Exhibit 99.1

News Release			Williams (NYSE: WMB) One Williams Center Tulsa, OK 74172 800-Williams www.williams.com

DATE: Monday, Aug. 4, 2025

MEDIA CONTACT:			INVESTOR CONTACTS:
media@williams.com (800) 945-8723			Danilo Juvane (918) 573-5075			Caroline Sardella (918) 230-9992

Williams Delivers Strong Second-Quarter 2025 Results

and Raises Full-Year 2025 Guidance

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

Consistently strong base business drives performance of key financial metrics

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

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

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

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

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

•Dividend coverage ratio: 2.16x (AFFO basis)

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

Executing with discipline and agility in rapidly evolving energy landscape

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

•Accelerated timeline for Transco's Southeast Supply Enhancement project

•Signed precedent agreement for Transco's Northeast Supply Enhancement

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

•Acquired Saber Midstream, enhancing Haynesville gathering footprint

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

•Placed deepwater Ballymore and Shenandoah expansions in-service

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

•Published 2024 Sustainability Report highlighting industry-leading performance

CEO Perspective

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

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

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

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

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

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

GAAP Measures

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

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

Non-GAAP Measures

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

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

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

Business Segment Results & Form 10-Q

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

			Second Quarter																								Year to Date
Amounts in millions			Modified EBITDA												Adjusted EBITDA												Modified EBITDA												Adjusted EBITDA
			2Q 2025			2Q 2024			Change						2Q 2025			2Q 2024			Change						2025			2024			Change						2025			2024			Change
Transmission & Gulf of America			$891			$808			$83						$903			$812			$91						$1,749			$1,637			$112						$1,765			$1,651			$114
Northeast G&P			501			481			20						501			479			22						1,015			985			30						1,015			983			32
West			341			318			23						341			319			22						695			645			50						695			647			48
Gas & NGL Marketing Services			(30)			(126)			96						(15)			(14)			(1)						122			(25)			147						140			175			(35)
Other			118			47			71						78			71			7						193			123			70						182			145			37
Total			$1,821			$1,528			$293						$1,808			$1,667			$141						$3,774			$3,365			$409						$3,797			$3,601			$196
Note: Williams uses Modified EBITDA for its segment reporting. Definitions of Modified EBITDA and Adjusted EBITDA and schedules reconciling to net income are included in this news release.

Transmission & Gulf of America

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

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Northeast G&P

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

West

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

Gas & NGL Marketing Services

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

Other

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

2025 Financial Guidance

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

Williams' Second-Quarter 2025 Materials to be Posted Shortly; Q&A Webcast Scheduled for Tomorrow

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

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

About Williams

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

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The Williams Companies, Inc.

Consolidated Statement of Income

(Unaudited)

						Three Months Ended   June 30,												Six Months Ended   June 30,
						2025						2024						2025						2024
						(Millions, except per-share amounts)
Revenues:
Service revenues						$	2,041					$	1,837					$	4,044					$	3,742
Service revenues – commodity consideration						47						18						96						48
Product sales						657						610						1,715						1,455
Net gain (loss) from commodity derivatives						36						(129)						(26)						(138)
Total revenues						2,781						2,336						5,829						5,107
Costs and expenses:
Product costs						474						424						1,089						950
Net processing commodity expenses						4						17						32						22
Operating and maintenance expenses						572						522						1,114						1,033
Depreciation, depletion, and amortization expenses						605						540						1,190						1,088
Selling, general, and administrative expenses						168						164						362						350
Other (income) expense – net						13						(27)						3						(44)
Total costs and expenses						1,836						1,640						3,790						3,399
Operating income (loss)						945						696						2,039						1,708
Equity earnings (losses)						142						147						297						284
Other investing income (loss) – net						4						18						12						42
Interest expense						(350)						(339)						(699)						(688)
Other income (expense) – net						16						33						30						64
Income (loss) before income taxes						757						555						1,679						1,410
Less: Provision (benefit) for income taxes						174						129						367						322
Net income (loss)						583						426						1,312						1,088
Less: Net income (loss) attributable to noncontrolling interests						37						25						75						55
Net income (loss) attributable to The Williams Companies, Inc.						546						401						1,237						1,033
Less: Preferred stock dividends						—						—						1						1
Net income (loss) available to common stockholders						$	546					$	401					$	1,236					$	1,032
Basic earnings (loss) per common share:
Net income (loss) available to common stockholders						$	.45					$	.33					$	1.01					$	.85
Weighted-average shares (thousands)						1,221,650						1,219,367						1,221,158						1,218,761
Diluted earnings (loss) per common share:
Net income (loss) available to common stockholders						$	.45					$	.33					$	1.01					$	.84
Weighted-average shares (thousands)						1,224,284						1,222,236						1,224,462						1,222,229

