Business Wire | Nov 2, 2020 04:16PM EST

Williams Reports Third-Quarter 2020 Financial Results

Nov. 02, 2020

TULSA, Okla.--(BUSINESS WIRE)--Nov. 02, 2020--Williams (NYSE: WMB) today announced its unaudited financial results for the three and nine months ended September 30, 2020.

Strong 3Q 2020 results demonstrate stability and predictability of business; on track to meet 2020 guidance expectations

* Net income of $308 million ($0.25 per diluted share), up $88 million over 3Q 19 * Adjusted EPS of $0.27 per diluted share * Adjusted EBITDA of $1.267 billion * Year-to-date Adjusted EBITDA of $3.769 billion, continues to exceed year-to-date 2019 * Debt-to-Adjusted EBITDA leverage ratio of 4.42x, on track to be below 2020 guidance of 4.4x by year end

Natural gas focused strategy delivers strong, predictable results; Northeast G&P segment hits record volumes

* Record gathering and processing volumes drive Northeast G&P segment up 19% in Modified EBITDA and 17% in Adjusted EBITDA year-to-date 2020 vs. year-to-date 2019 * Transmission & Gulf of Mexico segment Modified EBITDA and Adjusted EBITDA consistent year-to-date 2020 vs. year-to-date 2019 with Transco growth overcoming hurricane impacts * Stable and reliable customer base of utilities, power plants, LNG facilities and industrial plants supports firm-committed capacity on demand-pull regulated pipelines * Continued strong project execution on Bluestem Pipeline, Southeastern Trail and Leidy South * Year-to-date 2020 earnings boosted by structurally lower operating and administrative costs * Issued climate commitment to reduce emissions by 56% from 2005 levels by 2030, grow renewables and embrace emerging opportunities such as hydrogen

CEO Perspective

Alan Armstrong, president and chief executive officer, made the following comments:

"The ongoing stability of our financial performance continues to distinguish Williams during a year marked by disruption and uncertainty. We captured tailwinds in the markets we serve - particularly in the Northeast with record volumes - and have delivered consistently strong quarterly results and cash flow throughout the year. Williams is well positioned to meet our pre-COVID 2020 guidance ranges for earnings, adjusted EBITDA and cash flow set in December 2019. We attribute the durability of Williams today to the premier positions of our natural gas infrastructure as well as the proactive measures we have taken in recent years to reduce leverage, increase stability and lower costs.

"I am proud of our employees for their extraordinary commitment during this most unusual year and hurricane season to safely run our operations while also successfully executing on projects like Bluestem Pipeline, and Transco's Southeastern Trail and Leidy South expansion projects. Williams' large-scale and irreplaceable natural gas transmission pipelines are supported by steady demand from a diverse base of utility, industrial and residential/commercial distribution customers that are fully contracted for years to come. Our gathering and processing business continues to benefit from our basin diversity, specifically in gas-directed areas where drilling remains active. In addition, we continue to grow services to key producers in the Gulf of Mexico deepwater where we have major dedications.

"From an ESG perspective, we took a major step in the third quarter by becoming the first U.S. midstream company to announce a climate commitment and set a near-term goal of 56% absolute reduction from 2005 levels in company-wide greenhouse gas emissions by 2030 by focusing on immediate, practical and affordable solutions that we can accomplish right here, right now. This puts Williams on a positive trajectory to achieve net zero carbon emissions by 2050. As the world moves to a low-carbon future, we believe natural gas is key to reducing emissions on a global scale while supporting the growth of renewables and helping our customers and stakeholders meet their energy needs and climate goals."

Williams Summary Financial Information 3Q YTD

Amounts in millions, except ratios andper-share amounts. Per share

amounts are reported on a diluted basis.Net income amounts are 2020 2019 2020 2019

attributable to The Williams Companies,Inc. available to common

stockholders.



GAAP Measures

Net Income $308 $220 $93 $724

Net Income Per Share $0.25 $0.18 $0.08 $0.60

Cash Flow From Operations (1) $452 $858 $2,382 $2,702



Non-GAAP Measures (2)

Adjusted EBITDA $1,267 $1,274 $3,769 $3,731

Adjusted Income $333 $321 $951 $907

Adjusted Income Per Share $0.27 $0.26 $0.78 $0.75

Distributable Cash Flow $772 $822 $2,430 $2,469

Dividend Coverage Ratio 1.59 x 1.78 x 1.67 x 1.79 x



Other

Debt-to-Adjusted EBITDA at Quarter End 4.42 x 4.47 x (3)

Capital Investments (4) (5) $415 $849 $1,062 $2,068



(1) Decline due primarily to net working capital changes including payment inJuly 2020 of approximately $284 million of rate refunds

related to settlement of Transco's general rate case.

(2) Schedules reconciling Adjusted Income, Adjusted EBITDA, Distributable CashFlow and Dividend Coverage Ratio (non-GAAP

measures) to the most comparable GAAP measure are available at www.williams.comand as an attachment to this news release.

(3) Does not represent leverage ratios measured for WMB credit agreementcompliance or leverage ratios as calculated by the major

credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDAreflects the sum of the last four quarters.

(4) YTD 2019 excludes $728 million (net of cash acquired) for the purchase ofthe remaining 38% of UEOM as this amount was provided

for at the close of the Northeast JV by our JV partner, CPPIB, in June 2019.

(5) Capital Investments includes increases to property, plant, and equipment,purchases of businesses, net of cash acquired, and

purchases of and contributions to equity-method investments.

GAAP Measures

* Third-quarter 2020 net income improved compared to the prior year reflecting the benefit of significantly lower operating and administrative costs from cost-savings initiatives, the absence of prior year severance charges, and a change in an employee benefit policy, as well as the absence of prior year impairments of equity-method investments. * These improvements were partially offset by slightly lower service revenue reflecting lower non-cash deferred revenue recognition at Gulfstar One and the impact of 2020 hurricane-related shut-ins in the Gulf of Mexico, partially offset by growth in our Northeast JV and Transco expansion projects, as well as the absence of a favorable cumulative adjustment in third quarter 2019 associated with Transco's rate case settlement and unfavorable changes in other expenses including the reversal of both costs capitalized in prior periods and certain regulatory assets. * Year-to-date 2020 net income similarly benefited from significantly lower operating and administrative costs, while service revenues declined slightly as growth from our Northeast JV and Transco expansion projects was more than offset by decreases in non-cash deferred revenue recognition at Gulfstar One and in the Barnett Shale, as well as the expiration of a Barnett Shale minimum volume commitment ("MVC") in 2019. * The year-to-date change was also significantly impacted by first-quarter 2020 impairments of equity-method investments and goodwill, which resulted in a total $1.2 billion pre-tax charge, of which $65 million was attributable to noncontrolling interests. The 2019 year-to-date period included impairments of assets and equity-method investments totaling $262 million and a $122 million gain on the sale of our Jackalope investment. The provision for income taxes changed favorably by $220 million primarily due to the change in pre-tax earnings. * Cash flow from operations for the third quarter of 2020 decreased as compared to the same period of 2019 primarily due to the July 1, 2020, payment of rate refunds by Transco related to increased rates collected since March 2019 in its recently completed rate case and other changes in net working capital.

Non-GAAP Measures

* Adjusted EBITDA for the quarter was consistent with the prior year as increased service revenues from growth in our Northeast JV and Transco expansion projects, lower operating and administrative costs and higher contributions from our Northeast G&P investments, were offset by lower non-cash deferred revenue recognition at Gulfstar One and the impact of 2020 hurricane-related shut-ins in the Gulf of Mexico, as well as the absence of the favorable cumulative rate case adjustment in 2019. * Year-to-date Adjusted EBITDA improved driven by lower operating and administrative costs and higher contributions from our Northeast G&P investments, partially offset by the previously described slight decline in service revenues. * Changes in Adjusted Income for the quarter and year-to-date periods were similarly driven by the changes in Adjusted EBITDA. * The decrease in third quarter 2020 DCF compared to the prior year is driven by an increase in distributions to noncontrolling interests primarily due to growth in our Northeast JV and higher maintenance capital. Year-to-date DCF is lower, reflecting the absence of a prior year income tax refund and increased distributions to noncontrolling interests, partially offset by increased Adjusted EBITDA and lower maintenance capital.

Business Segment Results & Form 10-Q

Williams' operations are comprised of the following reportable segments: Transmission & Gulf of Mexico, Northeast G&P, West and Other. For more information, see the company's third-quarter 2020 Form 10-Q.

