Williams : Wells Fargo Midstream & Utility Symposium

December 09, 2020 at 08:31 am EST

NYSE: WMB | www.williams.com

Wells Fargo Midstream & Utility Symposium

John Chandler, SVP and Chief Financial Officer

December 9, 2020

Large-scale, irreplaceable natural gas infrastructure

Wamsutter

Southwest

Wyoming

Williams' Asset Map

Piceance DJ Basin

Anadarko /

Mid-Con

Permian

Haynesville

Barnett

Eagle Ford

Deepwater

Gulf of Mexico

Marcellus

+ Utica

Handling	Serving

30%	600
nation's
	customers
natural gas



Transco		Serving
	15
Nation's largest

and fastest		key supply
growing major
pipeline		areas

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com

Succeeding through current volatile environment

17%	Adjusted Earnings Per Share ($/Shr)	DCF ($MM) & Dividend Per Share ($/Shr)
$0.99		$3,297	$3,050 - $3,450 Healthy
	$0.95 - $1.25
CAGR TO	$0.79	$2,872		$1.60	DCF SUPPORTING
$1.36	$1.52
MIDPOINT OF		DIVIDEND WITH

2020 GUIDANCE					AMPLE COVERAGE

2018	2019	2020G	2018	2019	2020G	Excess Cashflow Dividend/Shr

		Total Dividends(1)

	Adjusted EBITDA ($MM)	Natural Gas Transmission Capacity (Bcf/d) (2)
Stable									22.3
		$4,950 - $5,250			21.5	~12%

BUSINESS		$5,015		$5,025 3Q YTD '20				GROWTH IN
PERFORMANCE	$4,638				Annualized	19.9

							TAKE-OR-PAY

										TRANSMISSION
										CAPACITY
	2018	2019		2020G
		2018	2019	3Q'20

Includes cash dividends paid on common stock each quarter by WMB, as well as the public unitholders share of distributions declared by WPZ for the first two quarters of 2018.
Dekatherms converted to cubic feet at 1,000 cubic feet = 1 dekatherm

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com

De-levering balance sheet through

growth and debt reduction

ADJUSTED EBITDA

($US MM)

	$5,053
$4,436
2016	LTM 9/30/2020

NET DEBT ($US MM)

$23,332
	$22,313
2016	9/30/2020

NET DEBT-TO-ADJUSTED

EBITDA (X)

5.26 x
	4.42 x
2016	9/30/2020

Note: This slide contains non-GAAP 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.

1 Book Debt-to-Adjusted EBITDA ratio does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Consolidated debt is net of cash on hand.

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com

Williams self-funding unique compared to utility peers

DIVIDENDS AND INVESTING CASH FLOWS % OF OPERATING CASH FLOW 2016 THROUGH 9/30/2020 (%)

WMB VS. TOP UTILITIES

200%

150%

100%

44%

50%

58%

WMB

Dividends

Net Cash Used in Investing

Source: FactSet

Notes: Dividends include common, preferred and dividends and distributions to noncontrolling interests; Utility peers include AEP, D, DUK, ES, EXC, NEE, SO, SRE, WEC, XEL

DIVIDENDS & INVESTMENTS IN EXCESS OF CFFO

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com

Attractive valuation with low-volatility cash flows

and strong balance sheet

		Three Year Average	Current(1)


DIVIDEND YIELD \| 3-YEAR AVERAGE VS. CURRENT (%)	EV / NTM EBITDA \| 3-YEAR AVERAGE VS. CURRENT (X)

7.6%
6.3%
	3.7%	3.9%	3.1%	3.0%

WMB	RWR REIT Index	XLU Utilities Index

		20.4x	21.2x
10.6x				12.4x	13.4x
9.9x

WMB	RWR REIT Index	XLU Utilities Index

CURRENT NET DEBT / LTM EBITDA (X)		CASH FLOW VOLATILITY \| RANGE OF HIGH / LOW
	OPERATING CASH FLOW '18A - '20E (%)
					% Diff. to High
								2018A Cash Flow
	5.7x					14%		% Diff. to Low
		5.2x		12%	11%
4.4x


					0%
						-12%	-8%
WMB	REITs	(2)	Utilities	(3)
		WMB	REITs(2)	Utilities (3)

Source: S&P Capital IQ, Bloomberg; (1) As of November 30, 2020; (2) Top 10 Companies by EV in RWR: PLD, DLR, PSA, WELL, SPG, AVB, O, EQR, ARE, VTR;
(3) Top 10 Companies by EV in XLU: NEE, DUK, D, SO, AEP, EXC, SRE, XEL, WEC, ES

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com

Sustainable strategy driven by long-term trend

of natural gas demand growth

OUR MISSION

Committed to being the leader in providing

infrastructure that safely delivers natural gas

products to reliably fuel the clean energy economy

WHO WE ARE

Handle 30% of the natural gas in the United States that is used every day to heat our homes, cook our food and generate our electricity

Authentic

Safety Driven

Reliable

Performers

Responsible

Stewards

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com

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Natural gas demand drives business performance

Natural gas fulfilling 36% of global energy demand growth through 2040

		Total Global Energy Consumption By Fuel '15-'40
	300		Global Energy

	250		Demand (QBtu)
	+54 QBtu
		619	771
	200	Or 43%

QBtu	150

			2015	2040
	100
	50
	0	Natural Gas

2015

2020

2025

2030

2035

2040

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com

Renewables remain a small part of the energy mix

2019 Total Global End-Use

Energy Consumption by Fuel 2019 Global Power

Generation by Fuel Type

Power Generation only accounts for ~20% of total end-use energy

Liquids

42%

Biomass & Waste

Combustibles

Coal		Natural
12%
				Gas,
		Coal,	21%	Wind, 5%
Power	39%
		7% Solar, 2%
Generation
20%		Hydro,	Nuclear, 10%


		16%		Other Renewables*, 3%
Natural Gas					Liquids, 3%

18%

Solar, Wind & Other

Renewables*

consumption

AND

Wind & Solar only

account for

7% of total global

power generation

*Other Renewables include Geothermal & Tidal

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 10

Call on natural gas production growth

expected to occur in three key supply areas

U.S. Natural Gas Production Forecaster Comparison for

Key Supply Areas ('20 - '30)

	45							Legend:
				8.6 Bcf/d					Highest Forecast
	40							Average Forecast
			Min/Max range
	35								Lowest Forecast

Bcf/d	30		+9.2
25		Bcf/d
					3.7 Bcf/d		2.7 Bcf/d

	20
						Min/Max range		Min/Max range
	15					+9.5			+7.0

	10					Bcf/d
							Bcf/d

	5
	0
	2020	2025	2030	2020	2025	2030	2020	2025	2030
	Marcellus + Utica		Permian			Haynesville

(Gas-directed drilling)

(Oil-directed drilling)

(Gas-directed drilling)

Source: Recent forecasts from four industry forecasters; Note that growth stated on the 2030 columns represent growth 2020-2030 based on average forecast data

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 11

Gas transmission pipelines ideally positioned for

U.S. domestic and international demand

Northwest

Pipeline

Cove Point

Legend

Transco

3rd Party LNG

Export Terminal

Population per sq. mile

50 or less

Elba Island

50-100

100-200

200-300

Cameron

Gulfstream

300 or more

Sabine Pass

Source: Data based off 2012 Census estimates

Freeport

Corpus Christi

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 12

Business performance tied to contracted

transmission capacity and gathering volume

Williams Quarterly Adj. EBITDA vs. Contracted Transmission Capacity and Gathering Volumes

Adj. EBITDA ($MM)

					Jackalope Sale
		Canada Sale	Geismar Sale	FCA Sale	Apr. '19
$1,400		Sept. '16	Oct. '18	40
				Jul. '17
$1,200						35
$1,000						30

$800						25	Bcf/d
					20
$600

					15

$400						10

$200						5
$0	2015	2016	2017	2018	2019	0
	2020
	Fee-based EBITDA(1)	Commodity Margin(2)	Other EBITDA	Contracted Transmission Capacity
					and Gathering Volume(3)

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

Sum of West, Northeast G&P and Transmission and Gulf of Mexico segment Adjusted EBITDA excluding commodity margin; (2) Commodity Margin of West, Northeast G&P, and Transmission and Gulf of Mexico; (3) Sum of gathering volumes and average daily firm reserved capacity for regulated transportation (converted from Tbtu to Bcf at 1,000 btu/cf) for West, Northeast G&P, and Transmission and Gulf of Mexico segments.