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The Williams Companies, Inc.

Consolidated Balance Sheet

(Unaudited)

						June 30,						December 31,
						2025						2024
						(Millions, except per-share amounts)
ASSETS
Current assets:
Cash and cash equivalents						$	903					$	60
Trade accounts and other receivables (net of allowance of ($1) at June 30, 2025 and December 31, 2024)						1,563						1,863
Inventories						335						279
Derivative assets						202						267
Other current assets and deferred charges						218						192
Total current assets						3,221						2,661
Investments						4,209						4,140
Property, plant, and equipment						59,391						57,395
Accumulated depreciation, depletion, and amortization						(19,618)						(18,703)
Property, plant, and equipment – net						39,773						38,692
Intangible assets – net						7,100						7,209
Regulatory assets, deferred charges, and other						1,838						1,830
Total assets						$	56,141					$	54,532
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable						$	1,414					$	1,613
Derivative liabilities						108						164
Other current liabilities						1,521						1,360
Commercial paper						—						455
Long-term debt due within one year						2,969						1,720
Total current liabilities						6,012						5,312
Long-term debt						25,603						24,736
Deferred income tax liabilities						4,563						4,376
Regulatory liabilities, deferred income, and other						5,158						5,268
Contingent liabilities and commitments
Equity:
Stockholders’ equity:
Preferred stock ($1 par value; 30 million shares authorized at June 30, 2025 and December 31, 2024; 35 thousand shares issued at June 30, 2025 and December 31, 2024)						35						35
Common stock ($1 par value; 1,470 million shares authorized at June 30, 2025 and December 31, 2024; 1,260 million shares issued at June 30, 2025 and 1,258 million shares issued at December 31, 2024)						1,260						1,258
Capital in excess of par value						24,633						24,643
Retained deficit						(12,387)						(12,396)
Accumulated other comprehensive income (loss)						77						76
Treasury stock, at cost (39 million shares at June 30, 2025 and December 31, 2024 of common stock)						(1,180)						(1,180)
Total stockholders’ equity						12,438						12,436
Noncontrolling interests in consolidated subsidiaries						2,367						2,404
Total equity						14,805						14,840
Total liabilities and equity						$	56,141					$	54,532

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The Williams Companies, Inc.

Consolidated Statement of Cash Flows

(Unaudited)