Quarter-To-Date Year-To-Date

Amounts in Modified EBITDA Adjusted EBITDA Modified EBITDA Adjusted EBITDAmillions 3Q 2020 3Q 2019 Change 3Q 2020 3Q 2019 Change 2020 2019 Change 2020 2019 Change

Transmission& Gulf of $616 $665 ($49) $622 $680 ($58) $1,893 $1,891 $2 $1,908 $1,944 ($36) Mexico

Northeast G& 387 345 42 396 343 53 1,126 947 179 1,129 964 165 P

West 247 245 2 245 244 1 715 713 2 713 801 (88)

Other (7) (2) (5) 4 7 (3) 8 1 7 19 22 (3)

Totals $1,243 $1,253 ($10) $1,267 $1,274 ($7) $3,742 $3,552 $190 $3,769 $3,731 $38



Note: Williams uses Modified EBITDA for its segment reporting. Definitions ofModified EBITDA and Adjusted EBITDA and schedules reconciling to net income areincluded in this news release.

Transmission & Gulf of Mexico

* Third-quarter 2020 Modified and Adjusted EBITDA reflect the absence of the favorable cumulative rate case adjustment in 2019. In addition to these rate case impacts, service revenues for the quarter were down as lower non-cash deferred revenue amortization at Gulfstar One and the impact of 2020 hurricane-related shut-ins were partially offset by Transco expansion projects placed in service. * Year-to-date Modified and Adjusted EBITDA also saw decreased service revenues as lower non-cash deferred revenue amortization at Gulfstar One and the impact of 2020 shut-ins were partially offset by Transco expansion projects placed in service and new production in the Eastern Gulf. Year-to-date 2020 also benefited from lower operating and administrative costs. * Modified EBITDA for the comparative periods benefited from the absence of 2019 severance charges, while both comparative periods reflect the reversal of previously capitalized costs. These items have been excluded from Adjusted EBITDA.

Northeast G&P

* Third-quarter and year-to-date 2020 Modified and Adjusted EBITDA reflect increased service revenues due to record gathering, processing and NGL production volumes. The year-to-date revenue comparison also benefited from the additional ownership in Utica East Ohio Midstream following the March 2019 acquisition and contribution to our Northeast JV. * Both comparative periods also reflect the benefit of cost reduction efforts and higher contributions from several equity-method investments including the Marcellus South system, Bradford system and Caiman II. * Gross gathering volumes for third-quarter 2020, including 100% of operated equity-method investments, increased by 8% over the same period in 2019. Gross processing plant inlet volumes for third-quarter 2020 increased by 17% over the same period in 2019.

West

* The changes in third-quarter 2020 Modified and Adjusted EBITDA reflect slightly lower service revenues offset by reduced operating and administrative costs. The changes in year-to-date 2020 Modified and Adjusted EBITDA reflect decreases in non-cash deferred revenue recognition in the Barnett Shale, as well as the expiration of the Barnett Shale MVC in 2019, partially offset by lower operating and administrative costs. * Modified EBITDA for the year-to-date period also benefited from the absence of prior year impairment and severance charges, which are excluded from Adjusted EBITDA.

2020 Financial Guidance

The company continues to expect 2020 Adjusted EBITDA in the lower half of its guidance range of between $4.95 billion and $5.25 billion. The company also continues to expect 2020 growth capex of $1 billion to $1.2 billion, down from the original guidance range of $1.1 billion to $1.3 billion, and 2020 Distributable Cash Flow toward the midpoint of the guidance range.

Williams' Third-Quarter 2020 Materials to be Posted Shortly; Q&A Webcast Scheduled for Tomorrow

Williams' third-quarter 2020 earnings presentation will be posted at www.williams.com. The company's third-quarter 2020 earnings conference call and webcast with analysts and investors is scheduled for Tuesday, Nov. 3, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). A limited number of phone lines will be available at (833) 350-1330. International callers should dial (778) 560-2598. The conference ID is 5398490. A webcast link to the conference call is available at www.williams.com. A replay of the webcast will be available on the website for at least 90 days following the event.

About Williams

Williams (NYSE: WMB) is committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide - including Transco, the nation's largest volume and fastest growing pipeline - and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use. www.williams.com

The Williams Companies, Inc.

Consolidated Statement of Income

(Unaudited)

Three Months Ended Nine Months Ended September 30, September 30,

2020 2019 2020 2019

(Millions, except per-share amounts)

Revenues:

Service $ 1,479 $ 1,495 $ 4,399 $ 4,424 revenues.......................................................................................

Service revenues - commodity 40 38 93 158 consideration.......................................................................................

Product 414 466 1,135 1,512 sales.......................................................................................

Total 1,933 1,999 5,627 6,094 revenues.....................................................................................

Costs and expenses:

Product 380 434 1,047 1,442 costs.......................................................................................

Processing commodity 21 19 49 83 expenses.......................................................................................

Operating and maintenance 336 364 993 1,091 expenses.......................................................................................

Depreciation and amortization 426 435 1,285 1,275 expenses.......................................................................................

Selling, general, and administrative 114 130 354 410 expenses.......................................................................................

Impairment of certain - - - 76 assets.......................................................................................

Impairment of - - 187 - goodwill.......................................................................................

Other (income) expense - 15 (11) 28 30 net.......................................................................................

Total costs and 1,292 1,371 3,943 4,407 expenses.....................................................................................

Operating income 641 628 1,684 1,687 (loss)..........................................................................................

Equity earnings 106 93 236 260 (losses)..........................................................................................

Impairment of equity-method - (114) (938) (186) investments..........................................................................................

Other investing income (loss) - 2 7 6 132 net..........................................................................................

Interest (298) (303) (898) (915) incurred..........................................................................................

Interest 6 7 16 27 capitalized..........................................................................................

Other income (expense) - (23) 1 (14) 19 net..........................................................................................

Income (loss) before income 434 319 92 1,024 taxes..........................................................................................

Provision (benefit) for income 111 77 24 244 taxes..........................................................................................

Net income 323 242 68 780 (loss).......................................................................................

Less: Net income (loss) attributable to noncontrolling 14 21 (27) 54 interests..................................................................................

Net income (loss) attributable to The Williams Companies, 309 221 95 726 Inc...................................................................................

Preferred stock 1 1 2 2 dividends..........................................................................................

Net income (loss) available to common $ 308 $ 220 $ 93 $ 724 stockholders..........................................................................................

Basic earnings (loss) per common share:

Net income $ .25 $ .18 $ .08 $ .60 (loss)...................................................................................

Weighted-average shares 1,213,912 1,212,270 1,213,512 1,211,938 (thousands)...................................................................................

Diluted earnings (loss) per common share:

Net income $ .25 $ .18 $ .08 $ .60 (loss)...................................................................................

Weighted-average shares 1,215,335 1,214,165 1,214,757 1,213,943 (thousands)...................................................................................

The Williams Companies, Inc.

Consolidated Balance Sheet

(Unaudited)

September December 30, 31, 2020 2019

(Millions, except per-share amounts)

ASSETS

Current assets:

Cash and cash $ 70 $ 289 equivalents.....................................................................................................................................

Trade accounts and other 1,021 1,002 receivables.................................................................................................................................

Alowance for doubtful (10) (6) accounts.....................................................................................................................................

Trade accounts and other receivables - 1,011 996 net................................................................................................................................

Inventories..................................................................................................................................... 157 125

Other current assets and deferred 165 170 charges.....................................................................................................................................

Total current 1,403 1,580 assets................................................................................................................................

Investments....................................................................................................................................... 5,176 6,235

Property, plant, and 42,384 41,510 equipment.......................................................................................................................................

Accumulated depreciation and (13,277) (12,310) amortization.......................................................................................................................................

Property, plant, and equipment - 29,107 29,200 net...................................................................................................................................

Intangible assets - net of accumulated 7,531 7,959 amortization.......................................................................................................................................

Regulatory assets, deferred charges, and 1,103 1,066 other.......................................................................................................................................

Total $ 44,320 $ 46,040 assets................................................................................................................................

LIABILITIES AND EQUITY

Current liabilities:

Accounts $ 464 $ 552 payable.....................................................................................................................................

Accrued 965 1,276 liabilities.....................................................................................................................................

Commercial 40 - paper.....................................................................................................................................

Long-term debt due within one 392 2,140 year.....................................................................................................................................

Total current 1,861 3,968 liabilities................................................................................................................................

Long-term 21,951 20,148 debt.......................................................................................................................................

Deferred income tax 1,846 1,782 liabilities.......................................................................................................................................

Regulatory liabilities, deferred income, and 3,764 3,778 other.......................................................................................................................................

Contingent liabilities

Equity:

Stockholders' equity:

Preferred 35 35 stock.............................................................................................................................

Common stock ($1 par value; 1,470 million shares authorized at September 30,

2020 and December 31, 2019; 1,248 million shares issued at September 30, 1,248 1,247

2020 and 1,247 million shares issued at December 31,2019).............................................................................................................................

Capital in excess of par 24,359 24,323 value................................................................................................................................

Retained (12,376) (11,002) deficit................................................................................................................................

