SEC Form 10-Q filed by Williams Companies Inc.

5/6/24 4:17:55 PM ET

Natural Gas Distribution

Utilities

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

Commission file number 1-4174

THE WILLIAMS COMPANIES, INC.


(Exact name of registrant as specified in its charter)


Delaware						73-0569878
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

One Williams Center
Tulsa, Oklahoma						74172-0172
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: 800-945-5426 (800-WILLIAMS)

NO CHANGE

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	WMB	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes ☐ No ☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class						Shares Outstanding at May 2, 2024
Common Stock, $1.00 par value						1,218,754,019

The Williams Companies, Inc.

Table of Contents


						Page
Part I. Financial Information
Item 1. Financial Statements
Consolidated Statement of Income – Three Months Ended March 31, 2024 and 2023						7
Consolidated Statement of Comprehensive Income (Loss) – Three Months Ended March 31, 2024 and 2023						8
Consolidated Balance Sheet – March 31, 2024 and December 31, 2023						9
Consolidated Statement of Changes in Equity – Three Months Ended March 31, 2024 and 2023						10
Consolidated Statement of Cash Flows – Three Months Ended March 31, 2024 and 2023						11
Notes to Consolidated Financial Statements						12
Note 1 - General, Description of Business, and Basis of Presentation						12
Note 2 - Variable Interest Entities						14
Note 3 - Acquisitions and Divestitures						15
Note 4 - Revenue Recognition						20
Note 5 - Provision (Benefit) for Income Taxes						23


Note 6 - Debt and Banking Arrangements						24

Note 7 - Fair Value Measurements and Guarantees						25
Note 8 - Commodity Derivatives						27
Note 9 - Contingencies						28
Note 10 - Segment Disclosures						30


Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations						33
Item 3. Quantitative and Qualitative Disclosures About Market Risk						48
Item 4. Controls and Procedures						49
Part II. Other Information						50
Item 1. Legal Proceedings						50
Item 1A. Risk Factors						51

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities						51
Item 5. Other Information						51
Item 6. Exhibits						52

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 and Section 21E of the 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,”



		Three Months Ended March 31,
			2024		2023
	(Millions, except per-share amounts)
Revenues:
Service revenues			$	1,905	$	1,694
Service revenues – commodity consideration			30		36
Product sales			845		845
Net gain (loss) from commodity derivatives			(9)		506
Total revenues			2,771		3,081
Costs and expenses:
Product costs			526		553
Net processing commodity expenses			5		54
Operating and maintenance expenses			511		463
Depreciation and amortization expenses			548		506
Selling, general, and administrative expenses			186		176




Other (income) expense – net			(17)		(31)
Total costs and expenses			1,759		1,721
Operating income (loss)			1,012		1,360
Equity earnings (losses)			137		147


Other investing income (loss) – net			24		8
Interest expense			(349)		(294)



Other income (expense) – net			31		20
Income (loss) before income taxes			855		1,241
Less: Provision (benefit) for income taxes			193		284


Net income (loss)			662		957
Less: Net income (loss) attributable to noncontrolling interests			30		30
Net income (loss) attributable to The Williams Companies, Inc.			632		927
Less: Preferred stock dividends			1		1
Net income (loss) available to common stockholders			$	631	$	926




Basic earnings (loss) per common share:


Net income (loss) available to common stockholders			$	.52	$	.76
Weighted-average shares (thousands)			1,218,155		1,219,465
Diluted earnings (loss) per common share:


Net income (loss) available to common stockholders			$	.52	$	.76
Weighted-average shares (thousands)			1,222,222		1,225,781



	March 31,		December 31,
	2024		2023
	(Millions, except per-share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$	667	$	2,150
Trade accounts and other receivables (net of allowance of $3 at March 31, 2024 and December 31, 2023)	1,355		1,655
Inventories	239		274
Derivative assets	173		239
Other current assets and deferred charges	176		195
Total current assets	2,610		4,513

Investments	4,639		4,637
Property, plant and equipment	54,305		51,842
Accumulated depreciation and amortization	(17,854)		(17,531)
Property, plant, and equipment – net	36,451		34,311
Intangible assets – net of accumulated amortization	7,496		7,593
Regulatory assets, deferred charges, and other	1,551		1,573
Total assets	$	52,747	$	52,627

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	1,042	$	1,379
Derivative liabilities	75		105
Accrued and other current liabilities	1,077		1,284
Commercial paper	—		725
Long-term debt due within one year	2,787		2,337
Total current liabilities	4,981		5,830

