Williams Companies, Inc 10-Q for FY2023 Q2

Williams Companies, Inc. (WMB)

10-Q 2023-08-02 For: 2023-06-30

Added on April 08, 2026

About this 10-Q

Williams Companies, Inc filed this 10-Q on August 2, 2023, covering the quarter ended June 30, 2023 (FY2023 Q2).

Headline figures

Quarter ended June 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.48B; down 0.3% from $2.49B a year earlier
Net income: $460M; up 15.0% from net income of $400M a year earlier
Diluted EPS: $0.38; up 15.2% from $0.33 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Delaware						73-0569878
(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)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	WMB	New York Stock Exchange


Class						Shares Outstanding at July 31, 2023
Common Stock, $1.00 par value						1,216,421,463


						Page
Part I. Financial Information
Item 1. Financial Statements
Consolidated Statement of Income – Three and Si x Months Ended June 3 0 , 2023 and 2022						6
Consolidated Statement of Comprehensive Income (Loss) – T hree and Six Months Ended June 30, 2023 and 2022						7
Consolidated Balance Sheet – June 30 , 2023 and December 31, 2022						8
Consolidated Statement of Changes in Equity – Three and Six Months Ended June 3 0 , 2023 and 2022						9
Consolidated Statement of Cash Flows – Six Months Ended June 3 0 , 2023 and 2022						11
Notes to Consolidated Financial Statements						12
Note 1 - General, Description of Business, and Basis of Presentation						12
Note 2 - Variable Interest Entities						13
Note 3 - Acquisitions						14
Note 4 - Revenue Recognition						18
Note 5 - Provision (Benefit) for Income Taxes						21


Note 6 - Debt and Banking Arrangements						22

Note 7 - Fair Value Measurements and Guarantees						23
Note 8 - Derivatives						25
Note 9 - Contingent Liabilities						26
Note 10 - Segment Disclosures						30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations						34
Item 3. Quantitative and Qualitative Disclosures About Market Risk						55
Item 4. Controls and Procedures						56
Part II. Other Information						57
Item 1. Legal Proceedings						57
Item 1A. Risk Factors						57

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds						58
Item 5. Other Information						58
Item 6. Exhibits						59


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Millions, except per-share amounts)

Revenues:
Service revenues	$	1,748	$	1,606	$	3,442	$	3,143
Service revenues – commodity consideration	27		86		63		163
Product sales	593		1,111		1,438		2,215
Net gain (loss) on commodity derivatives	115		(313)		621		(507)
Total revenues	2,483		2,490		5,564		5,014
Costs and expenses:
Product costs	421		857		974		1,660
Net processing commodity expenses	44		40		98		70
Operating and maintenance expenses	481		465		944		859
Depreciation and amortization expenses	515		506		1,021		1,004
Selling, general, and administrative expenses	161		160		337		314


Other (income) expense – net	(9)		(10)		(40)		(19)
Total costs and expenses	1,613		2,018		3,334		3,888
Operating income (loss)	870		472		2,230		1,126
Equity earnings (losses)	160		163		307		299

Other investing income (loss) – net	13		2		21		3
Interest incurred	(319)		(286)		(623)		(575)
Interest capitalized	13		5		23		8
Other income (expense) – net	19		6		39		11
Income (loss) before income taxes	756		362		1,997		872
Less: Provision (benefit) for income taxes	175		(45)		459		73
Income (loss) from continuing operations	581		407		1,538		799
Income (loss) from discontinued operations (Note 9)	(87)		—		(87)		—
Net income (loss)	494		407		1,451		799
Less: Net income (loss) attributable to noncontrolling interests	34		7		64		19
Net income (loss) attributable to The Williams Companies, Inc.	460		400		1,387		780
Less: Preferred stock dividends	—		—		1		1
Net income (loss) available to common stockholders	$	460	$	400	$	1,386	$	779
Amounts attributable to The Williams Companies, Inc. available to common stockholders:
Income (loss) from continuing operations	$	547	$	400	$	1,473	$	779
Income (loss) from discontinued operations	(87)		—		(87)		—
Net income (loss) available to common stockholders	$	460	$	400	$	1,386	$	779
Basic earnings (loss) per common share:
Income (loss) from continuing operations	$	.45	$	.33	$	1.21	$	.64
Income (loss) from discontinued operations	(.07)		—		(.07)		—
Net income (loss) available to common stockholders	$	.38	$	.33	$	1.14	$	.64
Weighted-average shares (thousands)	1,217,673		1,218,678		1,218,564		1,217,814
Diluted earnings (loss) per common share:
Income (loss) from continuing operations	$	.45	$	.33	$	1.20	$	.64
Income (loss) from discontinued operations	(.07)		—		(.07)		—
Net income (loss) available to common stockholders	$	.38	$	.33	$	1.13	$	.64
Weighted-average shares (thousands)	1,219,915		1,222,694		1,223,429		1,221,991