Accumulated other comprehensive income (160) (199) (loss)................................................................................................................................

Treasury stock, at cost (35 million shares of common (1,041) (1,041) stock)................................................................................................................................

Total stockholders' 12,065 13,363 equity............................................................................................................................

Noncontrolling interests in consolidated 2,833 3,001 subsidiaries.....................................................................................................................................

Total 14,898 16,364 equity................................................................................................................................

Total liabilities and $ 44,320 $ 46,040 equity............................................................................................................................

The Williams Companies, Inc.

Consolidated Statement of Cash Flows

(Unaudited)

Nine Months Ended September 30,

2020 2019

(Millions)

OPERATING ACTIVITIES:

Net income $ 68 $ 780 (loss).................................................................................................................

Adjustments to reconcile to net cash provided (used) by operating activities:

Depreciation and 1,285 1,275 amortization........................................................................................

Provision (benefit) for deferred income 52 268 taxes.................................................................

Equity (earnings) (236) (260) losses...................................................................................................

Distributions from unconsolidated 466 458 affiliates...................................................................

Gain on disposition of equity-method - (122) investments.........................................................

Impairment of 187 - goodwill...................................................................................................

Impairment of equity-method 938 186 investments.....................................................................

Impairment of certain - 76 assets............................................................................................

Amortization of stock-based 39 44 awards...............................................................................

Cash provided (used) by changes in current assets and liabilities:

Accounts (18) 159 receivable....................................................................................................

Inventories................................................................................................................... (33) 7

Other current assets and deferred (15) (10) charges..................................................................

Accounts (77) (76) payable........................................................................................................

Accrued (286) 76 liabilities.......................................................................................................

Other, including changes in noncurrent assets and 12 (159) liabilities.........................................

Net cash provided (used) by operating 2,382 2,702 activities........................................................

FINANCING ACTIVITIES:

Proceeds from (payments of) commercial paper - 40 (4) net........................................................

Proceeds from long-term 3,898 736 debt..............................................................................................

Payments of long-term (3,836) (904) debt.................................................................................................

Proceeds from issuance of common 9 10 stock...........................................................................

Proceeds from sale of partial interest in consolidated - 1,330 subsidiary........................................

Common dividends (1,456) (1,382) paid......................................................................................................

Dividends and distributions paid to noncontrolling (147) (86) interests..............................................

Contributions from noncontrolling 5 32 interests........................................................................

Payments for debt issuance (20) - costs.........................................................................................

Other - (12) (11) net............................................................................................................................

Net cash provided (used) by financing (1,519) (279) activities........................................................

INVESTING ACTIVITIES:

Property, plant, and equipment:

Capital expenditures (938) (1,705) (1)...................................................................................................

Dispositions - (30) (32) net............................................................................................................

Contributions in aid of 27 25 construction....................................................................................

Purchases of businesses, net of cash - (728) acquired.....................................................................

Proceeds from dispositions of equity-method - 485 investments.................................................

Purchases of and contributions to equity-method (150) (361) investments...........................................

Other - 9 (28) net............................................................................................................................

Net cash provided (used) by investing (1,082) (2,344) activities........................................................

Increase (decrease) in cash and cash (219) 79 equivalents...................................................................

Cash and cash equivalents at beginning of 289 168 year.....................................................................

Cash and cash equivalents at end of $ 70 $ 247 period............................................................................

_____________

(1) Increases to property, plant, and $ (912) $ (1,707) equipment.....................................................................

Changes in related accounts payable and accrued (26) 2 liabilities.............................................

Capital $ (938) $ (1,705) expenditures...........................................................................................................

Transmission & Gulf of Mexico(UNAUDITED)

2019

2020

(Dollars in millions)

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

1st Qtr

2nd Qtr

3rd Qtr

Year

Regulated interstate natural gas transportation, storage, and other revenues (1)

$

658

$

650

$

682

$

690

$

2,680

$

692

$

676

$

686

$

2,054

Gathering, processing, and transportation revenues

128

121

117

113

479

99

78

85

262

Other fee revenues (1)

3

5

3

4

15

4

5

3

12

Commodity margins

8

7

6

4

25

3

1

4

8

Operating and administrative costs (1)

(197)

(230)

(209)

(242)

(878)

(184)

(189)

(192)

(565)

Other segment income (expenses) - net

(6)

(7)

22

22

31

4

2

(8)

(2)

Impairment of certain assets (2)

-

-

-

(354)

(354)

-

-

-

-

Proportional Modified EBITDA of equity-method investments

42

44

44

47

177

44

42

38

124

Modified EBITDA

636

590

665

284

2,175

662

615

616

1,893

Adjustments

-

38

15

359

412

7

2

6

15

Adjusted EBITDA

$

636

$

628

$

680

$

643

$

2,587

$

669

$

617

$

622

$

1,908

Statistics for Operated Assets

Natural Gas Transmission

Transcontinental Gas Pipe Line

Avg. daily transportation volumes (Tbtu)

13.2

12.2

13.2

13.3

13.0

13.8

12.0

12.8

12.9

Avg. daily firm reserved capacity (Tbtu)

17.1

17.0

17.3

17.5

17.2

17.7

17.5

18.0

17.7

Northwest Pipeline LLC

Avg. daily transportation volumes (Tbtu)

2.7

2.0

1.9

2.7

2.3

2.6

1.9

1.8

2.1

Avg. daily firm reserved capacity (Tbtu)

3.1

3.0

3.0

3.0

3.0

3.0

3.0

3.0

3.0

Gulfstream - Non-consolidated

Avg. daily transportation volumes (Tbtu)

1.1

1.3

1.3

1.2

1.2

1.2

1.2

1.3

1.2

Avg. daily firm reserved capacity (Tbtu)

1.3

1.3

1.3

1.3

1.3

1.3

1.3

1.3

1.3

Gathering, Processing, and Crude Oil Transportation

Consolidated (3)

Gathering volumes (Bcf/d)

0.25

0.25

0.22

0.29

0.25

0.30

0.23

0.23

0.25

Plant inlet natural gas volumes (Bcf/d)

0.53

0.55

0.50

0.58

0.54

0.58

0.50

0.40

0.49

NGL production (Mbbls/d)

36

33

27

31

32

32

25

27

28

NGL equity sales (Mbbls/d)

7

9

5

6

7

5

4

5

5

Crude oil transportation volumes (Mbbls/d)

146

136

128

135

136

138

92

121

117

Non-consolidated (4)

Gathering volumes (Bcf/d)

0.35

0.38

0.36

0.35

0.36

0.35

0.31

0.26

0.30

Plant inlet natural gas volumes (Bcf/d)

0.35

0.39

0.36

0.35

0.36

0.35

0.31

0.25

0.30

NGL production (Mbbls/d)

24

27

24

26

25

24

23

17

21

NGL equity sales (Mbbls/d)

7

8

6

5

6

5

8

4

6

(1) Excludes certain amounts associated with revenues and operating costs for tracked or reimbursable charges.

(2) Our partners' $209 million share of the fourth-quarter 2019 impairment of the Constitution pipeline project is reflected outside of Modified EBITDA within Net income (loss) attributable to noncontrolling interests.

(3) Excludes volumes associated with equity-method investments that are not consolidated in our results.

(4) Includes 100% of the volumes associated with operated equity-method investments.

Transmission & Gulf of Mexico

(UNAUDITED)

2019 2020

(Dollars in 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year millions)

Regulatedinterstatenatural gastransportation, $ 658 $ 650 $ 682 $ 690 $ 2,680 $ 692 $ 676 $ 686 $ 2,054 storage, andother revenues ^(1)

Gathering,processing, and 128 121 117 113 479 99 78 85 262 transportationrevenues

Other fee 3 5 3 4 15 4 5 3 12 revenues ^(1)

Commodity 8 7 6 4 25 3 1 4 8 margins

Operating andadministrative (197) (230) (209) (242) (878) (184) (189) (192) (565) costs ^(1)

Other segmentincome (6) (7) 22 22 31 4 2 (8) (2) (expenses) - net

Impairment ofcertain assets ^ - - - (354) (354) - - - - (2)

ProportionalModified EBITDA 42 44 44 47 177 44 42 38 124 of equity-methodinvestments

Modified EBITDA 636 590 665 284 2,175 662 615 616 1,893

Adjustments - 38 15 359 412 7 2 6 15

Adjusted EBITDA $ 636 $ 628 $ 680 $ 643 $ 2,587 $ 669 $ 617 $ 622 $ 1,908



Statistics for Operated Assets

Natural Gas Transmission

Transcontinental Gas Pipe Line

Avg. dailytransportation 13.2 12.2 13.2 13.3 13.0 13.8 12.0 12.8 12.9 volumes (Tbtu)

Avg. daily firmreserved 17.1 17.0 17.3 17.5 17.2 17.7 17.5 18.0 17.7 capacity (Tbtu)

