Williams Delivers Strong Second-Quarter 2026 Results; Announces Strategic Acquisition of Momentum Midstream Connecting Haynesville to Gulf Coast LNG and Power Demand

Williams Delivers Strong Second-Quarter 2026 Results; Announces Strategic Acquisition of Momentum Midstream Connecting Haynesville to Gulf Coast LNG and Power Demand

Williams (NYSE: WMB) today announced its unaudited financial results for the three and six months ended June 30, 2026.

Financial performance validates growing strength of natural gas strategy

* GAAP net income: $827 million, or $0.68 per diluted share (EPS), up 51% vs. 2Q 2025

* Adjusted net income: $614 million, or $0.50 per diluted share (Adj. EPS), up 8% vs. 2Q 2025

• Adjusted EBITDA: $1.921 billion, up $113 million or 6% vs. 2Q 2025

• Cash flow from operations (CFFO): $1.376 billion

* Available funds from operations (AFFO): $1.450 billion, up $133 million or 10% vs. 2Q 2025

• Dividend coverage ratio: 2.26x (AFFO basis)

* Raising 2026 Adjusted EBITDA guidance midpoint by $200 million to $8.4 billion, reflecting Momentum Midstream acquisition

Extending track record of unmatched growth

* Successful completion of phase one of Socrates, the company's first Power Innovation project; phase two on track for 4Q 2026 completion

* Signed customer agreements on Transco's Leidy Access and Garden Connector and upsized Power Express

* Finalized Power Innovation Joint Venture with Blackstone, adding $5.34 billion of low-cost capital to fuel near-term Power Innovation projects

* Signed agreement to acquire Momentum Midstream, establishing a premier Haynesville position to serve growing LNG and power demand with long-term take-or-pay contracts

CEO Perspective

Chad Zamarin, president and chief executive officer, made the following comments:

“Williams delivered another quarter of solid results as we continue to capture rising demand for reliable energy infrastructure. Second-quarter Adjusted EBITDA increased 6% year-over-year to $1.921 billion, driven by transmission and Gulf Coast expansions, higher natural gas storage revenues and strong gathering performance across our footprint.”

“Our Power Innovation platform continues to ramp up as customers look for fast, reliable and scalable solutions to meet growing power demand. With the first phase of Socrates successfully completed within budget and on time and the closing of our joint venture with Blackstone, we have demonstrated best-in-class execution, strengthening our ability to commercialize additional projects and accelerate this important growth platform.”

“At the same time, we continue to advance growth across our broader natural gas infrastructure business. We signed customer agreements for Transco’s Leidy Access and Garden Connector expansions and we further upsized Transco's Power Express project. Additionally, we are announcing the acquisition of Momentum Midstream, a highly strategic platform that strengthens our position in the country’s most important LNG demand corridor. Alongside the acquisition, we are also announcing an expansion of our LEG gathering system and a large take-or-pay pipeline project along the Transco corridor. We look forward to the Momentum team joining the Williams family as we invest in these impressive assets that serve as a catalyst for continued growth.”

Zamarin added, “Williams is built to execute across multiple growth opportunities at once, and this quarter demonstrated the strength of that balanced approach. We are expanding our contracted project portfolio, investing in high-return opportunities and maintaining financial strength and flexibility, all of which support a higher long-term growth target. I want to thank our employees for their continued focus on safe and reliable operations and our customers for their trust in Williams. Together, we are delivering the infrastructure solutions needed to serve rising demand from LNG, power generation and industrial growth while creating market-leading and lasting value for our shareholders.” Williams Summary Financial Information 2Q   Year to Date Amounts in millions, except ratios and per-share amounts. Per share amounts 2026 2025   2026 2025 are reported on a diluted basis. Net income amounts are from continuing operations attributable to The Williams Companies, Inc. available to common stockholders. GAAP Measures Net Income $ 827 $ 546   $ 1,691 $ 1,236 Net Income Per Share $ 0.68   $ 0.45     $ 1.38   $ 1.01 Cash Flow From Operations $ 1,376   $ 1,450     $ 2,979   $ 2,883 Non-GAAP Measures (1) Adjusted EBITDA $ 1,921   $ 1,808     $ 4,175   $ 3,797 Adjusted Net Income $ 614   $ 566     $ 1,509   $ 1,296 Adjusted Earnings Per Share $ 0.50   $ 0.46     $ 1.23   $ 1.06 Available Funds from Operations $ 1,450   $ 1,317     $ 3,220   $ 2,762 Dividend Coverage Ratio 2.26x 2.16x   2.51x 2.26x Other Debt-to-Adjusted EBITDA at Quarter End (2) 3.67x 3.80x Capital Investments (Excluding Acquisitions) (3) (4) $ 1,642   $ 1,039     $ 3,284   $ 1,709 (1) Schedules reconciling Adjusted Net Income, Adjusted EBITDA, Available Funds from Operations and Dividend Coverage Ratio (non-GAAP measures) to the most comparable GAAP measure are available at www.williams.com and as an attachment to this news release. (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, for 2026, $777 million of cash purchases of certain reimbursable long-lead Power Innovation equipment, and Adjusted EBITDA reflects the sum of the last four quarters. (3) Capital investments include increases to property, plant, and equipment (growth & maintenance), purchases of and contributions to equity-method investments and purchases of other long-term investments. (4) Second quarter and year-to-date 2026 capital investments exclude $188 million and $170 million, respectively, of certain reimbursable long-lead Power Innovation equipment. Second quarter and year-to-date 2025 capital excludes $43 million for the acquisition of Saber Midstream, which closed June 2025. Year-to-date 2025 capital also excludes $319 million for the Rimrock acquisition, which closed January 2025; $153 million for the investment in Cogentrix, which closed March 2025; and $1 million for an adjustment of the Crowheart acquisition and Discovery consolidation, which closed 2024.

