

EPA: Environmental Protection Agency

Exchange Act, the: Securities and Exchange Act of 1934, as amended

FERC: Federal Energy Regulatory Commission

SEC: Securities and Exchange Commission

Securities Act, the: Securities Act of 1933, as amended

Other:

Note: References to numerical notes refer to the Combined Notes to Financial Statements.

EBITDA: Earnings before interest, taxes, depreciation, depletion, and amortization

Fractionation: The process by which a mixed stream of natural gas liquids is separated into constituent products, such as ethane, propane, and butane

GAAP: U.S. generally accepted accounting principles

LNG: Liquefied natural gas; natural gas which has been liquefied at cryogenic temperatures

MVC: Minimum volume commitments

NGLs: Natural gas liquids; natural gas liquids result from natural gas processing and crude oil refining and are used as petrochemical feedstocks, heating fuels, and gasoline additives, among other applications.

Equity NGL margins: NGL revenues less Btu replacement cost, plant fuel, transportation, and fractionation

Registrants: The Williams Companies, Inc. (Williams), and Williams’ wholly owned subsidiaries Transcontinental Gas Pipe Line Company, LLC (Transco) and Northwest Pipeline LLC (NWP) are each individually referred to as a Registrant and collectively as the Registrants.

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Appalachia Midstream Investments: Williams’ equity-method investments with an approximate average 66 percent interest in multiple gas gathering systems in the Marcellus Shale region

Crowheart Acquisition: On November 1, 2024, Williams closed on the acquisition of Crowheart Energy, LLC, resulting in more than a 90 percent ownership interest in certain crude oil and natural gas properties in the Wamsutter basin in Wyoming. Prior to this acquisition, Williams held a 75 percent undivided interest in each well’s working interest.

Discovery Acquisition: On August 1, 2024, Williams closed on the acquisition of the remaining 40 percent interest in Discovery Producer Services, LLC (Discovery) which operates a natural gas gathering and transportation system in the Gulf of America and processing and fractionation facilities in Louisiana, along with certain other assets.

Gulf Coast Storage Acquisition: On January 3, 2024, Williams closed on the acquisition of 100 percent of both Hartree Cardinal Gas, LLC and Hartree Natural Gas Storage, LLC (collectively, “Hartree”), which own natural gas storage facilities and pipelines in Louisiana and Mississippi.

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PART I

Item 1. Financial Statements


			Page
Williams:

Consolidated Statements of Income – Three and Six Months Ended June 30, 2025 and 2024			9
Consolidated Statements of Comprehensive Income (Loss) – Three and Six Months Ended June 30, 2025 and 2024			10
Consolidated Balance Sheets – June 30, 2025 and December 31, 2024			11
Consolidated Statements of Changes in Equity – Three and Six Months Ended June 30, 2025 and 2024			12
Consolidated Statements of Cash Flows – Six Months Ended June 30, 2025 and 2024			14
Transco:

Statements of Net Income – Three and Six Months Ended June 30, 2025 and 2024			15
Balance Sheets – June 30, 2025 and December 31, 2024			16
Statements of Changes in Member’s Equity – Three and Six Months Ended June 30, 2025 and 2024			17
Statements of Cash Flows – Six Months Ended June 30, 2025 and 2024			18
NWP:

Statements of Net Income – Three and Six Months Ended June 30, 2025 and 2024			19
Balance Sheets – June 30, 2025 and December 31, 2024			20
Statements of Changes in Member’s Equity – Three and Six Months Ended June 30, 2025 and 2024			21
Statements of Cash Flows – Six Months Ended June 30, 2025 and 2024			22

Combined Notes to Financial Statements			23

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The Williams Companies, Inc.

Consolidated Statement of Income

(Unaudited)



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Millions, except per-share amounts)
Revenues:
Service revenues	$	2,041	$	1,837	$	4,044	$	3,742
Service revenues – commodity consideration	47		18		96		48
Product sales	657		610		1,715		1,455
Net gain (loss) from commodity derivatives	36		(129)		(26)		(138)
Total revenues	2,781		2,336		5,829		5,107
Costs and expenses:
Product costs	474		424		1,089		950
Net processing commodity expenses	4		17		32		22
Operating and maintenance expenses	572		522		1,114		1,033
Depreciation, depletion, and amortization expenses	605		540		1,190		1,088
Selling, general, and administrative expenses	168		164		362		350




Other (income) expense – net	13		(27)		3		(44)
Total costs and expenses	1,836		1,640		3,790		3,399
Operating income (loss)	945		696		2,039		1,708
Equity earnings (losses)	142		147		297		284


Other investing income (loss) – net	4		18		12		42
Interest expense	(350)		(339)		(699)		(688)



Other income (expense) – net	16		33		30		64
Income (loss) before income taxes	757		555		1,679		1,410
Less: Provision (benefit) for income taxes	174		129		367		322


Net income (loss)	583		426		1,312		1,088
Less: Net income (loss) attributable to noncontrolling interests	37		25		75		55
Net income (loss) attributable to The Williams Companies, Inc.	546		401		1,237		1,033
Less: Preferred stock dividends	—		—		1		1
Net income (loss) available to common stockholders	$	546	$	401	$	1,236	$	1,032




Basic earnings (loss) per common share:


Net income (loss) available to common stockholders	$	.45	$	.33	$	1.01	$	.85
Weighted-average shares (thousands)	1,221,650		1,219,367		1,221,158		1,218,761
Diluted earnings (loss) per common share:


Net income (loss) available to common stockholders	$	.45	$	.33	$	1.01	$	.84
Weighted-average shares (thousands)	1,224,284		1,222,236		1,224,462		1,222,229

See the Combined Notes to Financial Statements.

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The Williams Companies, Inc.

Consolidated Statement of Comprehensive Income (Loss)

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,

	2025		2024		2025		2024
	(Millions)
Net income (loss)	$	583	$	426	$	1,312	$	1,088
Other comprehensive income (loss):
Designated interest rate cash flow hedging activities:

Net unrealized gain (loss) from derivative instruments, net of taxes of $(1) and $(1) in 2025 and $(2) and $(5) in 2024	2		4		3		15


Reclassifications into earnings of net derivative instruments (gain) loss, net of taxes of $— and $— in 2025 and $— and $— in 2024	—		—		(1)		(1)




Pension and other postretirement benefits:






Amortization of actuarial (gain) loss and net actuarial loss from settlements included in net periodic benefit cost (credit), net of taxes of $— and $— in 2025 and $— and $— in 2024	(1)		(1)		(1)		(1)





Other comprehensive income (loss)	1		3		1		13
Comprehensive income (loss)	584		429		1,313		1,101
Less: Comprehensive income (loss) attributable to noncontrolling interests	37		25		75		55
Comprehensive income (loss) attributable to The Williams Companies, Inc.	$	547	$	404	$	1,238	$	1,046

See the Combined Notes to Financial Statements.