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	June 30, 2023		December 31, 2022
	(Millions, except per-share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$	551	$	152
Trade accounts and other receivables (net of allowance of $6 at June 30, 2023 and December 31, 2022)	1,362		2,723
Inventories	259		320

Derivative assets	233		323
Other current assets and deferred charges	234		279
Total current assets	2,639		3,797
Investments	5,046		5,065
Property, plant, and equipment	50,240		47,057
Accumulated depreciation and amortization	(17,894)		(16,168)
Property, plant, and equipment – net	32,346		30,889

Intangible assets – net of accumulated amortization	7,573		7,363
Regulatory assets, deferred charges, and other	1,421		1,319
Total assets	$	49,025	$	48,433
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	1,146	$	2,327

Derivative liabilities	143		316
Accrued and other current liabilities	1,218		1,270
Commercial paper	—		350
Long-term debt due within one year	2,877		627
Total current liabilities	5,384		4,890
Long-term debt	21,532		21,927
Deferred income tax liabilities	3,325		2,887
Regulatory liabilities, deferred income, and other	4,575		4,684
Contingent liabilities and commitments (Note 9)
Equity:
Stockholders’ equity:
Preferred stock ($1 par value; 30 million shares authorized at June 30, 2023 and December 31, 2022; 35,000 shares issued at June 30, 2023 and December 31, 2022)	35		35
Common stock ($1 par value; 1,470 million shares authorized at June 30, 2023 and December 31, 2022; 1,256 million shares issued at June 30, 2023 and 1,253 million shares issued at December 31, 2022)	1,256		1,253
Capital in excess of par value	24,538		24,542
Retained deficit	(12,982)		(13,271)
Accumulated other comprehensive income (loss)	12		(24)
Treasury stock, at cost (39 million shares at June 30, 2023 and 35 million shares at December 31, 2022 of common stock)	(1,180)		(1,050)
Total stockholders’ equity	11,679		11,485
Noncontrolling interests in consolidated subsidiaries	2,530		2,560
Total equity	14,209		14,045
Total liabilities and equity	$	49,025	$	48,433


	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 – March 31, 2023	$	35	$	1,256	$	24,516	$	(12,895)	$	(3)	$	(1,124)	$	11,785	$	2,538	$	14,323
Net income (loss)	—		—		—		460		—		—		460		34		494
Other comprehensive income (loss)	—		—		—		—		15		—		15		—		15
Cash dividends – common stock ($0.4475 per share)	—		—		—		(545)		—		—		(545)		—		(545)
Dividends and distributions to noncontrolling interests	—		—		—		—		—		—		—		(58)		(58)
Stock-based compensation and related common stock issuances, net of tax	—		—		22		—		—		—		22		—		22


Contributions from noncontrolling interests	—		—		—		—		—		—		—		15		15
Purchase of treasury stock	—		—		—		—		—		(56)		(56)		—		(56)
Other	—		—		—		(2)		—		—		(2)		1		(1)
Net increase (decrease) in equity	—		—		22		(87)		15		(56)		(106)		(8)		(114)
Balance – June 30, 2023	$	35	$	1,256	$	24,538	$	(12,982)	$	12	$	(1,180)	$	11,679	$	2,530	$	14,209

Balance – March 31, 2022	$	35	$	1,252	$	24,476	$	(13,378)	$	(28)	$	(1,041)	$	11,316	$	2,655	$	13,971
Net income (loss)	—		—		—		400		—		—		400		7		407
Other comprehensive income (loss)	—		—		—		—		5		—		5		—		5


Cash dividends – common stock ($0.425 per share)	—		—		—		(517)		—		—		(517)		—		(517)
Dividends and distributions to noncontrolling interests	—		—		—		—		—		—		—		(58)		(58)
Stock-based compensation and related common stock issuances, net of tax	—		1		24		—		—		—		25		—		25



