WILLIAMS COMPANIES, INC. (WMB) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that WILLIAMS COMPANIES, INC. surfaced in its latest filing.

• For the year ended December 31, 2025, Transco's largest customer was Duke Energy Corporation, accounting for approximately 9% of its operating revenue.December 31, 2025
• For the year ended December 31, 2025, NWP's largest customer was Puget Sound Energy, Inc., accounting for approximately 31% of its operating revenue.December 31, 2025
• Williams adopted certain practices as highlighted in its 2024 Sustainability Report, including with respect to air emissions, biodiversity and land use, climate change, and environmental stewardship.2024
• Williams was the target of a proxy contest from a stockholder activist, which resulted in Williams incurring significant costs.
• Williams, Transco, and NWP are party to a credit agreement with aggregate commitments of $3.75 billion and a possible $500 million increase under certain circumstances; Transco and NWP each have a $500 million borrowing sublimit.
• Williams' total outstanding long-term debt as of December 31, 2025, was $29.4 billion, including $5.9 billion of Transco debt and $748 million of NWP debt.December 31, 2025
• Regulation by FERC of interstate pipeline transportation and storage services and related assets of Williams, Transco, and NWP, and ongoing inquiries, investigations, and court proceedings against them.
• Several legislative bills have been introduced in the United States Congress that would require carbon dioxide emission reductions.
• Geopolitical tensions and conflicts, including those in the Middle East and the ongoing Russian invasion of Ukraine, may adversely impact global financial markets and operations.