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OFFON

THE WILLIAMS COMPANIES, INC.

(WMB)
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3Q'21 WMB Earnings Webcast Presentation

11/01/2021 | 04:19pm EST

NYSE: WMB | www.williams.com

Williams 3rd Quarter 2021 Earnings Call

November 2, 2021

Strong third quarter results across key financial metrics

Strong Financial Performance

Across Key Metrics

Adjusted EBITDA

(Less winter storm benefit in 1Q '21)

Adjusted Earnings per Share

Available Funds from Operations

Dividend Coverage Ratio (AFFO basis)

Balance Sheet Strength and

Capital Discipline

Debt-to-Adjusted EBITDA1

Capital Investments2

3Q

3Q

Change

2021

2020

$1,420

$1,267

12%

$0.34

$0.27

26%

$1,080

$863

25%

2.17x

1.78x

22%

4.04x

4.42x

$469

$415

13%

3Q YTD

3Q YTD

Change

2021

2020

$4,152

$3,769

10%

$4,075

$3,769

8%

$0.96

$0.78

23%

$3,028

$2,655

14%

2.03x

1.82x

12%

$1,206 $1,062 14%

1Does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters.

2Capital Investments includes increases to property, plant, and equipment (growth & maintenance capital), purchases of businesses, net of cash acquired, and purchases of and contributions to equity-method investments. Note: In $ millions except for ratios and per-share amounts. This slide contains non-GAAP financial measures. A reconciliation of all non-GAAP financial measures used in this presentation to their nearest comparable GAAP financial measures is included at the back of this presentation.

WILLIAMS © 2021 The Williams Companies, Inc. All rights reserved.

NYSE: WMB I Williams 3rd Quarter 2021 Earnings Call 11/2/2021 I www.williams.com

1 1

Delivered 12% growth 3Q'21 vs. 3Q'20

WMB Adjusted EBITDA ($MM): 3Q 2021 vs. 3Q 2020

Core Business Performance

$1,450

$48

($2)

($2)

$1,420

Sequent

Other

$1,400

$46

West

$1,350

$55

$8

$1,420

RECORD

Northeast

QUARTERLY

Transmission G&P

ADJ. EBITDA

$1,300

& GOM

$1,267

Upstream

$1,250Operations

in Other

$1,200

3Q 2020

3Q 2021

CORE BUSINESS

PERFORMANCE DRIVERS

  • TRANSMISSION & GOM Increased revenues from transmission expansion projects and favorable commodity margins; Partially offset by slightly higher segment operating costs and hurricane related shut-ins
  • NORTHEAST G&P

Increased results from 5% higher gathering volumes primarily driven by Bradford, higher processing revenues at OVM JV and increased ownership in Blue Racer

  • WEST

Increased revenues driven by favorable margins and improved commodity-based G&P rates; Partially offset by absence of OPPL true up payment

Note: This slide contains non-GAAP financial measures. A reconciliation of all non-GAAP financial measures used in this presentation to their nearest comparable GAAP financial measures is included at the back of this presentation.

WILLIAMS © 2021 The Williams Companies, Inc. All rights reserved.

NYSE: WMB I Williams 3rd Quarter 2021 Earnings Call 11/2/2021 I www.williams.com

2

Achieved 10% growth 3Q'21 YTD vs. 3Q'20YTD

WMB Adjusted EBITDA ($MM): 3Q '21 YTD vs. 3Q '20 YTD

Core Business Performance

$4,200

$71

($2)

$0

$4,152

Sequent

Other

$124

West

$4,000

$30

$105

Northeast

Transmission

G&P

& GOM

$55

$3,800

$3,769

Upstream

Operations

Net Winter

in Other2

Storm

Benefit in

West1

$3,600

3Q '20 YTD

3Q '21 YTD

1Includes net benefit of winter storm Uri on the West segment (+$55 mm). 2Includes net benefit of winter storm Uri on upstream operations in Other segment (+$22 mm) and non-storm related upstream earnings in normalized commodity price environment (+$83 mm).

Note: This slide contains non-GAAP financial measures. A reconciliation of all non-GAAP financial measures used in this presentation to their nearest comparable GAAP financial measures is included at the back of this presentation.

CORE BUSINESS

PERFORMANCE DRIVERS

  • TRANSMISSION & GOM Increased revenues from transmission expansion projects, higher JV EBITDA and favorable commodity margins; Partially offset by higher segment operating costs and one less billable day on Transco
  • NORTHEAST G&P

Increased results from 8% higher gathering volumes primarily driven by Bradford, higher processing volumes at OVM JV and increased ownership in Blue Racer

  • WEST

Favorable marketing margins, higher MVC shortfall payments and favorable segment operating costs; Partially offset by lower gathering volumes, lower non-cash Barnett deferred revenue, lower JV EBITDA and absence of OPPL true up payment

WILLIAMS © 2021 The Williams Companies, Inc. All rights reserved.

NYSE: WMB I Williams 3rd Quarter 2021 Earnings Call 11/2/2021 I www.williams.com

3

Key investor focus areas

Financial strength

Focus on long-term

Position of growth

Sustainable strategy

& stability

shareholder value

Increased full-year 2021

Announced

Leidy South Expansion

Announced MOU with

Adj. EBITDA guidance

opportunistic share

online 4Q'21

Ørsted

again; 8% growth vs.

repurchase program

Executing customer

Progressing 12 solar

20201

up to $1.5B

expansion projects in

projects

Improving leverage

Outlined company's

Northeast

Advancing Responsibly

organically; ~4.04x in

capital allocation

Announced two Mid-

Sourced Gas to include

3Q'21 vs. ~4.42x in

priorities

Atlantic demand-pull

transparency across

3Q'202

Paid quarterly dividend

projects adding 523

entire value chain,

Priced $1.25B of senior

of $0.41

MMcf/d of Transco

including gathering,

notes at attractive rates

expansion capacity

processing and

transportation

Resilient Natural Gas Business Strategically Aligned with Lower-Carbon Energy Future

12020 Adj. EBITDA of $5.105B vs. the midpoint ($5.525B) of updated 2021 Adj. EBITDA guidance range. 2Debt-to-adjusted EBITDA at quarter end. Does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters.

WILLIAMS © 2021 The Williams Companies, Inc. All rights reserved.

NYSE: WMB I Williams 3rd Quarter 2021 Earnings Call 11/2/2021 I www.williams.com

4

Disclaimer

The Williams Companies Inc. published this content on 01 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2021 21:18:03 UTC.


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Financials (USD)
Sales 2021 9 901 M - -
Net income 2021 1 351 M - -
Net Debt 2021 22 381 M - -
P/E ratio 2021 26,6x
Yield 2021 5,55%
Capitalization 36 013 M 36 013 M -
EV / Sales 2021 5,90x
EV / Sales 2022 6,21x
Nbr of Employees 4 739
Free-Float 97,0%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 24
Last Close Price 29,64 $
Average target price 31,52 $
Spread / Average Target 6,35%
EPS Revisions
Managers and Directors
Alan S. Armstrong President, Chief Executive Officer & Director
John D. Porter Chief Financial Officer & Senior Vice President
Stephen W. Bergstrom Chairman
Michael G. Dunn Chief Operating Officer & Executive Vice President
Terrance Lane Wilson Chief Compliance Officer, SVP & General Counsel
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