Contributions from noncontrolling interests	—		—		—		—		—		—		—		5		5

Other	—		—		—		(3)		—		—		(3)		1		(2)
Net increase (decrease) in equity	—		1		24		(120)		5		—		(90)		(45)		(135)
Balance – June 30, 2022	$	35	$	1,253	$	24,500	$	(13,498)	$	(23)	$	(1,041)	$	11,226	$	2,610	$	13,836


	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)	—		—		—		1,387		—		—		1,387		64		1,451
Other comprehensive income (loss)	—		—		—		—		36		—		36		—		36
Cash dividends – common stock ($0.895 per share)	—		—		—		(1,091)		—		—		(1,091)		—		(1,091)
Dividends and distributions to noncontrolling interests	—		—		—		—		—		—		—		(112)		(112)
Stock-based compensation and related common stock issuances, net of tax	—		3		(4)		—		—		—		(1)		—		(1)


Contributions from noncontrolling interests	—		—		—		—		—		—		—		18		18
Purchases of treasury stock	—		—		—		—		—		(130)		(130)		—		(130)
Other	—		—		—		(7)		—		—		(7)		—		(7)
Net increase (decrease) in equity	—		3		(4)		289		36		(130)		194		(30)		164
Balance – June 30, 2023	$	35	$	1,256	$	24,538	$	(12,982)	$	12	$	(1,180)	$	11,679	$	2,530	$	14,209

Balance – December 31, 2021	$	35	$	1,250	$	24,449	$	(13,237)	$	(33)	$	(1,041)	$	11,423	$	2,678	$	14,101

Net income (loss)	—		—		—		780		—		—		780		19		799
Other comprehensive income (loss)	—		—		—		—		10		—		10		—		10


Cash dividends – common stock ($0.85 per share)	—		—		—		(1,035)		—		—		(1,035)		—		(1,035)
Dividends and distributions to noncontrolling interests	—		—		—		—		—		—		—		(95)		(95)
Stock-based compensation and related common stock issuances, net of tax	—		3		51		—		—		—		54		—		54


Contributions from noncontrolling interests	—		—		—		—		—		—		—		8		8

Other	—		—		—		(6)		—		—		(6)		—		(6)
Net increase (decrease) in equity	—		3		51		(261)		10		—		(197)		(68)		(265)
Balance – June 30, 2022	$	35	$	1,253	$	24,500	$	(13,498)	$	(23)	$	(1,041)	$	11,226	$	2,610	$	13,836


	(Millions)
Cash and cash equivalents	$	23
Trade accounts and other receivables	33
Other current assets	26
Investments	22
Property, plant, and equipment – net	1,017
Other noncurrent assets	32
Total identifiable assets acquired	$	1,153

Current liabilities	$	(47)
Long-term debt (see Note 6)	(365)
Other noncurrent liabilities	(95)
Total liabilities assumed	$	(507)

Net identifiable assets acquired	$	646

Goodwill included in Intangible assets – net of accumulated amortization	401
Net assets acquired	$	1,047


	Three Months Ended June 30, 2022
	As Reported		Pro Forma MountainWest		Pro Forma Trace (1)		Pro Forma Combined
	(Millions)
Revenues	$	2,490	$	62	$	10	$	2,562
Net income (loss) attributable to The Williams Companies, Inc.	400		14		4		418

	Six Months Ended June 30, 2023
	As Reported		Pro Forma MountainWest (2)				Pro Forma Combined
	(Millions)
Revenues	$	5,564	$	35			$	5,599
Net income (loss) attributable to The Williams Companies, Inc.	1,387		6				1,393

	Six Months Ended June 30, 2022
	As Reported		Pro Forma MountainWest		Pro Forma Trace (1)		Pro Forma Combined
	(Millions)
Revenues	$	5,014	$	129	$	45	$	5,188
Net income (loss) attributable to The Williams Companies, Inc.	780		31		18		829


	Regulated Interstate Transportation & Storage		Gulf of Mexico Midstream & Storage		Northeast Midstream		West Midstream		Gas & NGL Marketing Services		Other		Eliminations		Total
	(Millions)
Three Months Ended June 30, 2023
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	826	$	—	$	—	$	—	$	—	$	—	$	(12)	$	814
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration	—		109		462		351		—		—		(45)		877
Commodity consideration	—		6		(3)		24		—		—		—		27
Other	5		6		20		4		—		—		(4)		31
Total service revenues	831		121		479		379		—		—		(61)		1,749
Product sales	57		24		28		85		957		83		(188)		1,046
Total revenues from contracts with customers	888		145		507		464		957		83		(249)		2,795
Other revenues (1)	8		3		7		36		627		8		—		689
Other adjustments (2)	—		—		—		—		(1,079)		—		78		(1,001)
Total revenues	$	896	$	148	$	514	$	500	$	505	$	91	$	(171)	$	2,483

