Williams : Virtual ESG Event

January 19, 2021 at 01:58 pm

Williams Virtual ESG Event

January 19, 2021

ESG Event I NYSE:1/19/2021WMBI www| www.williams.williams.com.com0

CEO Perspective

Alan Armstrong, President and Chief Executive Officer

NYSE: WMB | www.williams.com

Large-scale, irreplaceable natural gas infrastructure

Wamsutter

Southwest

Wyoming

DJ Basin

Piceance

Anadarko /

Mid-Con

Permian

Barnett Haynesville

Eagle Ford

Deepwater

Gulf of Mexico

Marcellus

+ Utica

Handling

30%

nation's

natural gas

1.26 million MT CO2 avoided each day by combusting

29.8 MMDth of gas v. coal 1

Transco

Nation's largest

and fastest

growing major

pipeline

Directly

Serving

600

customers

Indirectly

serving over

35 million energy

consumers 2

Serving

key supply

areas

Coal and natural gas plant emissions rate and heat rate assumptions per EIA.

Based on customer count statements of major gas and electric utilities served by Transco, Northwest Pipeline, and Gulfstream.

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Sustainable strategy driven by long-term trend of

natural gas demand growth

OUR MISSION

Committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy

WHO WE ARE

Safely and responsibly handle 30% of the natural gas in the United States that is used every day to heat our homes, cook our food and generate our electricity

Authentic

Safety Driven

Reliable Responsible

Performers Stewards

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Natural gas

remains a global fuel for the

ESG Event I 1/19/2021 I www.williams.com 4

Strong performance across several key

ESG ratings and rankings

Williams' ESG Risk Rating places it in the top 3% of the Refiners and Pipelines industry assessed by Sustainalytics

Ranked in the top 7% of industry peer group and included in Dow Jones

Sustainability Index North America

As of December 24, 2020

As of November 13, 2020

Recognized with a 'B' score for its	As of 2020, Williams received
commitment to transparency and
governance around climate change, ranking	an MSCI ESG Rating of BB,
above the sector average of 'C' and North	illustrating its ongoing
America regional average of 'D'	emphasis on ESG developments
As of December 15, 2020	As of November 6, 2020

The use by Williams of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Williams by MSCI. MSCI services and data are the property of MSCI or its information providers and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI.

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Leading ESG efforts with relentless commitment to sustainable operations and increased disclosures

Joined ONE	Announced Solar	Joined RNG
Future Coalition	Project Initiative
Coalition
June 2019	May 2020	Alan Armstrong

			Midstream ESG
			Initiative
			December 2020

Microsoft

Partnership

Pending 2021

Williams Virtual

ESG Event

January 2021

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Sustainability Highlights

Debbie Cowan, SVP and Chief Human Resources Officer Lane Wilson, SVP and General Counsel

Micheal Dunn, EVP and Chief Operating Officer

NYSE: WMB | www.williams.com

Authentic

Building a culture of authenticity leads to a collective mindset that transcends differences.

This allows for inclusion, acceptance and, ultimately, belonging.

Debbie Cowan, Senior Vice President & Chief Human Resources Officer

Commodity Optimization Rep,	Operations Manager,	Environmental Specialist,
Quincy J.	Ben K.	Amy L.

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Jennifer H.

Project Analyst

Mohamed Y.

Knowledge Services

Aaron M.

Project Manager

Social performance

29% of our management team is female or ethnic minority
Year over year from 2019-2020, our female leadership representation increased from 16% to 19%; ethnic minority leadership representation stayed relatively flat
19% of our office/professional staff is ethnic minority
34% of our office/professional staff is female
On average, 27% of our early career program hires were ethnic minority and 40% were female over the past 5 years
5% voluntary turnover rate
10% of employees promoted
$10 million annually invested in community

Based on 2020 reporting

CEO Action for Diversity &

Inclusion Coalition

D&I Council

Metrics Dashboard

Diversity & Inclusion Training

and Tools & Resources

Candid Conversations

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Reliable Performers

We stand behind our reputation as a dependable and trustworthy business that delivers on its promises and

is committed to strong corporate governance.