GAAP Measures

Second-quarter and year-to-date 2026 net income increased by $281 million and $455 million, respectively, compared to the prior year. Both comparative periods benefited from:

* Higher service revenues of $111 million and $314 million, respectively, driven by projects placed in service, new Gulf volumes, higher storage revenues, and higher gathering volumes including acquisitions in the West, while Transco’s higher net rates also benefited the year-to-date period.

• Higher gas marketing margins.

* Higher equity earnings driven by Blue Racer Midstream and Appalachia Midstream.

* A net gain of $126 million from the June 2026 sale of the Brazos Permian II equity-method investment. The year-to-date period also benefited from a $194 million gain on the January 2026 sale of the South Mansfield upstream interests.

These favorable changes were partially offset by:

• Reduced upstream results due to the sale of the South Mansfield interests.

• An increase in operating and administrative expenses.

• Higher net interest expense associated with net increases in long-term debt.

• A higher provision for income taxes driven by increased pre-tax income.

The quarterly period also benefited from a favorable change of $106 million in net unrealized gains/losses on commodity derivatives, while the year-to-date period reflected an unfavorable change of $87 million in net unrealized gains/losses on commodity derivatives.

Second-quarter 2026 cash flow from operations decreased $74 million compared to the prior year primarily due to unfavorable net changes in working capital driven by the payment of Transco’s rate refunds in April 2026, partially offset by higher operating results exclusive of non-cash items and favorable net changes in derivative collateral requirements. Year-to-date 2026 cash flow from operations increased $96 million compared to the prior year primarily due to higher operating results exclusive of non-cash items, partially offset by unfavorable net changes in working capital driven by the payment of Transco’s rate refunds and unfavorable net changes in derivative collateral requirements.

Non-GAAP Measures

Second-quarter and year-to-date 2026 Adjusted EBITDA increased by $113 million and $378 million, respectively, over the prior year driven by the previously described increases in service revenues and gas marketing margins, partially offset by higher operating and administrative expenses.

Second-quarter and year-to-date 2026 Adjusted Net Income improved by $48 million and $213 million, respectively, over the prior year driven by the previously described impacts to net income, adjusted primarily to remove the effects of net unrealized gains/losses on commodity derivatives and the gains associated with the Brazos Permian II and South Mansfield upstream sales.

Second-quarter and year-to-date 2026 Available Funds From Operations (AFFO) increased by $133 million and $458 million, respectively, compared to the prior year primarily due to higher adjusted operating results exclusive of non-cash items and a favorable change in the current component of the income tax provision.

Business Segment Results & Form 10-Q

Transmission, Power & Gulf

Second-quarter and year-to-date 2026 Modified and Adjusted EBITDA improved compared to the prior year driven by contributions from projects placed in service, new Gulf volumes, and higher storage revenues, partially offset by higher operating and administrative expenses. Transco’s higher net rates also benefited the year-to-date period.

Northeast G&P

Second-quarter and year-to-date 2026 Modified and Adjusted EBITDA increased compared to the prior year driven primarily by higher volumes at Ohio Valley Midstream and higher proportional EBITDA from Blue Racer Midstream and Bradford within Appalachia Midstream.

West

Second-quarter and year-to-date 2026 Modified EBITDA and Adjusted EBITDA improved compared to the prior year driven by Louisiana Energy Gateway, placed into service in third-quarter 2025, as well as higher gathering volumes including contributions from the 2025 Rimrock and Saber acquisitions, partially offset by lower minimum volume commitment revenues.