Long-term debt	24,100		23,376
Deferred income tax liabilities	4,001		3,846
Regulatory liabilities, deferred income, and other	4,735		4,684
Contingent liabilities and commitments (Note 9)

Equity:
Stockholders’ equity:
Preferred stock ($1 par value; 30 million shares authorized at March 31, 2024 and December 31, 2023; 35,000 shares issued at March 31, 2024 and December 31, 2023)	35		35
Common stock ($1 par value; 1,470 million shares authorized at March 31, 2024 and December 31, 2023; 1,258 million shares issued at March 31, 2024 and 1,256 million shares issued at December 31, 2023)	1,258		1,256
Capital in excess of par value	24,564		24,578
Retained deficit	(12,238)		(12,287)
Accumulated other comprehensive income (loss)	10		—
Treasury stock, at cost (39 million shares at March 31, 2024 and December 31, 2023 of common stock)	(1,180)		(1,180)
Total stockholders’ equity	12,449		12,402
Noncontrolling interests in consolidated subsidiaries	2,481		2,489
Total equity	14,930		14,891
Total liabilities and equity	$	52,747	$	52,627


	The Williams Companies, Inc. Stockholders
	Preferred Stock		Common Stock		Capital in Excess of Par Value		Retained Deficit		AOCI*		Treasury Stock		Total Stockholders’ Equity		Noncontrolling Interests		Total Equity
	(Millions)
Balance at December 31, 2023	$	35	$	1,256	$	24,578	$	(12,287)	$	—	$	(1,180)	$	12,402	$	2,489	$	14,891

Net income (loss)	—		—		—		632		—		—		632		30		662
Other comprehensive income (loss)	—		—		—		—		10		—		10		—		10



Cash dividends – common stock ($0.4750 per share)	—		—		—		(579)		—		—		(579)		—		(579)
Dividends and distributions to noncontrolling interests	—		—		—		—		—		—		—		(64)		(64)
Stock-based compensation and related common stock issuances, net of tax	—		2		(14)		—		—		—		(12)		—		(12)


Contributions from noncontrolling interests	—		—		—		—		—		—		—		26		26

Other	—		—		—		(4)		—		—		(4)		—		(4)
Net increase (decrease) in equity	—		2		(14)		49		10		—		47		(8)		39
Balance at March 31, 2024	$	35	$	1,258	$	24,564	$	(12,238)	$	10	$	(1,180)	$	12,449	$	2,481	$	14,930

Balance at December 31, 2022	$	35	$	1,253	$	24,542	$	(13,271)	$	(24)	$	(1,050)	$	11,485	$	2,560	$	14,045
Net income (loss)	—		—		—		927		—		—		927		30		957
Other comprehensive income (loss)	—		—		—		—		21		—		21		—		21
Cash dividends – common stock ($0.4475 per share)	—		—		—		(546)		—		—		(546)		—		(546)
Dividends and distributions to noncontrolling interests	—		—		—		—		—		—		—		(54)		(54)
Stock-based compensation and related common stock issuances, net of tax	—		3		(26)		—		—		—		(23)		—		(23)

Contributions from noncontrolling interests	—		—		—		—		—		—		—		3		3
Purchases of treasury stock	—		—		—		—		—		(74)		(74)		—		(74)
Other	—		—		—		(5)		—		—		(5)		(1)		(6)
Net increase (decrease) in equity	—		3		(26)		376		21		(74)		300		(22)		278
Balance at March 31, 2023	$	35	$	1,256	$	24,516	$	(12,895)	$	(3)	$	(1,124)	$	11,785	$	2,538	$	14,323


	(Millions)
Cash and cash equivalents	$	46
Other current assets	18
Property, plant, and equipment – net	2,042
Other noncurrent assets	2
Total assets acquired	$	2,108

Current liabilities	$	(10)
Noncurrent liabilities	(107)
Total liabilities assumed	$	(117)

Net assets acquired	$	1,991


	(Millions)
Cash and cash equivalents	$	23
Trade accounts and other receivables	33
Other current assets	26
Investments	20
Property, plant, and equipment – net	1,019
Other noncurrent assets	33
Total identifiable assets acquired	$	1,154

Current liabilities	$	(47)
Long-term debt	(365)
Other noncurrent liabilities	(95)
Total liabilities assumed	$	(507)