						Six Months Ended   June 30,
						2025						2024
						(Millions)
OPERATING ACTIVITIES:
Net income (loss)						$	1,312					$	1,088
Adjustments to reconcile to net cash provided (used) by operating activities:
Depreciation, depletion, and amortization						1,190						1,088
Provision (benefit) for deferred income taxes						186						258
Equity (earnings) losses						(297)						(284)
Distributions from equity-method investees						412						394
Net unrealized (gain) loss from commodity derivative instruments						(4)						223
Inventory write-downs						4						6
Amortization of stock-based awards						49						48
Cash provided (used) by changes in current assets and liabilities:
Accounts receivable						301						270
Inventories						(61)						(3)
Other current assets and deferred charges						(36)						12
Accounts payable						(265)						(219)
Other current liabilities						150						(76)
Changes in current and noncurrent commodity derivative assets and liabilities						19						(141)
Other, including changes in noncurrent assets and liabilities						(77)						(151)
Net cash provided (used) by operating activities						2,883						2,513
FINANCING ACTIVITIES:
Proceeds from (payments of) commercial paper – net						(454)						(95)
Proceeds from long-term debt						2,994						2,100
Payments of long-term debt						(975)						(2,274)
Payments for debt issuance costs						(26)						(18)
Proceeds from issuance of common stock						5						5
Common dividends paid						(1,221)						(1,158)
Dividends and distributions paid to noncontrolling interests						(131)						(130)
Contributions from noncontrolling interests						19						36
Other – net						(57)						(18)
Net cash provided (used) by financing activities						154						(1,552)
INVESTING ACTIVITIES:
Property, plant, and equipment:
Capital expenditures (1)						(1,984)						(1,123)
Dispositions – net						(40)						(27)
Purchases of businesses, net of cash acquired						(1)						(1,844)
Purchases of and contributions to equity-method investments						(179)						(82)
Other – net						10						20
Net cash provided (used) by investing activities						(2,194)						(3,056)
Increase (decrease) in cash and cash equivalents						843						(2,095)
Cash and cash equivalents at beginning of year						60						2,150
Cash and cash equivalents at end of period						$	903					$	55
_________
(1)  Increases to property, plant, and equipment						$	(2,041)					$	(1,141)
Changes in related accounts payable and accrued liabilities						57						18
Capital expenditures						$	(1,984)					$	(1,123)

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Transmission & Gulf of America
(UNAUDITED)
			2024																		2025
(Dollars in millions)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr									Year-to-date
Regulated interstate natural gas transportation, storage, and other revenues (1)			$	836		$	805		$	833		$	864		$	3,338					$	873		$	892								$	1,765
Gathering, processing, storage and transportation revenues (1)			137			147			167			170			621						179			218									397
Other fee revenues			12			9			7			9			37						13			11									24
Commodity margins			9			5			11			28			53						14			17									31
Operating and administrative costs (1)			(254)			(261)			(294)			(295)			(1,104)						(270)			(286)									(556)
Other segment income (expenses) - net (1)			43			54			46			12			155						13			2									15
Proportional Modified EBITDA of equity-method investments			46			49			41			37			173						36			37									73
Modified EBITDA			829			808			811			825			3,273						858			891									1,749
Adjustments			10			4			19			1			34						4			12									16
Adjusted EBITDA			$	839		$	812		$	830		$	826		$	3,307					$	862		$	903								$	1,765
Statistics for Operated Assets
Natural Gas Transmission (2)
Transcontinental Gas Pipe Line
Avg. daily transportation volumes (MMdth)			14.6			12.9			14.3			14.1			14.0						15.9			14.0									15.0
Avg. daily firm reserved capacity (MMdth)			20.3			19.7			20.1			20.4			20.1						20.8			20.6									20.7
Northwest Pipeline LLC
Avg. daily transportation volumes (MMdth)			3.1			2.2			2.1			2.1			2.4						3.0			2.4									2.7
Avg. daily firm reserved capacity (MMdth)			3.8			3.7			3.7			3.7			3.7						3.7			3.7									3.7
MountainWest (3)
Avg. daily transportation volumes (MMdth)			4.3			3.2			3.6			4.1			3.8						3.7			3.1									3.4
Avg. daily firm reserved capacity (MMdth)			8.4			8.0			8.1			8.3			8.2						8.4			8.0									8.2
Gulfstream - Non-consolidated
Avg. daily transportation volumes (MMdth)			1.0			1.2			1.4			1.1			1.2						1.0			1.3									1.2
Avg. daily firm reserved capacity (MMdth)			1.4			1.4			1.4			1.4			1.4						1.4			1.4									1.4
Gathering, Processing, and Crude Oil Transportation
Gathering volumes (Bcf/d)			0.52			0.58			0.55			0.55			0.55						0.58			0.68									0.63
Plant inlet natural gas volumes (Bcf/d)			0.72			0.62			0.73			0.75			0.71						0.78			0.89									0.84
NGL production (Mbbls/d)			43			43			49			54			47						61			76									68
NGL equity sales (Mbbls/d)			8			10			9			13			10						10			15									12
Crude oil transportation volumes (Mbbls/d)			118			114			109			110			113						124			196									160
(1) Excludes certain amounts associated with revenues and operating costs for tracked or reimbursable charges.
(2) Tbtu converted to MMdth at one trillion British thermal units = one million dekatherms.
(3) Includes 100% of the volumes associated with the operated equity-method investment White River Hub, LLC.

