williams january investor meetings- draft

NYSE WMB | williamscom

WE MAKE ENERGY HAPPEN

Williams January Investor MeetingsJanuary 2019

WILLIAMS COMPANIES HEADQUARTERSTulsa Oklahoma

2copy 2019 The Williams Companies Inc All rights reserved Williams January Investor Meetings I January 2019

WMBMedian

SampP 500

WMB vs SampP 500

Approximate Current Dividend Yield(2)

58 22 1636

Adjusted EPSCAGR(2)

(2017-2019)189 136 390

Adjusted EBITDA Growth(2)

(2018-2019)99 71 394

Dividend Growth(2)

(2018-2019)125 67 866

(1) Per SampP Capital IQ Williamsrsquo adjusted EBITDA exceeded or was within 2 of the consensus estimate for EBITDA in each quarter 1Q 2016ndash3Q 2018(2) Data and estimates as of January 4 2018 Median SampP 500 2017-2019 growth rates based on Bloomberg consensus estimates WMB 2018-2019 growth rates based on midpoint of guidance (3) Represents peer average EV NTM EBITDA multiple from January 1 2013 to current peers include ENB EPD ET KMI OKE TRGP and TRPNote This slide contains non-GAAP financial measures A reconciliation of all non-GAAP financial measures used in this presentation to their nearest GAAP comparable financial measures are included at the back of this presentation

Williams is a unique large-scale low-volatility growing natural gas infrastructure company with strong investor upside

gt Volume-driven natural gas strategy drives low volatility in earnings and cash flowgt Advantaged and irreplaceable asset base handling 30 of US low-cost natural gas suppliesgt Large-scale energy company ~$52 billion enterprise value with Investment Grade credit

ratingsgt 2019 gross margin projected to be ~97 fee-based gt Met or exceeded Adjusted EBITDA street consensus each of the last 11 quarters(1)

gt Exceeded midpoint for 2017 key guidance metrics 2018 trending toward high end of rangegt ~$125 billion excess cash available after dividends in 2019

STABILITY

gt Nationrsquos largest and fastest growing interstate natural gas pipeline system Transco with unrivaled proximity to growing Mid-Atlantic Southeast and Gulf Coast demand centers

gt 15 Northeast GampP gathered volume CAGR expected 2018-2021

gt 189 Adjusted EPS growth CAGR expected 2017-2019 despite $34B in asset sales

gt 10 Adjusted EBITDA growth 2018-2019 expecting 5-7 annual Adjusted EBITDA growth longer term beyond 2019

GROWTH

gt Attractive current dividend yield of 58(2) with strong coverage

gt 104x EV 2019 EBITDA multiple(2) below long-term historical average of 128x(3)

gt Long-term historical 128x multiple(3) implies a $34 stock price which aligns with sell-side consensus target price providing for 44 upside to current price(2)

VALUATION


WILLIAMS HANDLES ~30 OF US NATURAL GAS VOLUMES

Source Figures represent 100 capacity for operated assets including those in which Williams has a share of ownership NGL storage includes capacity owned and under long-term lease All data as of December 31 2017 plus the addition of Atlantic Sunrise Transco expansion to the natural gas transportation statistics DJ Basin acquisition and Four Corners assets sale of 2H 2018 not accounted for in statistics

Consistent strategy focused on natural gas volume growth

StorageMixed NaturalGas Liquids

FractionationFacilities

Gas Processing Plants(onshore and

Offshore)

Gathering(onshore and

Offshore)

Wellhead(onshore and

Offshore)

TransportationLines Rail and

Truck

OlefinsPlant

Olefins End Users

Natural Gas TransportationLines Storage

MultipleProducts

Industrial

Power Transport

ResidentialCommercial

Exports

Gas End Users

Other NGL End Users

224 Bcfd18670 miles

69 Bcfdinlet

383 Mbbld 317 Mbbld224 MMbbl

575 Mbbld

218 MMdthd capacity14530 miles


Connecting the best supplies to thebest markets with advantaged infrastructure

Williamsrsquo US Asset MapNORTHEAST GampP Operating Area

ATLANTIC GULFOperating Area

WEST Operating Area

gt Extensive portfolio of reliable assets connecting sources of supply to demand markets

gt Stable cash flows and operational efficiencies driving results

gt Growth opportunities continue to reinforce long-term stability

gt Large-scale asset footprint in place gt Significant production growth driven

by infrastructure de-bottleneckinggt Capital efficient expansions linked

to existing assets

gt Irreplaceable infrastructure with low-risk revenue stream

gt Unmatched growth opportunity linked to existing assets

gt Unique footprint with access to low-cost supply sources and growing demand centers


Industry leading board of directors focused on capital discipline and long-term growth

Alan ArmstrongInside Director

President and CEO Williams

Director since 2011

Stephen W BergstromIndependent Director

ChairmanFormer President and CEO general partner American

Midstream Partners GP LLCDirector since 2016

Nancy K BueseIndependent DirectorExecutive Vice President

and CFO Newmont

Mining CorporationDirector since 2018

Stephen I ChazenIndependent DirectorFormer President and

CEO Occidental Petroleum Corporation Director since 2016

Charles ldquoCaseyrdquo Cogut

Independent DirectorRetired Partner

Simpson Thacheramp Bartlett LLP

Director since 2016

Kathleen B CooperIndependent Director

President Cooper Strategies Intl LLC

Director since 2006

Michael A CreelIndependent Director

Former CEO Enterprise Products

Partners LPDirector since 2016

Vicki L FullerIndependent Director

Former Chief Investment Officer New York State Common

Retirement FundDirector since 2018

Peter A RagaussIndependent Director

Former Senior Vice President and CFO

Baker Hughes Incorporated

Director since 2016

Scott D SheffieldIndependent DirectorChairman and Former

CEO Pioneer Natural Resources

CompanyDirector since 2016

Murray D SmithIndependent Director

President Murray Smith and Associates former Minister of Energy for

Alberta CanadaDirector since 2012

William H SpenceIndependent DirectorChairman President and

CEO PPL Corporation

Director since 2016

Joseph H WilliamsHonorary Director


Leadership team focused on driving toward sustainable long-term growth

Leadership amp Talent Development

gt Organization aligned around our focused strategy

gt Focusing resources on regulatory permitting and government affairs to increase project execution effectiveness

Alan ArmstrongPresident and Chief

Executive Officer

Micheal DunnExecutive Vice President

and Chief Operating Officer

Chad ZamarinSenior Vice President

Corporate Strategic Development

John ChandlerSenior Vice President and Chief Financial

Officer

T Lane WilsonSenior Vice President and General Counsel

Debbie CowanSenior Vice President

Chief Human Resources Officer


gt Strong safety reporting and continuous improvement culture

gt Robust Pipeline Integrity Management Program

gt Performing better than industry benchmark for Total Recordable Injury Rate (TRIR)

gt Goal of 15 reduction of process safety incidents 25 reduction since last year

gt Strong commitment to safety and operational discipline by 12 Life Critical Operating Requirements being institutionalized

gt Leading damage prevention and public awareness programs

gt Diverse and independent board comprised of industry leaders

gt Oversight on ESG issues from EHS Nominating and Governance Committees

gt Compensation aligned with business strategies including safety performance

gt Comprehensive Integrated Management System operationalizes EHS management with specific policies procedures and standards includes external and internal audits

gt Extensive environmental monitoring and measurement including emissions tracking and reporting

gt Signatory to INGAArsquos Methane Emissions Commitments to minimize methane emissions

gt Proud history of voluntary environmental conservation and restoration projects that exceed regulatory requirements

gt Committed to increased diversity

gt Dedicated to excellence in land use and landowner relationships

gt Stakeholder input resulting in more than 400 changes to Atlantic Sunrisersquos pipeline route

gt $107 million total charitable giving in last decade to more than 8000 organizations

Strong leadership commitment to sustainable business practices

SAFETY

GOVERNANCE

ENVIRONMENTAL

SOCIAL


2018gt International Association for Public Participationrsquos Core Values Award and

Project of the Year Award for Atlantic Sunrise projectgt Platts 2018 1 Midstream Company

2017gt Forbes US Best Large Employers ― 22gt SGA Environmental Excellence Award for Stewardship

2016gt Forbes Americarsquos Best Employersgt SGA Environmental Excellence Award for Stewardshipgt New York Landmarks Conservancy Lucy G Moses Award

2015gt Fortune Magazine 1 Most Admired US Energy Companygt Platts 2015 Global Energy Awards mdash Midstream Leader Awardgt ENR MidAtlantic Best Project mdash EnergyIndustrialgt SGA Environmental Excellence Award

A history of industry recognition


Williamsrsquo regulated gas pipelines located in most densely populated areas of United States creating premier competitive advantage

Transco

Northwest Pipeline

Gulfstream

LegendPopulation per sq mile

50 or less

50-100100-200200-300300 or more

Source Data based off 2012 Census estimates

US Counties Color-coded by Population Density vs Williamsrsquo Regulated Natural Gas Pipelines


0 100 200

Rockies

Mid-Con + Gulf Coast

Appalachia

Gas-Directed Risked Reserves by Region(Tcf)

Source Wood Mackenzie NACPAT 4Q 2018

Williamsrsquo Northeast GampP located in basin with largest recoverable gas reserves at the lowest cost

US Key Production Basins vs Williamsrsquo GampP Assets

LegendWilliamsrsquo Assets

Greater Green River

Powder River

Denver-JulesburgPiceance


AnadarkoPermian

Eagle Ford

Barnett

Haynesville

Arkoma

89 lt$300MMBtu HH

78 lt$300 MMBtu HH

89 lt$300MMBtu HH

Appalachia

Rockies

0 4000 8000 12000

Rockies


Appalachia

Gas-directed Remaining Locations by Region

73 lt$300 MMBtu HH

82 lt$300 MMBtu HH

84 lt$300 MMBtu HH

181

81

9

111K

55K

15K


DECEMBER 2018 $MMBTU BY FUEL SOURCE

Sources SampP Global Platts NYMEXNote Bar chart denotes MMBTU equivalent of quoted price data label denotes quoted price

Natural gas provides superior economic and environmental benefits vs other fuels driving investment in new demand

$0

$2

$4

$6

$8

$10

$12

Coal NYMEX Henry Hub NaturalGas

Mt Belvieu Ethane WTI Brent USGC NAPHTHA

$M

MBt

u

$336 MMBTU

36CPG

$202 MMBTU

$6100Bbl

$5216 Bbl

WTI to Henry Hub ratio 22X

$4720Bbl

Ethane FracSpread 12 CPG


NORTH AMERICAN NATURAL GAS DEMAND BY SECTOR (2012ndash2023)

Sources Wood Mackenzie 1H rsquo18 WMB Analytics Based off 90 utilization of announced North American ethane export capacity and North American ethylene plant capacity rsquo18-rsquo22

Robust domestic and global natural gas demand forecasts continue to rise reaching 120 Bcfd by 2023

0

15

30

45

60

75

90

105

120

135

2012 2017 2018 2023

Bcf

d

IndustrialPowerGeneration

Mexico Exports

TransportOther


LNG Exports

Demand Growth lsquo17-rsquo18 10

North American demand growth lsquo17-rsquo23 increased by 4 Bcfd from prior forecast

+~1045 Mbpd

of incremental ethane

represents ~29 Bcfd of natural gas


0

5

10

15

20

25

30

35

40

45

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18 Cum

ulative Global D

emand G

rowth Since lsquo11

Oil

amp G

as P

rice

in M

MB

tu

Cumulative Global Demand for Nat Gas Cumulative Global Demand for Oil Henry Hub Forward Curve WTI Forward Curve

Sources SampP Global Platts Analytics for global demand outlook US Energy Information Administration for price history NYMEX for forward curves as of 1-4-19

Natural gas will continue to win global market share

Forecast

NATURAL GAS VS OIL DEMAND GROWTH (2011 TO 2027) HENRY HUB AND WTI PRICES (MMBTU)


0

500

1000

1500

2000

2500

3000

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Tota

l Em

issi

on (M

MtC

O2)

Ele

ctric

Pow

er (b

illion

KW

h)

Coal Natural Gas Renewables Nuclear Petroleum Total Emissions (MMT CO2)

US ELECTRIC POWER GENERATION AND EMISSIONS 2007-2017

Note Renewables = hydroelectric wind amp solar power generation Source US Energy Information Administration

US natural gas market share increases over time for Power sector while coal use declines Contributes to a decline of CO2 emissions

Coal and petroleum power generation

decreased by 40 while natural gas power generation increased by 42

CO2emissions decline by

28


Source US Energy Information Administration

Natural gas continues to be the preferred fuel type for new power generation projects in the United States followed by renewables

0 5000 10000 15000 20000

Other

Coal

Nuclear

Solar

Wind

Natural Gas

Nameplate Capacity (MW)

Power Generation Projects Under Construction by Fuel Type Fuel Type of

Choicegt Carbon intensity from the US power sector

fell by 14 since 2005 as natural gas displaced other fossil fuels in power generation

gt Natural-gas fired power generation accounts for over 50 of current power projects under construction

Partnering with Renewables

gt As states make strides toward renewable power it is vital for natural gas-fired generation to follow as a backup fuel to ensure grid reliability

gt Natural gas pipeline capacity is increasingly valuable as more capacity will be needed to support the intermittent nature of renewable power

Dark blue represents expected utilization

Full bar represents nameplate capacity


Note Chart excludes Eastern Canada Alaska West Coast Barnett Gulf Coast conventional amp GOM production that amounts to a decline of 24 Bcfd through 2022 CV=Cotton Valley Source Wood Mackenzie 1H lsquo18

Supply from advantaged basins must grow to meet forecasted demand

0

5

10

15

20

25

30

35

40

45

Northeast Permian Mid-con WesternCanada

Eagle Ford Haynesville+ CV

Rockies San Juan

Gas DirectedOil-Directed

Bcfd

+148 Bcfd or 61

+53 Bcfdor 76 -01 Bcfd

or -1

+19 Bcfdor 33

+20 Bcfdor 46

+30 Bcfd or 35

+23 Bcfdor 15

NATURAL GAS FORECASTED PRODUCTION BY REGION amp WELL TYPE (2017ndash2022)

-05 Bcfdor -30

70 of NA Gas growth comes from

gas-directeddrilling


ResCom Industrial Power

TransportOther LNG Exports Net Mexican Exports

NORTH AMERICAN NATURAL GAS CUMULATIVE PRODUCTIONGROWTH 2017-2022 (IN BCFD)

NORTH AMERICAN NATURAL GAS CUMULATIVE DEMANDGROWTH 2017-2022 (IN BCFD)

Source Wood Mackenzie 1H lsquo18

Forecasted Northeast production growth alone could fuel domestic natural gas demand growth through 2022

0

5

10

15

20

25

30

Northeast Permian All Other

Northeast is 60 of all North American gas production growth through 2022

Exports

Domestic Demand


2nd wave of US LNG export projects expected to drive an additional +5 Bcfd of growth through 2027

LNG exportvolumes to grow by+11 Bcfd along

Transco statesthrough 2027

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

Sabine Pass Cove Point Corpus ChristiCameron Elba Island Freeport2nd Wave Gulf Coast Golden Pass WoodfibreLNG Canada Prior 1H 17 Forecast

Forecasted Monthly LNG Export Volumes

In MMcfd


Williamsrsquo Asset Map + Third-party Liquefaction Plants


43

27

2017

1413

1110

1008

0761

39414345474951535557596163

Bcf

d

TOP DRIVERS OF GLOBAL LNG DEMAND BY COUNTRY lsquo17- lsquo27

Source Wood Mackenzie LNG Tool 3Q lsquo18

Global LNG demand grows by 24 Bcfd through 2027 driven by Asia and Europe

Asia Europe Other

Global Market

Reaching 63 Bcfd

+24 Bcfd

Factors Driving GrowthChina amp Indiabull Developing economies pursuing clean

energy for growth amp fuel diversity Northwest Europebull LNG balances the market with flexible

dependable supplybull Upside potential from weather events amp

other price sensitive demand responsesSoutheast Asiabull Need for supplemental supplies to replace

maturing and declining indigenous resourcesbull Stronger growth prospects linked with better

than anticipated economic developmentsSoutheast Europebull LNG complements domestic amp pipeline

supply Japan South Korea amp Taiwanbull While solely dependent on LNG legacy

importers expected to have flat to declining demand due to relatively mature energy demand market


Sources 1Wood Mackenzie LNG Tool 3Q lsquo18 and 1H lsquo18 LT 2Columbia SIPA Center on Global Energy Policy httpsenergypolicycolumbiaedu

Chinese LNG demand surpassed industry expectations in 2017 Growth outlook remains strong for 2018 and beyond

0

1

2

3

4

5

6

7

8

9

10

2016 2017 2018 2019 2020

Bcfd

China LNG Imports North America LNG Exports

2Factors Driving LNG Demand Growth in Chinabull Ambitious goals to improve air quality including

almost doubling the share of gas in Chinarsquos energy mix to 10 by 2020

bull Coal-to-gas switching to fight greenhouse gas emissions as natural gas emits nearly 60 less CO2 per kWh than coal in power generation

bull Progress in liberalizing natural gas to allow non-government parties to receive access to pipelines and LNG terminals

bull Short-term gas shortages due to peaked demand lack of storage capacity and overstretched LNG infrastructure with a 2017 average utilization rate of 105

bull Declines in piped gas supply from central Asia and insufficient domestic gas production unable to meet demand growth

1Chinese LNG Demand vs NA LNG Export Forecast2016-2020


Williams best positioned to capitalize on significant opportunities to connect low-cost supplies to premier demand markets

+53 +32

Gulf CoastDemand

Mexican Exports

Permian Production

+21

+148

+22

+35

Northeast Demand

Southeast Demand

NortheastProduction

GC LNGExports

+69

Production and Demand Growth in Key Areas in Bcfd (2017-2022)

Williamsrsquo assets uniquely aligned with demand growth along the East Coast from Texas all the way to the Northeast

LNG Exports(Elba + Cove Point)

+11

Leveraging significant investments in Northeast and Transco to connect best supplies to the best markets

Note All other NA production amounts to 02 Bcfd of growth rsquo17 ndash rsquo22 and all other NA demand amounts to 16 Bcfd of growth lsquo17 ndash lsquo22


Majority of production growth in Northeast with significant growth also occurring in the Permian


Attractive returns on visible growth capital focused on Transco and GampP projects in the Northeast West and AG Deepwater

gt West ndash DJ Processing Plants 200 MMcfd (Ft Lupton III)

gt Atlantic Gulf Deepwater ndashStampede

gt Northeast GampP ndashSusquehanna Gathering Expansion 700 MMcfd

gt Transco ndash Atlantic Sunrise 17 MMDthd

gt West ndash DJ Processing Plant 225 MMcfd (Keenesburg I)

gt West ndash Wamsutter ndash High Point Hansen Lake amp Echo Springs GampP Expansions

gt West ndash Niobrara ndash Jackalope Gathering amp Bucking Horse Processing 200 MMcfd

gt Northeast GampP ndash Rich Gas Growth Driving Oak Grove Expansions

gt Northeast GampP ndash Oak Grove II III 400 MMcfd amp Harrison Hub C3+ Pipeline

gt Northeast GampP ndash Bradford amp Utica Gathering Expansion

gt Atlantic Gulf Deepwater ndash Shell Appomattox ndash Norphlet Pipelinendash Mobile Bay Gas Plant Expansion

gt West ndash North Seattle Lateral Upgrade 159 MDthd

gt Transco ndash Rate Casegt Transco ndash Gulf Connector 475 MDthdgt Transco ndash St James Supply 162 MDthdgt Transco ndash Rivervale S to Market 190 Mdthd

gt West ndash DJ Processing Plant 225 MMcfd (Keenesburg II)


gt Atlantic Gulf Deepwater ndashBuckskin

gt Transco ndash Hillabee Phase 2 206 MDthd

gt Transco ndash Southeastern Trail 296 MDthd

gt West ndash DJ Processing Plants 225 MMcfd (Milton I)

gt Transco ndash Gateway 65 MDthd

gt Transco ndash Northeast Supply Enhancement 400 MDthd

gt Transco ndash Leidy South 580 MDthd

gt West ndash DJ Processing Plants 225 MMcfd (Milton II)

gt Northeast GampP ndash Oak Grove IV 200 MMcfd

gt Atlantic Gulf DeepwaterndashAdditional Tie-backs Shell Whale Ballymore Tigris Mexico Perdido amp others

gt Transco ndash Pursuing 20+ expansion opportunities including ldquoProject 1rdquo from Analyst Day

gt Gulfstream Phase VI Expansion

SUPP

LY D

RIV

END

EMA

ND

DR

IVEN

Black = In Progress Blue = PotentialUnder Negotiation

2018 2019 2020 2021 2022+


(1) Consolidated revenue will be reduced by lease payment of ~$8 millionmonth to partners

Atlantic Sunrise Largest expansion project in Transco history placed in service October 6th delivers significant EBITDA growth

gt Significant revenue contribution to Transco

ndash $35 millionmonth(1) in consolidated fee-based revenue

gt Northeast gas prices quickly respond to incremental takeaway capacity

ndash NE Gas prices rose from ~$120 to ~$270 the day Atlantic Sunrise was placed in service

gt Northeast GampP gathered volume and EBITDA uplift expected

ndash Price response supportive of producer activity in the NE PA Susquehanna

ndash 15 gathering volume growth CAGR expected 2018-2021

ndash EBITDA to grow at a higher rate due to improved operating margins

Atlantic Sunrise17 MMDthd

Williamsrsquo US Asset Map Highlighting Transcorsquos Atlantic Sunrise Expansion Project PA

NY

WV

OH

NJ

$050

$100

$150

$200

$250

$300

$350

$M

MB

tu

Northeast Gas PricesTetco M-2 TGP Z-4 300 Leg Transco Leidy

Atlantic SunriseIn Service Oct 6


Transco 2018 rate case protects adequate return on base system

gt Rate filed August 31 2018ndash ~$270MM annual revenue increase

bull Based on 16 ROE as prescribed by FERC methodology every 1 change in ROE is worth ~$30MM in Revenue

bull Subject to negotiation with shippers ndash Proposed 5-year $12B modernization and emission reduction investment

programndash Rate increase and proposed modernization program incremental to 2019

guidancegt Increased rates expected to be effective March 2019

RATE CASE TIMELINE

gt Lower corporate tax rate reduces income tax allowancegt Factors driving higher cost of service

ndash Higher expense in recent years to be incorporated into rate casendash Maintenance capital and modernization spending to be reflected in rate base

gt By 2019 approximately 55 of fee revenues from negotiated ratesndash Negotiated rate contracts remain unaffected by rate case and income tax changes

RATE CASE CONSIDERATIONS

VIRGINIA SOUTHSIDE II CONSTRUCTIONTransco Pipeline Southern Virginia


Transco Project 2 sanctioned Leidy South ndash Providing access to new Northeast supplies

gt Extends Transcorsquos reach

gt Greater than 1000 MDthd of firm transport capacity in Zones 3 4 5 and 6

gt Attractive returns consistent with recent Transco expansions

gt 580 MDthd expansion in Pennsylvania from receipt points on Transcorsquos Leidy system to Zone 6 markets

gt Target in-service date 4Q 2021

gt Target capital cost $450-$550 million

gt 100 long-term take-or-pay contracts providing attractive returns consistent with Transcorsquos 2018-2021 expansion project profile of ~64x

gt Provides transportation outlet for producers and supports incremental gathering volume for Williamsrsquo Northeast PA gathering system

Two examples of Transcorsquos

20+ expansion

opportunities

US Map of Williamsrsquo Assets Highlighting Transco Pipeline PROJECT 1

LEIDY SOUTH (PROJECT 2)


(1) Includes Gulf Trace Hillabee (Ph 1) Dalton NY Bay Expansion Virginia Southside II Garden State I(2) Includes Garden State II Atlantic Sunrise Gulf Connector St James Supply Rivervale South to Market NE Supply Enhancement Hillabee (Ph 2) Gateway Southeastern Trail Leidy South

Transco Unprecedented growth demonstrates competitive advantageTRANSCO CONTRACTED CAPACITYAND FEE-BASED REVENUE

85 86 89 100 101

106 106

120 122

150

169177

180

193

$750

$1000

$1250

$1500

$1750

$2000

$2250

$2500

$2750

6

8

10

12

14

16

18

20

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Fee

Bas

ed R

even

ue $

Mill

ions

Con

trac

t Cap

acity

MM

Dtd

Year-end Contracted Capacity Forecasted Year-end Contracted Capacity Fee Revenue ($ MM) Forecast Fee Rev

2017(1) 2018 ndash2021(2)

Growth Capital Placed In-service ($ Bln) ~$14 ~$52

Full-year run-rate Modified EBITDA ($ Bln) ~$024 ~$084

EBITDA multiple ~58x ~63x

Attractive Returns on Growth Projects


(1) Gathering and processing statistics for Utica Supply Hub do not include Blue Racer (2) Non-operated joint venture (3) Primarily Cost-of-service based contracts

Northeast GampP Large footprint with foundational assets in place

gt 13 Bcfd of gathering capacity in dryrich gas

gt 800 MMcfd of processing capacity

gt 135000 bpd fractionation capacity

UTICA SUPPLY HUB(1)

gt Cardinal Gathering(3)

gt Flint Gatheringgt Utica East Ohio (UEO)(2)

