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The UPS or FedEx for natural gas.

The American Tower for natural gas pipelines.

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• Natural Gas Gathering and Processing: Collects natural gas from production wells and removes impurities and natural gas liquids (NGLs).
• Natural Gas Transmission: Transports natural gas through an extensive network of interstate pipelines to various markets.
• Natural Gas Liquids (NGL) Fractionation and Marketing: Separates NGL mixtures into individual components like ethane, propane, and butane, and then markets these products.

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Williams Companies (WMB) primarily sells its services to **other companies (B2B)** rather than directly to individuals. As a major energy infrastructure company focused on natural gas gathering, processing, and transportation, WMB operates a vast network of pipelines and facilities.

Due to the nature of its midstream business, Williams Companies typically serves a broad array of customers across the natural gas value chain rather than having a few publicly disclosed "major customers" that account for a significant percentage of its revenue. Its revenue comes from fees for the use of its infrastructure services.

The company's customer base consists of various types of companies, including:

• Natural Gas Producers: Companies that extract natural gas from shale formations and conventional reservoirs. These producers rely on WMB's gathering and processing systems to move their raw natural gas from the wellhead to major transmission pipelines and processing plants to prepare it for market.

  Examples of public companies that are major natural gas producers and would utilize midstream services (these are illustrative of the types of customers WMB serves, not necessarily specifically named major customers by WMB):

  • EQT Corporation (EQT)
  • Chesapeake Energy Corporation (CHK)
  • Antero Resources Corporation (AR)

• Local Distribution Companies (LDCs) / Utilities: Companies that purchase processed natural gas from transmission pipelines and distribute it through their local networks to residential, commercial, and industrial customers.

  Examples of public companies that are major LDCs/utilities and would be off-takers from WMB's transmission pipelines:

  • Consolidated Edison, Inc. (ED)
  • Public Service Enterprise Group Incorporated (PEG)
  • NextEra Energy, Inc. (NEE) (through its gas utility subsidiaries)

• Power Generators and Industrial Users: Companies that operate natural gas-fired power plants or large industrial facilities (e.g., chemical plants, manufacturing facilities) that use natural gas as a primary fuel source or feedstock. They purchase natural gas transported through WMB's pipelines.

  Examples of public companies that are significant power generators or large industrial users of natural gas:

  • Vistra Corp. (VST) (a major power generator)
  • Many large integrated utilities (like those mentioned above, which often own power generation assets)
  • Large chemical companies (though specific direct contractual relationships are not typically disclosed)

In summary, Williams Companies serves a diverse portfolio of customers across the natural gas ecosystem, ensuring the efficient movement of natural gas from production basins to various end markets.

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Chad Zamarin, President and Chief Executive Officer

Chad Zamarin became President and Chief Executive Officer of Williams in July 2025. He joined Williams in 2017, initially as Senior Vice President of Corporate Strategic Development. Before his time at Williams, Mr. Zamarin served as Senior Vice President and President, Pipeline and Midstream at Cheniere Energy, Inc. from 2014 to 2017. He also held various executive positions at NiSource/Columbia Pipeline Group, including Chief Operating Officer at NiSource Midstream, LLC and NiSource Energy Ventures, LLC, and President of Pennant Midstream, LLC.

John D. Porter, Senior Vice President and Chief Financial Officer

John D. Porter has served as Senior Vice President and Chief Financial Officer of Williams Companies since January 2022. Prior to this role, he was the Chief Accounting Officer, Controller, and Vice President for Financial Planning & Analysis at the company, a position he held since 2020. His earlier roles at Williams include Vice President of Enterprise Financial Planning & Analysis and Investor Relations from 2017 to 2019, and Director of Investor Relations and Enterprise Planning from 2013 to 2017.

