On this page of StockholderLetter.com we present the latest annual shareholder letter from WILLIAMS COMPANIES, INC. — ticker symbol WMB. Reading current and past WMB letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report
Our Purpose :H UH VROYLQJ RQH RI WKH JUHDWHVW FKDOOHQJHV RI RXU JHQHUDWLRQ PHHWLQJ WKH ZRUOG V QHHG IRU FOHDQ DIIRUGDEOH DQG UHOLDEOH HQHUJ\ Our Values We unlock our full potential when we work together across boundaries, creating connections and leveraging our strengths. We are clear in our convictions and empower every employee to prioritize safety, do what is right and champion transformation. We win as one team dedicated to creating value, growing our business and being the best in the energy marketplace. We challenge assumptions, engage in fresh thinking and act on new ideas. Forward-Looking Statements: Any statements included in this 2025 Annual Report that are not historical facts, including, without limitation, statements regarding future market trends and anticipated operations are forward-looking statements within the meaning of applicable securities law. Such statements are subject to numerous risks and uncertainties beyond our control and our actual results may differ materially from our forward-looking statements. Additional information concerning factors that may in uence our results can be found in the Form 10-K under the heading Part I, Item 1A. Risk Factors. Table of Contents 1 Stockholder Letter 3 Directors and Of cers 5 Form 10-K
CHAD J. ZAMARIN PRESIDENT AND CHIEF EXECUTIVE OFFICER Fellow Shareholders: three times by a total of $350 million from our original guidance set in February 2024. These results underscore the enduring value of our irreplaceable infrastructure and our strategic position to serve growing domestic demand, expanding LNG exports and a changing power generation landscape. of our Emissions Reduction Program, we completed signi cant equipment upgrades, reduced methane emissions beyond our incentive targets and lowered operating costs all while maintaining safe, reliable service. A YEAR OF MOMENTUM Through our power innovation team, we created a new growth platform to meet next-generation energy demand. With more than $7 billion in behindthe-meter power solutions already in execution to serve data centers, we are expanding our role in the energy value chain while strengthening the value of our core assets. Our progress is only possible through our people. The dedicated, hard-working men and women who operate our assets every day are the foundation of our success. In 2025, employees supported 10 Employee Resource Groups, and reinforced a culture rooted in safety, integrity, and teamwork. In 2025, Williams delivered record Adjusted EBITDA, hitting the midpoint of guidance, which had been raised At the same time, we continued to operate more ef ciently and minimize our environmental footprint. As part That commitment extended into the communities where we work and live. Williams and our employees Williams just completed one of the strongest ve-year growth periods in the company s rich history, delivering record nancial performance and positioning the company for continued shareholder value creation. Our results re ect the outcome of a fundamentals-based strategy coupled with disciplined execution and a culture of innovation. Our purpose guides what we do: we work every day to meet the world s need for clean, affordable and reliable energy. In 2025, our strategy and purpose continued to shape our performance, while also informing how we prepare the company for the future. 2025 Annual Report OUR PEOPLE AND COMMUNITIES The Williams Companies, Inc. 1