Northwest Pipeline LLC

Avg. dailytransportation 2.7 2.0 1.9 2.7 2.3 2.6 1.9 1.8 2.1 volumes (Tbtu)

Avg. daily firmreserved 3.1 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 capacity (Tbtu)

Gulfstream - Non-consolidated

Avg. dailytransportation 1.1 1.3 1.3 1.2 1.2 1.2 1.2 1.3 1.2 volumes (Tbtu)

Avg. daily firmreserved 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 capacity (Tbtu)

Gathering,Processing, and Crude OilTransportation

Consolidated ^ (3)

Gathering 0.25 0.25 0.22 0.29 0.25 0.30 0.23 0.23 0.25 volumes (Bcf/d)

Plant inletnatural gas 0.53 0.55 0.50 0.58 0.54 0.58 0.50 0.40 0.49 volumes (Bcf/d)

NGL production 36 33 27 31 32 32 25 27 28 (Mbbls/d)

NGL equity sales 7 9 5 6 7 5 4 5 5 (Mbbls/d)

Crude oiltransportation 146 136 128 135 136 138 92 121 117 volumes (Mbbls/d)

Non-consolidated ^(4)

Gathering 0.35 0.38 0.36 0.35 0.36 0.35 0.31 0.26 0.30 volumes (Bcf/d)

Plant inletnatural gas 0.35 0.39 0.36 0.35 0.36 0.35 0.31 0.25 0.30 volumes (Bcf/d)

NGL production 24 27 24 26 25 24 23 17 21 (Mbbls/d)

NGL equity sales 7 8 6 5 6 5 8 4 6 (Mbbls/d)



(1) Excludes certain amounts associated with revenues and operating costs for tracked or reimbursable charges.

(2) Our partners' $209 million share of the fourth-quarter 2019 impairment ofthe Constitution pipeline project is reflected outside of Modified EBITDA within Net income (loss) attributable to noncontrolling interests.

(3) Excludes volumes associated with equity-method investments that are not consolidated in our results.

(4) Includes 100% of the volumes associated with operated equity-method investments.

Northeast G&P

(UNAUDITED)

2019

2020

(Dollars in millions)

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

1st Qtr

2nd Qtr

3rd Qtr

Year

Gathering, processing, transportation, and fractionation revenues

$

239

$

291

$

310

$

331

$

1,171

$

312

$

308

$

332

$

952

Other fee revenues (1)

23

21

23

24

91

25

25

22

72

Commodity margins

2

-

1

(1)

2

1

1

1

3

Operating and administrative costs (1)

(83)

(112)

(100)

(98)

(393)

(87)

(86)

(85)

(258)

Other segment income (expenses) - net

(4)

-

3

-

(1)

(2)

(4)

(4)

(10)

Impairment of certain assets

-

-

-

(10)

(10)

-

-

-

-

Proportional Modified EBITDA of equity-method investments

122

103

108

121

454

120

126

121

367

Modified EBITDA

299

303

345

367

1,314

369

370

387

1,126

Adjustments

3

16

(2)

10

27

1

(7)

9

3

Adjusted EBITDA

$

302

$

319

$

343

$

377

$

1,341

$

370

$

363

$

396

$

1,129

Statistics for Operated Assets

Gathering and Processing

Consolidated (2)

Gathering volumes (Bcf/d)

4.05

4.16

4.33

4.41

4.24

4.27

4.14

4.47

4.29

Plant inlet natural gas volumes (Bcf/d)

0.63

1.04

1.16

1.33

1.04

1.24

1.22

1.36

1.27

NGL production (Mbbls/d)

44

58

92

106

76

92

85

114

97

NGL equity sales (Mbbls/d)

4

3

3

2

3

2

2

2

2

Non-consolidated (3)

Gathering volumes (Bcf/d)

4.27

4.08

4.35

4.47

4.29

4.40

4.68

4.94

4.67

(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. The Northeast JV includes 100% of volumes handled by UEOM from the date of consolidation on March 18, 2019, but does not include volumes prior to that date as we did not operate UEOM.

(3) Includes 100% of the volumes associated with operated equity-method investments, including the Laurel Mountain Midstream partnership; and the Bradford Supply Hub and a portion of the Marcellus South Supply Hub within the Appalachia Midstream Services partnership. Volumes handled by Blue Racer Midstream (gathering and processing), which we do not operate, are not included.

Northeast G&P

(UNAUDITED)

2019 2020

(Dollars in 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year millions)

Gathering,processing,transportation, $ 239 $ 291 $ 310 $ 331 $ 1,171 $ 312 $ 308 $ 332 $ 952 andfractionationrevenues

Other fee 23 21 23 24 91 25 25 22 72 revenues ^(1)

Commodity 2 - 1 (1) 2 1 1 1 3 margins

Operating andadministrative (83) (112) (100) (98) (393) (87) (86) (85) (258) costs ^(1)

Other segmentincome (4) - 3 - (1) (2) (4) (4) (10) (expenses) - net

Impairment of - - - (10) (10) - - - - certain assets

ProportionalModified EBITDA 122 103 108 121 454 120 126 121 367 of equity-methodinvestments

Modified EBITDA 299 303 345 367 1,314 369 370 387 1,126

Adjustments 3 16 (2) 10 27 1 (7) 9 3

Adjusted EBITDA $ 302 $ 319 $ 343 $ 377 $ 1,341 $ 370 $ 363 $ 396 $ 1,129



Statistics for Operated Assets

Gathering and Processing

Consolidated ^ (2)

Gathering 4.05 4.16 4.33 4.41 4.24 4.27 4.14 4.47 4.29 volumes (Bcf/d)

Plant inletnatural gas 0.63 1.04 1.16 1.33 1.04 1.24 1.22 1.36 1.27 volumes (Bcf/d)

NGL production 44 58 92 106 76 92 85 114 97 (Mbbls/d)

NGL equity sales 4 3 3 2 3 2 2 2 2 (Mbbls/d)

Non-consolidated ^(3)

Gathering 4.27 4.08 4.35 4.47 4.29 4.40 4.68 4.94 4.67 volumes (Bcf/d)



(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. The Northeast JV includes100% of volumes handled by UEOM from the date of consolidation on March 18, 2019, but does not include volumes prior to that date as we did not operateUEOM.

(3) Includes 100% of the volumes associated with operated equity-methodinvestments, including the Laurel Mountain Midstream partnership; and theBradford Supply Hub and a portion of the Marcellus South Supply Hub within the Appalachia Midstream Services partnership. Volumes handled by Blue RacerMidstream (gathering and processing), which we do not operate, are notincluded.

West

(UNAUDITED)

2019

2020

(Dollars in millions)

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

1st Qtr

2nd Qtr

3rd Qtr

Year

Gathering, processing, transportation, storage, and fractionation revenues

$

344

$

355

$

307

$

302

$

1,308

$

299

$

297

$

288

$

884

Other fee revenues (1)

7

6

6

4

23

6

13

16

35

Commodity margins

19

18

24

33

94

2

30

28

60

Operating and administrative costs (1)

(125)

(135)

(116)

(114)

(490)

(115)

(111)

(108)

(334)

Other segment income (expenses) - net

(3)

4

(5)

6

2

(5)

-

(7)

(12)

Impairment of certain assets

(12)

(64)

-

(24)

(100)

-

-

-

-

Proportional Modified EBITDA of equity-method investments

26

28

29

32

115

28

24

30

82

Modified EBITDA

256

212

245

239

952

215

253

247

715

Adjustments

14

75

(1)

24

112

1

(1)

(2)

(2)

Adjusted EBITDA

$

270

$

287

$

244

$

263

$

1,064

$

216

$

252

$

245

$

713

Statistics for Operated Assets

Gathering and Processing

Consolidated (2)

Gathering volumes (Bcf/d)

3.42

3.53

3.61

3.51

3.52

3.43

3.40

3.28

3.37

Plant inlet natural gas volumes (Bcf/d)

1.41

1.52

1.56

1.44

1.48

1.26

1.33

1.31

1.30

NGL production (Mbbls/d)

62

59

48

46

54

35

51

71

53

NGL equity sales (Mbbls/d)

27

28

17

17

22

12

25

34

23

Non-consolidated (3)

Gathering volumes (Bcf/d)

0.17

0.15

0.21

0.27

0.20

0.20

0.24

0.28

0.24

Plant inlet natural gas volumes (Bcf/d)

0.17

0.14

0.21

0.26

0.20

0.20

0.23

0.28

0.24

NGL production (Mbbls/d)

7

1

18

22

12

17

23

26

22

NGL and Crude Oil Transportation volumes (Mbbls/d) (4)

254

269

250

238

253

227

142

156

175

(1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges.

(2) Excludes volumes associated with equity-method investments that are not consolidated in our results.