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Northeast G&P
(UNAUDITED)
			2024																		2025
(Dollars in millions)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr									Year-to-date
Gathering, processing, transportation, and fractionation revenues (1)			$	411		$	398		$	407		$	419		$	1,635					$	420		$	419								$	839
Other fee revenues			34			35			33			33			135						35			37									72
Commodity margins			11			—			8			5			24						6			6									12
Operating and administrative costs (1)			(108)			(108)			(120)			(105)			(441)						(106)			(113)									(219)
Other segment income (expenses) - net			(1)			3			(1)			2			3						—			(2)									(2)
Proportional Modified EBITDA of equity-method investments			157			153			149			143			602						159			154									313
Modified EBITDA			504			481			476			497			1,958						514			501									1,015
Adjustments			—			(2)			8			2			8						—			—									—
Adjusted EBITDA			$	504		$	479		$	484		$	499		$	1,966					$	514		$	501								$	1,015
Statistics for Operated Assets
Gathering and Processing
Consolidated (2)
Gathering volumes (Bcf/d)			4.33			4.11			4.04			4.16			4.16						4.39			4.15									4.27
Plant inlet natural gas volumes (Bcf/d)			1.76			1.77			1.99			1.93			1.86						1.86			1.89									1.88
NGL production (Mbbls/d)			133			136			140			145			139						137			138									137
NGL equity sales (Mbbls/d)			1			1			1			—			1						1			1									1
Non-consolidated (3)
Gathering volumes (Bcf/d) (4)			6.57			6.24			6.20			6.05			6.27						6.47			6.72									6.59
Plant inlet natural gas volumes (Bcf/d)			0.98			0.94			0.98			1.04			0.98						0.94			1.13									1.04
NGL production (Mbbls/d)			72			70			72			74			72						68			71									69
NGL equity sales (Mbbls/d)			3			6			5			5			5						5			4									4
(1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges.
(2) Includes volumes associated with Susquehanna Supply Hub, the Northeast JV, and Utica Supply Hub, all of which are consolidated.
(3) Includes 100% of the volumes associated with operated equity-method investments, including the Laurel Mountain Midstream partnership, Blue Racer Midstream, and the Bradford Supply Hub and the Marcellus South Supply Hub within the Appalachia Midstream Services partnership.
(4) 2024 and 1st Qtr 2025 columns have been updated to reflect revised gathering volumes for Blue Racer Midstream.

9

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West
(UNAUDITED)
			2024																		2025
(Dollars in millions)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr									Year-to-date
Net gathering, processing, transportation, storage, and fractionation revenues (1)			$	421		$	397		$	409		$	427		$	1,654					$	415		$	426								$	841
Other fee revenues			8			5			4			8			25						8			5									13
Commodity margins			12			30			27			28			97						34			29									63
Operating and administrative costs (1)			(139)			(148)			(157)			(147)			(591)						(152)			(150)									(302)
Other segment income (expenses) - net			—			(2)			5			(8)			(5)						11			(1)									10
Proportional Modified EBITDA of equity-method investments			25			36			35			36			132						38			32									70
Modified EBITDA			327			318			323			344			1,312						354			341									695
Adjustments			1			1			7			1			10						—			—									—
Adjusted EBITDA			$	328		$	319		$	330		$	345		$	1,322					$	354		$	341								$	695
Statistics for Operated Assets
Gathering and Processing
Gathering volumes (Bcf/d) (2) (3)			5.75			5.25			5.38			5.46			5.46						5.69			5.94									5.81
Plant inlet natural gas volumes (Bcf/d)			1.52			1.48			1.57			1.57			1.54						1.52			1.69									1.60
NGL production (Mbbls/d)			87			91			91			90			90						83			102									93
NGL equity sales (Mbbls/d)			6			8			6			7			7						6			8									7
NGL and Crude Oil Transportation volumes (Mbbls/d) (4)			220			292			304			314			282						310			292									301
(1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges.
(2) Includes 100% of the volumes associated with the Rimrock Asset Purchase gathering assets after the purchase on January 31, 2025. 1st Qtr 2025 volumes were revised to reflect the average gathering volumes over the entire period. If averaged over the period owned, 1st Qtr 2025 volumes would have been 5.71 Bcf/d.
(3) Includes 100% of the volumes associated with the Saber Midstream Asset Purchase gathering assets after the purchase on June 2, 2025. Volumes for 2nd Qtr 2025 if averaged over the period owned would have been 6.42 Bcf/d.
(4) Includes 100% of the volumes associated with Overland Pass Pipeline Company (an operated equity-method investment), Rocky Mountain Midstream, and Bluestem pipelines.