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The Williams Companies, Inc.

Consolidated Balance Sheet

(Unaudited)


	June 30,		December 31,

	2025		2024
	(Millions, except per-share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$	903	$	60
Trade accounts and other receivables (net of allowance of ($1) at June 30, 2025 and December 31, 2024)	1,563		1,863
Inventories	335		279
Derivative assets	202		267
Other current assets and deferred charges	218		192
Total current assets	3,221		2,661

Investments	4,209		4,140
Property, plant, and equipment	59,391		57,395
Accumulated depreciation, depletion, and amortization	(19,618)		(18,703)
Property, plant, and equipment – net	39,773		38,692
Intangible assets – net	7,100		7,209
Regulatory assets, deferred charges, and other	1,838		1,830
Total assets	$	56,141	$	54,532

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	1,414	$	1,613
Derivative liabilities	108		164
Other current liabilities	1,521		1,360
Commercial paper	—		455
Long-term debt due within one year	2,969		1,720
Total current liabilities	6,012		5,312

Long-term debt	25,603		24,736
Deferred income tax liabilities	4,563		4,376
Regulatory liabilities, deferred income, and other	5,158		5,268
Contingent liabilities and commitments (Note 10)

Equity:
Stockholders’ equity:
Preferred stock ($1 par value; 30 million shares authorized at June 30, 2025 and December 31, 2024; 35 thousand shares issued at June 30, 2025 and December 31, 2024)	35		35
Common stock ($1 par value; 1,470 million shares authorized at June 30, 2025 and December 31, 2024; 1,260 million shares issued at June 30, 2025 and 1,258 million shares issued at December 31, 2024)	1,260		1,258
Capital in excess of par value	24,633		24,643
Retained deficit	(12,387)		(12,396)
Accumulated other comprehensive income (loss)	77		76
Treasury stock, at cost (39 million shares at June 30, 2025 and December 31, 2024 of common stock)	(1,180)		(1,180)
Total stockholders’ equity	12,438		12,436
Noncontrolling interests in consolidated subsidiaries	2,367		2,404
Total equity	14,805		14,840
Total liabilities and equity	$	56,141	$	54,532

See the Combined Notes to Financial Statements.

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The Williams Companies, Inc.

Consolidated Statement of Changes in Equity

(Unaudited)


	The Williams Companies, Inc. Stockholders
	Preferred Stock		Common Stock		Capital in Excess of Par Value		Retained Deficit		AOCI*		Treasury Stock		Total Stockholders’ Equity		Noncontrolling Interests		Total Equity
	(Millions)
Balance at March 31, 2025	$	35	$	1,260	$	24,616	$	(12,320)	$	76	$	(1,180)	$	12,487	$	2,378	$	14,865

Net income (loss)	—		—		—		546		—		—		546		37		583
Other comprehensive income (loss)	—		—		—		—		1		—		1		—		1



Cash dividends – common stock ($0.50 per share)	—		—		—		(611)		—		—		(611)		—		(611)

Stock-based compensation and related common stock issuances, net of tax	—		—		17		—		—		—		17		—		17


Dividends and distributions to noncontrolling interests	—		—		—		—		—		—		—		(62)		(62)
Contributions from noncontrolling interests	—		—		—		—		—		—		—		14		14

Other	—		—		—		(2)		—		—		(2)		—		(2)
Net increase (decrease) in equity	—		—		17		(67)		1		—		(49)		(11)		(60)
Balance at June 30, 2025	$	35	$	1,260	$	24,633	$	(12,387)	$	77	$	(1,180)	$	12,438	$	2,367	$	14,805

Balance at March 31, 2024	$	35	$	1,258	$	24,564	$	(12,238)	$	10	$	(1,180)	$	12,449	$	2,481	$	14,930
Net income (loss)	—		—		—		401		—		—		401		25		426
Other comprehensive income (loss)	—		—		—		—		3		—		3		—		3
Cash dividends – common stock ($0.475 per share)	—		—		—		(579)		—		—		(579)		—		(579)

Stock-based compensation and related common stock issuances, net of tax	—		—		25		—		—		—		25		—		25

Dividends and distributions to noncontrolling interests	—		—		—		—		—		—		—		(66)		(66)
Contributions from noncontrolling interests	—		—		—		—		—		—		—		10		10

Other	—		—		—		(3)		—		—		(3)		—		(3)
Net increase (decrease) in equity	—		—		25		(181)		3		—		(153)		(31)		(184)
Balance at June 30, 2024	$	35	$	1,258	$	24,589	$	(12,419)	$	13	$	(1,180)	$	12,296	$	2,450	$	14,746

*Accumulated Other Comprehensive Income (Loss)

See the Combined Notes to Financial Statements.

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The Williams Companies, Inc.

Consolidated Statement of Changes in Equity (Continued)

(Unaudited)


	The Williams Companies, Inc. Stockholders
	Preferred Stock		Common Stock		Capital in Excess of Par Value		Retained Deficit		AOCI*		Treasury Stock		Total Stockholders’ Equity		Noncontrolling Interests		Total Equity
	(Millions)






























Balance at December 31, 2024	35		1,258		24,643		(12,396)		76		(1,180)		12,436		2,404		14,840
Net income (loss)	—		—		—		1,237		—		—		1,237		75		1,312
Other comprehensive income (loss)	—		—		—		—		1		—		1		—		1
Cash dividends – common stock ($1.00 per share)	—		—		—		(1,221)		—		—		(1,221)		—		(1,221)
Stock-based compensation and related common stock issuances, net of tax	—		2		(10)		—		—		—		(8)		—		(8)
Dividends and distributions to noncontrolling interests	—		—		—		—		—		—		—		(131)		(131)


Contributions from noncontrolling interests	—		—		—		—		—		—		—		19		19


Other	—		—		—		(7)		—		—		(7)		—		(7)
Net increase (decrease) in equity	—		2		(10)		9		1		—		2		(37)		(35)
Balance at June 30, 2025	$	35	$	1,260	$	24,633	$	(12,387)	$	77	$	(1,180)	$	12,438	$	2,367	$	14,805

Balance at December 31, 2023	$	35	$	1,256	$	24,578	$	(12,287)	$	—	$	(1,180)	$	12,402	$	2,489	$	14,891
Net income (loss)	—		—		—		1,033		—		—		1,033		55		1,088
Other comprehensive income (loss)	—		—		—		—		13		—		13		—		13
Cash dividends – common stock $0.95 per share)	—		—		—		(1,158)		—		—		(1,158)		—		(1,158)
Stock-based compensation and related common stock issuances, net of tax	—		2		11		—		—		—		13		—		13
Dividends and distributions to noncontrolling interests	—		—		—		—		—		—		—		(130)		(130)

Contributions from noncontrolling interests	—		—		—		—		—		—		—		36		36

Other	—		—		—		(7)		—		—		(7)		—		(7)
Net increase (decrease) in equity	—		2		11		(132)		13		—		(106)		(39)		(145)
Balance at June 30, 2024	$	35	$	1,258	$	24,589	$	(12,419)	$	13	$	(1,180)	$	12,296	$	2,450	$	14,746

*Accumulated Other Comprehensive Income (Loss)

See the Combined Notes to Financial Statements.