Lane Wilson, Senior Vice President & General Counsel

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Long history of strong corporate governance

• Williams recognized as a Trendsetter in political disclosure practices and accountability in the 2020 CPA-Zicklin Index

• 12 of 13 Williams Board members are independent

• A gender diverse board since 2008

• Management-levelESG Director appointed to develop and execute strategy

• 10% of Annual Incentive Program targets composed of environmental and safety metrics

• National Diversity Council named Debbie Cowan one of 50 Most Powerful Women in Oil & Gas

• Named 2020 Top Inclusive Workplace by Mosaic

Board of Directors	Stacey Doré	Debbie Cowan
Board of Directors	SVP & Chief Human
Elected December 2020	Elected January 2021	Resources Officer
WILLIAMS © 2021 The Williams Companies, Inc. All rights reserved.		NYSE: WMB I Williams Virtual ESG Event I 1/19/2021 I www.williams.com 11

Safety Driven

Safeguarding our people and neighbors is engrained in our culture and fundamental to everything we do.

Micheal Dunn, Executive Vice President & Chief Operating Officer

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COVID-19 response minimizes

disruption to our business

> Utilizing existing centralized emergency call numbers for employee self-reporting of symptoms or potential exposure to COVID-19

> Following CDC guidance for contact tracing and quarantine

> Implemented measures in our offices and field locations to include:

- Voluntary work from home

- Schedules reducing office occupancy

- High-risk/childcareaccommodations

- Business continuity plans for critical infrastructure employees

> Focusing on data

- Response decisions are data

focused, including review of external and internal data

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Safety is core to our operations

				Williams' Process Safety Incident Trend
Williams' TRIR vs. Industry
Since 2017				Since 2017

-50%

-72%

2017

2018

2019

2017

2018

2019

Represents industry benchmark

Note: Total Recordable Incident Rate (TRIR) = Total number of recordable injuries and/or illnesses x 200,000/number of work hours; There is not an external benchmark for Process Safety, but Williams' data shows a trend based upon API 754 process safety metrics.

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Focus on public safety drives our reputation as a reliable operator

811 One Call

Extensive line marking and flagging of assets
Responded to 215,000 One Call tickets

2019 SUSTAINABILITY REPORT HIGHLIGHTS

Public Awareness

Mailed more than 1 million communications to key stakeholders
- Excavators
- Landowners
- Farmers
- Schools
- Public Officials

Emergency Preparedness

Robust incident support management system
Full-scaledrills
Severe weather & wildfire monitoring/ response
Pandemic business continuity plan

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Responsible Stewards

We are dedicated to strengthening our communities and to protecting the environment.

Micheal Dunn, Executive Vice President & Chief Operating Officer

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Maintaining and strengthening

relationships by understanding local

needs, listening to stakeholder

priorities and identifying

opportunities to collaborate

Stakeholder outreach

2019 SUSTAINABILITY REPORT HIGHLIGHTS

Conducted 40 meetings with Native American tribes

Hosted more than 100 community engagements

Maintained relationships with more than 100,000 landowners

Reached mutual agreements with landowners ~93% of the time

Note: Data is from 2019 Sustainability report (published in 2020)

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Environmental reporting

2019 SUSTAINABILITY REPORT HIGHLIGHTS

60%	60% reduction in	10%	Established '20 goal to
reduce reportable air
environmental notices of
non-compliance since '17	releases by an additional
			10% from '19 levels

39% decrease in	39%	52% reduction in	52%
reportable spills to soil	reportable air releases
and water from '18 levels	from '18 levels

Note: Data is from 2019 Sustainability report (published in 2020)

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Climate Commitment

Alan Armstrong, President and Chief Executive Officer Micheal Dunn, EVP and Chief Operating Officer

NYSE: WMB | www.williams.com

Key climate commitment drivers

As a midstream industry leader, Williams believes we can successfully sustain and evolve our business as the world moves to a low carbon future, while also helping our customers and stakeholders meet their climate goals.

Global Cooperation	Technology Investment
Economically Sustainable	Regulatory Certainty
Measurable Progress	Science Driven

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Committed to a clean energy future

Williams recognizes the risks of climate change and our strategy provides a practical and immediate path to reduce industry emissions and grow a clean energy economy

Right Here, Right Now Opportunities

Goal: 56% absolute reduction in company-wide

greenhouse gas emissions by 2030

Leverage our natural gas-focused strategy and technology that is available today to focus on immediate opportunities to reduce emissions, scale renewables and build a clean energy economy.