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 13

Scale and operational excellence

increase operating margin

Creating efficiency & advantage with focused scale

Operating Margin Ratio

70%

67%

64%

Driving more revenue to
	62%
the bottom line
	60%

Continuing to drive

improvement

2016

2017

2018

2019 3Q YTD 2020

Operating margin ratio = Operating margin/gross margin; Excludes depreciation and amortization expense, impairment charges and other items included in Other Income/(Expense), which are primarily non-cash.

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Near-term fundamentals remain strong

Natural gas demand resilient in 2020

3Q YTD demand averaged 91.5 bcf/d in 2020 compared to 91.8 Bcf/d in 2019

POWER GEN

Bcf/d
35	+3.4%

30
25
20
15
10
5
0	3Q '20
3Q '19
YTD	YTD

INDUSTRIAL		RES / COM
Bcf/d		Bcf/d
35		35
30		30
25	-3.3%	25			-9.2%


20		20
			2,235
15		15	HDD		1,925
			Jan-Mar	-14%	HDD
					Jan-Mar
10		10
5		5
0		0	3Q '19	3Q '20
3Q '19	3Q '20
YTD	YTD		YTD		YTD

LNG & MEXICAN

EXPORTS

Bcf/d
35
30
25
20
15	+15.8%

10
5
0	3Q '20
3Q '19
YTD	YTD

LOWER-48 NATURAL GAS DEMAND + EXPORTS 3Q '19 YTD v. 3Q '20 YTD COMPARISON

Source: S&P Global Platts; Note: Pipeloss/Fuel demand is excluded from the charts. Note that HDD is U.S. population-weighted Heating Degree Days.

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 16

Growth across Williams assets

outpaces market rate

		LOWER-48 + GOM NATURAL	WILLIAMS NATURAL GAS
		GAS WELLHEAD PRODUCTION	GATHERING VOLUMES
Bcf/d	Bcf/d
110				14

-0.1%		+3.1%
100

90					12



80
				10
70



60						8
	3Q '19		3Q '20			3Q '19		3Q '20

		YTD		YTD			YTD		YTD

STRATEGICALLY POSITIONED TO CONNECT BEST SUPPLIES TO BEST MARKETS

Source: IHS Markit PointLogic for L-48 and Gulf of Mexico (GOM) production as of 11-3-2020. Note: Williams gathering volumes include 100% of operated assets.

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 17

$/MMBtu

Natural gas forward curves Pre-COVID-19 impact vs. now

2021 Henry Hub up 24% since March 1st

$4.00
	Calendar 2021


		Mar. 1st	Dec. 1st	% Change
$3.50		Curve	Curve

		$2.28	$2.83	24%
$3.00					Dec. 1, 2020

					Forward Curve
$2.50					Mar. 1, 2020
					Forward Curve
$2.00	Actual Price
$1.50

Source: NYMEX

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 18

Williams positioned to benefit as market calls

on most economic gas supplies

Remaining Risked Natural Gas Reserves Held By Major Producers

Tcfe						Northeast
					~75%
250
						Remaining
200						reserves
					Under $3
150
100
50
0	< $2.25	< $2.50	< $2.75	< $3.00
Henry Hub
Marcellus	Utica	Haynesville + CV	Mid-Continent	Rockies	Remaining Gulf Coast	Other

Other = West Coast, gas-directed Permian, and non-Marcellus/Utica Northeast

Source: Wood Mackenzie 4Q '20 NACPAT; Note that Wood Mackenzie NACPAT data only includes information for major producers, making up ~59% of total U.S. natural gas production in '19.

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 19

NYSE: WMB | www.williams.com

Unique competitive advantages provide stability and growth

Substantially fee-based business with limited volatility

2020 Gross Margin(1)

27%

44%

10%

11% 6%

98% Gross Margin from Fee-based Revenue

Gas & Liquids Transportation

Deepwater

Minimum Volume Commitments (MVCs) & other protected(2)

Cost of Service agreements Volume-driven G&P

NGL & Other Commodity Exposure

Includes our proportional ownership of the gross margin of our equity-method investments. Excludes certain regulated revenues, which are related to tracked operating costs.
MVC revenue includes revenue level guaranteed by MVC and excludes any revenue on volumes exceeding MVC. MVC revenue also includes amortization of upfront payments associated with canceled MVCs.

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 21

Stable and diversified EBITDA

$5 B 2019 ADJ. EBITDA

Other Onshore Oil Basin1	2%
Eagle Ford	5%
Marketing & NGL Services2	2%
Blue Racer & Aux Sable	2%
SW Wyoming / Wamsutter	2%
Piceance	2%
Marcellus South & LMM	3%
Utica	3%
Barnett	3%
Haynesville	4%
Northeast JV	4%
Bradford Supply Hub	5%
Susquehanna Supply Hub	10%
Deepwater GOM	9%
OPPL, Purity Pipes & Other	2%
Gulfstream	2%
Northwest Pipeline	6%
Transco	34%

Only 7% EBITDA from G&P serving on-shoreoil-directed supply areas

~38% EBITDA from G&P

serving gas-directed

supply areas

Transmission &

Deepwater EBITDA

~53% of portfolio

1Includes Permian, Mid-continent, Niobrara and DJ Basin; 2 includes Conway, Gas Marketing and NGL Marketing

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 22

Northeast G&P segment hits record volumes

Natural Gas	Natural Gas Processing	NGL Production
Gathering Volumes	Plant Inlet Volumes	Volumes

9.4	1.4	114
Bcf/d	Bcf/d	Mbbls/d
up 8.4%	up 17.2%	up 23.9%
v. 3Q'19	v. 3Q'19	v. 3Q'19

Note: Includes 100% of the volumes associated with operated consolidated and equity-method investments, excludes non-operated JVs

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 23

Williams positioned to benefit as market calls

on most economic gas supplies

Northeast contains ~75% of economic gas-directed reserves

Increasing EBITDA per MCF

driven by scale, efficiency, and business mix

Northeast G&P Gathered Volumes and

Adjusted EBITDA per Mcf 2

				$0.48	$0.52
1	8
	$0.41
	$0.40	$0.39
	6
				7.1	7.4
	4		6.1
	5.6
	4.8

	2
	2016	2017	2018	2019	3Q'20 YTD

Gathered Volume (Bcf/d)		Adjusted EBITDA / Gathered Mcf ($/Mcf)

Wood Mackenzie 4Q '20 NACPAT; Refers to gas-directed reserves under $3/Mcf. Note that Wood Mackenzie NACPAT data only includes information for major producers, making up ~59% of total U.S. natural gas production in '19.
Includes 100% of consolidated volumes and proportional share of operated equity-method investment; Excludes non-operated JV Adjusted EBITDA and gathered volumes

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 24

Gas transmission business built on high credit-quality,

demand-pull customer base

Firm Contracted Capacity By

Customer Type1

Credit Rating Profile Of Williams 2019 Gas

Transmission Revenue From Top 100 Customers2

Utilities/Power

Investment

Grade

13%68%

Utilities / Power

Customers

LNG / Industrial

Producer

Marketer

Other

90%	High Yield
Investment
Grade
Customers	Not Rated

Includes firm reserved capacity of Transco, Northwest Pipeline, and Gulfstream at 100%
Transco, Northwest Pipeline and 50% of Gulfstream revenue earned from Top 100 customers company-wide.