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The Williams Companies, Inc.

Consolidated Statement of Cash Flows

(Unaudited)


	Six Months Ended June 30,
	2025		2024
	(Millions)
OPERATING ACTIVITIES:
Net income (loss)	$	1,312	$	1,088
Adjustments to reconcile to net cash provided (used) by operating activities:
Depreciation, depletion, and amortization	1,190		1,088
Provision (benefit) for deferred income taxes	186		258
Equity (earnings) losses	(297)		(284)
Distributions from equity-method investees	412		394



Net unrealized (gain) loss from commodity derivative instruments	(4)		223



Inventory write-downs	4		6
Amortization of stock-based awards	49		48
Cash provided (used) by changes in current assets and liabilities:
Accounts receivable	301		270
Inventories	(61)		(3)
Other current assets and deferred charges	(36)		12
Accounts payable	(265)		(219)
Other current liabilities	150		(76)
Changes in current and noncurrent commodity derivative assets and liabilities	19		(141)
Other, including changes in noncurrent assets and liabilities	(77)		(151)
Net cash provided (used) by operating activities	2,883		2,513
FINANCING ACTIVITIES:
Proceeds from (payments of) commercial paper – net	(454)		(95)
Proceeds from long-term debt	2,994		2,100
Payments of long-term debt	(975)		(2,274)
Payments for debt issuance costs	(26)		(18)
Proceeds from issuance of common stock	5		5

Common dividends paid	(1,221)		(1,158)
Dividends and distributions paid to noncontrolling interests	(131)		(130)
Contributions from noncontrolling interests	19		36
Other – net	(57)		(18)
Net cash provided (used) by financing activities	154		(1,552)
INVESTING ACTIVITIES:
Property, plant, and equipment:
Capital expenditures (1)	(1,984)		(1,123)
Dispositions – net	(40)		(27)


Purchases of businesses, net of cash acquired (Note 3)	(1)		(1,844)

Purchases of and contributions to equity-method investments	(179)		(82)
Other – net	10		20
Net cash provided (used) by investing activities	(2,194)		(3,056)
Increase (decrease) in cash and cash equivalents	843		(2,095)
Cash and cash equivalents at beginning of year	60		2,150
Cash and cash equivalents at end of period	$	903	$	55
_________
(1) Increases to property, plant, and equipment	$	(2,041)	$	(1,141)
Changes in related accounts payable and accrued liabilities	57		18
Capital expenditures	$	(1,984)	$	(1,123)

See the Combined Notes to Financial Statements.

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Transcontinental Gas Pipe Line Company, LLC

Statement of Net Income

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Millions)
Revenues:
Natural gas transportation service revenues	$	694	$	634	$	1,384	$	1,286
Natural gas storage service revenues	63		48		118		96
Natural gas product sales	26		22		44		46
Other service revenues	8		6		15		14
Total revenues	791		710		1,561		1,442

Costs and expenses:
Natural gas product costs	26		22		44		46
Operating and maintenance expenses	117		118		241		238
Selling, general, and administrative expenses	53		52		110		103
Depreciation and amortization expenses	166		131		315		265
Taxes, other than income taxes	31		29		61		57

Other (income) expense – net	15		(10)		21		(25)
Total costs and expenses	408		342		792		684

Operating income (loss)	383		368		769		758

Interest expense	(81)		(80)		(162)		(161)
Interest income	7		15		15		33
Allowance for equity and borrowed funds used during construction (AFUDC)	6		27		15		50
Other income (expense) – net	(1)		(1)		(2)		(3)

Net income (loss)	$	314	$	329	$	635	$	677

See the Combined Notes to Financial Statements.

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Transcontinental Gas Pipe Line Company, LLC

Balance Sheet

(Unaudited)


	June 30,		December 31,
	2025		2024
	(Millions)
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—
Trade accounts and other receivables:
Advances to affiliate	555		638
Trade	281		250
Affiliates	7		24
Other	10		12

Inventories	84		81



Regulatory assets	124		74
Other current assets and deferred charges	27		24
Total current assets	1,088		1,103

Property, plant and equipment	20,444		20,044
Accumulated depreciation and amortization	(6,256)		(5,941)
Property, plant, and equipment – net	14,188		14,103


Regulatory assets	265		320
Deferred charges and other	457		405



Total assets	$	15,998	$	15,931

LIABILITIES AND MEMBER’S EQUITY
Current liabilities:
Payables:
Trade	$	230	$	258
Affiliates	42		55
Regulatory liabilities	81		58
Other current liabilities	295		181
Asset retirement obligations	52		22
Long-term debt due within one year	1,035		35
Total current liabilities	1,735		609
Long-term debt	4,186		5,200
Regulatory liabilities	915		976
Asset retirement obligations	569		593
Deferred income and other	259		248
Contingent liabilities and commitments (Note 10)

Member’s equity:
Member’s capital	5,088		5,088
Retained earnings	3,246		3,217
Total member’s equity	8,334		8,305
Total liabilities and member’s equity	$	15,998	$	15,931

See the Combined Notes to Financial Statements.

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Transcontinental Gas Pipe Line Company, LLC

Statement of Changes in Member’s Equity

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Millions)
Member’s Capital:
Balance at beginning and end of period	$	5,088	$	5,088	$	5,088	$	5,088




Retained Earnings:
Balance at beginning of period	3,292		3,077		3,217		3,049
Net income	314		329		635		677
Cash distributions to parent	(360)		(330)		(606)		(650)


Balance at end of period	3,246		3,076		3,246		3,076

Total Member’s Equity	$	8,334	$	8,164	$	8,334	$	8,164

See the Combined Notes to Financial Statements.