Future Innovation and Technologies

Our path to net zero by 2050 involves a combination of immediate and long-term solutions, including investments in renewables, technology and the best and brightest talent who are committed to doing what is right.

Note: 56% absolute reduction measured against 2005 emissions

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Significant improvements in emissions efficiency

Williams greenhouse gas emissions vs. natural gas handled

Significant growth since 2005

Transmission capacity up over 100%
Gathering volumes up nearly 3x

Emissions down while business scales up

Improving operations efficiency
Implementing operating practices focused on safety and emissions reductions
Modernizing equipment and investing in new technologies

Volume + Capacity (Bcf/d) 1

22.6

14.3

2005

Volume + Capacity

34.4

12.7

2019

GHG Emissions

25	Emissions
20

15	Gas
5
Greenhouse
10
0

(Million metric tons CO2e)

For 2005, E&P net volumes: 0.7 Bcfe/d; Firm reserved transmission capacity (Transco, NWP and Gulfstream): 10 Tbtu/d; Gathering volumes: 3.4 Tbtu/d; gas used in power tolling agreements: 0.2 Bcf/d. For 2019, Firm reserved transmission capacity (Transco, NWP and Gulfstream): 21.5 Tbtu/d; Gathering volumes:12.9 Bcf/d. Tbtu converted to Bcf at 1,000 btu per cf.

NYSE: WMB I Williams Virtual ESG Event I 1/19/2021 I www.williams.com 22

Our strategy provides a practical

and immediate path to reduce industry emissions

Williams Path To 56% Absolute Reduction In Company-wide Greenhouse Gas Emissions By 2030

Measured In Million Metric Tons Of Carbon Dioxide Equivalent (Million MT CO2e)

2005-2030

44% Achieved

From 2005 Baseline of

22.6 million MT CO2e

12.7

12.2

11.6

11.1

10.5

10.0

Optimizing	Operational	Solar	2030 Goal of
Operations	Design	Projects	56% Reduction

NYSE: WMB I Williams Virtual ESG Event I 1/19/2021 I www.williams.com 23

Our path to net zero by 2050 involves a combination of

immediate and long-term solutions

POTENTIAL %

REDUCTION*

Elements of a Net Zero Approach

Reduce methane through work practices; Voluntary Leak Detection	<15%
and Repair (LDAR) and blowdown minimization

Evaluate opportunities to cost-effectively reduce methane emitting	<5%
equipment (e.g., rod packing, pneumatic devices, etc.)

Increase renewable power generation to supply electric	<20%
compression/demand

Collaborate with peers and customers on reduction strategies	>10%
through Williams-led initiatives (ERP, etc.), research organizations
and trade groups
Pursue renewable natural gas opportunities	>25%

Prepare for next-generation technologies/approaches - including	>25%
Carbon Capture, Use and Storage (CCUS) and hydrogen as a
fuel source

*2018-2050 target

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Innovation and Emerging Opportunities

Chad Zamarin, SVP Corporate Strategic Development

NYSE: WMB | www.williams.com

DedicatedRenewablesteam to lead the way to

netzerocarbon emissions by 2050

Strategy &

Market

Intelligence

Communications
&	Renewables
Corporate Social
Responsibility

Strategic

Development

Government	Corporate &
Affairs
Business
&
Development
Outreach

Deal

Evaluation &

Prioritization

Renewables team to commercially develop emerging opportunities
- Solar Initiative
- Renewable Natural Gas
- Developing sectors
Dedicated strategy team with annual process
On-goingmarket intelligence and monitoring of market fundamentals
Experienced business and corporate development teams to lead enterprise initiatives
Consistent communication and positive impact across key stakeholders, including public, elected officials and regulatory bodies

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Transco best positioned to support power

generation shift to gas from coal

Williams' U.S. Asset Map, Highlighting Third-party Operating Coal Plants

Coal Plants;