Socrates Power Solution Facility, New Albany, Ohio contributed more than $15 million to more than 2,300 organizations across 47 states in 2025. During our annual volunteer week alone, Williams employees lent a hand with 85 organizations spanning 17 states. We believe strong companies help build strong communities. and con dence they have entrusted in our next generation of leadership, and it is our honor to build on an incredible legacy of courage, innovation, operational excellence and long-term value creation. LEADERSHIP CONTINUITY Williams is built for this moment. We are Collaborative, Courageous, Competitive and Creative and these values embody how we work every day to deliver results. As we look forward to the future, we see incredible opportunities ahead. This year we are committing to deliver compound annual growth of 10%+ for Adjusted EBITDA and 10%+ for This past year also marked an important leadership transition. After a thoughtful and well-planned succession process led by the Williams Board, Alan Armstrong transitioned to Executive Chairman of the Board. I am incredibly thankful to Alan and our Board for the coaching 2 The Williams Companies, Inc. LOOKING AHEAD Adjusted EPS through 2030. For Williams, growth and sustainability go hand in hand we expect to deliver our results while creating energy infrastructure solutions that are central to delivering a cleaner, more affordable and more reliable energy future for generations to come. Thank you for your continued trust and investment in Williams. Chad J. Zamarin President and Chief Executive Of cer March 18, 2026 2025 Annual Report
DIRECTORS AND OFFICERS DIRECTORS ALAN S. ARMSTRONG Tulsa, Oklahoma Executive Chairman of the Board Retired President and CEO, Williams Director since 2011 STEPHEN W. BERGSTROM The Woodlands, Texas Retired Board Chair, President and Chief Executive Of cer American Midstream Partners GP, LLC Director since 2016 MICHAEL A. CREEL The Woodlands, Texas Retired Director and Chief Executive Of cer, Enterprise Products Partners L.P. Director since 2016 STACEY H. DOR Dallas, Texas Executive Vice President of Public Affairs and Chief Strategy and Sustainability Of cer, Vistra Corp. Director since 2021 CARRI A. LOCKHART Fulshear, Texas Chief Executive Of cer and Managing Director, Karoon Energy Ltd. Director since 2023 RICHARD E. MUNCRIEF Edmond, Oklahoma Retired Director, President and Chief Executive Of cer, Devon Energy Corporation Director since 2022 PETER A. RAGAUSS Houston, Texas Retired Senior Vice President and Chief Financial Of cer, Baker Hughes Company Director since 2016 ROSE M. ROBESON Centennial, Colorado Retired Group Vice President and Chief Financial Of cer, DCP Midstream LLC Director since 2020 SCOTT D. SHEFFIELD Santa Fe, New Mexico Retired Director and Chief Executive Of cer, Pioneer Natural Resources Company Director since 2016 BOARD COMMITTEES JESSE J. TYSON The Woodlands, Texas Retired President and Chief Executive Of cer, ExxonMobil Inter-Americas Director since 2022 CHAD J. ZAMARIN Tulsa, Oklahoma President and Chief Executive Of cer, Williams Director since 2025 SENIOR OFFICERS CHAD J. ZAMARIN President and Chief Executive Of cer Audit Committee Michael A. Creel Peter A. Ragauss Rose M. Robeson (Chair) Jesse J. Tyson Compensation & Management Development Committee Stephen W. Bergstrom Carri A. Lockhart Richard E. Muncrief Scott D. Shef eld William H. Spence (Chair) Environmental, Health & Safety Committee PAYVAND FAZEL Senior Vice President Commercial Michael A. Creel (Chair) Carri A. Lockhart Rose M. Robeson Scott D. Shef eld Alan S. Armstrong GLEN G. JASEK Senior Vice President Transmission, Power and Gulf Governance & Sustainability Committee LARRY C. LARSEN Executive Vice President and Chief Operating Of cer THOMAS F. MCCOY Senior Vice President Upstream Stephen W. Bergstrom Richard E. Muncrief (Chair) Peter A. Ragauss William H. Spence Jesse J. Tyson ERIC J. ORMOND Senior Vice President Project Execution DEBBIE L. PICKLE Senior Vice President Chief Human Resources Of cer, Communications and Corporate Social Responsibility JOHN D. PORTER Executive Vice President and Chief Financial Of cer TODD J. RINKE Senior Vice President Gathering & Processing T. LANE WILSON Senior Vice President and General Counsel ROBERT R. WINGO Executive Vice President Corporate Strategic Development WILLIAM H. SPENCE Bethlehem, Pennsylvania Retired Board Chair, President, and Chief Executive Of cer, PPL Corporation Director since 2016 2025 Annual Report The Williams Companies, Inc. 3
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WMB Shareholder/Stockholder Letter Transcript:

2025 Annual Report

Our Purpose
:H  UH VROYLQJ RQH RI WKH JUHDWHVW FKDOOHQJHV RI 
RXU JHQHUDWLRQ  PHHWLQJ WKH ZRUOG  V QHHG IRU FOHDQ  
DIIRUGDEOH DQG UHOLDEOH HQHUJ\ 
Our Values
We unlock our full potential when we work together     across
boundaries, creating connections and leveraging our strengths.