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Transcontinental Gas Pipe Line Company, LLC

Statement of Cash Flows

(Unaudited)


	Six Months Ended June 30,
	2025		2024
	(Millions)
OPERATING ACTIVITIES:
Net income (loss)	$	635	$	677
Adjustments to reconcile net cash provided (used) by operating activities:
Depreciation and amortization	315		265

Allowance for equity funds used during construction (equity AFUDC)	(12)		(41)

Cash provided (used) by changes in current assets and liabilities:
Affiliate receivables	17		—
Trade and other accounts receivable	(29)		29

Inventories	(3)		1
Regulatory assets	(50)		6
Other current assets and deferred charges	(3)		(1)
Trade accounts payable	(17)		4
Affiliate payables	(13)		(16)

Other current liabilities	161		10

Other, including changes in noncurrent assets and liabilities	(14)		(56)
Net cash provided (used) by operating activities	987		878

FINANCING ACTIVITIES:

Proceeds from other financing obligations	2		2

Payments on other financing obligations	(17)		(15)

Cash distributions to parent	(606)		(650)


Net cash provided (used) by financing activities	(621)		(663)
INVESTING ACTIVITIES:
Property, plant, and equipment:
Capital expenditures (1)	(405)		(512)
Contributions and advances for construction costs	16		11
Dispositions - net	(47)		(41)
Advances to affiliate - net	83		326

Purchase of asset retirement obligations trust investments	(27)		(11)
Proceeds from sale of asset retirement obligations trust investments	14		12

Net cash provided (used) by investing activities	(366)		(215)


Increase (decrease) in cash and cash equivalents	—		—
Cash and cash equivalents at beginning of year	—		—
Cash and cash equivalents at end of period	$	—	$	—
____________________________
(1) Increase to property, plant, and equipment, exclusive of equity AFUDC	$	(390)	$	(579)
Changes in related accounts payable and accrued liabilities	(15)		67
Capital expenditures	$	(405)	$	(512)

See the Combined Notes to Financial Statements.

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Northwest Pipeline LLC

Statement of Net Income

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Millions)
Revenues:
Natural gas transportation service revenues	$	107	$	99	$	212	$	209
Natural gas storage service revenues	4		4		8		8
Other service revenues	2		2		4		5
Total revenues	113		105		224		222

Costs and expenses:
Operating and maintenance expenses	24		23		45		45
Selling, general, and administrative expenses	11		12		24		24
Depreciation and amortization expenses	30		27		59		54
Taxes, other than income taxes	4		4		8		7

Other (income) expense - net	(4)		(6)		(10)		(9)
Total costs and expenses	65		60		126		121

Operating income (loss)	48		45		98		101

Interest expense	(7)		(7)		(14)		(14)
Allowance for equity and borrowed funds used during construction (AFUDC)	2		2		4		4
Other income (expense) – net	2		3		3		5

Net income (loss)	$	45	$	43	$	91	$	96

See the Combined Notes to Financial Statements.

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Northwest Pipeline LLC

Balance Sheet

(Unaudited)


	June 30,		December 31,
	2025		2024
	(Millions)
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	—
Trade accounts and other receivables:
Advances to affiliate	64		—
Trade	37		39

Other	1		2

Inventories	9		9



Regulatory assets	4		6
Other current assets and deferred charges	4		6
Total current assets	119		62

Property, plant and equipment	4,312		4,218
Accumulated depreciation and amortization	(2,139)		(2,089)
Property, plant, and equipment – net	2,173		2,129


Regulatory assets	63		49
Deferred charges and other	31		29



Total assets	$	2,386	$	2,269

LIABILITIES AND MEMBER’S EQUITY
Current Liabilities:
Payables:
Advances from affiliate	$	—	$	26
Trade	45		48
Affiliates	8		12
Regulatory liabilities	20		20
Other current liabilities	29		34

Long-term debt due within one year	85		85
Total current liabilities	187		225
Long-term debt	498		497
Regulatory liabilities	226		233
Asset retirement obligations	148		144
Deferred income and other	6		7
Contingent liabilities and commitments (Note 10)

Member’s Equity:
Member’s capital	1,205		1,074
Retained earnings	116		89
Total member’s equity	1,321		1,163
Total liabilities and member’s equity	$	2,386	$	2,269

See the Combined Notes to Financial Statements.

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Northwest Pipeline LLC

Statement of Changes in Member’s Equity

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Millions)
Member’s Capital:
Balance at beginning of period	$	1,159	$	1,074	$	1,074	$	1,074
Capital contributions from parent	46		—		131		—
Balance at end of period	1,205		1,074		1,205		1,074
Retained Earnings:
Balance at beginning of period	111		79		89		59
Net income	45		43		91		96
Cash distributions to parent	(40)		(43)		(64)		(76)
Balance at end of period	116		79		116		79






Total Member’s Equity	$	1,321	$	1,153	$	1,321	$	1,153

See the Combined Notes to Financial Statements.

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Northwest Pipeline LLC

Statement of Cash Flows

(Unaudited)


	Six Months Ended June 30,
	2025		2024
	(Millions)
OPERATING ACTIVITIES:
Net income (loss)	$	91	$	96
Adjustments to reconcile net cash provided (used) by operating activities:
Depreciation and amortization	59		54



Allowance for equity funds used during construction (equity AFUDC)	(3)		(3)
Cash provided (used) by changes in current assets and liabilities:
Affiliate receivables	—		1
Trade and other accounts receivable	3		6



Other current assets and deferred charges	1		—
Trade accounts payable	(2)		(2)
Affiliate payables	(4)		(5)


Other current liabilities	(3)		3
Other, including changes in noncurrent assets and liabilities	(26)		(14)



Net cash provided (used) by operating activities	116		136

FINANCING ACTIVITIES:



Cash distributions to parent	(64)		(76)
Cash contributions from parent	131		—
Advances from affiliate, net	(26)		—
Net cash provided (used) by financing activities	41		(76)

INVESTING ACTIVITIES:
Property, plant, and equipment:
Capital expenditures (1)	(92)		(94)
Contributions and advances for construction costs	5		7
Dispositions - net	(6)		(1)
Advances to affiliate - net	(64)		28

Net cash provided (used) by investing activities	(157)		(60)

Increase (decrease) in cash and cash equivalents	—		—
Cash and cash equivalents at beginning of year	—		—
Cash and cash equivalents at end of period	$	—	$	—
____________________________________
(1) Increases to property, plant, and equipment, exclusive of equity AFUDC	$	(89)	$	(101)
Changes in related accounts payable and accrued liabilities	(3)		7
Capital expenditures	$	(92)	$	(94)

See the Combined Notes to Financial Statements.

Table of Contents

Index of Combined Notes to Financial Statements

The Combined Notes to Financial Statements include information for multiple registrants, specifically The Williams Companies, Inc. (Williams), as well as Transcontinental Gas Pipe Line Company, LLC (Transco) and Northwest Pipeline LLC (NWP), both of which are wholly owned subsidiaries of Williams. References to subsidiaries by name, including equity-method investees, Transco, and NWP, refer exclusively to those businesses and operations.

The following list indicates the Registrants to which each of the combined notes apply. Specific disclosures within each combined note may apply to all Registrants unless indicated otherwise.