Alan Armstrong, Executive Chairman of the Board

Alan Armstrong, who served as President and Chief Executive Officer of Williams from 2011, transitioned to the role of Executive Chairman of the Board of Directors effective July 1, 2025. He began his career as an engineer at Williams in 1986. During his extensive career at Williams, he held various leadership positions, including Senior Vice President of the North American midstream and olefins businesses. Mr. Armstrong is a proactive advocate for the industry and serves on several corporate and non-profit boards.

Larry C. Larsen, Executive Vice President and Chief Operating Officer

Larry C. Larsen was appointed Executive Vice President and Chief Operating Officer of Williams Companies, effective May 3, 2025. Before this appointment, he served as Senior Vice President of Gathering and Processing for the company. His previous roles at Williams include Vice President, Strategic Development since 2020, and Vice President and General Manager of the Rocky Mountain Midstream franchise since 2018. He also served as Vice President, Central Services.

T. Lane Wilson, Senior Vice President and General Counsel

T. Lane Wilson has been the Senior Vice President and General Counsel for Williams Companies since April 2017. Before joining Williams, he served as a U.S. Magistrate Judge for the Northern District of Oklahoma, a position he held since 2009. Prior to his judicial service, Mr. Wilson was a partner and member of the Board of Directors at Hall, Estill, an Oklahoma-based law firm, where he specialized in complex commercial litigation, including matters related to oil and gas, telecommunications, technology, and construction. Early in his career, he also worked for Exxon.

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1. Natural Gas Price Volatility and Energy Transition: Williams Companies is exposed to the unpredictable fluctuations in natural gas prices, which are influenced by factors such as weather patterns, geopolitical events, and global energy policies. Sustained low natural gas prices could reduce margins and profitability. Furthermore, the global transition towards renewable energy sources poses a long-term risk, as an accelerated adoption of renewables could diminish demand for natural gas more rapidly than expected, impacting WMB's core business.

2. Regulatory and Project Execution Risks: The company's growth is heavily dependent on the successful execution of large-scale infrastructure projects, such as pipelines. These projects are susceptible to significant delays or abandonment due to regulatory and permitting hurdles, unfavorable rulings, or increased environmental scrutiny. Such setbacks can lead to higher costs, delayed revenue streams, and could even render certain projects unviable, impacting the company's projected growth rates and overall financial performance.

3. High Debt Levels and Capital Sourcing: Williams Companies maintains a substantial debt load compared to many of its industry peers, which elevates its financial risk and sensitivity to market downturns or unexpected challenges. There is also a risk associated with the company's ability to secure capital for its growth initiatives on favorable terms, which could lead to dilution of shareholder value or increased interest expenses.

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Threat 1: Long-Term Decline in Natural Gas Demand from Energy Transition. Growing global and domestic emphasis on decarbonization, propelled by policies and investments in renewable energy and electrification initiatives (e.g., heat pumps, electric vehicles, bans on natural gas hookups in new construction), presents a clear emerging threat. While natural gas serves as a bridge fuel, this accelerating transition signals a long-term shift away from its primary role, potentially leading to plateauing or declining demand for natural gas transportation and processing services over the coming decades, thereby impacting the utilization rates and expansion opportunities for WMB's core infrastructure assets.

Threat 2: Escalating Regulatory and Social Opposition to Fossil Fuel Infrastructure. The increasing difficulty in obtaining permits for new natural gas pipelines and expansions, coupled with prolonged legal challenges, more stringent environmental regulations (particularly concerning methane emissions), and growing financial sector pressure from ESG investing and divestment campaigns, poses a significant emerging threat. These factors directly impact WMB's ability to grow, maintain, and finance its operations, leading to higher costs, project delays, and potential cancellations.

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Williams Companies (WMB) primarily operates within the natural gas infrastructure sector, focusing on natural gas transmission, gathering, processing, and storage, as well as natural gas liquids (NGL) marketing and deepwater natural gas and crude oil services across the United States.