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 25

Recent accomplishments

Record Volumes

Transco - Southeastern Trail

Transco -

Leidy South

Transco -

Regional Energy Access

Deepwater GOM - Tiebacks

West - Bluestem

NGL Pipeline

Williams Climate

Commitment

ESG Reporting

Renewable Natural Gas

Achieved record Northeast natural gas gathering, natural gas processing plant inlet and NGL production volumes in 3Q 2020, despite a volatile market environment

Commenced partial in-service of 150 MMcf/d on November 1 for a 296 MMcf/d expansion project to serve growing gas demand in Mid-Atlantic & Southeastern United States; Up to an incremental 80 MMcf/d expected to be on line in 4Q 2020 with the balance of the capacity expected to be on line in 1Q 2021

Key state and federal permits and partial FERC Notice to Proceed received on 582 MMcf/d expansion connecting robust Appalachia natural gas supplies with growing demand centers along the Atlantic Seaboard; Expecting 125 MMcf/d of project capacity in-service December of 2020 with balance of the project expected to be on line in 4Q 2021

Submitted FERC Pre-filing Application on June 12 for a 760 MMcf/d pipeline expansion to connect robust Marcellus supplies with growing Northeast natural gas demand in time for the 2023-2024 winter heating season

Executed three definitive agreements for tiebacks to Williams' operated assets: Discovery to service gas production from Katmai development (in-service June 2020) and Spruance development (target first flow 1Q 2022); Eastern Gulf to handle oil and gas production from Taggart development (target first flow 2Q 2022)

Expecting commercial service to begin December 1 on 120 Mbbls/d Mid-continent NGL pipeline; Project is under budget and ahead of schedule

Announced our near-term goal of 56% absolute reduction from 2005 levels in company-wide GHG emissions by 2030; Targeting net zero carbon emissions by 2050

Published 2019 Sustainability Report in July and responded to the CDP Climate Change Questionnaire in August to provide key stakeholders with continued insight into Williams sustainability practices and ESG performance

Completed and placed in-service sixth renewable natural gas (RNG) interconnection to Williams' assets; Now serving two dairy farms and four landfills producing RNG

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 26

Executing significant portfolio of

gas transmission growth projects

Williams' U.S. Asset Map, Highlighting Natural

Gas Transmission Pipeline Expansion Projects

Leidy South

582 MMcf/d

Regional

Energy Access

760 MMcf/d

Southeastern Trail

296 MMcf/d

Gulfstream Ph. VI

78 MMcf/d

WILLIAMS' GAS TRANSMISION

PIPELINE PROJECTS IN EXECUTION

1.7 Bcf/d	~6x	~$2B
(17.7 Bcm/yr)1	EBITDA	Capital
Capacity	Multiples	Investment

Enough incremental natural gas to serve

8.4 MILLION

American homes

annually

1 Conversion assumes 35.315 cubic feet per cubic meter

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 27

Pursuing deep and diverse set of transmission

growth opportunities

PROJECTS IN DEVELOPMENT

Williams' Asset Map, Highlighting Northwest,

Transco, & Gulfstream Natural Gas Pipelines

Northwest

Pipeline

Transco

Pipeline

Gulfstream

Pipeline

Type of	# of	Capex	Capacity	Estimated
Project	Projects	($Bln)	(Bcf/d)	ISDs
Transporting Natural	8	$4	4	'24-'31
Gas to Power
Generation Facilities
Transporting Natural	8	$5	8	'24-'26
Gas to LNG Export
Facilities
Transporting Natural	10	$3	2	'23-'28
Gas to Industrial
Facilities/LDC

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 28

Bcf/d

natural gas1

+4.1

Equates to

Fractionator

Natural gas plant

Natural gas storage

Operating coal plant in Maryland (MD), Delaware (DE), Virginia (VA), West Virginia (WV), North Carolina (NC), South Carolina (SC), and Georgia (GA) within 100 mi. of Transco Pipeline Source: Coal plant data per Velocity Suite; 1 Assumes natural gas power plant heat rate of 6,800 Btus per kwh and 100% plant utilization

• Established pipeline footprint enables low-costexpansions with low environmental impact

ADVANTAGED POSITION TO SERVE

DEMAND ALONG TRANSCO

• Sizeable capacity available on

Transco mainline and the South Virginia and Cardinal laterals

• Tailorable solutions to meet power generation and LDC customer needs

Transco positioned to meet natural gas

demand in Mid-Atlantic and Southeast

Williams' U.S. Asset Map, Highlighting Transco Natural Gas Pipeline, G&P assets in Appalachia Basin & Third-party Operating Coal Plants

Appalachian	MD
Basin G&P	DE
Assets

WV VA

Transco

Pipeline

Operating

Coal Plants

27 GW

Net Summer

Capacity

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 29

Unique Deepwater opportunities available due to

incumbent position

Recent Deepwater Project Milestones

Western Gulf

Eastern Gulf

Discovery

Whale

Under existing dedication

Reimbursement executed to keep project development on track

Target customer FID 2021
Target first flow in 2024

Ballymore

Under existing dedication

In facility- planning discussions

Target customer FID 4Q 2021
Target first flow in 1Q 2025

Taggart

Positive FID June

2020

Signed Definitive

Agreement

Target first flow in 2Q 2022

Positive FIDs

Signed Definitive

Agreements

Katmai first flow

in June 2020

Spruance first flow target in 1Q 2022
Anchor first flow target in 2Q 2024

Sources: Customer press releases, media outlets and Williams estimates

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 30

2020 Guidance Ranges

FINANCIAL METRIC

Adjusted Net Income1

Adjusted Diluted EPS1

Adjusted EBITDA

Distributable Cash Flow (DCF)

DCF per share

Growth Capex

Dividend Coverage Ratio

Dividend Growth Rate

Debt-to-Adjusted EBITDA2

2020 GUIDANCE

$1.160 - $1.460 Bn

$0.95 - $1.20

$4.950 - $5.250 Bn $3.050 - $3.450 Bn

$2.50 - $2.83

$1.0 Bn - $1.2 Bn

Prior guidance: $1.1 - $1.3 Bn

~1.7x (midpoint)

5% annual growth

($1.60 per share)

~4.4x (midpoint)

From continuing operations attributable to Williams available to common stockholders
Book Debt-to-Adjusted EBITDA ratio does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Consolidated debt is net of cash on hand.

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 does not expect to be a U.S. Federal cash income taxpayer through at least 2024, excluding taxes on any potential asset monetizations.

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 31

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Sustainability is synonymous with strong fundamentals

Leadership and transparency in sustainability

Board Strategy

- Oversight
Clear delineation of Board and Committee responsibilities
Governance and Sustainability Committee driving strategy

Management

Leadership

Sustainability steering committee: Operationalize sustainability
ESG Director: Integration & engagement

Transparency and Disclosure

2019 Sustainability Report: GRI Core and SASB metrics
2019 CDP Climate Change Questionnaire
Net Zero Goal: 2030 & 2050

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 33

Committed to a clean energy future

Williams recognizes the risks of climate change and our strategy provides a practical and immediate path to reduce industry emissions and grow a clean energy economy

Right Here, Right Now Opportunities

Goal: 56% absolute reduction in company-wide greenhouse gas emissions by 2030

Leverage our natural gas-focused strategy and technology that is available today to focus on immediate opportunities to reduce emissions, scale renewables and build a clean energy economy.

Future Innovation and Technologies

Our path to net zero by 2050 involves a combination of immediate and long-term solutions, including investments in renewables, technology and the best and brightest talent who are committed to doing what is right.

Note: 56% absolute reduction measured against 2005 emissions

Elements of a Net Zero Approach

		POTENTIAL %
		REDUCTION*

	Reduce methane through work practices;	<15%
	Voluntary Leak Detection and Repair (LDAR) and
	blowdown minimization

	Evaluate opportunities to cost-effectively reduce	<5%
	methane emitting equipment (e.g., rod packing,
	pneumatic devices, etc.)

	Pursue renewable natural gas opportunities	>25%

	Collaborate with peers and customers on
	reduction strategies through Williams-led	>10%
	initiatives (ERP, etc.), research organizations

	and trade groups

	Prepare for next-generation technologies/	>25%
	approaches - including Carbon Capture, Use and
	Storage (CCUS) and hydrogen as a fuel source

Increase renewable power generation to supply	<20%
electric compression/demand

	*2018-2050 target

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 34

Our strategy provides a practical and immediate path to reduce emissions

Natural gas is an integral part of the low-carbon future, particularly when it comes to

displacing higher-emission fuels such as coal and heating oil

60%	41%	33M
U.S. emission	reduction in Williams	our infrastructure
reductions in	reported methane	has helped
electricity sector	emissions from	U.S. decrease
due to gas	processing plants and	GHG emissions by
replacing coal & oil	transmission
33M metric tons
2005-2017	compressor stations
Since 2005
	Since 2012

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 35

Environmental considerations are applied to

our decision-making process

Williams takes care to reduce emissions, safeguard biodiversity and

manage natural resources responsibly

60%	60% reduction in	10%	Established '20 goal to
reduce reportable air
environmental notices of
releases by an additional
non-compliance since '17
			10% from '19 levels

39%	39% decrease in
reportable spills to soil
and water from '18 levels

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 36

Our Core Values are ingrained in how we do our work every day on behalf of our stakeholders

Strong governance practices

Single class of common stock: 1 share = 1 vote

All Directors are elected to one-year terms

All Directors, other than CEO, are independent Board Chair is an independent Director Policies in place to prevent overboarding

