DATE: Monday, Aug. 4, 2025

TULSA, Okla. – Williams (NYSE: WMB) today announced its unaudited financial results for the three and six months ended June 30, 2025.

•GAAP net income: $546 million, or $0.45 per diluted share (EPS)

•Adjusted net income: $566 million, or $0.46 per diluted share (Adj. EPS), up 9% and 7%, respectively, vs. 2Q 2024

•Adjusted EBITDA: $1.808 billion – up $141 million or 8% vs. 2Q 2024

•Cash flow from operations (CFFO): $1.45 billion – up $171 million or 13% vs. 2Q 2024

•Available funds from operations (AFFO): $1.317 billion – up $67 million or 5% vs. 2Q 2024

•Dividend coverage ratio: 2.16x (AFFO basis)

•Increasing 2025 Adj. EBITDA guidance midpoint by another $50 million to $7.75 billion

•Placed Transco's Texas to Louisiana Energy Pathway and Southeast Energy Connector expansion projects into service April 1, 2025

•Accelerated timeline for Transco's Southeast Supply Enhancement project

•Signed precedent agreement for Transco's Northeast Supply Enhancement

•Transco and Gulfstream achieved all-time records for summer natural gas volumes

•Acquired Saber Midstream, enhancing Haynesville gathering footprint

•Broke ground on Socrates, a $1.6 billion Power Innovation project to serve growing AI demand

•Placed deepwater Ballymore and Shenandoah expansions in-service

•Placed Louisiana Energy Gateway in-service and completed Haynesville West expansion

•Published 2024 Sustainability Report highlighting industry-leading performance

Chad Zamarin, president and chief executive officer, made the following comments:

“Williams delivered another outstanding quarter with Adjusted EBITDA up 8% over second quarter last year, driven primarily by Transco expansions and new volumes in the Gulf as well as higher volumes in our Northeast and West gathering and processing segments. With the continued strength of our base business and our recent acquisition of Saber Midstream in the Haynesville, we expect earnings growth to continue to build in the second half of the year.

As a result, we are raising our 2025 Adjusted EBITDA guidance midpoint again by $50 million to $7.75 billion, for a total increase of $350 million from our original 2025 guidance.

"Our teams continue to deliver across our entire asset base. We recently completed six projects, including Texas to Louisiana Energy Pathway, Louisiana Energy Gateway and the Shenandoah deepwater project. We also accelerated the timeline for Transco’s Southeast Supply Enhancement project to meet growing demand for natural gas across the Mid-Atlantic and Southeast."

Zamarin added, "At Williams, we’re investing in infrastructure that will power America’s future. Our strong and steady growth across our portfolio underscores the critical role of natural gas as the backbone of reliable, affordable, and clean energy. We’re proud to build the infrastructure that is essential to meeting energy needs in the U.S. and globally."

Williams Summary Financial Information			2Q									Year to Date
Amounts in millions, except ratios and per-share amounts. Per share amounts are reported on a diluted basis. Net income amounts are from continuing operations attributable to The Williams Companies, Inc. available to common stockholders.			2025			2024						2025			2024
GAAP Measures
Net Income			$546			$401						$1,236			$1,032
Net Income Per Share			$0.45			$0.33						$1.01			$0.84
Cash Flow From Operations			$1,450			$1,279						$2,883			$2,513
Non-GAAP Measures (1)
Adjusted EBITDA			$1,808			$1,667						$3,797			$3,601
Adjusted Net Income			$566			$521						$1,296			$1,240
Adjusted Earnings Per Share			$0.46			$0.43						$1.06			$1.01
Available Funds from Operations			$1,317			$1,250						$2,762			$2,757
Dividend Coverage Ratio			2.16		x	2.16		x				2.26		x	2.38		x
Other
Debt-to-Adjusted EBITDA at Quarter End (2)			3.80		x	3.76		x
Capital Investments (Excluding Acquisitions) (3)			$1,039			$663						$1,709			$1,226
(1) Schedules reconciling Adjusted Net Income, Adjusted EBITDA, Available Funds from Operations and Dividend Coverage Ratio (non-GAAP measures) to the most comparable GAAP measure are available at www.williams.com and as an attachment to this news release.
(2) Does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters.
(3) Capital Investments include increases to property, plant, and equipment (growth & maintenance capital), purchases of and contributions to equity-method investments and purchases of other long-term investments. 2Q 2025 and year-to-date 2025 exclude $43 million for the acquisition of Saber Midstream, which closed June 2025. Year-to-date 2025 capital also excludes $319 million for the acquisition of Rimrock, which closed January 2025, and $153 million for the investment in Cogentrix, which closed March 2025, and $1 million for an adjustment of the Crowheart acquisition and Discovery consolidation, which closed 2024. Year-to-date 2024 capital excludes $1.844 billion for the acquisition of the Gulf Coast Storage assets, which closed January 2024.

