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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 March 31, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to _____________
Commission file number 1-4174

THE WILLIAMS COMPANIES, INC.
(Exact name of registrant as specified in its charter)
Delaware73-0569878
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One Williams Center
Tulsa, Oklahoma
74172-0172
    (Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (918573-2000
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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueWMBNew York Stock Exchange
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. Yes No
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). Yes No
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.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassShares Outstanding at April 28, 2022
Common Stock, $1.00 par value1,218,011,601



The Williams Companies, Inc.
Index

Page
The reports, filings, and other public announcements of The Williams Companies, Inc. (Williams) 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 of 1933, as amended (Securities Act) and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). These forward-looking statements relate to anticipated financial performance, management’s plans and objectives for
1


future operations, business prospects, outcomes of regulatory proceedings, market conditions, and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, included in this report that address activities, events, or developments that we 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 Williams and its affiliates;
Amounts and nature of future capital expenditures;
Expansion and growth of our business and operations;
Expected in-service dates for capital projects;
Financial condition and liquidity;
Business strategy;
Cash flow from operations or results of operations;
Seasonality of certain business components;
Natural gas, natural gas liquids, and crude oil prices, supply, and demand;
Demand for our services;
The impact of the coronavirus (COVID-19) pandemic.
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 our 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 our ability to obtain necessary permits and approvals, and achieve favorable rate proceeding outcomes;
Our exposure to the credit risk of our customers and counterparties;
Our ability to acquire new businesses and assets and successfully integrate those operations and assets into existing businesses as well as successfully expand our facilities, and to consummate asset sales on acceptable terms;
Whether we are able to successfully identify, evaluate, and timely execute our capital projects and investment opportunities;
The strength and financial resources of our competitors and the effects of competition;
2


The amount of cash distributions from and capital requirements of our investments and joint ventures in which we participate;
Whether we will be able to effectively execute our financing plan;
Increasing scrutiny and changing expectations from stakeholders with respect to our 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, including COVID-19;
Risks associated with weather and natural phenomena, including climate conditions and physical damage to our facilities;
Acts of terrorism, cybersecurity incidents, and related disruptions;
Our costs and funding obligations for defined benefit pension plans and other postretirement benefit plans;
Changes in maintenance and construction costs, as well as our ability to obtain sufficient construction-related inputs, including skilled labor;
Inflation, interest rates, 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;
Changes in U.S. governmental administration and policies;
Whether we are able to pay current and expected levels of dividends;
Additional risks described in our filings with the Securities and Exchange Commission (SEC).
Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. We 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 our actual results to differ, the factors listed above and referred to below may cause our intentions to change from those statements of intention set forth in this report. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.
Because forward-looking statements involve risks and uncertainties, we 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 our Annual Report on Form 10-K for the year ended December 31, 2021, as supplemented by the disclosure in Part II, Item 1A. Risk Factors in this Quarterly Report on Form 10-Q.
3

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: 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 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
Tbtu: One trillion 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
Consolidated Entities:
BRMH: Blue Racer Midstream Holdings, LLC
Cardinal: Cardinal Gas Services, L.L.C.
Gulfstar One: Gulfstar One LLC
Northeast JV: Ohio Valley Midstream LLC
Northwest Pipeline: Northwest Pipeline LLC
Transco: Transcontinental Gas Pipe Line Company, LLC
Partially Owned Entities: Entities in which we do not own a 100 percent ownership interest and which, as of March 31, 2022, we account for as equity-method investments, including principally the following:
Aux Sable: Aux Sable Liquid Products LP
Blue Racer: Blue Racer Midstream LLC
Discovery: Discovery Producer Services LLC
Gulfstream: Gulfstream Natural Gas System, L.L.C.
Laurel Mountain: Laurel Mountain Midstream, LLC
OPPL: Overland Pass Pipeline Company LLC
RMM: Rocky Mountain Midstream Holdings LLC
Targa Train 7: Targa Train 7 LLC
4

Government and Regulatory:
EPA: Environmental Protection Agency
Exchange Act, the: Securities and Exchange Act of 1934, as amended
FERC: Federal Energy Regulatory Commission
IRS: Internal Revenue Service
SEC: Securities and Exchange Commission
Other:
EBITDA: Earnings before interest, taxes, depreciation, 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
NGL margins: NGL revenues less any applicable Btu replacement cost, plant fuel, transportation, and fractionation
Sequent Acquisition: The July 1, 2021, acquisition of 100 percent of Sequent Energy Management, L.P. and Sequent Energy Canada, Corp.
5