10

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Gas & NGL Marketing Services
(UNAUDITED)
			2024																		2025
(Dollars in millions)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr									Year-to-date
Commodity margins			$	236		$	3		$	23		$	63		$	325					$	191		$	(16)								$	175
Net unrealized gain (loss) from derivative instruments			(95)			(106)			10			(150)			(341)						(3)			(4)									(7)
Operating and administrative costs			(40)			(23)			(22)			(23)			(108)						(39)			(19)									(58)
Other segment income (expenses) - net			—			—			—			—			—						—			1									1
Proportional Modified EBITDA of equity-method investments			—			—			—			—			—						3			8									11
Modified EBITDA			101			(126)			11			(110)			(124)						152			(30)									122
Adjustments			88			112			(7)			146			339						3			15									18
Adjusted EBITDA			$	189		$	(14)		$	4		$	36		$	215					$	155		$	(15)								$	140
Statistics
Product Sales Volumes
Natural Gas (Bcf/d)			7.53			6.98			7.14			6.81			7.11						7.27			6.17									6.72
NGLs (Mbbls/d)			170			162			182			196			177						182			170									176

11

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Other
(UNAUDITED)
			2024																		2025
(Dollars in millions)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr									Year-to-date
Service revenues			$	4		$	4		$	4		$	3		$	15					$	4		$	4								$	8
Net realized product sales			113			109			96			137			455						153			146									299
Net unrealized gain (loss) from derivative instruments			3			(25)			3			(7)			(26)						(29)			40									11
Operating and administrative costs			(51)			(50)			(51)			(77)			(229)						(54)			(76)									(130)
Other segment income (expenses) - net			7			9			4			—			20						1			4									5
Proportional Modified EBITDA of equity-method investments			—			—			2			—			2						—			—									—
Modified EBITDA			76			47			58			56			237						75			118									193
Adjustments			(2)			24			(3)			14			33						29			(40)									(11)
Adjusted EBITDA			$	74		$	71		$	55		$	70		$	270					$	104		$	78								$	182
Statistics
Net Product Sales Volumes(1)
Natural Gas (Bcf/d)			0.28			0.24			0.29			0.29			0.27						0.27			0.29									0.28
NGLs (Mbbls/d)			8			8			9			10			9						10			12									11
Crude Oil (Mbbls/d)			5			5			4			5			5						7			8									8
(1) Includes 100% of the volumes associated with the Crowheart Acquisition upstream assets after the purchase on November 1, 2024. 4th Qtr 2024 and Year 2024 volumes were revised to reflect the average volumes over the entire period. If averaged over the period owned, the 4th Qtr 2024 and Year 2024 volumes would have been: Natural Gas 0.31 Bcf/d and 0.31 Bcf/d, NGLs 10 Mbbls/ and 11 Mbbls/d, Crude Oil 6 Mbbls/d and 6 Mbbls/d, respectively.

