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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to _____________
Commission file number 1-4174

THE WILLIAMS COMPANIES, INC.
(Exact name of registrant as specified in its charter)
Delaware73-0569878
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One Williams Center
Tulsa, Oklahoma
74172-0172
    (Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: 800-945-5426 (800-WILLIAMS)
NO CHANGE
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueWMBNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Shares Outstanding at October 30, 2023
Common Stock, $1.00 par value1,216,498,672



The Williams Companies, Inc.
Index

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The reports, filings, and other public announcements of The Williams Companies, Inc. (Williams) may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These forward-looking statements relate to anticipated financial performance, management’s plans and objectives for future operations, business prospects, outcomes of regulatory proceedings, market conditions, and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, included in this report that address activities, events, or developments that we expect, believe, or anticipate will exist or may occur in the future are forward-looking
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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.
Forward-looking statements are based on numerous assumptions, uncertainties, and risks that could cause future events or results to be materially different from those stated or implied in this report. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following:
Availability of supplies, market demand, and volatility of prices;
Development and rate of adoption of alternative energy sources;
The impact of existing and future laws and regulations, the regulatory environment, environmental matters, and litigation, as well as our ability to obtain necessary permits and approvals, and achieve favorable rate proceeding outcomes;
Our exposure to the credit risk of our customers and counterparties;
Our ability to acquire new businesses and assets and successfully integrate those operations and assets into existing businesses as well as successfully expand our facilities and 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;
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The physical and financial risks associated with climate change;
The impacts of operational and developmental hazards and unforeseen interruptions;
The risks resulting from outbreaks or other public health crises, including COVID-19;
Risks associated with weather and natural phenomena, including climate conditions and physical damage to our facilities;
Acts of terrorism, cybersecurity incidents, and related disruptions;
Our costs and funding obligations for defined benefit pension plans and other postretirement benefit plans;
Changes in maintenance and construction costs, as well as our ability to obtain sufficient construction-related inputs, including skilled labor;
Inflation, interest rates, and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on customers and suppliers);
Risks related to financing, including restrictions stemming from debt agreements, future changes in credit ratings as determined by nationally recognized credit rating agencies, and the availability and cost of capital;
The ability of the members of the Organization of Petroleum Exporting Countries (OPEC) and other oil exporting nations to agree to and maintain oil price and production controls and the impact on domestic production;
Changes in the current geopolitical situation, including the Russian invasion of Ukraine and the developing conflict between Israel and Hamas;
Changes in U.S. governmental administration and policies;
Whether we are able to pay current and expected levels of dividends;
Additional risks described in our filings with the SEC.
Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. We disclaim any obligations to, and do not intend to, update the above list or announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments.
In addition to causing our actual results to differ, the factors listed above and referred to below may cause our intentions to change from those statements of intention set forth in this report. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.
Because forward-looking statements involve risks and uncertainties, we caution that there are important factors, in addition to those listed above, that may cause actual results to differ materially from those contained in the forward-looking statements. For a detailed discussion of those factors, see Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 27, 2023, as may be supplemented by disclosures in Part II, Item 1A. Risk Factors in subsequent Quarterly Reports on Form 10‑Q.
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DEFINITIONS
The following is a listing of certain abbreviations, acronyms, and other industry terminology that may be used throughout this Form 10-Q.
Measurements:
Barrel or Bbl: One barrel of petroleum products that equals 42 U.S. gallons
Mbbls/d: One thousand barrels per day
Bcf: One billion cubic feet of natural gas
Bcf/d: One billion cubic feet of natural gas per day
MMcf/d: One million cubic feet of natural gas per day
British Thermal Unit (Btu): A unit of energy needed to raise the temperature of one pound of water by one degree Fahrenheit
MMbtu: One million British thermal units
Dekatherms (Dth): A unit of energy equal to one million British thermal units
Mdth/d: One thousand dekatherms per day
MMdth: One million dekatherms or approximately one trillion British thermal units
MMdth/d: One million dekatherms per day
Consolidated Entities: Entities in which we either own 100 percent ownership interest or for which we do not own 100 percent ownership interest but which we control and therefore consolidate, including the following:
Cardinal: Cardinal Gas Services, L.L.C.
Gulfstar One: Gulfstar One LLC
Northeast JV: Ohio Valley Midstream LLC
Northwest Pipeline: Northwest Pipeline LLC
Transco: Transcontinental Gas Pipe Line Company, LLC
Nonconsolidated Entities: Entities in which we do not own a 100 percent ownership interest and which, as of September 30, 2023, we account for as equity-method investments, including principally the following:
Blue Racer: Blue Racer Midstream LLC
Brazos Permian II: Brazos Permian II, LLC
Discovery: Discovery Producer Services LLC
Gulfstream: Gulfstream Natural Gas System, L.L.C.
Laurel Mountain: Laurel Mountain Midstream, LLC
OPPL: Overland Pass Pipeline Company LLC
RMM: Rocky Mountain Midstream Holdings LLC
Targa Train 7: Targa Train 7 LLC
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Government and Regulatory:
EPA: Environmental Protection Agency
Exchange Act, the: Securities and Exchange Act of 1934, as amended
FERC: Federal Energy Regulatory Commission
IRS: Internal Revenue Service
SEC: Securities and Exchange Commission
Securities Act, the: Securities Act of 1933, as amended
Other:
EBITDA: Earnings before interest, taxes, depreciation, and amortization
Fractionation: The process by which a mixed stream of natural gas liquids is separated into constituent products, such as ethane, propane, and butane
GAAP: U.S. generally accepted accounting principles
LNG: Liquefied natural gas; natural gas which has been liquefied at cryogenic temperatures
MVC: Minimum volume commitments
NGLs: Natural gas liquids; natural gas liquids result from natural gas processing and crude oil refining and are used as petrochemical feedstocks, heating fuels, and gasoline additives, among other applications
Appalachia Midstream Investments: Our equity-method investments with an approximate average 66 percent interest in multiple gas gathering systems in the Marcellus Shale region
Sequent Acquisition: The July 1, 2021, acquisition of 100 percent of Sequent Energy Management, L.P. and Sequent Energy Canada, Corp.
Trace Acquisition: The April 29, 2022, acquisition of 100 percent of Gemini Arklatex, LLC, through which we acquired the Haynesville Shale region gas gathering and related assets of Trace Midstream (Trace)
NorTex Asset Purchase: The August 31, 2022, purchase of a group of assets in north Texas, primarily natural gas storage facilities and pipelines, from NorTex Midstream Holdings, LLC
MountainWest Acquisition: The February 14, 2023, acquisition of 100 percent of MountainWest Pipelines Holding Company (MountainWest), which includes FERC-regulated interstate natural gas pipeline systems and natural gas storage capacity