Note

Registrant

Page

Note 1 – General, Description of Business, and Basis of Presentation

Williams, Transco, NWP

Note 2 – Variable Interest Entities

Williams

Note 3 – Acquisitions and Divestitures

Williams

Note 4 – Related Party Transactions

Transco, NWP

Note 5 – Revenue Recognition

Williams, Transco, NWP

Note 6 – Provision (Benefit) for Income Taxes

Williams

Note 7 – Debt and Banking Arrangements

Williams, Transco, NWP

Note 8 – Fair Value Measurements and Guarantees

Williams, Transco, NWP

Note 9 – Commodity Derivatives

Williams

Note 10 – Contingencies

Williams, Transco, NWP

Note 11 – Segment Disclosures

Williams, Transco, NWP

Note 1 – General, Description of Business, and Basis of Presentation

General

The accompanying interim financial statements do not include all the notes in the annual financial statements and, therefore, should be read in conjunction with the financial statements and combined notes thereto for the year ended December 31, 2024, in the Annual Report on Form 10-K. The accompanying unaudited financial statements include all normal recurring adjustments and others that, in the opinion of management, are necessary to present fairly the interim financial statements.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying combined notes. Actual results could differ from those estimates.

Description of Business

Williams

Williams is a Delaware corporation whose common stock is listed and traded on the New York Stock Exchange. Its operations are located in the United States and are presented within the following reportable segments: Transmission & Gulf of America, Northeast G&P, West, and Gas & NGL Marketing Services, consistent with the manner in which Williams’ Chief Executive Officer, the chief operating decision maker (CODM), evaluates performance and allocates resources. All remaining business activities, including upstream operations, certain new energy ventures, and corporate activities, are included in Other.

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Notes (Continued)

Transmission & Gulf of America is comprised of the Transco, NWP, and MountainWest Pipelines Holding LLC (MountainWest) interstate natural gas pipelines and their related natural gas storage facilities, as well as the natural gas gathering and processing and crude oil production handling and transportation assets in the Gulf Coast region, including Discovery, a former 60 percent equity-method investment in which Williams acquired the remaining ownership interest in August 2024 (see Note 3 – Acquisitions and Divestitures), a 51 percent interest in Gulfstar One LLC (Gulfstar One) (a consolidated variable interest entity, or VIE), and a 50 percent equity-method investment in Gulfstream Natural Gas System, L.L.C. (Gulfstream). Transmission & Gulf of America also includes natural gas storage facilities and pipelines providing services in north Texas, and also in Louisiana and Mississippi related to the January 2024 Gulf Coast Storage Acquisition (see Note 3 – Acquisitions and Divestitures).

Northeast G&P is comprised of Williams’ midstream gathering, processing, and fractionation businesses in the Marcellus Shale region primarily in Pennsylvania and New York, and the Utica Shale region of eastern Ohio, as well as a 65 percent interest in Ohio Valley Midstream LLC (Northeast JV) (a consolidated VIE) which operates in West Virginia, Ohio, and Pennsylvania, a 66 percent interest in Cardinal Gas Services, L.L.C. (Cardinal) (a consolidated VIE) which operates in Ohio, a 50 percent equity-method investment in Blue Racer Midstream LLC (Blue Racer), and Appalachia Midstream Investments.

West is comprised of Williams’ gas gathering, processing, and treating operations in the Rocky Mountain region of Colorado and Wyoming, the Barnett Shale region of north-central Texas, the Eagle Ford Shale region of south Texas, the Haynesville Shale region of east Texas and northwest Louisiana, the Mid-Continent region which includes the Anadarko and Permian basins, and the Denver-Julesberg Basin (DJ Basin) of Colorado. This segment also includes Williams’ NGL storage facilities, an undivided 50 percent interest in an NGL fractionator near Conway, Kansas, and a 50 percent equity-method investment in Overland Pass Pipeline Company LLC (OPPL).

Gas & NGL Marketing Services is comprised of Williams’ NGL and natural gas marketing and trading operations, which include risk management and transactions related to the storage and transportation of natural gas and NGLs on strategically positioned assets.

Transco

Transco is an interstate natural gas transmission company that owns and operates a natural gas pipeline system extending from Texas, Louisiana, Mississippi and the Gulf of America through Alabama, Georgia, South Carolina, North Carolina, Virginia, Maryland, Delaware, Pennsylvania, and New Jersey to the New York City metropolitan area. The system serves customers in Texas and the 12 southeast and Atlantic seaboard states mentioned above, including major metropolitan areas in Georgia, Washington D.C., Maryland, North Carolina, New York, New Jersey, and Pennsylvania. Transco is a single-member limited liability company, and as such, single-member losses are limited to the amount of its investment.

NWP

NWP owns and operates an interstate pipeline system for the mainline transmission of natural gas. This system extends from the San Juan Basin in northwestern New Mexico and southwestern Colorado through Colorado, Utah, Wyoming, Idaho, Oregon, and Washington to a point on the Canadian border near Sumas, Washington. NWP is a single-member limited liability company, and as such, single-member losses are limited to the amount of its investment.

Basis of Presentation

Reclassifications

Certain prior-year amounts for Transco and NWP have been reclassified to conform to the current year’s presentation. These reclassifications had no impact on Transco’s or NWP’s Net income (loss), working capital, cash flows, or Total Member’s Equity previously reported.

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Notes (Continued)

Accounting Standards Issued But Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-09, Income Taxes: Improvements to Income Tax Disclosures, which requires disclosure of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. This ASU is effective for annual periods beginning after December 15, 2024. The adoption of ASU 2023-09 is not expected to have a material impact on the financial statements.

In November 2024, the FASB issued 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 selling, 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.

Share Repurchase Program

In September 2021, Williams’ Board of Directors authorized a share repurchase program with a maximum dollar limit of $1.5 billion. Repurchases may be made from time to time in the open market, by block purchases, in privately negotiated transactions, or in such other manner as determined by management. Williams will also determine the timing and amount of any repurchases based on market conditions and other factors. The share repurchase program does not obligate Williams to acquire any particular amount of common stock, and it may be suspended or discontinued at any time. This share repurchase program does not have an expiration date. During the six months ended June 30, 2025 and 2024, there were no repurchases under the program. Cumulative repurchases to date under the program total $139 million.

Significant Risks and Uncertainties

Management believes that the carrying value of certain of Williams’ property, plant, and equipment and intangible assets, notably certain assets acquired by Williams accounted for as business combinations between 2012 and 2014, may be in excess of current fair value. However, the carrying value of these assets, in management’s judgment, continues to be recoverable. It is reasonably possible that future strategic decisions, including transactions such as monetizing assets or contributing assets to new ventures with third parties, as well as unfavorable changes in expected producer activities, could impact management’s assumptions and ultimately result in impairments of these assets. Such transactions or developments may also indicate that certain of Williams’ equity-method investments have experienced other-than-temporary declines in value, which could result in impairment.

