Williams : 2Q‘22 WMB Earnings Webcast Presentation (opens in new window)

NYSE: WMB | www.williams.com

Williams 2nd Quarter 2022 Earnings Call

August 2, 2022

Strong second 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 Investments2,3

2Q	2Q	Change
2022	2021
$1,496	$1,317	14%
$0.40	$0.27	48%
$1,130	$919	23%
2.19x	1.85x	18%

3.82x 4.13x

$429 $460 (7%)

2Q YTD	2Q YTD	Change
2022	2021

$3,007	$2,732	10%
$3,007	$2,655	13%
$0.80	$0.62	29%
$2,320	$1,948	19%
2.24x	1.96x	14%

$745 $737 1%

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, purchases of and contributions to equity-method investments and purchases of other long-term investments. 32Q 2022 and 2Q YTD 2022 exclude $933 million for purchase of the Trace Midstream Haynesville gathering assets, which closed April 29th. 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 © 2022 The Williams Companies, Inc. All rights reserved.

NYSE: WMB I Williams 2nd Quarter 2022 Earnings Call 08/02/22 I www.williams.com

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Delivered 14% growth 2Q'22 vs. 2Q'21

WMB Adjusted EBITDA ($MM): 2Q 2022 vs. 2Q 2021

Core Business Performance

$1,600
			$73	($2)	$(3)	$1,496
				Gas & NGL	Other
$1,450			$41	Marketing
		Services
		$4
	$66	West
		Transmission	Northeast
	$1,317	& GOM	G&P
$1,300	Upstream
	in Other
$1,150
$1,000	2Q 2021					2Q 2022

Core business

performance drivers

Transmission & GOM

Increased revenues at Transco from the Leidy South expansion project and incremental short-term firm transportation contracts; Partially offset by higher operating and maintenance costs

Northeast G&P

Increased revenues primarily due to higher volumes and higher rates in various systems, including higher commodity-based rates at Laurel Mountain Midstream; Partially offset by lower Bradford COS rate

West

Increased revenues primarily driven by higher commodity-based gathering rates and increased gathering volumes from the legacy and Trace Haynesville systems

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 © 2022 The Williams Companies, Inc. All rights reserved.

NYSE: WMB I Williams 2nd Quarter 2022 Earnings Call 08/02/22 I www.williams.com

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Achieved 10% growth 2Q'22 YTD vs. 2Q'21 YTD

Delivered 13% growth excluding 1Q '21 winter storm benefit

WMB Adjusted EBITDA ($MM): 2Q'22 YTD vs. 2Q'21 YTD

Core business

performance drivers

Transmission & GOM

$3,100

Core Business Performance

Increased revenues at Transco from the Leidy South expansion project, incremental short-term

				$108	$28	$(4)	$3,007
					Other
					Gas & NGL
$2,900			$57		Marketing
			Services
		$41		West
		$122	Northeast
$2,732	($77)	Transmission	G&P
$2,700		& GOM
	Net Winter	Upstream
	Storm	in Other
	Benefit1
$2,500
$2,300							2Q'22 YTD
2Q'21 YTD

1Includes net benefit of 2021 winter storm in Gas & NGL Marketing Services, Upstream operations in Other segment and in the West (unfavorable impact).

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.

firm transportation contracts, and higher NGL margins; Partially offset by higher operating and maintenance costs

Northeast G&P

Increased revenues primarily due to higher rates in various systems, including higher commodity- based rates at Laurel Mountain Midstream; Partially offset lower Bradford COS rate

West

Increased revenues primarily driven by higher commodity-based gathering rates and increased volumes from the legacy and Trace Haynesville systems

Gas & NGL Marketing Services

Increased marketing margins driven by favorable commodity pricing, transportation and storage contracts

WILLIAMS © 2022 The Williams Companies, Inc. All rights reserved.

NYSE: WMB I Williams 2nd Quarter 2022 Earnings Call 08/02/22 I www.williams.com

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Second increase to 2022 Adj. EBITDA Guidance

Financial Metric

Adjusted Net Income1

Adjusted Diluted EPS1

Adjusted EBITDA

Available Funds from Operations (AFFO)

AFFO per share

Dividend Coverage Ratio (Based on AFFO)

Debt-to-Adjusted EBITDA2

Growth CAPEX

Maintenance CAPEX

(includes ERP modernization)

Dividend Growth Rate

Initial Guidance,

Feb. '22

$1.575B - $1.875B

$1.29 - $1.54 $5.6B - $6.0B

$4.15B - $4.55B

$3.40 - $3.73

2.1x (midpoint) ~3.8x (midpoint)

$1.25B - $1.35B

$650MM - $750MM

($200MM- $300MM)

4% annual growth

($1.70 per share)

Updated 2022 Guidance,

Aug. '22

$1.95B - $2.15B

$1.59 - $1.76 $6.1B - $6.4B

$4.6B - $4.9B

$3.76 - $4.00

2.29x (midpoint) ~3.6x (midpoint) $2.25B - $2.35B

(Increase due to Trace Acquisition)

$650MM - $750MM

($200MM - $300MM)

4% annual growth

($1.70 per share)

2022 Adj. EBITDA

Guidance increase drivers

Continued strength in our core business

Acquisition of Trace

Midstream assets

Increased volume outlook for upstream joint ventures

Commodity price

uplift in upstream JVs

1 From continuing operations attributable to Williams available to common stockholders. 2 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. 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. Based on current tax laws, Williams does not expect to be a U.S. Federal cash income taxpayer through at least 2024, excluding taxes on any potential asset monetizations.

WILLIAMS © 2022 The Williams Companies, Inc. All rights reserved.

NYSE: WMB I Williams 2nd Quarter 2022 Earnings Call 08/02/22 I www.williams.com

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