Second-quarter and year-to-date 2025 net income increased by $145 million and $204 million, respectively, compared to the prior year. Both comparative periods benefited from higher service revenues of $204 million and $302 million, respectively, driven by Transco expansion projects, new Gulf volumes, and higher gathering and processing volumes in the Northeast and West, as well as favorable changes of $167 million and $227 million, respectively, in net unrealized gains/losses on commodity derivatives. The year-to-date improvement also benefited from higher realized results from upstream operations including contributions from the fourth-quarter 2024 Crowheart acquisition. These favorable changes for both periods were partially offset by higher depreciation expense, higher operating costs, lower interest income and lower equity allowance for funds used during construction (equity AFUDC) associated with capital projects at our regulated natural gas pipelines. The tax provision for both periods increased primarily due to higher pretax income.

Second-quarter and year-to-date 2025 cash flow from operations increased compared to the prior year primarily due to favorable net changes to derivative collateral requirements and higher operating results exclusive of non-cash items. The second-quarter period was also impacted by net unfavorable changes in working capital, while the year-to-date net changes in working capital were favorable.

Second-quarter 2025 Adjusted EBITDA increased by $141 million over the prior year, driven by the previously described increases in service revenues, partially offset by higher operating costs and lower equity AFUDC. Year-to-date 2025 Adjusted EBITDA increased by $196 million over the prior year, driven by the previously described increases in service revenues and higher net realized results from upstream operations, partially offset by higher operating and administrative costs and lower equity AFUDC. Both periods also benefited from adjustments to reflect the timing of Transco’s rate case.

Second-quarter and year-to-date 2025 Adjusted Net Income improved by $45 million and $56 million, respectively, over the prior year, driven by the previously described impacts to net income, adjusted primarily to remove the effects of net unrealized gains/losses on commodity derivatives and reflect the timing of Transco’s rate case, as well as the related income tax effects of such adjustments.

Second-quarter 2025 Available Funds From Operations (AFFO) increased by $67 million compared to the prior year primarily due to higher results from operations, exclusive of non-cash items, and higher distributions from equity-method investees. Year-to-date 2025 AFFO increased by $5 million compared to the prior year as increased distributions from equity-method investees were substantially offset by lower contributions from noncontrolling interests.

Williams' operations are comprised of the following reportable segments: Transmission & Gulf of America, Northeast G&P, West and Gas & NGL Marketing Services, as well as Other. For more information, see the company's second-quarter 2025 Form 10-Q.

Second-quarter and year-to-date 2025 Modified and Adjusted EBITDA improved compared to the prior year driven by Transco expansion projects and new Gulf volumes, partially offset by lower equity AFUDC. Modified EBITDA for the 2024 periods was impacted by one-time acquisition costs, which are excluded from Adjusted EBITDA, while adjusted EBITDA for the 2025 periods reflect adjustments for the timing of Transco’s rate case.

Second-quarter 2025 Modified and Adjusted EBITDA increased compared to the prior year driven primarily by higher gathering and processing volumes at Ohio Valley Midstream, Cardinal, and Bradford.

Second-quarter 2025 Modified and Adjusted EBITDA increased compared to the prior year driven by higher volumes in the Haynesville and new volumes from the 2025 Rimrock and Saber acquisitions, partially offset by lower minimum volume commitment (MVC) revenues in the Eagle Ford. The year-to-date period also benefited from higher commodity margins.

Second-quarter 2025 Modified EBITDA increased from the prior year primarily reflecting a $102 million net favorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA. Year-to-date 2025 Modified EBITDA also increased from the prior year reflecting a $194 million net favorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA, partially offset by a decline in gas marketing margins.

The increase in second-quarter 2025 Modified EBITDA compared to the prior year reflects a $65 million favorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA. The increase in year-to-date 2025 Modified EBITDA reflects improved realized results from upstream operations, including contributions from the Crowheart acquisition in fourth-quarter 2024, and a $33 million net favorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA.

The company is raising the midpoint of its 2025 Adjusted EBITDA guidance by $50 million to $7.75 billion within the range of between $7.6 billion and $7.9 billion. The company continues to expect 2025 growth capex to between $2.575 billion and $2.875 billion and maintenance capex remains between $650 million and $750 million, excluding capital of $150 million for emissions reduction and modernization initiatives. Williams expects its leverage ratio midpoint for 2025 to be 3.65x and has increased the dividend by 5.3% on an annualized basis to $2.00 in 2025 from $1.90 in 2024.

Williams' second-quarter 2025 earnings presentation will be posted at www.williams.com. The company's second-quarter 2025 earnings conference call and webcast with analysts and investors is scheduled for Tuesday, Aug. 5, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). Participants who wish to join the call by phone must register using the following link: https://register-conf.media-server.com/register/BI0c7d8b43d5744aa5bfbc571f1e145173

A webcast link to the conference call will be provided on Williams' Investor Relations website. A replay of the webcast will also be available on the website for at least 90 days following the event.

