Document

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
(X) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023
   OR
( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission file number 1-4174
A. Full title of the plan:
The Williams Investment Plus Plan
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
The Williams Companies, Inc.
One Williams Center
Tulsa, Oklahoma 74172





THE WILLIAMS INVESTMENT PLUS PLAN

INDEX TO FINANCIAL STATEMENTS


Audited financial statements
Supplemental schedule
EX – 23




Report of Independent Registered Public Accounting Firm

To the Plan Participants and the Plan Administrator of The Williams Investment Plus Plan
Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of The Williams Investment Plus Plan (the Plan) as of December 31, 2023 and 2022, and the related statement of changes in net assets available for benefits for the year ended December 31, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2023 and 2022, and the changes in its net assets available for benefits for the year ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Schedule Required by ERISA

The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2023 (referred to as the “supplemental schedule”), has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the
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underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Ernst & Young LLP

We have served as the Plan’s auditor since 1998.

Tulsa, Oklahoma

June 13, 2024


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THE WILLIAMS INVESTMENT PLUS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2023 and 2022




20232022
Assets:
Investments (at fair value)
$1,636,174,315 $1,347,456,995 
Notes receivable from participants
25,069,95021,946,595
Non-interest bearing cash
110,607177,614
Receivables
1,345,0851,127,868
Contribution receivable
18,502,51915,093,610
Total assets
1,681,202,476 1,385,802,682 
Liabilities:
Accrued liabilities
1,376,689 1,952,212 
Total liabilities
1,376,689 1,952,212 
Net assets available for benefits
$1,679,825,787 $1,383,850,470 
        













See accompanying notes.
3


THE WILLIAMS INVESTMENT PLUS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, 2023



Additions to net assets:
   Contributions:
Participant
$63,700,016 
Employer
59,548,965 
Rollovers
28,111,309 
 Total contributions151,360,290 
   Net investment income:
Net appreciation in fair value of investments
269,533,147 
Dividends
15,947,512 
Interest
1,360,677 
Total net investment income286,841,336 
   Interest income on notes receivable from participants1,449,153 
Total additions to net assets439,650,779 
Deductions from net assets:
Withdrawals
141,309,118 
Administrative expenses
2,317,752 
Dividend distributions
48,592 
Total deductions from net assets
143,675,462 
Net increase during the year295,975,317 
Net assets available for benefits at beginning of year1,383,850,470 
Net assets available for benefits at end of year$1,679,825,787 



See accompanying notes.
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THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023

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Note 1--Description of plan

The information included below regarding The Williams Investment Plus Plan (the “Plan”) provides only a general description of the Plan. Participants should refer to the Plan document, as amended and restated, and Summary Plan Description for a more complete description of the Plan’s provisions.

General

The Plan is a defined contribution plan maintained for the benefit of substantially all employees of The Williams Companies, Inc., and its participating subsidiaries (collectively, “Williams” or “Employer”) as provided in the Plan. A small amount of the Plan is an employee stock ownership plan (“ESOP”) and includes shares of Williams common stock held in the Transtock and Williams Companies Employee Stock Ownership Plan (“WESOP”) Accounts, as defined in the Plan.

The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Plan is intended to constitute a plan described in Section 404(c) of ERISA and Title 29 of the Code of Federal Regulations Section 2550.404c-1, and the fiduciaries of the Plan may be relieved of liability for any losses that are the direct and necessary result of investment instructions given by a participant or beneficiary.

On February 14, 2023, Williams acquired 100 percent of MountainWest Pipelines Holding Company (“MountainWest”). MountainWest sponsored a defined contribution plan, MountainWest Pipelines 401(k) Retirement Savings Plan (“MWP 401(k)”). The MWP 401(k) plan was terminated effective February 13, 2023. Former employees of MountainWest who became Williams employees were eligible to participate in the Plan effective February 14, 2023. These participants were credited with prior service for vesting purposes under the Plan and were allowed to rollover balances, including participant loans, from previous plans.

Administration

The Administrative Committee is the Plan administrator. The Investment Committee has the responsibility to monitor the performance of the trustee, investment funds and investment managers, and select, remove, and replace the trustee, any investment fund and any investment manager. The Benefits Committee has the authority and responsibility to determine whether to override the terms of the Plan which require the availability of common stock issued by The Williams Companies, Inc. The Benefits Committee, in its settlor capacity, may amend the Plan, provided it is a nonmaterial amendment as detailed in the Plan. The Compensation and Management Development Committee of Williams’ Board of Directors, in its settlor capacity, has the right to terminate or amend the Plan. Fidelity Management Trust Company (“FMTC”) is the trustee and record keeper. Additionally, Fidelity Investments Institutional Operations Company, Inc., provides certain other record keeping services for the Plan.
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THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023

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Contributions

Each eligible participant has contribution accounts consisting primarily of, as applicable, pre-tax, Roth, catchup, rollover, and employer contribution accounts. Certain participants may also have additional contribution accounts, as applicable.

Each eligible employee participant may contribute from 1 percent to 100 percent of their eligible compensation per pay period on a pre-tax and/or Roth basis. The maximum pre-tax and/or Roth contribution percentage for Highly Compensated Employees is subject to periodic adjustment in order to meet discrimination testing requirements and certain annual maximum statutory limits imposed by the Internal Revenue Service (“IRS”). The Employer will contribute an amount equal to 100 percent of each participant’s contribution per pay period up to a maximum of 6 percent of their eligible compensation. In addition, the Plan allows for discretionary Employer contributions. No such discretionary Employer contributions were made in 2023 except as described in the following paragraph.

Additionally, eligible active employees who are not eligible to receive compensation credits under Williams’ defined benefit pension plan are eligible to receive a 4.5 percent Employer Fixed Annual Contribution made by Williams. The Employer Fixed Annual Contribution is made after the end of each Plan year and included in Contribution receivable on the Statements of Net Assets Available for Benefits. Eligible employees generally must be an active employee at year end to receive this contribution, with exceptions for retirement, disability, death, divestiture, and reduction in force.