BLUE RACER MIDSTREAM(2)

BRADFORD SUPPLY HUB(3)

SUSQUEHANNA SUPPLY HUB

gt 32 Bcfd of gathering capacity in dry gas

gt 570 miles of gathering pipeline in dryrich gas



gt 151 miles of NGL and condensate transport



gt 700+ MMcfd processing capacity

gt 120000+ bpd fractionation and de-ethanization capacity

OHIO RIVER SUPPLY HUB

gt Ohio Valley Midstreamgt Laurel Mtn Midstreamgt Marcellus South

PA


0

1

2

3

4

5

6

7

8

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2012 2013 2014 2015 2016 2017 2018

Bcf

d

Dry Gas Wet GasLegend

Northeast GampP Substantial growth expected from incremental takeaway capacity and new expansion projects to relieve constraints

Notes Partially owned system volumes are shown at 100 Excludes volumes for all non-operated assets

NORTHEAST GATHERING VOLUME GROWTH THROUGH 3Q 2018 AVERAGE GATHERED VOLUMES (BCFD)

15 GATHERED VOLUME

CAGR EXPECTED

2018-2021


Gulf of Mexico Substantial discoveries in close proximity to existing assets expected to facilitate long-term growth

Gulf East

7 tiebacks contracted expecting morebull Shell Appomattox dedication Norphlet pipeline option

minus Producer expected reserves 650 MMboeminus Producer expected peak production 175 Mboedminus Target in-service date Mid 2019

bull Opportunities include ChevronTotal Ballymore discovery 3 miles from Blind Faithminus Largest discovery by Total in the GOM with more than 670 ft of net oil pay

Discovery

gt1 TCF of gas discoveries within reach of KCCbull Buckskin Stampede dedications

minus Combined additional reserves 66 Bcfminus Stampede online May 2018 Buckskin target in-service date 2H 2019

bull Opportunities include discoveries at Anchor Shenandoah and Katmai

Gulf West

Only existing Oil amp Gas pipelines near active Western Gulf explorationbull Opportunities include Shell Whale (15 miles from existing pipelines)

Tigris and Mexico Perdido discoveriesminus Shell Whale One of Shellrsquos largest finds in the GOM in the past decade

with over 1400 feet of oil pay

Gas GatheringOil GatheringNorphlet PipelineDeepwater SparGrowth ProjectsMexico Deepwater Basin

Sources Chevron 1302018 Ballymore Press Release Total 1312018 Ballymore Press Release Shell 1312018 Whale Press Release

TXLA

MS

BALLYMORE

NORPHLETPIPELINE

TIGRIS

BUCKSKIN

ANCHOR

APPOMATTOX

WHALE

ALFL


Pro-forma Four Corners sale and DJ Basin acquisition Fee-based business structure reinforces stability in cash flows

gt Reduced commodity exposure with sale of Four Corners Area assets

(1) Includes our proportional ownership of the gross margin of our equity method investments Excludes certain regulated revenues which are related to tracked operating costs(2) MVC revenue includes revenue level guaranteed by MVC and excludes any revenue on volumes exceeding MVC MVC revenue also includes amortization of upfront payments associated with canceled MVCs

~97 of 2019 Gross Margin from Fee-based Sources2019 Gross Margin(1)

gt Fully contracted demand charge revenuegt Attractive positions exposed to growth

gt Mix of capacity payments MVCs(2) and Cost of Service agreements

gt Volume-driven fee-based contracts for gathering processing or other non-regulated services

gt Some contracts include escalation provisions

36 Volume-driven Non-regulated Fee-based Revenue

38 Regulated Gas PipelineFee-based Revenue

3 NGL and Other Commodity Exposure

23 Volume-protected Non-regulated Fee-based Revenue

36

3

38

23


Moved to investment grade on significant credit metric improvementIndustry leading dividend coverage funding growth capital forecast gt$44 billion of asset sales from 2016-2018

significantly reducing our direct commodity exposure Jan lsquo17 repositioning and deleveraging transactions Streamlining the organization and aggressively

managing costs

$39

$26

$00

$05

$10

$15

$20

$25

$30

$35

$40

2018 2019

GrowthCapex

GrowthCapex

$1045 $125

Excess Cash Available After Dividends

($ in billions)


Note This slide contains non-GAAP financial measures A reconciliation of all non-GAAP financial measures used in this presentation to their nearest GAAP comparable financial measures are included at the back of this presentation(1) 2015-2019 Debt Adjusted EBITDA ratios presented here does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies

$1302Cash from sale of

Four Corners Area assets and Gulf Coast Pipelines

597x

530x

462x

~500x

lt475x

2500

3000

3500

4000

4500

5000

5500

300x

350x

400x

450x

500x

550x

600x

650x

2015 2016 2017 2018 2019

Adjusted EB

ITDA

($ Millions)

Deb

t A

djus

ted

EBIT

DA

WMB DebtAdjusted EBITDAAdjusted EBITDA ($MM)

WMB 2018 DebtAdjusted EBITDA proforma for full year Atlantic Sunrise revenue contributions

GUIDANCE

(1)

Long-term Target

lt42x Book Debt Adjusted EBITDA

(1)

No equity issuance required to fund forecasted growth capital

Excess cash available after dividends and asset sales to be used to partially fund growth capex

Capital discipline focused on ROCE


$063

$076 $077

$082$089

$101

$020

$030

$040

$050

$060

$070

$080

$090

$100

$110

2017 2018 Guidance Ranges 2019 Guidance Ranges

Williams Adjusted EPS 2017-2019

Steady and predictable growth despite assets sales and commodity price volatility

$Sh

are

Note This slide contains non-GAAP financial measures A reconciliation of all non-GAAP financial measures used in this presentation to their nearest GAAP financial measures is included at the back of this presentation

Assets sales of over $34B

Geismar in rsquo17 Four Corners amp Gulf Pipes in lsquo18

(Note ~$2B in book gains are removed from Adjusted EPS)

LowMidpoint

MidpointHigh

HighWe expect 2018 to be in the upper half of our guidance

range ($076 to $082)


Strong stable and growing 2018 and 2019 key guidance metrics

2018 GUIDANCE 1 2019 GUIDANCE

Net Income $0975 - $1175 Bn $1050 - $1350 Bn

Adjusted EBITDA $4450 - $4650 Bn $4850 - $5150 Bn

Distributable CashFlow (DCF) $2600 - $2900 Bn $2900 - $3300 Bn

Expected DividendGrowth Rate

10-15 annual growth(annual dividend increases)


DividendCoverage Ratio

~16xMidpoint of Guidance


Growth Capex $39 Bn $26 Bn

Consolidated Debt Adjusted EBITDA 2 ~ 50 x lt 475x

Note This slide contains non-GAAP financial measures A reconciliation of all non-GAAP financial measures used in this presentation to their nearest GAAP comparable financial measures are included at the back of this presentationWilliams does not expect to be a US Federal cash income taxpayer through at least 2024 excluding taxes on any potential asset monetizations

1 DCF shown Proforma as if the WPZ transaction had occurred 1118 Dividend payments used in the coverage calculation include WPZ distribution payments to WPZ public unitholders for 1Q and 2Q 2 Consolidated Debt Adjusted EBITDA ratio does not represent leverage ratios measured for either WMB or WPZ credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies


WMBMedian

SampP 500

WMB vs SampP 500


58 22 1636

Adjusted EPSCAGR(2)

(2017-2019)189 136 390


(2018-2019)99 71 394

Dividend Growth(2)

(2018-2019)125 67 866






STABILITY





GROWTH




VALUATION


Forward Looking Statements


Forward-looking statements

FORWARD-LOOKING STATEMENTS

gt 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 ldquoforward-looking statementsrdquo 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 managementrsquos 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 herein 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 ldquoanticipatesrdquo ldquobelievesrdquo ldquoseeksrdquo ldquocouldrdquo ldquomayrdquo ldquoshouldrdquo ldquocontinuesrdquo ldquoestimatesrdquo ldquoexpectsrdquo ldquoforecastsrdquo ldquointendsrdquo ldquomightrdquo ldquogoalsrdquo ldquoobjectivesrdquo ldquotargetsrdquo ldquoplannedrdquo ldquopotentialrdquo ldquoprojectsrdquo ldquoscheduledrdquo ldquowillrdquo ldquoassumesrdquo ldquoguidancerdquo ldquooutlookrdquo ldquoin-service daterdquo or other similar expressions These forward-looking statements are based on managementrsquos beliefs and assumptions and on information currently available to management and may include among others statements regardingndash Levels of dividends to Williams stockholders

ndash Future credit ratings of Williams and its affiliates

ndash Amounts and nature of future capital expenditures

ndash Expansion and growth of our business and operations

ndash Expected in-service dates for capital projects

ndash Financial condition and liquidity

ndash Business strategy

ndash Cash flow from operations or results of operations

ndash Seasonality of certain business components

ndash Natural gas and natural gas liquids prices supply and demand

ndash Demand for our services


Forward-looking statements (contrsquod)


gt Forward-looking statements are based on numerous assumptions uncertainties and risks that could cause future events or results to be materially different from those stated or implied herein 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 followingndash Whether we are able to pay current and expected levels of dividends

ndash Whether we will be able to effectively execute our financing plan

ndash Availability of supplies market demand and volatility of prices

ndash 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)

ndash The strength and financial resources of our competitors and the effects of competition

ndash Whether we are able to successfully identify evaluate and timely execute our capital projects and other investment opportunities

ndash 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

ndash Development and rate of adoption of alternative energy sources

ndash The impact of operational and developmental hazards and unforeseen interruptions

ndash The impact of existing and future laws and regulations (including but not limited to the Tax Cuts and Jobs Act of 2017) the regulatory environment environmental liabilities and litigation as well as our ability to obtain necessary permits and approvals and achieve favorable rate proceeding outcomes

ndash Our costs and funding obligations for defined benefit pension plans and other postretirement benefit plans

ndash Changes in maintenance and construction costs

ndash Changes in the current geopolitical situation

ndash Our exposure to the credit risk of our customers and counterparties

ndash 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

ndash The amount of cash distributions from and capital requirements of our investments and joint ventures in which we participate




ndash Risks associated with weather and natural phenomena including climate conditions and physical damage to our facilities

ndash Acts of terrorism cybersecurity incidents and related disruptions

ndash Additional risks described in our filings with the Securities and Exchange Commission (SEC)

gt 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

gt In addition to causing our actual results to differ the factors listed above may cause our intentions to change from those statements of intention set forth herein 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

gt 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 filed with the SEC on February 22 2018 and in Part II Item 1A Risk Factors in our Quarterly Reports on Form 10-Q


Non-GAAP Reconciliations


Non-GAAP Disclaimer

NON-GAAP RECONCILIATIONS

gt This presentation may include certain financial measures ndash adjusted EBITDA adjusted income (ldquoearningsrdquo) adjusted earnings per share distributable cash flow and dividend coverage ratio ndash that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission

gt Our segment performance measure modified EBITDA is defined as net income (loss) before income (loss) from discontinued operations income tax expense net interest expense equity earnings from equity-method investments other net investing income remeasurement gain on equity-method investment impairment of equity investments and goodwill depreciation and amortization expense and accretion expense associated with asset retirement obligations for nonregulated operations We also add our proportional ownership share (based on ownership interest) of modified EBITDA of equity-method investments

gt Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations Management believes this measure provides investors meaningful insight into results from ongoing operations

gt Distributable cash flow is defined as adjusted EBITDA less maintenance capital expenditures cash portion of net interest expense income attributable to noncontrolling interests and cash income taxes and certain other adjustments that management believes affects the comparability of results Adjustments for maintenance capital expenditures and cash portion of interest expense include our proportionate share of these items of our equity-method investments We also calculate the ratio of distributable cash flow to the total cash dividends paid (dividend coverage ratio) This measure reflects Williamsrsquo distributable cash flow relative to its actual cash dividends paid

gt This presentation is accompanied by a reconciliation of these non-GAAP financial measures to their nearest GAAP financial measures Management uses these financial measures because they are accepted financial indicators used by investors to compare company performance In addition management believes that these measures provide investors an enhanced perspective of the operating performance of assets and the cash that the business is generating

gt Neither adjusted EBITDA adjusted income nor distributable cash flow are intended to represent cash flows for the period nor are they presented as an alternative to net income or cash flow from operations They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles


Reconciliation of Income (Loss) Attributable to The Williams Companies Inc to Adjusted Income


2017 2018(Dollars in millions except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year

Income (loss) attributable to The Williams Companies Inc available to common stockholders $ 373 $ 81 $ 33 $ 1687 $ 2174 $ 152 $ 135 $ 129 $ 416

Income (loss) - diluted earnings (loss) per common share $ 45 $ 10 $ 04 $ 203 $ 262 $ 18 $ 16 $ 13 $ 46Adjustments

Northeast GampPShare of impairment at equity-method investments $ mdash $ mdash $ 1 $ mdash $ 1 $ mdash $ mdash $ mdash $ mdashImpairment of certain assets mdash mdash 121 mdash 121 mdash mdash mdash mdashAd valorem obligation timing adjustment mdash mdash 7 mdash 7 mdash mdash mdash mdashSettlement charge from pension early payout program mdash mdash mdash 7 7 mdash mdash mdash mdashOrganizational realignment-related costs 1 1 2 mdash 4 mdash mdash mdash mdashTotal Northeast GampP adjustments 1 1 131 7 140 mdash mdash mdash mdash

Atlantic-GulfConstitution Pipeline project development costs 2 6 4 4 16 2 1 1 4Settlement charge from pension early payout program mdash mdash mdash 15 15 mdash mdash mdash mdashRegulatory adjustments resulting from Tax Reform mdash mdash mdash 493 493 11 (20) mdash (9)Benefit of regulatory asset associated with increase in Transcorsquos estimated deferred

state income tax rate following WPZ Merger mdash mdash mdash mdash mdash mdash mdash (3) (3)

Share of regulatory charges resulting from Tax Reform for equity-method investments mdash mdash mdash 11 11 2 mdash mdash 2

Organizational realignment-related costs 1 2 2 1 6 mdash mdash mdash mdash(Gain) loss on asset retirement mdash mdash (5) 5 mdash mdash mdash (10) (10)Total Atlantic-Gulf adjustments 3 8 1 529 541 15 (19) (12) (16)

WestEstimated minimum volume commitments 15 15 18 (48) mdash mdash mdash mdash mdashImpairment of certain assets mdash mdash 1021 9 1030 mdash mdash mdash mdashSettlement charge from pension early payout program mdash mdash mdash 13 13 mdash mdash mdash mdashOrganizational realignment-related costs 2 3 2 1 8 mdash mdash mdash mdashRegulatory adjustments resulting from Tax Reform mdash mdash mdash 220 220 (7) mdash (7)

Charge for regulatory liability associated with the decrease in Northwest Pipelinersquos estimated deferred state income tax rates following WPZ Merger mdash mdash mdash mdash mdash mdash mdash 12 12

Gains from contract settlements and terminations (13) (2) mdash mdash (15) mdash mdash mdash mdashTotal West adjustments 4 16 1041 195 1256 (7) mdash 12 5


Reconciliation of Income (Loss) Attributable to The Williams Companies Inc to Adjusted Income (conrsquot)



Other(Gain) loss related to Canada disposition (2) (1) 4 5 6 mdash mdash mdash mdashExpenses associated with strategic asset monetizations 1 4 mdash mdash 5 mdash mdash mdash mdashGeismar Incident adjustments (9) 2 8 (1) mdash mdash mdash mdash mdashGain on sale of Geismar Interest mdash mdash (1095) mdash (1095) mdash mdash mdash mdashGain on sale of RGP Splitter mdash (12) mdash mdash (12) mdash mdash mdash mdashAccrual for loss contingency 9 mdash mdash mdash 9 mdash mdash mdash mdashSeverance and related costs 9 4 5 4 22 mdash mdash mdash mdashACMP Merger and transition costs mdash 4 3 4 11 mdash mdash mdash mdashExpenses associated with Financial Repositioning 8 2 mdash mdash 10 mdash mdash mdash mdash(Gain) loss on early retirement of debt (30) mdash 3 mdash (27) 7 mdash mdash 7Impairment of certain assets mdash 23 68 mdash 91 mdash 66 mdash 66Expenses associated with strategic alternatives 1 3 5 mdash 9 mdash mdash mdash mdashSettlement charge from pension early payout program mdash mdash mdash 36 36 mdash mdash mdash mdashRegulatory adjustments resulting from Tax Reform mdash mdash mdash 63 63 mdash 1 mdash 1Benefit of regulatory assets associated with increase in Transcorsquos estimated deferred state income

tax rate following WPZ Merger mdash mdash mdash mdash mdash mdash mdash (45) (45)WPZ Merger costs mdash mdash mdash mdash mdash mdash 4 15 19Charitable contribution of preferred stock to Williams Foundation mdash mdash mdash mdash mdash mdash mdash 35 35Total Other adjustments (13) 29 (999) 111 (872) 7 71 5 83

Adjustments included in Modified EBITDA (5) 54 174 842 1065 15 52 5 72

Adjustments below Modified EBITDAGain on disposition of equity-method investment (269) mdash mdash mdash (269) mdash mdash mdash mdashAccelerated depreciation by equity-method investments mdash mdash mdash 9 9 mdash mdash mdash mdashChange in depreciable life associated with organizational realignment (7) mdash mdash mdash (7) mdash mdash mdash mdashGain on deconsolidation of Jackalope interest mdash mdash mdash mdash mdash mdash (62) mdash (62)Allocation of adjustments to noncontrolling interests 77 (10) (28) (199) (160) (5) 21 mdash 16

(199) (10) (28) (190) (427) (5) (41) mdash (46)Total adjustments (204) 44 146 652 638 10 11 5 26Less tax effect for above items 77 (17) (55) (246) (241) (3) (3) (1) (7)Adjustments for tax-related items (1) (127) mdash mdash (1923) (2050) mdash mdash 110 110

Adjusted income available to common stockholders $ 119 $ 108 $ 124 $ 170 $ 521 $ 159 $ 143 $ 243 $ 545Adjusted diluted earnings per common share (2) $ 14 $ 13 $ 15 $ 20 $ 63 $ 19 $ 17 $ 24 $ 61Weighted-average shares - diluted (thousands) 826476 828575 829368 829607 828518 830197 830107 1026504 896322

(1) The first quarter of 2017 includes an unfavorable adjustment related to the release of a valuation allowance The fourth quarter of 2017 includes an unfavorable adjustment to reverse the tax benefit associated with remeasuring our deferred tax balances at a lower corporate rate resulting from Tax Reform The third quarter of 2018 reflects tax adjustments driven by the WPZ Merger primarily a valuation allowance for foreign tax credits

(2) The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding




Midpt High Low Midpt High(Dol lars in mi l l ions except per-share amounts )

Net income (loss) $1385 $1460 $1050 $1200 $1350Less Net income (loss) attributable to noncontrolling interests 325 345 115 115 115Net income (loss) attributable to The Williams Companies Inc 1060 1115 935 1085 1235

Adjustments 1Adjustments included in Modified EBITDA 2 (521) (521) - - - Adjustments below Modified EBITDA (62) (62) - - - Allocation of adjustments to noncontrolling interests 16 16 - - - Total adjustments (567) (567) - - - Less tax effect for above items 141 141 - - -

Adjustments for tax-related items 3 110 110 - - -

Adjusted income available to common stockholders $744 $799 $935 $1085 $1235

Adjusted diluted earnings per common share $076 $082 $077 $089 $101

Weighted-average shares - diluted (millions) 976 976 1217 1217 1217

Note Reconci l iation shown with acquis i tion of WPZ completed on August 10 2018

(1) A deta i led l i s t of adjustments i s included in this presentation

(2) Primari ly a $593 mi l l ion ga in on the sa le of Four Corners assets(3) Reflects tax adjustments driven by the WPZ Merger primari ly a va luation a l lowance for foreign tax credi ts

2 0 1 8G U I D A N C E R A N G E S

2 0 1 9

EPS Guidance 1

Adustment Detail

Workpaper

Sheet1

EPS Guidance 2

Net Inc to Adj EBITDA Guidance

WMB DCF Guidance

OLD




Note Reconciliation shown with acquisition of WPZ completed on August 10 2018

(Dollars in millions except per-share amounts) Midpoint HighIncome (loss) attributable to The Williams Companies Inc available to common stockholders $1060 $1115

Income (loss) - diluted earnings (loss) per common share $109 $114

Adjustments

Northeast GampP

Total Northeast GampP adjustments mdash mdashAtlantic-Gulf

Constitution Pipeline project development costs 4 4Regulatory adjustments resulting from Tax Reform (9) (9)Benefit of regulatory asset associated with increase in Transcorsquos estimated deferred state income tax rate following WPZ Merger (3) (3)Share of regulatory charges resulting from Tax Reform for equity-method investments 2 2(Gain) loss on asset retirement (10) (10)Total Atlantic-Gulf adjustments (16) (16)

West

Gain on Sale of Four Corners assets (593) (593)Regulatory adjustments resulting from Tax Reform (7) (7)Charge for regulatory liability associated with the decrease in Northwest Pipelinersquos estimated deferred state income tax rates following WPZ 12 12Total West adjustments (588) (588)

2018 GuidanceAdjustments (continued) Midpoint HighOther

(Gain) loss on early retirement of debt 7 7Impairment of certain assets 66 66Regulatory adjustments resulting from Tax Reform 1 1Benefit of regulatory assets associated with increase in Transcorsquos estimated deferred state income tax rate following WPZ Merger (45) (45)WPZ Merger costs 19 19Charitable contribution of preferred stock to Williams Foundation 35 35Total Other adjustments 83 83

Adjustments included in Modified EBITDA (521) (521)

Adjustments below Modified EBITDA

Gain on deconsolidation of Jackalope interest (62) (62)Allocation of adjustments to noncontrolling interests 16 16

(46) (46)Total adjustments (567) (567)Less tax effect for above items 141 141Adjustments for tax-related items (1) 110 110

Adjusted income available to common stockholders $744 $799

Adjusted diluted earnings per common share $076 $082

Weighted-average shares - diluted (millions) 976 976

(1) Reflects tax adjustments driven by the WPZ Merger primarily a valuation allowance for foreign tax credit

2018 Guidance

EPS Guidance 1

Adustment Detail

Workpaper

2018 Share Count

Sheet1

EPS Guidance 2


WMB DCF Guidance

OLD

EPS Guidance 1

Adustment Detail

Workpaper

2018 Share Count

Sheet1

EPS Guidance 2


WMB DCF Guidance

OLD


Reconciliation of Net Income to Modified EBITDA Adjusted EBITDA and Distributable Cash Flow


2017 2018(Dollars in millions except coverage ratios) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year

Net income (loss) $ 569 $ 193 $ 125 $ 1622 $ 2509 $ 270 $ 269 $ 200 $ 739Provision (benefit) for income taxes 37 65 24 (2100) (1974) 55 52 190 297Interest expense 280 271 267 265 1083 273 275 270 818Equity (earnings) losses (107) (125) (115) (87) (434) (82) (92) (105) (279)Other investing (income) loss - net (272) (2) (4) (4) (282) (4) (68) (2) (74)Proportional Modified EBITDA of equity-method investments 194 215 202 184 795 169 178 205 552Depreciation and amortization expenses 442 433 433 428 1736 431 434 425 1290

Accretion for asset retirement obligations associated with nonregulated operations 7 9 7 10 33 8 10 8 26Modified EBITDA 1150 1059 939 318 3466 1120 1058 1191 3369EBITDA adjustments (5) 54 174 842 1065 15 52 5 72

Adjusted EBITDA 1145 1113 1113 1160 4531 1135 1110 1196 3441

Maintenance capital expenditures (1) (58) (105) (143) (165) (471) (110) (160) (138) (408)Net interest expense - cash portion (2) (289) (280) (271) (271) (1111) (273) (275) (270) (818)Cash taxes (5) (1) (11) (11) (28) (1) (10) (1) (12)

Income attributable to noncontrolling interests (3) (27) (32) (27) (27) (113) (25) (24) (19) (68)WPZ restricted stock unit non-cash compensation 2 1 1 1 5 mdash mdash mdash mdash

Amortization of deferred revenue associated with certain 2016 contract restructurings (4) (58) (58) (59) (58) (233) mdash mdash mdash mdashDistributable cash flow $ 710 $ 638 $ 603 $ 629 $ 2580 $ 726 $ 641 $ 768 $ 2135

Total cash distributed (5) $ 400 $ 400 $ 400 $ 401 $ 1601 $ 438 $ 443 $ 412 $ 1293

Coverage ratiosDistributable cash flow divided by Total cash distributed 178 160 151 157 161 166 145 186 165Net income (loss) divided by Total cash distributed 142 048 031 404 157 062 061 049 057

(1) Includes proportionate share of maintenance capital expenditures of equity investments(2) Includes proportionate share of interest expense of equity investments(3) Excludes allocable share of certain EBITDA adjustments

