The Williams Companies (WMB) Acquisition presentation summary

Joint venture structure and capital strategy

• Innovative joint venture structure secures $5.34B at a 6.35% cost of equity, preserving operational control and decision-making authority.

• 59% of project capital is provided by a partner for a 49% ownership stake, including $4.4B for growth capex and $0.9B additional consideration.

• Capital receives full equity treatment, reducing estimated 2026 leverage to approximately 3.6x and enabling investment in near-term growth projects.

Financial flexibility and project returns

• JV structure enhances project economics with a 10% promote, improving returns on five ongoing Power Innovation projects.

• 100% equity low-cost construction funding with accretive buyout potential, preserving long-term upside.

• Buyout rights commence after year 7, with declining EBITDA multiples for buyout options from year 8 to year 11.

Risk factors and forward-looking statements

• Forward-looking statements address anticipated financial performance, growth, capital expenditures, and market conditions.

• Risks include supply availability, regulatory changes, competition, financing, and macroeconomic factors such as inflation and interest rates.

• Additional risks stem from geopolitical shifts, environmental scrutiny, and operational hazards.