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements
The Williams Companies, Inc.
Consolidated Statement of Income
(Unaudited)
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2023202220232022
(Millions, except per-share amounts)
Revenues:
Service revenues$1,770 $1,685 $5,212 $4,828 
Service revenues – commodity consideration45 60 108 223 
Product sales720 1,260 2,158 3,475 
Net gain (loss) on commodity derivatives24 16 645 (491)
Total revenues2,559 3,021 8,123 8,035 
Costs and expenses:
Product costs484 990 1,458 2,650 
Net processing commodity expenses31 29 129 99 
Operating and maintenance expenses522 486 1,466 1,345 
Depreciation and amortization expenses521 500 1,542 1,504 
Selling, general, and administrative expenses146 163 483 477 
Gain on sale of business (Note 3)
(130) (130) 
Other (income) expense – net(9)33 (49)14 
Total costs and expenses1,565 2,201 4,899 6,089 
Operating income (loss)994 820 3,224 1,946 
Equity earnings (losses)127 193 434 492 
Other investing income (loss) – net24 1 45 4 
Interest incurred(330)(296)(953)(871)
Interest capitalized16 5 39 13 
Other income (expense) – net30 (6)69 5 
Income (loss) before income taxes861 717 2,858 1,589 
Less: Provision (benefit) for income taxes176 96 635 169 
Income (loss) from continuing operations685 621 2,223 1,420 
Income (loss) from discontinued operations (Note 9)
(1) (88) 
Net income (loss)684 621 2,135 1,420 
Less: Net income (loss) attributable to noncontrolling interests
30 21 94 40 
Net income (loss) attributable to The Williams Companies, Inc.
654 600 2,041 1,380 
Less: Preferred stock dividends1 1 2 2 
Net income (loss) available to common stockholders$653 $599 $2,039 $1,378 
Amounts attributable to The Williams Companies, Inc. available to common stockholders:
Income (loss) from continuing operations$654 $599 $2,127 $1,378 
Income (loss) from discontinued operations(1) (88) 
Net income (loss) available to common stockholders$653 $599 $2,039 $1,378 
Basic earnings (loss) per common share:
Income (loss) from continuing operations$.54 $.49 $1.74 $1.13 
Income (loss) from discontinued operations  (.07) 
Net income (loss) available to common stockholders$.54 $.49 $1.67 $1.13 
Weighted-average shares (thousands)1,216,951 1,218,964 1,218,021 1,218,202 
Diluted earnings (loss) per common share:
Income (loss) from continuing operations$.54 $.49 $1.74 $1.13 
Income (loss) from discontinued operations  (.07) 
Net income (loss) available to common stockholders$.54 $.49 $1.67 $1.13 
Weighted-average shares (thousands)1,220,073 1,222,472 1,222,650 1,222,153 
See accompanying notes.
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The Williams Companies, Inc.
Consolidated Statement of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2023202220232022
(Millions)
Net income (loss)$684 $621 $2,135 $1,420 
Other comprehensive income (loss):
Designated interest rate cash flow hedging activities:
Net unrealized gain (loss) from derivative instruments, net of taxes of $(12) and $(23) in 2023 and $3 and $1 in 2022
36 (8)72 (3)
Reclassifications into earnings of net derivative instruments (gain) loss, net of taxes of $ and $ in 2023 and $ and $ in 2022
(1) (2) 
Pension and other postretirement benefits:
Net actuarial gain (loss) arising during the year, net of taxes of $ and $ in 2023 and ($1) and ($1) in 2022
 2  2 
Amortization of actuarial (gain) loss and net actuarial loss from settlements included in net periodic benefit cost (credit), net of taxes of $ and $(1) in 2023 and $(1) and ($2) in 2022
1 2 2 7 
Other comprehensive income (loss)36 (4)72 6 
Comprehensive income (loss)720 617 2,207 1,426 
Less: Comprehensive income (loss) attributable to noncontrolling interests
30 21 94 40 
Comprehensive income (loss) attributable to The Williams Companies, Inc.
$690 $596 $2,113 $1,386 
See accompanying notes.