(4) Beginning first quarter 2018 as a result of the extended deferred revenue amortization period under the new GAAP revenue standard we have discontinued the adjustment associated with these 2016 contract restructuring payments The adjustments would have been $32 million $31 million and $32 million for the first second and third quarters of 2018 respectively

(5) Includes cash dividends paid each quarter by WMB as well as the public unitholders share of distributions declared by WPZ for the 2017 periods and the first two quarters of 2018


Reconciliation of Modified EBITDA to Non-GAAP Adjusted EBITDA 2015 and 2016


(Dollars in millions) 2015 2016Net income (loss) $ (1314) $ (350)

Provision (benefit) for income taxes (399) (25)Interest expense 1044 1179 Equity (earnings) losses (335) (397)Impairment of equity-method investments 1359 430 Other investing (income) loss - net (27) (63)Proportional Modified EBITDA of equity-method investments 699 754 Impairment of goodwill 1098 -Depreciation and amortization expenses 1738 1763 Accretion for asset retirement obligations associated with nonregulated operations

28 31

Modified EBITDA $ 3891 $ 3322

AdjustmentsImpairment of certain assets $ 209 $ 825 Organizational realignment-related costs - 24 Loss related to Canada disposition - 66 Severance and related costs - 42 Constitution Pipeline project development costs - 28 Potential rate refunds associated with rate case litigation - 15 ACMP Merger and transition-related expenses 84 7 Share of impairment at equity-method investments 33 25 Gain on asset retirement - (11)Geismar Incident adjustment for insurance and timing (126) (7)Loss related to Geismar Incident 2 -Loss (recovery) related to Opal incident (6) -Gain on extinguishment of debt (14) -Expenses associated with strategic asset monetizations - 2 Expenses associated with strategic alternatives 32 47 Canadian PDH facility project development costs - 61 Gain on sale of certain assets - (10)Contingency gain (9) -Accrued long-term charitable commitment 8 -Total Adjustments 213 1114

Adjusted EBITDA $ 4104 $ 4436


Reconciliation of Modified EBITDA to Non-GAAP Adjusted EBITDA


2017 2018(Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Year

Northeast GampP $ 226 $ 247 $ 115 $ 231 $ 819 $ 250 $ 255 $ 281 $ 786Atlantic-Gulf 450 454 430 (96) 1238 451 475 492 1418West 385 356 (615) 286 412 413 389 412 1214Other 89 2 1009 (103) 997 6 (61) 6 (49)

Total Modified EBITDA $ 1150 $ 1059 $ 939 $ 318 $ 3466 $ 1120 $ 1058 $ 1191 $ 3369

Adjustments included in Modified EBITDA (1)

Northeast GampP $ 1 $ 1 $ 131 $ 7 $ 140 $ mdash $ mdash $ mdash $ mdashAtlantic-Gulf 3 8 1 529 541 15 (19) (12) (16)West 4 16 1041 195 1256 (7) mdash 12 5Other (13) 29 (999) 111 (872) 7 71 5 83

Total Adjustments included in Modified EBITDA $ (5) $ 54 $ 174 $ 842 $ 1065 $ 15 $ 52 $ 5 $ 72

Adjusted EBITDA

Northeast GampP $ 227 $ 248 $ 246 $ 238 $ 959 $ 250 $ 255 $ 281 $ 786Atlantic-Gulf 453 462 431 433 1779 466 456 480 1402West 389 372 426 481 1668 406 389 424 1219Other 76 31 10 8 125 13 10 11 34

Total Adjusted EBITDA $ 1145 $ 1113 $ 1113 $ 1160 $ 4531 $ 1135 $ 1110 $ 1196 $ 3441

(1) Adjustments by segment are detailed in the Reconciliation of Income (Loss) Attributable to The Williams Companies Inc to Adjusted Income which is also included in these materials


Note Reconciliation shown as if acquisition of WPZ had occurred 1-1-18

Reconciliation of Net Income to Modified EBITDA and Non-GAAP Adjusted EBITDA


($ in bil l ions)Low Mid High Low Mid High

Net income (loss) $0975 $1075 $1175 $1050 $1200 $1350Provision (benefit) for income taxes lt------ 0260 ------gt lt------ 0400 ------gtInterest expense lt------ 1100 ------gt lt------ 1225 ------gtEquity (earnings) losses lt------ (0375) ------gt lt------ (0450) ------gtProportional Modified EBITDA of equity-method investments lt------ 0725 ------gt lt------ 0825 ------gtDepreciation and amortization expenses and accretion expense associated with asset retirement obligations for nonregulated operations lt------ 1750 ------gt lt------ 1800 ------gt

Modified EBITDA $4435 $4535 $4635 $4850 $5000 $5150

Adjustments included in Modified EBITDAConstitution Pipeline project development costs lt------ 0002 ------gt - - - (Gain) loss on early retirement of debt lt------ 0007 ------gt - - - Regulatory charges resulting from Tax Reform lt------ 0004 ------gt - - - Share of regulatory charges resulting from Tax Reform for equity-method investments lt------ 0002 ------gt - - -

Total Adjustments included in Modified EBITDA lt------ 0015 ------gt - - -

Adjusted EBITDA $4450 $4550 $4650 $4850 $5000 $5150

2 0 1 8Guidance

2 0 1 9Guidance


DCF Guidance

2017 to 2018 Summary

By Account - 17 to 18


Fee Revenues Yr Over Yr

Fee Revenues - Mar vs Jan FC

Dept Costs 17 to 18

Other 17 to 18

By Account 18 - FC vs Plan

Forecast Adjustments


Distributable Cash Flow


Low Mid High Low Mid HighWMB Adjusted EBITDA $4450 $4550 $4650 $4850 $5000 $5150

Interest expense - net (1) lt------ (1150) ------gt lt------ (1235) ------gtMaintenance capital expenditures (2) (0575) (0525) (0475) (0675) (0625) (0575) Cash taxes - (Payment) Benefit - - - lt------ 0075 ------gtIncome attributable to noncontrolling interests (NCI) and other lt------ (0125) ------gt lt------ (0115) ------gt

Distributable cash flow (DCF) $2600 $2750 $2900 $2900 $3100 $3300

Dividends amp Distributions paid (3) lt------ (1705) ------gt lt------ (1850) ------gtExcess cash available after dividends amp distributions $0895 $1045 $1195 $1050 $1250 $1450

Dividend per share lt------ $136 ------gt lt------ $152 ------gt

Coverage ratio (4) 152x 161x 170x 157x 168x 178x

Note Reconciliation shown as if acquisition of WPZ had occurred 1-1-18(1) Includes proportionate share of interest expense of equity investments(2) Includes proportionate share of maintenance capital expenditures of equity investments(3) Includes WPZ distributions to public unitholders for 1Q and 2Q of 2018(4) Distributable cash flow Dividends amp distributions paid

2 0 1 8 2 0 1 9Guidance Guidance


DCF Guidance

DCF Guidance v2






Dept Costs 17 to 18

Other 17 to 18



Williams January Investor Meetings

























Transco Unprecedented growth demonstrates competitive advantage





Moved to investment grade on significant credit metric improvementIndustry leading dividend coverage funding growth capital forecast




Slide Number 35




Slide Number 39

Non-GAAP Disclaimer










Operating Unit Operating Unit

Product Product

Intercompany Intercompany

USD USD

View View

2018 2019

Current Forecast Current Forecast

Base Case Base Case

Period Period

EBITDA E X131 Transco Consolidated Reverse South Georgia - (32715)

EBITDA E X139 Constitution Pipeline Constitution residual expenses 7718 -

EBITDA E V100 Houston WPZ Atlantic - Gulf Reporting Eliminations Tax Reform Impact 10600 -

EBITDA E X015 WPZ - West Tax Reform Impact (7300) -

EBITDA E X000 The Williams Companies Segment Adjustments 11018 (32715)

E X000 The Williams Companies E X000 The Williams Companies E X026 WPZ Northeast GampP E X026 WPZ Northeast GampP E X013 WPZ - Atlantic - Gulf E X013 WPZ - Atlantic - Gulf E X015 WPZ - West E X015 WPZ - West E X027 WPZ NGL amp Petchem Services E X027 WPZ NGL amp Petchem Services E X035 WPZ Other E X035 WPZ Other E X062 Williams Other E X062 Williams Other

Operating Unit Operating Unit Operating Unit Operating Unit Operating Unit Operating Unit Operating Unit Operating Unit Operating Unit Operating Unit Operating Unit Operating Unit Operating Unit Operating Unit

Product Product Product Product Product Product Product Product Product Product Product Product Product Product

Intercompany Intercompany Intercompany Intercompany Intercompany Intercompany Intercompany Intercompany Intercompany Intercompany Intercompany Intercompany Intercompany Intercompany

USD USD USD USD USD USD USD USD USD USD USD USD USD USD

View View View View View View View View View View View View View View

2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018

Current Forecast Budget 2018 Current Forecast Budget 2018 Current Forecast Budget 2018 Current Forecast Budget 2018 Current Forecast Budget 2018 Current Forecast Budget 2018 Current Forecast Budget 2018

Base Case Base Case Base Case Base Case Base Case Base Case Base Case Base Case Base Case Base Case Base Case Base Case Base Case Base Case

Period Period Period Period Period Period Period Period Period Period Period Period Period Period

Fee Revenues Adjusted Reporting 6727 6750 (22) 1671 1641 30 2759 2781 (22) 2276 2306 (30) - - - - - - 32 33 (1)

Ethane Margin Adjusted Reporting 13 12 1 3 4 (2) 6 5 0 5 2 2 - - - - - - - - -

Non-Ethane Margin Adjusted Reporting 224 232 (7) 5 3 2 43 49 (6) 176 179 (3) - - - - - - - - -

Liquids Margin (Alt1) Adjusted Reporting 237 243 (6) 8 7 0 49 55 (6) 181 181 (1) - - - - - - - - -

Olefins Margin Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Margin Adjusted Reporting (21) (17) (4) (12) (8) (4) (0) - (0) (9) (9) 0 - - - - - - - - -

Condensate Margin Adjusted Reporting 13 11 1 - - - 1 0 0 12 11 1 - - - - - - - - -

Marketing Margin Adjusted Reporting 22 11 11 14 8 6 1 - 1 8 3 4 - - - - - - - - -

Gross Operating Margin Adjusted Reporting 6978 6998 (20) 1680 1648 32 2809 2836 (26) 2468 2493 (25) - - - - - - 32 33 (1)

Gathering Fuel Expense Adjusted Reporting (4) (4) 0 0 - 0 - - - (4) (4) 0 - - - - - - - - -

System (Gain)Loss Adjusted Reporting (8) (6) (2) (1) - (1) (1) - (1) (6) (6) (0) - - - - - - 0 - 0

Inventory Revaluation Adjusted Reporting 0 - 0 0 - 0 (0) - (0) 0 - 0 - - - - - - - - -

Power Expense Adjusted Reporting 9 16 (7) 4 4 (0) (7) - (7) 13 12 0 - - - - - - - - -

Misc Oper Expense Adjusted Reporting 95 74 21 31 24 7 48 32 16 11 13 (2) - - - - - - 6 6 0

Tracked Power Expense Adjusted Reporting 17 26 (9) - - - 17 26 (9) - - - - - - - - - - - -

OampM Departmental Expenses Adjusted Reporting 1563 1524 39 407 378 29 529 525 5 601 593 9 0 1 (1) - - - 16 16 (0)

Operating Taxes Adjusted Reporting 180 180 (0) 19 19 1 87 88 (1) 72 71 0 0 0 (0) - - - 2 2 0

Operating Expenses Adjusted Reporting 1852 1809 42 461 424 37 672 670 3 686 679 7 0 1 (1) - - - 24 24 (0)

General And Administrative Expenses Adjusted Reporting 379 385 (7) 92 96 (5) 159 163 (3) 148 150 (1) 0 0 0 0 3 (2) (19) (21) 2

General Corporate Exp Adjusted Reporting 176 177 (1) 32 32 (0) 78 78 (1) 72 72 (0) 0 0 (0) - - - 2 1 0

GampA and General Corporate Expense Adjusted Reporting 554 562 (8) 124 128 (5) 237 241 (4) 220 222 (1) 1 1 0 0 3 (2) (18) (20) 2

Other (Income)Expense Adjusted Reporting 106 114 (9) 9 9 1 69 75 (6) 27 31 (4) (0) - (0) (0) - (0) (0) - (0)

Net (Gain)Loss on Assets Adjusted Reporting (0) 0 (0) (0) - (0) 0 - 0 (1) 0 (1) - - - 0 - 0 - - -

AFUDC Equity Adjusted Reporting (81) (75) (5) - - - (78) (72) (5) (3) (3) (0) - - - - - - - - -

Foreign Curr Exchange GainLoss Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

GL On SaleDisp Assets (Below Op) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Oth Unrealized GainsLosses (Below Op) Adjusted Reporting (0) - (0) - - - (0) - (0) - - - - - - - - - - - -

Other Realized GainsLosses (Below Op) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Non Operating IncomeExpense (A X9460) Adjusted Reporting (9) (7) (1) (0) - (0) 2 2 0 1 1 (0) 0 - 0 5 - 5 (6) - (6)

EBITDA Adjusted Reporting 4556 4594 (38) 1087 1087 0 1906 1920 (15) 1537 1562 (26) (1) (1) 1 (5) (3) (2) 32 29 4

Fee Revenues (22) 30 (22) (30) - - (1)

NGL Margins (6) 0 (6) (1) - - -

Olefins Margins - - - - - - -

Other Margins 9 2 1 6 - - -

Gross Margin (20) 32 (26) (25) - - (1)

Departmental Expense (31) (25) (1) (7) 1 2 (2)

Other Expense 13 (8) 12 7 0 (5) 6

EBITDA (38) 0 (15) (26) 1 (2) 4

-98







2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017

Current Forecast Actual Current Forecast Actual Current Forecast Actual Current Forecast Actual Current Forecast Actual Current Forecast Actual Current Forecast Actual



Foreign Curr Exch GainLoss Adjusted Reporting 0 0 (0) - - - - - - - - - (0) (0) 0 - 0 (0) 0 0 (0)

Other Operating IncomeExpense-Default (A 8090_0000) Adjusted Reporting 31 (13) 44 0 (0) 1 27 (4) 31 3 1 2 - (9) 9 (0) (0) 0 (0) (2) 2

Other Operating IncomeExpense-Geismar 6-13-13 Fire (A 8090_3758) Adjusted Reporting - 9 (9) - - - - - - - - - - 9 (9) - - - - - -

Other Operating IncomeExpense-Legal Settlements (A 8090_3948) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense-Reserve For Impairment (A 8090_4824) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense-Other Material amp Supplies (A 8090_8216) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense-Other Insurance Expense (A 8090_8301) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense-Other Expenses (A 8090_8322) Adjusted Reporting (12) - (12) - - - (12) - (12) - - - - - - - - - - - -

Other Operating IncomeExpense-Asset Sale Related Costs (A 8090_9000) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense-NBV Retired (A 8090_9001) Adjusted Reporting 9 9 (0) 9 6 3 0 0 (0) (0) 3 (3) - - - - - - - 0 (0)

Other Operating IncomeExpense-Accrual Contracts (A 8090_9050) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense-Bank Service Charges (A 8090_9052) Adjusted Reporting 0 0 (0) - - - - - - - - - - - - - - - 0 0 (0)

Other Operating IncomeExpense-Loss On Impairment (A 8090_9054) Adjusted Reporting - 1 (1) - 0 (0) - - - - 1 (1) - - - - - - - (0) 0

Other Operating IncomeExpense-Penalties - Non Deductible (A 8090_9055) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense-Project Writeoffs (A 8090_9056) Adjusted Reporting 0 0 (0) - - - 0 0 (0) - - - - - - - - - - - -

Other Operating IncomeExpense-Reserve For Litigation amp Reg Issues (A 8090_9057) Adjusted Reporting - (0) 0 - - - - (0) 0 - - - - - - - - - - - -

Other Operating IncomeExpense-Inventory Price Variance (A 8090_9058) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense-Other Charitable Contributions (A 8090_9059) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense-Accretion Expense (A 8090_9206) Adjusted Reporting 3 104 (101) - - - 3 104 (101) - - - - - - - - - - - -

Other Operating IncomeExpense-ARO Depreciation Expense (A 8090_9207) Adjusted Reporting 0 0 0 - - - 0 (0) 0 0 0 (0) - - - - - - - - -

Other Operating IncomeExpense-Unrecovered ARO Post Rate Case 2007 (A 8090_9208) Adjusted Reporting 1 (95) 96 - - - 1 (95) 96 - - - - - - - - - - - -

Other Operating IncomeExpense-Asset Retirement Obligation (A 8090_9304) Adjusted Reporting 47 33 14 - (0) 0 47 33 14 - (0) 0 - - - - - - - (0) 0

Other Operating IncomeExpense-Legal (A 8090_9357) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense-Minerals Management Service (A 8090_9369) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense-Opeb (A 8090_9373) Adjusted Reporting 1 11 (10) - - - 1 11 (10) - - - - - - - - - - - -

Other Operating IncomeExpense-PA Usage Clearing (A 8090_9376) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense-Penalties (A 8090_9377) Adjusted Reporting - 0 (0) - - - - 0 (0) - - - - - - - - - - - -

Other Operating IncomeExpense-Pension - Williams Pension Plan Adjusted Reporting 2 11 (9) - - - 2 11 (9) - - - - - - - - - - - -

Other Operating IncomeExpense-Tax Assessment InterestPenalties (A 8090_9405) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense-WTU Unit Sales (A 8090_9427) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense-Leasehold Interest Sale (A 8090_9432) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense-OBO Variances (A 8090_9433) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense-Geismar Ba98 Furnace Detonation Adjusted Reporting - 0 (0) - - - - - - - - - - 0 (0) - - - - - -

Other Operating IncomeExpense-FX Swap Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense-Deferred Tax Refund Customer Adjusted Reporting - 0 (0) - - - - 0 (0) - (0) 0 - - - - - - - - -

Other Operating IncomeExpense-Tax Refund Customers Adjusted Reporting 24 - 24 - - - - - - 24 - 24 - - - - - - - - -

A 8090_2671 Adjusted Reporting - - - - - - - - - - - - - - - - - - - - -

Other Operating IncomeExpense (A X8090) Adjusted Reporting 106 70 35 9 5 4 69 62 8 27 5 22 - 0 (0) (0) (0) 0 (0) (1) 1

Other (Income)Expense Adjusted Reporting 106 71 35 9 5 4 69 62 8 27 5 22 (0) 0 (0) (0) (0) 0 (0) (1) 1

Net (Gain)Loss on Assets Adjusted Reporting (0) (2) 1 (0) 0 (0) 0 (1) 2 (1) (1) 0 - (0) 0 0 0 0 - 0 (0)



GL On SaleDisp Assets (Below Op) Adjusted Reporting - 1 (1) - - - - - - - - - - - - - 1 (1) - 0 (0)

Oth Unrealized GainsLosses (Below Op) Adjusted Reporting (0) (13) 13 - - - (0) (13) 13 - - - - - - - - - - - -


Other Non Operating IncomeExpense (A X9460) Adjusted Reporting (9) (6) (3) (0) (0) 0 2 11 (9) 1 0 0 0 0 (0) 5 0 5 (6) (41) 34

Adjusted Reporting Adjusted Reporting

Department Expenses Department Expenses


Product Product


USD USD

View View

2017 2018

Actual Current Forecast

Base Case Base Case

Period Period

-

E V005 Williams Partners Segment (23) 8 31

E X013 WPZ - Atlantic - Gulf 745 766 21

E X015 WPZ - West 807 822 15

E X026 WPZ Northeast GampP 483 531 48

E X027 WPZ NGL amp Petchem Services 57 1 (57)

E X035 WPZ Other 3 0 (3)

E V001 WPZ - - -

E X001 WPZ 2095 2120 25

E 5678 Pension Consolidation Elim Company - 2 2

E X005 Williams Partners Segment 2072 2130 58

E X062 Williams Other 8 (2) (10)

E X099 Consolidating Adjustments - - -

E X999 Unassigned Companies - - -

E V000 The Williams Companies Eliminations (11) (11) 0

E X000 The Williams Companies (494) (542) (48)

Fee Revenues Fee Revenues Fee Revenues

Operating Unit Operating Unit Operating Unit

Product Product Product

Intercompany Intercompany Intercompany

USD USD USD

View View View

2018 2018 2018

Adjusted Reporting Adjusted Reporting Adjusted Reporting

Budget 2018 Jan Forecast Current Forecast

Base Case Base Case Base Case

YearTotal YearTotal YearTotal

E X127 Ohio Valley Midstream 218 217 217 225 225 8

E 4650 Williams Laurel Mountain LLC 52 47 47 46 46 (2)

E X233 Marcellus South Franchise 120 119 119 120 120 1

E X084 Appalachian Basin 485 485 485 499 499 14

E X232 Bradford Franchise 278 288 288 293 293 5

E X231 Utica Franchise 325 344 344 335 335 (9)

E 4664 Wfsg - Caiman Energy II Investment 94 97 97 97 97 0

E 4291 WMS Energy Sol (Aux Sable Investment) 37 49 49 49 49 (0)

E X126 Northeast GampP Other 33 (5) (5) 7 7 12

E X234 Compression Entities - - - - - -

E X026 WPZ Northeast GampP 1641 1642 1642 1671 1671 29

E X131 Transco Consolidated 1950 1949 8 1957 1941 8 1949 (8)

E X136 WPZ Gulfstream 138 138 138 141 141 3

E X030 Eastern Gulf Coast 434 423 (9) 414 419 (9) 410 (4)

E X103 Western Gulf Coast 95 95 95 92 92 (3)

E X102 Discovery Investments 70 69 69 70 70 1

E X055 Purity Pipes 93 96 96 96 96 (0)

E X138 Houston WPZ Atlantic - Gulf - Other 1 1 1 1 1 0

E X139 Constitution Pipeline - - - - - -

E V100 Houston WPZ Atlantic - Gulf Reporting Eliminations - - - - - -

E V013 WPZ - Atlantic - Gulf Eliminations - - - - - -

E X104 Tulsa WPZ Atlantic - Gulf - Other - - - - - -

E X013 WPZ - Atlantic - Gulf 2781 2771 (9) 8 2771 2759 (9) 8 2759 (12)

E X190 Salt Lake WPZ West Reporting 440 416 24 440 440 440 (0)

E 4029 Wfsc - Overland Pass Investment 91 91 91 93 93 2

E X159 Conway And Hutch Rail 107 109 109 107 107 (1)

E 4025 Southwest Wyoming Gathering amp Proc 43 43 43 44 44 1

E 4026 Wamsutter LLC 111 113 113 103 103 (10)

E X045 Niobrara 77 86 86 77 77 (9)

E X022 Four Corners Area 167 169 169 170 170 1

E X034 Piceance Area 184 176 176 175 175 (1)

E X320 Anadarko And Midcon 116 117 17 134 111 17 128 (5)

E X235 Haynesville Entities 256 252 252 255 255 4

E X226 Barnett Entities 304 297 149 446 295 131 426 (20)

E X228 Permian Entities 57 57 (36) 21 56 (36) 20 (1)

E X236 Eagleford Entities 351 345 345 346 346 2

E 4005 WPZ West Corporate - - - - - -

E X053 NGL Marketing 3 3 3 3 3

E X119 Gas Marketing - - - - - -

E X229 Other Acmp Entities - - - - - -

E X230 Acmp Corp Entities - - - - - -

E X015 WPZ - West 2306 2272 130 24 2426 2276 112 - 2388 (38)

E X105 Canada Olefins - - - - -

E X121 Geismar And Splitter - - - - -

E X027 WPZ NGL amp Petchem Services - - - - -

E X035 WPZ Other - - - - -

E V001 Williams Partners (Wpz) Consol Eliminations - -

E X001 WPZ 6728 6685 122 32 6839 6706 104 8 6818

E X062 Williams Other 33 33 32 32

E X000 The Williams Companies 6750 6707 6727 104 8 6839

EBITDA EBITDA Fee Revenues Fee Revenues Fee Revenues Fee Revenues

Operating Unit Operating Unit Operating Unit Operating Unit Operating Unit Operating Unit

Product Product Product Product Product Product

Intercompany Intercompany Intercompany Intercompany Intercompany Intercompany

USD USD USD USD USD USD

View View View View View View

2017 2018 2017 2018 2018 2019

Adjusted Reporting Adjusted Reporting Adjusted Reporting Adjusted Reporting Adjusted Reporting Adjusted Reporting

Actual Current Forecast Actual Current Forecast Current Forecast Current Forecast