Williams (NYSE: WMB) is a trusted energy industry leader committed to safely, reliably, and responsibly meeting growing energy demand. We use our 33,000-mile pipeline infrastructure to move a third of the nation’s natural gas to where it's needed most, supplying the energy used to heat our homes, cook our food and generate low-carbon electricity. For over a century, we’ve been driven by a passion for doing things the right way. Today, our team of problem solvers is leading the charge into the clean energy future – by powering the global economy while delivering immediate emissions reductions within our natural gas network and investing in new energy technologies. Learn more at www.williams.com.

This news release and accompanying materials may include certain financial measures – adjusted EBITDA, adjusted income (“earnings”), adjusted earnings per share, available funds from operations and dividend coverage ratio – that are non-GAAP financial measures as defined under the rules of the SEC.

Our segment performance measure, modified EBITDA, is defined as net income (loss) before income (loss) from discontinued operations, income tax expense, net interest expense, equity earnings from equity-method investments, other net investing income, impairments of equity investments and goodwill, depreciation and amortization expense, and accretion expense associated with asset retirement obligations for nonregulated operations. We also add our proportional ownership share (based on ownership interest) of modified EBITDA of equity-method investments, including our indirect share from interests owned by equity-method investees.

Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from net income to determine adjusted income and adjusted earnings per share. Management believes this measure provides investors meaningful insight into results from ongoing operations.

Available funds from operations (AFFO) is defined as cash flow from operations excluding the effect of changes in working capital and certain other changes in noncurrent assets and liabilities, reduced by preferred dividends and net distributions to noncontrolling interests. AFFO may be adjusted to exclude certain items that we characterize as unrepresentative of our ongoing operations.

This news release is accompanied by a reconciliation of these non-GAAP financial measures to their nearest GAAP financial measures. Management uses these financial measures because they are accepted financial indicators used by investors to compare company performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of assets and the cash that the business is generating.

Neither adjusted EBITDA, adjusted income, nor available funds from operations are intended to represent cash flows for the period, nor are they presented as an alternative to net income or cash flow from operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles.

Reconciliation of "Net Income (Loss)" to “Modified EBITDA” and Non-GAAP “Adjusted EBITDA”
(UNAUDITED)
			2024																		2025
(Dollars in millions)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr									Year-to-date
Net income (loss)			$	662		$	426		$	741		$	517		$	2,346					$	729		$	583								$	1,312
Provision (benefit) for income taxes			193			129			227			91			640						193			174									367
Interest expense			349			339			338			338			1,364						349			350									699
Equity (earnings) losses			(137)			(147)			(147)			(129)			(560)						(155)			(142)									(297)
Other investing (income) loss - net			(24)			(18)			(290)			(11)			(343)						(8)			(4)									(12)
Proportional Modified EBITDA of equity-method investments			228			238			227			216			909						236			231									467
Depreciation, depletion, and amortization expenses			548			540			566			565			2,219						585			605									1,190
Accretion expense associated with asset retirement obligations for nonregulated operations			18			21			17			25			81						24			24									48
Modified EBITDA			$	1,837		$	1,528		$	1,679		$	1,612		$	6,656					$	1,953		$	1,821								$	3,774
Transmission & Gulf of America			$	829		$	808		$	811		$	825		$	3,273					$	858		$	891								$	1,749
Northeast G&P			504			481			476			497			1,958						514			501									1,015
West			327			318			323			344			1,312						354			341									695
Gas & NGL Marketing Services			101			(126)			11			(110)			(124)						152			(30)									122
Other			76			47			58			56			237						75			118									193
Total Modified EBITDA			$	1,837		$	1,528		$	1,679		$	1,612		$	6,656					$	1,953		$	1,821								$	3,774
Adjustments (1):
Transmission & Gulf of America			$	10		$	4		$	19		$	1		$	34					$	4		$	12								$	16
Northeast G&P			—			(2)			8			2			8						—			—									—
West			1			1			7			1			10						—			—									—
Gas & NGL Marketing Services			88			112			(7)			146			339						3			15									18
Other			(2)			24			(3)			14			33						29			(40)									(11)
Total Adjustments			$	97		$	139		$	24		$	164		$	424					$	36		$	(13)								$	23
Adjusted EBITDA:
Transmission & Gulf of America			$	839		$	812		$	830		$	826		$	3,307					$	862		$	903								$	1,765
Northeast G&P			504			479			484			499			1,966						514			501									1,015
West			328			319			330			345			1,322						354			341									695
Gas & NGL Marketing Services			189			(14)			4			36			215						155			(15)									140
Other			74			71			55			70			270						104			78									182
Total Adjusted EBITDA			$	1,934		$	1,667		$	1,703		$	1,776		$	7,080					$	1,989		$	1,808								$	3,797
(1) Adjustments by segment are detailed in the "Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income," which is also included in these materials.