Barclays CEO Energy- Power Conference

Alan Armstrong, President & Chief Executive Officer September 8, 2021

NYSE: WMB | www.williams.com

Large-scale, irreplaceable natural gas infrastructure

Wamsutter

Southwest

Wyoming

PiceanceDJ Basin

Anadarko

Permian

Haynesville

Barnett

Eagle Ford

Deepwater

Gulf of Mexico

Marcellus

+ Utica

Handling

~30%

of nation's natural gas

1.26 million MT CO2 avoided each day by combusting

29.8 MMDth of gas

  1. coal1

Fee-basedG&P business with geographical diversity, serving

14

key supply areas

Transco

Nation's largest

and fastest growing

major pipeline

More than doubled contracted capacity to 17.9 Bcf/d in 2020 from 8.5 Bcf/d in 2008

Natural gas

focused strategy

provides a

practical and

immediate path to reduce emissions

1Coal and natural gas plant emissions rate and heat rate assumptions per EIA.

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

NYSE: WMB I Barclays CEO Energy-Power Conference I September 08, 2021 I www.williams.com

2

Why Williams?

Financial strength

Focus on long-term

& stability

shareholder value

Reliable earnings, durable cash flow and a healthy balance sheet

Position of growth

Ability to invest in high-return growth projects, emission reduction projects and renewables

Return capital to shareholders and pay attractive dividend

Sustainable strategy

Leverage natural gas strategy to help build a clean energy future

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

NYSE: WMB I Barclays CEO Energy-Power Conference I September 08, 2021 I www.williams.com

3

Williams is a unique investment opportunity

NYSE: WMB | www.williams.com

Reliable earnings and healthy balance sheet

Adjusted Earnings Per Share ($/Shr)

AFFO ($MM) & Dividend Per Share ($/Shr)

~14%

$1.10

$1.09 - $1.25

$2,965

$3,611

$3,638

$3,800

$0.79

$0.99

$1.52

$1.64

Healthy

$1.36

$1.60

CAGR

AFFO SUPPORTING

DIVIDEND WITH

TO MIDPOINT

AMPLE COVERAGE

OF 2021G

Excess Cashflow Dividend/Shr

2018

2019

2020

2021G

2018

2019

2020

2021G

Total Dividends1

Adjusted EBITDA ($MM)

Net Debt-to-Adjusted EBITDA2

~5%

$5,200 - $5,400

4.80x

~13%

$5,105

Expecting

$5,015

IMPROVEMENT

CAGR

high-end of

4.39x

4.35x

$4,638

'21 Guidance

IN LEVERAGE

TO MIDPOINT

range

<4.20x

METRIC

OF 2021G

Williams Adj. EBITDA

Guidance Midpoint

2018

2019

2020

2021G

2018

2019

2020

2021G

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.

1 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. 2 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 4 quarters.

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

NYSE: WMB I Barclays CEO Energy-Power Conference I September 08, 2021 I www.williams.com

5

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The Williams Companies Inc. published this content on 08 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 September 2021 11:11:02 UTC.