Base Case Base Case Base Case Base Case Base Case Base Case

YearTotal YearTotal YearTotal YearTotal YearTotal YearTotal

E X127 Ohio Valley Midstream 36 79 79 43 182 225 225 42 225 278 53 42 79

E 4650 Williams Laurel Mountain LLC 26 15 15 (11) 56 46 46 (10) 46 49 3

E X233 Marcellus South Franchise 58 76 76 18 91 120 120 29 120 180 60 47 79

E X084 Appalachian Basin 331 378 378 47 434 499 499 66 499 642 143 125

E X232 Bradford Franchise 218 237 237 19 267 293 293 26 293 310 17 13 79

E X231 Utica Franchise 205 217 217 12 320 335 335 15 335 443 108 85

E 4664 Wfsg - Caiman Energy II Investment 66 73 73 7 79 97 97 19 97 114 16 13 79

E 4291 WMS Energy Sol (Aux Sable Investment) 14 14 14 (0) 52 49 49 (3) 49 49 1

E X126 Northeast GampP Other 1 0 0 (1) 3 7 7 4 7 4 (3) 325 79

E X234 Compression Entities (0) (0) (0) (0) - - - - - - -

E X026 WPZ Northeast GampP 959 1087 1087 128 1483 1671 1671 188 1671 2070 399

5000

E X131 Transco Consolidated 1024 1273 8 1281 257 1687 1941 8 1949 262 1941 2230 289

E X136 WPZ Gulfstream 123 122 122 (1) 140 141 141 1 141 138 (3)

E X030 Eastern Gulf Coast 377 357 (9) 348 (29) 424 419 (9) 410 (14) 419 380 (38)

E X103 Western Gulf Coast 74 76 76 2 86 92 92 5 92 96 5

E X102 Discovery Investments 138 41 41 (97) 156 70 70 (86) 70 71 1

E X055 Purity Pipes 25 29 29 4 92 96 96 4 96 97 1

E X138 Houston WPZ Atlantic - Gulf - Other 1 0 0 (0) 1 1 1 0 1 1 (0)

E X139 Constitution Pipeline (1) (1) (1) 0 - - - - - - -

E V100 Houston WPZ Atlantic - Gulf Reporting Eliminations 11 (1) (1) (12) - - - - - - -

E V013 WPZ - Atlantic - Gulf Eliminations 6 - - (6) - - - - - - -

E X104 Tulsa WPZ Atlantic - Gulf - Other (0) 4 4 4 - - - - - - -

E X013 WPZ - Atlantic - Gulf 1778 1901 (9) 8 1900 122 2586 2759 (9) 8 2759 172 2759 3013 254

E X190 Salt Lake WPZ West Reporting 323 266 24 290 (32) 473 440 440 (33) 440 439 (1) 440 (0)

E 4029 Wfsc - Overland Pass Investment 66 70 70 4 89 93 93 5 93 95 1 91 2

E X159 Conway And Hutch Rail 51 47 47 (4) 103 107 107 4 107 109 1 109 (1)

E 4025 Southwest Wyoming Gathering amp Proc 79 88 88 9 43 44 44 1 44 43 (1) 43 1

E 4026 Wamsutter LLC 78 69 69 (9) 91 103 103 12 103 135 32 113 (10)

E X045 Niobrara 32 46 46 14 58 77 77 19 77 94 17 86 (9)

E X022 Four Corners Area 85 81 81 (4) 167 170 170 3 170 174 4 169 1

E X034 Piceance Area 94 113 113 19 164 175 175 11 175 165 (10) 176 (1)

E X320 Anadarko And Midcon 75 62 17 79 4 128 111 17 128 0 111 96 (15) 134 (5)

E X235 Haynesville Entities 201 200 200 (1) 264 255 255 (9) 255 269 14 252 4

E X226 Barnett Entities 346 213 131 344 (3) 431 295 131 426 (5) 295 214 (81) 446 (20)

E X228 Permian Entities 12 39 (36) 3 (9) 35 56 (36) 20 (16) 56 63 7 21 (1)

E X236 Eagleford Entities 221 244 244 23 321 346 346 25 346 354 7 345 2

E 4005 WPZ West Corporate (11) (4) (4) 7 - - - - - - - - -

E X053 NGL Marketing 8 4 5 3 3 (2) 3 3 (0) 3 -

E X119 Gas Marketing 1 1 1 (0) - - - - - - - - -

E X229 Other Acmp Entities - - - - - - - - - - - - -

E X230 Acmp Corp Entities (0) (1) (1) (0) 0 - - (0) - - - - -

E X015 WPZ - West 1669 1538 112 24 1675 6 2374 2276 112 - 2388 14 2276 2252 (24) 2426 (38)

E X105 Canada Olefins (0) (0) (0) - - - - -

E X121 Geismar And Splitter 72 (1) (1) (73) 7 - - (7) - - -

E X027 WPZ NGL amp Petchem Services 72 (1) (1) (72) 7 - - (7) - - -

- - -

E X035 WPZ Other (5) (5) (5) (1) - - - - - - -

E V001 Williams Partners (Wpz) Consol Eliminations - - - - -

E X001 WPZ 4473 4521 103 32 4656 183 6450 6706 104 8 6818 367 6706 7335 629

E X062 Williams Other 59 32 34 32 32 (2) 32 33 0

E X000 The Williams Companies 4532 4553 6473 6727 104 8 6839 366 6727 7356 629

373

(112)

261







2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018

Current Forecast Current Forecast Current Forecast Current Forecast Current Forecast Current Forecast Current Forecast Current Forecast Current Forecast Current Forecast Current Forecast Current Forecast Current Forecast Current Forecast



Fee Revenues Adjusted Reporting 7356 6727 629 2070 1671 399 3013 2759 254 2252 2276 (24) - - - - - - 33 32 0

Ethane Margin Adjusted Reporting 28 13 15 3 3 0 9 6 3 17 5 12 - - - - - - - - -

Non-Ethane Margin Adjusted Reporting 195 224 (29) 3 5 (2) 41 43 (2) 151 176 (25) - - - - - - - - -

Liquids Margin (Alt1) Adjusted Reporting 223 237 (14) 6 8 (2) 50 49 1 167 181 (13) - - - - - - - - -


Other Margin Adjusted Reporting (15) (19) 4 (17) (12) (5) - (0) 0 2 (7) 9 - - - - - - - - -

Condensate Margin Adjusted Reporting 11 13 (2) - - - 0 1 (0) 11 12 (1) - - - - - - - - -

Marketing Margin Adjusted Reporting 17 22 (5) 14 14 0 - 1 (1) 3 8 (5) - - - - - - - - -

Gross Operating Margin Adjusted Reporting 7593 6980 613 2073 1680 393 3063 2809 254 2435 2469 (34) - - - - - - 33 32 0

Gathering Fuel Expense Adjusted Reporting (4) (4) (0) - 0 (0) - - - (4) (4) (0) - - - - - - - - -

System (Gain)Loss Adjusted Reporting (3) (8) 4 - (1) 1 - (1) 1 (3) (6) 3 - - - - - - - 0 (0)

Inventory Revaluation Adjusted Reporting - 0 (0) - 0 (0) - (0) 0 - 0 (0) - - - - - - - - -

Power Expense Adjusted Reporting 17 9 8 5 4 1 - (7) 7 12 13 (1) - - - - - - - - -

Misc Oper Expense Adjusted Reporting 77 95 (18) 28 31 (3) 37 48 (11) 7 11 (3) - - - - - - 6 6 (0)

Tracked Power Expense Adjusted Reporting 22 17 5 - - - 22 17 5 - - - - - - - - - - - -

OampM Departmental Expenses Adjusted Reporting 1586 1563 23 433 407 26 532 529 3 607 601 5 0 0 0 - - - 14 16 (1)

Operating Taxes Adjusted Reporting 194 180 14 21 19 2 95 87 8 75 72 4 0 0 0 - - - 2 2 0

Operating Expenses Adjusted Reporting 1888 1852 36 487 460 27 686 672 13 694 686 7 0 0 0 - - - 22 24 (1)

General And Administrative Expenses Adjusted Reporting 386 379 8 95 92 3 163 159 3 152 148 4 1 0 0 2 0 2 (24) (19) (4)

General Corporate Exp Adjusted Reporting 177 176 2 32 32 1 78 78 1 73 72 1 0 0 0 - - - 1 2 (0)

GampA and General Corporate Expense Adjusted Reporting 564 554 9 127 124 3 241 237 4 225 220 4 1 1 0 2 0 2 (22) (18) (5)

Other (Income)Expense Adjusted Reporting 83 111 (27) 14 9 5 42 74 (32) 27 27 (0) - (0) 0 - (0) 0 - (0) 0

Net (Gain)Loss on Assets Adjusted Reporting 0 (0) 0 - (0) 0 - 0 (0) 0 (1) 1 - - - - 0 (0) - - -

AFUDC Equity Adjusted Reporting (64) (81) 17 - - - (59) (78) 19 (5) (3) (2) - - - - - - - - -



Oth Unrealized GainsLosses (Below Op) Adjusted Reporting - (0) 0 - - - - (0) 0 - - - - - - - - - - - -


Other Non Operating IncomeExpense (A X9460) Adjusted Reporting 6 (9) 14 - (0) 0 2 2 (0) 1 1 0 - 0 (0) 3 5 (2) - (6) 6

EBITDA Adjusted Reporting 5116 4553 563 1444 1087 357 2152 1901 251 1494 1538 (45) (1) (1) (0) (6) (5) (0) 33 32 0

Fee Revenues 629 399 254 (24) - - 0

NGL Margins (14) (2) 1 (13) - - -


Other Margins 587 (2) (5) (1) 3 - - -

Gross Margin -90 613 393 254 (34) - - 0

Departmental Expense (33) (29) (7) (10) (0) (2) 6

Other Expense (17) (6) 4 (1) (0) 2 (6)

EBITDA 563 357 251 (45) (0) (0) 0







2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017




Fee Revenues Adjusted Reporting 6727 6473 254 6727 6466 261 1671 1483 188 2759 2586 173 2276 2374 (98) - 7 (7) - - - 32 34 (2)

Ethane Margin Adjusted Reporting 13 6 7 13 6 7 3 2 1 6 2 3 5 2 3 - - - - - - - - -

Non-Ethane Margin Adjusted Reporting 224 224 1 224 224 1 5 15 (10) 43 57 (13) 176 152 24 - - - - - - - - -

Liquids Margin (Alt1) Adjusted Reporting 237 230 8 237 230 8 8 17 (9) 49 59 (10) 181 154 27 - - - - - - - - -

Olefins Margin Adjusted Reporting - 126 (126) - 1 (1) - - - - - - - 1 (1) - 125 (125) - - - - - -

Other Margin Adjusted Reporting (19) (9) (10) (19) (9) (10) (12) (10) (2) (0) 0 (0) (7) 0 (7) - - - - - - - 0 (0)

Condensate Margin Adjusted Reporting 13 9 3 13 9 3 - - - 1 1 (0) 12 8 4 - - - - - - - - -

Marketing Margin Adjusted Reporting 22 24 (2) 22 23 (1) 14 8 6 1 4 (3) 8 11 (3) - 2 (2) - - - - (0) 0

Gross Operating Margin Adjusted Reporting 6980 6853 127 6980 6719 261 1680 1498 182 2809 2651 159 2469 2548 (78) - 134 (134) - - - 32 34 (2)

Gathering Fuel Expense Adjusted Reporting (4) (1) (3) (4) (1) (3) 0 0 (0) - - - (4) (1) (3) - - - - - - - - -

System (Gain)Loss Adjusted Reporting (8) (25) 17 (8) (25) 17 (1) (5) 4 (1) (2) 2 (6) (18) 11 - - - - - - 0 (0) 0

Inventory Revaluation Adjusted Reporting 0 (5) 5 0 (5) 5 0 1 (1) (0) 0 (0) 0 (6) 6 - - - - - - - - -

Power Expense Adjusted Reporting 9 (14) 23 9 (14) 23 4 4 (1) (7) (32) 25 13 14 (1) - - - - - - - - -

Misc Oper Expense Adjusted Reporting 95 128 (33) 95 124 (29) 31 33 (2) 48 74 (26) 11 10 0 - 4 (4) - - - 6 7 (1)

Tracked Power Expense Adjusted Reporting 17 21 (4) 17 21 (4) - - - 17 21 (4) - - - - - - - - - - - -

OampM Departmental Expenses Adjusted Reporting 1563 1521 42 1563 1474 89 407 361 46 529 523 6 601 582 19 0 47 (47) - 0 (0) 16 18 (2)

Operating Taxes Adjusted Reporting 180 168 12 180 167 13 19 18 1 87 78 9 72 69 3 0 1 (1) - - - 2 2 (0)

Operating Expenses Adjusted Reporting 1852 1793 59 1852 1741 110 460 412 48 672 662 11 686 651 36 0 52 (52) - 0 (0) 24 27 (3)

General And Administrative Expenses Adjusted Reporting 379 358 21 379 351 27 92 93 (1) 159 150 10 148 155 (7) 0 7 (6) 0 4 (3) (19) (34) 14

General Corporate Exp Adjusted Reporting 176 190 (14) 176 186 (10) 32 29 3 78 72 5 72 69 3 0 4 (4) - (1) 1 2 24 (22)

GampA and General Corporate Expense Adjusted Reporting 554 548 7 554 537 17 124 122 2 237 222 15 220 224 (4) 1 10 (10) 0 3 (3) (18) (10) (8)

Other (Income)Expense Adjusted Reporting 111 71 40 111 70 40 9 5 4 74 62 13 27 5 22 (0) 0 (0) (0) (0) 0 (0) (1) 1

Net (Gain)Loss on Assets Adjusted Reporting (0) (2) 1 (0) (2) 1 (0) 0 (0) 0 (1) 2 (1) (1) 0 - (0) 0 0 0 0 - 0 (0)

AFUDC Equity Adjusted Reporting (81) (71) (10) (81) (71) (10) - - - (78) (70) (8) (3) (1) (2) - - - - - - - - -

Foreign Curr Exchange GainLoss Adjusted Reporting - - - - - - - - - - - - - - - - - - - - - - - -

GL On SaleDisp Assets (Below Op) Adjusted Reporting - 1 (1) - 1 (1) - - - - - - - - - - - - - 1 (1) - 0 (0)

Oth Unrealized GainsLosses (Below Op) Adjusted Reporting (0) (13) 13 (0) (13) 13 - - - (0) (13) 13 - - - - - - - - - - - -

Other Realized GainsLosses (Below Op) Adjusted Reporting - - - - - - - - - - - - - - - - - - - - - - - -

Other Non Operating IncomeExpense (A X9460) Adjusted Reporting (9) (6) (3) (9) (6) (3) (0) (0) 0 2 11 (9) 1 0 0 0 0 (0) 5 0 5 (6) (41) 34

EBITDA Adjusted Reporting 4553 4532 21 4553 4460 93 1087 959 128 1901 1778 123 1538 1669 (130) (1) 72 (72) (5) (5) (1) 32 59 (27)

Fee Revenues 254 261 188 173 (98) (7) - (2)

NGL Margins 8 8 (9) (10) 27 - - -

Olefins Margins (126) (1) - - (1) (125) - -

Other Margins (9) (7) 3 (4) (7) (2) - -

Gross Margin 127 261 182 159 (78) (134) - (2)

Departmental Expense (48) (106) (48) (21) (15) 57 3 10

Other Expense (57) (62) (6) (14) (37) 5 (3) (34)

EBITDA 21 93 128 123 (130) (72) (1) (27)

-98

-42

Change in 2018 vs 2017 Adjusted EBITDA

$ in millions

January Feb March May Change Incr(Decr)

Forecast Guidance Forecast Guidance Forecast Guidance

Northeast Fee Revenue Increase 158 160 188 185 30 25

Atlantic -Gulf Fee Revenue Increase 182 180 172 170 (10) (10)

Revenue Recognition Impact (122) (104) 18

Tax Reform Impact (32) (32) -

Total Rev Rec Tax Reform (154) (150) (136) (135) 18 15

West Fee Revenue Increase 53 14 (39)

WMB Other Fee - (2) (2)

Commodity Margins 8 (1) (9)

Departmental Costs (65) (106) (41)

Other OampM Income Expense (28) (38) a (10)

Round FC to Guidance (4) - 4

Total Other (36) (40) (133) (130) (97) (90)

Remove NGL Petchem (72) (72) (72) (72) - -

EBITDA Change $78 $78 $19 $18 ($59) ($60)

Change in Fee Revenues 263 260 (3)

a) Change in operating taxes -$12 system loss -$17 and increase in Atlantic-Gulf ARO -$14

WMB Distributable Cash Flow

2 0 1 8 2 0 1 9

Guidance Guidance

Low Mid High Final Low Mid High Final

WMB Adjusted EBITDA $4450 $4550 $4650 4556 $4850 $5000 $5150 5121

Interest expense - net (1) lt------ (1150) ------gt (1147) lt------ (1235) ------gt (1234)

Maintenance capital expenditures (2) (0575) (0525) (0475) (0581) (0675) (0625) (0575) (0626)

Cash taxes - (Payment) Benefit - - - - lt------ 0075 ------gt 0077

Income attributable to noncontrolling interests (NCI) and other lt------ (0125) ------gt (0110) lt------ (0115) ------gt (0117)

Distributable cash flow (DCF) $2600 $2750 $2900 $2718 $2900 $3100 $3300 $3222

Dividends amp Distributions paid (3) lt------ (1705) ------gt (1388) lt------ (1850) ------gt (1848)

Excess cash available after dividends amp distributions $0895 $1045 $1195 $1330 $1050 $1250 $1450 $1374

Dividend per share lt------ $136 ------gt $136 lt------ $152 ------gt $152

Coverage ratio (4) 152x 161x 170x 159x 157x 168x 178x 174x


(1) Includes proportionate share of interest expense of equity investments

(2) Includes proportionate share of maintenance capital expenditures of equity investments

(3) Includes WPZ distributions to public unitholders for 1Q and 2Q of 2018

(4) Distributable cash flow Dividends amp distributions paid


2 0 1 8 2 0 1 9

Guidance Guidance







Distibutable cash flow (DCF) $2550 $2700 $2850 $2718 $2900 $3100 $3300 $3222

- DCF per share $249 $264 $279 $266 $238 $255 $271 $265

Dividends paid lt------ (1390) ------gt (1388) lt------ (1850) ------gt (1848)

Excess cash available after dividends $1160 $1310 $1460 $1330 $1050 $1250 $1450 $1374





(3) Distributable cash flow Dividends paid

Reconciliation of Net Income (Loss) to Modified EBITDA and Non-GAAP Adjusted EBITDA

2 0 1 8 2 0 1 9

Guidance March Guidance March

Low Mid High FC Forecast Low Mid High FC Forecast

Net income (loss) $0975 $1075 $1175 1089 1085 $1150 $1300 $1450 1441 1423

Provision (benefit) for income taxes lt------ 0260 ------gt 0258 0257 lt------ 0300 ------gt 0300 0297

Interest expense lt------ 1100 ------gt 1097 1098 lt------ 1225 ------gt 1221 1236

Equity (earnings) losses lt------ (0375) ------gt (0376) (0376) lt------ (0450) ------gt (0457) (0457)

Other investing (income) loss - net lt------ - ------gt (0002) (0002) lt------ - ------gt (0000) -

Proportional Modified EBITDA of equity-method investments lt------ 0725 ------gt 0729 0729 lt------ 0825 ------gt 0822 0822

Depreciation and amortization expenses and accretion expense

associated with asset retirement obligations for nonregulated operations lt------ 1750 ------gt 1750 1750 lt------ 1800 ------gt 1794 1794

Modified EBITDA $4435 $4535 $4635 4545 4542 $4850 $5000 $5150 5121 5116

Adjustments included in Modified EBITDA

Constitution Pipeline project development costs lt------ 0002 ------gt 0008 0008 - - - - -

(Gain) loss on early retirement of debt lt------ 0007 ------gt - - - - - - -

Regulatory charges resulting from Tax Reform lt------ 0004 ------gt 0003 0003 - - - - -

Share of regulatory charges resulting from Tax Reform

for equity-method investments lt------ 0002 ------gt - - - - - - -

Total Adjustments included in Modified EBITDA lt------ 0015 ------gt 0011 0011 - - - - -

Adjusted EBITDA $4450 $4550 $4650 4556 4553 $4850 $5000 $5150 5121 5116

Forecast

Adjusted EBITDA by OA Change

Northeast 1087 1444 357

Atlantic-Gulf 1901 2152 251 485 5 515

West 1538 1494 (45)

Other 26 26 -

Total WMB $4553 $5116 563

Year Over Year Change (2018 to 2019) in Adjusted EBITDA by Driver FC Guidance Difference

Transco Fee Revenues 289 290 1

Northeast Fee Revenues 399 325 (74)

Increase in Departmental Costs (33) (50) (17)

Other Atlantic-Gulf Fee Revenues (primarily Eastern Gulf) (35) (40) (5)

Decrease in West Fee Revenues (24) (30) (6)

Decrease in Margins (16) (25) (9)

Increase in Other Costs and Other IncomeExpense (17) (20) (3)

Change in Other (92) (115) (23)

Total Change in 2019 vs 2018 EBITDA 563 450 (113)


Product Product


USD USD

View View

2018 2019


Base Case Base Case

Period Period












2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018


































Fee Revenues (22) 30 (22) (30) - - (1)

NGL Margins (6) 0 (6) (1) - - -



Gross Margin (20) 32 (26) (25) - - (1)


Other Expense 13 (8) 12 7 0 (5) 6

EBITDA (38) 0 (15) (26) 1 (2) 4

-98







2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017





















































Product Product


USD USD

View View

2017 2018


Base Case Base Case

Period Period

-



E X015 WPZ - West 807 822 15




E V001 WPZ - - -

E X001 WPZ 2095 2120 25












USD USD USD

View View View

2018 2018 2018





















E X055 Purity Pipes 93 96 96 96 96 (0)











E 4026 Wamsutter LLC 111 113 113 103 103 (10)

E X045 Niobrara 77 86 86 77 77 (9)


E X034 Piceance Area 184 176 176 175 175 (1)











E X015 WPZ - West 2306 2272 130 24 2426 2276 112 - 2388 (38)




E X035 WPZ Other - - - - -


E X001 WPZ 6728 6685 122 32 6839 6706 104 8 6818









2017 2018 2017 2018 2018 2019
















5000






E X055 Purity Pipes 25 29 29 4 92 96 96 4 96 97 1











E 4026 Wamsutter LLC 78 69 69 (9) 91 103 103 12 103 135 32 113 (10)

E X045 Niobrara 32 46 46 14 58 77 77 19 77 94 17 86 (9)


E X034 Piceance Area 94 113 113 19 164 175 175 11 175 165 (10) 176 (1)







E X053 NGL Marketing 8 4 5 3 3 (2) 3 3 (0) 3 -

E X119 Gas Marketing 1 1 1 (0) - - - - - - - - -



E X015 WPZ - West 1669 1538 112 24 1675 6 2374 2276 112 - 2388 14 2276 2252 (24) 2426 (38)




- - -

E X035 WPZ Other (5) (5) (5) (1) - - - - - - -


E X001 WPZ 4473 4521 103 32 4656 183 6450 6706 104 8 6818 367 6706 7335 629



373

(112)

261







2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018


































Fee Revenues 629 399 254 (24) - - 0

NGL Margins (14) (2) 1 (13) - - -


Other Margins 587 (2) (5) (1) 3 - - -

Gross Margin -90 613 393 254 (34) - - 0


Other Expense (17) (6) 4 (1) (0) 2 (6)

EBITDA 563 357 251 (45) (0) (0) 0







2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017


































Fee Revenues 254 261 188 173 (98) (7) - (2)

NGL Margins 8 8 (9) (10) 27 - - -

Olefins Margins (126) (1) - - (1) (125) - -

Other Margins (9) (7) 3 (4) (7) (2) - -

Gross Margin 127 261 182 159 (78) (134) - (2)


Other Expense (57) (62) (6) (14) (37) 5 (3) (34)

EBITDA 21 93 128 123 (130) (72) (1) (27)

-98

-42


$ in millions














Total Other (36) (40) (133) (130) (97) (90)


EBITDA Change $78 $78 $19 $18 ($59) ($60)




2 0 1 8 2 0 1 9


Low Mid High Forecast Low Mid High Forecast


Interest expense - net (1) lt------ (1125) ------gt 257 lt------ (1175) ------gt 297

Maintenance capital expenditures (2) (0625) (0575) (0525) 1098 (0650) (0600) (0550) 1236

Cash taxes - (Payment) Benefit - - - lt------ 0075 ------gt


Distibutable cash flow (DCF) $2575 $2725 $2875 2065 $2975 $3175 $3375 2500

- DCF per share $215 $227 $240 $244 $260 $277

Dividends paid lt------ (1800) ------gt 11 lt------ (2075) ------gt -

Excess cash available after dividends $0775 $0925 $1075 $0900 $1100 $1300


Coverage ratio (3) 143x 151x 160x 2076 143x 153x 163x 2500





2 0 1 8 2 0 1 9

($ in billions) Guidance March Guidance March

Low Mid High Final Forecast Low Mid High Final Forecast

Net income (loss) $0975 $1075 $1175 1089 1085 $1050 $1200 $1350 1441 1423








Modified EBITDA $4435 $4535 $4635 4545 4542 $4850 $5000 $5150 5121 5116








Adjusted EBITDA $4450 $4550 $4650 4556 4553 $4850 $5000 $5150 5121 5116

Forecast


Northeast 1087 1444 357

Atlantic-Gulf 1901 2152 251 485 5 515

West 1538 1494 (45)