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The Williams Companies, Inc.
Consolidated Balance Sheet
(Unaudited)
September 30,
2023
December 31,
2022
(Millions, except per-share amounts)
ASSETS
Current assets:
Cash and cash equivalents$2,074 $152 
Trade accounts and other receivables (net of allowance of $3 at September 30, 2023 and $6 at December 31, 2022)
1,419 2,723 
Inventories266 320 
Derivative assets243 323 
Other current assets and deferred charges254 279 
Total current assets4,256 3,797 
Investments4,998 5,065 
Property, plant, and equipment50,805 47,057 
Accumulated depreciation and amortization(18,177)(16,168)
Property, plant, and equipment – net
32,628 30,889 
Intangible assets – net of accumulated amortization7,459 7,363 
Regulatory assets, deferred charges, and other1,447 1,319 
Total assets$50,788 $48,433 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$1,358 $2,327 
Derivative liabilities123 316 
Accrued and other current liabilities1,166 1,270 
Commercial paper 350 
Long-term debt due within one year2,879 627 
Total current liabilities5,526 4,890 
Long-term debt22,772 21,927 
Deferred income tax liabilities3,496 2,887 
Regulatory liabilities, deferred income, and other4,651 4,684 
Contingent liabilities and commitments (Note 9)
Equity:
Stockholders’ equity:
Preferred stock ($1 par value; 30 million shares authorized at September 30, 2023 and December 31, 2022; 35,000 shares issued at September 30, 2023 and December 31, 2022)
35 35 
Common stock ($1 par value; 1,470 million shares authorized at September 30, 2023 and December 31, 2022; 1,256 million shares issued at September 30, 2023 and 1,253 million shares issued at December 31, 2022)
1,256 1,253 
Capital in excess of par value24,562 24,542 
Retained deficit(12,876)(13,271)
Accumulated other comprehensive income (loss)48 (24)
Treasury stock, at cost (39 million shares at September 30, 2023 and 35 million shares at December 31, 2022 of common stock)
(1,180)(1,050)
Total stockholders’ equity11,845 11,485 
Noncontrolling interests in consolidated subsidiaries2,498 2,560 
Total equity14,343 14,045 
Total liabilities and equity$50,788 $48,433 