Governance and Sustainability Committee provides oversight of ESG strategy

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 37

Strengthening relationships with key stakeholders

We operate in a manner that protects our employees and contractors and provides value for shareholders while safeguarding the public

Female or ethnically diverse

employees represented nearly 26% of management roles in '19

Upheld our Human Rights Policy and

Statement, which outlines our commitment to respect human rights within our operations and within our supply chain

Hosted well over 100 community engagements including 40 meetings
with Native American tribes
Directly and regularly engaging with over

100,000 landowner partners

through email, phone calls, open houses and in-person meetings

$9.7 million invested in	$9.7M

communities where Williams
employees live and work

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 38

47%

decline in

Driving a safety-first culture

Safeguarding our people and neighbors is ingrained in

our culture and fundamental to everything we do

Employee Total Recordable Incident Rate Per 200,000 Work Hours

1.2

1.09

employee recordable injuries

1.0

0.8

0.81

Since 2017

0.6

0.55

0.4

0.2

0.0

2017

2018

2019

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 39

Forward Looking Statements

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 40

Forward-looking statements

The reports, filings, and other public announcements of The Williams Companies, Inc. (Williams) may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). These forward- looking statements relate to anticipated financial performance, management's plans and objectives for future operations, business prospects, outcome of regulatory proceedings, market conditions, and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, included in this report that address activities, events, or developments that we expect, believe, or anticipate will exist or may occur in the future, are forward-looking statements. Forward-looking statements can be identified by various forms of words such as "anticipates," "believes," "seeks," "could," "may," "should," "continues," "estimates," "expects," "forecasts," "intends," "might," "goals," "objectives," "targets," "planned," "potential," "projects," "scheduled," "will," "assumes," "guidance," "outlook," "in-service date," or other similar expressions. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management and include, among others, statements regarding:
- Levels of dividends to Williams stockholders;
- Future credit ratings of Williams and its affiliates;
- Amounts and nature of future capital expenditures;
- Expansion and growth of our business and operations;
- Expected in-service dates for capital projects;
- Financial condition and liquidity;
- Business strategy;
- Cash flow from operations or results of operations;
- Seasonality of certain business components;
- Natural gas, natural gas liquids, and crude oil prices, supply, and demand;
- Demand for our services;
- The impact of the novel coronavirus (COVID-19) pandemic.

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 41

Forward-looking statements (cont'd)

Forward-lookingstatements are based on numerous assumptions, uncertainties, and risks that could cause future events or results to be materially different from those stated or implied in this report. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following:
- Availability of supplies, market demand, and volatility of prices;
- Development and rate of adoption of alternative energy sources;
- The impact of existing and future laws and regulations, the regulatory environment, environmental liabilities, and litigation, as well as our ability to obtain necessary permits and approvals, and achieve favorable rate proceeding outcomes;
- Our exposure to the credit risk of our customers and counterparties;
- Our ability to acquire new businesses and assets and successfully integrate those operations and assets into existing businesses as well as successfully expand our facilities, and to consummate asset sales on acceptable terms;
- Whether we are able to successfully identify, evaluate, and timely execute our capital projects and investment opportunities;
- The strength and financial resources of our competitors and the effects of competition;
- The amount of cash distributions from and capital requirements of our investments and joint ventures in which we participate;
- Whether we will be able to effectively execute our financing plan;
- Increasing scrutiny and changing expectations from stakeholders with respect to our environmental, social, and governance practices;
- The physical and financial risks associated with climate change;
- The impacts of operational and developmental hazards and unforeseen interruptions;
- The risks resulting from outbreaks or other public health crises, including COVID-19;
- Risks associated with weather and natural phenomena, including climate conditions and physical damage to our facilities;
- Acts of terrorism, cybersecurity incidents, and related disruptions;
- Our costs and funding obligations for defined benefit pension plans and other postretirement benefit plans;
- Changes in maintenance and construction costs, as well as our ability to obtain sufficient construction-related inputs, including skilled labor;
- Inflation, interest rates, and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on customers and suppliers);
- Risks related to financing, including restrictions stemming from debt agreements, future changes in credit ratings as determined by nationally recognized credit rating agencies, and the availability and cost of capital;

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 42

Forward-looking statements (cont'd)

- The ability of the members of the Organization of Petroleum Exporting Countries and other oil exporting nations to agree to and maintain oil price and production controls and the impact on domestic production;
- Changes in the current geopolitical situation;
- Whether we are able to pay current and expected levels of dividends;
- Additional risks described in our filings with the Securities and Exchange Commission (SEC).
Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. We disclaim any obligations to and do not intend to update the above list or announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments.
In addition to causing our actual results to differ, the factors listed above and referred to below may cause our intentions to change from those statements of intention set forth in this report. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.
Because forward-looking statements involve risks and uncertainties, we caution that there are important factors, in addition to those listed above, that may cause actual results to differ materially from those contained in the forward-looking statements. For a detailed discussion of those factors, see Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on February 24, 2020, as supplemented by the disclosures in Part II, Item 1A. Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 43

Non-GAAP Reconciliations

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 44

Non-GAAP Disclaimer

This presentation may include certain financial measures - adjusted EBITDA, adjusted income ("earnings"), adjusted earnings per share, distributable cash flow and dividend coverage ratio - that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission.
Our segment performance measure, modified EBITDA is defined as net income (loss) before income (loss) from discontinued operations, income tax expense, net interest expense, equity earnings from equity-method investments, other net investing income, remeasurement gain on equity-method investment, impairment of equity investments and goodwill, depreciation and amortization expense, and accretion expense associated with asset retirement obligations for nonregulated operations. We also add our proportional ownership share (based on ownership interest) of modified EBITDA of equity-method investments.
Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Management believes this measure provides investors meaningful insight into results from ongoing operations.
Distributable cash flow is defined as adjusted EBITDA less maintenance capital expenditures, cash portion of net interest expense, income attributable to or dividends/distributions paid to noncontrolling interests and cash income taxes, and certain other adjustments that management believes affects the comparability of results. Adjustments for maintenance capital expenditures and cash portion of interest expense include our proportionate share of these items of our equity-method investments. We also calculate the ratio of distributable cash flow to the total cash dividends paid (dividend coverage ratio).
This measure reflects Williams' distributable cash flow relative to its actual cash dividends paid.
This presentation is accompanied by a reconciliation of these non-GAAP financial measures to their nearest GAAP financial measures. Management uses these financial measures because they are accepted financial indicators used by investors to compare company performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of assets and the cash that the business is generating.
Neither adjusted EBITDA, adjusted income, nor distributable cash flow are intended to represent cash flows for the period, nor are they presented as an alternative to net income or cash flow from operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles.

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 45

Reconciliation of Income (Loss) Attributable to The Williams

Companies, Inc. to Adjusted Income 2015 - 2017

									2015										2016										2017
(Dollars in millions, except per-share amounts)		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year

Income (loss) attributable to The Williams Companies, Inc. available to common	$	70	$	114	$	(40)	$	(715)	$	(571)		$	(65)	$	(405)	$	61	$	(15)	$	(424)	$	373	$	81	$	33	$	1,687	$	2,174
stockholders


Income (loss) - diluted earnings (loss) per common share (1)	$	.09	$	.15	$	(.05)	$	(.95)	$	(.76)		$	(.09)	$	(.54)	$	.08	$	(.02)	$	(.57)	$	.45	$	.10	$	.04	$	2.03	$	2.62
Adjustments:
Northeast G&P