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

The Williams Companies, Inc.
Consolidated Statement of Income
(Unaudited)
Three Months Ended 
March 31,
20222021
(Millions, except per-share amounts)
Revenues:
Service revenues$1,537 $1,452 
Service revenues – commodity consideration77 49 
Product sales1,104 1,147 
Net gain (loss) on commodity derivatives(194)(36)
Total revenues2,524 2,612 
Costs and expenses:
Product costs803 932 
Processing commodity expenses30 21 
Operating and maintenance expenses394 360 
Depreciation and amortization expenses498 438 
Selling, general, and administrative expenses154 123 
Other (income) expense – net(9)(1)
Total costs and expenses1,870 1,873 
Operating income (loss)654 739 
Equity earnings (losses)136 131 
Other investing income (loss) – net1 2 
Interest incurred(289)(296)
Interest capitalized3 2 
Other income (expense) – net5 (2)
Income (loss) before income taxes510 576 
Less: Provision (benefit) for income taxes118 141 
Net income (loss)392 435 
Less: Net income (loss) attributable to noncontrolling interests
12 9 
Net income (loss) attributable to The Williams Companies, Inc.
380 426 
Less: Preferred stock dividends1 1 
Net income (loss) available to common stockholders$379 $425 
Basic earnings (loss) per common share:
Net income (loss)$.31 $.35 
Weighted-average shares (thousands)1,216,940 1,214,646 
Diluted earnings (loss) per common share:
Net income (loss)$.31 $.35 
Weighted-average shares (thousands)1,221,279 1,217,211 

See accompanying notes.
6

The Williams Companies, Inc.
Consolidated Statement of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended 
March 31,
20222021
(Millions)
Net income (loss)$392 $435 
Other comprehensive income (loss):
Cash flow hedging activities:
Net unrealized gain (loss) from derivative instruments, net of taxes of ($1) in 2022 and $2 in 2021
3 (9)
Reclassifications into earnings of net derivative instruments (gain) loss, net of taxes of $ in 2022 and $ in 2021
 2 
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 ($1) in 2022 and ($1) in 2021
2 3 
Other comprehensive income (loss)5 (4)
Comprehensive income (loss)397 431 
Less: Comprehensive income (loss) attributable to noncontrolling interests
12 9 
Comprehensive income (loss) attributable to The Williams Companies, Inc.
$385 $422 
See accompanying notes.

7

The Williams Companies, Inc.
Consolidated Balance Sheet
(Unaudited)
March 31,
2022
December 31,
2021
(Millions, except per-share amounts)
ASSETS
Current assets:
Cash and cash equivalents$604 $1,680 
Trade accounts and other receivables
1,987 1,986 
Allowance for doubtful accounts(14)(8)
Trade accounts and other receivables – net1,973 1,978 
Inventories201 379 
Derivative assets104 301 
Other current assets and deferred charges272 211 
Total current assets3,154 4,549 
Investments5,107 5,127 
Property, plant, and equipment44,416 44,184 
Accumulated depreciation and amortization(15,230)(14,926)
Property, plant, and equipment – net
29,186 29,258 
Intangible assets – net of accumulated amortization7,278 7,402 
Regulatory assets, deferred charges, and other1,324 1,276 
Total assets$46,049 $47,612 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$1,584 $1,746 
Accrued liabilities1,099 1,201 
Long-term debt due within one year1,625 2,025 
Total current liabilities4,308 4,972 
Long-term debt20,801 21,650 
Deferred income tax liabilities2,570 2,453 
Regulatory liabilities, deferred income, and other4,399 4,436 
Contingent liabilities and commitments (Note 12)
Equity:
Stockholders’ equity:
Preferred stock
35 35 
Common stock ($1 par value; 1,470 million shares authorized at March 31, 2022 and December 31, 2021; 1,252 million shares issued at March 31, 2022 and 1,250 million shares issued at December 31, 2021)
1,252 1,250 
Capital in excess of par value24,476 24,449 
Retained deficit(13,378)(13,237)
Accumulated other comprehensive income (loss)(28)(33)
Treasury stock, at cost (35 million shares of common stock)
(1,041)(1,041)
Total stockholders’ equity11,316 11,423 
Noncontrolling interests in consolidated subsidiaries2,655 2,678 
Total equity13,971 14,101 
Total liabilities and equity$46,049 $47,612 