The Plan also includes an automatic enrollment feature. Eligible participants who do not make an affirmative election to contribute or an affirmative election not to contribute within 60 days of hire are automatically enrolled in the Plan. If automatically enrolled, 3 percent of the participant’s eligible compensation is withheld on a pre-tax basis and invested in the default investment option designated by the Investment Committee. The participant has the right to change the contribution percentage, elect to discontinue contributions to the Plan, or make investment changes at any time.

Participants may elect to invest in various investment options subject to certain restrictions and provided they allocate their contribution in multiples of 1 percent. Investment options include common/collective trusts, common stocks including common stocks held within separately managed accounts, mutual funds, and a self-directed brokerage fund. A participant may change their investment election at any time. Participants may also exchange or rebalance any investment in their Plan account in accordance with the Plan’s investment provisions.

The Plan does not allow participants’ contributions, including employer and employee contributions, loan payments, and rollovers to be made or invested in shares of Williams common stock. A small amount of Williams common stock continues to be held in the Transtock
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THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023

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and WESOP Accounts within the Plan’s Legacy WMB Stock Fund. Dividend payments on Williams common stock not passed through to the participant continue to be reinvested in additional shares of Williams common stock until the participant elects to receive such dividends in cash.

Vesting

Participants have a nonforfeitable vested interest in the current fair value of the assets purchased with their contributions. Eligible participants become 20 percent vested in the employer contributions made on their behalf after one year of service as defined by the Plan. Such vesting increases an additional 20 percent for each year of service, and participants become 100 percent vested upon five years of service. In addition, a participant may become totally vested in their account by reason of their death, total and permanent disability, attainment of age 65, eligibility to receive early retirement benefits under a pension plan of Williams, reduction in work force, complete discontinuance of employer contributions, or termination or partial termination of the Plan. Upon certain sales of assets or companies, participants that have an involuntary termination of employment as a result of such sale are also 100 percent vested.

Employer contributions that are not vested at the time a participant withdraws from the Plan by reason of termination of employment, other than permanent job elimination or permanent reduction in work force, are used for certain items as specified in the Plan document, including the reduction of future employer contributions and payment of Plan expenses. During 2023, employer contributions were reduced by $719,393 from forfeited nonvested accounts.

Distributions and in-service withdrawals

Participants are entitled to receive the vested portion of their account when they cease to be an employee of Williams for any reason including retirement. Upon termination of service, a participant has distribution options available as outlined in the Plan.

Generally, the payment of benefits under the Plan shall be made in cash. However, with respect to amounts held in the Plan’s Legacy WMB Stock Fund, the participant may request payment of benefits under the Plan in common stock held within the fund.

Eligible employee participants may request a partial withdrawal from the Plan of their rollover contribution accounts and a portion, as defined in the Plan document, of their Prior Plans After-Tax Account. Eligible employee participants may make two such withdrawals during any Plan year and are not suspended from participation in the Plan following such a withdrawal. Outstanding loans will reduce the amount available for partial withdrawals.

Eligible participants who have completed two years of service and who are employees may request an additional in-service withdrawal from the Plan. The amount available for this withdrawal is calculated as defined in the Plan, but in no event shall it exceed the vested portion
7

THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023

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of the participant’s Employer Matching Contribution Account, Employer Cash Contribution Account, and the balance of the After-Tax Account. Outstanding loans will reduce the amount available for additional in-service withdrawals. Upon electing an additional in-service withdrawal, a participant is suspended from participation in the Plan for three months. Only one such withdrawal may be made every 12 months.

A participant who is at least age 59½ may request a post-59½ withdrawal from the Plan. The withdrawal can include the vested portion of certain of the participant’s employer and employee contribution accounts. Outstanding loans will reduce the amount available for post-59½ withdrawals. Such withdrawal may be requested at any time and does not cause the participant to be suspended from the Plan.

An eligible employee participant who has a balance in a WESOP Account or Transtock Account may withdraw such balance at any time. Such withdrawal does not cause the participant to be suspended from the Plan.

Withdrawals from an eligible employee participant’s Pre-Tax Account and Roth Account before age 59½ may be made if the participant has suffered a financial hardship condition, as defined in the Plan. Such withdrawal does not cause the participant to be suspended from the Plan.

A participant who is under age 59½ and is totally and permanently disabled, as defined in the Plan, may make a withdrawal from the eligible amounts in their Pre-Tax Account and Roth Account or request a full distribution from the Plan.

Participant loans

The Plan permits eligible employee participants to obtain up to two loans from their account balances within specified limitations. Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 reduced by the aggregate of the highest outstanding balances of such loans during the immediately preceding 12-month period, or 50 percent of their vested balance. Loan terms may not exceed 58 months unless the loan is for the purchase of a primary residence, in which case the loan term may not exceed 25 years. Periodic principal and interest payments are reinvested according to the participant’s current investment election on file. The interest rate is equal to the prime rate of interest plus one percentage point or such other rate as the Administrative Committee shall specify. Principal and interest are paid ratably through payroll deductions. If the participant’s employment is terminated, the participant may continue to make principal and interest payments subject to certain limitations. Participants may make additional partial payments of the loan at any time and in such form as required by the record keeper.

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THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023

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Other
Each participant has their own individual account. Contributions and investment earnings are recorded to individual participant accounts. Plan investments are valued daily. The fair value per share of each fund is multiplied by the number of shares of the fund held in the participant’s account to arrive at their account balance.

Net investment income (loss), including the net change in fair value of investments, on assets held in allocated accounts is applied to the individual participant accounts based on each participant’s account balances.

The ESOP allows for the election of dividend pass-through, which are cash dividends paid directly to participants, for the dividends received on the shares of Williams common stock held within the Plan’s ESOP.

While the Compensation and Management Development Committee of the Williams Board of Directors has not expressed any intent to terminate the Plan, it may do so, in its settlor capacity, at any time. In the event of any Plan termination, assets of the Plan will be distributed in accordance with the Plan document.

Note 2--Summary of significant accounting policies

Basis of accounting

The accompanying financial statements of the Plan are prepared on the accrual basis of accounting. However, benefit payments to participants are recorded when paid.