Net identifiable assets acquired	$	647

Goodwill included in Intangible assets – net of accumulated amortization	400
Net assets acquired	$	1,047




















	Three Months Ended March 31, 2023
	As Reported		Pro Forma Gulf Coast Storage		Pro Forma DJ Basin		Pro Forma MountainWest (1)		Pro Forma Combined
	(Millions)
Revenues	$	3,081	$	46	$	64	$	35	$	3,226
Net income (loss) attributable to The Williams Companies, Inc.	927		16		3		6		952


	Regulated Interstate Transportation & Storage		Gulf of Mexico Midstream & Storage		Northeast Midstream		West Midstream		Gas & NGL Marketing Services		Other		Eliminations		Total
	(Millions)






























Three Months Ended March 31, 2024
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	880	$	—	$	—	$	—	$	—	$	—	$	(21)	$	859
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration	—		145		444		430		—		—		(38)		981
Commodity consideration	—		9		5		16		—		—		—		30
Other	4		9		24		6		—		—		(5)		38
Total service revenues	884		163		473		452		—		—		(64)		1,908
Product sales	25		37		25		248		1,306		108		(318)		1,431
Total revenues from contracts with customers	909		200		498		700		1,306		108		(382)		3,339
Other revenues (1)	8		3		11		1		833		12		—		868
Other adjustments (2)	—		—		—		—		(1,569)		—		133		(1,436)
Total revenues	$	917	$	203	$	509	$	701	$	570	$	120	$	(249)	$	2,771

Three Months Ended March 31, 2023
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	813	$	—	$	—	$	—	$	—	$	—	$	(11)	$	802
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration (3)	—		104		422		351		—		—		(44)		833
Commodity consideration	—		12		6		18		—		—		—		36
Other (3)	4		2		25		2		1		—		(4)		30
Total service revenues	817		118		453		371		1		—		(59)		1,701
Product sales	22		36		49		90		1,373		102		(254)		1,418
Total revenues from contracts with customers	839		154		502		461		1,374		102		(313)		3,119
Other revenues (1)	13		4		7		42		1,916		15		—		1,997
Other adjustments (2)	—		—		—		—		(2,159)		—		124		(2,035)
Total revenues	$	852	$	158	$	509	$	503	$	1,131	$	117	$	(189)	$	3,081


	Contract Liabilities		Remaining Performance Obligations
	(Millions)
2024 (nine months)	$	116	$	2,845
2025 (one year)	148		3,530
2026 (one year)	139		3,329
2027 (one year)	127		2,776
2028 (one year)	112		2,380
Thereafter	411		13,624
Total	$	1,053	$	28,484


	March 31, 2024		December 31, 2023
	(Millions)
Accounts receivable related to revenues from contracts with customers	$	1,156	$	1,292
Receivables from derivatives	163		311
Other accounts receivable	36		52
Trade accounts and other receivables	$	1,355	$	1,655


	Three Months Ended March 31,
	2024		2023
	(Millions)
Current:
Federal	$	35	$	1
State	6		—

	41		1
Deferred:
Federal	127		237
State	25		46

	152		283
Provision (benefit) for income taxes	$	193	$	284


	March 31, 2024
	Stated Capacity		Outstanding
	(Millions)
Long-term credit facility (1)	$	3,750	$	—
Letters of credit under certain bilateral bank agreements			22


					Fair Value Measurements Using
	Carrying Amount		Fair Value		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Millions)
Assets (liabilities) at March 31, 2024:
Measured on a recurring basis:
ARO Trust investments	$	282	$	282	$	282	$	—	$	—
Commodity derivative assets (1)	160		160		42		68		50
Commodity derivative liabilities (1)	(232)		(232)		—		(228)		(4)
Interest rate derivatives	(4)		(4)		—		(4)		—

Additional disclosures:


Long-term debt, including current portion	(26,887)		(26,520)		—		(26,520)		—
Guarantees	(37)		(29)		—		(13)		(16)

Assets (liabilities) at December 31, 2023:
Measured on a recurring basis:
ARO Trust investments	$	269	$	269	$	269	$	—	$	—
Commodity derivative assets (2)	310		310		141		112		57
Commodity derivative liabilities (2)	(285)		(285)		(3)		(278)		(4)
Interest rate derivatives	6		6		—		6		—
Additional disclosures:

Long-term debt, including current portion	(25,713)		(25,553)		—		(25,553)		—
Guarantees	(37)		(28)		—		(12)		(16)


