The Williams Companies, Inc. Q3 FY2025 earnings call

• Completed transmission projects like Northwest Pipeline's Stanfield South, Transco's Alabama, Georgia Connector, etc., with significant capacity increases. - Strategic investments: Sold Haynesville upstream asset to JERA, announced partnership with Woodside Energy to build and operate Line 200 pipeline and take 10% interest in Louisiana LNG terminal. - Power Innovation business has planned investments of ~$3.1 billion into 2 additional projects, with backlog of fully contracted projects at ~$5.1 billion.

Transmission, Power & Gulf business improved $117 million or 14%, setting another all-time record due to higher revenues from expansion projects. Northeast G&P business improved to $21 million, primarily on higher revenues. West was $37 million or 11% higher, driven by initial contributions from the Louisiana Energy Gateway project and higher Haynesville volumes. Sequent marketing business was up $7 million. Other segment, including upstream, was up about $35 million. Overall adjusted EBITDA for third quarter '25 was $1.92 billion, a 13% growth.

• No change to adjusted EBITDA guidance with midpoint of $7.75 billion. - 9% growth in adjusted EBITDA over '24 and 9% 5-year CAGR from 2020. - Full year 2025 growth CapEx range shifted upward to $3.95 billion to $4.25 billion. - Leverage guidance remains at approximately 3.7x.

Q: Dive into Power Innovation opportunity set and footprint?

A: Robust engagement, diverse footprint, projects in states like New England.

Q: Expand on LNG deal strategy and offtake capacity?

A: Strategy is demand-driven, offtake capacity is small, focus on fixed margin transactions.

Q: Procurement cycle for turbines in Power Innovation?

A: Stay ahead of project need, will share more in February.

Q: Change in Power Express project scope?

A: Scalable, aligned with customer needs, returns in same range.

Q: Growth outlook and balance sheet?

A: High-return projects fit balance sheet, cash tax deferrals.

Q: Impact of utility bills and data centers on Williams?

A: Natural gas is affordability superpower, hopeful for progress on NESE and Constitution.

Q: Interpretation of removed long-term growth outlook?

A: Teaser for Analyst Day, strong balance sheet and opportunity set.

Q: Power Innovation next steps?

A: Combination of scaling existing sites and finding new geographies.

Q: LNG project contract status?

A: Fully contracted take-or-pay pipeline and LNG terminal.

Q: Power Innovation 6 gigawatts addressable market?

A: Disciplined capital allocation, focus on high-quality projects.

Q: Transco expansion potential?

A: Unlimited expandability, majority of projects along Transco corridor.

Q: LNG offtake contract status?

A: 100% contracted with Woodside and others.

Q: Power Innovation equipment supply and nontraditional tech?

A: Sticking to expertise, small amount of nontraditional tech.

Q: LNG opportunity and future outlook?

A: Unique integrated opportunity, not aiming to be international LNG marketer.

Q: Power Innovation supply chain costs and counterparty concentration?

A: Cost inflation managed with customers, focused on best counterparties.

Q: Remaining upstream portfolio plan?

A: Proving up Wamsutter asset to maximize midstream margin