Impairment of certain assets	$	3	$	21		$ 2	$	6	$	32		$	- $	- $	- $	- $	-	$	-	$	- $	121	$	-	$	121
Share of impairment at equity-method investments			8		1		17		7		33			-		-		6		19		25			-		-		1		-		1
Ad valorem obligation timing adjustment			-		-		-		-		-		-		-		-		-		-			-		-		7		-		7
Settlement charge from pension early payout program			-		-		-		-		-		-		-		-		-		-			-		-		-		7		7
Organizational realignment-related costs			-		-		-		-		-		-		-		-		3		3			1		1		2		-		4
Severance and related costs			-		-		-		-		-		3		-		-		-		3			-		-		-		-		-
ACMP Merger and transition costs			-		-		-		-		-		2		-		-		-		2			-		-		-		-		-
Total Northeast G&P adjustments			11		22		19		13		65			5		-		6		22		33			1		1		131		7		140
Transmission & Gulf of Mexico
Regulatory adjustments resulting from Tax Reform			-		-		-		-		-		-		-		-		-		-			-		-		-		713		713
Share of regulatory charges resulting from Tax Reform for equity-method investments			-		-		-		-		-		-		-		-		-		-			-		-		-		11		11
Constitution Pipeline project development costs			-		-		-		-		-		-		8		11		9		28			2		6		4		4		16
Potential rate refunds associated with rate case litigation			-		-		-		-		-		15		-		-		-		15			-		-		-		-		-
Settlement charge from pension early payout program			-		-		-		-		-		-		-		-		-		-			-		-		-		19		19
Organizational realignment-related costs			-		-		-		-		-		-		-		-		-		-			1		2		2		1		6
Severance and related costs			-		-		-		-		-		10		-		-		-		10			-		-		-		-		-
Impairment of certain assets			-		-		-		5		5			-		-		-		-		-			-		-		-		-		-
(Gain) loss on asset retirement			-		-		-		-		-		-		-		-		(11)		(11)			-		-		(5)		5		-
Total Transmission & Gulf of Mexico adjustments			-		-		-		5		5			25		8		11		(2)		42			3		8		1		753		765
West
Estimated minimum volume commitments			55		55		65		(175)		-		60		64		70		(194)		-			15		15		18		(48)		-

Impairment of certain assets			-		3		-		105		108			-		48		-		22		70			-		-		1,021		9		1,030
Settlement charge from pension early payout program			-		-		-		-		-		-		-		-		-		-			-		-		-		9		9
Organizational realignment-related costs			-		-		-		-		-		-		-		-		21		21			2		3		2		1		8
Severance and related costs			-		-		-		-		-		8		-		-		3		11			-		-		-		-		-
ACMP Merger and transition costs			30		14		2		2		48			3		-		-		-		3			-		-		-		-		-
Loss (recovery) related to Opal incident			1		-		(8)		1		(6)			-		-		-		-		-			-		-		-		-		-
Gains from contract settlements and terminations			-		-		-		-		-		-		-		-		-		-			(13)		(2)		-		-		(15)
Total West adjustments			86		72		59		(67)		150			71		112		70		(148)		105			4		16		1,041		(29)		1,032

The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding.
The fourth quarter of 2015 includes an unfavorable adjustment related to the translation of certain foreign-denominated unrecognized tax benefits. The second and third quarters of 2016 include a favorable adjustment related to the reversal of a cumulative anticipatory foreign tax credit. The first quarter of 2017 includes an unfavorable adjustment related to the release of a valuation allowance. The fourth quarter of 2017 includes an unfavorable adjustment to reverse the tax benefit associated with remeasuring our deferred tax balances at a lower corporate rate resulting from Tax Reform.

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 46

Reconciliation of Income (Loss) Attributable to The Williams Companies, Inc. to Adjusted Income 2015 - 2017 continued

						2015									2016										2017
(Dollars in millions, except per-share amounts)	1st Qtr	2nd Qtr		3rd Qtr		4th Qtr		Year		1st Qtr	2nd Qtr		3rd Qtr		4th Qtr		Year			1st Qtr	2nd Qtr		3rd Qtr		4th Qtr		Year
Other

Impairment of certain assets	-	-		-		64		64		-	747		-		8		755			-	23		68		-		91
Regulatory adjustments resulting from Tax Reform	-	-		-		-		-		-	-		-		-		-			-	-		-		63		63
Settlement charge from pension early payout program	-	-		-		-		-		-	-		-		-		-			-	-		-		36		36
(Gain) loss related to Canada disposition	-	-		-		-		-		-	-		65		1		66			(2)	(1)		4		5		6
Canadian PDH facility project development costs	-	-		-		-		-	34	11		16		-		61			-	-		-		-		-
Accrued long-term charitable commitment	-	-		-		8		8		-	-		-		-		-			-	-		-		-		-
Severance and related costs	-	-		-		-		-	5	-		-		13		18			9	4		5		4		22
ACMP Merger and transition costs	8	9		7		12		36	2	-		-		-		2			-	4		3		4		11
Expenses associated with strategic alternatives	-	7		19		6		32	6	13		21		7		47			1	3		5		-		9
Expenses associated with Financial Repositioning	-	-		-		-		-		-	-		-		-		-			8	2		-		-		10
Expenses associated with strategic asset monetizations	-	-		-		-		-		-	-		-		2		2			1	4		-		-		5
Loss related to Geismar Incident	1	1		-		-		2		-	-		-		-		-			-	-		-		-		-
Geismar Incident adjustments	-	(126)		-		-		(126)		-	-		-		(7)		(7)			(9)	2		8		(1)		-
Gain on sale of Geismar Interest	-	-		-		-		-		-	-		-		-		-			-	-		(1,095)		-		(1,095)
Gain on sale of RGP Splitter	-	-		-		-		-		-	-		-		-		-			-	(12)		-		-		(12)
Contingency (gain) loss accruals	-	-		-		(9)		(9)		-	-		-		-		-			9	-		-		-		9
(Gain) loss on early retirement of debt	-	(14)		-		-		(14)		-	-		-		-		-			(30)	-		3		-		(27)
Gain on sale of certain assets	-	-		-		-		-		(10)	-		-		-		(10)			-	-		-		-		-
Total Other adjustments	9	(123)		26		81		(7)		37	771		102		24		934			(13)	29		(999)		111		(872)
Adjustments included in Modified EBITDA	106	(29)		104		32		213	138	891		189		(104)		1,114			(5)	54		174		842		1,065
Adjustments below Modified EBITDA
Impairment of equity-method investments	-	-		461		898		1,359	112	-		-		318		430			-	-		-		-		-
Impairment of goodwill	-	-		-		1,098		1,098		-	-		-		-		-			-	-		-		-		-
Gain on disposition of equity-method investment	-	-		-		-		-		-	-		(27)		-		(27)			(269)	-		-		-		(269)
Interest expense related to potential rate refunds associated with rate case litigation	-	-		-		-		-	3	-		-		-		3			-	-		-		-		-
Accelerated depreciation related to reduced salvage value of certain assets	-	-		-		7		7		-	-		-		4		4			-	-		-		-		-
Accelerated depreciation by equity-method investments	-	-		-		-		-		-	-		-		-		-			-	-		-		9		9
Change in depreciable life associated with organizational realignment	-	-		-		-		-		-	-		-		(16)		(16)			(7)	-		-		-		(7)
ACMP Acquisition-related financing expenses - Williams Partners	2	-		-		-		2		-	-		-		-		-			-	-		-		-		-
Interest income on receivable from sale of Venezuela assets	-	(9)		(18)		-		(27)	(18)	(18)		-		-		(36)			-	-		-		-		-
Allocation of adjustments to noncontrolling interests	(33)	21		(212)		(767)		(991)		(83)	(154)		(41)		(76)		(354)			77	(10)		(28)		(199)		(160)
			(31)	12		231		1,236		1,448	14	(172)		(68)		230		4			(199)	(10)		(28)		(190)		(427)
Total adjustments	75	(17)		335		1,268		1,661	152	719		121		126		1,118			(204)	44		146		652		638
Less tax effect for above items	(28)	4		(129)		(473)		(626)	(61)	(202)		(39)		19		(283)			77	(17)		(55)		(246)		(241)
Adjustments for tax-related items (2)	5	9		1		(74)		(59)		-	34		5		-		39			(127)	-		-		(1,923)		(2,050)
Adjusted income available to common stockholders	$	$		$		$		$	$	$		$		$		$			$	$		$		$		$
122	110		167		6		405	26	146		148		130		450			119	108		124		170		521

Adjusted diluted earnings per common share (1)	$ .16	$ .15	$	.22	$	.01	$	.54	$ .03	$ .19	$	.20	$	.17	$	.60	$	.14	$ .13	$	.15	$	.20	$	.63
Weighted-average shares - diluted (thousands)	752,028	752,775		753,100		751,930		752,460	751,040	751,297		751,858		752,818		751,761			826,476	828,575		829,368		829,607		828,518

The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding.
The fourth quarter of 2015 includes an unfavorable adjustment related to the translation of certain foreign-denominated unrecognized tax benefits. The second and third quarters of 2016 include a favorable adjustment related to the reversal of a cumulative anticipatory foreign tax credit. The first quarter of 2017 includes an unfavorable adjustment related to the release of a valuation allowance. The fourth quarter of 2017 includes an unfavorable adjustment to reverse the tax benefit associated with remeasuring our deferred tax balances at a lower corporate rate resulting from Tax Reform.