12

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Capital Expenditures and Investments
(UNAUDITED)
			2024																		2025
(Dollars in millions)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr									Year
Capital expenditures:
Transmission & Gulf of America			$	310		$	397		$	459		$	428		$	1,594					$	369		$	590								$	959
Northeast G&P			71			46			54			53			224						62			39									101
West			120			90			98			180			488						549			274									823
Gas & NGL Marketing Services			—			—			1			—			1						—			1									1
Other			43			46			70			107			266						32			68									100
Total (1)			$	544		$	579		$	682		$	768		$	2,573					$	1,012		$	972								$	1,984
Purchases of and contributions to equity-method investments:
Transmission & Gulf of America			$	27		$	10		$	—		$	—		$	37					$	—		$	—								$	—
Northeast G&P			25			19			19			12			75						10			10									20
West			—			1			—			1			2						—			—									—
Gas & NGL Marketing Services			—			—			—			—			—						153			—									153
Other			—			—			—			—			—						—			6									6
Total			$	52		$	30		$	19		$	13		$	114					$	163		$	16								$	179
Summary:
Transmission & Gulf of America			$	337		$	407		$	459		$	428		$	1,631					$	369		$	590								$	959
Northeast G&P			96			65			73			65			299						72			49									121
West			120			91			98			181			490						549			274									823
Gas & NGL Marketing Services			—			—			1			—			1						153			1									154
Other			43			46			70			107			266						32			74									106
Total			$	596		$	609		$	701		$	781		$	2,687					$	1,175		$	988								$	2,163
Capital investments:
Increases to property, plant, and equipment			$	509		$	632		$	699		$	741		$	2,581					$	978		$	1,063								$	2,041
Purchases of businesses, net of cash acquired			1,851			(7)			151			249			2,244						1			—									1
Purchases of and contributions to equity-method investments			52			30			19			13			114						163			16									179
Purchases of other long-term investments			2			1			2			6			11						1			3									4
Total			$	2,414		$	656		$	871		$	1,009		$	4,950					$	1,143		$	1,082								$	2,225
(1) Increases to property, plant, and equipment			$	509		$	632		$	699		$	741		$	2,581					$	978		$	1,063								$	2,041
Changes in related accounts payable and accrued liabilities			35			(53)			(17)			27			(8)						34			(91)									(57)
Capital expenditures			$	544		$	579		$	682		$	768		$	2,573					$	1,012		$	972								$	1,984
Contributions from noncontrolling interests			$	26		$	10		$	—		$	—		$	36					$	5		$	14								$	19
Contributions in aid of construction			$	10		$	13		$	—		$	4		$	27					$	10		$	16								$	26
Proceeds from dispositions of equity-method investments			$	—		$	—		$	161		$	—		$	161					$	—		$	—								$	—

