Williams completed several acquisitions, including Crowheart Energy, Discovery Producer Services, and Gulf Coast Storage. These acquisitions expand Williams' presence in key natural gas production and storage areas.

Several expansion projects are underway, such as Regional Energy Access and Southside Reliability Enhancement, designed to increase natural gas transportation capacity. These projects support Williams' strategy of expanding its infrastructure to meet growing demand.

Williams continues to invest in new energy ventures related to hydrogen, solar, and renewable natural gas. This indicates a forward-looking strategy to diversify its energy portfolio.

Williams includes safety and environmental metrics as part of its Annual Incentive Program. This demonstrates a commitment to responsible operations.

Williams emphasizes workforce development, inclusion, and employee engagement. This suggests a focus on attracting and retaining talent.

Williams has established a Cybersecurity Governance Committee and is actively monitoring evolving regulatory requirements. This demonstrates a proactive approach to managing cybersecurity risks.

Transco filed a general rate case with the FERC, and the outcome of hearing procedures could impact revenues. NWP is required to file a general rate case by April 1, 2028. These regulatory proceedings create uncertainty.

Increasing scrutiny and changing expectations from stakeholders with respect to environmental, social, and governance practices may impose additional costs or risks. This highlights the growing importance of ESG considerations.

A breach of information technology infrastructure, including a cybersecurity attack, may interfere with the safe operation of assets and result in the disclosure of personal or proprietary information. This remains a persistent and evolving threat.

The market for supplying natural gas is highly competitive, and new pipelines, storage facilities, and other related services are expanding. This indicates a dynamic and challenging competitive landscape.

Natural gas delivered on Williams' system competes with alternative energy sources such as hydroelectric power, solar, wind, coal, fuel oil, and nuclear. This highlights the need for Williams to adapt to the evolving energy market.

Increased federal and state regulations and elevated public opposition against new pipeline builds will continue to impact potential competition for the foreseeable future. This provides some protection to existing infrastructure.

Williams' competitive strategy spans all of its product and service offerings and has a narrowed natural gas value chain focus that supports the exceptional reliability and quality services that are valued by our customers. This suggests a focus on operational efficiency.

NWP is purchasing allowances for 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. This is a cost of operations.

Changes in maintenance and construction costs, as well as the ability to obtain sufficient construction-related inputs, including skilled labor, are increasing. This is a cost of operations.

Williams has invested, and expects to continue to invest, significant time, manpower, and capital in its information technology infrastructure. This suggests ongoing digital transformation efforts.

Williams regularly faces cybersecurity and other security threats to its information technology infrastructure, including risks that may be enhanced through the use of artificial intelligence, which could include threats to operational industrial control systems and safety systems that operate its pipelines, plants, and assets.

Williams' new CIO joined the company in February 2025, and will succeed the company's retiring CIO, who is retiring in March 2025. The new CIO brings over 20 years of experience in information technology and leadership within the energy industry and has extensive expertise in digital transformation, cloud strategies, enterprise AI initiatives, and cybersecurity, as well as managing large-scale system implementations and integrations.

Growth capital spending in 2025 primarily includes projects supporting growth in the Haynesville Shale basin and Transco expansions. This indicates a focus on expanding existing infrastructure.

In September 2021, Williams' Board of Directors authorized a share repurchase program with a maximum dollar limit of $1.5 billion. This signals confidence in the company's value.

In January 2025, Williams' board of directors approved a regular quarterly dividend of $0.5000 per share payable on March 31, 2025. This reflects a commitment to returning capital to shareholders.

Williams includes three safety and environmental metrics as a part of its Annual Incentive Program design. This highlights the importance of safety.

Williams' employees are its most valued resource, are instrumental in our mission to safely deliver products that support the clean energy economy, and are the driving force behind Williams' reputation as a safe, reliable company that does the right thing, every time.

Williams is committed to creating an inclusive culture, where differences are embraced and employees feel valued, welcomed, appreciated, and compelled to reach their full potential. Williams believes that inclusion fosters innovation, collaboration, and drives business growth and long-term success.

The business, operating results, and financial condition of Williams', Transco's, and NWP's natural gas transportation and midstream businesses are dependent on the continued availability of natural gas supplies in the supply basins and demand for those supplies in the markets that they serve.

Prices for natural gas, NGLs, oil, and other commodities are volatile, and this volatility has and could continue to adversely affect Williams' financial condition, results of operations, cash flows, access to capital, and ability to maintain or grow its business.

Natural gas delivered on Williams' system competes with alternative energy sources used to generate electricity such as hydroelectric power, solar, wind, coal, fuel oil, and nuclear. This competition could affect future demand.