75 GW

Net Summer

Capacity

Equates to

386 MM

mt CO2 reduction

Equates to

+11.8

Bcf/d natural

gas1

Equates to

84 MM

cars off the road annually

Operating coal plant in Transco Pipeline states

Sources: Coal plant data per Velocity Suite; Coal and natural gas plants emissions rates and heat rate assumptions per EIA; Metric tons of CO2 emitted by a typical passenger vehicle per year per EPA

Using 6,800 Btu/kWh heat rate, 100% plant utilization

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Leveraging our footprint to create value and new revenue generation

Emerging Opportunities

Current Solar Project	Current RNG Project	Potential CCUS / H2
Development Area	Development Area	Development Area

Current Developments

>Solar Program

- Developing 13 projects, current total of ~350 MW, in- service by 2023

- Identified 37 additional projects for future development

>Renewable Natural Gas

- Currently 6 existing interconnections to Williams

infrastructure, more in the queue for 2021-2023

-Evaluating multiple investment opportunities along Transco and NWP

Forward-looking Innovation

Partnershipwith University of Oklahoma, Department ofEnergy on hydrogen blending and efficientenergystorage
Expandingoriginationteam to explore emerging opportunitieslikehydrogen, CCUS, and develop RoadmaptoNetZeroby 2050

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Committed to a clean energy future

Committed to being the leader in providing	Our mission is to empower every person and
infrastructure that safely delivers natural gas	every organization on the planet to achieve
products to reliably fuel the clean energy	more.
economy

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10-Minute Break

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ESG Focus Aligned with Shareholder Value

John Chandler, SVP and Chief Financial Officer

NYSE: WMB | www.williams.com

Sustainable value creation

Stable Cashflows & Reliable Dividend

• Strong cash generation and capital discipline provide financial flexibility

Sustainable Capital Structure

Leverage target of 4.2x achievable in 2021
Variety of capital allocation options available upon reaching target

• Strong dividend coverage of 1.7x

Renewable Energy Projects

ESG Integrated

into Corporate

Finance Goals

Transparency & Targets

Leading governance practices
Increasing transparency through enhanced reporting
Continued investment in our market- leading climate commitment

Leverage existing assets and capabilities
Returns meet or exceed cost of capital

ESG Financing Options

Transition bonds
Sustainability-linkedloans
Green bonds

NYSE: WMB I Williams Virtual ESG Event I 1/19/2021 I www.williams.com 32

Executing

Long investment horizon for capital spending

Regulated gas transmission investments

Expansions displace carbon-heavy fuels and support intermittent renewable investments

Emerging

Rate base investments

Emissions reduction program focused on modernizing compressor stations o Transport value in excess of tariff supports continued investment

Solar investment opportunities

Up to $400 million solar initiative with attractive returns
Potential to lower Scope 2 greenhouse gas emissions

Exploring broader RNG participation

Focus on complementary assets leveraging existing footprint
Investments must compete for capital dollars with broad set of investment opportunities

Hydrogen opportunities on the horizon

$3 Billion in Capital Toward Reducing Emissions Through 2025

RNG

Solar

Expansions in

Execution

Emissions

Reduction

NYSE: WMB I Williams Virtual ESG Event I 1/19/2021 I www.williams.com 33

Solar opportunities generate competitive returns

Total Realizable

Project Return

10% - 15%

Investment

Tax Credit

2% - 3%

Renewable

Energy Credits

<1% - 3%

Base Project

Return

5% - 9%

Solar Project Assumptions

ITC based on Safe	10% to 26%
Harbor date	of capital cost
Market value of	$6-$90 per REC
RECs vary by state

Capital Cost	~$1,100 per kW
Average power	~$65 per MWh
price at project sites

Developing solar energy capabilities

Renewable energy credits provide economic value or emissions reductions

Earning attractive investment returns

Note: Unlevered, pre-tax return

NYSE: WMB I Williams Virtual ESG Event I 1/19/2021 I www.williams.com 34

Fixed income market assesses low risk through 2050

30-Year Corporate Spread to Treasuries by Sector ( b p s )

BBB - range Credit Ratings

250
200								/ Max Range
150
							Min

100
50
0	Transco	Transport	Utilities	Health	Distribution	Consumer	Industrial	Producer