Other 26 26 -

Total WMB $4553 $5116 563












2 0 1 8 1 2 0 1 9

Guidance Guidance

(Dollars in billions except per-share amounts) Midpoint Midpoint

Net income (loss) $1075 $1200

Less Net income (loss) attributable to noncontrolling interests 0125 0115

Net income (loss) attributable to The Williams Companies Inc 0950 1085

Adjustments

Adjustments included in Modified EBITDA - -

Adjustments below Modified EBITDA - -

Total adjustments - -

Less tax effect for above items - -

Adjustments for tax-related items - -



Weighted-average shares - diluted (billions) 1213 1217

(1) Proforma as if acquisiton of WPZ had occurred 1118


($ in millions)

2018 Guidance 2019 Guidance

Low Midpoint High Low Midpoint High

WMB Adjusted EBITDA - Guidance $4450 $4550 $4650 $4850 $5000 $5150

Interest expense - net (1) (1150) (1150) (1150) (1235) (1235) (1235)

Maintenance capital expenditures (2) (0575) (0525) (0475) (0675) (0625) (0575)

Cash taxes - (Payment) Benefit - - - 0075 0075 0075

NCI and other (0125) (0125) (0125) (0115) (0115) (0115)


Dividends amp Distributions paid (3) (1705) (1705) (1705) (1850) (1850) (1850)

Excess cash after dividends amp distributions $0895 $1045 $1195 $1250 $1250 $1250

Dividend per share $136 $136 $136 $152 $152 $152


Growth Capex (P90)

Total Williams $3100 $2400

Transco $1700 $1100






2 0 1 8 2 0 1 9



Net income (loss) $0900 $1000 $1100 1089 1085 $1050 $1200 $1350 1441 1423








Modified EBITDA $4475 $4575 $4675 4545 4542 $4850 $5000 $5150 5121 5116

Total Adjustments included in Modified EBITDA lt------ 0072 ------gt ERRORREF ERRORREF ERRORREF ERRORREF ERRORREF ERRORREF ERRORREF

Adjusted EBITDA $4547 $4647 $4747 ERRORREF ERRORREF ERRORREF ERRORREF ERRORREF ERRORREF ERRORREF

Forecast


325 321 390 1036 384 1420 1375

G U I D A N C E M I D P O I N T 55 52 190 297 94 391 0375

2 0 1 8 2 0 1 9 270 269 200 739 290 1029 1000

3Q YTD 4Q Full Year Full Year

(Dollars in millions except per-share amounts) 1Q 2Q 3Q YTD 4Q 2018

Net income (loss) $739 $251 $990 $1200 $270 $269 $200 $739 $290 $1029

Less Net income (loss) attributable to noncontrolling interests $68 17 85 115 $25 $24 $19 $68 19 87

Net income (loss) attributable to The Williams Companies Inc 671 234 905 1085 $245 $245 $181 $671 271 942

198 258 215

Adjustments 1

Adjustments included in Modified EBITDA 72 - 72 - $15 $52 $5 $72 - 0 72

Adjustments below Modified EBITDA (62) - (62) - $0 ($62) $0 ($62) - 0 (62)

Allocation of adjustments to noncontrolling interests 16 - 16 - ($5) $21 $0 $16 - 0 16

Total adjustments 26 - 26 - $10 $11 $5 $26 - 0 26

Less tax effect for above items (7) - (7) - ($3) ($3) ($1) ($7) - 0 (7)

Adjustments for tax-related items 2 110 - 110 - $0 $0 $110 $110 - 0 110

Adjusted income available to common stockholders $800 $234 $1034 $1085 $252 $253 $295 $800 $271 $1071

Adjusted diluted earnings per common share $066 $019 $085 $089 $021 $021 $024 $066 $022 $0883

Weighted-average shares - diluted (millions) 1213 1213 1213 1217 1213 1213 1213 1213 1213 1213

(1) A detailed list of adjustments is included in this presentation 255

(2) The third quarter of 2018 reflects tax adjustments driven by the WPZ Merger primarily a 663

valuation allowance for foreign tax credits

OCTOBER

Remove

Unadj Gain Adjusted

Pretax 725355 593 133

Tax 176560 148 323

Net Income 548795 445 100

NCI 8495 0 8

Net to WMB 540300 445 92

246 260

1213

$0076

$023

Net Income 975 1075 1175

NCI 125 125 125

Net to WMB 850 950 1050

EPS $070 $078 $087

Shares 1213 1213 1213

EBITDA 4450 4550 4650

1854

Interest 818

Pretax

NCI

Adjusted Net to WMB 545

123117

33118 90 830197

63018 91 830107

93018 92 1026504 8963217399267

123118 92 1213 9761420136986

3Q YTD 3Q YTD 3Q YTD October 3Q Act 4Q 4Q

GAAP Adjs Adjusted 4Q FC Low Mid Mid Mid-High FC High + 4Q FC October x 3 + Oct x 3 GAAP GAAP

EBITDA 3441 1227 4450 4550 4550 4600 4631 4650 4668 Mid High Net Income 975 1075 1175

Difference from FC (218) (118) (68) (37) (18) - NCI 125 125 125

Net to WMB 850 950 1050

Operating Income 1402 72 1474 557 1813 1913 1913 1963 1994 2013 2031 184 552 2026 EPS $0701 $0783 $0866

Equity Earnings 279 - 279 107 386 386 386 386 386 386 386 39 116 395 Shares 1213 1213 1213

Net Interest (818) - (818) (292) (1110) (1110) (1110) (1110) (1110) (1110) (1110) (97) (292) (1110)

Other Income Exp 173 (62) 111 13 124 124 124 124 124 124 124 7 22 133 EBITDA 4450 4550 4650

Pretax Income 1036 10 1046 384 1212 1312 1312 1362 1393 1412 1430 132 397 1443 859 959

Income Taxes 297 (103) 194 95 241 262 258 270 278 283 287 32 97 291 218 243

Net Income 739 113 852 289 971 1050 1054 1092 1115 1129 1143 100 300 1152 641 716

NCI 323 (16) 307 19 287 305 320 322 324 325 326 9 26 333 22 22

Net to WMB 416 129 545 270 684 745 734 770 791 804 817 92 275 820 619 694

$046 $014 $061 $022 $0701 $0764 $0752 $0789 $0811 $0824 $0837 $0076 $0227 $0840 $051 $057

Share Count 896 896 896 1213 976 976 976 976 976 976 976 1213 1213 976 1213 1213

42 263 260 260 260 260 260 260 260 260 260 260 262 260 259

830197 90 7471773

Months of WPZ NCI 83 830107 91 75539737

1026504 92 94438368

859 1213 92 111596

356291835

9761420136986


(UNAUDITED)

2018 2018 Guidance

(Dollars in millions except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Midpoint High

Income (loss) attributable to The Williams Companies Inc available to common stockholders $ 152 $ 135 $ 129 $ mdash $ 416 $1060 $1115

Income (loss) - diluted earnings (loss) per common share $ 018 $ 016 $ 013 $ mdash $ 046 $109 $114

Adjustments

Northeast GampP

Total Northeast GampP adjustments mdash mdash mdash mdash mdash mdash mdash

Atlantic-Gulf

Constitution Pipeline project development costs 2 1 1 mdash 4 4 4

Regulatory adjustments resulting from Tax Reform 11 (20) mdash mdash (9) (9) (9)

Benefit of regulatory asset associated with increase in Transcorsquos estimated deferred state income tax rate following WPZ Merger mdash mdash (3) (3) (3) (3)

Share of regulatory charges resulting from Tax Reform for equity-method investments 2 mdash mdash mdash 2 2 2

(Gain) loss on asset retirement mdash mdash (10) mdash (10) (10) (10)

Total Atlantic-Gulf adjustments 15 (19) (12) (16) (16) (16)

West

Gain on Sale of Four Corners assets mdash mdash mdash (593) (593) (593) (593)

Regulatory adjustments resulting from Tax Reform (7) mdash mdash (7) (7) (7)

Charge for regulatory liability associated with the decrease in Northwest Pipelinersquos estimated deferred state income tax rates following WPZ Merger mdash mdash 12 12 12 12

Total West adjustments (7) mdash 12 (593) (588) (588) (588)

2018 Guidance

Adjustments (continued) Midpoint High

Other

(Gain) loss on early retirement of debt 7 mdash mdash mdash 7 7 7

Impairment of certain assets mdash 66 mdash mdash 66 66 66

Regulatory adjustments resulting from Tax Reform mdash 1 mdash mdash 1 1 1

Benefit of regulatory assets associated with increase in Transcorsquos estimated deferred state income tax rate following WPZ Merger mdash mdash (45) (45) (45) (45)

WPZ Merger costs mdash 4 15 mdash 19 19 19 1060 1115

Charitable contribution of preferred stock to Williams Foundation mdash mdash 35 35 35 35 -16

Total Other adjustments 7 71 5 mdash 83 83 83 -588

Adjustments included in Modified EBITDA 15 52 5 (593) (521) (521) (521) 83

Adjustments below Modified EBITDA -521

Gain on deconsolidation of Jackalope interest mdash (62) mdash mdash (62) (62) (62) -46

Allocation of adjustments to noncontrolling interests (5) 21 mdash mdash 16 16 16 -567

(5) (41) mdash mdash (46) (46) (46) 141

Total adjustments 10 11 5 (593) (567) (567) (567) 110

Less tax effect for above items (3) (3) (1) 148 141 141 141 -316 -316

Adjustments for tax-related items (1) mdash mdash 110 mdash 110 110 110 744 799

Adjusted income available to common stockholders $ 159 $ 143 $ 243 $ (445) $ 100 $744 $799

Adjusted diluted earnings per common share $ 000 $ 000 $ 000 ERRORDIV0 $ 000 $076 $082

Weighted-average shares - diluted (millions) 830197 830107 1026504 mdash 896322 976 976

(1) Reflects tax adjustments driven by the WPZ Merger primarily a valuation allowance for foreign tax credits


Pretax 0325 0321 0390 1036 0384 1420 1375

G U I D A N C E R A N G E S Tax Prov 0055 0052 0190 0297 0094 0391 0375

2 0 1 8 2 0 1 9 Net Income 0270 0269 0200 0739 0290 1029 1000

Midpt High Low Midpt High


Net income (loss) $1385 $1460 $1050 $1200 $1350 $0270 $0269 $0200 $0739 $0290 $1029

Less Net income (loss) attributable to noncontrolling interests 325 345 115 115 115 0118 0134 0071 0323 0019 0342

Net income (loss) attributable to The Williams Companies Inc 1060 1115 935 1085 1235 0152 0135 0129 0416 0271 0687

258 261

Adjustments 1

Adjustments included in Modified EBITDA 2 (521) (521) - - - 0015 0052 0005 0072 - 0 0072

Adjustments below Modified EBITDA (62) (62) - - - - 0 (0062) - 0 (0062) - 0 (0062)

Allocation of adjustments to noncontrolling interests 16 16 - - - (0005) 0021 - 0 0016 - 0 0016

Total adjustments (567) (567) - - - 0010 0011 0005 0026 - 0 0026

Less tax effect for above items 141 141 - - - (0003) (0003) (0001) (0007) - 0 (0007)

Adjustments for tax-related items 3 110 110 - - - - 0 - 0 0110 0110 - 0 0110

Adjusted income available to common stockholders $744 $799 $935 $1085 $1235 $0159 $0143 $0243 $0545 $0271 $0816

Adjusted diluted earnings per common share $076 $082 $077 $089 $101 $019 $017 $024 $061 $022 $0836

Weighted-average shares - diluted (millions) 976 976 1217 1217 1217 0830 0830 1027 0896 1212 0976


(1) A detailed list of adjustments is included in this presentation

(2) Primarily a $593 million gain on the sale of Four Corners assets

(3) The 3rd quarter of 2018 reflects tax adjustments driven by the WPZ Merger primarily a valuation allowance for foreign tax credits 123117

33118 90 830

$109 $114 63018 91 830

93018 92 1027

123118 92 1213

365 976


2 0 1 8 1 2 0 1 9

Guidance Guidance





Adjustments











($ in millions)







NCI and other (0125) (0125) (0125) (0115) (0115) (0115)






Growth Capex (P90)


Transco $1700 $1100






2 0 1 8 2 0 1 9



Net income (loss) $0900 $1000 $1100 1089 1085 $1050 $1200 $1350 1441 1423








Modified EBITDA $4475 $4575 $4675 4545 4542 $4850 $5000 $5150 5121 5116



Forecast


325 321 390 1036 384 1420 1375


2 0 1 8 2 0 1 9 270 269 200 739 290 1029 1000



Net income (loss) $739 $251 $990 $1200 $270 $269 $200 $739 $290 $1029



198 258 215

Adjustments 1













OCTOBER

Remove

Unadj Gain Adjusted

Pretax 725355 593 133

Tax 176560 148 323

Net Income 548795 445 100

NCI 8495 0 8

Net to WMB 540300 445 92

246 260

1213

$0076

$023

Net Income 975 1075 1175

NCI 125 125 125

Net to WMB 850 950 1050

EPS $070 $078 $087

Shares 1213 1213 1213

EBITDA 4450 4550 4650

1854

Interest 818

Pretax

NCI


123117

33118 90 830197

63018 91 830107

93018 92 1026504 8963217399267

123118 92 1213 9761420136986





Net to WMB 850 950 1050



Net Interest (818) - (818) (292) (1110) (1110) (1110) (1110) (1110) (1110) (1110) (97) (292) (1110)


Pretax Income 1036 10 1046 384 1212 1312 1312 1362 1393 1412 1430 132 397 1443 859 959

Income Taxes 297 (103) 194 95 241 262 258 270 278 283 287 32 97 291 218 243

Net Income 739 113 852 289 971 1050 1054 1092 1115 1129 1143 100 300 1152 641 716

NCI 323 (16) 307 19 287 305 320 322 324 325 326 9 26 333 22 22

Net to WMB 416 129 545 270 684 745 734 770 791 804 817 92 275 820 619 694

$046 $014 $061 $022 $0701 $0764 $0752 $0789 $0811 $0824 $0837 $0076 $0227 $0840 $051 $057

Share Count 896 896 896 1213 976 976 976 976 976 976 976 1213 1213 976 1213 1213

42 263 260 260 260 260 260 260 260 260 260 260 262 260 259

830197 90 7471773

Months of WPZ NCI 83 830107 91 75539737

1026504 92 94438368

859 1213 92 111596

356291835

9761420136986


(UNAUDITED)

2018 2018 Guidance




Adjustments

Northeast GampP


Atlantic-Gulf







West





2018 Guidance


Other





WPZ Merger costs mdash 4 15 mdash 19 19 19

Charitable contribution of preferred stock to Williams Foundation mdash mdash 35 35 35 35

Total Other adjustments 7 71 5 mdash 83 83 83

Adjustments included in Modified EBITDA 15 52 5 (593) (521) (521) (521)


Gain on deconsolidation of Jackalope interest mdash (62) mdash mdash (62) (62) (62)

Allocation of adjustments to noncontrolling interests (5) 21 mdash mdash 16 16 16

(5) (41) mdash mdash (46) (46) (46)

Total adjustments 10 11 5 (593) (567) (567) (567)

Less tax effect for above items (3) (3) (1) 148 141 141 141

Adjustments for tax-related items (1) mdash mdash 110 mdash 110 110 110






Pretax 0325 0321 0390 1036 0384 1420 1375


2 0 1 8 2 0 1 9 Net Income 0270 0269 0200 0739 0290 1029 1000



Net income (loss) $1385 $1460 $1050 $1200 $1350 $0270 $0269 $0200 $0739 $0290 $1029



258 261

Adjustments 1














33118 90 830

$109 $114 63018 91 830

93018 92 1027

123118 92 1213

365 976


2 0 1 8 1 2 0 1 9

Guidance Guidance





Adjustments











($ in millions)







NCI and other (0125) (0125) (0125) (0115) (0115) (0115)






Growth Capex (P90)


Transco $1700 $1100






2 0 1 8 2 0 1 9



Net income (loss) $0900 $1000 $1100 1089 1085 $1050 $1200 $1350 1441 1423








Modified EBITDA $4475 $4575 $4675 4545 4542 $4850 $5000 $5150 5121 5116



Forecast


325 321 390 1036 384 1420 1375


2 0 1 8 2 0 1 9 270 269 200 739 290 1029 1000



Net income (loss) $739 $251 $990 $1200 $270 $269 $200 $739 $290 $1029



198 258 215

Adjustments 1













OCTOBER

Remove

Unadj Gain Adjusted

Pretax 725355 593 133

Tax 176560 148 323

Net Income 548795 445 100

NCI 8495 0 8

Net to WMB 540300 445 92

246 260

1213

$0076

$023

Net Income 975 1075 1175

NCI 125 125 125

Net to WMB 850 950 1050

EPS $070 $078 $087

Shares 1213 1213 1213

EBITDA 4450 4550 4650

1854

Interest 818

Pretax

NCI






Net to WMB 850 950 1050



Net Interest (818) - (818) (292) (1110) (1110) (1110) (1110) (1110) (1110) (1110) (97) (292) (1110)


Pretax Income 1036 10 1046 384 1212 1312 1312 1362 1393 1412 1430 132 397 1443 859 959

Income Taxes 297 (103) 194 95 241 262 258 270 278 283 287 32 97 291 218 243

Net Income 739 113 852 289 971 1050 1054 1092 1115 1129 1143 100 300 1152 641 716

NCI 323 (16) 307 19 287 305 320 322 324 325 326 9 26 333 22 22

Net to WMB 416 129 545 270 684 745 734 770 791 804 817 92 275 820 619 694

$046 $014 $061 $022 $0701 $0764 $0752 $0789 $0811 $0824 $0837 $0076 $0227 $0840 $051 $057

Share Count 896 896 896 1213 976 976 976 976 976 976 976 1213 1213 976 1213 1213

42 263 260 260 260 260 260 260 260 260 260 260 262 260 259

830197 90 7471773

Months of WPZ NCI 83 830107 91 75539737

1026504 92 94438368

859 1213 92 111596

356291835

9761420136986


(UNAUDITED)

2018 2018 Guidance




Adjustments

Northeast GampP


Atlantic-Gulf







West





Other












(5) (41) mdash mdash (46) (46) (46)






Weighted-average shares - diluted (thousands) 830197 830107 1026504 mdash 896322 976 976



Pretax 0325 0321 0390 1036 0384 1420 1375


2 0 1 8 2 0 1 9 Net Income 0270 0269 0200 0739 0290 1029 1000



Net income (loss) $1385 $1460 $1050 $1200 $1350 $0270 $0269 $0200 $0739 $0290 $1029



258 261

Adjustments 1













(3) Reflects tax adjustments driven by the WPZ Merger primarily a valuation allowance for foreign tax credits 123117

33118 90 830

$109 $114 63018 91 830

93018 92 1027

123118 92 1213

365 976


WMBMedian

SampP 500

WMB vs SampP 500


58 22 1636

Adjusted EPSCAGR(2)

(2017-2019)189 136 390


(2018-2019)99 71 394

Dividend Growth(2)

(2018-2019)125 67 866






STABILITY





GROWTH




VALUATION








Offshore)


Offshore)


Offshore)


Truck

OlefinsPlant

Olefins End Users


MultipleProducts

Industrial

Power Transport


Exports

Gas End Users

Other NGL End Users

224 Bcfd18670 miles

69 Bcfdinlet


575 Mbbld






WEST Operating Area






to existing assets








Director since 2011





and CFO Newmont







Director since 2016



Director since 2006










Director since 2016








CEO PPL Corporation

Director since 2016








Executive Officer






Officer























SAFETY

GOVERNANCE

ENVIRONMENTAL

SOCIAL










Transco

Northwest Pipeline

Gulfstream


50 or less

50-100100-200200-300300 or more




0 100 200

Rockies


Appalachia






Greater Green River

Powder River



AnadarkoPermian

Eagle Ford

Barnett

Haynesville

Arkoma

89 lt$300MMBtu HH

78 lt$300 MMBtu HH

89 lt$300MMBtu HH

Appalachia

Rockies

0 4000 8000 12000

Rockies


Appalachia


73 lt$300 MMBtu HH

82 lt$300 MMBtu HH

84 lt$300 MMBtu HH

181

81

9

111K

55K

15K





$0

$2

$4

$6

$8

$10

$12



$M

MBt

u

$336 MMBTU

36CPG

$202 MMBTU

$6100Bbl

$5216 Bbl


$4720Bbl






0

15

30

45

60

75

90

105

120

135

2012 2017 2018 2023

Bcf

d


Mexico Exports

TransportOther


LNG Exports



+~1045 Mbpd




0

5

10

15

20

25

30

35

40

45

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18 Cum

ulative Global D

emand G

rowth Since lsquo11

Oil

amp G

as P

rice

in M

MB

tu




Forecast



0

500

1000

1500

2000

2500

3000

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Tota

l Em

issi

on (M

MtC

O2)

Ele

ctric

Pow

er (b

illion

KW

h)








28




0 5000 10000 15000 20000

Other

Coal

Nuclear

Solar

Wind

Natural Gas














0

5

10

15

20

25

30

35

40

45



Rockies San Juan


Bcfd

+148 Bcfd or 61


or -1

+19 Bcfdor 33

+20 Bcfdor 46

+30 Bcfd or 35

+23 Bcfdor 15


-05 Bcfdor -30










0

5

10

15

20

25

30



Exports

Domestic Demand





0

2000

4000

6000

8000

10000

12000

14000

16000

18000



In MMcfd




43

27

2017

1413

1110

1008

0761

39414345474951535557596163

Bcf

d




Asia Europe Other

Global Market

Reaching 63 Bcfd

+24 Bcfd












0

1

2

3

4

5

6

7

8

9

10

2016 2017 2018 2019 2020

Bcfd











+53 +32

Gulf CoastDemand

Mexican Exports

Permian Production

+21

+148

+22

+35

Northeast Demand

Southeast Demand

NortheastProduction

GC LNGExports

+69




+11


































SUPP

LY D

RIV

END

EMA

ND

DR

IVEN


2018 2019 2020 2021 2022+














NY

WV

OH

NJ

$050

$100

$150

$200

$250

$300

$350

$M

MB

tu










RATE CASE TIMELINE

















20+ expansion

opportunities






85 86 89 100 101

106 106

120 122

150

169177

180

193

$750

$1000

$1250

$1500

$1750

$2000

$2250

$2500

$2750

6

8

10

12

14

16

18

20

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Fee

Bas

ed R

even

ue $

Mill

ions

Con

trac

t Cap

acity

MM

Dtd


2017(1) 2018 ndash2021(2)











UTICA SUPPLY HUB(1)

















PA


0

1

2

3

4

5

6

7

8


2012 2013 2014 2015 2016 2017 2018

Bcf

d





15 GATHERED VOLUME

CAGR EXPECTED

2018-2021



Gulf East




Discovery




Gulf West






TXLA

MS

BALLYMORE

NORPHLETPIPELINE

TIGRIS

BUCKSKIN

ANCHOR

APPOMATTOX

WHALE

ALFL














36

3

38

23




managing costs

$39

$26

$00

$05

$10

$15

$20

$25

$30

$35

$40

2018 2019

GrowthCapex

GrowthCapex

$1045 $125


($ in billions)





597x

530x

462x

~500x

lt475x

2500

3000

3500

4000

4500

5000

5500

300x

350x

400x

450x

500x

550x

600x

650x

2015 2016 2017 2018 2019

Adjusted EB

ITDA

($ Millions)

Deb

t A

djus

ted

EBIT

DA



GUIDANCE

(1)

Long-term Target


(1)





$063

$076 $077

$082$089

$101

$020

$030

$040

$050

$060

$070

$080

$090

$100

$110




$Sh

are





LowMidpoint

MidpointHigh


range ($076 to $082)




Net Income $0975 - $1175 Bn $1050 - $1350 Bn














WMBMedian

SampP 500

WMB vs SampP 500


58 22 1636

Adjusted EPSCAGR(2)

(2017-2019)189 136 390


(2018-2019)99 71 394

Dividend Growth(2)

(2018-2019)125 67 866






STABILITY





GROWTH




VALUATION
















































Non-GAAP Disclaimer
















































2 0 1 9

EPS Guidance 1

Adustment Detail

Workpaper

Sheet1

EPS Guidance 2


WMB DCF Guidance

OLD







Adjustments

Northeast GampP



West












2018 Guidance

EPS Guidance 1

Adustment Detail

Workpaper

2018 Share Count

Sheet1

EPS Guidance 2


WMB DCF Guidance

OLD

EPS Guidance 1

Adustment Detail

Workpaper

2018 Share Count

Sheet1

EPS Guidance 2


WMB DCF Guidance

OLD







Adjusted EBITDA 1145 1113 1113 1160 4531 1135 1110 1196 3441














28 31













Adjusted EBITDA










Modified EBITDA $4435 $4535 $4635 $4850 $5000 $5150



Adjusted EBITDA $4450 $4550 $4650 $4850 $5000 $5150

2 0 1 8Guidance

2 0 1 9Guidance


DCF Guidance






Dept Costs 17 to 18

Other 17 to 18















DCF Guidance

DCF Guidance v2






Dept Costs 17 to 18

Other 17 to 18





































Slide Number 35




Slide Number 39

Non-GAAP Disclaimer











Product Product


USD USD

View View

2018 2019


Base Case Base Case

Period Period












2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018


































Fee Revenues (22) 30 (22) (30) - - (1)