See accompanying notes.
8

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 – December 31, 2021$35 $1,250 $24,449 $(13,237)$(33)$(1,041)$11,423 $2,678 $14,101 
Net income (loss)   380   380 12 392 
Other comprehensive income (loss)
    5  5  5 
Cash dividends – common stock ($0.425 per share)
   (518)  (518) (518)
Dividends and distributions to noncontrolling interests
       (37)(37)
Stock-based compensation and related common stock issuances, net of tax
 2 27    29  29 
Contributions from noncontrolling interests
       3 3 
Other   (3)  (3)(1)(4)
   Net increase (decrease) in equity 2 27 (141)5  (107)(23)(130)
Balance – March 31, 2022$35 $1,252 $24,476 $(13,378)$(28)$(1,041)$11,316 $2,655 $13,971 
Balance – December 31, 2020$35 $1,248 $24,371 $(12,748)$(96)$(1,041)$11,769 $2,814 $14,583 
Net income (loss)   426   426 9 435 
Other comprehensive income (loss)
    (4) (4) (4)
Cash dividends – common stock ($0.41 per share)
   (498)  (498) (498)
Dividends and distributions to noncontrolling interests
       (54)(54)
Stock-based compensation and related common stock issuances, net of tax
 1 10    11  11 
Contributions from noncontrolling interests
       2 2 
Other  3 (5)  (2) (2)
   Net increase (decrease) in equity 1 13 (77)(4) (67)(43)(110)
Balance – March 31, 2021$35 $1,249 $24,384 $(12,825)$(100)$(1,041)$11,702 $2,771 $14,473 
*Accumulated Other Comprehensive Income (Loss)
See accompanying notes.

9

The Williams Companies, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
Three Months Ended 
March 31,
20222021
(Millions)
OPERATING ACTIVITIES:
Net income (loss)$392 $435 
Adjustments to reconcile to net cash provided (used) by operating activities:
Depreciation and amortization498 438 
Provision (benefit) for deferred income taxes115 144 
Equity (earnings) losses(136)(131)
Distributions from unconsolidated affiliates212 176 
Net unrealized (gain) loss from derivative instruments123  
Amortization of stock-based awards21 20 
Cash provided (used) by changes in current assets and liabilities:
Accounts receivable(3)(59)
Inventories178 (8)
Other current assets and deferred charges(65)(6)
Accounts payable(138)38 
Accrued liabilities(149)(116)
Changes in current and noncurrent derivative assets and liabilities101 (6)
Other, including changes in noncurrent assets and liabilities(67)(10)
Net cash provided (used) by operating activities1,082 915 
FINANCING ACTIVITIES:
Proceeds from long-term debt3 897 
Payments of long-term debt(1,256)(5)
Proceeds from issuance of common stock37 3 
Common dividends paid(518)(498)
Dividends and distributions paid to noncontrolling interests(37)(54)
Contributions from noncontrolling interests3 2 
Payments for debt issuance costs (6)
Other – net(30)(13)
Net cash provided (used) by financing activities(1,798)326 
INVESTING ACTIVITIES:
Property, plant, and equipment:
Capital expenditures (1)(291)(260)
Dispositions – net(6)(1)
Contributions in aid of construction(3)19 
Purchases of and contributions to equity-method investments(56)(14)
Other – net(4)(1)
Net cash provided (used) by investing activities(360)(257)
Increase (decrease) in cash and cash equivalents(1,076)984 
Cash and cash equivalents at beginning of year1,680 142 
Cash and cash equivalents at end of period$604 $1,126 
_____________
(1) Increases to property, plant, and equipment$(260)$(263)
Changes in related accounts payable and accrued liabilities(31)3 
Capital expenditures$(291)$(260)

See accompanying notes.
10

The Williams Companies, Inc.
Notes to Consolidated Financial Statements
(Unaudited)