	2050			Services	Services	Non-	Services	Mfg.
						durables

Long-dated bonds trade in line with other sectors

Trading significantly above par value

Fixed income market not pricing significant energy transition risk through 2050

Source: FactSet, Corporate Spreads to Treasury select sectors and Transco 3.95% coupon, May 15, 2050 maturity bond; January 7, 2021

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ESG efforts broaden equity investor base

NUMBER OF WILLIAMS SHARES HELD BY MAJOR ESG FUNDS1

Number of Shares in 000's

1,000

800

600

400

200

ESG fund

ownership

dramatically

increases with

increased Williams ESG disclosures & commitments

30-Sep-18

31-Dec-18

31-Mar-19

30-Jun-19

30-Sep-19

31-Dec-20

30-Mar-20

30-Jun-20

30-Sep-20

Source: IHS Markit fund-level ownership data. Note: Williams holdings of select ESG funds. 1 iShares ESG MSCI USA ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, iShares ESG MSCI USA Leaders ETF, Timothy Plan - Timothy High Dividend Stock ETF, iShares MSCI ACWI Low Carbon Target ETF, Inspire Global Hope ETF, Timothy Plan - Timothy Plan US Large/Mid Cap Core ETF, Global X S&P 500 Catholic Values ETF, ClearBridge Dividend Strategy ESG ETF, Goldman Sachs JUST U.S. Large Cap Equity ETF, Point Bridge GOP Stock Tracker ETF, and SPDR MSCI ACWI Low Carbon Target ETF

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Closing Remarks

Alan Armstrong, President and Chief Executive Officer

NYSE: WMB | www.williams.com

Q&A

NYSE: WMB | www.williams.com

Forward Looking Statements

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Forward-looking statements

The reports, filings, and other public announcements of The Williams Companies, Inc. (Williams) may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). These forward- looking statements relate to anticipated financial performance, management's plans and objectives for future operations, business prospects, outcome of regulatory proceedings, market conditions, and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, included in this report that address activities, events, or developments that we expect, believe, or anticipate will exist or may occur in the future, are forward-looking statements. Forward-looking statements can be identified by various forms of words such as "anticipates," "believes," "seeks," "could," "may," "should," "continues," "estimates," "expects," "forecasts," "intends," "might," "goals," "objectives," "targets," "planned," "potential," "projects," "scheduled," "will," "assumes," "guidance," "outlook," "in-service date," or other similar expressions. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management and include, among others, statements regarding:
- Levels of dividends to Williams stockholders;
- Future credit ratings of Williams and its affiliates;
- Amounts and nature of future capital expenditures;
- Expansion and growth of our business and operations;
- Expected in-service dates for capital projects;
- Financial condition and liquidity;
- Business strategy;
- Cash flow from operations or results of operations;
- Seasonality of certain business components;
- Natural gas, natural gas liquids, and crude oil prices, supply, and demand;
- Demand for our services;
- The impact of the novel coronavirus (COVID-19) pandemic.

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Forward-looking statements (cont'd)

Forward-lookingstatements are based on numerous assumptions, uncertainties, and risks that could cause future events or results to be materially different from those stated or implied in this report. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following:
- Availability of supplies, market demand, and volatility of prices;
- Development and rate of adoption of alternative energy sources;
- The impact of existing and future laws and regulations, the regulatory environment, environmental liabilities, and litigation, as well as our ability to obtain necessary permits and approvals, and achieve favorable rate proceeding outcomes;
- Our exposure to the credit risk of our customers and counterparties;
- Our ability to acquire new businesses and assets and successfully integrate those operations and assets into existing businesses as well as successfully expand our facilities, and to consummate asset sales on acceptable terms;
- Whether we are able to successfully identify, evaluate, and timely execute our capital projects and investment opportunities;
- The strength and financial resources of our competitors and the effects of competition;
- The amount of cash distributions from and capital requirements of our investments and joint ventures in which we participate;
- Whether we will be able to effectively execute our financing plan;
- Increasing scrutiny and changing expectations from stakeholders with respect to our environmental, social, and governance practices;
- The physical and financial risks associated with climate change;
- The impacts of operational and developmental hazards and unforeseen interruptions;
- The risks resulting from outbreaks or other public health crises, including COVID-19;
- Risks associated with weather and natural phenomena, including climate conditions and physical damage to our facilities;
- Acts of terrorism, cybersecurity incidents, and related disruptions;
- Our costs and funding obligations for defined benefit pension plans and other postretirement benefit plans;
- Changes in maintenance and construction costs, as well as our ability to obtain sufficient construction-related inputs, including skilled labor;
- Inflation, interest rates, and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on customers and suppliers);
- Risks related to financing, including restrictions stemming from debt agreements, future changes in credit ratings as determined by nationally recognized credit rating agencies, and the availability and cost of capital;