NGL Margins (6) 0 (6) (1) - - -



Gross Margin (20) 32 (26) (25) - - (1)


Other Expense 13 (8) 12 7 0 (5) 6

EBITDA (38) 0 (15) (26) 1 (2) 4

-98







2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017





















































Product Product


USD USD

View View

2017 2018


Base Case Base Case

Period Period

-



E X015 WPZ - West 807 822 15




E V001 WPZ - - -

E X001 WPZ 2095 2120 25












USD USD USD

View View View

2018 2018 2018





















E X055 Purity Pipes 93 96 96 96 96 (0)











E 4026 Wamsutter LLC 111 113 113 103 103 (10)

E X045 Niobrara 77 86 86 77 77 (9)


E X034 Piceance Area 184 176 176 175 175 (1)











E X015 WPZ - West 2306 2272 130 24 2426 2276 112 - 2388 (38)




E X035 WPZ Other - - - - -


E X001 WPZ 6728 6685 122 32 6839 6706 104 8 6818









2017 2018 2017 2018 2018 2019
















5000






E X055 Purity Pipes 25 29 29 4 92 96 96 4 96 97 1











E 4026 Wamsutter LLC 78 69 69 (9) 91 103 103 12 103 135 32 113 (10)

E X045 Niobrara 32 46 46 14 58 77 77 19 77 94 17 86 (9)


E X034 Piceance Area 94 113 113 19 164 175 175 11 175 165 (10) 176 (1)







E X053 NGL Marketing 8 4 5 3 3 (2) 3 3 (0) 3 -

E X119 Gas Marketing 1 1 1 (0) - - - - - - - - -



E X015 WPZ - West 1669 1538 112 24 1675 6 2374 2276 112 - 2388 14 2276 2252 (24) 2426 (38)




- - -

E X035 WPZ Other (5) (5) (5) (1) - - - - - - -


E X001 WPZ 4473 4521 103 32 4656 183 6450 6706 104 8 6818 367 6706 7335 629



373

(112)

261







2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018


































Fee Revenues 629 399 254 (24) - - 0

NGL Margins (14) (2) 1 (13) - - -


Other Margins 587 (2) (5) (1) 3 - - -

Gross Margin -90 613 393 254 (34) - - 0


Other Expense (17) (6) 4 (1) (0) 2 (6)

EBITDA 563 357 251 (45) (0) (0) 0







2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017


































Fee Revenues 254 261 188 173 (98) (7) - (2)

NGL Margins 8 8 (9) (10) 27 - - -

Olefins Margins (126) (1) - - (1) (125) - -

Other Margins (9) (7) 3 (4) (7) (2) - -

Gross Margin 127 261 182 159 (78) (134) - (2)


Other Expense (57) (62) (6) (14) (37) 5 (3) (34)

EBITDA 21 93 128 123 (130) (72) (1) (27)

-98

-42


$ in millions














Total Other (36) (40) (133) (130) (97) (90)


EBITDA Change $78 $78 $19 $18 ($59) ($60)




2 0 1 8 2 0 1 9

Guidance Guidance


















2 0 1 8 2 0 1 9

Guidance Guidance








- DCF per share $249 $264 $279 $266 $238 $255 $271 $265









2 0 1 8 2 0 1 9



Net income (loss) $0975 $1075 $1175 1089 1085 $1150 $1300 $1450 1441 1423








Modified EBITDA $4435 $4535 $4635 4545 4542 $4850 $5000 $5150 5121 5116








Adjusted EBITDA $4450 $4550 $4650 4556 4553 $4850 $5000 $5150 5121 5116

Forecast


Northeast 1087 1444 357

Atlantic-Gulf 1901 2152 251 485 5 515

West 1538 1494 (45)

Other 26 26 -

Total WMB $4553 $5116 563












Product Product


USD USD

View View

2018 2019


Base Case Base Case

Period Period












2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018


































Fee Revenues (22) 30 (22) (30) - - (1)

NGL Margins (6) 0 (6) (1) - - -



Gross Margin (20) 32 (26) (25) - - (1)


Other Expense 13 (8) 12 7 0 (5) 6

EBITDA (38) 0 (15) (26) 1 (2) 4

-98







2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017





















































Product Product


USD USD

View View

2017 2018


Base Case Base Case

Period Period

-



E X015 WPZ - West 807 822 15




E V001 WPZ - - -

E X001 WPZ 2095 2120 25












USD USD USD

View View View

2018 2018 2018





















E X055 Purity Pipes 93 96 96 96 96 (0)











E 4026 Wamsutter LLC 111 113 113 103 103 (10)

E X045 Niobrara 77 86 86 77 77 (9)


E X034 Piceance Area 184 176 176 175 175 (1)











E X015 WPZ - West 2306 2272 130 24 2426 2276 112 - 2388 (38)




E X035 WPZ Other - - - - -


E X001 WPZ 6728 6685 122 32 6839 6706 104 8 6818









2017 2018 2017 2018 2018 2019
















5000






E X055 Purity Pipes 25 29 29 4 92 96 96 4 96 97 1











E 4026 Wamsutter LLC 78 69 69 (9) 91 103 103 12 103 135 32 113 (10)

E X045 Niobrara 32 46 46 14 58 77 77 19 77 94 17 86 (9)


E X034 Piceance Area 94 113 113 19 164 175 175 11 175 165 (10) 176 (1)







E X053 NGL Marketing 8 4 5 3 3 (2) 3 3 (0) 3 -

E X119 Gas Marketing 1 1 1 (0) - - - - - - - - -



E X015 WPZ - West 1669 1538 112 24 1675 6 2374 2276 112 - 2388 14 2276 2252 (24) 2426 (38)




- - -

E X035 WPZ Other (5) (5) (5) (1) - - - - - - -


E X001 WPZ 4473 4521 103 32 4656 183 6450 6706 104 8 6818 367 6706 7335 629



373

(112)

261







2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018


































Fee Revenues 629 399 254 (24) - - 0

NGL Margins (14) (2) 1 (13) - - -


Other Margins 587 (2) (5) (1) 3 - - -

Gross Margin -90 613 393 254 (34) - - 0


Other Expense (17) (6) 4 (1) (0) 2 (6)

EBITDA 563 357 251 (45) (0) (0) 0







2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017


































Fee Revenues 254 261 188 173 (98) (7) - (2)

NGL Margins 8 8 (9) (10) 27 - - -

Olefins Margins (126) (1) - - (1) (125) - -

Other Margins (9) (7) 3 (4) (7) (2) - -

Gross Margin 127 261 182 159 (78) (134) - (2)


Other Expense (57) (62) (6) (14) (37) 5 (3) (34)

EBITDA 21 93 128 123 (130) (72) (1) (27)

-98

-42


$ in millions














Total Other (36) (40) (133) (130) (97) (90)


EBITDA Change $78 $78 $19 $18 ($59) ($60)




2 0 1 8 2 0 1 9









- DCF per share $215 $227 $240 $244 $260 $277









2 0 1 8 2 0 1 9



Net income (loss) $0975 $1075 $1175 1089 1085 $1050 $1200 $1350 1441 1423








Modified EBITDA $4435 $4535 $4635 4545 4542 $4850 $5000 $5150 5121 5116








Adjusted EBITDA $4450 $4550 $4650 4556 4553 $4850 $5000 $5150 5121 5116

Forecast


Northeast 1087 1444 357

Atlantic-Gulf 1901 2152 251 485 5 515

West 1538 1494 (45)

Other 26 26 -

Total WMB $4553 $5116 563












2 0 1 8 1 2 0 1 9

Guidance Guidance





Adjustments











($ in millions)







NCI and other (0125) (0125) (0125) (0115) (0115) (0115)






Growth Capex (P90)


Transco $1700 $1100






2 0 1 8 2 0 1 9



Net income (loss) $0900 $1000 $1100 1089 1085 $1050 $1200 $1350 1441 1423








Modified EBITDA $4475 $4575 $4675 4545 4542 $4850 $5000 $5150 5121 5116



Forecast


325 321 390 1036 384 1420 1375


2 0 1 8 2 0 1 9 270 269 200 739 290 1029 1000



Net income (loss) $739 $251 $990 $1200 $270 $269 $200 $739 $290 $1029



198 258 215

Adjustments 1













OCTOBER

Remove

Unadj Gain Adjusted

Pretax 725355 593 133

Tax 176560 148 323

Net Income 548795 445 100

NCI 8495 0 8

Net to WMB 540300 445 92

246 260

1213

$0076

$023

Net Income 975 1075 1175

NCI 125 125 125

Net to WMB 850 950 1050

EPS $070 $078 $087

Shares 1213 1213 1213

EBITDA 4450 4550 4650

1854

Interest 818

Pretax

NCI


123117

33118 90 830197

63018 91 830107

93018 92 1026504 8963217399267

123118 92 1213 9761420136986





Net to WMB 850 950 1050



Net Interest (818) - (818) (292) (1110) (1110) (1110) (1110) (1110) (1110) (1110) (97) (292) (1110)


Pretax Income 1036 10 1046 384 1212 1312 1312 1362 1393 1412 1430 132 397 1443 859 959

Income Taxes 297 (103) 194 95 241 262 258 270 278 283 287 32 97 291 218 243

Net Income 739 113 852 289 971 1050 1054 1092 1115 1129 1143 100 300 1152 641 716

NCI 323 (16) 307 19 287 305 320 322 324 325 326 9 26 333 22 22

Net to WMB 416 129 545 270 684 745 734 770 791 804 817 92 275 820 619 694

$046 $014 $061 $022 $0701 $0764 $0752 $0789 $0811 $0824 $0837 $0076 $0227 $0840 $051 $057

Share Count 896 896 896 1213 976 976 976 976 976 976 976 1213 1213 976 1213 1213

42 263 260 260 260 260 260 260 260 260 260 260 262 260 259

830197 90 7471773

Months of WPZ NCI 83 830107 91 75539737

1026504 92 94438368

859 1213 92 111596

356291835

9761420136986


(UNAUDITED)

2018 2018 Guidance




Adjustments

Northeast GampP


Atlantic-Gulf







West





2018 Guidance


Other












(5) (41) mdash mdash (46) (46) (46) 141









Pretax 0325 0321 0390 1036 0384 1420 1375


2 0 1 8 2 0 1 9 Net Income 0270 0269 0200 0739 0290 1029 1000



Net income (loss) $1385 $1460 $1050 $1200 $1350 $0270 $0269 $0200 $0739 $0290 $1029



258 261

Adjustments 1














33118 90 830

$109 $114 63018 91 830

93018 92 1027

123118 92 1213

365 976


2 0 1 8 1 2 0 1 9

Guidance Guidance





Adjustments











($ in millions)







NCI and other (0125) (0125) (0125) (0115) (0115) (0115)






Growth Capex (P90)


Transco $1700 $1100






2 0 1 8 2 0 1 9



Net income (loss) $0900 $1000 $1100 1089 1085 $1050 $1200 $1350 1441 1423








Modified EBITDA $4475 $4575 $4675 4545 4542 $4850 $5000 $5150 5121 5116



Forecast


325 321 390 1036 384 1420 1375


2 0 1 8 2 0 1 9 270 269 200 739 290 1029 1000



Net income (loss) $739 $251 $990 $1200 $270 $269 $200 $739 $290 $1029



198 258 215

Adjustments 1













OCTOBER

Remove

Unadj Gain Adjusted

Pretax 725355 593 133

Tax 176560 148 323

Net Income 548795 445 100

NCI 8495 0 8

Net to WMB 540300 445 92

246 260

1213

$0076

$023

Net Income 975 1075 1175

NCI 125 125 125

Net to WMB 850 950 1050

EPS $070 $078 $087

Shares 1213 1213 1213

EBITDA 4450 4550 4650

1854

Interest 818

Pretax

NCI


123117

33118 90 830197

63018 91 830107

93018 92 1026504 8963217399267

123118 92 1213 9761420136986





Net to WMB 850 950 1050



Net Interest (818) - (818) (292) (1110) (1110) (1110) (1110) (1110) (1110) (1110) (97) (292) (1110)


Pretax Income 1036 10 1046 384 1212 1312 1312 1362 1393 1412 1430 132 397 1443 859 959

Income Taxes 297 (103) 194 95 241 262 258 270 278 283 287 32 97 291 218 243

Net Income 739 113 852 289 971 1050 1054 1092 1115 1129 1143 100 300 1152 641 716

NCI 323 (16) 307 19 287 305 320 322 324 325 326 9 26 333 22 22

Net to WMB 416 129 545 270 684 745 734 770 791 804 817 92 275 820 619 694

$046 $014 $061 $022 $0701 $0764 $0752 $0789 $0811 $0824 $0837 $0076 $0227 $0840 $051 $057

Share Count 896 896 896 1213 976 976 976 976 976 976 976 1213 1213 976 1213 1213

42 263 260 260 260 260 260 260 260 260 260 260 262 260 259

830197 90 7471773

Months of WPZ NCI 83 830107 91 75539737

1026504 92 94438368

859 1213 92 111596

356291835

9761420136986


(UNAUDITED)

2018 2018 Guidance




Adjustments

Northeast GampP


Atlantic-Gulf







West





2018 Guidance


Other












(5) (41) mdash mdash (46) (46) (46)









Pretax 0325 0321 0390 1036 0384 1420 1375


2 0 1 8 2 0 1 9 Net Income 0270 0269 0200 0739 0290 1029 1000



Net income (loss) $1385 $1460 $1050 $1200 $1350 $0270 $0269 $0200 $0739 $0290 $1029



258 261

Adjustments 1














33118 90 830

$109 $114 63018 91 830

93018 92 1027

123118 92 1213

365 976


2 0 1 8 1 2 0 1 9

Guidance Guidance





Adjustments











($ in millions)







NCI and other (0125) (0125) (0125) (0115) (0115) (0115)






Growth Capex (P90)


Transco $1700 $1100






2 0 1 8 2 0 1 9



Net income (loss) $0900 $1000 $1100 1089 1085 $1050 $1200 $1350 1441 1423








Modified EBITDA $4475 $4575 $4675 4545 4542 $4850 $5000 $5150 5121 5116



Forecast


325 321 390 1036 384 1420 1375


2 0 1 8 2 0 1 9 270 269 200 739 290 1029 1000



Net income (loss) $739 $251 $990 $1200 $270 $269 $200 $739 $290 $1029



198 258 215

Adjustments 1













OCTOBER

Remove

Unadj Gain Adjusted

Pretax 725355 593 133

Tax 176560 148 323

Net Income 548795 445 100

NCI 8495 0 8

Net to WMB 540300 445 92

246 260

1213

$0076

$023

Net Income 975 1075 1175

NCI 125 125 125

Net to WMB 850 950 1050

EPS $070 $078 $087

Shares 1213 1213 1213

EBITDA 4450 4550 4650

1854

Interest 818

Pretax

NCI






Net to WMB 850 950 1050



Net Interest (818) - (818) (292) (1110) (1110) (1110) (1110) (1110) (1110) (1110) (97) (292) (1110)


Pretax Income 1036 10 1046 384 1212 1312 1312 1362 1393 1412 1430 132 397 1443 859 959

Income Taxes 297 (103) 194 95 241 262 258 270 278 283 287 32 97 291 218 243

Net Income 739 113 852 289 971 1050 1054 1092 1115 1129 1143 100 300 1152 641 716

NCI 323 (16) 307 19 287 305 320 322 324 325 326 9 26 333 22 22

Net to WMB 416 129 545 270 684 745 734 770 791 804 817 92 275 820 619 694

$046 $014 $061 $022 $0701 $0764 $0752 $0789 $0811 $0824 $0837 $0076 $0227 $0840 $051 $057

Share Count 896 896 896 1213 976 976 976 976 976 976 976 1213 1213 976 1213 1213

42 263 260 260 260 260 260 260 260 260 260 260 262 260 259

830197 90 7471773

Months of WPZ NCI 83 830107 91 75539737

1026504 92 94438368

859 1213 92 111596

356291835

9761420136986


(UNAUDITED)

2018 2018 Guidance




Adjustments

Northeast GampP


Atlantic-Gulf







West





Other












(5) (41) mdash mdash (46) (46) (46)









Pretax 0325 0321 0390 1036 0384 1420 1375


2 0 1 8 2 0 1 9 Net Income 0270 0269 0200 0739 0290 1029 1000



Net income (loss) $1385 $1460 $1050 $1200 $1350 $0270 $0269 $0200 $0739 $0290 $1029



258 261

Adjustments 1














33118 90 830

$109 $114 63018 91 830

93018 92 1027

123118 92 1213

365 976








Offshore)


Offshore)


Offshore)


Truck

OlefinsPlant

Olefins End Users


MultipleProducts

Industrial

Power Transport


Exports

Gas End Users

Other NGL End Users

224 Bcfd18670 miles

69 Bcfdinlet


575 Mbbld






WEST Operating Area






to existing assets








Director since 2011





and CFO Newmont







Director since 2016



Director since 2006










Director since 2016








CEO PPL Corporation

Director since 2016








Executive Officer






Officer























SAFETY

GOVERNANCE

ENVIRONMENTAL

SOCIAL










Transco

Northwest Pipeline

Gulfstream


50 or less

50-100100-200200-300300 or more




0 100 200

Rockies


Appalachia






Greater Green River

Powder River



AnadarkoPermian

Eagle Ford

Barnett

Haynesville

Arkoma

89 lt$300MMBtu HH

78 lt$300 MMBtu HH

89 lt$300MMBtu HH

Appalachia

Rockies

0 4000 8000 12000

Rockies


Appalachia


73 lt$300 MMBtu HH

82 lt$300 MMBtu HH

84 lt$300 MMBtu HH

181

81

9

111K

55K

15K





$0

$2

$4

$6

$8

$10

$12



$M

MBt

u

$336 MMBTU

36CPG

$202 MMBTU

$6100Bbl

$5216 Bbl


$4720Bbl






0

15

30

45

60

75

90

105

120

135

2012 2017 2018 2023

Bcf

d


Mexico Exports

TransportOther


LNG Exports



+~1045 Mbpd




0

5

10

15

20

25

30

35

40

45

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18 Cum

ulative Global D

emand G

rowth Since lsquo11

Oil

amp G

as P

rice

in M

MB

tu




Forecast



0

500

1000

1500

2000

2500

3000

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Tota

l Em

issi

on (M

MtC

O2)

Ele

ctric

Pow

er (b

illion

KW

h)








28




0 5000 10000 15000 20000

Other

Coal

Nuclear

Solar

Wind

Natural Gas














0

5

10

15

20

25

30

35

40

45



Rockies San Juan


Bcfd

+148 Bcfd or 61


or -1

+19 Bcfdor 33

+20 Bcfdor 46

+30 Bcfd or 35

+23 Bcfdor 15


-05 Bcfdor -30










0

5

10

15

20

25

30



Exports

Domestic Demand





0

2000

4000

6000

8000

10000

12000

14000

16000

18000



In MMcfd




43

27

2017

1413

1110

1008

0761

39414345474951535557596163

Bcf

d




Asia Europe Other

Global Market

Reaching 63 Bcfd

+24 Bcfd












0

1

2

3

4

5

6

7

8

9

10

2016 2017 2018 2019 2020

Bcfd











+53 +32

Gulf CoastDemand

Mexican Exports

Permian Production

+21

+148

+22

+35

Northeast Demand

Southeast Demand

NortheastProduction

GC LNGExports

+69




+11


































SUPP

LY D

RIV

END

EMA

ND

DR

IVEN


2018 2019 2020 2021 2022+














NY

WV

OH

NJ

$050

$100

$150

$200

$250

$300

$350

$M

MB

tu










RATE CASE TIMELINE

















20+ expansion

opportunities






85 86 89 100 101

106 106

120 122

150

169177

180

193

$750

$1000

$1250

$1500

$1750

$2000

$2250

$2500

$2750

6

8

10

12

14

16

18

20

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Fee

Bas

ed R

even

ue $

Mill

ions

Con

trac

t Cap

acity

MM

Dtd


2017(1) 2018 ndash2021(2)











UTICA SUPPLY HUB(1)

















PA


0

1

2

3

4

5

6

7

8


2012 2013 2014 2015 2016 2017 2018

Bcf

d





15 GATHERED VOLUME

CAGR EXPECTED

2018-2021



Gulf East




Discovery




Gulf West






TXLA

MS

BALLYMORE

NORPHLETPIPELINE

TIGRIS

BUCKSKIN

ANCHOR

APPOMATTOX

WHALE

ALFL














36

3

38

23




managing costs

$39

$26

$00

$05

$10

$15

$20

$25

$30

$35

$40

2018 2019

GrowthCapex

GrowthCapex

$1045 $125


($ in billions)





597x

530x

462x

~500x

lt475x

2500

3000

3500

4000

4500

5000

5500

300x

350x

400x

450x

500x

550x

600x

650x

2015 2016 2017 2018 2019

Adjusted EB

ITDA

($ Millions)

Deb

t A

djus

ted

EBIT

DA



GUIDANCE

(1)

Long-term Target


(1)





$063

$076 $077

$082$089

$101

$020

$030

$040

$050

$060

$070

$080

$090

$100

$110




$Sh

are





LowMidpoint

MidpointHigh


range ($076 to $082)




Net Income $0975 - $1175 Bn $1050 - $1350 Bn














WMBMedian

SampP 500

WMB vs SampP 500


58 22 1636

Adjusted EPSCAGR(2)

(2017-2019)189 136 390


(2018-2019)99 71 394

Dividend Growth(2)

(2018-2019)125 67 866






STABILITY





GROWTH




VALUATION
















































Non-GAAP Disclaimer
















































2 0 1 9

EPS Guidance 1

Adustment Detail

Workpaper

Sheet1

EPS Guidance 2


WMB DCF Guidance

OLD







Adjustments

Northeast GampP



West












2018 Guidance

EPS Guidance 1

Adustment Detail

Workpaper

2018 Share Count

Sheet1

EPS Guidance 2


WMB DCF Guidance

OLD

EPS Guidance 1

Adustment Detail

Workpaper

2018 Share Count

Sheet1

EPS Guidance 2


WMB DCF Guidance

OLD







Adjusted EBITDA 1145 1113 1113 1160 4531 1135 1110 1196 3441














28 31













Adjusted EBITDA










Modified EBITDA $4435 $4535 $4635 $4850 $5000 $5150



Adjusted EBITDA $4450 $4550 $4650 $4850 $5000 $5150

2 0 1 8Guidance

2 0 1 9Guidance


DCF Guidance






Dept Costs 17 to 18

Other 17 to 18















DCF Guidance

DCF Guidance v2






Dept Costs 17 to 18

Other 17 to 18





































Slide Number 35




Slide Number 39

Non-GAAP Disclaimer











Product Product


USD USD

View View

2018 2019


Base Case Base Case

Period Period












2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018


































Fee Revenues (22) 30 (22) (30) - - (1)

NGL Margins (6) 0 (6) (1) - - -



Gross Margin (20) 32 (26) (25) - - (1)


Other Expense 13 (8) 12 7 0 (5) 6

EBITDA (38) 0 (15) (26) 1 (2) 4

-98







2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017





















































Product Product


USD USD

View View

2017 2018


Base Case Base Case

Period Period

-



E X015 WPZ - West 807 822 15




E V001 WPZ - - -

E X001 WPZ 2095 2120 25












USD USD USD

View View View

2018 2018 2018





















E X055 Purity Pipes 93 96 96 96 96 (0)











E 4026 Wamsutter LLC 111 113 113 103 103 (10)

E X045 Niobrara 77 86 86 77 77 (9)


E X034 Piceance Area 184 176 176 175 175 (1)











E X015 WPZ - West 2306 2272 130 24 2426 2276 112 - 2388 (38)




E X035 WPZ Other - - - - -


E X001 WPZ 6728 6685 122 32 6839 6706 104 8 6818









2017 2018 2017 2018 2018 2019
















5000






E X055 Purity Pipes 25 29 29 4 92 96 96 4 96 97 1











E 4026 Wamsutter LLC 78 69 69 (9) 91 103 103 12 103 135 32 113 (10)

E X045 Niobrara 32 46 46 14 58 77 77 19 77 94 17 86 (9)


E X034 Piceance Area 94 113 113 19 164 175 175 11 175 165 (10) 176 (1)







E X053 NGL Marketing 8 4 5 3 3 (2) 3 3 (0) 3 -

E X119 Gas Marketing 1 1 1 (0) - - - - - - - - -



E X015 WPZ - West 1669 1538 112 24 1675 6 2374 2276 112 - 2388 14 2276 2252 (24) 2426 (38)




- - -

E X035 WPZ Other (5) (5) (5) (1) - - - - - - -


E X001 WPZ 4473 4521 103 32 4656 183 6450 6706 104 8 6818 367 6706 7335 629



373

(112)

261







2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018


































Fee Revenues 629 399 254 (24) - - 0

NGL Margins (14) (2) 1 (13) - - -


Other Margins 587 (2) (5) (1) 3 - - -

Gross Margin -90 613 393 254 (34) - - 0


Other Expense (17) (6) 4 (1) (0) 2 (6)

EBITDA 563 357 251 (45) (0) (0) 0







2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017


































Fee Revenues 254 261 188 173 (98) (7) - (2)