Three Months Ended June 30, 2022
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	771	$	—	$	—	$	—	$	—	$	—	$	(18)	$	753
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration (3)	—		88		383		376		—		—		(34)		813
Commodity consideration	—		22		3		61		—		—		—		86
Other (3)	3		2		21		3		—		—		(5)		24
Total service revenues	774		112		407		440		—		—		(57)		1,676
Product sales	43		77		34		252		2,843		180		(526)		2,903
Total revenues from contracts with customers	817		189		441		692		2,843		180		(583)		4,579
Other revenues (1)	1		2		7		(5)		1,616		16		(6)		1,631
Other adjustments (2)	—		—		—		—		(3,900)		—		180		(3,720)
Total revenues	$	818	$	191	$	448	$	687	$	559	$	196	$	(409)	$	2,490


	Contract Liabilities		Remaining Performance Obligations
	(Millions)
2023 (six months)	$	98	$	1,900
2024 (one year)	140		3,706
2025 (one year)	123		3,409
2026 (one year)	112		2,987
2027 (one year)	105		2,580

Thereafter	461		15,267
Total	$	1,039	$	29,849


	June 30, 2023		December 31, 2022
	(Millions)
Accounts receivable related to revenues from contracts with customers	$	1,113	$	1,771
Receivables from derivatives	185		889
Other accounts receivable	64		63
Trade accounts and other receivables – net	$	1,362	$	2,723


(Exact name of registrant as specified in its charter)


Notes (Continued)			Table of Contents


Notes (Continued)			Table of Contents


Notes (Continued)			Table of Contents


	June 30, 2023
	Stated Capacity		Outstanding
	(Millions)

Long-term credit facility (1)	$	3,750	$	—
Letters of credit under certain bilateral bank agreements			17


					Fair Value Measurements Using
	Carrying Amount		Fair Value		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Millions)
Assets (liabilities) at June 30, 2023:
Measured on a recurring basis:
ARO Trust investments	$	254	$	254	$	254	$	—	$	—
Commodity derivative assets (1)	174		174		80		88		6

Commodity derivative liabilities (1)	(402)		(402)		—		(374)		(28)


Other financial assets (liabilities) – net	7		7		—		7		—
Additional disclosures:

Long-term debt, including current portion	(24,409)		(23,580)		—		(23,580)		—
Guarantees	(38)		(27)		—		(11)		(16)

Assets (liabilities) at December 31, 2022:
Measured on a recurring basis:
ARO Trust investments	$	230	$	230	$	230	$	—	$	—
Commodity derivative assets (2)	166		166		20		132		14

Commodity derivative liabilities (2)	(810)		(810)		(22)		(718)		(70)


Other financial assets (liabilities) – net	(5)		(5)		—		(5)		—
Additional disclosures:
Long-term debt, including current portion	(22,554)		(21,569)		—		(21,569)		—
Guarantees	(38)		(25)		—		(9)		(16)


	June 30, 2023				December 31, 2022
Derivative Category	Assets		(Liabilities)		Assets		(Liabilities)
	(Millions)





Current	$	486	$	(661)	$	1,099	$	(1,278)
Noncurrent	256		(309)		269		(734)
Total derivatives	$	742	$	(970)	$	1,368	$	(2,012)
Counterparty and collateral netting offset	(484)		567		(1,034)		1,236
Amounts recognized in our Consolidated Balance Sheet	$	258	$	(403)	$	334	$	(776)


	Gain (Loss)
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Millions)

Realized commodity-related derivatives not designated as hedging instruments	$	3	$	(63)	$	177	$	(132)
Unrealized commodity-related derivatives not designated as hedging instruments	112		(250)		444		(375)
Net gain (loss) on commodity derivatives	$	115	$	(313)	$	621	$	(507)

Realized commodity-related derivatives not designated as hedging instruments in Net processing commodity expenses	$	1	$	5	$	(3)	$	6
Unrealized commodity-related derivatives not designated as hedging instruments in Net processing commodity expenses	$	(29)	$	9	$	(34)	$	11