Notes receivable from participants

Notes receivable from participants are measured at their unpaid principal balance plus any estimated accrued and unpaid interest. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced, and a withdrawal is recorded. Thus, no allowance for credit losses is required or recorded.

Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires the Plan’s Administrative Committee to make estimates that affect the amounts reported in the financial statements, accompanying notes, and supplemental schedule. Actual results could differ from those estimates.

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THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023

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Risks and uncertainties

The Plan provides for various investment securities. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility risk. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the Statements of Net Assets Available for Benefits and participants’ account balances.

Investment valuation and income recognition

The Plan’s investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A discussion of fair value measurements is included in Note 3.

Purchases and sales of securities are recorded on a trade-date basis, which may result in amounts due to or from brokers related to unsettled trades. Dividend income is recorded on the ex-dividend date. Net appreciation (depreciation) in fair value of investments includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

Contributions

Participant contributions are recorded when Williams makes payroll deductions from eligible Plan participants. Employer contributions are accrued in the period in which they become obligations of Williams.

Administrative expenses

Certain administrative expenses of the Plan, including audit and legal fees, are paid by Williams and are not presented within the Statement of Changes in Net Assets Available for Benefits.

Note 3--Fair value measurements

The fair value hierarchy prioritizes the inputs used to measure fair value, giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). Fair value balances are classified based on the observability of those inputs. The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

10

THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023

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The Plan’s Level 1 investments primarily consist of mutual funds, common stocks, and money market funds that are traded on U.S. exchanges, as well as interest-bearing cash. The Plan’s Level 2 investments primarily consist of common stocks traded on foreign exchanges, certificates of deposit, and government and corporate bonds. The Plan’s Level 3 investments primarily consist of private placement common stocks and corporate bonds that are not traded on an exchange.

The fair values of common stocks traded on U.S. exchanges and exchange-traded funds within the self-directed brokerage fund are derived from quoted market prices as of the close of business on the last business day of the Plan year. The fair value of common stocks traded on foreign exchanges are also derived from quoted market prices as of the close of business on an active foreign exchange on the last business day of the Plan year. The valuation requires translation of the foreign currency to U.S. dollars, and the foreign exchange rate used in the translation is considered an observable input to the valuation. Shares of money market funds and mutual funds are valued at fair value based on published market prices as of the close of business on the last business day of the Plan year, which represent the net asset values (“NAV”) of the shares held by the Plan. The carrying value of interest-bearing cash approximates fair value because of the short-term nature of this investment. The units of the common/collective trusts are valued at fair value using the NAV practical expedient as determined by the issuer based on the current fair values of the underlying assets of the fund (see Note 4). There have been no significant changes in the preceding valuation methodologies used at December 31, 2023 and 2022.

The valuation methods described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. The use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

11

THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023

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The following table sets forth, by level within the fair value hierarchy, the Plan’s assets that are measured at fair value as of December 31, 2023 and 2022, with the exception of the common/collective trusts measured at fair value using the NAV practical expedient. The combined fair value for the common/collective trusts is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Net Assets Available for Benefits.
Level 1Level 2Level 3Total
2023:
Interest-bearing cash
$2,621,774 $— $— $2,621,774 
Mutual funds
289,988,335 — — 289,988,335 
Self-directed brokerage fund
112,375,367 5,138,247 — 117,513,614 
Common stocks
424,944,171 666,206 122,981 425,733,358 
Corporate bonds
— 366,459 167,268 533,727 
$829,929,647 $6,170,912 $290,249 836,390,808 
Common/collective trusts
799,783,507 
Total investments at fair value
$1,636,174,315 
2022:
Interest-bearing cash
$3,902,709 $— $— $3,902,709 
Mutual funds
227,699,257 — — 227,699,257 
Self-directed brokerage fund
87,823,846 3,253,753 — 91,077,599 
Common stocks
328,228,850 1,268,895 285,265 329,783,010 
Corporate bonds
— 227,893 — 227,893 
$647,654,662 $4,750,541 $285,265 652,690,468 
Common/collective trusts
694,766,527 
Total investments at fair value
$1,347,456,995 

Note 4--Common/collective trusts

The Plan holds investments in several common/collective trusts that invest primarily in mutual funds, fixed income securities, and international equity securities. These common/collective trusts have no unfunded commitments. Generally, participant-directed redemptions occur daily. In some cases, FMTC may require up to ten days to settle these redemptions. However, FMTC may require additional notice for redemptions directed by a plan sponsor.

Additionally, the Plan holds investments in the Fidelity Managed Income Portfolio II Fund (“MIP II Fund”), a common/collective trust, which is managed by FMTC as trustee (“MIP II Fund Trustee”). Participant-directed withdrawals of MIP II Fund units may be made on any business day. Participant-directed exchanges to another investment option may be made on any business day as long as the exchange is not directed into a competing fund (money market funds or certain other types of fixed income funds). Transferred amounts must be held in a
12

THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023

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noncompeting investment option for 90 days before subsequent transfers to a competing fund may occur. Withdrawals directed by a plan sponsor must be preceded by 12-months written notice to the MIP II Fund Trustee. The MIP II Fund Trustee may in its discretion complete any such plan-level withdrawals before the expiration of such 12-month period. Additionally, the MIP II Fund Trustee may defer completing a withdrawal directed by a participant or plan sponsor where doing so might adversely affect the MIP II Fund portfolio. The MIP II Fund Trustee shall make the payments available as quickly as cash flows and prudent portfolio management permit.

Note 5--Transactions with parties-in-interest

Certain investments held by the Plan are managed by the trustee. Additionally, certain investments held within the Plan are in Williams common stock. Therefore, these transactions qualify as party-in-interest transactions. These transactions are exempt from the prohibited transaction rules under ERISA.

Note 6--Tax status and federal income taxes

The Plan has received a determination letter from the IRS dated July 24, 2015, stating that the Plan, as amended, is qualified under Section 401(a) of the Internal Revenue Code (the “Code”) and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the Plan has been further amended and restated. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The Plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and therefore believes that the Plan, as amended and restated, is qualified and the related trust is tax-exempt.