Gas & NGL Marketing Services

Second-quarter and year-to-date 2026 Modified EBITDA increased from the prior year. The quarterly period reflects $124 million of net favorable changes in unrealized gains/losses on commodity derivatives, which are excluded from Adjusted EBITDA. The year-to-date period for both measures benefited from higher gas marketing margins driven by winter storms, partially offset by net unfavorable changes in unrealized gains/losses on commodity derivatives, which are excluded from Adjusted EBITDA.

Other

The changes in second-quarter and year-to-date 2026 Modified EBITDA include gains from the January 2026 sale of the South Mansfield upstream interests, net unfavorable changes in unrealized gains/losses on commodity derivatives, and an unfavorable change in net realized results from upstream operations, including the impact of the divested South Mansfield interests. Both the gains on sale of the South Mansfield interests and the unrealized gains/losses on commodity derivatives are excluded from Adjusted EBITDA.

Strategic Acquisition of Momentum Midstream

Williams has agreed to acquire Momentum Midstream in a strategic Haynesville growth transaction valued at up to $5.5 billion, further expanding the company's fully integrated natural gas infrastructure platform in one of the nation's most important supply basins serving growing Gulf Coast LNG, power and industrial demand. Under the agreement, Williams will acquire 100% of Momentum Midstream for total consideration of up to $5.5 billion, comprising approximately $3.5 billion of cash and debt consideration and roughly $2 billion of Williams equity.

Momentum's Haynesville platform adds more than 4,000 miles of pipe and over 1 million dedicated acres within four key gathering areas with a combined capacity of 6 Bcf/d, multiple processing and treating facilities and three take-or-pay pipelines capable of transporting 4.05 Bcf/d, serving the Haynesville and key demand markets. The acquisition is valued at an implied valuation of approximately 8.5x projected 2027 EBITDA and is expected to be accretive to both available funds from operations (AFFO) per share and earnings per share. Predictable, fee-based cash flows, supported by fixed-fee earnings, take-or-pay contracts and a high-quality customer base, underpin the transaction's long-term value.

Williams is announcing two attractive immediate expansion projects across the platform to capture the next wave of Haynesville supply and connectivity to growing LNG and power demand:

* As part of the acquisition, the Delta Access expansion along the Transco corridor will serve growing LNG and power demand. The $1.5 billion project will provide initial capacity of 2.25 Bcf/d, with future expansion opportunities and is expected to come online in the first quarter 2029.

* Enhanced through the acquisition, the Shelby Trough Connector is an expansion of our LEG system into the growing Shelby Trough area of the Haynesville. The project will provide 750 MMcf/d of initial capacity with expansion potential up to 1.5 Bcf/d and includes a new lateral and additional compression facilities. It is expected to enter service in the second quarter of 2028.

The acquisition and the announced pipeline projects deepen Williams' exposure to long-term natural gas demand growth, including Gulf Coast LNG demand projected to increase by approximately 20 Bcf/d over the next 10 years. By combining Momentum's complementary footprint with Williams' existing infrastructure, the transaction enhances basin connectivity, broadens customer reach and creates additional opportunities to serve LNG, industrial and power demand, including future Transco expansions.

The transaction is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Advisors

BofA Securities acted as lead financial advisor to Williams. Truist Securities also acted as a financial advisor to Williams in connection with the transaction. Davis Polk & Wardwell is serving as Williams’ legal counsel on the transaction.

2026 Financial Guidance

The company now expects 2026 Adjusted EBITDA of $8.3 billion to $8.5 billion and growth capex between $7.3 billion and $7.9 billion. Including the pro-forma impact of Adjusted EBITDA from the Momentum acquisition for the last four quarters, Williams' updated leverage ratio midpoint for 2026 is now approximately 3.75x. Guidance for 2026 growth capex and debt-to-adjusted EBITDA excludes certain reimbursable long-lead equipment.

Williams Second-Quarter 2026 Materials to be Posted Shortly; Q&A Webcast Scheduled for Tomorrow

Williams' second-quarter 2026 earnings presentation will be posted at www.williams.com . The company's second-quarter 2026 earnings conference call and webcast with analysts and investors is scheduled for Tuesday, Aug. 4, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). Participants who wish to join the call by phone must register using the following link: https://register-conf.media-server.com/register/BIc62c79d5921d4e059ef7fd0f834cb2fa

A webcast link to the conference call will be provided on Williams’ Investor Relations website. A replay of the webcast will be available on the website for at least 90 days following the event.

About Williams

Williams (NYSE: WMB) is a trusted energy industry leader committed to safely, reliably and responsibly meeting growing energy demand. We use our infrastructure to deliver one third of the nation’s natural gas to where it's needed most, supplying the energy used to heat our homes, cook our food and generate low-carbon electricity. For over a century, we’ve been driven by a passion for doing things the right way. Today, our team of problem solvers is leading the charge into the clean energy future. Learn more at www.williams.com .