	Transmission &Gulf of Mexico		Northeast G&P		West		Gas & NGL Marketing Services (1)		Other		Eliminations		Total
	(Millions)
Three Months Ended June 30, 2023
Segment revenues:
Service revenues
External	$	933	$	480	$	330	$	—	$	5	$	—	$	1,748
Internal	23		9		28		—		—		(60)		—
Total service revenues	956		489		358		—		5		(60)		1,748
Total service revenues – commodity consideration	6		(3)		24		—		—		—		27
Product sales
External	57		11		10		487		28		—		593
Internal	22		17		75		(60)		55		(109)		—
Total product sales	79		28		85		427		83		(109)		593
Net gain (loss) on commodity derivatives
Realized	1		—		33		(45)		14		—		3
Unrealized	—		—		—		123		(11)		—		112
Total net gain (loss) on commodity derivatives (2)	1		—		33		78		3		—		115
Total revenues	$	1,042	$	514	$	500	$	505	$	91	$	(169)	$	2,483

Three Months Ended June 30, 2022
Segment revenues:
Service revenues
External	$	838	$	400	$	364	$	—	$	4	$	—	$	1,606
Internal	29		11		19		—		3		(62)		—
Total service revenues	867		411		383		—		7		(62)		1,606
Total service revenues – commodity consideration	22		3		61		—		—		—		86
Product sales
External	58		8		39		979		27		—		1,111
Internal	55		26		213		(107)		153		(340)		—
Total product sales	113		34		252		872		180		(340)		1,111
Net gain (loss) on commodity derivatives
Realized	—		—		(9)		(16)		(38)		—		(63)
Unrealized	—		—		—		(297)		47		—		(250)
Total net gain (loss) on commodity derivatives (2)	—		—		(9)		(313)		9		—		(313)
Total revenues	$	1,002	$	448	$	687	$	559	$	196	$	(402)	$	2,490


Management’s Discussion and Analysis (Continued)			Table of Contents


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Millions)
Service revenues	$	5	$	7	$	8	$	16
Product sales (1)	83		180		185		284

Net realized gain (loss) from derivative instruments (1)	14		(38)		32		(46)
Net unrealized gain (loss) from derivative instruments	(11)		47		(17)		(19)
Net gain (loss) on commodity derivatives	3		9		15		(65)

Segment revenues	91		196		208		235

Other segment costs and expenses	(49)		(57)		(92)		(91)
Proportional Modified EBITDA of equity-method investments	(1)		—		(1)		—
Other Modified EBITDA	$	41	$	139	$	115	$	144

Net realized product sales	$	97	$	142	$	217	$	238


Sources:
			Cash and cash equivalents on hand
			Cash generated from operations
			Distributions from our equity-method investees
			Utilization of our credit facility and/or commercial paper program
			Cash proceeds from issuance of debt and/or equity securities
			Proceeds from asset monetizations

Uses:
			Working capital requirements
			Capital and investment expenditures
			Product costs
			Gas & NGL Marketing Services payments for transportation and storage capacity and gas supply
			Other operating costs including human capital expenses
			Quarterly dividends to our shareholders
			Repayments of borrowings under our credit facility and/or commercial paper program
			Debt service payments, including payments of long-term debt
			Distributions to noncontrolling interests
			Share repurchase program


Available Liquidity	June 30, 2023
	(Millions)
Cash and cash equivalents	$	551
Capacity available under our $3.75 billion credit facility, less amounts outstanding under our $3.5 billion commercial paper program (1)	3,750
	$	4,301


	Cash Flow	Six Months Ended June 30,
	Category	2023		2022
		(Millions)
Sources of cash and cash equivalents:
Net cash provided (used) by operating activities	Operating	$	2,891	$	2,180
Proceeds from long-term debt	Financing	1,503		5
Proceeds from (payments of) commercial paper - net	Financing	—		1,037



Uses of cash and cash equivalents:
Capital expenditures	Investing	(1,155)		(606)
Common dividends paid	Financing	(1,091)		(1,035)

Purchases of businesses, net of cash acquired (see Note 3)	Investing	(1,053)		(933)
Proceeds from (payments of) commercial paper - net	Financing	(352)		—
Purchases of treasury stock	Financing	(130)		—
Dividends and distributions paid to noncontrolling interests	Financing	(112)		(95)
Purchases of and contributions to equity-method investments	Investing	(69)		(100)
Payments of long-term debt	Financing	(14)		(2,012)