Note 2 – Variable Interest Entities

Consolidated VIEs

As of June 30, 2025, Williams consolidated the following VIEs:

Northeast JV

Williams owns a 65 percent interest in the Northeast JV, a subsidiary that is a VIE due to certain voting rights being disproportionate to the obligation to absorb losses and substantially all of the Northeast JV’s activities being performed on Williams’ behalf. Williams is the primary beneficiary because it has the power to direct the activities that most significantly impact the Northeast JV’s economic performance. The Northeast JV provides midstream services for producers in the Marcellus Shale and Utica Shale regions. Future expansion activity is expected to be funded with capital contributions from Williams and the other equity partner on a proportional basis.

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Notes (Continued)

Gulfstar One

Williams owns a 51 percent interest in Gulfstar One, a subsidiary that, due to certain risk-sharing provisions in its customer contracts, is a VIE. Gulfstar One includes a proprietary floating-production system, Gulfstar FPS, and associated pipelines that provide production handling and gathering services in the eastern deepwater Gulf of America. Williams is the primary beneficiary because it has the power to direct the activities that most significantly impact Gulfstar One’s economic performance.

Cardinal

Williams owns a 66 percent interest in Cardinal, a subsidiary that provides gathering services for the Utica Shale region and is a VIE due to certain risks shared with customers. Williams is the primary beneficiary because it has the power to direct the activities that most significantly impact Cardinal’s economic performance. Future expansion activity is expected to be funded with capital contributions from Williams and the other equity partner on a proportional basis.

The following table presents amounts included in the Consolidated Balance Sheet that are only for the use or obligation of the consolidated VIEs:



	June 30,		December 31,
	2025		2024
	(Millions)
Assets (liabilities):
Cash and cash equivalents	$	72	$	15
Trade accounts and other receivables – net	178		178
Inventories	6		5
Other current assets and deferred charges	3		7
Property, plant, and equipment – net	4,846		4,896
Intangible assets – net	1,886		1,940
Regulatory assets, deferred charges, and other	24		27
Accounts payable	(73)		(57)
Other current liabilities	(37)		(29)

Regulatory liabilities, deferred income, and other	(266)		(263)

Nonconsolidated VIEs

Williams owns certain equity-method investments that are VIEs due primarily to its limited participating rights as a minority equity holder. Williams’ maximum exposure to loss is limited to the carrying value of these investments (included within Investments in the Consolidated Balance Sheet), which totaled $214 million at June 30, 2025.

Note 3 – Acquisitions and Divestitures

Crowheart Acquisition

As of December 31, 2023, Williams had an agreement regarding certain crude oil and natural gas properties in the Wamsutter basin in Wyoming under which it owned a 75 percent undivided interest in each well’s working interest and proportionally consolidated its undivided interest. On November 1, 2024, Williams closed on the acquisition of a third-party operator, Crowheart Energy, LLC, for $307 million cash, subject to working capital and post-closing adjustments. After closing on the acquisition, Williams owns more than a 90 percent working interest in each well. The purpose of this acquisition was to consolidate Williams’ interests in the Wamsutter basin and further optimize development in the area to continue to supply its gathering and processing assets. Assets acquired, acquisition-related costs incurred, and results of operations realized are included at Other.

Table of Contents

Notes (Continued)

During the period from the acquisition date of November 1, 2024 to December 31, 2024, the additional interest acquired in the Crowheart Acquisition contributed Revenues of $20 million and Modified EBITDA (as defined in Note 11 – Segment Disclosures) of $7 million.

Acquisition-related costs for the Crowheart Acquisition total $1 million and are included in Selling, general, and administrative expenses.

Williams accounted for the Crowheart Acquisition as a business combination, which requires, among other things, that identifiable assets acquired and liabilities assumed be recognized at their acquisition date fair values.

The following table presents the preliminary allocation of the acquisition date fair value of the major classes of the assets acquired and liabilities assumed at November 1, 2024. The allocation is considered preliminary because the valuation work has not been completed due to the ongoing review of the valuation results and validation of significant inputs and assumptions. Preliminary fair value measurements were made for certain acquired assets and liabilities, primarily property, plant, and equipment, which utilized the income approach for proved developed producing reserves and the market approach for undeveloped reserves; however, adjustments to those measurements may be made in subsequent periods, up to one year from the acquisition date, as new information related to facts and circumstances as of the acquisition date may be identified. After the March 31, 2025, financial statements were issued, Williams identified adjustments to the preliminary purchase price allocation, resulting in decreases of $56 million in property, plant, and equipment and $56 million in noncurrent liabilities.


	(Millions)
Cash and cash equivalents	$	94
Other current assets	15
Property, plant, and equipment – net	345
Other noncurrent assets	2
Total assets acquired	456

Current liabilities	(45)
Noncurrent liabilities	(59)
Total liabilities assumed	(104)

Net assets acquired	$	352

Discovery Acquisition

As of December 31, 2023, Williams owned a 60 percent interest in Discovery, which it accounted for as an equity-method investment. On August 1, 2024, Williams closed on the acquisition of the remaining 40 percent interest in Discovery, along with certain other assets, for $170 million cash, subject to working capital and post-closing adjustments. As a result of acquiring this additional interest, Williams obtained control and subsequently consolidates Discovery. The purpose of this acquisition was to expand Williams’ gathering, processing, and transportation presence in the Gulf of America region. Assets acquired, acquisition-related costs incurred, and results of operations realized are included within Williams’ Transmission & Gulf of America segment.

During the period from the acquisition date of August 1, 2024 to December 31, 2024, the operations acquired in the Discovery Acquisition contributed Revenues of $144 million and Modified EBITDA of $42 million.

Acquisition-related costs for the Discovery Acquisition total $1 million, incurred in 2024, and are included in Selling, general, and administrative expenses.

Williams accounted for the Discovery Acquisition as a business combination. The book value of its existing equity-method investment prior to the acquisition date of August 1, 2024, was $381 million. Williams recognized a $127 million gain on remeasuring its existing equity-method investment to fair value included in Other investing

Table of Contents

Notes (Continued)

income (loss) – net in the third quarter of 2024, which is not included in the pro forma Discovery adjustments below. Williams utilized the income approach to fair value its previous equity-method investment in Discovery.

The following table presents the preliminary allocation of the acquisition date fair value of the major classes of the assets acquired and liabilities assumed at August 1, 2024. The allocation is considered preliminary because the valuation work has not been completed due to the ongoing review of the valuation results and validation of significant inputs and assumptions. Preliminary fair value measurements were made for certain acquired assets and liabilities, primarily property, plant, and equipment, which utilized the cost approach; however, adjustments to those measurements may be made in subsequent periods, up to one year from the acquisition date, as new information related to facts and circumstances as of the acquisition date may be identified.


