The Williams Companies, Inc. is an energy company focused on providing infrastructure for the safe delivery of natural gas products. The company's operations include natural gas gathering, processing, transmission, NGLs fractionation, transportation, and storage services, as well as marketing services. Williams operates in 12 supply areas across 24 states, owning and operating over 33,000 miles of pipelines and 35 natural gas processing facilities. They also have significant NGL storage capacity and deliver natural gas for clean-power generation, heating, and industrial use. The company aims to be a leader in providing infrastructure for the clean energy economy.

• Employees: 5,601 (as of February 1, 2024)
• Geographic Footprint: 24 states in the United States
• Headquarters: Tulsa, Oklahoma
• Founded: 1908
• Number of locations/facilities: 35 natural gas processing facilities, 9 NGL fractionation facilities, over 33,000 miles of pipelines
• Revenue: $10.9 billion (FY2023)
• Key Subsidiaries/Brands: Transco, Northwest Pipeline, MountainWest Pipelines, Gulfstar One LLC, Ohio Valley Midstream LLC, Laurel Mountain Midstream, Blue Racer Midstream LLC

• CEO: Alan S. Armstrong
• CFO: John D. Porter
• Executive Vice President and Chief Operating Officer: Michael G. Dunn
• Vice President, Chief Accounting Officer and Controller: Mary A. Hausman
• Senior Vice President Gathering & Processing: Larry C. Larsen
• Senior Vice President Project Execution: Eric J. Ormond
• Senior Vice President and Chief Human Resources Officer: Debbie (Cowan) Pickle
• Board Chair: Stephen W. Bergstrom

Key executives have extensive experience in the energy and midstream sectors. Alan S. Armstrong has been CEO since 2011. Mary A. Hausman has been Vice President, Chief Accounting Officer and Controller since 2022. Larry C. Larsen has been Senior Vice President Gathering & Processing since 2022.

• Annual Revenue: $10.9 billion (FY2023)
• Net Income: $3.2 billion (FY2023)
• Total Assets: $52.6 billion (as of December 31, 2023)
• Number of employees: 5,601 (as of February 1, 2024)
• Key Financial Highlights: Net income increased by $1.13 billion year-over-year.

Williams provides a range of services across the natural gas value chain:

• Natural Gas Gathering: Gathering natural gas from producers' wells and moving it to processing facilities.
• Natural Gas Processing: Processing natural gas to separate it from natural gas liquids (NGLs).
• Natural Gas Transmission & Storage: Transporting processed natural gas to demand centers and providing storage services.
• NGL Services: Transporting NGLs to fractionators to split out individual products.
• Gas & NGL Marketing Services: Marketing natural gas and NGLs to a variety of end-users.

Williams operates through four main segments:

• Transmission & Gulf of Mexico: Includes interstate natural gas pipelines, storage facilities, and crude oil transportation assets.
• Northeast G&P: Focuses on midstream gathering, processing, and fractionation in the Marcellus and Utica Shale regions.
• West: Includes gas gathering, processing, and treating operations in the Rocky Mountain, Barnett, Eagle Ford, Haynesville, Mid-Continent, and DJ Basins.
• Gas & NGL Marketing Services: Markets natural gas and NGLs through transportation and storage agreements.

Revenue breakdown by segments is not explicitly provided in the filing.

Williams' strategy is focused on providing infrastructure for the clean energy economy by safely delivering natural gas products. Key strategic initiatives include:

• Maximizing utilization of pipeline capacity.
• Disciplined growth in service areas.
• Expanding natural gas storage footprint in the Gulf Coast region.
• Investing in projects that support growth in key supply basins.
• Focusing on operational excellence and customer satisfaction.

The company aims to maintain a strong financial position and manage a diversified portfolio of assets.

Williams operates primarily in the natural gas and midstream energy industry. Key market trends affecting the business include:

• Increasing demand for natural gas as a cleaner energy source.
• Growth in natural gas production in key supply basins.
• Expansion of pipeline infrastructure to connect supply and demand centers.
• Increased regulatory scrutiny and public opposition to new pipeline builds.

The company faces competition from major interstate and intrastate natural gas pipelines, as well as other midstream service providers. Specific market share information is not provided in the filing.

• Market Risks: Volatility in commodity prices, competition from other energy sources, and changes in demand for natural gas.
• Operational Risks: Potential for operational hazards, interruptions, and cybersecurity incidents.
• Financial Risks: Dependence on customer creditworthiness, potential for credit rating downgrades, and changes in interest rates.
• Regulatory Risks: Changes in regulations, environmental laws, and permitting processes.
• Climate Change Risks: Physical and financial risks associated with climate change and greenhouse gas emissions.