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

The Williams Companies, Inc. Stockholders
Preferred StockCommon StockCapital in Excess of Par ValueRetained DeficitAOCI*Treasury StockTotal Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Millions)
Balance – June 30, 2023$35 $1,256 $24,538 $(12,982)$12 $(1,180)$11,679 $2,530 $14,209 
Net income (loss)   654   654 30 684 
Other comprehensive income (loss)    36  36  36 
Cash dividends common stock ($0.4475 per share)
   (544)  (544) (544)
Dividends and distributions to noncontrolling interests
       (62)(62)
Stock-based compensation and related common stock issuances, net of tax
  23    23  23 
Other  1 (4)  (3) (3)
   Net increase (decrease) in equity  24 106 36  166 (32)134 
Balance – September 30, 2023$35 $1,256 $24,562 $(12,876)$48 $(1,180)$11,845 $2,498 $14,343 
Balance – June 30, 2022$35 $1,253 $24,500 $(13,498)$(23)$(1,041)$11,226 $2,610 $13,836 
Net income (loss)   600   600 21 621 
Other comprehensive income (loss)    (4) (4) (4)
Cash dividends common stock ($0.425 per share)
   (518)  (518) (518)
Dividends and distributions to noncontrolling interests
       (46)(46)
Stock-based compensation and related common stock issuances, net of tax
  28    28  28 
Contributions from noncontrolling interests
       7 7 
Purchases of treasury stock
     (9)(9) (9)
Other  (1)(3)  (4)(1)(5)
Net increase (decrease) in equity  27 79 (4)(9)93 (19)74 
Balance – September 30, 2022$35 $1,253 $24,527 $(13,419)$(27)$(1,050)$11,319 $2,591 $13,910 
*Accumulated Other Comprehensive Income (Loss)

See accompanying notes.

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The Williams Companies, Inc.
Consolidated Statement of Changes in Equity (Continued)
(Unaudited)

The Williams Companies, Inc. Stockholders
Preferred
Stock
Common
Stock
Capital in
Excess of
Par Value
Retained
Deficit
AOCI*Treasury
Stock
Total
Stockholders’
Equity
Noncontrolling
Interests
Total Equity
(Millions)
Balance – December 31, 2022$35 $1,253 $24,542 $(13,271)$(24)$(1,050)$11,485 $2,560 $14,045 
Net income (loss)   2,041   2,041 94 2,135 
Other comprehensive income (loss)
    72  72  72 
Cash dividends – common stock ($1.3425 per share)
   (1,635)  (1,635) (1,635)
Dividends and distributions to noncontrolling interests
       (174)(174)
Stock-based compensation and related common stock issuances, net of tax
 3 19    22  22 
Contributions from noncontrolling interests
       18 18 
Purchases of treasury stock     (130)(130) (130)
Other  1 (11)  (10) (10)
    Net increase (decrease) in equity 3 20 395 72 (130)360 (62)298 
Balance – September 30, 2023$35 $1,256 $24,562 $(12,876)$48 $(1,180)$11,845 $2,498 $14,343 
Balance – December 31, 2021$35 $1,250 $24,449 $(13,237)$(33)$(1,041)$11,423 $2,678 $14,101 
Net income (loss)   1,380   1,380 40 1,420 
Other comprehensive income (loss)
    6  6  6 
Cash dividends – common stock ($1.275 per share)
   (1,553)  (1,553) (1,553)
Dividends and distributions to noncontrolling interests
       (141)(141)
Stock-based compensation and related common stock issuances, net of tax
 3 79    82  82 
Contributions from noncontrolling interests
       15 15 
Purchases of treasury stock     (9)(9) (9)
Other  (1)(9)  (10)(1)(11)
    Net increase (decrease) in equity 3 78 (182)