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 47

Reconciliation of Income (Loss) from Continuing Operations Attributable to The

Williams Companies, Inc. to Adjusted Income 2018 - 3Q 2020

2018

2019

2020

(Dollars in millions, except per-share amounts)

1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Year

1st Qtr

2nd Qtr 3rd Qtr 4th Qtr

Year

1st Qtr

2nd Qtr

3rd Qtr

Year

Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders

Income (loss) from continuing operations - diluted earnings (loss) per common share (1) Adjustments:

Northeast G&P

Expenses associated with new venture

Impairment of certain assets

Severance and related costs

Pension plan settlement charge

Benefit of change in employee benefit policy

Share of impairment of certain assets at equity-method investment

Share of early debt retirement gain at equity-method investment

Total Northeast G&P adjustments

Transmission & Gulf of Mexico

Constitution Pipeline project development costs

Northeast Supply Enhancement project development costs

Impairment of certain assets (3)

Regulatory adjustments resulting from Tax Reform

Adjustment of regulatory asset associated with increase in Transco's estimated deferred state income tax rate

following WPZ Merger

Charge for regulatory liability associated with the decrease in Northwest Pipeline's estimated deferred state

income tax rates following WPZ Merger

Share of regulatory charges resulting from Tax Reform for equity-method investments Reversal of costs capitalized in prior periods

Gain on sale of certain Gulf Coast pipeline assets

Gain on asset retirement

Severance and related costs

Pension plan settlement charge

Benefit of change in employee benefit policy

Total Transmission & Gulf of Mexico adjustments

West

Impairment of certain assets

Gain on sale of Four Corners assets

Severance and related costs

Pension plan settlement charge

Benefit of change in employee benefit policy

Total West adjustments

$	152	$	135	$	129	$	(572)	$	(156)	$	194	$	310	$	220	$	138	$	862	$	(518)	$	303	$	308	$	93


$	.18	$	.16	$	.13	$	(.47)	$	(.16)	$	.16	$	.26	$	.18	$	.11	$	.71	$	(.43)	$	.25	$	.25	$	.08


$	- $	- $	- $	- $	- $	3	$	6	$	1	$	- $	10	$	- $	- $	- $	-
	-		-		-		-		-			-		-		-		10		10			-		-		-	-
	-		-		-		-		-			-		10		(3)		-		7			-		-		-	-
	-		-		-		4		4			-		-		-		-		-			1		-		-	1
	-		-		-		-		-			-		-		-		-		-			-		(2)		(2)	(4)
	-		-		-		-		-			-		-		-		-		-			-		-		11	11
	-		-		-		-		-			-		-		-		-		-			-		(5)		-	(5)
	-		-		-		4		4			3		16		(2)		10		27			1		(7)		9	3

	2		1		1		-		4			-		1		1		1		3			-		-		-	-
	-		-		-		-		-			-		-		-		-		-			-		3		3	6
	-		-		-		-		-			-		-		-		354		354			-		-		-	-
	4		(20)		-		-		(16)			-		-		-		-		-			-		-		-	-
	-		-		(3)		-		(3)			-		-		-		-		-			2		-		-	2

	-		-		12		-		12			-		-		-		-		-			-		-		-	-

	2		-		-		-		2			-		-		-		-		-			-		-		-	-
	-		-		-		-		-			-		15		-		1		16			-		-		10	10
	-		-		-		(81)		(81)			-		-		-		-		-			-		-		-	-
	-		-		(10)		(2)		(12)			-		-		-		-		-			-		-		-	-
	-		-		-		-		-			-		22		14		3		39			1		1		(1)	1
	-		-		-		9		9			-		-		-		-		-			4		1		-	5
	-		-		-		-		-			-		-		-		-		-			-		(3)		(6)	(9)
	8		(19)		-		(74)		(85)			-		38		15		359		412			7		2		6	15

	-		-		-		1,849		1,849			12		64		-		24		100			-		-		-	-
	-		-		-		(591)		(591)			2		-		-		-		2			-		-		-	-
	-		-		-		-		-			-		11		(1)		-		10			-		-		-	-
	-		-		-		4		4			-		-		-		-		-			1		-		-	1
	-		-		-		-		-			-		-		-		-		-			-		(1)		(2)	(3)
	-		-		-		1,262		1,262			14		75		(1)		24		112			1		(1)		(2)	(2)

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

(2) The third quarter of 2018 reflects tax adjustments driven by the WPZ Merger, primarily a valuation allowance for foreign tax credits.

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

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 48

Reconciliation of Income (Loss) from Continuing Operations Attributable to The

Williams Companies, Inc. to Adjusted Income 2018 - 3Q 2020 continued

								2018											2019								2020
(Dollars in millions, except per-share amounts)		1st Qtr	2nd Qtr		3rd Qtr		4th Qtr		Year			1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year		1st Qtr	2nd Qtr		3rd Qtr		Year

Other
Constitution Pipeline project regulatory asset reversal		-		-		-		-		-			-		-		-		-	-		-		-		8		8
Reversal of costs capitalized in prior periods		-		-		-		-		-			-		-		-		-	-		-		-		3		3
Loss on early retirement of debt		7		-		-		-		7			-		-		-		-	-		-		-		-		-
Impairment of certain assets		-		66		-		-		66			-		-		-		-	-		-		-		-		-
Pension plan settlement charge		-		-		-		5		5			-		-		-		-	-		-		-		-		-
Regulatory adjustments resulting from Tax Reform		-		1		-		-		1			-		-		-		-	-		-		-		-		-
(Benefit) adjustment of regulatory assets associated with increase in Transco's estimated deferred state income		-		-		(45)		-		(45)			12		-		-		-	12			-		-		-		-
tax rate following WPZ Merger

WPZ Merger costs		-		4		15		1		20			-		-		-		-	-		-		-		-		-
Gain on sale of certain Gulf Coast pipeline systems		-		-		-		(20)		(20)			-		-		-		-	-		-		-		-		-
Charitable contribution of preferred stock to Williams Foundation		-		-		35		-		35			-		-		-		-	-		-		-		-		-
Accrual for loss contingencies associated with former operations		-		-		-		-		-			-		-		9		(5)	4			-		-		-		-
Severance and related costs		-		-		-		-		-			-		-				1	1			-		-		-		-
Total Other adjustments		7		71		5		(14)		69			12		-		9		(4)	17			-		-		11		11
Adjustments included in Modified EBITDA		15		52		5		1,178		1,250			29		129		21		389	568			9		(6)		24		27
																														0
Adjustments below Modified EBITDA
Gain on deconsolidation of Jackalope interest		-		(62)		-		-		(62)			-		-		-		-	-		-		-		-		-
Gain on deconsolidation of certain Permian assets		-		-		-		(141)		(141)			2		-		-		-	2			-		-		-		-
Loss on deconsolidation of Constitution		-		-		-		-		-			-		-		-		27	27			-		-		-		-
Impairment of equity-method investments		-		-		-		32		32			74		(2)		114		-	186			938		-		-		938
Impairment of goodwill (3)		-		-		-		-		-			-		-		-		-	-		187		-		-		187
Share of impairment of goodwill at equity-method investment		-		-		-		-		-			-		-		-		-	-		78		-		-		78
Gain on sale of equity-method investments		-		-		-		-		-			-		(122)		-		-	(122)			-		-		-		-
Allocation of adjustments to noncontrolling interests		(5)		21		-		-		16			-		(1)		-		(210)	(211)			(65)		-		-		(65)
				(5)		(41)		-		(109)		(155)			76		(125)		114		(183)	(118)			1,138		-		-	1,138
Total adjustments		10		11		5		1,069		1,095			105		4		135		206	450			1,147		(6)		24		1,165
Less tax effect for above items		(3)		(3)		(1)		(267)		(274)			(26)		(1)		(34)		(51)	(112)			(316)		8		1		(307)
Adjustments for tax-related items (2)		-		-		110		-		110			-		-		-		-	-		-		-		-		-
																														0
Adjusted income from continuing operations available to common stockholders	$	159	$	143	$	243	$	230	$	775	$	273	$	313	$	321	$	293	$		$	313	$	305	$	333	$	951
																						1,200
Adjusted income from continuing operations - diluted earnings per common share (1)	$	.19	$	.17	$	.24	$	.19	$	.79	$	.22	$	.26	$	.26	$	.24	$ .99		$	.26	$	.25	$	.27	$	.78
Weighted-average shares - diluted (thousands)		830,197		830,107		1,026,504	1,212,822		976,097	1,213,592	1,214,065 1,214,165	1,214,212	1,214,011		1,214,348	1,214,581	1,215,335	1,214,757

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

(2) The third quarter of 2018 reflects tax adjustments driven by the WPZ Merger, primarily a valuation allowance for foreign tax credits.