	(Millions)
Cash and cash equivalents	$	22
Other current assets	19
Property, plant, and equipment – net	941
Other noncurrent assets	39
Total assets acquired	1,021

Current liabilities	(40)
Noncurrent liabilities	(296)
Total liabilities assumed	(336)

Net assets acquired	$	685

Gulf Coast Storage Acquisition

On January 3, 2024, Williams closed on the acquisition from Hartree Partners LP for $1.95 billion of 100 percent of a strategic portfolio of natural gas storage facilities and pipelines, located in Louisiana and Mississippi. The purpose of this acquisition was to expand Williams’ natural gas storage footprint in the Gulf Coast region. Assets acquired, acquisition-related costs incurred, and results of operations realized are included within Williams’ Transmission & Gulf of America segment. The Gulf Coast Storage Acquisition was funded with cash on hand and $100 million of deferred consideration that did not accrue interest and was paid on January 3, 2025.

During the period from the acquisition date of January 3, 2024 to December 31, 2024, the operations acquired in the Gulf Coast Storage Acquisition contributed Revenues of $228 million and Modified EBITDA of $160 million, which is impacted by acquisition-related costs. Acquisition-related costs for the Gulf Coast Storage Acquisition total $15 million, including $14 million incurred in 2024, and are included in Selling, general, and administrative expenses.

Williams accounted for the Gulf Coast Storage Acquisition as a business combination. The valuation technique used consisted of the cost approach for property, plant, and equipment.

The following table presents the allocation of the acquisition date fair value of the major classes of the assets acquired and liabilities assumed at January 3, 2024.


	(Millions)
Cash and cash equivalents	$	46
Other current assets	18
Property, plant, and equipment – net	2,035
Other noncurrent assets	2
Total assets acquired	2,101

Table of Contents

Notes (Continued)


Current liabilities	(11)
Noncurrent liabilities	(107)
Total liabilities assumed	(118)

Net assets acquired	$	1,983

Supplemental Pro Forma

The following pro forma Revenues and Net income (loss) attributable to The Williams Companies, Inc. for the three and six months ended June 30, 2024, respectively, are presented as if the Crowheart Acquisition and Discovery Acquisition had been completed on January 1, 2023. These pro forma amounts are not necessarily indicative of what the actual results would have been if the acquisitions had in fact occurred on the dates or for the periods indicated, nor do they purport to project Revenues or Net income (loss) attributable to The Williams Companies, Inc. for any future periods or as of any date. These amounts do not give effect to any potential cost savings, operating synergies, or revenue enhancements to result from the transactions or the potential costs to achieve these cost savings, operating synergies, and revenue enhancements.








	Three Months Ended June 30, 2024
	As Reported		Pro Forma Crowheart		Pro Forma Discovery		Pro Forma Combined
	(Millions)
Revenues	$	2,336	$	17	$	24	$	2,377
Net income (loss) attributable to The Williams Companies, Inc.	401		3		(1)		403







	Six Months Ended June 30, 2024
	As Reported		Pro Forma Crowheart		Pro Forma Discovery		Pro Forma Combined
	(Millions)
Revenues	$	5,107	$	38	$	49	$	5,194
Net income (loss) attributable to The Williams Companies, Inc.	1,033		9		(4)		1,038

Sale of Aux Sable Interest

On August 1, 2024, Williams completed the sale of its equity-method investments in Aux Sable Liquid Products Inc., Aux Sable Liquid Products LP, and Aux Sable Midstream LLC in its Northeast G&P segment for total consideration of $161 million. As a result of this sale, Williams recorded a gain of $149 million reflected in Other investing income (loss) – net in the third quarter of 2024.

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.

Table of Contents

Notes (Continued)


	June 30,		December 31,
	2025		2024
	(Millions)
Advances to affiliate
Transco	$	555	$	638
NWP	64		—

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 June 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Millions)
Net interest income from advances
Transco	$	6	$	14	$	12	$	30
NWP	1		2		1		4

Other Affiliate Transactions

Revenues received from affiliates are included in Transco’s Total revenues in the Statement of Net Income. Costs of gas purchased from affiliates are included in Transco’s Natural gas product costs in the Statement of Net Income. All gas purchases are made at market or contracted prices.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Millions)
Transco affiliate activity
Total revenues	$	22	$	18	$	42	$	37
Natural gas product costs	3		1		5		3

Services necessary to operate Transco and NWP are provided by Williams and certain affiliates of Williams. Transco and NWP reimburse Williams and its affiliates for all direct and indirect expenses incurred or payments made (including salary, bonus, incentive compensation, and benefits) in connection with these services. Employees of Williams also provide general, administrative, and management services, and Transco and NWP are charged for certain administrative expenses incurred by Williams. These charges are either directly assigned or allocated. Allocated charges are specific or general. Specific allocations are based on a relationship with the delivery of services and general allocations are based on a three-factor formula, which considers revenues; property, plant, and equipment; and payroll. In management’s estimation, the allocation methodologies used are reasonable and result in

Table of Contents

Notes (Continued)

a reasonable allocation of costs of doing business incurred by Williams. Transco and NWP have recorded for these service expenses, which are primarily included in Operating and maintenance expenses and Selling, general, and administrative expenses in the Statement of Net Income.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Millions)
Services from affiliates
Transco	$	82	$	75	$	174	$	160
NWP	21		21		45		43

Transco provided services to certain of its affiliates. Transco recorded reductions in operating expenses for services provided to and reimbursed by affiliates of $3 million and $6 million for three and six months ended June 30, 2024, respectively. No such costs were incurred for the three and six months ended June 30, 2025.

During July 2025, Transco and NWP declared and paid cash distributions of $301 million and $42 million, respectively, to Williams, and Williams made a cash contribution to NWP of $50 million.

Table of Contents

Notes (Continued)

Note 5 – Revenue Recognition

Revenue by Category

The following tables present Williams’ revenue disaggregated by major service line:


	Transmission & Gulf of America		Northeast G&P		West		Gas & NGL Marketing Services		Other		Eliminations		Total
	(Millions)
Three Months Ended June 30, 2025
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	927	$	—	$	—	$	—	$	—	$	(21)	$	906
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration	226		460		441		—		—		(55)		1,072
Commodity consideration	28		—		19		—		—		—		47
Other	13		25		5		—		—		(5)		38
Total service revenues	1,194		485		465		—		—		(81)		2,063
Product sales	108		44		210		1,213		137		(397)		1,315
Total revenues from contracts with customers	1,302		529		675		1,213		137		(478)		3,378
Other revenues (1)	10		12		1		596		53		(1)		671
Other adjustments (2)	—		—		—		(1,420)		—		152		(1,268)
Total revenues	$	1,312	$	541	$	676	$	389	$	190	$	(327)	$	2,781