(3) Includes 100% of the volumes associated with operated equity-method investments, including the Jackalope Gas Gathering System (sold in April 2019) and Rocky Mountain Midstream.

(4) Includes 100% of the volumes associated with operated equity-method investments, including the Overland Pass Pipeline Company and Rocky Mountain Midstream.

West

(UNAUDITED)

2019 2020

(Dollars in 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year millions)

Gathering,processing,transportation, $ 344 $ 355 $ 307 $ 302 $ 1,308 $ 299 $ 297 $ 288 $ 884 storage, andfractionationrevenues

Other fee 7 6 6 4 23 6 13 16 35 revenues^ (1)

Commodity 19 18 24 33 94 2 30 28 60 margins

Operating andadministrative (125) (135) (116) (114) (490) (115) (111) (108) (334) costs ^(1)

Other segmentincome (3) 4 (5) 6 2 (5) - (7) (12) (expenses) - net

Impairment of (12) (64) - (24) (100) - - - - certain assets

ProportionalModified EBITDA 26 28 29 32 115 28 24 30 82 of equity-methodinvestments

Modified EBITDA 256 212 245 239 952 215 253 247 715

Adjustments 14 75 (1) 24 112 1 (1) (2) (2)

Adjusted EBITDA $ 270 $ 287 $ 244 $ 263 $ 1,064 $ 216 $ 252 $ 245 $ 713



Statistics for Operated Assets

Gathering and Processing

Consolidated ^ (2)

Gathering 3.42 3.53 3.61 3.51 3.52 3.43 3.40 3.28 3.37 volumes (Bcf/d)

Plant inletnatural gas 1.41 1.52 1.56 1.44 1.48 1.26 1.33 1.31 1.30 volumes (Bcf/d)

NGL production 62 59 48 46 54 35 51 71 53 (Mbbls/d)

NGL equity sales 27 28 17 17 22 12 25 34 23 (Mbbls/d)

Non-consolidated ^(3)

Gathering 0.17 0.15 0.21 0.27 0.20 0.20 0.24 0.28 0.24 volumes (Bcf/d)

Plant inletnatural gas 0.17 0.14 0.21 0.26 0.20 0.20 0.23 0.28 0.24 volumes (Bcf/d)

NGL production 7 1 18 22 12 17 23 26 22 (Mbbls/d)

NGL and CrudeOilTransportation 254 269 250 238 253 227 142 156 175 volumes (Mbbls/d) ^(4)



(1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges.

(2) Excludes volumes associated with equity-method investments that are not consolidated in our results.

(3) Includes 100% of the volumes associated with operated equity-methodinvestments, including the Jackalope Gas Gathering System (sold in April 2019) and Rocky Mountain Midstream.

(4) Includes 100% of the volumes associated with operated equity-methodinvestments, including the Overland Pass Pipeline Company and Rocky Mountain Midstream.

Capital Expenditures and Investments

(UNAUDITED)

2019

2020

(Dollars in millions)

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

1st Qtr

2nd Qtr

3rd Qtr

Year

Capital expenditures:

Transmission & Gulf of Mexico

$

204

$

255

$

543

$

252

$

1,254

$

185

$

181

$

192

$

558

Northeast G&P

152

177

131

74

534

46

41

32

119

West

58

59

107

76

300

72

80

93

245

Other

8

6

5

2

21

3

5

8

16

Total (1)

$

422

$

497

$

786

$

404

$

2,109

$

306

$

307

$

325

$

938

Purchases of investments:

Transmission & Gulf of Mexico

$

-

$

12

$

3

$

1

$

16

$

1

$

1

$

34

$

36

Northeast G&P

47

61

34

63

205

27

30

47

104

West

52

70

82

28

232

2

5

3

10

Total

$

99

$

143

$

119

$

92

$

453

$

30

$

36

$

84

$

150

Summary:

Transmission & Gulf of Mexico

$

204

$

267

$

546

$

253

$

1,270

$

186

$

182

$

226

$

594

Northeast G&P

199

238

165

137

739

73

71

79

223

West

110

129

189

104

532

74

85

96

255

Other

8

6

5

2

21

3

5

8

16

Total

$

521

$

640

$

905

$

496

$

2,562

$

336

$

343

$

409

$

1,088

Capital investments:

Increases to property, plant, and equipment

$

418

$

559

$

730

$

316

$

2,023

$

254

$

327

$

331

$

912

Purchases of businesses, net of cash acquired

727

-

1

-

728

-

-

-

-

Purchases of investments

99

143

119

92

453

30

36

84

150

Total

$

1,244

$

702

$

850

$

408

$

3,204

$

284

$

363

$

415

$

1,062

(1) Increases to property, plant, and equipment

$

418

$

559

$

730

$

316

$

2,023

$

254

$

327

$

331

$

912

Changes in related accounts payable and accrued liabilities

4

(62)

56

88

86

52

(20)

(6)

26

Capital expenditures

$

422

$

497

$

786

$

404

$

2,109

$

306

$

307

$

325

$

938

Contributions from noncontrolling interests

$

4

$

28

$

-

$

4

$

36

$

2

$

2

$

1

$

5

Contributions in aid of construction

$

10

$

8

$

7

$

27

$

52

$

14

$

5

$

8

$

27

Proceeds from sale of businesses, net of cash divested

$

(2)

$

-

$

-

$

-

$

(2)

$

-

$

-

$

-

$

-

Proceeds from sale of partial interest in consolidated subsidiary

$

-

$

1,330

$

-

$

4

$

1,334

$

-

$

-

$

-

$

-

Proceeds from disposition of equity-method investments

$

-

$

485

$

-

$

-

$

485

$

-

$

-

$

-

$

-

Non-GAAP Measures

This news release and accompanying materials may include certain financial measures - Adjusted EBITDA, adjusted income ("earnings"), adjusted earnings per share, distributable cash flow 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.

Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Management believes this measure provides investors meaningful insight into results from ongoing operations.

Distributable cash flow is defined as Adjusted EBITDA less maintenance capital expenditures, cash portion of net interest expense, income attributable to or dividends/ distributions paid to noncontrolling interests and cash income taxes, and certain other adjustments that management believes affects the comparability of results. Adjustments for maintenance capital expenditures and cash portion of interest expense include our proportionate share of these items of our equity-method investments. We also calculate the ratio of distributable cash flow to the total cash dividends paid (dividend coverage ratio). This measure reflects Williams' distributable cash flow relative to its actual cash dividends paid.

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 distributable cash flow 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.

Capital Expenditures and Investments

(UNAUDITED)

2019 2020

(Dollars in 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year millions)



Capital expenditures:

Transmission & $ 204 $ 255 $ 543 $ 252 $ 1,254 $ 185 $ 181 $ 192 $ 558 Gulf of Mexico

Northeast G&P 152 177 131 74 534 46 41 32 119

West 58 59 107 76 300 72 80 93 245

Other 8 6 5 2 21 3 5 8 16

Total ^(1) $ 422 $ 497 $ 786 $ 404 $ 2,109 $ 306 $ 307 $ 325 $ 938



Purchases of investments:

Transmission & $ - $ 12 $ 3 $ 1 $ 16 $ 1 $ 1 $ 34 $ 36 Gulf of Mexico

Northeast G&P 47 61 34 63 205 27 30 47 104

West 52 70 82 28 232 2 5 3 10

Total $ 99 $ 143 $ 119 $ 92 $ 453 $ 30 $ 36 $ 84 $ 150



Summary:

Transmission & $ 204 $ 267 $ 546 $ 253 $ 1,270 $ 186 $ 182 $ 226 $ 594 Gulf of Mexico

Northeast G&P 199 238 165 137 739 73 71 79 223

West 110 129 189 104 532 74 85 96 255

Other 8 6 5 2 21 3 5 8 16

Total $ 521 $ 640 $ 905 $ 496 $ 2,562 $ 336 $ 343 $ 409 $ 1,088



Capital investments:

Increases toproperty, $ 418 $ 559 $ 730 $ 316 $ 2,023 $ 254 $ 327 $ 331 $ 912 plant, andequipment

Purchases ofbusinesses, 727 - 1 - 728 - - - - net of cashacquired

Purchases of 99 143 119 92 453 30 36 84 150 investments

Total $ 1,244 $ 702 $ 850 $ 408 $ 3,204 $ 284 $ 363 $ 415 $ 1,062



^(1) Increasesto property, $ 418 $ 559 $ 730 $ 316 $ 2,023 $ 254 $ 327 $ 331 $ 912 plant, andequipment

Changes inrelatedaccounts 4 (62) 56 88 86 52 (20) (6) 26 payable andaccruedliabilities

Capital $ 422 $ 497 $ 786 $ 404 $ 2,109 $ 306 $ 307 $ 325 $ 938 expenditures



Contributionsfrom $ 4 $ 28 $ - $ 4 $ 36 $ 2 $ 2 $ 1 $ 5 noncontrollinginterests

Contributionsin aid of $ 10 $ 8 $ 7 $ 27 $ 52 $ 14 $ 5 $ 8 $ 27 construction

Proceeds fromsale ofbusinesses, $ (2) $ - $ - $ - $ (2) $ - $ - $ - $ - net of cashdivested

Proceeds fromsale ofpartial $ - $ 1,330 $ - $ 4 $ 1,334 $ - $ - $ - $ - interest inconsolidatedsubsidiary

Proceeds fromdisposition of $ - $ 485 $ - $ - $ 485 $ - $ - $ - $ - equity-methodinvestments



Non-GAAP Measures

This news release and accompanying materials may include certain financial measures - Adjusted EBITDA, adjusted income ("earnings"), adjusted earnings per share, distributable cash flow 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.

Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Management believes this measure provides investors meaningful insight into results from ongoing operations.

Distributable cash flow is defined as Adjusted EBITDA less maintenance capital expenditures, cash portion of net interest expense, income attributable to or dividends/ distributions paid to noncontrolling interests and cash income taxes, and certain other adjustments that management believes affects the comparability of results. Adjustments for maintenance capital expenditures and cash portion of interest expense include our proportionate share of these items of our equity-method investments. We also calculate the ratio of distributable cash flow to the total cash dividends paid (dividend coverage ratio). This measure reflects Williams' distributable cash flow relative to its actual cash dividends paid.

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 distributable cash flow are intended to represent cash flows for the period, nor are they presented as an alternative to net income or cash flow from operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles.

Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Adjusted Income

(UNAUDITED)

2019 2020

(Dollars inmillions, except 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year per-shareamounts)



Income (loss)from continuingoperationsattributable toThe $ 194 $ 310 $ 220 $ 138 $ 862 $ (518) $ 303 $ 308 $ 93 WilliamsCompanies, Inc.available tocommonstockholders



Income (loss)from continuingoperations -diluted earnings $ .16 $ .26 $ .18 $ .11 $ .71 $ (.43) $ .25 $ .25 $ .08

(loss) percommon share ^(1)

Adjustments:

Transmission & Gulf of Mexico

Constitutionpipeline project $ - $ 1 $ 1 $ 1 $ 3 $ - $ - $ - $ - developmentcosts

Northeast SupplyEnhancementproject - - - - - - 3 3 6 developmentcosts

Impairment ofcertain assets ^ - - - 354 354 - - - - (2)

Pension plansettlement - - - - - 4 1 - 5 charge

Adjustment ofTransco'sregulatory assetfor post-WPZMerger - - - - - 2 - - 2 state deferredincome taxchangeconsistent withfiled rate case

Benefit ofchange in - - - - - - (3) (6) (9) employee benefitpolicy

Reversal ofcosts - 15 - 1 16 - - 10 10 capitalized inprior periods

Severance and - 22 14 3 39 1 1 (1) 1 related costs

TotalTransmission & - 38 15 359 412 7 2 6 15 Gulf of Mexicoadjustments

Northeast G&P

Expensesassociated with 3 6 1 - 10 - - - - new venture

Share of earlydebt retirementgain at - - - - - - (5) - (5) equity-methodinvestment

Share ofimpairment ofcertain assets - - - - - - - 11 11 at equity-methodinvestment

Pension plansettlement - - - - - 1 - - 1 charge

Impairment of - - - 10 10 - - - - certain assets

Severance and - 10 (3) - 7 - - - - related costs

Benefit ofchange in - - - - - - (2) (2) (4) employee benefitpolicy

Total Northeast 3 16 (2) 10 27 1 (7) 9 3 G&P adjustments

West

Impairment of 12 64 - 24 100 - - - - certain assets

Pension plansettlement - - - - - 1 - - 1 charge

Benefit ofchange in - - - - - - (1) (2) (3) employee benefitpolicy

Adjustment ofgain on sale of 2 - - - 2 - - - - Four Cornersassets

Severance and - 11 (1) - 10 - - - - related costs

Total West 14 75 (1) 24 112 1 (1) (2) (2) adjustments

Other

Adjustment ofTransco'sregulatory assetfor post-WPZMerger 12 - - - 12 - - - - state deferredincome taxchangeconsistent withfiled rate case

Constitutionpipeline project - - - - - - - 8 8 regulatory assetreversal

Reversal ofcosts - - - - - - - 3 3 capitalized inprior periods

Accrual for losscontingenciesassociated with - - 9 (5) 4 - - - - formeroperations

Severance and - - - 1 1 - - - - related costs

Total Other 12 - 9 (4) 17 - - 11 11 adjustments

Adjustmentsincluded in 29 129 21 389 568 9 (6) 24 27 Modified EBITDA



Adjustmentsbelow Modified EBITDA

Impairment ofequity-method 74 (2) 114 - 186 938 - - 938 investments

Impairment of - - - - - 187 - - 187 goodwill ^(2)

Share ofimpairment ofgoodwill at - - - - - 78 - - 78 equity-methodinvestment

Adjustment ofgain ondeconsolidation 2 - - - 2 - - - - of certainPermian assets

Loss ondeconsolidation - - - 27 27 - - - - of Constitution

Gain on sale ofequity-method - (122) - - (122) - - - - investments

Allocation ofadjustments to - (1) - (210) (211) (65) - - (65) noncontrollinginterests

76 (125) 114 (183) (118) 1,138 - - 1,138

Total 105 4 135 206 450 1,147 (6) 24 1,165 adjustments

Less tax effect (26) (1) (34) (51) (112) (316) 8 1 (307) for above items



Adjusted incomefrom continuingoperationsavailable to $ 273 $ 313 $ 321 $ 293 $ 1,200 $ 313 $ 305 $ 333 $ 951

commonstockholders

Adjusted incomefrom continuingoperations -diluted $ .22 $ .26 $ .26 $ .24 $ .99 $ .26 $ .25 $ .27 $ .78

earnings percommon share ^(1)

Weighted-averageshares - diluted 1,213,592 1,214,065 1,214,165 1,214,212 1,214,011 1,214,348 1,214,581 1,215,335 1,214,757 (thousands)

(1) The sum of earnings per share for the quarters may not equal the totalearnings per share for the year due to changes in the weighted-average number of common shares outstanding.

(2) Our partners' $209 million share of the fourth-quarter 2019 impairment ofthe Constitution pipeline project and $65 million share of the first-quarter 2020 impairment of goodwill are reflected below in Allocation of adjustments tononcontrolling interests.



Reconciliation of Distributable Cash Flow (DCF)

(UNAUDITED)

2019

2020

(Dollars in millions, except coverage ratios)

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

1st Qtr

2nd Qtr

3rd Qtr

Year

The Williams Companies, Inc.

Reconciliation of GAAP "Net Income (Loss)" to Non-GAAP "Modified EBITDA", "Adjusted EBITDA" and "Distributable cash flow"

Net income (loss)

$

214

$

324

$

242

$

(66)

$

714

$

(570)

$

315

$

323

$

68

Provision (benefit) for income taxes

69

98

77

91

335

(204)

117

111

24

Interest expense

296

296

296

298

1,186

296

294

292

882

Equity (earnings) losses

(80)

(87)

(93)

(115)

(375)

(22)

(108)

(106)

(236)

Impairment of goodwill

-

-

-

-

-

187

-

-

187

Impairment of equity-method investments

74

(2)

114

-

186

938

-

-

938

Other investing (income) loss - net

(1)

(124)

(7)

25

(107)

(3)

(1)

(2)

(6)

Proportional Modified EBITDA of equity-method investments

190

175

181

200

746

192

192

189

573

Depreciation and amortization expenses

416

424

435

439

1,714

429

430

426

1,285

Accretion expense associated with asset retirement obligations for

nonregulated operations

9

8

8

8

33

10

7

10

27

(Income) loss from discontinued operations, net of tax

-

-

-

15

15

-

-

-

-

Modified EBITDA

1,187

1,112

1,253

895

4,447

1,253

1,246

1,243

3,742

EBITDA adjustments

29

129

21

389

568

9

(6)

24

27

Adjusted EBITDA

1,216

1,241

1,274

1,284

5,015

1,262

1,240

1,267

3,769

Maintenance capital expenditures (1)

(93)

(130)

(128)

(113)

(464)

(52)

(83)

(144)

(279)

Preferred dividends

(1)

-

(1)

(1)

(3)

(1)

-

(1)

(2)

Net interest expense - cash portion (2)

(304)

(302)

(301)

(306)

(1,213)

(304)

(304)

(301)

(909)

Cash taxes

3

85

(2)

-

86

-

(2)

-

(2)

Dividends and distributions paid to noncontrolling interests

(41)

(27)

(20)

(36)

(124)

(44)

(54)

(49)

(147)

Distributable cash flow

$

780

$

867

$

822

$

828

$

3,297

$

861

$

797

$

772

$

2,430

Common dividends paid

$

460

$

461

$

461

$

460

$

1,842

$

485

$

486

$

485

$

1,456

Coverage ratios:

Distributable cash flow divided by Common dividends paid

1.70

1.88

1.78

1.80

1.79

1.78

1.64

1.59

1.67

Net income (loss) divided by Common dividends paid

0.47

0.70

0.52

(0.14)

0.39

(1.18)

0.65

0.67

0.05

(1) Includes proportionate share of maintenance capital expenditures of equity-method investments.