The Williams Companies, Inc.

Consolidated Statement of Income

(Unaudited)

Three Months Ended   Six Months Ended

June 30,

The Williams Companies, Inc.

Consolidated Balance Sheet

(Unaudited)

The Williams Companies, Inc.

Consolidated Statement of Cash Flows

(Unaudited)

Six Months Ended

Non-GAAP Measures

This news release and accompanying materials may include certain financial measures – adjusted EBITDA, adjusted income (“earnings”), adjusted earnings per share, available funds from operations and dividend coverage ratio – that are non-GAAP financial measures as defined under the rules of the SEC.

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, impairments 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, including our indirect share from interests owned by equity-method investees.

Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from net income to determine adjusted income and adjusted earnings per share. Management believes this measure provides investors meaningful insight into results from ongoing operations.

Available funds from operations (AFFO) is defined as cash flow from operations excluding the effect of changes in working capital and certain other changes in noncurrent assets and liabilities, reduced by preferred dividends and net distributions to noncontrolling interests. AFFO may be adjusted to exclude certain items that we characterize as unrepresentative of our ongoing operations.

This news release 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 available funds from operations 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.

Reconciliation of Net Income (Loss) from Continuing Operations to Modified EBITDA, Non-GAAP Adjusted EBITDA and Cash Flow from Operating Activities to Available Funds from Operations (AFFO) 2026 Guidance (Dollars in millions, except per-share amounts and coverage ratio)   Midpoint Net income (loss) from continuing operations   $ 3,355 Provision (benefit) for income taxes     975 Interest expense     1,535 Equity (earnings) losses     (620 ) Proportional Modified EBITDA of equity-method investments     990 Depreciation, depletion, and amortization expenses and accretion for asset     2,520 retirement obligations associated with nonregulated operations Other     (160 ) Modified EBITDA   $ 8,595 EBITDA Adjustments     (195 ) Adjusted EBITDA   $ 8,400 Net income (loss) from continuing operations   $ 3,355 Less: Net income (loss) attributable to noncontrolling interests and preferred     220 dividends Net income (loss) from continuing operations attributable to The Williams   $ 3,135 Companies, Inc. available to common stockholders Adjustments: Adjustments included in Modified EBITDA((1))     (195 ) Adjustments below Modified EBITDA ((1))     (115 ) Allocation of adjustments to noncontrolling interests     — Total adjustments     (310 ) Less tax effect for above items     80 Adjusted income from continuing operations available to common stockholders   $ 2,905 Adjusted income from continuing operations - diluted earnings per common share   $ 2.35 Weighted-average shares - diluted (millions)     1,237 Available Funds from Operations (AFFO): Net cash provided by operating activities (net of changes in working capital,   $ 6,730 changes in current and noncurrent derivative assets and liabilities, and changes in other, including changes in noncurrent assets and liabilities) Preferred dividends paid     (3 ) Dividends and distributions paid to noncontrolling interests     (328 ) Additional adjustments((1))     (24 ) Available funds from operations (AFFO)   $ 6,375 AFFO per common share   $ 5.15 Common dividends paid   $ 2,585 Coverage Ratio (AFFO/Common dividends paid)   2.47x (1) Includes items of income or loss that we characterize as unrepresentative of our ongoing operations.

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, outcomes 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 business and operations;

• Expected in-service dates for capital projects;

• Financial condition and liquidity;

• Business strategy;

• Cash flow from operations or results of operations;

• Rate case filings;

• Seasonality of certain business components;

• Natural gas, natural gas liquids, and crude oil prices, supply, and demand;

• Demand for services.

Forward-looking statements 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 matters, and litigation, as well as our ability and the ability of other energy companies with whom we conduct or seek to conduct business, to obtain necessary permits and approvals, and our ability to achieve favorable rate proceeding outcomes;

• Exposure to the credit risk of 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 consummate asset sales on acceptable terms;

* The ability to successfully identify, evaluate, and timely execute on 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;

• The ability to effectively execute our financing plan;

* Increasing scrutiny and changing expectations from stakeholders with respect to 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;

* Risks associated with weather and natural phenomena, including climate conditions and physical damage to our facilities;

• Acts of terrorism, cybersecurity incidents, and related disruptions;

* 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, tariffs on foreign-made materials and goods (including steel and steel pipes) necessary to conduct our business, 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;

* 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;

• Changes in U.S. governmental administration and policies;

• 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 (a) Part I, Item IA. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 24, 2026, and (b) Part II, Item IA. Risk Factors in subsequent Quarterly Reports on Form 10-Q.

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