Three Months Ended June 30, 2024
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	846	$	—	$	—	$	—	$	—	$	(20)	$	826
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration	158		431		401		—		—		(37)		953
Commodity consideration	5		(5)		18		—		—		—		18
Other	11		23		5		—		—		(4)		35
Total service revenues	1,020		449		424		—		—		(61)		1,832
Product sales	40		23		191		922		86		(247)		1,015
Total revenues from contracts with customers	1,060		472		615		922		86		(308)		2,847
Other revenues (1)	8		11		6		337		2		(1)		363
Other adjustments (2)	—		—		—		(968)		—		94		(874)
Total revenues	$	1,068	$	483	$	621	$	291	$	88	$	(215)	$	2,336

Table of Contents

Notes (Continued)


	Transmission & Gulf of America		Northeast G&P		West		Gas & NGL Marketing Services		Other		Eliminations		Total
	(Millions)
Six Months Ended June 30, 2025
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	1,847	$	—	$	—	$	—	$	—	$	(41)	$	1,806
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration	418		922		871		—		—		(100)		2,111
Commodity consideration	51		1		44		—		—		—		96
Other	30		49		12		—		—		(10)		81
Total service revenues	2,346		972		927		—		—		(151)		4,094
Product sales	223		101		474		3,269		292		(888)		3,471
Total revenues from contracts with customers	2,569		1,073		1,401		3,269		292		(1,039)		7,565
Other revenues (1)	15		23		—		1,696		26		(2)		1,758
Other adjustments (2)	—		—		—		(3,865)		—		371		(3,494)
Total revenues	$	2,584	$	1,096	$	1,401	$	1,100	$	318	$	(670)	$	5,829

Six Months Ended June 30, 2024
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	1,726	$	—	$	—	$	—	$	—	$	(41)	$	1,685
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration	303		875		831		—		—		(75)		1,934
Commodity consideration	14		—		34		—		—		—		48
Other	24		47		11		—		—		(9)		73
Total service revenues	2,067		922		876		—		—		(125)		3,740
Product sales	101		48		439		2,228		194		(564)		2,446
Total revenues from contracts with customers	2,168		970		1,315		2,228		194		(689)		6,186
Other revenues (1)	19		22		7		1,170		14		(1)		1,231
Other adjustments (2)	—		—		—		(2,537)		—		227		(2,310)
Total revenues	$	2,187	$	992	$	1,322	$	861	$	208	$	(463)	$	5,107

______________

(1)Revenues not derived from contracts with customers primarily consist of physical product sales related to commodity derivative contracts, realized and unrealized gains and losses associated with Williams’ commodity derivative contracts, which are reported in Net gain (loss) from commodity derivatives in the Consolidated Statement of Income, management fees received for certain services provided to operated equity-method investments, and leasing revenues associated with the Williams headquarters building.

(2)Other adjustments reflect certain costs of Gas & NGL Marketing Services’ risk management activities. As Williams is acting as agent for natural gas marketing customers or engages in energy trading activities, the resulting revenues are presented net of the related costs of those activities in the Consolidated Statement of Income.

For Transco and NWP, revenue disaggregation by major service line includes Natural gas transportation, Natural gas storage, Natural gas product sales, and Other, which are separately presented in their Statements of Net Income.

Table of Contents

Notes (Continued)

Contract Assets

The following tables present a reconciliation of contract assets:


	Three Months Ended June 30,
	Williams				Transco				NWP
	2025		2024		2025		2024		2025		2024
	(Millions)
Balance at beginning of period	$	104	$	50	$	14	$	—	$	22	$	18
Revenue recognized in excess of amounts invoiced	28		40		—		3		1		1
Minimum volume commitments invoiced	(30)		(23)		(1)		—		—		—


Balance at end of period	$	102	$	67	$	13	$	3	$	23	$	19

	Six Months Ended June 30,
	Williams				Transco				NWP
	2025		2024		2025		2024		2025		2024
	(Millions)
Balance at beginning of period	$	98	$	36	$	10	$	—	$	21	$	17
Revenue recognized in excess of amounts invoiced	58		81		4		3		3		2
Minimum volume commitments invoiced	(53)		(50)		(1)		—		—		—

Amortization of contract assets	(1)		—		—		—		(1)		—
Balance at end of period	$	102	$	67	$	13	$	3	$	23	$	19

Table of Contents

Notes (Continued)

Contract Liabilities

The following tables present a reconciliation of contract liabilities:


	Three Months Ended June 30,
	Williams				Transco				NWP
	2025		2024		2025		2024		2025		2024
	(Millions)
Balance at beginning of period	$	1,016	$	1,053	$	171	$	181	$	—	$	1
Payments received and deferred	86		75		—		—		—		—
Other additions	23		—		—		—		—		—
Significant financing component	2		2		—		—		—		—

Recognized in revenue	(73)		(66)		(3)		(2)		—		—
Balance at end of period	$	1,054	$	1,064	$	168	$	179	$	—	$	1

	Six Months Ended June 30,
	Williams				Transco				NWP
	2025		2024		2025		2024		2025		2024
	(Millions)
Balance at beginning of period	$	1,046	$	1,081	$	173	$	184	$	—	$	2
Payments received and deferred	120		117		—		—		—		—
Other additions	23		—		—		—		—		—
Significant financing component	4		4		—		—		—		—

Recognized in revenue	(139)		(138)		(5)		(5)		—		(1)
Balance at end of period	$	1,054	$	1,064	$	168	$	179	$	—	$	1

Remaining Performance Obligations

Remaining performance obligations primarily include reservation charges on contracted capacity for Williams’ gas pipeline firm transportation contracts with customers, storage capacity contracts, long-term contracts containing MVC associated with midstream businesses, and fixed payments associated with offshore gathering and transportation. For Williams’ interstate natural gas pipeline businesses, including Transco and NWP, remaining performance obligations generally reflect the expected rates for such services for the life of the related contracts; however, these rates may change based on future tariffs approved by the FERC and the amount and timing of these changes are not currently known.

Remaining performance obligations exclude variable consideration, including contracts with variable consideration for which it has elected the practical expedient for consideration recognized in revenue as billed. Certain of its contracts contain evergreen and other renewal provisions for periods beyond the initial term of the contract. The remaining performance obligation amounts as of June 30, 2025, do not consider potential future performance obligations for which the renewal has not been exercised and exclude contracts with customers for which the underlying facilities have not received FERC authorization to be placed into service. Consideration received prior to June 30, 2025, that will be recognized in future periods is also excluded from its remaining performance obligations and is instead reflected in contract liabilities.

Table of Contents

Notes (Continued)

The following tables present the amount of the contract liabilities balance expected to be recognized as revenue when performance obligations are satisfied and the transaction price allocated to the remaining performance obligations under certain contracts as of June 30, 2025.

Contract Liabilities

Williams

Transco

NWP

(Millions)

2025 (six months)

120

WILLIAMS COMPANIES, INC. 10-Q