Plan management is required by generally accepted accounting principles to evaluate uncertain tax positions taken by the Plan. The financial statement impact of a tax position must be recognized when the position is more likely than not, based on its technical merits, to be sustained upon examination by the IRS. As of December 31, 2023 and 2022, there are no uncertain positions taken or expected to be taken.

Note 7--Differences between financial statements and Form 5500

The following is a reconciliation of Net Assets Available for Benefits per the financial statements to the Form 5500 at December 31:
20232022
Net assets available for benefits per the financial statements
$1,679,825,787 $1,383,850,470 
Amounts allocated to withdrawing participants — (40,000)
Net assets available for benefits per the Form 5500$1,679,825,787 $1,383,810,470 

13

THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2023

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The following is a reconciliation of Net increase during the year per the Statement of Changes in Net Assets Available for Benefits to net income (loss) per the Form 5500 for the year ended December 31, 2023:

Net increase during the year$295,975,317 
Add: Amounts allocated to withdrawing participants at December 31, 202240,000 
Net income per Form 5500$296,015,317 

Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit payments that have been processed and approved for payment prior to December 31, but not yet paid as of that date.

Note 8--Subsequent event

In 2023, Williams agreed to assume operatorship of Blue Racer Midstream, LLC, a 50 percent-owned nonconsolidated investment. On January 1, 2024, employees of Blue Racer Midstream, LLC and Blue Racer Midstream Holdings, LLC became employees of Williams and eligible to participate in the Plan. The newly eligible participants comprise approximately 4 percent of total participants in the Plan. Full vesting credit was granted to participants in the Blue Racer Midstream, LLC 401(k) Plan and the Blue Racer Midstream Holdings, LLC 401(k) Plan. Additionally, on May 20, 2024, the two Blue Racer Midstream 401(k) Plans were merged into the Plan.
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SUPPLEMENTAL SCHEDULE


15


THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2023



(a)(b) Identity of issue, borrower, lessor,
or similar party
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value(d) Cost**(e) Current value
Common/Collective Trusts
*Fidelity Managed Income Portfolio II Class 4 71,861,234 shares$71,861,234 
*Fidelity Diversified International Commingled Pool 3,163,016 shares55,447,668
Prudential Core Plus Bond Fund Class 5 172,870 shares31,197,907
Vanguard Target Retirement Income Trust I 236,739 shares15,089,775
Vanguard Target Retirement 2020 Trust I 425,144 shares29,832,329
Vanguard Target Retirement 2025 Trust I 549,569 shares40,277,906
Vanguard Target Retirement 2030 Trust I 1,831,956 shares139,320,239
Vanguard Target Retirement 2035 Trust I 641,898 shares51,351,823
Vanguard Target Retirement 2040 Trust I 1,678,834 shares142,482,614
Vanguard Target Retirement 2045 Trust I 645,150 shares56,528,039
Vanguard Target Retirement 2050 Trust I 1,155,985 shares102,686,166
Vanguard Target Retirement 2055 Trust I 374,080 shares40,524,056
Vanguard Target Retirement 2060 Trust I 280,764 shares15,983,885
Vanguard Target Retirement 2065 Trust I 194,092 shares6,797,117
Vanguard Target Retirement 2070 Trust I 18,864 shares402,749 
799,783,507 
Registered Investment Companies
PIMCO Real Return Fund Institutional Class 1,137,739 shares11,411,523
*Fidelity U.S. Bond Index Fund 1,347,099 shares14,050,239
Vanguard Extended Market Index Fund Institutional 296,357 shares36,949,765
 Vanguard Institutional Index Fund Institutional Plus 531,607 shares209,171,366
Vanguard Total International Stock Index Fund Institutional 146,799 shares18,276,492
289,859,385 
Common Stock
*The Williams Companies, Inc. 234,708 shares8,178,225
8,178,225
Investments held in Separately Managed Accounts
Macquarie U.S. Large Cap Value Equity Portfolio:
Interest-bearing Cash:
BROWN BROTHERS HARRIMAN STIF FUND 612,513 shares612,513
Common Stock:
ALLSTATE CORPORATION 14,200 shares1,987,716
AMERICAN INTERNATIONAL GROUP 28,900 shares1,957,975
ARCHER DANIELS MIDLAND CO 24,915 shares1,799,361
BAXTER INTL INC 48,700 shares1,882,742
CIGNA GROUP (THE) 6,768 shares2,026,678
CISCO SYSTEMS INC 40,546 shares2,048,384
COGNIZANT TECH SOLUTIONS CL A 27,914 shares2,108,344
16


THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2023



(a)(b) Identity of issue, borrower, lessor,
or similar party
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value(d) Cost**(e) Current value
COMCAST CORP CL A 6,566 shares287,919
CONAGRA BRANDS INC 61,116 shares1,751,585
CONOCOPHILLIPS 16,281 shares1,889,736
CVS HEALTH CORP 25,984 shares2,051,697
DISNEY (WALT) CO 21,034 shares1,899,160
DOLLAR GENERAL CORP 14,690 shares1,997,105
DOLLAR TREE INC 14,100 shares2,002,905
DOVER CORP 13,165 shares2,024,909
DUKE ENERGY CORP NEW 20,400 shares1,979,616
DUPONT DE NEMOURS INC 27,236 shares2,095,265
EQUITY RESIDENTIAL REIT 30,789 shares1,883,055
FIDELITY NATL INFORM SVCS INC 30,945 shares1,858,866
HOLOGIC INC 23,864 shares1,705,083
HONEYWELL INTL INC 9,656 shares2,024,960
JOHNSON & JOHNSON 11,818 shares1,852,353
LOWES COS INC 8,600 shares1,913,930
MERCK & CO INC NEW 17,049 shares1,858,682
MOTOROLA SOLUTIONS INC 6,000 shares1,878,540
NORTHROP GRUMMAN CORP 3,993 shares1,869,283
ORACLE CORP 16,338 shares1,722,515
RAYTHEON TECHNOLOGIES CORP 21,134 shares1,778,215
TELEDYNE TECHNOLOGIES INC 4,542 shares2,027,049
TJX COMPANIES INC NEW 21,600 shares2,026,296
TRAVELERS COMPANIES INC 8,969 shares1,708,505
TRUIST FINL CORP 53,100 shares1,960,452
US BANCORP DEL 47,000 shares2,034,160
VERIZON COMMUNICATIONS INC 54,722 shares2,063,019 
LSV U.S. Small/Mid Cap Value Equity Portfolio:
Interest-bearing Cash:
BROWN BROTHERS HARRIMAN STIF FUND 572,496 shares572,496
Common Stock:
AARON'S CO INC/THE 8,600 shares93,568
ACUITY BRANDS INC 1,825 shares373,815
AGCO CORP 4,000 shares485,640
ALASKA AIR GROUP INC 4,300 shares168,001
ALBERTSONS COS INC 13,000 shares299,000
ALLISON TRANSMISSION HLDGS INC 6,500 shares377,975
AMC NETWORKS INC CL A 3,600 shares67,644
AMDOCS LTD 3,500 shares307,615
17


THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2023



(a)(b) Identity of issue, borrower, lessor,
or similar party
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value(d) Cost**(e) Current value
AMERICAN ASSETS TRUST INC 9,000 shares202,590
AMERICAN FINL GROUP INC OHIO 1,100 shares130,779
AMKOR TECHNOLOGY INC 9,700 shares322,719
APA CORP 6,900 shares247,572
APPLE HOSPITALITY REIT INC 14,100 shares234,201
ARC DOCUMENT SOLUTIONS INC 50,800 shares166,624
ARCBEST CORP 2,500 shares300,525
ARMADA HOFFLER PROPERTIES INC 14,004 shares173,229
ARROW ELECTRONICS INC 4,700 shares574,575
ATKORE INC 3,800 shares608,000
ATLANTIC UN BANKSHARES CORP 4,200 shares153,468
BANC OF CALIFORNIA INC 11,300 shares151,759
BASSETT FURNITURE INDS INC 6,400 shares106,240
BERKSHIRE HILLS BANCORP INC 6,800 shares168,844
BERRY GLOBAL GROUP INC 4,700 shares316,733
BERRY PETROLEUM CORP 11,900 shares83,657
BLOCK H & R INC 7,700 shares372,449
BLOOMIN BRANDS INC 6,600 shares185,790
BORGWARNER INC 4,900 shares175,665
BRIXMOR PPTY GROUP INC 5,600 shares130,312
BRUNSWICK CORP 2,000 shares193,500
BUILDERS FIRSTSOURCE 3,300 shares550,902
BUNGE GLOBAL SA 2,800 shares282,660
C N A FINANCIAL CORP 4,600 shares194,626
CALIFORNIA RES CORP 6,000 shares328,080
CALLON PETROLEUM CO 4,500 shares145,800
CAPRI HOLDINGS LTD 3,500 shares175,840
CARLYLE SECURED LENDING INC 11,100 shares166,056
CHATHAM LODGING TRUST 9,100 shares97,552
CHEMOURS CO/ THE 6,800 shares214,472
CIRRUS LOGIC INC 2,200 shares183,018
CITIZENS FINANCIAL GROUP INC 6,979 shares231,284
CITY OFFICE REIT INC 15,100 shares92,261
CNH INDUSTRIAL NV 23,400 shares285,012
CNO FINANCIAL GROUP INC 16,200 shares451,980
COMMUNITY TRUST BANCORP INC 450 shares19,737
CONAGRA BRANDS INC 5,600 shares160,496
CORECIVIC INC 3,900 shares56,667
CSG SYSTEMS INTL INC 3,300 shares175,593
CUSTOMERS BANCORP INC 7,500 shares432,150
DAVITA INC 1,800 shares188,568
18


THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2023



(a)(b) Identity of issue, borrower, lessor,
or similar party
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value(d) Cost**(e) Current value
DELUXE CORP 4,300 shares92,235
DIODES INC 1,600 shares128,832
DROPBOX INC CL A 6,300 shares185,724
EASTMAN CHEMICAL CO 2,200 shares197,604
EMPLOYERS HOLDINGS INC 2,580 shares101,652
ENCORE WIRE CORPORATION 1,600 shares341,760
ENTERTAINMENT PPTYS TR 4,888 shares236,824
EQUITABLE HOLDINGS INC 5,700 shares189,810
F&G ANNUITIES & LIFE INC 258 shares11,868
FARMERS NATL BANC CORP 9,800 shares141,610
FIDELITY NATIONAL FINL INC 3,800 shares193,876
FIFTH THIRD BANCORP 10,000 shares344,900
FINANCIAL INSTITUTIONS INC 6,500 shares138,450
FIRST AMERICAN FINANCIAL CORP 2,200 shares141,768
FIRST BUSEY CORP 7,500 shares186,150
FIRST INTERNET BANCORP 5,400 shares130,626
FLEETCOR TECHNOLOGIES INC 800 shares226,088
FLEX LTD 9,400 shares286,324
FOOT LOCKER INC 4,200 shares130,830
FOX CORP CL A 5,600 shares166,152
FRANKLIN STREET PPTYS CORP 13,600 shares34,816
GLOBAL NET LEASE INC 600 shares5,970
GOODYEAR TIRE & RUBBER CO 11,600 shares166,112
GRAPHIC PACKAGING HOLDING CO 10,300 shares253,895
GREAT SOUTHERN BANCORP INC 2,914 shares172,946
GUESS INC 7,900 shares182,174
HANMI FINANCIAL CORPORATION 8,800 shares170,720
HARLEY-DAVIDSON INC 5,800 shares213,672
HAVERTY FURNITURE COS INC 8,200 shares291,100
HEIDRICK & STRUGGLES INTL INC 5,900 shares174,227
HENRY SCHEIN INC 2,700 shares204,417
HERBALIFE LTD 5,000 shares76,300
HF SINCLAIR CORP 10,300 shares572,371
HOPE BANCORP INC 16,800 shares202,944
HORIZON BANCORP INC INDIANA 13,000 shares186,030
HOST HOTELS & RESORTS INC 13,300 shares258,951
HUNTINGTON INGALLS INDUSTRIES INC 600 shares155,784
HUNTSMAN CORP 3,400 shares85,442
INDUSTRIAL LOGISTICS PROPERTIES TR 7,587 shares35,659
INGEVITY CORP 2,169 shares102,420
INGLES MARKETS INC-CL A 1,400 shares120,918
19


THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2023



(a)(b) Identity of issue, borrower, lessor,
or similar party
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value(d) Cost**(e) Current value
INGREDION INC 3,400 shares369,002
IRONWOOD PHARMA CL A (PEND) 25,900 shares296,296
JABIL INC 4,200 shares535,080
JACK IN THE BOX INC 1,750 shares142,853
JAKKS PACIFIC INC 4,600 shares163,530
JAZZ PHARMA PLC 3,900 shares479,700
KOHLS CORP 3,800 shares108,984
KOPPERS HLDGS INC 4,900 shares250,978
MACYS INC 9,200 shares185,104
MANPOWERGROUP INC 3,300 shares262,251
MARATHON OIL CORP 8,600 shares207,776
MGIC INVESTMENT CORP 13,000 shares250,770
MIDLAND STATES BANCORP INC 7,200 shares198,432
MILLERKNOLL INC 11,600 shares309,488
MODINE MANUFACTURING CO 2,100 shares125,370
MOLSON COORS BEVERAGE CO B 6,900 shares422,349
MOOG INC CL A 1,300 shares188,214
MOSAIC CO NEW 6,100 shares217,953
MUELLER INDUSTRIES INC 7,000 shares330,050
NATIONAL FUEL GAS CO NJ 4,000 shares200,680
NAVIENT CORP 16,900 shares314,678
NCR ATLEOS CORP 2,300 shares55,867
NCR VOYIX CORP 4,600 shares77,786
NEW MOUNTAIN FINANCE CORP 11,800 shares150,096
NEXSTAR MEDIA GROUP INC 2,100 shares329,175
NORTHRIM BANCORP INC 2,200 shares125,862
NRG ENERGY INC 6,900 shares356,730
O-I GLASS INC 11,900 shares194,922
ODP CORP/THE 4,170 shares234,771
OFFICE PROPERTIES INCOME TRUST 7,076 shares51,796
OFG BANCORP 6,448 shares241,671
OMEGA HEALTHCARE INVESTORS INC 4,700 shares144,102
OSHKOSH CORP 2,369 shares256,823
OWENS CORNING INC 3,200 shares474,336
PARAMOUNT GLOBAL CL B 4,700 shares69,513
PBF ENERGY INC CL A 4,000 shares175,840
PENNANTPARK INVESTMENT CORP 33,903 shares234,270
PENSKE AUTOMOTIVE GROUP INC 3,600 shares577,836
PHINIA INC 980 shares29,684
PIEDMONT OFFICE REALTY TRUST A 21,600 shares153,576
PLAYTIKA HOLDING CORP 14,000 shares122,080
20


THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2023



(a)(b) Identity of issue, borrower, lessor,
or similar party
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value(d) Cost**(e) Current value
POLARIS INC 1,900 shares180,063
PREMIER FINANCIAL CORP 7,600 shares183,160
PROG HOLDINGS INC 6,700 shares207,097
PULTEGROUP INC 6,300 shares650,286
PVH CORP 2,780 shares339,493
QUANEX BUILDING PRODUCTS 7,400 shares226,218
QUEST DIAGNOSTICS INC 1,100 shares151,668
RADIAN GROUP INC 9,800 shares279,790
RBB BANCORP 8,100 shares154,224
REGIONAL MANAGEMENT CORP 5,400 shares135,432
REGIONS FINANCIAL CORP 11,100 shares215,118
REINSURANCE GROUP OF AMERICA 1,400 shares226,492
RELIANCE INC 1,100 shares307,648
ROCKY BRANDS INC 4,000 shares120,720
RYDER SYSTEM INC 2,100 shares241,626
SABRA HEALTHCARE REIT INC 11,900 shares169,813
SANMINA CORP 4,600 shares236,302
SELECT MEDICAL HLDGS CORP 11,468 shares269,498
SILGAN HOLDINGS INC 2,500 shares113,125
SKYWORKS SOLUTIONS INC 2,100 shares236,082
SNAP-ON INCORPORATED 1,200 shares346,608
SPROUTS FMRS MKT INC 7,400 shares356,014
TD SYNNEX CORP 2,100 shares225,981
TEXTRON INC 6,300 shares506,646
TOLL BROTHERS INC 3,600 shares370,044
TRONOX HOLDINGS PLC 600 shares8,496
UGI CORP NEW 4,800 shares118,080
UNITED AIRLINES HOLDINGS INC 4,400 shares181,544
UNITED THERAPEUTICS CORP DEL 1,300 shares285,857
UNITI GROUP INC 19,900 shares115,022
UNIVERSAL HEALTH SVCS INC CL B 2,100 shares320,124
UNUM GROUP 7,000 shares316,540
VERITEX HOLDINGS INC 10,700 shares248,989
VILLAGE SUPER MKT INC CL A NEW 5,000 shares131,150
VISHAY INTERTECHNOLOGY INC 9,200 shares220,524
VISTA OUTDOOR INC 5,500 shares162,635
VISTRA CORP 13,300 shares512,316
VITESSE ENERGY INC 694 shares15,192
WABASH NATIONAL CORP 7,300 shares187,026
WESTERN UNION CO 10,400 shares123,968
WHIRLPOOL CORP 2,000 shares243,540
21


THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2023



(a)(b) Identity of issue, borrower, lessor,
or similar party
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value(d) Cost**(e) Current value
WILLIAMS-SONOMA INC 1,300 shares262,314
WINNEBAGO INDUSTRIES INC 3,100 shares225,928
WORLD KINECT CORP 4,100 shares93,398
XEROX HOLDINGS CORP 8,825 shares161,762
ZIONS BANCORP 8,200 shares359,734
T. Rowe Price U.S. Large-Cap Core Growth Equity Portfolio:
Interest-bearing Cash:
BROWN BROTHERS HARRIMAN STIF FUND 889,383 shares889,383
Registered Investment Company:
*T Rowe Price Government Reserve Fund 128,950 shares128,950
Common Stock:
ADVANCED MICRO DEVICES INC 12,003 shares1,769,362
ADYEN BV 478 shares615,601
ALIGN TECHNOLOGY INC 608 shares166,592
ALPHABET INC CL A 26,765 shares3,738,803
ALPHABET INC CL C 118,314 shares16,673,992
AMAZON.COM INC 136,407 shares20,725,680
APPLE INC 133,544 shares25,711,226
ASML HLDG NV (NY REG SHS) NEW YORK REGIST 3,917 shares2,964,856
ASTRAZENECA PLC SPONS ADR 8,539 shares575,102
ATLASSIAN CORP PLC CLS A 3,997 shares950,726
BILL HOLDINGS INC 6,610 shares539,310
CARVANA CO CL A 11,900 shares629,986
CHIPOTLE MEXICAN GRILL INC 1,051 shares2,403,595
CHUBB LTD 11,472 shares2,592,672
CINTAS CORP 807 shares486,347
COLGATE-PALMOLIVE CO 7,947 shares633,455
CONFLUENT INC 10,345 shares242,073
CONSTELLATION ENERGY CORP 10,779 shares1,259,957
CROWDSTRIKE HOLDINGS INC 2,142 shares546,895
DANAHER CORP 6,828 shares1,579,590
DATABRICKS INC SER G PC PP 1,533 shares117,290
DATADOG INC CL A 4,282 shares519,749
DOLLAR GENERAL CORP 11,864 shares1,612,911
DOORDASH INC 6,892 shares681,550
ELEVANCE HEALTH INC 2,279 shares1,074,685
ELI LILLY & CO 12,942 shares7,544,151
FISERV INC 4,043 shares537,072
22


THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2023



(a)(b) Identity of issue, borrower, lessor,
or similar party
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value(d) Cost**(e) Current value
FORTINET INC 3,130 shares183,199
GENERAL ELECTRIC CO 10,614 shares1,354,665
GOLDMAN SACHS GROUP INC 1,807 shares697,086
HUMANA INC 3,391 shares1,552,434
INTUIT INC 4,868 shares3,042,646
INTUITIVE SURGICAL INC 11,320 shares3,818,915
LAM RESEARCH CORP 554 shares433,926
LINDE PLC 2,925 shares1,201,327
LULULEMON ATHLETICA INC 2,576 shares1,317,083
MARSH & MCLENNAN COS INC 8,172 shares1,548,349
MASTERCARD INC CL A 15,603 shares6,654,836
META PLATFORMS INC CL A 40,534 shares14,347,415
MICROSOFT CORP 94,880 shares35,678,675
MONDELEZ INTL INC 9,900 shares717,057
MONGODB INC CL A 3,562 shares1,456,324
MONOLITHIC POWER SYS INC 2,395 shares1,510,718
MORGAN STANLEY 12,732 shares1,187,259
MSCI INC 468 shares264,724
NETFLIX INC 7,767 shares3,781,597
NIKE INC CL B 6,601 shares716,671
NVIDIA CORP 32,223 shares15,957,474
OLD DOMINION FREIGHT LINES INC 2,422 shares981,709
PROCTER & GAMBLE CO 4,100 shares600,814
ROPER TECHNOLOGIES INC 3,537 shares1,928,266
ROSS STORES INC 11,935 shares1,651,685
S&P GLOBAL INC 3,193 shares1,406,580
SCHLUMBERGER LTD 15,400 shares801,416
SCHWAB CHARLES CORP 13,755 shares946,344
SEA LTD ADR 10,863 shares439,952
SERVICENOW INC 8,743 shares6,176,842
SHERWIN WILLIAMS CO 3,840 shares1,197,696
SHOPIFY INC CL A 20,629 shares1,606,999
SHOPIFY INC CL A 650 shares50,605
SNOWFLAKE INC CL A 2,782 shares553,618
STRYKER CORP 4,887 shares1,463,461
SYNOPSYS INC 6,029 shares3,104,392
T-MOBILE US INC 16,068 shares2,576,182
TAIWAN SEMIC MFG CO LTD SP ADR 8,353 shares868,712
TE CONNECTIVITY LTD 3,193 shares448,617
TELEFLEX INC 1,435 shares357,803
TESLA INC 25,479 shares6,331,022
23


THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2023



(a)(b) Identity of issue, borrower, lessor,
or similar party
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value(d) Cost**(e) Current value
TEXAS INSTRUMENTS INC 3,282 shares559,450
THE BOOKING HOLDINGS INC 683 shares2,422,751
THERMO FISHER SCIENTIFIC INC 5,651 shares2,999,494
TJX COMPANIES INC NEW 12,236 shares1,147,859
TRANSDIGM GROUP INC 636 shares643,378
UNITEDHEALTH GROUP INC 15,654 shares8,241,361
VEEVA SYS INC CL A 2,902 shares558,693
VERALTO CORP 2,336 shares192,159
VISA INC CL A 31,721 shares8,258,562
ZOETIS INC CL A 7,619 shares1,503,762
Corporate Bonds:
ANT INTERNATIONAL CO LTDPar value of $167,470 3.55% Due 8/14/2024167,269
CARVANA CO PIK VAR 06/01/2030 144APar value of $152,000 Variable Due 6/1/2030127,845
CARVANA CO PIK VAR 06/01/2031 144APar value of $179,000 Variable Due 6/1/2031152,895
CARVANA CO PIK VAR 12/01/2028 144APar value of $101,000 Variable Due 12/1/202885,718
William Blair U.S. Small/Mid Cap Growth Equity Portfolio:
Interest-bearing Cash:
BROWN BROTHERS HARRIMAN STIF FUND 547,382 shares547,382
Common Stock:
ABIOMED INC CVR 2,047 shares5,691
ACADIA HEALTHCARE CO INC 12,765 shares992,606
ADVANCED DRAINAGE SYSTEMS INC 8,117 shares1,141,575
ALARM.COM HOLDINGS INC 10,010 shares646,846
AMBARELLA INC 6,502 shares398,508
AMICUS THERAPEUTICS INC 52,143 shares739,909
AXON ENTERPRISE INC 4,851 shares1,253,159
BIO TECHNE CORP 10,928 shares843,204
BLUEPRINT MEDICINES CORP 8,369 shares771,957
BRIGHT HORIZONS FAMILY SOLUTIONS INC 8,167 shares769,658
BRINKS CO 10,983 shares965,955
BUILDERS FIRSTSOURCE 5,462 shares911,826
BURLINGTON STORES INC 2,732 shares531,319
BWX TECHNOLOGIES INC 19,180 shares1,471,681
CAMECO CORP 17,417 shares750,673
CARLYLE GROUP INC (THE) 33,799 shares1,375,281
CASELLA WASTE SYS INC CL A 9,476 shares809,819
CERTARA INC 25,330 shares445,555
CF INDUSTRIES HOLDINGS INC 10,245 shares814,478
24


THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2023



(a)(b) Identity of issue, borrower, lessor,
or similar party
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value(d) Cost**(e) Current value
CHARLES RIVER LABS INTL INC 2,168 shares512,515
CHART INDUSTRIES INC 5,136 shares700,191
CHEMED CORP 2,286 shares1,336,739
CLEARWATER ANALYTICS HOLDINGS INC 28,149 shares563,824
COGNEX CORP 12,851 shares536,401
CROWN HOLDINGS INC 10,370 shares954,973
DYNATRACE INC 21,620 shares1,182,398
EAGLE MATERIALS INC 2,630 shares533,469
ELF BEAUTY INC 9,136 shares1,318,690
ENCOMPASS HEALTH CORP 21,452 shares1,431,277
ENTEGRIS INC 4,439 shares531,881
EURONET WORLDWIDE INC 2,992 shares303,658
EVEREST GROUP LTD 1,686 shares596,136
EVOLENT HEALTH INC A 22,100 shares729,963
EXLSERVICE HOLDINGS INC 15,256 shares470,648
FIRSTSERVICE CORP 3,927 shares636,527
FIVE BELOW INC 5,675 shares1,209,683
FLYWIRE CORP 24,454 shares566,110
FRESHPET INC 15,378 shares1,334,195
GLOBUS MEDICAL INC 7,165 shares381,823
GUIDEWIRE SOFTWARE INC 11,489 shares1,252,761
HEALTHEQUITY INC 10,146 shares672,680
HEICO CORP CL A 6,313 shares899,224
INSMED INC 18,749 shares581,032
INSPIRE MEDICAL SYSTEMS INC 3,694 shares751,470
INSULET CORP 4,150 shares900,467
KOSMOS ENERGY LTD 71,501 shares479,772
LANCASTER COLONY CORP 6,697 shares1,114,314
LATTICE SEMICONDUCTOR CORP 6,499 shares448,366
LIVE NATION ENTERTAINMENT INC 7,944 shares743,558
MERCURY SYSTEMS INC 26,102 shares954,550
MERIT MEDICAL SYSTEMS INC 14,441 shares1,096,938
NATIONAL VISION HOLDINGS INC 39,368 shares823,972
NEOGEN CORP 34,454 shares692,870
NEW FORTRESS ENERGY INC 26,532 shares1,001,052
NICE LTD SPON ADR 4,828 shares963,234
NOBLE CORP PLC 9,071 shares436,859
NOVANTA INC 4,525 shares762,055
PENUMBRA INC 4,348 shares1,093,696
POOL CORP 3,252 shares1,296,605
REGAL REXNORD CORP 2,834 shares419,489
25


THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2023



(a)(b) Identity of issue, borrower, lessor,
or similar party
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value(d) Cost**(e) Current value
REPLIGEN 4,527 shares813,955
REVOLVE GROUP INC 24,813 shares411,400
SHOALS TECHNOLOGIES GROUP INC 22,767 shares353,799
SITEONE LANDSCAPE SUPPLY INC 3,052 shares495,950
SPS COMMERCE INC 2,575 shares499,138
SUPER MICRO COMPUTER INC 2,575 shares731,970
TECHNIPFMC PLC 17,834 shares359,177
TENABLE HOLDINGS INC 16,992 shares782,652
TOPBUILD CORP 2,122 shares794,180
TRADEWEB MARKETS INC A 9,061 shares823,464
TREX CO INC 9,874 shares817,468
TWIST BIOSCIENCE CORP 16,815 shares619,801
TYLER TECHNOLOGIES INC 2,377 shares993,871
VARONIS SYSTEMS INC 14,641 shares662,944
VIRTU FINANCIAL INC- CL A 29,492 shares597,508
WESTERN ALLIANCE BANCORP 8,912 shares586,320
WHITECAP RESOURCES INC 66,416 shares446,515
WILLSCOT MOBILE MINI HOLDINGS CORP 9,273 shares412,649
420,839,584 
*Self-Directed Brokerage FundA self-directed brokerage fund allowing participants to invest in a wide array of securities including but not limited to publicly traded stocks, mutual funds, exchange-traded funds, bonds, certificates of deposit, and money market funds at their discretion.117,513,614
Investments (at fair value)1,636,174,315
*Participant LoansLoans with varying maturity dates extended to participants at interest rates of 4.25% to 9.5%25,069,950
$1,661,244,265 

*Party-in-interest
**Column not applicable for participant-directed investments.
26




    SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
THE WILLIAMS INVESTMENT PLUS PLAN
(Name of Plan)
/s/Melissa McGillen        
Melissa McGillen
Chairman, Administrative Committee
The Williams Companies, Inc.
Date: June 13, 2024

27




EXHIBIT INDEX


Exhibit
No.
                                                                 Description                                                               
23Consent of Independent Registered Public Accounting Firm

28
Document



Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-85542) pertaining to The Williams Investment Plus Plan of our report dated June 13, 2024, with respect to the financial statements and schedule of The Williams Investment Plus Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2023.

/s/ Ernst & Young LLP

Tulsa, Oklahoma
June 13, 2024