WILLIAMS COMPANIES Business Summary

The Williams Companies, Inc. (WMB) is a leading North American energy infrastructure corporation that generates revenue through long-term, fee-based service contracts for the gathering, processing, and interstate transportation of natural gas and natural gas liquids (NGLs). The company operates through four primary segments: Transmission, Power & Gulf, which includes the critical Transco pipeline system; Northeast G&P, focused on the Marcellus and Utica shale regions; West, covering the Rockies and Haynesville basins; and Gas & NGL Marketing Services. As of February 2026, Williams handles approximately one-third of all natural gas consumed in the United States, positioning itself as the primary backbone of domestic energy reliability with a 2026 Adjusted EBITDA guidance midpoint of $8.2 billion. Its primary competitors include Kinder Morgan (KMI), Enterprise Products Partners (EPD), Enbridge (ENB), and Energy Transfer (ET). Relative to these peers, Williams distinguishes itself as a premier pure-play natural gas infrastructure leader, leveraging its massive Transco network to serve 30% of the natural gas demand in the densely populated U.S. Northeast. The leadership team is currently led by President and CEO Chad Zamarin, who assumed the role in July 2025 after previously serving as Executive Vice President of Corporate Strategic Development. He is supported by Executive Chairman Alan S. Armstrong, who transitioned from the CEO role after a 14-year tenure, and key executives including John D. Porter (EVP and CFO) and Larry C. Larsen (EVP and COO). The company’s strategic direction is overseen by a highly experienced board of directors, which includes Lead Independent Director Stephen W. Bergstrom and notable industry figures such as Scott D. Sheffield, the former CEO of Pioneer Natural Resources. Williams maintains a strong institutional investor base, with approximately 88% of shares held by major entities like Vanguard and BlackRock, and is recognized for its financial stability, underscored by a 50-year history of consecutive dividend payments and a recent 5% increase to its 2026 annualized payout.