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Forward-looking statements (cont'd)

- The ability of the members of the Organization of Petroleum Exporting Countries and other oil exporting nations to agree to and maintain oil price and production controls and the impact on domestic production;
- Changes in the current geopolitical situation;
- Whether we are able to pay current and expected levels of dividends;
- Additional risks described in our filings with the Securities and Exchange Commission (SEC).
Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. We disclaim any obligations to and do not intend to update the above list or announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments.
In addition to causing our actual results to differ, the factors listed above and referred to below may cause our intentions to change from those statements of intention set forth in this report. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.
Because forward-looking statements involve risks and uncertainties, we caution that there are important factors, in addition to those listed above, that may cause actual results to differ materially from those contained in the forward-looking statements. For a detailed discussion of those factors, see Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on February 24, 2020, as supplemented by the disclosures in Part II, Item 1A. Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.

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Appendix

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Natural gas products reliably fuel our everyday lives

Common Uses of Natural Gas Products

Electricity Generation	Propane Grill	Power for	Transportation	Warm Showers
for Lighting	Manufacturing Plants	Fuel

Home Heating	Electricity Generation	Electricity Generation	Stovetop Cooking	Commercial Heating
	for Household Items	for Air Conditioning		& Lighting

Medical Supplies	Clothing	Recyclable Plastics for	Fertilizers for	Recreational
Household Items	Agricultural Use	Equipment

NYSE: WMB I Williams Virtual ESG Event I 1/19/2021 I www.williams.com 44

Natural gas fulfilling 37% of global energy demand growth through 2040

Total Global Energy Consumption By Fuel '15-'40

	300						Global Energy

	250						Demand (QBtu)
	+56 QBtu						772
						619
	200	Or 43%
QBtu
150

							2015	2040
	100
	50							+2 QBtu
								Or 9%
	0	Natural Gas						Nuclear

		2015	2020	2025	2030	2035	2040

NYSE: WMB I Williams Virtual ESG Event I 1/19/2021 I www.williams.com 45

Renewables remain a small part of the energy mix

2020 Total Global Energy Consumption by Sector

Transportation

24%

Non-

Energy

11%Electricity

20%

Distribution &

Own Use

Industrial	Res/Com
17%	19%

2020 Global Power

Generation by Fuel Type

	Natural
Coal,	Gas,
21%	Wind,
38%	8%	Solar, 5.6%

		2.6%
Hydro,		Nuclear, 10%
17%	Other Renewables*, 3%

Liquids, 3%

Electricity only accounts for ~20% of total end-use energy consumption

AND

Wind & Solar only

account for

8% of total global

power generation

*Other Renewables include Geothermal & Tidal

NYSE: WMB I Williams Virtual ESG Event I 1/19/2021 I www.williams.com 46

Despite renewables capacity growth, natural gas will

remain part of power generation stack

Forecasted Change in Global Power Capacity

Forecasted Global Power Generation per Energy Source

5,000

4,000

3,000

2,000

1,000

-1,000

Coal

Crude Oil

Wind

4,242 GW



				81% Renewables


				73% Wind+Solar


		2%

		22%
		-1%

2020-40
	Natural Gas		Nuclear


	Hydro		Solar


	Other Renewable

TWh

40,000						37,107 TWh
30,000
				25,883 TWh


		31% Renewables
20,000		12% Wind+Solar
10%	9%

				22%
10,000				23%

			33%	23%
0

			2020	2040

		Coal			Natural Gas		Nuclear


		Crude Oil			Hydro		Solar


		Wind			Other Renewable

46% Renewables

29% Wind+Solar

Source: U.S. Energy Information Administration; International Energy Outlook 2019