NGL Margins 8 8 (9) (10) 27 - - -

Olefins Margins (126) (1) - - (1) (125) - -

Other Margins (9) (7) 3 (4) (7) (2) - -

Gross Margin 127 261 182 159 (78) (134) - (2)


Other Expense (57) (62) (6) (14) (37) 5 (3) (34)

EBITDA 21 93 128 123 (130) (72) (1) (27)

-98

-42


$ in millions














Total Other (36) (40) (133) (130) (97) (90)


EBITDA Change $78 $78 $19 $18 ($59) ($60)




2 0 1 8 2 0 1 9

Guidance Guidance


















2 0 1 8 2 0 1 9

Guidance Guidance








- DCF per share $249 $264 $279 $266 $238 $255 $271 $265









2 0 1 8 2 0 1 9



Net income (loss) $0975 $1075 $1175 1089 1085 $1150 $1300 $1450 1441 1423








Modified EBITDA $4435 $4535 $4635 4545 4542 $4850 $5000 $5150 5121 5116








Adjusted EBITDA $4450 $4550 $4650 4556 4553 $4850 $5000 $5150 5121 5116

Forecast


Northeast 1087 1444 357

Atlantic-Gulf 1901 2152 251 485 5 515

West 1538 1494 (45)

Other 26 26 -

Total WMB $4553 $5116 563












Product Product


USD USD

View View

2018 2019


Base Case Base Case

Period Period












2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018


































Fee Revenues (22) 30 (22) (30) - - (1)

NGL Margins (6) 0 (6) (1) - - -



Gross Margin (20) 32 (26) (25) - - (1)


Other Expense 13 (8) 12 7 0 (5) 6

EBITDA (38) 0 (15) (26) 1 (2) 4

-98







2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017





















































Product Product


USD USD

View View

2017 2018


Base Case Base Case

Period Period

-



E X015 WPZ - West 807 822 15




E V001 WPZ - - -

E X001 WPZ 2095 2120 25












USD USD USD

View View View

2018 2018 2018





















E X055 Purity Pipes 93 96 96 96 96 (0)











E 4026 Wamsutter LLC 111 113 113 103 103 (10)

E X045 Niobrara 77 86 86 77 77 (9)


E X034 Piceance Area 184 176 176 175 175 (1)











E X015 WPZ - West 2306 2272 130 24 2426 2276 112 - 2388 (38)




E X035 WPZ Other - - - - -


E X001 WPZ 6728 6685 122 32 6839 6706 104 8 6818









2017 2018 2017 2018 2018 2019
















5000






E X055 Purity Pipes 25 29 29 4 92 96 96 4 96 97 1











E 4026 Wamsutter LLC 78 69 69 (9) 91 103 103 12 103 135 32 113 (10)

E X045 Niobrara 32 46 46 14 58 77 77 19 77 94 17 86 (9)


E X034 Piceance Area 94 113 113 19 164 175 175 11 175 165 (10) 176 (1)







E X053 NGL Marketing 8 4 5 3 3 (2) 3 3 (0) 3 -

E X119 Gas Marketing 1 1 1 (0) - - - - - - - - -



E X015 WPZ - West 1669 1538 112 24 1675 6 2374 2276 112 - 2388 14 2276 2252 (24) 2426 (38)




- - -

E X035 WPZ Other (5) (5) (5) (1) - - - - - - -


E X001 WPZ 4473 4521 103 32 4656 183 6450 6706 104 8 6818 367 6706 7335 629



373

(112)

261







2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018


































Fee Revenues 629 399 254 (24) - - 0

NGL Margins (14) (2) 1 (13) - - -


Other Margins 587 (2) (5) (1) 3 - - -

Gross Margin -90 613 393 254 (34) - - 0


Other Expense (17) (6) 4 (1) (0) 2 (6)

EBITDA 563 357 251 (45) (0) (0) 0







2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017


































Fee Revenues 254 261 188 173 (98) (7) - (2)

NGL Margins 8 8 (9) (10) 27 - - -

Olefins Margins (126) (1) - - (1) (125) - -

Other Margins (9) (7) 3 (4) (7) (2) - -

Gross Margin 127 261 182 159 (78) (134) - (2)


Other Expense (57) (62) (6) (14) (37) 5 (3) (34)

EBITDA 21 93 128 123 (130) (72) (1) (27)

-98

-42


$ in millions














Total Other (36) (40) (133) (130) (97) (90)


EBITDA Change $78 $78 $19 $18 ($59) ($60)




2 0 1 8 2 0 1 9









- DCF per share $215 $227 $240 $244 $260 $277









2 0 1 8 2 0 1 9



Net income (loss) $0975 $1075 $1175 1089 1085 $1050 $1200 $1350 1441 1423








Modified EBITDA $4435 $4535 $4635 4545 4542 $4850 $5000 $5150 5121 5116








Adjusted EBITDA $4450 $4550 $4650 4556 4553 $4850 $5000 $5150 5121 5116

Forecast


Northeast 1087 1444 357

Atlantic-Gulf 1901 2152 251 485 5 515

West 1538 1494 (45)

Other 26 26 -

Total WMB $4553 $5116 563












2 0 1 8 1 2 0 1 9

Guidance Guidance





Adjustments











($ in millions)







NCI and other (0125) (0125) (0125) (0115) (0115) (0115)






Growth Capex (P90)


Transco $1700 $1100






2 0 1 8 2 0 1 9



Net income (loss) $0900 $1000 $1100 1089 1085 $1050 $1200 $1350 1441 1423








Modified EBITDA $4475 $4575 $4675 4545 4542 $4850 $5000 $5150 5121 5116



Forecast


325 321 390 1036 384 1420 1375


2 0 1 8 2 0 1 9 270 269 200 739 290 1029 1000



Net income (loss) $739 $251 $990 $1200 $270 $269 $200 $739 $290 $1029



198 258 215

Adjustments 1













OCTOBER

Remove

Unadj Gain Adjusted

Pretax 725355 593 133

Tax 176560 148 323

Net Income 548795 445 100

NCI 8495 0 8

Net to WMB 540300 445 92

246 260

1213

$0076

$023

Net Income 975 1075 1175

NCI 125 125 125

Net to WMB 850 950 1050

EPS $070 $078 $087

Shares 1213 1213 1213

EBITDA 4450 4550 4650

1854

Interest 818

Pretax

NCI


123117

33118 90 830197

63018 91 830107

93018 92 1026504 8963217399267

123118 92 1213 9761420136986





Net to WMB 850 950 1050



Net Interest (818) - (818) (292) (1110) (1110) (1110) (1110) (1110) (1110) (1110) (97) (292) (1110)


Pretax Income 1036 10 1046 384 1212 1312 1312 1362 1393 1412 1430 132 397 1443 859 959

Income Taxes 297 (103) 194 95 241 262 258 270 278 283 287 32 97 291 218 243

Net Income 739 113 852 289 971 1050 1054 1092 1115 1129 1143 100 300 1152 641 716

NCI 323 (16) 307 19 287 305 320 322 324 325 326 9 26 333 22 22

Net to WMB 416 129 545 270 684 745 734 770 791 804 817 92 275 820 619 694

$046 $014 $061 $022 $0701 $0764 $0752 $0789 $0811 $0824 $0837 $0076 $0227 $0840 $051 $057

Share Count 896 896 896 1213 976 976 976 976 976 976 976 1213 1213 976 1213 1213

42 263 260 260 260 260 260 260 260 260 260 260 262 260 259

830197 90 7471773

Months of WPZ NCI 83 830107 91 75539737

1026504 92 94438368

859 1213 92 111596

356291835

9761420136986


(UNAUDITED)

2018 2018 Guidance




Adjustments

Northeast GampP


Atlantic-Gulf







West





2018 Guidance


Other












(5) (41) mdash mdash (46) (46) (46) 141









Pretax 0325 0321 0390 1036 0384 1420 1375


2 0 1 8 2 0 1 9 Net Income 0270 0269 0200 0739 0290 1029 1000



Net income (loss) $1385 $1460 $1050 $1200 $1350 $0270 $0269 $0200 $0739 $0290 $1029



258 261

Adjustments 1














33118 90 830

$109 $114 63018 91 830

93018 92 1027

123118 92 1213

365 976


2 0 1 8 1 2 0 1 9

Guidance Guidance





Adjustments











($ in millions)







NCI and other (0125) (0125) (0125) (0115) (0115) (0115)






Growth Capex (P90)


Transco $1700 $1100






2 0 1 8 2 0 1 9



Net income (loss) $0900 $1000 $1100 1089 1085 $1050 $1200 $1350 1441 1423








Modified EBITDA $4475 $4575 $4675 4545 4542 $4850 $5000 $5150 5121 5116



Forecast


325 321 390 1036 384 1420 1375


2 0 1 8 2 0 1 9 270 269 200 739 290 1029 1000



Net income (loss) $739 $251 $990 $1200 $270 $269 $200 $739 $290 $1029



198 258 215

Adjustments 1













OCTOBER

Remove

Unadj Gain Adjusted

Pretax 725355 593 133

Tax 176560 148 323

Net Income 548795 445 100

NCI 8495 0 8

Net to WMB 540300 445 92

246 260

1213

$0076

$023

Net Income 975 1075 1175

NCI 125 125 125

Net to WMB 850 950 1050

EPS $070 $078 $087

Shares 1213 1213 1213

EBITDA 4450 4550 4650

1854

Interest 818

Pretax

NCI


123117

33118 90 830197

63018 91 830107

93018 92 1026504 8963217399267

123118 92 1213 9761420136986





Net to WMB 850 950 1050



Net Interest (818) - (818) (292) (1110) (1110) (1110) (1110) (1110) (1110) (1110) (97) (292) (1110)


Pretax Income 1036 10 1046 384 1212 1312 1312 1362 1393 1412 1430 132 397 1443 859 959

Income Taxes 297 (103) 194 95 241 262 258 270 278 283 287 32 97 291 218 243

Net Income 739 113 852 289 971 1050 1054 1092 1115 1129 1143 100 300 1152 641 716

NCI 323 (16) 307 19 287 305 320 322 324 325 326 9 26 333 22 22

Net to WMB 416 129 545 270 684 745 734 770 791 804 817 92 275 820 619 694

$046 $014 $061 $022 $0701 $0764 $0752 $0789 $0811 $0824 $0837 $0076 $0227 $0840 $051 $057

Share Count 896 896 896 1213 976 976 976 976 976 976 976 1213 1213 976 1213 1213

42 263 260 260 260 260 260 260 260 260 260 260 262 260 259

830197 90 7471773

Months of WPZ NCI 83 830107 91 75539737

1026504 92 94438368

859 1213 92 111596

356291835

9761420136986


(UNAUDITED)

2018 2018 Guidance




Adjustments

Northeast GampP


Atlantic-Gulf







West





2018 Guidance


Other












(5) (41) mdash mdash (46) (46) (46)









Pretax 0325 0321 0390 1036 0384 1420 1375


2 0 1 8 2 0 1 9 Net Income 0270 0269 0200 0739 0290 1029 1000



Net income (loss) $1385 $1460 $1050 $1200 $1350 $0270 $0269 $0200 $0739 $0290 $1029



258 261

Adjustments 1














33118 90 830

$109 $114 63018 91 830

93018 92 1027

123118 92 1213

365 976


2 0 1 8 1 2 0 1 9

Guidance Guidance





Adjustments











($ in millions)







NCI and other (0125) (0125) (0125) (0115) (0115) (0115)






Growth Capex (P90)


Transco $1700 $1100






2 0 1 8 2 0 1 9



Net income (loss) $0900 $1000 $1100 1089 1085 $1050 $1200 $1350 1441 1423








Modified EBITDA $4475 $4575 $4675 4545 4542 $4850 $5000 $5150 5121 5116



Forecast


325 321 390 1036 384 1420 1375


2 0 1 8 2 0 1 9 270 269 200 739 290 1029 1000



Net income (loss) $739 $251 $990 $1200 $270 $269 $200 $739 $290 $1029



198 258 215

Adjustments 1













OCTOBER

Remove

Unadj Gain Adjusted

Pretax 725355 593 133

Tax 176560 148 323

Net Income 548795 445 100

NCI 8495 0 8

Net to WMB 540300 445 92

246 260

1213

$0076

$023

Net Income 975 1075 1175

NCI 125 125 125

Net to WMB 850 950 1050

EPS $070 $078 $087

Shares 1213 1213 1213

EBITDA 4450 4550 4650

1854

Interest 818

Pretax

NCI






Net to WMB 850 950 1050



Net Interest (818) - (818) (292) (1110) (1110) (1110) (1110) (1110) (1110) (1110) (97) (292) (1110)


Pretax Income 1036 10 1046 384 1212 1312 1312 1362 1393 1412 1430 132 397 1443 859 959

Income Taxes 297 (103) 194 95 241 262 258 270 278 283 287 32 97 291 218 243

Net Income 739 113 852 289 971 1050 1054 1092 1115 1129 1143 100 300 1152 641 716

NCI 323 (16) 307 19 287 305 320 322 324 325 326 9 26 333 22 22

Net to WMB 416 129 545 270 684 745 734 770 791 804 817 92 275 820 619 694

$046 $014 $061 $022 $0701 $0764 $0752 $0789 $0811 $0824 $0837 $0076 $0227 $0840 $051 $057

Share Count 896 896 896 1213 976 976 976 976 976 976 976 1213 1213 976 1213 1213

42 263 260 260 260 260 260 260 260 260 260 260 262 260 259

830197 90 7471773

Months of WPZ NCI 83 830107 91 75539737

1026504 92 94438368

859 1213 92 111596

356291835

9761420136986


(UNAUDITED)

2018 2018 Guidance




Adjustments

Northeast GampP


Atlantic-Gulf







West





Other












(5) (41) mdash mdash (46) (46) (46)









Pretax 0325 0321 0390 1036 0384 1420 1375


2 0 1 8 2 0 1 9 Net Income 0270 0269 0200 0739 0290 1029 1000



Net income (loss) $1385 $1460 $1050 $1200 $1350 $0270 $0269 $0200 $0739 $0290 $1029



258 261

Adjustments 1














33118 90 830

$109 $114 63018 91 830

93018 92 1027

123118 92 1213

365 976





WEST Operating Area






to existing assets








Director since 2011





and CFO Newmont







Director since 2016



Director since 2006










Director since 2016








CEO PPL Corporation

Director since 2016








Executive Officer






Officer























SAFETY

GOVERNANCE

ENVIRONMENTAL

SOCIAL










Transco

Northwest Pipeline

Gulfstream


50 or less

50-100100-200200-300300 or more




0 100 200

Rockies


Appalachia






Greater Green River

Powder River



AnadarkoPermian

Eagle Ford

Barnett

Haynesville

Arkoma

89 lt$300MMBtu HH

78 lt$300 MMBtu HH

89 lt$300MMBtu HH

Appalachia

Rockies

0 4000 8000 12000

Rockies


Appalachia


73 lt$300 MMBtu HH

82 lt$300 MMBtu HH

84 lt$300 MMBtu HH

181

81

9

111K

55K

15K





$0

$2

$4

$6

$8

$10

$12



$M

MBt

u

$336 MMBTU

36CPG

$202 MMBTU

$6100Bbl

$5216 Bbl


$4720Bbl






0

15

30

45

60

75

90

105

120

135

2012 2017 2018 2023

Bcf

d


Mexico Exports

TransportOther


LNG Exports



+~1045 Mbpd




0

5

10

15

20

25

30

35

40

45

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18 Cum

ulative Global D

emand G

rowth Since lsquo11

Oil

amp G

as P

rice

in M

MB

tu




Forecast



0

500

1000

1500

2000

2500

3000

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Tota

l Em

issi

on (M

MtC

O2)

Ele

ctric

Pow

er (b

illion

KW

h)








28




0 5000 10000 15000 20000

Other

Coal

Nuclear

Solar

Wind

Natural Gas














0

5

10

15

20

25

30

35

40

45



Rockies San Juan


Bcfd

+148 Bcfd or 61


or -1

+19 Bcfdor 33

+20 Bcfdor 46

+30 Bcfd or 35

+23 Bcfdor 15


-05 Bcfdor -30










0

5

10

15

20

25

30



Exports

Domestic Demand





0

2000

4000

6000

8000

10000

12000

14000

16000

18000



In MMcfd




43

27

2017

1413

1110

1008

0761

39414345474951535557596163

Bcf

d




Asia Europe Other

Global Market

Reaching 63 Bcfd

+24 Bcfd












0

1

2

3

4

5

6

7

8

9

10

2016 2017 2018 2019 2020

Bcfd











+53 +32

Gulf CoastDemand

Mexican Exports

Permian Production

+21

+148

+22

+35

Northeast Demand

Southeast Demand

NortheastProduction

GC LNGExports

+69




+11


































SUPP

LY D

RIV

END

EMA

ND

DR

IVEN


2018 2019 2020 2021 2022+














NY

WV

OH

NJ

$050

$100

$150

$200

$250

$300

$350

$M

MB

tu










RATE CASE TIMELINE

















20+ expansion

opportunities






85 86 89 100 101

106 106

120 122

150

169177

180

193

$750

$1000

$1250

$1500

$1750

$2000

$2250

$2500

$2750

6

8

10

12

14

16

18

20

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Fee

Bas

ed R

even

ue $

Mill

ions

Con

trac

t Cap

acity

MM

Dtd


2017(1) 2018 ndash2021(2)











UTICA SUPPLY HUB(1)

















PA


0

1

2

3

4

5

6

7

8


2012 2013 2014 2015 2016 2017 2018

Bcf

d





15 GATHERED VOLUME

CAGR EXPECTED

2018-2021



Gulf East




Discovery




Gulf West






TXLA

MS

BALLYMORE

NORPHLETPIPELINE

TIGRIS

BUCKSKIN

ANCHOR

APPOMATTOX

WHALE

ALFL














36

3

38

23




managing costs

$39

$26

$00

$05

$10

$15

$20

$25

$30

$35

$40

2018 2019

GrowthCapex

GrowthCapex

$1045 $125


($ in billions)





597x

530x

462x

~500x

lt475x

2500

3000

3500

4000

4500

5000

5500

300x

350x

400x

450x

500x

550x

600x

650x

2015 2016 2017 2018 2019

Adjusted EB

ITDA

($ Millions)

Deb

t A

djus

ted

EBIT

DA



GUIDANCE

(1)

Long-term Target


(1)





$063

$076 $077

$082$089

$101

$020

$030

$040

$050

$060

$070

$080

$090

$100

$110




$Sh

are





LowMidpoint

MidpointHigh


range ($076 to $082)




Net Income $0975 - $1175 Bn $1050 - $1350 Bn














WMBMedian

SampP 500

WMB vs SampP 500


58 22 1636

Adjusted EPSCAGR(2)

(2017-2019)189 136 390


(2018-2019)99 71 394

Dividend Growth(2)

(2018-2019)125 67 866






STABILITY





GROWTH




VALUATION
















































Non-GAAP Disclaimer
















































2 0 1 9

EPS Guidance 1

Adustment Detail

Workpaper

Sheet1

EPS Guidance 2


WMB DCF Guidance

OLD







Adjustments

Northeast GampP



West












2018 Guidance

EPS Guidance 1

Adustment Detail

Workpaper

2018 Share Count

Sheet1

EPS Guidance 2


WMB DCF Guidance

OLD

EPS Guidance 1

Adustment Detail

Workpaper

2018 Share Count

Sheet1

EPS Guidance 2


WMB DCF Guidance

OLD







Adjusted EBITDA 1145 1113 1113 1160 4531 1135 1110 1196 3441














28 31













Adjusted EBITDA










Modified EBITDA $4435 $4535 $4635 $4850 $5000 $5150



Adjusted EBITDA $4450 $4550 $4650 $4850 $5000 $5150

2 0 1 8Guidance

2 0 1 9Guidance


DCF Guidance






Dept Costs 17 to 18

Other 17 to 18















DCF Guidance

DCF Guidance v2






Dept Costs 17 to 18

Other 17 to 18





































Slide Number 35




Slide Number 39

Non-GAAP Disclaimer











Product Product


USD USD

View View

2018 2019


Base Case Base Case

Period Period












2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018


































Fee Revenues (22) 30 (22) (30) - - (1)

NGL Margins (6) 0 (6) (1) - - -



Gross Margin (20) 32 (26) (25) - - (1)


Other Expense 13 (8) 12 7 0 (5) 6

EBITDA (38) 0 (15) (26) 1 (2) 4

-98







2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017





















































Product Product


USD USD

View View

2017 2018


Base Case Base Case

Period Period

-



E X015 WPZ - West 807 822 15




E V001 WPZ - - -

E X001 WPZ 2095 2120 25












USD USD USD

View View View

2018 2018 2018





















E X055 Purity Pipes 93 96 96 96 96 (0)











E 4026 Wamsutter LLC 111 113 113 103 103 (10)

E X045 Niobrara 77 86 86 77 77 (9)


E X034 Piceance Area 184 176 176 175 175 (1)











E X015 WPZ - West 2306 2272 130 24 2426 2276 112 - 2388 (38)




E X035 WPZ Other - - - - -


E X001 WPZ 6728 6685 122 32 6839 6706 104 8 6818









2017 2018 2017 2018 2018 2019
















5000






E X055 Purity Pipes 25 29 29 4 92 96 96 4 96 97 1











E 4026 Wamsutter LLC 78 69 69 (9) 91 103 103 12 103 135 32 113 (10)

E X045 Niobrara 32 46 46 14 58 77 77 19 77 94 17 86 (9)


E X034 Piceance Area 94 113 113 19 164 175 175 11 175 165 (10) 176 (1)







E X053 NGL Marketing 8 4 5 3 3 (2) 3 3 (0) 3 -

E X119 Gas Marketing 1 1 1 (0) - - - - - - - - -



E X015 WPZ - West 1669 1538 112 24 1675 6 2374 2276 112 - 2388 14 2276 2252 (24) 2426 (38)




- - -

E X035 WPZ Other (5) (5) (5) (1) - - - - - - -


E X001 WPZ 4473 4521 103 32 4656 183 6450 6706 104 8 6818 367 6706 7335 629



373

(112)

261







2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018


































Fee Revenues 629 399 254 (24) - - 0

NGL Margins (14) (2) 1 (13) - - -


Other Margins 587 (2) (5) (1) 3 - - -

Gross Margin -90 613 393 254 (34) - - 0


Other Expense (17) (6) 4 (1) (0) 2 (6)

EBITDA 563 357 251 (45) (0) (0) 0







2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017


































Fee Revenues 254 261 188 173 (98) (7) - (2)

NGL Margins 8 8 (9) (10) 27 - - -

Olefins Margins (126) (1) - - (1) (125) - -

Other Margins (9) (7) 3 (4) (7) (2) - -

Gross Margin 127 261 182 159 (78) (134) - (2)


Other Expense (57) (62) (6) (14) (37) 5 (3) (34)

EBITDA 21 93 128 123 (130) (72) (1) (27)

-98

-42


$ in millions














Total Other (36) (40) (133) (130) (97) (90)


EBITDA Change $78 $78 $19 $18 ($59) ($60)




2 0 1 8 2 0 1 9

Guidance Guidance


















2 0 1 8 2 0 1 9

Guidance Guidance








- DCF per share $249 $264 $279 $266 $238 $255 $271 $265









2 0 1 8 2 0 1 9



Net income (loss) $0975 $1075 $1175 1089 1085 $1150 $1300 $1450 1441 1423








Modified EBITDA $4435 $4535 $4635 4545 4542 $4850 $5000 $5150 5121 5116








Adjusted EBITDA $4450 $4550 $4650 4556 4553 $4850 $5000 $5150 5121 5116

Forecast


Northeast 1087 1444 357

Atlantic-Gulf 1901 2152 251 485 5 515

West 1538 1494 (45)

Other 26 26 -

Total WMB $4553 $5116 563












Product Product


USD USD

View View

2018 2019


Base Case Base Case

Period Period












2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018


































Fee Revenues (22) 30 (22) (30) - - (1)

NGL Margins (6) 0 (6) (1) - - -



Gross Margin (20) 32 (26) (25) - - (1)


Other Expense 13 (8) 12 7 0 (5) 6

EBITDA (38) 0 (15) (26) 1 (2) 4

-98







2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017





















































Product Product


USD USD

View View

2017 2018


Base Case Base Case

Period Period

-



E X015 WPZ - West 807 822 15




E V001 WPZ - - -

E X001 WPZ 2095 2120 25












USD USD USD

View View View

2018 2018 2018





















E X055 Purity Pipes 93 96 96 96 96 (0)











E 4026 Wamsutter LLC 111 113 113 103 103 (10)

E X045 Niobrara 77 86 86 77 77 (9)


E X034 Piceance Area 184 176 176 175 175 (1)











E X015 WPZ - West 2306 2272 130 24 2426 2276 112 - 2388 (38)




E X035 WPZ Other - - - - -


E X001 WPZ 6728 6685 122 32 6839 6706 104 8 6818









2017 2018 2017 2018 2018 2019
















5000






E X055 Purity Pipes 25 29 29 4 92 96 96 4 96 97 1











E 4026 Wamsutter LLC 78 69 69 (9) 91 103 103 12 103 135 32 113 (10)

