The Williams Companies (WMB) EnerCom Denver – The Energy Investment Conference summary

Company history and strategic positioning

• Over 100 years of infrastructure development, evolving from construction to critical energy systems, with a focus on natural gas value chain and future technologies.

• Emphasizes the need for energy solutions that are reliable, affordable, and clean, with natural gas currently providing the best balance.

• Highlights the U.S. decline in manufacturing and electricity production compared to China's rapid growth, stressing urgency in energy innovation.

• Stresses the importance of expanding infrastructure to meet rising natural gas demand and avoid bottlenecks and volatility.

• Notes global energy poverty and the role of natural gas in lifting populations out of poverty, especially in developing nations.

Financial performance and growth outlook

• Achieved a reduction in debt to EBITDA from nearly 5x in 2017 to 3.65x, with strong balance sheet capacity.

• Earnings have grown at a 9% CAGR over five years, with 2025 guidance at $7.75 billion, $350 million above prior midpoint.

• Returns on invested capital exceed 20%, positioning the company for continued strong growth.

• Expects to surpass previously guided 5%-7% earnings growth rate due to favorable fundamentals.

Infrastructure, projects, and market strategy

• Operates major gathering, processing, and transmission assets, including the Transco pipeline and Sequent Energy Management platform.

• Well positioned to serve power, data center, and innovation-driven demand across the U.S.

• Largest project, Southeast Supply Enhancement, to come online in 2027; Power Express project targeting Virginia data center market in early 2030s.

• Actively meeting technology customers' needs by directly powering data centers, bypassing slow grid expansions.