WMBNYSE

WILLIAMS COMPANIES, INC.

Natural Gas Transmission · DE · CIK 107263

Williams provides energy infrastructure for safely delivering natural gas products to fuel the clean energy economy

red 8-K · 90d

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$88.15B

Market cap

$75.06

Last close

-3.7%

+0.1%

13.1M

Volume

Price · last 39 sessions-0.5%

May 4L $70.04 · H $79.40Jun 29

271

Total filings

May 20, 2026

Last filing

12/31

Fiscal year end

All 8-K · 138 DEFA14A · 36 10-Q · 30 425 · 16 424B5 · 13 DEF 14A · 11 10-K · 10 11-K · 9

Insider Activity

In the 90 days to Mar 13, 2026: 4 sold $3.9M.

Date	Insider	Action	Shares	Price	Value
Mar 13, 2026	Fazel PayvandSenior Vice President	Sell	2,898	$73.15	$212K
Mar 11, 2026	Rinke Todd J.Senior Vice President	Sell	7,364	$74.39	$548K
Mar 2, 2026	Wilson Terrance LaneSVP & General Counsel	Sell	2,000	$75.24	$150K
Feb 26, 2026	Hausman Mary A.VP Chief Accounting Officer	Sell	10,107	$74.91	$757K
Feb 24, 2026	Wilson Terrance LaneSVP & General Counsel	Sell	27,000	$72.92	$2.0M
Feb 2, 2026	Wilson Terrance LaneSVP & General Counsel	Sell	2,000	$66.39	$133K
Jan 2, 2026	Wilson Terrance LaneSVP & General Counsel	Sell	2,000	$60.11	$120K
Dec 9, 2025	Wilson Terrance LaneSVP & General Counsel	Sell	2,000	$61.90	$124K
Nov 12, 2025	Wilson Terrance LaneSVP & General Counsel	Sell	4,000	$60.53	$242K

Open-market buys & sells (Form 4, transaction codes P/S). Source: SEC structured insider data.

What Changed

Risk factors · Feb 25, 2025 → Feb 24, 2026

114 added · 110 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.

Newly disclosed

Website Access To Reports and Other Information Williams files its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and other documents electronically with the SEC under the Exchange Act.
Williams makes available, free of charge, through the Investors tab of its Internet website its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports 26 on Form 8‑K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after Williams electronically files such material with, or furnishes it to, the SEC.
In 2023, NWP began purchasing allowances for the carbon emissions from nine of its thirteen compressor stations within the state whose annual carbon emissions have exceeded 25,000 metric tons of carbon dioxide equivalent at least once since 2015.
For 2025, these goals included Critical Tier 3 Loss of Primary Containment (LOPC) Ratio, a High Potential Hazard Identification to Incident Ratio goal aimed to focus attention on behaviors that are the leading causes of incidents, as well as a Methane Emissions Intensity Reduction goal focusing on efforts to reduce greenhouse gas emissions by safely and reliably operating and maintaining assets.
For example, the Texas Railroad Commission has the authority to regulate the terms of service for Williams’ intrastate natural gas gathering business in Texas.
This program took effect on January 1, 2023, and sets a limit, or cap, on overall carbon emissions in the state and requires businesses like NWP to obtain allowances equal to their annual covered carbon emissions.
NWP - Washington State Climate Commitment Act In 2021, the state of Washington passed its Climate Commitment Act establishing a market-based cap-and-invest program to reduce carbon emissions.
Transco and NWP may not be able to successfully compete against current and future competitors and any failure to do so could have a material adverse effect on Transco’s and NWP’s businesses, financial condition, results of operations, and cash flows. 35 Williams does not own 100 percent of the equity interests of certain subsidiaries, including the nonconsolidated entities, which may limit its ability to operate and control these subsidiaries.
Williams has been actively implementing PHMSA’s 2021 Gas Gathering final rule that requires all onshore gas gathering lines to report incidents and file annual reports.
For 2025, the LOPC Ratio, High Potential Hazard Identification to Incident Ratio and Methane Emissions Intensity Reduction goals outperformed the established targets.
Williams will also provide, free of charge, a copy of any of our corporate documents listed above upon written request to Williams’ Corporate Secretary, One Williams Center, Suite 4700, Tulsa, Oklahoma 74172. 27 Item 1A.
The final rule also established a new Type C regulated gathering line and now requires Type C gathering lines to comply with specifically identified PHMSA regulations in 49 Code of Federal Regulations Part 192.