13

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Non-GAAP Measures

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

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

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

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

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

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

14

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Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income
(UNAUDITED)
			2024																		2025
(Dollars in millions, except per-share amounts)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr									Year-to-date
Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders			$	631		$	401		$	705		$	485		$	2,222					$	690		$	546								$	1,236
Income (loss) from continuing operations - diluted earnings (loss) per common share (1)			$	.52		$	.33		$	.58		$	.40		$	1.82					$	.56		$	.45								$	1.01
Adjustments:
Transmission & Gulf of America
Transco rate case timing*			$	—		$	—		$	—		$	—		$	—					$	4		$	11								$	15
Acquisition and transition-related costs*			10			4			3			1			18						—			1									1
Impact of change in payroll policy*			—			—			16			—			16						—			—									—
Total Transmission & Gulf of America adjustments			10			4			19			1			34						4			12									16
Northeast G&P
Adjustment of prior year accrual for loss contingency*			—			(3)			—			—			(3)						—			—									—
Our share of operator transition costs at Blue Racer Midstream*			—			1			1			2			4						—			—									—
Impact of change in payroll policy*			—			—			7			—			7						—			—									—
Total Northeast G&P adjustments			—			(2)			8			2			8						—			—									—
West
Acquisition and transition-related costs*			1			1			—			1			3						—			—									—
Impact of change in payroll policy*			—			—			7			—			7						—			—									—
Total West adjustments			1			1			7			1			10						—			—									—
Gas & NGL Marketing Services
Impact of volatility on NGL linefill transactions*			(6)			5			2			(4)			(3)						—			11									11
Net unrealized (gain) loss from derivative instruments			94			107			(10)			150			341						3			4									7
Impact of change in payroll policy*			—			—			1			—			1						—			—									—
Total Gas & NGL Marketing Services adjustments			88			112			(7)			146			339						3			15									18
Other
Acquisition and transition-related costs*			—			—			—			1			1						—			—									—
Net unrealized (gain) loss from derivative instruments			(2)			24			(3)			7			26						29			(40)									(11)
Settlement charge related to former operations*			—			—			—			6			6						—			—									—
Total Other adjustments			(2)			24			(3)			14			33						29			(40)									(11)
Adjustments included in Modified EBITDA			97			139			24			164			424						36			(13)									23
Adjustments below Modified EBITDA
Transco rate case timing			—			—			—			—			—						11			35									46
Gain on remeasurement of Discovery investment			—			—			(127)			—			(127)						—			—									—
Gain on sale of Aux Sable investment			—			—			(149)			—			(149)						—			—									—
Our share of Blue Racer Midstream debt extinguishment loss			—			—			—			3			3						—			—									—
Our share of accelerated depreciation related to operator transition at Blue Racer Midstream			—			—			—			1			1						—			—									—
Imputed interest expense on deferred consideration obligations*			12			12			11			5			40						—			—									—
Amortization of intangible assets from 2021 Sequent acquisition			7			7			8			7			29						5			4									9
			19			19			(257)			16			(203)						16			39									55
Total adjustments			116			158			(233)			180			221						52			26									78
Less tax effect for above items			(28)			(38)			56			(42)			(52)						(12)			(6)									(18)
Adjustments for tax-related items (2)			—			—			—			(44)			(44)						—			—									—
Adjusted income from continuing operations available to common stockholders			$	719		$	521		$	528		$	579		$	2,347					$	730		$	566								$	1,296
Adjusted income from continuing operations - diluted earnings per common share (1)			$	.59		$	.43		$	.43		$	.47		$	1.92					$	.60		$	.46								$	1.06
Weighted-average shares - diluted (thousands)			1,222,222			1,222,236			1,222,869			1,224,472			1,222,954						1,224,641			1,224,284									1,224,462
(1) The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding.
(2) The fourth quarter of 2024 includes an adjustment associated with a decrease in our estimated deferred state income tax rate.
*Amounts are included in Additional adjustments on the Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO).

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

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Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO)
(UNAUDITED)
			2024																		2025
(Dollars in millions, except coverage ratios)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr									Year
Net cash provided (used) by operating activities			$	1,234		$	1,279		$	1,243		$	1,218		$	4,974					$	1,433		$	1,450								$	2,883
Exclude: Cash (provided) used by changes in:
Accounts receivable			(314)			44			(97)			536			169						(82)			(219)									(301)
Inventories, including write-downs			(38)			35			1			1			(1)						(29)			86									57
Other current assets and deferred charges			(9)			(3)			28			(25)			(9)						40			(4)									36
Accounts payable			309			(90)			98			(456)			(139)						29			236									265
Other current liabilities			218			(142)			32			(143)			(35)						70			(220)									(150)
Changes in current and noncurrent commodity derivative assets and liabilities			68			73			(67)			212			286						(4)			(15)									(19)
Other, including changes in noncurrent assets and liabilities			61			90			49			45			245						29			48									77
Preferred dividends paid			(1)			—			(1)			(1)			(3)						(1)			—									(1)
Dividends and distributions paid to noncontrolling interests			(64)			(66)			(48)			(64)			(242)						(69)			(62)									(131)
Contributions from noncontrolling interests			26			10			—			—			36						5			14									19
Additional Adjustments *			17			20			48			12			97						24			3									27
Available funds from operations			$	1,507		$	1,250		$	1,286		$	1,335		$	5,378					$	1,445		$	1,317								$	2,762
Common dividends paid			$	579		$	579		$	579		$	579		$	2,316					$	610		$	611								$	1,221
Coverage ratio:
Available funds from operations divided by Common dividends paid			2.60			2.16			2.22			2.31			2.32						2.37			2.16									2.26
*See detail on Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income. The first quarter of 2025 also includes $20 million related to an expected distribution from an equity-method investee not received until early April. This amount is excluded from the second quarter of 2025.