We are clear in our convictions and empower every employee to
prioritize safety, do what is right and champion transformation.
We win as one team     dedicated to creating value, growing our
business and being the best in the energy marketplace.
We challenge assumptions, engage in fresh thinking and
act on new ideas.
Forward-Looking Statements: Any statements included in this 2025 Annual Report that are
not historical facts, including, without limitation, statements regarding future market trends
and anticipated operations are forward-looking statements within the meaning of applicable
securities law. Such statements are subject to numerous risks and uncertainties beyond
our control and our actual results may differ materially from our forward-looking statements.
Additional information concerning factors that may in   uence our results can be found in the
Form 10-K under the heading    Part I, Item 1A. Risk Factors.   
Table of Contents
1 Stockholder Letter
3 Directors and Of   cers
5 Form 10-K

CHAD J. ZAMARIN
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Fellow Shareholders:
three times by a total of $350 million
from our original guidance set
in February 2024. These results
underscore the enduring value of our
irreplaceable infrastructure and our
strategic position to serve growing
domestic demand, expanding LNG
exports and a changing power
generation landscape.
of our Emissions Reduction Program,
we completed signi   cant equipment
upgrades, reduced methane
emissions beyond our incentive
targets and lowered operating
costs     all while maintaining safe,
reliable service.
A YEAR OF MOMENTUM
Through our power innovation team,
we created a new growth platform to
meet next-generation energy demand.
With more than $7 billion in behindthe-meter power solutions already in
execution to serve data centers, we
are expanding our role in the energy
value chain while strengthening the
value of our core assets.
Our progress is only possible
through our people. The dedicated,
hard-working men and women who
operate our assets every day are the
foundation of our success. In 2025,
employees supported 10 Employee
Resource Groups, and reinforced a
culture rooted in safety, integrity,
and teamwork.
In 2025, Williams delivered record
Adjusted EBITDA, hitting the midpoint
of guidance, which had been raised
At the same time, we continued to
operate more ef   ciently and minimize
our environmental footprint. As part
That commitment extended into the
communities where we work and
live. Williams and our employees
Williams just completed one of the
strongest    ve-year growth periods in
the company   s rich history, delivering
record    nancial performance and
positioning the company for continued
shareholder value creation. Our
results re   ect the outcome of a
fundamentals-based strategy coupled
with disciplined execution and a
culture of innovation. Our purpose
guides what we do: we work every
day to meet the world   s need for
clean, affordable and reliable energy.
In 2025, our strategy and purpose
continued to shape our performance,
while also informing how we prepare
the company for the future.
2025 Annual Report
OUR PEOPLE AND COMMUNITIES
The Williams Companies, Inc.
1

Socrates Power Solution Facility, New Albany, Ohio
contributed more than $15 million
to more than 2,300 organizations
across 47 states in 2025. During our
annual volunteer week alone, Williams
employees lent a hand with 85
organizations spanning 17 states.
We believe strong companies help
build strong communities.
and con   dence they have entrusted
in our next generation of leadership,
and it is our honor to build on
an incredible legacy of courage,
innovation, operational excellence
and long-term value creation.
LEADERSHIP CONTINUITY
Williams is built for this moment.
We are Collaborative, Courageous,
Competitive and Creative and
these values embody how we work
every day to deliver results. As we
look forward to the future, we see
incredible opportunities ahead. This
year we are committing to deliver
compound annual growth of 10%+
for Adjusted EBITDA and 10%+ for
This past year also marked an
important leadership transition.
After a thoughtful and well-planned
succession process led by the
Williams Board, Alan Armstrong
transitioned to Executive Chairman of
the Board. I am incredibly thankful to
Alan and our Board for the coaching
2
The Williams Companies, Inc.