Note 1 – General, Description of Business, and Basis of Presentation
General
Our accompanying interim consolidated financial statements do not include all the notes in our annual financial statements and, therefore, should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2021, in our 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 our 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 our consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Unless the context clearly indicates otherwise, references in this report to “Williams,” “we,” “our,” “us,” or like terms refer to The Williams Companies, Inc. and its subsidiaries. Unless the context clearly indicates otherwise, references to “Williams,” “we,” “our,” and “us” include the operations in which we own interests accounted for as equity-method investments that are not consolidated in our financial statements. When we refer to our equity investees by name, we are referring exclusively to their businesses and operations.
Description of Business
We are a Delaware corporation whose common stock is listed and traded on the New York Stock Exchange. Our operations are located in the United States. Effective January 1, 2022, following an organizational realignment, our natural gas liquid (NGL) and natural gas marketing services, previously reported within the West segment, along with the former Sequent segment, are now all managed within the Gas & NGL Marketing Services segment. As a result, our operations are presented within the following reportable segments as of March 31, 2022: Transmission & Gulf of Mexico, Northeast G&P, West, and Gas & NGL Marketing Services, consistent with the manner in which our chief operating decision maker evaluates performance and allocates resources. All remaining business activities, including our upstream operations, as well as corporate activities are included in Other. Prior period segment disclosures have been recast for the new segment presentation. Additionally, beginning in 2022 and concurrent with the integration of our legacy gas marketing operations and the marketing operations acquired in the Sequent Acquisition (see Note 3 – Acquisitions), all natural gas marketing revenues from Gas & NGL Marketing Services are presented net of the related costs of those activities in our Consolidated Statement of Income, as subsequent to the integration the entire natural gas marketing portfolio is considered held for trading purposes which requires net presentation.
Transmission & Gulf of Mexico is comprised of our interstate natural gas pipelines, Transcontinental Gas Pipe Line Company, LLC (Transco) and Northwest Pipeline LLC (Northwest Pipeline), as well as natural gas gathering and processing and crude oil production handling and transportation assets in the Gulf Coast region, including a 51 percent interest in Gulfstar One LLC (Gulfstar One) (a consolidated variable interest entity, or VIE), which is a proprietary floating production system, a 50 percent equity-method investment in Gulfstream Natural Gas System, L.L.C. (Gulfstream), and a 60 percent equity-method investment in Discovery Producer Services LLC (Discovery).
Northeast G&P is comprised of our 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 69 percent equity-method investment in Laurel Mountain Midstream, LLC (Laurel Mountain), a 50 percent equity-method investment in Blue Racer Midstream LLC (Blue Racer), and Appalachia
11



Notes (Continued)
Midstream Services, LLC, a wholly owned subsidiary that owns equity-method investments with an approximate average 66 percent interest in multiple gas gathering systems in the Marcellus Shale region (Appalachia Midstream Investments).
West is comprised of our 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 northwest Louisiana, and the Mid-Continent region which includes the Anadarko and Permian basins. This segment also includes our NGL storage facilities, an undivided 50 percent interest in an NGL fractionator near Conway, Kansas, a 50 percent equity-method investment in Overland Pass Pipeline Company LLC (OPPL), a 50 percent equity-method investment in Rocky Mountain Midstream Holdings LLC (RMM), a 20 percent equity-method investment in Targa Train 7 LLC (Targa Train 7) (a nonconsolidated VIE), and a 15 percent interest in Brazos Permian II, LLC (Brazos Permian II).
Gas & NGL Marketing Services is comprised of our NGL and natural gas marketing and trading operations, which includes risk management and the storage and transportation of natural gas on strategically positioned assets, including our Transco system.
Basis of Presentation
Significant risks and uncertainties
We believe that the carrying value of certain of our property, plant, and equipment and intangible assets, notably certain acquired assets 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 our 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 our assumptions and ultimately result in impairments of these assets. Such transactions or developments may also indicate that certain of our 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 March 31, 2022, we consolidate the following VIEs:
Northeast JV
We own a 65 percent interest in the Northeast JV, a subsidiary that is a VIE due to certain of our voting rights being disproportionate to our obligation to absorb losses and substantially all of the Northeast JV’s activities being performed on our behalf. We are the primary beneficiary because we have 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 us and the other equity partner on a proportional basis.
Gulfstar One
We own 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 Mexico. We are the primary beneficiary because we have the power to direct the activities that most significantly impact Gulfstar One’s economic performance.
12



Notes (Continued)
Cardinal
We own 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. We are the primary beneficiary because we have the power to direct the activities that most significantly impact Cardinal’s economic performance. In accordance with the contract, future expansion activity is required to be funded with capital contributions from us and the other equity partner on a proportional basis.
The following table presents amounts included in our Consolidated Balance Sheet that are only for the use or obligation of our consolidated VIEs:
March 31,
2022
December 31,
2021
(Millions)
Assets (liabilities):
Cash and cash equivalents$116 $78 
Trade accounts and other receivables – net 104 132 
Inventories3 3 
Other current assets and deferred charges4 7 
Property, plant, and equipment – net5,237 5,295 
Intangible assets – net of accumulated amortization2,240 2,267 
Regulatory assets, deferred charges, and other
23 20 
Accounts payable(50)(61)
Accrued liabilities
(32)(29)
Regulatory liabilities, deferred income, and other
(286)(287)