Other sources / (uses) – net	Financing and Investing	(19)		12
Increase (decrease) in cash and cash equivalents		$	399	$	(1,547)


	Total Fair Value		Maturity
Fair Value Measurements of Assets (Liabilities) Using (1)			2023		2024 - 2025		2026 - 2027+
	(Millions)
Level 1 (2)	$	80	$	37	$	47	$	(4)
Level 2	(286)		(10)		(108)		(168)
Level 3	(22)		(2)		8		(28)
Fair value of contracts outstanding at end of period	$	(228)	$	25	$	(53)	$	(200)


	Six Months Ended June 30, 2023
	(Millions)
Average	$	8
High	$	13
Low	$	4


ISSUER PURCHASES OF EQUITY SECURITIES

Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
April 1 - April 30, 2023	—	$	—	—	$	1,416,749,645
May 1 - May 31, 2023	1,842,276	$	28.77	1,842,276	$	1,363,755,349
June 1 - June 30, 2023	97,994	$	28.75	97,994	$	1,360,938,325
Total	1,940,270			1,940,270


Exhibit No.		Description

2.1	—	Agreement and Plan of Merger dated as of May 16, 2018, by and among The Williams Companies, Inc., SCMS LLC, Williams Partners L.P., and WPZ GP LLC (filed on May 17, 2018 as Exhibit 2.1 to The Williams Companies, Inc.’s current report on Form 8-K (File No. 001-04174) and incorporated herein by reference).
2.2	—	Amendment No 1. to Agreement and Plan of Merger dated as of May 1, 2016, by and among The Williams Companies, Inc., Energy Transfer Corp LP, Energy Transfer Corp GP, LLC, Energy Transfer Equity, L.P., LE GP, LLC, and Energy Transfer Equity GP, LLC (filed on May 3, 2016 as Exhibit 2.1 to The Williams Companies, Inc.’s current report on Form 8-K (File No. 001-04174) and incorporated herein by reference).
2.3	—	Agreement and Plan of Merger dated as of September 28, 2015, by and among The Williams Companies, Inc., Energy Transfer Corp LP, Energy Transfer Corp GP, LLC, Energy Transfer Equity, L.P., LE GP, LLC, and Energy Transfer Equity GP, LLC (filed on October 1, 2015 as Exhibit 2.1 to The Williams Companies, Inc.’s current report on Form 8-K (File No. 001-04174) and incorporated herein by reference).
3.1	—	Amended and Restated Certificate of Incorporation as supplemented (filed on May 26, 2010, as Exhibit 3.1 to The Williams Companies, Inc.’s current report on Form 8-K (File No. 001-04174) and incorporated herein by reference).
3.2	—	Certificate of Designations of Series B Preferred Stock of The Williams Companies, Inc. (filed on July 17, 2018 as Exhibit 3.1 to The Williams Companies, Inc.’s current report on Form 8-K (File No. 001-04174) and incorporated herein by reference).
3.3	—	Certificate of Amendment dated August 10, 2018 (filed on August 10, 2018 as Exhibit 3.1 to The Williams Companies, Inc.’s current report on Form 8-K (File No. 001-04174) and incorporated herein by reference).
3.4	—	By-Laws of The Williams Companies, Inc., as last amended effective October 25, 2022 (filed on October 31, 2022, as Exhibit 3.4 to The Williams Companies, Inc.’s current report on Form 10-Q (File No. 001-04174) and incorporated herein by reference).
31.1*	—	Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(31) of Regulation S‑K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	—	Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32**	—	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	—	XBRL Instance Document. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCH*	—	XBRL Taxonomy Extension Schema.
101.CAL*	—	XBRL Taxonomy Extension Calculation Linkbase.
101.DEF*	—	XBRL Taxonomy Extension Definition Linkbase.
101.LAB*	—	XBRL Taxonomy Extension Label Linkbase.


			THE WILLIAMS COMPANIES, INC.
			(Registrant)

			/s/ Mary A. Hausman
			Mary A. Hausman
			Vice President, Chief Accounting Officer and Controller (Duly Authorized Officer and Principal Accounting Officer)


			/s/ Alan S. Armstrong
			Alan S. Armstrong
			President and Chief Executive Officer
			(Principal Executive Officer)


			/s/ John D. Porter
			John D. Porter
			Senior Vice President and Chief Financial Officer
			(Principal Financial Officer)