	March 31, 2024				December 31, 2023
Commodity Derivatives Categories	Assets		(Liabilities)		Assets		(Liabilities)
	(Millions)





Current	$	438	$	(406)	$	623	$	(496)
Noncurrent	173		(277)		243		(345)
Total commodity derivatives	$	611	$	(683)	$	866	$	(841)
Counterparty and collateral netting offset	(380)		450		(552)		554
Amounts recognized in our Consolidated Balance Sheet	$	231	$	(233)	$	314	$	(287)


		Gain (Loss)

	Three Months Ended March 31,
		2024		2023
		(Millions)
Net gain (loss) from commodity derivatives within Total revenues:

Realized		$	86	$	174
Unrealized		(95)		332
		$	(9)	$	506

Net gain (loss) from commodity derivatives within Net processing commodity expenses:
Realized		$	(4)	$	(4)
Unrealized		3		(5)
		$	(1)	$	(9)
Total net gain (loss) from commodity derivatives		$	(10)	$	497


	Transmission & Gulf of Mexico		Northeast G&P		West		Gas & NGL Marketing Services (1)		Other		Eliminations		Total
	(Millions)










































Three Months Ended March 31, 2024
Segment revenues:
Service revenues
External	$	1,029	$	475	$	397	$	—	$	4	$	—	$	1,905
Internal	20		4		40		—		—		(64)		—
Total service revenues	1,049		479		437		—		4		(64)		1,905
Total service revenues – commodity consideration	9		5		16		—		—		—		30
Product sales
External	30		2		72		707		34		—		845
Internal	31		23		176		(120)		74		(184)		—
Total product sales	61		25		248		587		108		(184)		845
Net gain (loss) from commodity derivatives
Realized	—		—		—		81		5		—		86
Unrealized	—		—		—		(98)		3		—		(95)
Total net gain (loss) from commodity derivatives (2)	—		—		—		(17)		8		—		(9)
Total revenues	$	1,119	$	509	$	701	$	570	$	120	$	(248)	$	2,771





Three Months Ended March 31, 2023
Segment revenues:
Service revenues
External	$	915	$	443	$	332	$	1	$	3	$	—	$	1,694
Internal	25		11		24		—		—		(60)		—
Total service revenues	940		454		356		1		3		(60)		1,694
Total service revenues – commodity consideration	12		6		18		—		—		—		36
Product sales
External	24		8		19		776		18		—		845
Internal	31		41		71		(101)		84		(126)		—
Total product sales	55		49		90		675		102		(126)		845
Net gain (loss) from commodity derivatives
Realized	—		—		39		117		18		—		174
Unrealized	—		—		—		338		(6)		—		332
Total net gain (loss) from commodity derivatives (2)	—		—		39		455		12		—		506
Total revenues	$	1,007	$	509	$	503	$	1,131	$	117	$	(186)	$	3,081


	Three Months Ended March 31,
	2024		$ Change from 2023*	% Change from 2023*		2023
	(Dollars in millions)
Revenues:
Service revenues	$	1,905	+211	+12	%	$	1,694

Product sales and service revenues – commodity consideration	875		-6	-1	%	881
Net gain (loss) from commodity derivatives	(9)		-515	NM		506
Total revenues	2,771					3,081
Costs and expenses:
Product costs and net processing commodity expenses	531		+76	+13	%	607

Operating and maintenance expenses	511		-48	-10	%	463
Depreciation and amortization expenses	548		-42	-8	%	506
Selling, general, and administrative expenses	186		-10	-6	%	176




Other (income) expense – net	(17)		-14	-45	%	(31)
Total costs and expenses	1,759					1,721
Operating income (loss)	1,012					1,360
Equity earnings (losses)	137		-10	-7	%	147

Other investing income (loss) – net	24		+16	+200	%	8
Interest expense	(349)		-55	-19	%	(294)

Other income (expense) – net	31		+11	+55	%	20
Income (loss) before income taxes	855					1,241
Less: Provision (benefit) for income taxes	193		+91	+32	%	284


Net income (loss)	662					957
Less: Net income (loss) attributable to noncontrolling interests	30		—	—	%	30
Net income (loss) attributable to The Williams Companies, Inc.	$	632	-295	-32	%	$	927


Sources:
			Cash and cash equivalents on hand
			Cash generated from operations
			Distributions from our equity-method investees
			Utilization of our credit facility and/or commercial paper program
			Cash proceeds from issuance of debt and/or equity securities
			Proceeds from asset monetizations