The addressable markets for their main products and services are sizable, predominantly within North America and the U.S.:

• North America Natural Gas Market: This market was valued at approximately USD 435.26 billion in 2024 and is projected to reach about USD 622.63 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.15%.
• North America Gas Pipeline Infrastructure Market: This market was valued at approximately US$ 21,084.52 billion in 2022 and is projected to reach about US$ 27,641.34 billion by 2030, with a CAGR of approximately 3.4%.
• U.S. Gas Pipeline Infrastructure Market: This market was calculated at USD 1,058.73 billion in 2024, grew to USD 1,149.26 billion in 2025, and is projected to reach around USD 2,431.55 billion by 2034, expanding at a CAGR of 8.67% between 2025 and 2034.
• U.S. Oil and Gas Midstream Market: Valued at USD 17.10 billion in 2025, this market is expected to reach USD 20.41 billion by 2030, growing at a CAGR of 3.60%. Another estimate places the U.S. Oil and Gas Midstream Market size at USD 10.0 billion in 2024, projected to reach USD 14.77 billion by 2032, with a CAGR of 5.0% from 2026 to 2032.
• Liquefied Natural Gas (LNG) in the U.S. Gas Market: Williams projects that LNG's share of the U.S. gas market will significantly expand from approximately 15% currently to over 25% within the next decade (by 2033). LNG services in the U.S. midstream market are forecast to grow at a 6.5% CAGR to 2030.

Specific addressable market sizes for NGL marketing services or deepwater gas gathering and crude oil services were not explicitly identified as separate market figures, but these activities are components of the broader natural gas and oil & gas midstream markets mentioned above.

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Williams Companies (NYSE: WMB) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:

1. Expansion of Natural Gas Pipeline Network: Williams is undertaking large-scale expansions of its pipeline network, particularly in high-growth regions such as the Haynesville, Gulf Coast, and Transco corridor. These projects, including Transco's Alabama Georgia Connector, Commonwealth Energy Connector, Northwest Pipeline's Stanfield South, Louisiana Energy Gateway, and growth in the DJ Basin, are either underway or recently placed in service. This increased infrastructure capacity is designed to meet surging demand and is expected to accelerate volume and revenue growth.

2. Increasing Natural Gas Demand, Driven by Data Center Expansion: The expansion of data centers is identified as a significant catalyst for rising electricity and natural gas demand in the coming years. Williams is positioned to benefit from this trend, as data center capacity demand is projected to increase substantially, leading to a massive increase in natural gas consumption.

3. Strategic Investments in LNG Export Infrastructure: The company is strategically investing in liquefied natural gas (LNG) export projects and associated pipeline infrastructure. A notable example is the significant investment and partnership with Woodside Energy on the Louisiana LNG project and the Line 200 pipeline, which are backed by long-term contracts. This "wellhead to water" strategy aims to capitalize on growing global LNG demand.

4. Development of Power Innovation Projects: Williams is committed to investing in "power innovation projects," with substantial capital allocated to address the power requirements of artificial intelligence (AI) data centers. These projects are expected to generate new revenue streams through 10-year agreements and are a key component of the company's growth strategy.

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Share Repurchases

• Williams authorized an additional $1.5 billion for share repurchases in October 2023, bringing the total authorization to $3.0 billion, extending through December 31, 2026.
• The company repurchased approximately $450 million of common stock during 2023.
• Williams executed $500 million in common stock repurchases during 2022.

Outbound Investments

• In April 2023, Williams acquired the remaining 50% interest in Bluestem Energy Center from Navitas Midstream for $305 million, increasing its ownership to 100%.
• Williams acquired MountainWest Pipelines from Southwest Gas Holdings for $1.07 billion in July 2022.
• In August 2021, Williams completed the acquisition of NorTex Gas Storage and Pipeline for $423 million.

Capital Expenditures

• Capital expenditures totaled approximately $2.6 billion for the full year 2023.
• For 2024, Williams' capital expenditure guidance is approximately $2.5 billion, with about $1.9 billion designated for growth projects and the remainder for maintenance.
• The primary focus of capital expenditures is on natural gas infrastructure, including expansion projects to connect supply to growing demand markets and enhance clean energy infrastructure.