(2) Includes proportionate share of interest expense of equity-method investments.

Reconciliation of Distributable Cash Flow (DCF)

(UNAUDITED)

2019 2020

(Dollars inmillions,except 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year coverageratios)



The WilliamsCompanies, Inc.

Reconciliation of GAAP "Net Income (Loss)" to Non-GAAP "Modified EBITDA", "Adjusted EBITDA" and "Distributable cash flow"



Net income $ 214 $ 324 $ 242 $ (66) $ 714 $ (570) $ 315 $ 323 $ 68 (loss)

Provision(benefit) for 69 98 77 91 335 (204) 117 111 24 income taxes

Interest 296 296 296 298 1,186 296 294 292 882 expense

Equity(earnings) (80) (87) (93) (115) (375) (22) (108) (106) (236) losses

Impairment of - - - - - 187 - - 187 goodwill

Impairment ofequity-method 74 (2) 114 - 186 938 - - 938 investments

Otherinvesting (1) (124) (7) 25 (107) (3) (1) (2) (6) (income) loss- net

ProportionalModifiedEBITDA of 190 175 181 200 746 192 192 189 573 equity-methodinvestments

Depreciationand 416 424 435 439 1,714 429 430 426 1,285 amortizationexpenses

Accretionexpenseassociatedwith assetretirement 9 8 8 8 33 10 7 10 27 obligationsfor

nonregulatedoperations

(Income) lossfromdiscontinued - - - 15 15 - - - - operations,net of tax

Modified 1,187 1,112 1,253 895 4,447 1,253 1,246 1,243 3,742 EBITDA

EBITDA 29 129 21 389 568 9 (6) 24 27 adjustments

Adjusted 1,216 1,241 1,274 1,284 5,015 1,262 1,240 1,267 3,769 EBITDA



Maintenancecapital (93) (130) (128) (113) (464) (52) (83) (144) (279) expenditures ^(1)

Preferred (1) - (1) (1) (3) (1) - (1) (2) dividends

Net interestexpense - cash (304) (302) (301) (306) (1,213) (304) (304) (301) (909) portion ^(2)

Cash taxes 3 85 (2) - 86 - (2) - (2)

Dividends anddistributionspaid to (41) (27) (20) (36) (124) (44) (54) (49) (147) noncontrollinginterests

Distributable $ 780 $ 867 $ 822 $ 828 $ 3,297 $ 861 $ 797 $ 772 $ 2,430 cash flow



Common $ 460 $ 461 $ 461 $ 460 $ 1,842 $ 485 $ 486 $ 485 $ 1,456 dividends paid



Coverage ratios:

Distributablecash flowdivided by 1.70 1.88 1.78 1.80 1.79 1.78 1.64 1.59 1.67 Commondividends paid

Net income(loss) divided 0.47 0.70 0.52 (0.14) 0.39 (1.18) 0.65 0.67 0.05 by Commondividends paid



(1) Includes proportionate share of maintenance capital expenditures of equity-method investments.

(2) Includes proportionate share of interest expense of equity-method investments.

Reconciliation of "Net Income (Loss)" to "Modified EBITDA" and Non-GAAP "Adjusted EBITDA"

(UNAUDITED)

2019

2020

(Dollars in millions)

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

1st Qtr

2nd Qtr

3rd Qtr

Year

Net income (loss)

$

214

$

324

$

242

$

(66)

$

714

$

(570)

$

315

$

323

$

68

Provision (benefit) for income taxes

69

98

77

91

335

(204)

117

111

24

Interest expense

296

296

296

298

1,186

296

294

292

882

Equity (earnings) losses

(80)

(87)

(93)

(115)

(375)

(22)

(108)

(106)

(236)

Impairment of goodwill

-

-

-

-

-

187

-

-

187

Impairment of equity-method investments

74

(2)

114

-

186

938

-

-

938

Other investing (income) loss - net

(1)

(124)

(7)

25

(107)

(3)

(1)

(2)

(6)

Proportional Modified EBITDA of equity-method

investments

190

175

181

200

746

192

192

189

573

Depreciation and amortization expenses

416

424

435

439

1,714

429

430

426

1,285

Accretion expense associated with asset retirement

obligations for nonregulated operations

9

8

8

8

33

10

7

10

27

(Income) loss from discontinued operations, net of tax

-

-

-

15

15

-

-

-

-

Modified EBITDA

$

1,187

$

1,112

$

1,253

$

895

$

4,447

$

1,253

$

1,246

$

1,243

$

3,742

Transmission & Gulf of Mexico

$

636

$

590

$

665

$

284

$

2,175

$

662

$

615

$

616

$

1,893

Northeast G&P

299

303

345

367

1,314

369

370

387

1,126

West

256

212

245

239

952

215

253

247

715

Other

(4)

7

(2)

5

6

7

8

(7)

8

Total Modified EBITDA

$

1,187

$

1,112

$

1,253

$

895

$

4,447

$

1,253

$

1,246

$

1,243

$

3,742

Adjustments included in Modified EBITDA (1):

Transmission & Gulf of Mexico

$

-

$

38

$

15

$

359

$

412

$

7

$

2

$

6

$

15

Northeast G&P

3

16

(2)

10

27

1

(7)

9

3

West

14

75

(1)

24

112

1

(1)

(2)

(2)

Other

12

-

9

(4)

17

-

-

11

11

Total Adjustments included in Modified EBITDA

$

29

$

129

$

21

$

389

$

568

$

9

$

(6)

$

24

$

27

Adjusted EBITDA:

Transmission & Gulf of Mexico

$

636

$

628

$

680

$

643

$

2,587

$

669

$

617

$

622

$

1,908

Northeast G&P

302

319

343

377

1,341

370

363

396

1,129

West

270

287

244

263

1,064

216

252

245

713

Other

8

7

7

1

23

7

8

4

19

Total Adjusted EBITDA

$

1,216

$

1,241

$

1,274

$

1,284

$

5,015

$

1,262

$

1,240

$

1,267

$

3,769

(1) Adjustments by segment are detailed in the "Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Adjusted Income," which is also included in these materials.

Reconciliation of "Net Income (Loss)" to "Modified EBITDA" and Non-GAAP "Adjusted EBITDA"

(UNAUDITED)

2019 2020

(Dollars in 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year millions)



Net income $ 214 $ 324 $ 242 $ (66) $ 714 $ (570) $ 315 $ 323 $ 68 (loss)

Provision(benefit) for 69 98 77 91 335 (204) 117 111 24 income taxes

Interest 296 296 296 298 1,186 296 294 292 882 expense

Equity(earnings) (80) (87) (93) (115) (375) (22) (108) (106) (236) losses

Impairment of - - - - - 187 - - 187 goodwill

Impairment ofequity-method 74 (2) 114 - 186 938 - - 938 investments

Otherinvesting (1) (124) (7) 25 (107) (3) (1) (2) (6) (income) loss- net

ProportionalModifiedEBITDA of 190 175 181 200 746 192 192 189 573 equity-method

investments

Depreciationand 416 424 435 439 1,714 429 430 426 1,285 amortizationexpenses

Accretionexpenseassociatedwith assetretirement 9 8 8 8 33 10 7 10 27

obligationsfornonregulatedoperations

(Income) lossfromdiscontinued - - - 15 15 - - - - operations,net of tax

Modified $ 1,187 $ 1,112 $ 1,253 $ 895 $ 4,447 $ 1,253 $ 1,246 $ 1,243 $ 3,742 EBITDA



Transmission& Gulf of $ 636 $ 590 $ 665 $ 284 $ 2,175 $ 662 $ 615 $ 616 $ 1,893 Mexico

Northeast G&P 299 303 345 367 1,314 369 370 387 1,126

West 256 212 245 239 952 215 253 247 715

Other (4) 7 (2) 5 6 7 8 (7) 8

TotalModified $ 1,187 $ 1,112 $ 1,253 $ 895 $ 4,447 $ 1,253 $ 1,246 $ 1,243 $ 3,742 EBITDA



Adjustmentsincluded in ModifiedEBITDA ^(1):



Transmission& Gulf of $ - $ 38 $ 15 $ 359 $ 412 $ 7 $ 2 $ 6 $ 15 Mexico

Northeast G&P 3 16 (2) 10 27 1 (7) 9 3

West 14 75 (1) 24 112 1 (1) (2) (2)

Other 12 - 9 (4) 17 - - 11 11

TotalAdjustmentsincluded in $ 29 $ 129 $ 21 $ 389 $ 568 $ 9 $ (6) $ 24 $ 27 ModifiedEBITDA



Adjusted EBITDA:



Transmission& Gulf of $ 636 $ 628 $ 680 $ 643 $ 2,587 $ 669 $ 617 $ 622 $ 1,908 Mexico

Northeast G&P 302 319 343 377 1,341 370 363 396 1,129

West 270 287 244 263 1,064 216 252 245 713

Other 8 7 7 1 23 7 8 4 19

TotalAdjusted $ 1,216 $ 1,241 $ 1,274 $ 1,284 $ 5,015 $ 1,262 $ 1,240 $ 1,267 $ 3,769 EBITDA



(1) Adjustments by segment are detailed in the "Reconciliation of Income (Loss)from Continuing Operations Attributable to The Williams Companies, Inc. to Adjusted Income," which is also included in these materials.