Uses:
			Working capital requirements
			Capital and investment expenditures
			Product costs
			Gas & NGL Marketing Services payments for transportation and storage capacity and gas supply
			Other operating costs including human capital expenses
			Quarterly dividends to our shareholders
			Repayments of borrowings under our credit facility and/or commercial paper program
			Debt service payments, including payments of long-term debt
			Distributions to noncontrolling interests
			Share repurchase program


Available Liquidity	March 31, 2024
	(Millions)
Cash and cash equivalents	$	667
Capacity available under our $3.75 billion credit facility, less amounts outstanding under our $3.5 billion commercial paper program (1)	3,750
	$	4,417


	Cash Flow	Three Months Ended March 31,
	Category	2024		2023
		(Millions)
Sources of cash and cash equivalents:
Proceeds from long-term debt	Financing	$	2,099	$	1,502
Net cash provided (used) by operating activities	Operating	1,234		1,514






Uses of cash and cash equivalents:
Purchases of businesses, net of cash acquired (Note 3)	Investing	(1,851)		(1,056)
Payments of long-term debt	Financing	(1,012)		(7)
Proceeds from (payments of) commercial paper - net	Financing	(723)		(352)
Common dividends paid	Financing	(579)		(546)
Capital expenditures	Investing	(544)		(545)

Dividends and distributions paid to noncontrolling interests	Financing	(64)		(54)
Purchases of and contributions to equity-method investments	Investing	(52)		(39)
Purchases of treasury stock	Financing	—		(74)

Other sources / (uses) – net	Financing and Investing	9		(18)
Increase (decrease) in cash and cash equivalents		$	(1,483)	$	325


	Total Fair Value		Maturity
Fair Value Measurements of Assets (Liabilities) Using (1)			2024		2025 - 2026		2027 - 2028+
	(Millions)
Level 1 (2)	$	42	$	8	$	39	$	(5)
Level 2	(160)		37		(88)		(109)
Level 3	46		1		11		34
Fair value of contracts outstanding at March 31, 2024	$	(72)	$	46	$	(38)	$	(80)


	Three months ended March 31, 2024

	(Millions)
Average	$	5
High	$	15
Low	$	3


ISSUER PURCHASES OF EQUITY SECURITIES
Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
January 1 - January 31, 2024	—	$	—	—	$	1,360,938,325
February 1 - February 29, 2024	—	$	—	—	$	1,360,938,325
March 1 - March 31, 2024	—	$	—	—	$	1,360,938,325
Total	—			—


Exhibit No.		Description

3.1	—	Amended and Restated Certificate of Incorporation as supplemented (filed on May 26, 2010, as Exhibit 3.1 to The Williams Companies, Inc.’s current report on Form 8-K (File No. 001-04174) and incorporated herein by reference).
3.2	—	Certificate of Designations of Series B Preferred Stock of The Williams Companies, Inc. (filed on July 17, 2018 as Exhibit 3.1 to The Williams Companies, Inc.’s current report on Form 8-K (File No. 001-04174) and incorporated herein by reference).
3.3	—	Certificate of Amendment dated August 10, 2018 (filed on August 10, 2018 as Exhibit 3.1 to The Williams Companies, Inc.’s current report on Form 8-K (File No. 001-04174) and incorporated herein by reference).
3.4	—	By-Laws of The Williams Companies, Inc., as last amended effective October 25, 2022 (filed on October 31, 2022, as Exhibit 3.4 to The Williams Companies, Inc.’s current report on Form 10-Q (File No. 001-04174) and incorporated herein by reference).
10.1§*	—	F orm of 2024 Performance-Based R e stricted Stock Unit Award between The Williams Companies, Inc. and certain employees and officers.
31.1*	—	Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(31) of Regulation S‑K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	—	Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32**	—	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	—	XBRL Instance Document. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCH*	—	XBRL Taxonomy Extension Schema.
101.CAL*	—	XBRL Taxonomy Extension Calculation Linkbase.
101.DEF*	—	XBRL Taxonomy Extension Definition Linkbase.
101.LAB*	—	XBRL Taxonomy Extension Label Linkbase.
101.PRE*	—	XBRL Taxonomy Extension Presentation Linkbase.
104*	—	Cover Page Interactive Data File. The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document (contained in Exhibit 101).

SEC Form 10-Q filed by Williams Companies Inc.

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