The Williams Companies (WMB) Barclays 38th Annual CEO Energy-Power Conference summary

Strategic focus and business fundamentals

• Maintains a decade-long natural gas-focused strategy, handling about a third of U.S. natural gas and operating in 12 key supply areas with a diversified asset base.

• Emphasizes long-term, low-cost, low-emission natural gas as a driver for industrial growth and U.S. manufacturing.

• Demonstrates resilience and growth through commodity cycles, including the pandemic, with consistent outperformance of guidance and 34 consecutive quarters of meeting or exceeding Wall Street consensus.

• Achieved 8% CAGR in Adjusted EBITDA and 19% CAGR in EPS from 2018–2023, with 6% CAGR in dividend growth.

• Maintains strong liquidity, investment-grade credit ratings, and a well-laddered debt profile with minimal near-term maturities.

Growth pipeline and project execution

• Fully contracted growth drivers support a 5%-7% growth rate through 2027, with a clear line of sight on projects and a backlog of ~30 projects through 2032.

• 11.5 Bcf/day of new projects in the pipeline, with near-term and long-term growth exceeding previous forecasts.

• Major capital already spent on deepwater Gulf of Mexico projects, doubling EBITDA in that segment by 2025.

• Near-term contracted growth includes major expansions in the Uinta Basin, Haynesville, and several key transmission projects, supporting a targeted 20%+ return on invested capital for 2026–2030.

• Southeast Supply Enhancement Project (SSEP) to add nearly $1.5 billion in earnings, with 20-year contracts and strong returns.

Financial performance and outlook

• Achieved ~$6.8B adjusted EBITDA in 2023, with a 5-year CAGR of 8% and a 25% improvement in net debt-to-adjusted EBITDA since 2018.

• 2024–2025 guidance anticipates adjusted EBITDA growth to $7.4–$7.6B, with dividend growth of 6.1% in 2024 and a coverage ratio above 2x.

• Achieved a 19.5% return on invested capital from 2019–2022, with disciplined capital spending and strong project execution.

• Prioritizes maintaining financial strength, growing dividends, and investing in high-return growth and emissions reduction projects.

• Majority of contracts are A-rated, providing high credit quality and low risk.