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Reconciliation of Net Income (Loss) from Continuing Operations to Modified EBITDA, Non-GAAP Adjusted EBITDA and Cash Flow from Operating Activities to Available Funds from Operations (AFFO)
									2025 Guidance
(Dollars in millions, except per-share amounts and coverage ratio)									Low						Mid						High
Net income (loss) from continuing operations									$	2,605					$	2,720					$	2,835
Provision (benefit) for income taxes									775						810						845
Interest expense															1,430
Equity (earnings) losses															(605)
Proportional Modified EBITDA of equity-method investments															985
Depreciation and amortization expenses and accretion for asset retirement obligations associated with nonregulated operations															2,420
Other															(18)
Modified EBITDA									$	7,592					$	7,742					$	7,892
EBITDA Adjustments															8
Adjusted EBITDA									$	7,600					$	7,750					$	7,900
Net income (loss) from continuing operations									$	2,605					$	2,720					$	2,835
Less: Net income (loss) attributable to noncontrolling interests and preferred dividends															165
Net income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders									$	2,440					$	2,555					$	2,670
Adjustments:
Adjustments included in Modified EBITDA(1)															8
Adjustments below Modified EBITDA (2)															18
Allocation of adjustments to noncontrolling interests															—
Total adjustments															26
Less tax effect for above items															(6)
Adjusted income from continuing operations available to common stockholders									$	2,460					$	2,575					$	2,690
Adjusted income from continuing operations - diluted earnings per common share									$	2.01					$	2.10					$	2.19
Weighted-average shares - diluted (millions)															1,227
Available Funds from Operations (AFFO):
Net cash provided by operating activities (net of changes in working capital, changes in current and noncurrent derivative assets and liabilities, and changes in other, including changes in noncurrent assets and liabilities)									$	5,785					$	5,900					$	6,015
Preferred dividends paid															(3)
Dividends and distributions paid to noncontrolling interests															(275)
Contributions from noncontrolling interests															41
Additional adjustments(3)															12
Available funds from operations (AFFO)									$	5,560					$	5,675					$	5,790
AFFO per common share									$	4.53					$	4.63					$	4.72
Common dividends paid															$	2,445
Coverage Ratio (AFFO/Common dividends paid)									2.27x						2.32x						2.37x
(1) Primarily includes June year-to-date adjustments (excluding timing related items) as shown in the "Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income".
(2) Adjustments reflect amortization of intangible assets from Sequent acquisition.
(3) Primarily includes June year-to-date adjustments (excluding timing related items) as shown in the "Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO)".

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Forward-Looking Statements

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.

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 business and operations;

•Expected in-service dates for capital projects;

•Financial condition and liquidity;

•Business strategy;

•Cash flow from operations or results of operations;

•Rate case filings;

•Seasonality of certain business components;

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

•Demand for services.

Forward-looking statements are based on numerous assumptions, uncertainties, and risks that could cause future events or results to be materially different from those stated or implied in this report. Many of the factors that will determine these results are beyond 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;

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•Exposure to the credit risk of 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;

•The ability 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;

•The ability to effectively execute our financing plan;

•Increasing scrutiny and changing expectations from stakeholders with respect to environmental, social, and governance practices;

•The physical and financial risks associated with climate change;

•The impacts of operational and developmental hazards and unforeseen interruptions;

•The risks resulting from outbreaks or other public health crises;

•Risks associated with weather and natural phenomena, including climate conditions and physical damage to our facilities;

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

•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, tariffs on foreign-made materials and goods (including steel and steel pipes) necessary to our business, and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on customers and suppliers);

•Risks related to financing, including restrictions stemming from debt agreements, future changes in credit ratings as determined by nationally recognized credit rating agencies, and the availability and cost of capital;

•The ability of the members of the Organization of Petroleum Exporting Countries and other oil exporting nations to agree to and maintain oil price and production controls and the impact on domestic production;

•Changes in the current geopolitical situation, including the Russian invasion of Ukraine and conflicts in the Middle East;

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

•Whether 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

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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 (a) Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 25, 2025, and (b) Part II, Item 1A. Risk Factors in subsequent Quarterly Reports on Form 10-Q.

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