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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 September 30, 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: (800945-5426
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 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 October 27, 2022
Common Stock, $1.00 par value1,218,339,828



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 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.
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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;
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;
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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 filed with the SEC on February 28, 2022, as 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 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:
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 September 30, 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
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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


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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

The Williams Companies, Inc.
Consolidated Statement of Income
(Unaudited)
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2022202120222021
(Millions, except per-share amounts)
Revenues:
Service revenues$1,685 $1,506 $4,828 $4,418 
Service revenues – commodity consideration60 64 223 164 
Product sales1,260 1,296 3,475 3,229 
Net gain (loss) on commodity derivatives16 (391)(491)(441)
Total revenues3,021 2,475 8,035 7,370 
Costs and expenses:
Product costs990 1,043 2,650 2,672 
Net processing commodity expenses29 28 99 67 
Operating and maintenance expenses486 409 1,345 1,148 
Depreciation and amortization expenses500 487 1,504 1,388 
Selling, general, and administrative expenses163 152 477 389 
Other (income) expense – net33 1 14 12 
Total costs and expenses2,201 2,120 6,089 5,676 
Operating income (loss)820 355 1,946 1,694 
Equity earnings (losses)193 157 492 423 
Other investing income (loss) – net1 2 4 6 
Interest incurred(296)(295)(871)(892)
Interest capitalized5 3 13 8 
Other income (expense) – net(6)4 5 4 
Income (loss) before income taxes717 226 1,589 1,243 
Less: Provision (benefit) for income taxes96 53 169 313 
Net income (loss)621 173 1,420 930 
Less: Net income (loss) attributable to noncontrolling interests
21 8 40 35 
Net income (loss) attributable to The Williams Companies, Inc.
600 165 1,380 895 
Less: Preferred stock dividends1 1 2 2 
Net income (loss) available to common stockholders$599 $164 $1,378 $893 
Basic earnings (loss) per common share:
Net income (loss)$.49 $.14 $1.13 $.74 
Weighted-average shares (thousands)1,218,964 1,215,434 1,218,202 1,215,113 
Diluted earnings (loss) per common share:
Net income (loss)$.49 $.13 $1.13 $.73 
Weighted-average shares (thousands)1,222,472 1,217,979 1,222,153 1,217,558 

See accompanying notes.
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The Williams Companies, Inc.
Consolidated Statement of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2022202120222021
(Millions)
Net income (loss)$621 $173 $1,420 $930 
Other comprehensive income (loss):
Designated cash flow hedging activities:
Net unrealized gain (loss) from derivative instruments, net of taxes of $3 and $1 in 2022 and $5 and $14 in 2021
(8)(17)(3)(43)
Reclassifications into earnings of net derivative instruments (gain) loss, net of taxes of $ and $ in 2022 and ($5) and ($7) in 2021
 15  21 
Pension and other postretirement benefits:
Net actuarial gain (loss) arising during the year, net of taxes of ($1) and ($1) in 2022 and $ and $ in 2021
2  2  
Amortization of actuarial (gain) loss and net actuarial loss from settlements included in net periodic benefit cost (credit), net of taxes of ($1) and ($2) in 2022 and ($1) and ($3) in 2021
2 3 7 9 
Other comprehensive income (loss)(4)1 6 (13)
Comprehensive income (loss)617 174 1,426 917 
Less: Comprehensive income (loss) attributable to noncontrolling interests
21 8 40 35 
Comprehensive income (loss) attributable to The Williams Companies, Inc.
$596 $166 $1,386 $882 
See accompanying notes.

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The Williams Companies, Inc.
Consolidated Balance Sheet
(Unaudited)
September 30,
2022
December 31,
2021
(Millions, except per-share amounts)
ASSETS
Current assets:
Cash and cash equivalents$859 $1,680 
Trade accounts and other receivables
2,674 1,986 
Allowance for doubtful accounts(15)(8)
Trade accounts and other receivables – net2,659 1,978 
Inventories447 379 
Derivative assets201 301 
Other current assets and deferred charges272 211 
Total current assets4,438 4,549 
Investments5,066 5,127 
Property, plant, and equipment46,186 44,184 
Accumulated depreciation and amortization(15,848)(14,926)
Property, plant, and equipment – net
30,338 29,258 
Intangible assets – net of accumulated amortization7,493 7,402 
Regulatory assets, deferred charges, and other1,337 1,276 
Total assets$48,672 $47,612 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$2,613 $1,746 
Accrued liabilities1,527 1,201 
Long-term debt due within one year877 2,025 
Total current liabilities5,017 4,972 
Long-term debt22,530 21,650 
Deferred income tax liabilities2,637 2,453 
Regulatory liabilities, deferred income, and other4,578 4,436 
Contingent liabilities and commitments (Note 11)
Equity:
Stockholders’ equity:
Preferred stock ($1 par value; 30 million shares authorized at September 30, 2022 and December 31, 2021; 35,000 shares issued at September 30, 2022 and December 31, 2021)
35 35 
Common stock ($1 par value; 1,470 million shares authorized at September 30, 2022 and December 31, 2021; 1,253 million shares issued at September 30, 2022 and 1,250 million shares issued at December 31, 2021)
1,253 1,250 
Capital in excess of par value24,527 24,449 
Retained deficit(13,419)(13,237)
Accumulated other comprehensive income (loss)(27)(33)
Treasury stock, at cost (35 million shares of common stock)
(1,050)(1,041)
Total stockholders’ equity11,319 11,423 
Noncontrolling interests in consolidated subsidiaries2,591 2,678 
Total equity13,910 14,101 
Total liabilities and equity$48,672 $47,612 

See accompanying notes.
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The Williams Companies, Inc.
Consolidated Statement of Changes in Equity
(Unaudited)

The Williams Companies, Inc. Stockholders
Preferred StockCommon StockCapital in Excess of Par ValueRetained DeficitAOCI*Treasury StockTotal Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Millions)
Balance – June 30, 2022$35 $1,253 $24,500 $(13,498)$(23)$(1,041)$11,226 $2,610 $13,836 
Net income (loss)   600   600 21 621 
Other comprehensive income (loss)    (4) (4) (4)
Cash dividends common stock ($0.425 per share)
   (518)  (518) (518)
Dividends and distributions to noncontrolling interests
       (46)(46)
Stock-based compensation and related common stock issuances, net of tax
  28    28  28 
Contributions from noncontrolling interests
       7 7 
Purchase of treasury stock     (9)(9) (9)
Other  (1)(3)  (4)(1)(5)
   Net increase (decrease) in equity  27 79 (4)(9)93 (19)74 
Balance – September 30, 2022$35 $1,253 $24,527 $(13,419)$(