LOOKING AHEAD
Adjusted EPS through 2030. For
Williams, growth and sustainability
go hand in hand     we expect to
deliver our results while creating
energy infrastructure solutions that are
central to delivering a cleaner, more
affordable and more reliable energy
future for generations to come.
Thank you for your continued trust
and investment in Williams.
Chad J. Zamarin
President and Chief Executive Of   cer
March 18, 2026
2025 Annual Report

DIRECTORS AND OFFICERS
DIRECTORS
ALAN S. ARMSTRONG
Tulsa, Oklahoma
Executive Chairman of the Board
Retired President and CEO, Williams
Director since 2011
STEPHEN W. BERGSTROM
The Woodlands, Texas
Retired Board Chair, President
and Chief Executive Of   cer
American Midstream Partners GP, LLC
Director since 2016
MICHAEL A. CREEL
The Woodlands, Texas
Retired Director and
Chief Executive Of   cer,
Enterprise Products Partners L.P.
Director since 2016
STACEY H. DOR  
Dallas, Texas
Executive Vice President
of Public Affairs and Chief Strategy
and Sustainability Of   cer, Vistra Corp.
Director since 2021
CARRI A. LOCKHART
Fulshear, Texas
Chief Executive Of   cer and Managing
Director, Karoon Energy Ltd.
Director since 2023
RICHARD E. MUNCRIEF
Edmond, Oklahoma
Retired Director, President
and Chief Executive Of   cer,
Devon Energy Corporation
Director since 2022
PETER A. RAGAUSS
Houston, Texas
Retired Senior Vice President
and Chief Financial Of   cer,
Baker Hughes Company
Director since 2016
ROSE M. ROBESON
Centennial, Colorado
Retired Group Vice President
and Chief Financial Of   cer,
DCP Midstream LLC
Director since 2020
SCOTT D. SHEFFIELD
Santa Fe, New Mexico
Retired Director
and Chief Executive Of   cer,
Pioneer Natural Resources Company
Director since 2016
BOARD COMMITTEES
JESSE J. TYSON
The Woodlands, Texas
Retired President
and Chief Executive Of   cer,
ExxonMobil Inter-Americas
Director since 2022
CHAD J. ZAMARIN
Tulsa, Oklahoma
President and Chief
Executive Of   cer, Williams
Director since 2025
SENIOR OFFICERS
CHAD J. ZAMARIN
President and Chief
Executive Of   cer
Audit Committee
Michael A. Creel
Peter A. Ragauss
Rose M. Robeson (Chair)
Jesse J. Tyson
Compensation & Management
Development Committee
Stephen W. Bergstrom
Carri A. Lockhart
Richard E. Muncrief
Scott D. Shef   eld
William H. Spence (Chair)
Environmental, Health
& Safety Committee
PAYVAND FAZEL
Senior Vice President    
Commercial
Michael A. Creel (Chair)
Carri A. Lockhart
Rose M. Robeson
Scott D. Shef   eld
Alan S. Armstrong
GLEN G. JASEK
Senior Vice President    
Transmission, Power and Gulf
Governance &
Sustainability Committee
LARRY C. LARSEN
Executive Vice President
and Chief Operating Of   cer
THOMAS F. MCCOY
Senior Vice President    
Upstream
Stephen W. Bergstrom
Richard E. Muncrief (Chair)
Peter A. Ragauss
William H. Spence
Jesse J. Tyson
ERIC J. ORMOND
Senior Vice President    
Project Execution
DEBBIE L. PICKLE
Senior Vice President    
Chief Human Resources Of   cer,
Communications and Corporate
Social Responsibility
JOHN D. PORTER
Executive Vice President
and Chief Financial Of   cer
TODD J. RINKE
Senior Vice President    
Gathering & Processing
T. LANE WILSON
Senior Vice President
and General Counsel
ROBERT R. WINGO
Executive Vice President    
Corporate Strategic Development
WILLIAM H. SPENCE
Bethlehem, Pennsylvania
Retired Board Chair, President,
and Chief Executive Of   cer,
PPL Corporation
Director since 2016
2025 Annual Report
The Williams Companies, Inc.
3


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