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

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 49

Reconciliation of Net Income to Non-GAAP Modified EBITDA,

Adjusted EBITDA and Distributable Cash Flow

		2018			2019					2020
(Dollars in millions, except coverage ratios)		YTD			YTD		1st Qtr	2nd Qtr	3rd Qtr		YTD

Net income (loss)	$	193	$	714		$	(570)	$	315	$	323	$	68
Provision (benefit) for income taxes		138			335			(204)		117		111		24
Interest expense		1,112			1,186			296		294		292		882
Impairment of goodwill		-			-			187		-		-		187
Equity (earnings) losses		(396)			(375)			(22)		(108)		(106)		(236)
Impairment of equity-method investments		32			186			938		-		-		938
Other investing (income) loss - net		(219)			(107)			(3)		(1)		(2)		(6)
Proportional Modified EBITDA of equity-method investments		770			746			192		192		189		573
Depreciation and amortization expenses		1,725			1,714			429		430		426		1,285
Accretion for asset retirement obligations associated with nonregulated operations		33			33			10		7		10		27
(Income) loss from discontinued operations, net of tax		-			15			-		-		-		-
Modified EBITDA		3,388			4,447			1,253		1,246		1,243		3,742
EBITDA adjustments		1,250			568			9		(6)		24		27
Adjusted EBITDA		4,638			5,015			1,262		1,240		1,267		3,769

Maintenance capital expenditures (1)		(530)			(464)			(52)		(83)		(144)		(279)
Preferred dividends		(1)			(3)			(1)		-		(1)		(2)
Net interest expense - cash portion (2)		(1,128)			(1,213)			(304)		(304)		(301)		(909)
Cash taxes		(11)			86			-		(2)		-		(2)
Dividends and distributions paid to noncontrolling interests					(124)			(44)		(54)		(49)		(147)
Income attributable to noncontrolling interests (3)		(96)
Distributable cash flow	$	2,872	$	3,297		$	861	$	797	$	772	$	2,430
Total cash distributed (4)	$	1,704		$	1,842		$	485	$	486	$	485	$	1,456
Excess cash available after cash distributed	$	1,168	$	1,455		$	376	$	311	$	287	$	974

Weighted-average shares - diluted (thousands) (5)		1,210,000			1,214,011		1,214,348	1,214,581	1,215,335	1,214,757
Distributable cash flow / share	$	2.37	$	2.72	$	0.71	$	0.66	$	0.64	$	2.00
Coverage ratios:
Distributable cash flow divided by Total cash distributed		1.69			1.79			1.78		1.64		1.59		1.67
Net income (loss) divided by Total cash distributed		0.11			0.39			(1.18)		0.65		0.67		0.05

Includes proportionate share of maintenance capital expenditures of equity-method investments.
Includes proportionate share of interest expense of equity- method investments.
Excludes allocable share of certain EBITDA adjustments.
Includes cash dividends paid on common stock each quarter by WMB, as well as the public unitholders share of distributions declared by WPZ for the first two quarters of 2018.
Shares in the 2018 periods reflect the WMB common shares outstanding per the 9/30/18 Consolidated Balance Sheet following the WPZ Merger.

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 50

Reconciliation of Net Income (Loss) to Modified EBITDA and

Non-GAAP Adjusted EBITDA 2015 - 2017

					2015										2016											2017
(Dollars in millions)	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year

Net income (loss)	$	13	$	183	$	(173)	$ (1,337)	$ (1,314)		$	(13)	$	(505)	$	131	$	37	$	(350)		$	569	$	193	$	125	$1,622	$2,509
Provision (benefit) for income taxes		30		83		(65)		(447)		(399)			2		(145)		69		49		(25)				37		65		24	(2,100)	(1,974)
Interest expense		251		262		263		268		1,044			291		298		297		293		1,179			280		271		267		265		1,083
Equity (earnings) losses		(51)		(93)		(92)		(99)		(335)			(97)		(101)		(104)		(95)		(397)			(107)		(125)		(115)		(87)		(434)
Impairment of equity-method investments		-		-		461		898		1,359			112		-		-		318		430				-		-		-		-		-
Other investing (income) loss - net		-		(9)		(18)		-		(27)			(18)		(18)		(28)		1		(63)			(272)		(2)		(4)		(4)		(282)
Proportional Modified EBITDA of equity-method investments		136		183		185		195		699			189		191		194		180		754			194		215		202		184		795
Impairment of goodwill		-		-		-		1,098		1,098			-		-		-		-		-			-		-		-		-		-
Depreciation and amortization expenses		427		428		432		451		1,738			445		446		435		437		1,763			442		433		433		428		1,736
Accretion expense associated with asset retirement		6		9		6		7		28			7		8		9		7		31				7		9		7		10		33
obligations for nonregulated operations

Modified EBITDA	$	812	$	1,046	$	999	$ 1,034	$ 3,891		$	918	$	174	$	1,003	$	1,227	$	3,322		$	1,150	$	1,059	$	939	$	318	$3,466

Northeast G&P	$	194	$	184	$	204	$	188	$	770		$	220	$	222	$	214	$	197	$	853		$	226	$	247	$	115	$	231	$	819
Transmission & Gulf of Mexico		421		473		499		471		1,864			466		436		502		538		1,942			535		531		507		(236)		1,337
West		227		253		264		412		1,156			243		236		284		460		1,223			300		279		(692)		426		313
Other		(30)		136		32		(37)		101			(11)		(720)		3		32		(696)				89		2		1,009		(103)		997
Total Modified EBITDA	$	812	$	1,046	$	999	$ 1,034	$ 3,891		$	918	$	174	$	1,003	$	1,227	$	3,322		$	1,150	$	1,059	$	939	$	318	$3,466

Adjustments included in Modified EBITDA (1):

Northeast G&P	$	11	$	22	$	19	$	13	$	65		$	5	$	-	$	6	$	22	$	33		$	1	$	1	$	131	$	7	$	140
Transmission & Gulf of Mexico		-		-		-		5		5			25		8		11		(2)		42				3		8		1		753		765
West		86		72		59		(67)		150			71		112		70		(148)		105				4		16		1,041		(29)		1,032
Other		9		(123)		26		81		(7)			37		771		102		24		934			(13)		29		(999)		111		(872)
Total Adjustments included in Modified EBITDA	$	106	$	(29)	$	104	$	32	$	213		$	138	$	891	$	189	$	(104)	$	1,114		$		(5)	$	54	$	174	$	842	$1,065

Adjusted EBITDA:

Northeast G&P	$	205	$	206	$	223	$	201	$	835		$	225	$	222	$	220	$	219	$	886		$	227	$	248	$	246	$	238	$	959
Transmission & Gulf of Mexico		421		473		499		476		1,869			491		444		513		536		1,984			538		539		508		517		2,102
West		313		325		323		345		1,306			314		348		354		312		1,328			304		295		349		397		1,345
Other		(21)		13		58		44		94			26		51		105		56		238				76		31		10		8		125
Total Adjusted EBITDA	$	918	$	1,017	$	1,103	$ 1,066	$ 4,104		$1,056	$	1,065	$	1,192	$	1,123	$	4,436		$	1,145	$	1,113	$	1,113	$1,160	$4,531
(1) Adjustments by segment are detailed in the "Reconciliation of Income (Loss) Attributable to The Williams Companies, Inc. to Adjusted Income," which is also included in these materials.
WILLIAMS © 2020 The Williams Companies, Inc. All rights reserved.												NYSE: WMB I Wells Fargo Midstream & Utility Symposium	I	December 9, 2020 I	www.williams.com 51

Reconciliation of Net Income (Loss) to Modified EBITDA and

Non-GAAP Adjusted EBITDA 2018 - 3Q 2020

						2018											2019									2020
(Dollars in millions)	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr		Year		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr		Year		1st Qtr	2nd Qtr	3rd Qtr		Year