Reconciliation of GAAP "Net Income (Loss)" to Non-GAAP "Modified EBITDA", "Adjusted EBITDA" and "Distributable Cash Flow"

2020 Guidance

(Dollars in millions, except per share amounts and coverage ratio)

Low

Mid

High

Net income (loss)

$

304

$

454

$

604

Provision (benefit) for income taxes

134

Interest expense

1,180

Equity (earnings) losses

(450)

Share of impairment of goodwill at equity-method investment

78

Impairment of equity-method investments

938

Impairment of goodwill

187

Proportional Modified EBITDA of equity-method investments

820

Depreciation and amortization expenses and accretion for asset retirement obligations associated with

nonregulated operations

1,750

Modified EBITDA

$

4,941

$

5,091

$

5,241

EBITDA Adjustments (1)

9

Adjusted EBITDA

$

4,950

$

5,100

$

5,250

Net interest expense - cash portion (2)

(1,215)

Maintenance capital expenditures (2)

(550)

(500)

(450)

Cash taxes

60

Dividends and distributions paid to noncontrolling interests and other

(195)

Distributable cash flow (DCF)

$

3,050

$

3,250

$

3,450

--Distributable cash flow per share (3)

$

2.50

$

2.67

$

2.83

Dividends paid

(1,950)

Excess cash available after dividends

$

1,100

$

1,300

$

1,500

Dividend per share

$

1.60

Coverage ratio (Distributable cash flow / Dividends paid)

1.56x

1.67x

1.77x

(1) See 1Q 2020 "Reconciliation of Income (Loss) Attributable to Williams to Adjusted Income" for additional details of adjustments

(2) Includes proportionate share of equity-method investments

(3) Distributable cash flow / diluted weighted-average common shares of 1,218 million

Reconciliation of GAAP "Net Income (Loss)" to Non-GAAP "Modified EBITDA","Adjusted EBITDA" and "Distributable Cash Flow"



2020 Guidance

(Dollars in millions, except per share Low Mid High amounts and coverage ratio)



Net income (loss) $ 304 $ 454 $ 604

Provision (benefit) for income taxes 134

Interest expense 1,180

Equity (earnings) losses (450)

Share of impairment of goodwill at 78 equity-method investment

Impairment of equity-method investments 938

Impairment of goodwill 187

Proportional Modified EBITDA of 820 equity-method investments

Depreciation and amortization expenses andaccretion for asset retirement obligationsassociated with 1,750

nonregulated operations

Modified EBITDA $ 4,941 $ 5,091 $ 5,241

EBITDA Adjustments ^(1) 9

Adjusted EBITDA $ 4,950 $ 5,100 $ 5,250



Net interest expense - cash portion ^(2) (1,215)

Maintenance capital expenditures ^(2) (550) (500) (450)

Cash taxes 60

Dividends and distributions paid to (195) noncontrolling interests and other

Distributable cash flow (DCF) $ 3,050 $ 3,250 $ 3,450

--Distributable cash flow per share ^(3) $ 2.50 $ 2.67 $ 2.83



Dividends paid (1,950)

Excess cash available after dividends $ 1,100 $ 1,300 $ 1,500



Dividend per share $ 1.60



Coverage ratio (Distributable cash flow / 1.56x 1.67x 1.77x Dividends paid)



(1) See 1Q 2020 "Reconciliation of Income (Loss) Attributable to Williams to Adjusted Income" for additional details of adjustments

(2) Includes proportionate share of equity-method investments

(3) Distributable cash flow / diluted weighted-average common shares of 1,218 million

Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Income Available to Common Stockholders

2020 Guidance

(Dollars in millions, except per-share amounts)

Low

Mid

High

Net income (loss)

$

304

$

454

$

604

Less: Net income (loss) attributable to noncontrolling interests & preferred dividends

(25)

Net income (loss) attributable to The Williams Companies, Inc. available to common stockholders

329

479

629

Adjustments:

Adjustments included in Modified EBITDA (1)

9

Adjustments below Modified EBITDA (1)

1,203

Allocation of adjustments to noncontrolling interests (1)

(65)

Total adjustments

1,147

Less tax effect for above items

(316)

Adjusted income available to common stockholders

$

1,160

$

1,310

$

1,460

Adjusted diluted earnings per common share

$

0.95

$

1.08

$

1.20

Weighted-average shares - diluted (millions)

1,218

(1) See 1Q 2020 "Reconciliation of Income (Loss) Attributable to Williams to Adjusted Income" for additional details of adjustments

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, outcome of regulatory proceedings, market conditions, and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.

All statements, other than statements of historical facts, included in this report that address activities, events, or developments that we expect, believe, or anticipate will exist or may occur in the future, are forward-looking statements. Forward-looking statements can be identified by various forms of words such as "anticipates," "believes," "seeks," "could," "may," "should," "continues," "estimates," "expects," "forecasts," "intends," "might," "goals," "objectives," "targets," "planned," "potential," "projects," "scheduled," "will," "assumes," "guidance," "outlook," "in-service date," or other similar expressions. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management and include, among others, statements regarding:

* Levels of dividends to Williams stockholders;

* Future credit ratings of Williams and its affiliates;

* Amounts and nature of future capital expenditures;

* Expansion and growth of our business and operations;

* Expected in-service dates for capital projects;

* Financial condition and liquidity;

* Business strategy;

* Cash flow from operations or results of operations;

* Seasonality of certain business components;

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

* Demand for our services;

* The impact of the novel coronavirus (COVID-19) pandemic.

Forward-looking statements are based on numerous assumptions, uncertainties, and risks that could cause future events or results to be materially different from those stated or implied in this report. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following:

* Availability of supplies, market demand, and volatility of prices;

* Development and rate of adoption of alternative energy sources;

* The impact of existing and future laws and regulations, the regulatory environment, environmental liabilities, and litigation, as well as our ability to obtain necessary permits and approvals, and achieve favorable rate proceeding outcomes;

* Our exposure to the credit risk of our customers and counterparties;

* Our ability to acquire new businesses and assets and successfully integrate those operations and assets into existing businesses as well as successfully expand our facilities, and to consummate asset sales on acceptable terms;

* Whether we are able to successfully identify, evaluate, and timely execute our capital projects and investment opportunities;

* The strength and financial resources of our competitors and the effects of competition;

* The amount of cash distributions from and capital requirements of our investments and joint ventures in which we participate;

* Whether we will be able to effectively execute our financing plan;

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

* The physical and financial risks associated with climate change;

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

* The risks resulting from outbreaks or other public health crises, including COVID-19;

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

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

* Our costs and funding obligations for defined benefit pension plans and other postretirement benefit plans;

* Changes in maintenance and construction costs, as well as our ability to obtain sufficient construction-related inputs, including skilled labor;

* Inflation, interest rates, and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on customers and suppliers);

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

* The ability of the members of the Organization of Petroleum Exporting Countries 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;

* Whether we are able to pay current and expected levels of dividends;

* Additional risks described in our filings with the Securities and Exchange Commission (SEC).

Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. We disclaim any obligations to and do not intend to update the above list or announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments.

In addition to causing our actual results to differ, the factors listed above and referred to below may cause our intentions to change from those statements of intention set forth in this report. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.

Because forward-looking statements involve risks and uncertainties, we caution that there are important factors, in addition to those listed above, that may cause actual results to differ materially from those contained in the forward-looking statements. For a detailed discussion of those factors, see Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on February 24, 2020, as supplemented by the disclosure in Part II, Item 1A. Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201102005953/en/

CONTACT: MEDIA CONTACT: media@williams.com (800) 945-8723

CONTACT: INVESTOR CONTACTS: Danilo Juvane (918) 573-5075