NYSE: WMB I Williams Virtual ESG Event I 1/19/2021 I www.williams.com 47

MM Tons CO2

Natural gas plays critical role in reducing emissions

	Total U.S. Energy CO2 Emissions vs. Natural Gas Market Share
6,200		35%	GasNatural

5,800
6,000		30%
5,600		25%	PrimaryTotalof%as Consumption
	20%
CO2 Emissions Decline
5,400
	15%
5,200
	10%

5,000		Energy
	5%
4,800

4,600		0%

Source: U.S. Energy Information Administration, December 2020

NYSE: WMB I Williams Virtual ESG Event I 1/19/2021 I www.williams.com 48

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The Williams Companies Inc. published this content on 19 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 January 2021 13:57:06 UTC

Market Closed - Nyse Other stock markets 21:00:02 16/07/2024 BST			Pre-market 13:28:39
42.35 ^USD	-0.49%		42.84	+1.16%

01:18pm	Scotiabank Adjusts Price Target on Williams to $43 From $40	MT
07-15	CIBC Adjusts Price Target on Williams to $44 From $39	MT

Scotiabank Adjusts Price Target on Williams to $43 From $40	12:18pm	MT
CIBC Adjusts Price Target on Williams to $44 From $39	07-15	MT
Barclays Adjusts Price Target on Williams to $41 From $38	07-12	MT
Stifel Adjusts Williams Companies' Price Target to $46 From $43	07-10	MT
Goldman Sachs Adjusts Price Target on Williams Companies to $40 From $37, Maintains Neutral Rating	07-02	MT
The Williams Companies, Inc.(NYSE:WMB) added to Russell 1000 Defensive Index	06-30	CI
The Williams Companies, Inc.(NYSE:WMB) added to Russell 1000 Value-Defensive Index	06-30	CI
JPMorgan Adjusts Price Target on Williams Companies to $47 From $42, Maintains Overweight Rating	06-28	MT
Williams May Narrowly Trail Expectations in Q2, Long-Term Prospect Strong, UBS Says	06-27	MT
Argus Upgrades Williams Companies to Buy From Hold, Price Target is $47	06-20	MT
Truist Raises Williams Companies' PT to $42 From $40, Notes 'Solid' Opportunities Despite Natural Gas Pressure; Keeps Hold Rating	06-17	MT
RBC Raises Price Target on Williams to $44 From $40, Maintains Outperform Rating	06-13	MT
RBC Adjusts Price Target on Williams to $44 From $40	06-13	MT
Morgan Stanley Adjusts Price Target on Williams Companies to $48 From $45	06-10	MT
Williams seeks to put more of US natural gas project into service	06-07	RE
Sector Update: Energy Stocks Edge Up Late Wednesday Afternoon	06-05	MT
Sector Update: Energy	06-05	MT
Williams says court rules in its favor in pipeline dispute with Energy Transfer	06-05	RE
Williams Wins Court Injunction Against Energy Transfer in Pipeline-Development Case	06-05	MT
Wells Fargo Upgrades Williams Companies to Overweight From Equalweight, Adjusts Price Target to $46 From $38	06-04	MT
Utilities Up on Defensive Rotation -- Utilities Roundup	05-16	DJ
Williams confident rival's latest bid to halt Louisiana natgas pipeline project won't work	05-14	RE
Williams Companies Insider Sold Shares Worth $1,513,102, According to a Recent SEC Filing	05-10	MT
Wells Fargo Adjusts Price Target on Williams Companies to $38 From $37	05-10	MT
Wolfe Research Adjusts Price Target on The Williams Companies to $36 From $34	05-08	MT

	1st Jan change	Capi.
WILLIAMS COMPANIES	+21.59%	51.61B
ENBRIDGE INC.	+3.19%	76.72B
ENTERPRISE PRODUCTS PARTNERS L.P.	+12.37%	64.3B
ONEOK, INC..	+21.13%	49.65B
KINDER MORGAN, INC.	+14.74%	44.92B
MPLX LP	+15.01%	43.17B
TC ENERGY CORPORATION	+5.49%	41.38B
TARGA RESOURCES CORP.	+55.20%	29.89B
CHENIERE ENERGY PARTNERS, L.P.	+5.92%	25.53B
PEMBINA PIPELINE CORPORATION	+12.58%	21.76B

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