Net income (loss)	$	270	$	269	$	200	$	(546)	$	193	$	214	$	324	$	242	$	(66)	$	714	$	(570)	$	315	$	323	$	68
Provision (benefit) for income taxes		55		52		190		(159)		138			69		98		77		91		335			(204)		117		111	24
Interest expense		273		275		270		294		1,112			296		296		296		298		1,186			296		294		292	882
Impairment of goodwill		-		-		-		-		-			-		-		-		-		-			187		-		-	187
Equity (earnings) losses		(82)		(92)		(105)		(117)		(396)			(80)		(87)		(93)		(115)		(375)			(22)		(108)		(106)	(236)
Impairment of equity-method investments		-		-		-		32		32			74		(2)		114		-		186			938		-		-	938
Other investing (income) loss - net		(4)		(68)		(2)		(145)		(219)			(1)		(124)		(7)		25		(107)			(3)		(1)		(2)	(6)
Proportional Modified EBITDA of equity-method investments		169		178		205		218		770			190		175		181		200		746			192		192		189	573
Depreciation and amortization expenses		431		434		425		435		1,725			416		424		435		439		1,714			429		430		426	1,285
Accretion expense associated with asset retirement obligations for		8		10		8		7		33			9		8		8		8		33			10		7		10	27
nonregulated operations

(Income) loss from discontinued operations, net of tax		-		-		-		-		-			-		-		-		15		15			-		-		0	-
Modified EBITDA	$	1,120	$	1,058	$	1,191	$	19	$	3,388	$	1,187	$	1,112	$	1,253	$	895	$	4,447	$	1,253	$	1,246	$	1,243	$	3,742

Northeast G&P	$	250	$	255	$	281	$	300	$	1,086	$	299	$	303	$	345	$	367	$	1,314	$	369	$	370	$	387	$	1,126
Transmission & Gulf of Mexico		531		541		549		672		2,293			636		590		665		284		2,175			662		615		616	1,893
West		333		323		355		(973)		38			256		212		245		239		952			215		253		247	715
Other		6		(61)		6		20		(29)			(4)		7		(2)		5		6			7		8		(7)	8
Total Modified EBITDA	$	1,120	$	1,058	$	1,191	$	19	$	3,388	$	1,187	$	1,112	$	1,253	$	895	$	4,447	$	1,253	$	1,246	$	1,243	$	3,742

Adjustments included in Modified EBITDA (1):

Northeast G&P	$	- $	-	$	- $	4	$	4	$	3	$	16	$	(2)	$	10	$	27	$	1	$	(7)	$	9	$	3
Transmission & Gulf of Mexico		8		(19)		-		(74)		(85)			-		38		15		359		412			7		2		6	15
West		-		-		-		1,262		1,262			14		75		(1)		24		112			1		(1)		(2)	(2)
Other		7		71		5		(14)		69			12		-		9		(4)		17			-		-		11	11
Total Adjustments included in Modified EBITDA	$	15	$	52	$	5	$	1,178	$	1,250	$	29	$	129	$	21	$	389	$	568	$	9	$	(6)	$	24	$	27

Adjusted EBITDA:

Northeast G&P	$	250	$	255	$	281	$	304	$	1,090	$	302	$	319	$	343	$	377	$	1,341	$	370	$	363	$	396	$	1,129
Transmission & Gulf of Mexico		539		522		549		598		2,208			636		628		680		643		2,587			669		617		622	1,908
West		333		323		355		289		1,300			270		287		244		263		1,064			216		252		245	713
Other		13		10		11		6		40			8		7		7		1		23			7		8		4	19
Total Adjusted EBITDA	$	1,135	$	1,110	$	1,196	$	1,197	$	4,638	$	1,216	$	1,241	$	1,274	$	1,284	$	5,015	$	1,262	$	1,240	$	1,267	$	3,769

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

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 52

Reconciliation of Northeast G&P Adjusted EBITDA to Adjusted EBITDA excluding non-operated equity method investments

	2016	2017	2018	2019		2020

(Dollars in millions)	Year		Year		Year		Year	3rd Qtr
			YTD


Adjusted EBITDA	886	959	1,090	1,341		1,129

Less: Adjusted EBITDA from non-operatedequity-method investments	(182)	(161)		(173)		(108)		(71)

Adjusted EBITDA excluding non-operatedequity-method investments	$ 704		$ 798		$ 917		$ 1,233		$ 1,058

Statistics for Operated Assets
Gathering and Processing

Consolidated gathering volumes (Bcf/d) (1)	3.21	3.31		3.63		4.24		4.29

Nonconsolidated operated gathering volumes (Bcf/d) (2)	3.16	3.55	3.76	4.29		4.67

Williams' proportional share of operated equity-method investments	1.58	2.25		2.50		2.87		3.11

Partners' proportional share of operated equity-method investments	1.58	1.30	1.26	1.42		1.56

Includes volumes associated with Susquehanna Supply Hub, the Northeast JV, and Utica Supply Hub, all of which are consolidated. The Northeast JV includes 100% of volumes handled by UEOM from the date of consolidation on March 18, 2019 but does not include volumes prior to that date as we did not operate UEOM.
Includes 100% of the volumes associated with operated equity-method investments, including the Laurel Mountain Midstream partnership; and the Bradford Supply Hub and a portion of the Marcellus South Supply Hub within the Appalachia Midstream Services partnership. Volumes handled by Blue Racer Midstream (gathering and processing), which we do not operate, are not included.

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 53

Reconciliation of Net Income to Modified EBITDA, Non-GAAP

Adjusted EBITDA and Distributable Cash Flow

			2020 Guidance
(Dollars in millions, except per share amounts and coverage ratio)		Low					Mid		High

Net income (loss)	$	304				$	454			$	604
Provision (benefit) for income taxes							134

Interest expense							1,180
Equity (earnings) losses							(450)

Share of impairment of goodwill at equity-method investment							78
Impairment of equity-method investments							938

Impairment of goodwill							187
Proportional Modified EBITDA of equity-method investments							820

Depreciation and amortization expenses and accretion for asset retirement obligations associated with							1,750
nonregulated operations

Modified EBITDA	$	4,941				$	5,091			$	5,241
EBITDA Adjustments (1)							9
Adjusted EBITDA	$	4,950				$	5,100			$	5,250


Net interest expense - cash portion (2)							(1,215)
Maintenance capital expenditures (2)		(550)					(500)				(450)
Cash taxes							60

Dividends and distributions paid to noncontrolling interests and other							(195)
Distributable cash flow (DCF)	$	3,050				$	3,250			$	3,450
--Distributable cash flow per share (3)	$	2.50		$	2.67			$	2.83

Dividends paid							(1,950)
Excess cash available after dividends	$	1,100				$	1,300			$	1,500

Dividend per share						$	1.60


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

See 1Q 2020 "Reconciliation of Income (Loss) Attributable to Williams to Adjusted Income" for additional details of adjustments
Includes proportionate share of equity-method investments
Distributable cash flow / diluted weighted-average common shares of 1,218 million

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 54

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

			2020 Guidance

(Dollars in millions, except per-share amounts)		Low			Mid	High


Net income (loss)	$	304		$	454	$	604

Less: Net income (loss) attributable to noncontrolling interests & preferred dividends					(25)

Net income (loss) attributable to The Williams Companies, Inc. available to common		329			479		629
stockholders



Adjustments:

Adjustments included in Modified EBITDA (1)					9
Adjustments below Modified EBITDA (1)					1,203
Allocation of adjustments to noncontrolling interests (1)					(65)
Total adjustments					1,147

Less tax effect for above items					(316)

Adjusted income available to common stockholders	$	1,160		$	1,310	$	1,460

Adjusted diluted earnings per common share	$	0.95		$	1.08	$	1.20

Weighted-average shares - diluted (millions)					1,218

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

NYSE: WMB I Wells Fargo Midstream & Utility Symposium I December 9, 2020 I www.williams.com 55

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The Williams Companies Inc. published this content on 09 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 December 2020 13:30:07 UTC

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North American Morning Briefing : Stock Futures -2-	Apr. 19	DJ
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ANALYST RECOMMENDATIONS : Baker Hughes, Ebay, Halliburton, Linde, Oracle...	Apr. 18
Morgan Stanley Adjusts Williams Companies' Price Target to $45 From $42	Apr. 15	MT
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Barclays Raises Price Target on Williams to $38 From $37, Maintains Equalweight Rating	Apr. 11	MT
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CERAWEEK-US pipeline firms poised to follow biggest customers into M&A	Mar. 21	RE
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UBS Adjusts Williams Companies Price Target to $42 From $41, Maintains Buy Rating	Feb. 15	MT
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Transcript : The Williams Companies, Inc. - Analyst/Investor Day	Feb. 14
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RBC Lifts Price Target on Williams to $40 From $39, Keeps Outperform Rating	Feb. 06	MT

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