Nonconsolidated VIEs
Targa Train 7
We own a 20 percent interest in Targa Train 7, which provides fractionation services at Mt. Belvieu and is a VIE due primarily to our limited participating rights as the minority equity holder. At March 31, 2022, the carrying value of our investment in Targa Train 7 was $47 million. Our maximum exposure to loss is limited to the carrying value of our investment.
Note 3 – Acquisitions
Sequent Acquisition
On July 1, 2021, we completed the acquisition of 100 percent of Sequent Energy Management, L.P. and Sequent Energy Canada, Corp (Sequent Acquisition). Total consideration for this acquisition was $159 million, which included $109 million related to working capital. The purpose of the Sequent Acquisition was to expand our natural gas marketing activities as well as optimize our pipeline and storage capabilities with expansions into new markets to reach incremental gas-fired power generation, liquified natural gas exports, and future renewable natural gas and other emerging opportunities.
The following unaudited pro forma Revenues and Net income (loss) attributable to The Williams Companies, Inc. for the three months ended March 31, 2021, are presented as if the Sequent Acquisition had been completed on January 1, 2020. These pro forma amounts are not necessarily indicative of what the actual results would have been if the Sequent Acquisition had in fact occurred on the date 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 transaction or the potential costs to achieve these cost savings, operating synergies, and revenue enhancements.
13



Notes (Continued)
Three Months Ended 
March 31,
2021
(Millions)
Revenues$2,910 
Net income (loss) attributable to The Williams Companies, Inc.547 
Seasonality can impact natural gas usage and operating results; thus, the results for the operations acquired in the Sequent Acquisition for interim periods are not necessarily indicative of annual results and can vary significantly from quarter to quarter. The results for the operations acquired in the Sequent Acquisition for the three months ended March 31, 2021, were favorably impacted by Winter Storm Uri.
During the period from the acquisition date of July 1, 2021 to December 31, 2021, results for the operations acquired in the Sequent Acquisition included net product sales of $(43) million (including $80 million of purchases from affiliates), net loss on commodity derivatives of $43 million, and unfavorable Modified EBITDA (as defined in Note 13 – Segment Disclosures) of $112 million. Both the Revenues and Modified EBITDA amounts reflect a net unrealized loss on commodity derivatives of $109 million for the period.
Costs related to the Sequent Acquisition for the period from the acquisition date of July 1, 2021 to December 31, 2021 were approximately $5 million and were included in Selling, general, and administrative expenses in our Consolidated Statement of Income for the year ended December 31, 2021.
The Sequent Acquisition was accounted for 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 allocation of the acquisition date fair value of the major classes of the assets acquired, which are presented in the Gas & NGL Marketing Services segment, and liabilities assumed at July 1, 2021. The fair value of accounts receivable acquired equals contractual amounts receivable. The fair value of the intangible assets were measured using an income approach. The inventory acquired relates to natural gas in underground storage. The fair value of this inventory was based on the market price of the underlying commodity at the acquisition date. See Note 10 – Fair Value Measurements and Guarantees for the valuation techniques used to measure fair value of derivative assets and liabilities.
(Millions)
Cash and cash equivalents$8 
Trade accounts and other receivables – net498 
Inventories121 
Other current assets and deferred charges4 
Commodity derivatives included in other current assets and deferred charges
57 
Property, plant, and equipment – net5 
Intangible assets306 
Regulatory assets, deferred charges, and other3 
Commodity derivatives included in regulatory assets, deferred charges, and other
49 
Total assets acquired$1,051 
Accounts payable$514 
Accrued liabilities46 
Commodity derivatives included in accrued liabilities
116 
Regulatory liabilities, deferred income, and other1 
Commodity derivatives included in regulatory liabilities, deferred income, and other
215 
Total liabilities assumed$892 
Net assets acquired$159 
14



Notes (Continued)
Intangible assets
Intangible assets are primarily related to transportation and storage capacity contracts. The basis for determining the value of these intangible assets was estimated future net cash flows to be derived from acquired transportation and storage capacity contracts that provide future economic benefits due to their market location, discounted using an industry weighted-average cost of capital. This intangible asset is being amortized based on the expected benefit period over which the underlying contracts are expected to contribute to our cash flows ranging from 1 year to 8 years. As a result, we expect a significant portion of the amortization to be recognized within the first few years of this range.

15



Notes (Continued)
Note 4 – Revenue Recognition
Revenue by Category
The following table presents our revenue disaggregated by major service line:
TranscoNorthwest PipelineGulf of Mexico MidstreamNortheast MidstreamWest MidstreamGas & NGL Marketing ServicesOtherEliminationsTotal
(Millions)
Three Months Ended March 31, 2022
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$665 $113 $ $ $ $ $ $(18)$760 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration