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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, 2024
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: 800-945-5426 (800-WILLIAMS)
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.
Class
Shares Outstanding at May 2, 2024
Common Stock, $1.00 par value1,218,754,019



The Williams Companies, Inc.
Table of Contents

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 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. 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,”
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“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.
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 and the ability of other energy companies with whom we conduct or seek to conduct business, to obtain necessary permits and approvals, and our ability to 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 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;
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;
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The risks resulting from outbreaks or other public health crises;
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 and conflicts in the Middle East, including between Israel and Hamas and conflicts involving Iran and its proxy forces;
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 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, 2023, as filed with the SEC on February 21, 2024, 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
IRS: Internal Revenue Service
SEC: Securities and Exchange Commission
Securities Act, the: Securities Act of 1933, as amended
Other:
Note: References to numerical notes refer to our Notes to Consolidated Financial Statements.
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 Btu replacement cost, plant fuel, transportation, and fractionation
Appalachia Midstream Investments: Our equity-method investments with an approximate average 66 percent interest in multiple gas gathering systems in the Marcellus Shale region.
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DJ Basin Acquisitions: On November 30, 2023, we closed on the acquisition of 100 percent of Cureton Front Range, LLC (Cureton) (Cureton Acquisition) and also closed on the acquisition of the remaining 50 percent interest in Rocky Mountain Midstream Holdings LLC (RMM) (RMM Acquisition), both of which operate midstream assets in the Denver-Julesberg (DJ) Basin.
Gulf Coast Storage Acquisition: On January 3, 2024, we 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.
MountainWest Acquisition: The February 14, 2023, acquisition of 100 percent of MountainWest Pipelines Holding Company (MountainWest), which includes FERC-regulated interstate natural gas pipeline systems and natural gas storage capacity.
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
The Williams Companies, Inc.
Consolidated Statement of Income
(Unaudited)
Three Months Ended  
March 31,
20242023
(Millions, except per-share amounts)
Revenues:
Service revenues$1,905 $1,694 
Service revenues – commodity consideration30 36 
Product sales845 845 
Net gain (loss) from commodity derivatives
(9)506 
  Total revenues
2,771 3,081 
Costs and expenses:
Product costs526 553 
Net processing commodity expenses5 54 
Operating and maintenance expenses511 463 
Depreciation and amortization expenses548 506 
Selling, general, and administrative expenses186 176 
Other (income) expense – net(17)(31)
  Total costs and expenses
1,759 1,721 
Operating income (loss)1,012 1,360 
Equity earnings (losses)
137 147 
Other investing income (loss) – net24 8 
Interest expense
(349)(294)
Other income (expense) – net31 20 
Income (loss) before income taxes855 1,241 
  Less: Provision (benefit) for income taxes
193 284 
Net income (loss)662 957 
  Less: Net income (loss) attributable to noncontrolling interests
30 30 
Net income (loss) attributable to The Williams Companies, Inc.632 927 
  Less: Preferred stock dividends
1 1 
Net income (loss) available to common stockholders$631 $926 
Basic earnings (loss) per common share:
Net income (loss) available to common stockholders$.52 $.76 
Weighted-average shares (thousands)1,218,155 1,219,465 
Diluted earnings (loss) per common share:
Net income (loss) available to common stockholders$.52 $.76 
Weighted-average shares (thousands)1,222,222 1,225,781 
See accompanying notes.
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The Williams Companies, Inc.
Consolidated Statement of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended  
March 31,
20242023
(Millions)
Net income (loss)$662 $957 
Other comprehensive income (loss):
Designated interest rate cash flow hedging activities:
Net unrealized gain (loss) from derivative instruments, net of taxes of ($3) in 2024 and $(7) in 2023
11 20 
Reclassifications into earnings of net derivative instruments (gain) loss, net of taxes of $ in 2024 and $ in 2023
(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 $ in 2024 and $ in 2023
 1 
Other comprehensive income (loss)10 21 
Comprehensive income (loss)672 978 
Less: Comprehensive income (loss) attributable to noncontrolling interests
30 30 
Comprehensive income (loss) attributable to The Williams Companies, Inc.
$642 $948 
See accompanying notes.

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The Williams Companies, Inc.
Consolidated Balance Sheet
(Unaudited)
March 31,December 31,
20242023
(Millions, except per-share amounts)
ASSETS
Current assets:
Cash and cash equivalents$667 $2,150 
Trade accounts and other receivables (net of allowance of $3 at March 31, 2024 and December 31, 2023)
1,355 1,655 
Inventories239 274 
Derivative assets173 239 
Other current assets and deferred charges176 195 
Total current assets2,610 4,513 
Investments4,639 4,637 
Property, plant and equipment54,305 51,842 
Accumulated depreciation and amortization(17,854)(17,531)
Property, plant, and equipment – net36,451 34,311 
Intangible assets – net of accumulated amortization7,496 7,593 
Regulatory assets, deferred charges, and other1,551 1,573 
Total assets$52,747 $52,627 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$1,042 $1,379 
Derivative liabilities75 105 
Accrued and other current liabilities1,077 1,284 
Commercial paper 725 
Long-term debt due within one year2,787 2,337 
Total current liabilities4,981 5,830 
Long-term debt24,100 23,376 
Deferred income tax liabilities4,001 3,846 
Regulatory liabilities, deferred income, and other4,735 4,684 
Contingent liabilities and commitments (Note 9)
Equity:
Stockholders’ equity:
Preferred stock ($1 par value; 30 million shares authorized at March 31, 2024 and December 31, 2023; 35,000 shares issued at March 31, 2024 and December 31, 2023)
35 35 
Common stock ($1 par value; 1,470 million shares authorized at March 31, 2024 and December 31, 2023; 1,258 million shares issued at March 31, 2024 and 1,256 million shares issued at December 31, 2023)
1,258 1,256 
Capital in excess of par value24,564 24,578 
Retained deficit(12,238)(12,287)
Accumulated other comprehensive income (loss)10  
Treasury stock, at cost (39 million shares at March 31, 2024 and December 31, 2023 of common stock)
(1,180)(1,180)
Total stockholders’ equity12,449 12,402 
Noncontrolling interests in consolidated subsidiaries2,481 2,489 
Total equity14,930 14,891 
Total liabilities and equity$52,747 $52,627 
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
Stock
Capital in
Excess of
Par Value
Retained
Deficit
AOCI*Treasury
Stock
Total
Stockholders’
Equity
Noncontrolling
Interests
Total Equity
(Millions)
Balance at December 31, 2023$35 $1,256 $24,578 $(12,287)$ $(1,180)$12,402 $2,489 $14,891 
Net income (loss)   632   632 30 662 
Other comprehensive income (loss)    10  10  10 
Cash dividends – common stock ($0.4750 per share)
   (579)  (579) (579)
Dividends and distributions to noncontrolling interests       (64)(64)
Stock-based compensation and related common stock issuances, net of tax 2 (14)   (12) (12)
Contributions from noncontrolling interests       26 26 
Other   (4)  (4) (4)
Net increase (decrease) in equity 2 (14)49 10  47 (8)39 
Balance at March 31, 2024$35 $1,258 $24,564 $(12,238)$10 $(1,180)$12,449 $2,481 $14,930 
Balance at December 31, 2022$35 $1,253 $24,542 $(13,271)$(24)$(1,050)$11,485 $2,560 $14,045 
Net income (loss)   927   927 30 957 
Other comprehensive income (loss)    21  21  21 
Cash dividends – common stock ($0.4475 per share)
   (546)  (546) (546)
Dividends and distributions to noncontrolling interests       (54)(54)
Stock-based compensation and related common stock issuances, net of tax 3 (26)   (23) (23)
Contributions from noncontrolling interests       3 3 
Purchases of treasury stock
     (74)(74) (74)
Other   (5)  (5)(1)(6)
Net increase (decrease) in equity 3 (26)376 21 (74)300 (22)278 
Balance at March 31, 2023$35 $1,256 $24,516 $(12,895)$(3)$(1,124)$11,785 $2,538 $14,323 
*Accumulated Other Comprehensive Income (Loss)
See accompanying notes.
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The Williams Companies, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
 Three Months Ended  
March 31,
20242023
(Millions)
OPERATING ACTIVITIES:
Net income (loss)$662 $957 
Adjustments to reconcile to net cash provided (used) by operating activities:
Depreciation and amortization548 506 
Provision (benefit) for deferred income taxes152 283 
Equity (earnings) losses(137)(147)
Distributions from equity-method investees188 208 
Net unrealized (gain) loss from commodity derivative instruments92 (327)
Inventory write-downs4 18 
Amortization of stock-based awards24 17 
Cash provided (used) by changes in current assets and liabilities:
Accounts receivable314 1,269 
Inventories34 27 
Other current assets and deferred charges9 (4)
Accounts payable(309)(1,017)
Accrued and other current liabilities(218)(318)
Changes in current and noncurrent commodity derivative assets and liabilities(68)82 
Other, including changes in noncurrent assets and liabilities(61)(40)
Net cash provided (used) by operating activities1,234 1,514 
FINANCING ACTIVITIES:
Proceeds from (payments of) commercial paper – net(723)(352)
Proceeds from long-term debt2,099 1,502 
Payments of long-term debt(1,012)(7)
Payments for debt issuance costs(16)(8)
Proceeds from issuance of common stock5 3 
Purchases of treasury stock (74)
Common dividends paid(579)(546)
Dividends and distributions paid to noncontrolling interests(64)(54)
Contributions from noncontrolling interests26 3 
Other – net(17)(17)
Net cash provided (used) by financing activities(281)450 
INVESTING ACTIVITIES:
Property, plant, and equipment:
Capital expenditures (1)(544)(545)
Dispositions - net5 (7)
Purchases of businesses, net of cash acquired (Note 3)(1,851)(1,056)
Purchases of and contributions to equity-method investments(52)(39)
Other – net6 8 
Net cash provided (used) by investing activities(2,436)(1,639)
Increase (decrease) in cash and cash equivalents(1,483)325 
Cash and cash equivalents at beginning of year2,150 152 
Cash and cash equivalents at end of period$667 $477 
_________
(1)  Increases to property, plant, and equipment$(509)$(484)
Changes in related accounts payable and accrued liabilities(35)(61)
Capital expenditures$(544)$(545)
See accompanying notes.
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The Williams Companies, Inc.
Notes to Consolidated Financial Statements

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, 2023, 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.
Share Repurchase Program
In September 2021, our 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 our management. Our management will also determine the timing and amount of any repurchases based on market conditions and other factors. The share repurchase program does not obligate us 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 three months ended March 31, 2024 and 2023, there have been $0 and $74 million in repurchases under the program which are included in our Consolidated Statement of Changes in Equity. Cumulative repurchases to date under the program total $139 million.
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 and are presented within the following reportable segments: 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 and corporate activities, are included in Other.
Transmission & Gulf of Mexico is comprised of our interstate natural gas pipelines, Transcontinental Gas Pipe Line Company, LLC (Transco), Northwest Pipeline LLC (Northwest Pipeline), and MountainWest Pipelines Holding Company (MountainWest), and their related natural gas storage facilities, 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), 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). Transmission & Gulf of Mexico 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 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

12

Notes (Continued)
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 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 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 which includes Rocky Mountain Midstream Holdings LLC (RMM), a former 50 percent equity-method investment in which we acquired the remaining ownership interest in November 2023 (see Note 3 – Acquisitions and Divestitures). This segment also includes our 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 our natural gas liquid (NGL) and natural gas marketing and trading operations, which includes risk management and transactions related to the storage and transportation of natural gas and NGLs on strategically positioned assets.
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.
Discontinued operations
Unless indicated otherwise, the information in the Notes to Consolidated Financial Statements relates to our continuing operations.
Accounting Standards Issued But Not Yet Adopted
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses and expanded interim disclosures. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. We do not expect adoption of ASU 2023-07 will have a material impact on our financial
statements.
In December 2023, the FASB issued 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 fiscal years beginning after December 15, 2024, and early adoption is permitted. We do not expect adoption of ASU 2023-09 will have a material impact on our financial statements.
13

Notes (Continued)
Note 2 – Variable Interest Entities
Consolidated VIEs
As of March 31, 2024, 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.
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 order to meet contractual gas gathering commitments, we may fund more than our proportional share of future expansion activity, which could ultimately impact relative ownership.
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,December 31,
20242023
(Millions)
Assets (liabilities):
Cash and cash equivalents$67 $33 
Trade accounts and other receivables – net 157 215 
Inventories5 5 
Other current assets and deferred charges5 4 
Property, plant, and equipment – net5,022 5,046 
Intangible assets – net of accumulated amortization2,022 2,049 
Regulatory assets, deferred charges, and other29 31 
Accounts payable(69)(109)
Accrued and other current liabilities(30)(28)
Regulatory liabilities, deferred income, and other(268)(268)
14

Notes (Continued)
Nonconsolidated VIEs
We own certain equity-method investments that are VIEs due primarily to our limited participating rights as a minority equity holder. Our maximum exposure to loss is limited to the carrying value of these investments, which totaled $68 million at March 31, 2024.
Note 3 – Acquisitions and Divestitures
Gulf Coast Storage Acquisition
On January 3, 2024, we closed on the acquisition of 100 percent of a strategic portfolio of natural gas storage facilities and pipelines, located in Louisiana and Mississippi, from Hartree Partners LP (Gulf Coast Storage Acquisition) for $1.95 billion. The purpose of this acquisition was to expand our natural gas storage footprint in the Gulf Coast region. Assets acquired, acquisition-related costs incurred, and results of operations realized are included within our Transmission & Gulf of Mexico segment. The Gulf Coast Storage Acquisition was funded with cash on hand and $100 million of deferred consideration that does not accrue interest and is payable one year from the acquisition date. The obligation is presented within long-term debt owed by our wholly owned subsidiary Williams Field Services Group, LLC.
During the period from the acquisition date of January 3, 2024 to March 31, 2024, the operations acquired in the Gulf Coast Storage Acquisition contributed Revenues of $53 million and Modified EBITDA (as defined in Note 10 – Segment Disclosures) of $39 million, which is impacted by acquisition-related costs. Acquisition-related costs for the Gulf Coast Storage Acquisition total $11 million, including $10 million incurred in the first quarter of 2024 included in Selling, general, and administrative expenses in our Consolidated Statement of Income.
We accounted for the Gulf Coast Storage 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 valuation technique used consisted of the cost approach for property, plant, and equipment.
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 January 3, 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; 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. The fair value of accounts receivable acquired, included in Other current assets in the following table, equals contractual amounts receivable.
(Millions)
Cash and cash equivalents$46 
Other current assets18 
Property, plant, and equipment – net2,042 
Other noncurrent assets2 
Total assets acquired
$2,108 
Current liabilities$(10)
Noncurrent liabilities
(107)
Total liabilities assumed$(117)
Net assets acquired$1,991 
15

Notes (Continued)
DJ Basin Acquisitions
Cureton Acquisition
On November 30, 2023, we closed on the acquisition of 100 percent of Cureton Front Range, LLC (Cureton Acquisition), whose operations are located in the DJ Basin, for $546 million, subject to working capital and post-closing adjustments. The purpose of this acquisition was to expand our gathering and processing footprint and create operational synergies for our operations in the DJ Basin. Assets acquired, acquisition-related costs incurred, and results of operations realized are included within our West segment. The Cureton Acquisition was funded with cash on hand.
During the period from the acquisition date of November 30, 2023 to December 31, 2023, the operations acquired in the Cureton Acquisition contributed Revenues of $35 million and Modified EBITDA of $7 million.
Acquisition-related costs for the Cureton Acquisition total $7 million, including $1 million incurred in the first quarter of 2024 included in Selling, general, and administrative expenses in our Consolidated Statement of Income.
We accounted for the Cureton Acquisition as a business combination. The valuation techniques used consisted of the cost approach for property, plant, and equipment and the income approach for valuation of other intangible assets.
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 30, 2023. 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 and other intangible assets; 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. The fair value of accounts receivable acquired, included in Other current assets in the following table, equals contractual amounts receivable.
(Millions)
Cash and cash equivalents$2 
Other current assets21 
Property, plant, and equipment – net437 
Intangible assets – net of accumulated amortization117 
Other noncurrent assets4 
Total identifiable assets acquired$581 
Current liabilities$(25)
Noncurrent liabilities
(16)
Total liabilities assumed$(41)
Net identifiable assets acquired$540 
Goodwill included in Intangible assets – net of accumulated amortization
6 
Net assets acquired$546 

16

Notes (Continued)
Other intangible assets recognized in the Cureton Acquisition are related to contractual customer relationships from gas gathering and processing agreements with our customers. The basis for determining the value of these intangible assets is estimated future net cash flows to be derived from acquired contractual customer relationships discounted using a risk-adjusted discount rate. These intangible assets are being amortized on a straight-line basis over an initial period of 20 years which represents the term over which the contractual customer relationships are expected to contribute to our cash flows. Approximately 24 percent of the expected future revenues from these contractual customer relationships are impacted by our ability and intent to renew or renegotiate existing customer contracts. We expense costs incurred to renew or extend the terms of our gas gathering contracts with customers. Based on the estimated future revenues during the current contract periods (as estimated at the time of the acquisition), the weighted-average period prior to the next renewal or extension of the existing contractual customer relationships is approximately 10 years.
RMM Acquisition
As of December 31, 2022, we owned a 50 percent interest in RMM which we accounted for as an equity-method investment. On November 30, 2023, we closed on the acquisition of the remaining 50 percent interest in RMM (RMM Acquisition) for $704 million. As a result of acquiring this additional interest, we obtained control of and now consolidate RMM. The purpose of this acquisition was to expand our gathering and processing footprint and create operational synergies for our operations in the DJ Basin. Assets acquired, acquisition-related costs incurred, and results of operations realized are included within our West segment. Substantially all of the RMM purchase price is not due to the seller until the first quarter of 2025, does not accrue interest until the fourth quarter of 2024, and may be repaid early without penalty. It was recorded as a deferred consideration obligation at fair value using an income approach, which resulted in a discount to the contractual amount due which will be imputed as interest expense over the term of the obligation. The obligation is presented within long-term debt owed by our wholly owned subsidiary Williams Rocky Mountain Midstream Holdings LLC.
During the period from the acquisition date of November 30, 2023 to December 31, 2023, RMM contributed Revenues of $53 million and Modified EBITDA of $12 million.
We accounted for the RMM Acquisition as a business combination. The book value of our existing equity-method investment prior to the acquisition date of November 30, 2023, was $406 million. We recognized a $30 million gain on remeasuring our existing equity-method investment to fair value included in Other investing income (loss) – net in our Consolidated Statement of Income during 2023. The valuation techniques used consisted of the income approach for our previous equity-method investment in RMM and the valuation of other intangible assets, and the cost approach for property, plant, and equipment.
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 30, 2023. The net assets acquired primarily reflect the noncash consideration transferred, which includes the fair value of both our previous equity-method investment and the deferred consideration obligation. 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 and other intangible assets; 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. The fair value of accounts receivable acquired, included in Other current assets in the following table, equals contractual amounts receivable.

17

Notes (Continued)

(Millions)
Cash and cash equivalents$28 
Other current assets4 
Investments20 
Property, plant, and equipment – net1,041 
Intangible assets – net of accumulated amortization63 
Other noncurrent assets12 
Total identifiable assets acquired$1,168 
Current liabilities$(44)
Noncurrent liabilities
(103)
Total liabilities assumed$(147)
Net identifiable assets acquired$1,021 
Goodwill included in Intangible assets – net of accumulated amortization
55 
Net assets acquired$1,076 
Goodwill recognized in the RMM Acquisition relates primarily to enhancing and diversifying our basin positions as well as delivering operational synergies, including increasing volumes on our existing processing facilities and increasing revenues on our NGL transportation, fractionation, and storage assets, and is reported within our West segment. Substantially all of the goodwill is deductible for tax purposes. Goodwill is included within Intangible assets – net of accumulated amortization in our Consolidated Balance Sheet and represents the excess of the consideration, plus the fair value of any noncontrolling interest or any previously held equity interest, over the fair value of the net assets acquired. It is not subject to amortization but is evaluated annually as of October 1 for impairment or more frequently if impairment indicators are present that would indicate it is more likely than not that the fair value of the reporting unit is less than its carrying amount. As part of the evaluation, we compare our estimate of the fair value of the reporting unit with its carrying value, including goodwill. If the carrying value of the reporting unit exceeds its fair value, an impairment charge is recorded for the difference (not to exceed the carrying value of goodwill). Judgments and assumptions are inherent in our management’s estimates of fair value.
Other intangible assets recognized in the RMM Acquisition are related to contractual customer relationships from gas gathering and processing agreements with our customers. The basis for determining the value of these intangible assets is estimated future net cash flows to be derived from acquired contractual customer relationships discounted using a risk-adjusted discount rate. These intangible assets are being amortized on a straight-line basis over an initial period of 20 years which represents the term over which the contractual customer relationships are expected to contribute to our cash flows. Approximately 18 percent of the expected future revenues from these contractual customer relationships are impacted by our ability and intent to renew or renegotiate existing customer contracts. We expense costs incurred to renew or extend the terms of our gas gathering contracts with customers. Based on the estimated future revenues during the current contract periods (as estimated at the time of the acquisition), the weighted-average period prior to the next renewal or extension of the existing contractual customer relationships is approximately 10 years.
MountainWest Acquisition
On February 14, 2023, we closed on the acquisition of 100 percent of MountainWest, which includes Federal Energy Regulatory Commission (FERC)-regulated interstate natural gas pipeline systems and natural gas storage capacity (MountainWest Acquisition), for $1.08 billion of cash, funded with available sources of short-term liquidity, and retaining $430 million outstanding principal amount of MountainWest long-term debt. For 2023, $1.024 billion is presented in Purchases of businesses, net of cash acquired in our Consolidated Statement of Cash Flows reflecting the cash purchase price, reduced for post-closing adjustments and the cash acquired as presented in
18

Notes (Continued)
the purchase price allocation. The purpose of the MountainWest Acquisition was to expand our existing transmission and storage infrastructure footprint into major markets in Utah, Wyoming, and Colorado. Assets acquired, acquisition-related costs incurred, and results of operations realized are included within our Transmission & Gulf of Mexico segment.
During the period from the acquisition date of February 14, 2023 to December 31, 2023, the operations acquired in the MountainWest Acquisition contributed Revenues of $225 million and Modified EBITDA of $122 million, which includes $27 million of transition-related costs.
Acquisition-related costs for the MountainWest Acquisition total $17 million, including $12 million incurred in the first quarter of 2023 included in Selling, general, and administrative expenses in our Consolidated Statement of Income.
We accounted for the MountainWest Acquisition as a business combination. The valuation techniques used consisted of the cost approach for nonregulated property, plant, and equipment, as well as the market approach for the assumed long-term debt consistent with the valuation technique discussed in Note 7 – Fair Value Measurements and Guarantees. MountainWest’s regulated operations are accounted for pursuant to Accounting Standards Codification Topic 980, “Regulated Operations”. The fair value of assets and liabilities subject to rate making and cost recovery provisions were determined utilizing the income approach. MountainWest’s expected return on rate base is consistent with expected returns of similarly situated assets, resulting in carryover basis of these assets and liabilities equaling their fair value.
The following table presents the allocation of the acquisition date fair value of the major classes of the assets acquired and liabilities assumed at February 14, 2023. The fair value of accounts receivable acquired equals contractual amounts receivable.
(Millions)
Cash and cash equivalents$23 
Trade accounts and other receivables33 
Other current assets26 
Investments20 
Property, plant, and equipment – net1,019 
Other noncurrent assets33 
Total identifiable assets acquired$1,154 
Current liabilities$(47)
Long-term debt
(365)
Other noncurrent liabilities(95)
Total liabilities assumed$(507)
Net identifiable assets acquired$647 
Goodwill included in Intangible assets – net of accumulated amortization
400 
Net assets acquired$1,047 
Goodwill recognized in the MountainWest Acquisition relates primarily to enhancing and diversifying our basin positions and the long-term value associated with rate regulated businesses and is reported within our Transmission & Gulf of Mexico segment. Substantially all of the goodwill is deductible for tax purposes.
Supplemental Pro Forma
The following pro forma Revenues and Net income (loss) attributable to The Williams Companies, Inc. for the three months ended March 31, 2023, are presented as if the Gulf Coast Storage Acquisition had been completed on
19

Notes (Continued)
January 1, 2023, and the DJ Basin Acquisitions and MountainWest Acquisition had been completed on January 1, 2022. 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 March 31, 2023
As Reported
Pro Forma Gulf Coast Storage
Pro Forma DJ Basin
Pro Forma MountainWest (1)
Pro Forma Combined
(Millions)
Revenues$3,081 $46 $64 $35 $3,226 
Net income (loss) attributable to The Williams Companies, Inc.927 16 3 6 952 
(1)Excludes results from operations acquired in the acquisition for the period beginning on the acquisition date, as these results are included in the amounts as reported.
Sale of Certain Gulf Coast Liquids Pipelines
On September 29, 2023, we completed the sale of various petrochemical and feedstock pipelines and associated contracts in the Gulf Coast region for $348 million. As a result of this sale, we recorded a gain of $129 million primarily in the third quarter of 2023 in our Transmission & Gulf of Mexico segment. The gain was reflected in Gain on sale of business in our Consolidated Statement of Income. The results of operations for this disposal group, excluding the gain noted, were not significant for the reporting periods.

20

Notes (Continued)
Note 4 – Revenue Recognition
Revenue by Category
The following table presents our revenue disaggregated by major service line:
Regulated Interstate Transportation & Storage
Gulf of Mexico Midstream & Storage
Northeast
Midstream
West MidstreamGas & NGL Marketing ServicesOtherEliminationsTotal
(Millions)
Three Months Ended March 31, 2024
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$880 $ $ $ $ $ $(21)$859 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration 145 444 430   (38)981 
Commodity consideration 9 5 16    30 
Other4 9 24 6   (5)38 
Total service revenues884 163 473 452   (64)1,908 
Product sales25 37 25 248 1,306 108 (318)1,431 
Total revenues from contracts with customers909 200 498 700 1,306 108 (382)3,339 
Other revenues (1)8 3 11 1 833 12  868 
Other adjustments (2)    (1,569) 133 (1,436)
Total revenues$917 $203 $509 $701 $570 $120 $(249)$2,771 
Three Months Ended March 31, 2023
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$813 $ $ $ $ $ $(11)$802 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration (3)
 104 422 351   (44)833 
Commodity consideration 12 6 18    36 
Other (3)
4 2 25 2 1  (4)30 
Total service revenues817 118 453 371 1  (59)1,701 
Product sales22 36 49 90 1,373 102 (254)1,418 
Total revenues from contracts with customers839 154 502 461 1,374 102 (313)3,119 
Other revenues (1)13 4 7 42 1,916 15  1,997 
Other adjustments (2)    (2,159) 124 (2,035)
Total revenues$852 $158 $509 $503 $1,131 $117 $(189)$3,081 
______________________________
(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 our commodity derivative contracts, which are reported in Net gain (loss) from commodity derivatives in our Consolidated Statement of Income, management fees that we receive for certain services we provide to operated equity-method investments, and leasing revenues associated with our headquarters building.
(2)Other adjustments reflect certain costs of Gas & NGL Marketing Services’ risk management activities. As we are acting as agent for natural gas marketing customers or engage in energy trading activities, the resulting revenues are presented net of the related costs of those activities in our Consolidated Statement of Income.
(3)Certain contractual reimbursements of operating and maintenance costs totaling $42 million for the three months ended March 31, 2023, previously included in Other are now presented in Monetary consideration to conform to the current presentation.

21

Notes (Continued)
Contract Assets
The following table presents a reconciliation of our contract assets:
Three Months Ended  
March 31,
20242023
(Millions)
Balance at beginning of period