No longer disclosed

For example, they could: • Make it more difficult for Williams, Transco, and NWP to satisfy their obligations with respect to their indebtedness, which could in turn result in an event of default on such indebtedness; • Impair Williams’, Transco’s, and NWP’s ability to obtain additional financing in the future for working capital, capital expenditures, acquisitions, general corporate purposes or limited liability company purposes, as applicable, or other purposes; • Diminish Williams’, Transco’s, and NWP’s ability to withstand a continued or future downturn in their business or the economy generally; • Require Williams, Transco, and NWP to dedicate a substantial portion of their cash flow from operations to debt service payments, thereby reducing the availability of cash for working capital, capital expenditures, 43 acquisitions, the payments of dividends, general corporate purposes or limited liability company purposes, as applicable, or other purposes; • Limit Williams’, Transco’s, and NWP’s flexibility in planning for, or reacting to, changes in their business and the industry in which they operate, including limiting their ability to expand or pursue business activities and preventing Williams, Transco, and NWP from engaging in certain transactions that might otherwise be considered beneficial to Williams, Transco, and NWP.
In addition, certain of Williams’, Transco’s, and NWP’s debt agreements contain various covenants that restrict or limit, among other things, the ability to make certain distributions during the continuation of an event of default, and to enter into certain affiliate transactions and certain restrictive agreements.
In addition, cross-default or cross-acceleration provisions in each of Williams’, Transco’s, and NWP’s debt agreements could cause a default or acceleration to have a wider impact on their liquidity than might otherwise arise from a default or acceleration of a single debt instrument.
While Williams attempts to manage counterparty credit risk within guidelines established by its credit policy, Williams may not be able to successfully manage all credit risk and as such, future cash flows and results of operations could be impacted by counterparty default.
Because Transco and NWP are indirect wholly owned subsidiaries of Williams, Williams exercises substantial control over their businesses and operations and makes determinations with respect to, among other things, the following: • Payment of distributions and repayment of advances; • Decisions on financings and capital raising activities; • Mergers or other business combinations; • Acquisition or disposition of assets.
Federal regulation extends to such matters as: • Transportation and sale for resale of natural gas in interstate commerce; • Rates, operating terms, types of services, and conditions of service; • Certification and construction of new interstate pipelines and storage facilities; • Acquisition, extension, disposition, or abandonment of existing interstate pipelines and storage facilities; • Accounts and records; • Depreciation and amortization policies; • Relationships with affiliated companies that are involved in marketing functions of the natural gas business; • Market manipulation in connection with interstate sales, purchases, or transportation of natural gas.
Williams’, Transco’s, and NWP’s failure to comply with the covenants in the documents governing their indebtedness could result in events of default, which could render such indebtedness due and payable.
For example, a forward contract that would be effective in hedging commodity price volatility risks would not hedge the contract’s counterparty credit or performance risk.
Williams’ total outstanding long-term debt (including current portion and commercial paper) as of December 31, 2024, was $26.9 billion, including the long-term debt of Transco and NWP.
Such scrutiny has also resulted in various inquiries, investigations, and court proceedings, including litigation of energy industry matters.
Williams, Transco and NWP are party to a credit agreement with aggregate commitments available of $3.75 billion, with up to an additional $500 million increase in aggregate commitments available under certain circumstances.
The total outstanding long-term debt (including current portion) as of December 31, 2024, for Transco and NWP was $5.2 billion and $582 million, respectively.

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