E X045 Niobrara 32 46 46 14 58 77 77 19 77 94 17 86 (9)


E X034 Piceance Area 94 113 113 19 164 175 175 11 175 165 (10) 176 (1)







E X053 NGL Marketing 8 4 5 3 3 (2) 3 3 (0) 3 -

E X119 Gas Marketing 1 1 1 (0) - - - - - - - - -



E X015 WPZ - West 1669 1538 112 24 1675 6 2374 2276 112 - 2388 14 2276 2252 (24) 2426 (38)




- - -

E X035 WPZ Other (5) (5) (5) (1) - - - - - - -


E X001 WPZ 4473 4521 103 32 4656 183 6450 6706 104 8 6818 367 6706 7335 629



373

(112)

261







2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018


































Fee Revenues 629 399 254 (24) - - 0

NGL Margins (14) (2) 1 (13) - - -


Other Margins 587 (2) (5) (1) 3 - - -

Gross Margin -90 613 393 254 (34) - - 0


Other Expense (17) (6) 4 (1) (0) 2 (6)

EBITDA 563 357 251 (45) (0) (0) 0







2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017


































Fee Revenues 254 261 188 173 (98) (7) - (2)

NGL Margins 8 8 (9) (10) 27 - - -

Olefins Margins (126) (1) - - (1) (125) - -

Other Margins (9) (7) 3 (4) (7) (2) - -

Gross Margin 127 261 182 159 (78) (134) - (2)


Other Expense (57) (62) (6) (14) (37) 5 (3) (34)

EBITDA 21 93 128 123 (130) (72) (1) (27)

-98

-42


$ in millions














Total Other (36) (40) (133) (130) (97) (90)


EBITDA Change $78 $78 $19 $18 ($59) ($60)




2 0 1 8 2 0 1 9









- DCF per share $215 $227 $240 $244 $260 $277









2 0 1 8 2 0 1 9



Net income (loss) $0975 $1075 $1175 1089 1085 $1050 $1200 $1350 1441 1423








Modified EBITDA $4435 $4535 $4635 4545 4542 $4850 $5000 $5150 5121 5116








Adjusted EBITDA $4450 $4550 $4650 4556 4553 $4850 $5000 $5150 5121 5116

Forecast


Northeast 1087 1444 357

Atlantic-Gulf 1901 2152 251 485 5 515

West 1538 1494 (45)

Other 26 26 -

Total WMB $4553 $5116 563












2 0 1 8 1 2 0 1 9

Guidance Guidance





Adjustments











($ in millions)







NCI and other (0125) (0125) (0125) (0115) (0115) (0115)






Growth Capex (P90)


Transco $1700 $1100






2 0 1 8 2 0 1 9



Net income (loss) $0900 $1000 $1100 1089 1085 $1050 $1200 $1350 1441 1423








Modified EBITDA $4475 $4575 $4675 4545 4542 $4850 $5000 $5150 5121 5116



Forecast


325 321 390 1036 384 1420 1375


2 0 1 8 2 0 1 9 270 269 200 739 290 1029 1000



Net income (loss) $739 $251 $990 $1200 $270 $269 $200 $739 $290 $1029



198 258 215

Adjustments 1













OCTOBER

Remove

Unadj Gain Adjusted

Pretax 725355 593 133

Tax 176560 148 323

Net Income 548795 445 100

NCI 8495 0 8

Net to WMB 540300 445 92

246 260

1213

$0076

$023

Net Income 975 1075 1175

NCI 125 125 125

Net to WMB 850 950 1050

EPS $070 $078 $087

Shares 1213 1213 1213

EBITDA 4450 4550 4650

1854

Interest 818

Pretax

NCI


123117

33118 90 830197

63018 91 830107

93018 92 1026504 8963217399267

123118 92 1213 9761420136986





Net to WMB 850 950 1050



Net Interest (818) - (818) (292) (1110) (1110) (1110) (1110) (1110) (1110) (1110) (97) (292) (1110)


Pretax Income 1036 10 1046 384 1212 1312 1312 1362 1393 1412 1430 132 397 1443 859 959

Income Taxes 297 (103) 194 95 241 262 258 270 278 283 287 32 97 291 218 243

Net Income 739 113 852 289 971 1050 1054 1092 1115 1129 1143 100 300 1152 641 716

NCI 323 (16) 307 19 287 305 320 322 324 325 326 9 26 333 22 22

Net to WMB 416 129 545 270 684 745 734 770 791 804 817 92 275 820 619 694

$046 $014 $061 $022 $0701 $0764 $0752 $0789 $0811 $0824 $0837 $0076 $0227 $0840 $051 $057

Share Count 896 896 896 1213 976 976 976 976 976 976 976 1213 1213 976 1213 1213

42 263 260 260 260 260 260 260 260 260 260 260 262 260 259

830197 90 7471773

Months of WPZ NCI 83 830107 91 75539737

1026504 92 94438368

859 1213 92 111596

356291835

9761420136986


(UNAUDITED)

2018 2018 Guidance




Adjustments

Northeast GampP


Atlantic-Gulf







West





2018 Guidance


Other












(5) (41) mdash mdash (46) (46) (46) 141









Pretax 0325 0321 0390 1036 0384 1420 1375


2 0 1 8 2 0 1 9 Net Income 0270 0269 0200 0739 0290 1029 1000



Net income (loss) $1385 $1460 $1050 $1200 $1350 $0270 $0269 $0200 $0739 $0290 $1029



258 261

Adjustments 1














33118 90 830

$109 $114 63018 91 830

93018 92 1027

123118 92 1213

365 976


2 0 1 8 1 2 0 1 9

Guidance Guidance





Adjustments











($ in millions)







NCI and other (0125) (0125) (0125) (0115) (0115) (0115)






Growth Capex (P90)


Transco $1700 $1100






2 0 1 8 2 0 1 9



Net income (loss) $0900 $1000 $1100 1089 1085 $1050 $1200 $1350 1441 1423








Modified EBITDA $4475 $4575 $4675 4545 4542 $4850 $5000 $5150 5121 5116



Forecast


325 321 390 1036 384 1420 1375


2 0 1 8 2 0 1 9 270 269 200 739 290 1029 1000



Net income (loss) $739 $251 $990 $1200 $270 $269 $200 $739 $290 $1029



198 258 215

Adjustments 1













OCTOBER

Remove

Unadj Gain Adjusted

Pretax 725355 593 133

Tax 176560 148 323

Net Income 548795 445 100

NCI 8495 0 8

Net to WMB 540300 445 92

246 260

1213

$0076

$023

Net Income 975 1075 1175

NCI 125 125 125

Net to WMB 850 950 1050

EPS $070 $078 $087

Shares 1213 1213 1213

EBITDA 4450 4550 4650

1854

Interest 818

Pretax

NCI


123117

33118 90 830197

63018 91 830107

93018 92 1026504 8963217399267

123118 92 1213 9761420136986





Net to WMB 850 950 1050



Net Interest (818) - (818) (292) (1110) (1110) (1110) (1110) (1110) (1110) (1110) (97) (292) (1110)


Pretax Income 1036 10 1046 384 1212 1312 1312 1362 1393 1412 1430 132 397 1443 859 959

Income Taxes 297 (103) 194 95 241 262 258 270 278 283 287 32 97 291 218 243

Net Income 739 113 852 289 971 1050 1054 1092 1115 1129 1143 100 300 1152 641 716

NCI 323 (16) 307 19 287 305 320 322 324 325 326 9 26 333 22 22

Net to WMB 416 129 545 270 684 745 734 770 791 804 817 92 275 820 619 694

$046 $014 $061 $022 $0701 $0764 $0752 $0789 $0811 $0824 $0837 $0076 $0227 $0840 $051 $057

Share Count 896 896 896 1213 976 976 976 976 976 976 976 1213 1213 976 1213 1213

42 263 260 260 260 260 260 260 260 260 260 260 262 260 259

830197 90 7471773

Months of WPZ NCI 83 830107 91 75539737

1026504 92 94438368

859 1213 92 111596

356291835

9761420136986


(UNAUDITED)

2018 2018 Guidance




Adjustments

Northeast GampP


Atlantic-Gulf







West





2018 Guidance


Other












(5) (41) mdash mdash (46) (46) (46)









Pretax 0325 0321 0390 1036 0384 1420 1375


2 0 1 8 2 0 1 9 Net Income 0270 0269 0200 0739 0290 1029 1000



Net income (loss) $1385 $1460 $1050 $1200 $1350 $0270 $0269 $0200 $0739 $0290 $1029



258 261

Adjustments 1














33118 90 830

$109 $114 63018 91 830

93018 92 1027

123118 92 1213

365 976


2 0 1 8 1 2 0 1 9

Guidance Guidance





Adjustments











($ in millions)







NCI and other (0125) (0125) (0125) (0115) (0115) (0115)






Growth Capex (P90)


Transco $1700 $1100






2 0 1 8 2 0 1 9



Net income (loss) $0900 $1000 $1100 1089 1085 $1050 $1200 $1350 1441 1423








Modified EBITDA $4475 $4575 $4675 4545 4542 $4850 $5000 $5150 5121 5116



Forecast


325 321 390 1036 384 1420 1375


2 0 1 8 2 0 1 9 270 269 200 739 290 1029 1000



Net income (loss) $739 $251 $990 $1200 $270 $269 $200 $739 $290 $1029



198 258 215

Adjustments 1













OCTOBER

Remove

Unadj Gain Adjusted

Pretax 725355 593 133

Tax 176560 148 323

Net Income 548795 445 100

NCI 8495 0 8

Net to WMB 540300 445 92

246 260

1213

$0076

$023

Net Income 975 1075 1175

NCI 125 125 125

Net to WMB 850 950 1050

EPS $070 $078 $087

Shares 1213 1213 1213

EBITDA 4450 4550 4650

1854

Interest 818

Pretax

NCI






Net to WMB 850 950 1050



Net Interest (818) - (818) (292) (1110) (1110) (1110) (1110) (1110) (1110) (1110) (97) (292) (1110)


Pretax Income 1036 10 1046 384 1212 1312 1312 1362 1393 1412 1430 132 397 1443 859 959

Income Taxes 297 (103) 194 95 241 262 258 270 278 283 287 32 97 291 218 243

Net Income 739 113 852 289 971 1050 1054 1092 1115 1129 1143 100 300 1152 641 716

NCI 323 (16) 307 19 287 305 320 322 324 325 326 9 26 333 22 22

Net to WMB 416 129 545 270 684 745 734 770 791 804 817 92 275 820 619 694

$046 $014 $061 $022 $0701 $0764 $0752 $0789 $0811 $0824 $0837 $0076 $0227 $0840 $051 $057

Share Count 896 896 896 1213 976 976 976 976 976 976 976 1213 1213 976 1213 1213

42 263 260 260 260 260 260 260 260 260 260 260 262 260 259

830197 90 7471773

Months of WPZ NCI 83 830107 91 75539737

1026504 92 94438368

859 1213 92 111596

356291835

9761420136986


(UNAUDITED)

2018 2018 Guidance




Adjustments

Northeast GampP


Atlantic-Gulf







West





Other












(5) (41) mdash mdash (46) (46) (46)









Pretax 0325 0321 0390 1036 0384 1420 1375


2 0 1 8 2 0 1 9 Net Income 0270 0269 0200 0739 0290 1029 1000



Net income (loss) $1385 $1460 $1050 $1200 $1350 $0270 $0269 $0200 $0739 $0290 $1029



258 261

Adjustments 1














33118 90 830

$109 $114 63018 91 830

93018 92 1027

123118 92 1213

365 976

		Operating Unit	Operating Unit

		Product	Product

		Intercompany	Intercompany

		USD	USD

		View	View

		2018	2019

		Current Forecast	Current Forecast

		Base Case	Base Case

		Period	Period



EBITDA	E X131 Transco Consolidated	Reverse South Georgia	-	(32715)

EBITDA	E X139 Constitution Pipeline	Constitution residual expenses	7718	-

EBITDA	E V100 Houston WPZ Atlantic - Gulf Reporting Eliminations	Tax Reform Impact	10600	-

EBITDA	E X015 WPZ - West	Tax Reform Impact	(7300)	-

EBITDA	E X000 The Williams Companies	Segment Adjustments	11018	(32715)


		E X000 The Williams Companies	E X000 The Williams Companies			E X026 WPZ Northeast GampP	E X026 WPZ Northeast GampP			E X013 WPZ - Atlantic - Gulf		E X013 WPZ - Atlantic - Gulf		E X015 WPZ - West	E X015 WPZ - West		E X027 WPZ NGL amp Petchem Services		E X027 WPZ NGL amp Petchem Services			E X035 WPZ Other	E X035 WPZ Other			E X062 Williams Other		E X062 Williams Other

		Operating Unit	Operating Unit			Operating Unit	Operating Unit			Operating Unit		Operating Unit		Operating Unit	Operating Unit		Operating Unit		Operating Unit			Operating Unit	Operating Unit			Operating Unit		Operating Unit

		Product	Product			Product	Product			Product		Product		Product	Product		Product		Product			Product	Product			Product		Product

		Intercompany	Intercompany			Intercompany	Intercompany			Intercompany		Intercompany		Intercompany	Intercompany		Intercompany		Intercompany			Intercompany	Intercompany			Intercompany		Intercompany

		USD	USD			USD	USD			USD		USD		USD	USD		USD		USD			USD	USD			USD		USD

		View	View			View	View			View		View		View	View		View		View			View	View			View		View

		2018	2018			2018	2018			2018		2018		2018	2018		2018		2018			2018	2018			2018		2018

		Current Forecast	Budget 2018			Current Forecast	Budget 2018			Current Forecast		Budget 2018		Current Forecast	Budget 2018		Current Forecast		Budget 2018			Current Forecast	Budget 2018			Current Forecast		Budget 2018

		Base Case	Base Case			Base Case	Base Case			Base Case		Base Case		Base Case	Base Case		Base Case		Base Case			Base Case	Base Case			Base Case		Base Case

		Period	Period			Period	Period			Period		Period		Period	Period		Period		Period			Period	Period			Period		Period


Fee Revenues	Adjusted Reporting		6727		6750	(22)		1671	1641		30		2759	2781	(22)	2276		2306		(30)		-	-		-		-		-	-	32	33	(1)


Ethane Margin	Adjusted Reporting		13		12	1		3	4		(2)		6	5	0	5		2		2		-	-		-		-		-	-	-	-	-

Non-Ethane Margin	Adjusted Reporting		224		232	(7)		5	3		2		43	49	(6)	176		179		(3)		-	-		-		-		-	-	-	-	-

Liquids Margin (Alt1)	Adjusted Reporting		237		243	(6)		8	7		0		49	55	(6)	181		181		(1)		-	-		-		-		-	-	-	-	-


Olefins Margin	Adjusted Reporting		-		-	-		-	-		-		-	-	-	-		-		-		-	-		-		-		-	-	-	-	-


Other Margin	Adjusted Reporting		(21)		(17)	(4)		(12)	(8)		(4)		(0)	-	(0)	(9)		(9)		0		-	-		-		-		-	-	-	-	-

Condensate Margin	Adjusted Reporting		13		11	1		-	-		-		1	0	0	12		11		1		-	-		-		-		-	-	-	-	-

Marketing Margin	Adjusted Reporting		22		11	11		14	8		6		1	-	1	8		3		4		-	-		-		-		-	-	-	-	-


Gross Operating Margin	Adjusted Reporting		6978		6998	(20)		1680	1648		32		2809	2836	(26)	2468		2493		(25)		-	-		-		-		-	-	32	33	(1)


Gathering Fuel Expense	Adjusted Reporting		(4)		(4)	0		0	-		0		-	-	-	(4)		(4)		0		-	-		-		-		-	-	-	-	-

System (Gain)Loss	Adjusted Reporting		(8)		(6)	(2)		(1)	-		(1)		(1)	-	(1)	(6)		(6)		(0)		-	-		-		-		-	-	0	-	0

Inventory Revaluation	Adjusted Reporting		0		-	0		0	-		0		(0)	-	(0)	0		-		0		-	-		-		-		-	-	-	-	-

Power Expense	Adjusted Reporting		9		16	(7)		4	4		(0)		(7)	-	(7)	13		12		0		-	-		-		-		-	-	-	-	-

Misc Oper Expense	Adjusted Reporting		95		74	21		31	24		7		48	32	16	11		13		(2)		-	-		-		-		-	-	6	6	0

Tracked Power Expense	Adjusted Reporting		17		26	(9)		-	-		-		17	26	(9)	-		-		-		-	-		-		-		-	-	-	-	-

OampM Departmental Expenses	Adjusted Reporting		1563		1524	39		407	378		29		529	525	5	601		593		9		0	1		(1)		-		-	-	16	16	(0)

Operating Taxes	Adjusted Reporting		180		180	(0)		19	19		1		87	88	(1)	72		71		0		0	0		(0)		-		-	-	2	2	0

Operating Expenses	Adjusted Reporting		1852		1809	42		461	424		37		672	670	3	686		679		7		0	1		(1)		-		-	-	24	24	(0)


General And Administrative Expenses	Adjusted Reporting		379		385	(7)		92	96		(5)		159	163	(3)	148		150		(1)		0	0		0		0		3	(2)	(19)	(21)	2

General Corporate Exp	Adjusted Reporting		176		177	(1)		32	32		(0)		78	78	(1)	72		72		(0)		0	0		(0)		-		-	-	2	1	0

GampA and General Corporate Expense	Adjusted Reporting		554		562	(8)		124	128		(5)		237	241	(4)	220		222		(1)		1	1		0		0		3	(2)	(18)	(20)	2


Other (Income)Expense	Adjusted Reporting		106		114	(9)		9	9		1		69	75	(6)	27		31		(4)		(0)	-		(0)		(0)		-	(0)	(0)	-	(0)

Net (Gain)Loss on Assets	Adjusted Reporting		(0)		0	(0)		(0)	-		(0)		0	-	0	(1)		0		(1)		-	-		-		0		-	0	-	-	-

AFUDC Equity	Adjusted Reporting		(81)		(75)	(5)		-	-		-		(78)	(72)	(5)	(3)		(3)		(0)		-	-		-		-		-	-	-	-	-

Foreign Curr Exchange GainLoss	Adjusted Reporting		-		-	-		-	-		-		-	-	-	-		-		-		-	-		-		-		-	-	-	-	-

GL On SaleDisp Assets (Below Op)	Adjusted Reporting		-		-	-		-	-		-		-	-	-	-		-		-		-	-		-		-		-	-	-	-	-

Oth Unrealized GainsLosses (Below Op)	Adjusted Reporting		(0)		-	(0)		-	-		-		(0)	-	(0)	-		-		-		-	-		-		-		-	-	-	-	-

Other Realized GainsLosses (Below Op)	Adjusted Reporting		-		-	-		-	-		-		-	-	-	-		-		-		-	-		-		-		-	-	-	-	-

Other Non Operating IncomeExpense (A X9460)	Adjusted Reporting		(9)		(7)	(1)		(0)	-		(0)		2	2	0	1		1		(0)		0	-		0		5		-	5	(6)	-	(6)


EBITDA	Adjusted Reporting		4556		4594	(38)		1087	1087		0		1906	1920	(15)	1537		1562		(26)		(1)	(1)		1		(5)		(3)	(2)	32	29	4

Fee Revenues				(22)			30				(22)			(30)		-					-			(1)

NGL Margins				(6)			0				(6)			(1)		-					-			-

Olefins Margins				-			-				-			-		-					-			-

Other Margins				9			2				1			6		-					-			-

Gross Margin				(20)			32				(26)			(25)		-					-			(1)

Departmental Expense				(31)			(25)				(1)			(7)		1					2			(2)

Other Expense				13			(8)				12			7		0					(5)			6

EBITDA				(38)			0				(15)			(26)		1					(2)			4

												-98

	Adjusted Reporting		Adjusted Reporting

	Department Expenses		Department Expenses

	Operating Unit		Operating Unit

	Product		Product

	Intercompany		Intercompany

	USD		USD

	View		View

	2017		2018

	Actual		Current Forecast

	Base Case		Base Case

	Period		Period

			-

E V005 Williams Partners Segment		(23)		8	31

E X013 WPZ - Atlantic - Gulf		745		766	21

E X015 WPZ - West		807		822	15

E X026 WPZ Northeast GampP		483		531	48

E X027 WPZ NGL amp Petchem Services		57		1	(57)

E X035 WPZ Other		3		0	(3)

E V001 WPZ		-		-	-

E X001 WPZ		2095		2120	25

E 5678 Pension Consolidation Elim Company		-		2	2

E X005 Williams Partners Segment		2072		2130	58

E X062 Williams Other		8		(2)	(10)

E X099 Consolidating Adjustments		-		-	-

E X999 Unassigned Companies		-		-	-

E V000 The Williams Companies Eliminations		(11)		(11)	0

E X000 The Williams Companies		(494)		(542)	(48)

Change in 2018 vs 2017 Adjusted EBITDA

$ in millions

	January		Feb		March			May			Change Incr(Decr)

	Forecast		Guidance		Forecast			Guidance			Forecast		Guidance


Northeast Fee Revenue Increase		158		160		188			185			30		25

Atlantic -Gulf Fee Revenue Increase		182		180		172			170			(10)		(10)


Revenue Recognition Impact		(122)			(104)					18

Tax Reform Impact		(32)			(32)					-

Total Rev Rec Tax Reform		(154)		(150)		(136)			(135)			18		15


West Fee Revenue Increase		53			14					(39)

WMB Other Fee		-			(2)					(2)

Commodity Margins		8			(1)					(9)

Departmental Costs		(65)			(106)					(41)

Other OampM Income Expense		(28)			(38)		a				(10)

Round FC to Guidance		(4)			-					4

Total Other		(36)		(40)		(133)			(130)			(97)		(90)


Remove NGL Petchem		(72)		(72)		(72)			(72)			-		-


EBITDA Change		$78		$78		$19			$18			($59)		($60)



Change in Fee Revenues		263			260					(3)


a) Change in operating taxes -$12 system loss -$17 and increase in Atlantic-Gulf ARO -$14

WMB Distributable Cash Flow

	2 0 1 8							2 0 1 9

	Guidance							Guidance

	Low		Mid		High		Final		Low		Mid		High		Final

WMB Adjusted EBITDA		$4450		$4550		$4650		4556		$4850		$5000		$5150		5121

Interest expense - net (1)		lt------		(1150)		------gt		(1147)		lt------		(1235)		------gt		(1234)

Maintenance capital expenditures (2)		(0575)		(0525)		(0475)		(0581)		(0675)		(0625)		(0575)		(0626)

Cash taxes - (Payment) Benefit		-		-		-		-		lt------		0075		------gt		0077

Income attributable to noncontrolling interests (NCI) and other		lt------		(0125)		------gt		(0110)		lt------		(0115)		------gt		(0117)

Distributable cash flow (DCF)		$2600		$2750		$2900		$2718		$2900		$3100		$3300		$3222


Dividends amp Distributions paid (3)		lt------		(1705)		------gt		(1388)		lt------		(1850)		------gt		(1848)

Excess cash available after dividends amp distributions		$0895		$1045		$1195		$1330		$1050		$1250		$1450		$1374


Dividend per share		lt------		$136		------gt		$136		lt------		$152		------gt		$152


Coverage ratio (4)		152x		161x		170x		159x		157x		168x		178x		174x

Note Reconciliation shown as if acquisition of WPZ had occurred 1-1-18

(1) Includes proportionate share of interest expense of equity investments

(2) Includes proportionate share of maintenance capital expenditures of equity investments

(3) Includes WPZ distributions to public unitholders for 1Q and 2Q of 2018

(4) Distributable cash flow Dividends amp distributions paid

Reconciliation of Net Income (Loss) to Modified EBITDA and Non-GAAP Adjusted EBITDA

	2 0 1 8									2 0 1 9

	Guidance						March				Guidance						March

	Low		Mid		High			FC		Forecast			Low		Mid		High			FC		Forecast

Net income (loss)		$0975		$1075		$1175			1089		1085			$1150		$1300		$1450			1441		1423

Provision (benefit) for income taxes		lt------		0260		------gt			0258		0257			lt------		0300		------gt			0300		0297

Interest expense		lt------		1100		------gt			1097		1098			lt------		1225		------gt			1221		1236

Equity (earnings) losses		lt------		(0375)		------gt			(0376)		(0376)			lt------		(0450)		------gt			(0457)		(0457)

Other investing (income) loss - net		lt------		-		------gt			(0002)		(0002)			lt------		-		------gt			(0000)		-

Proportional Modified EBITDA of equity-method investments		lt------		0725		------gt			0729		0729			lt------		0825		------gt			0822		0822

Depreciation and amortization expenses and accretion expense

associated with asset retirement obligations for nonregulated operations		lt------		1750		------gt			1750		1750			lt------		1800		------gt			1794		1794

Modified EBITDA		$4435		$4535		$4635			4545		4542			$4850		$5000		$5150			5121		5116


Adjustments included in Modified EBITDA

Constitution Pipeline project development costs		lt------		0002		------gt			0008		0008			-		-		-			-		-

(Gain) loss on early retirement of debt		lt------		0007		------gt			-		-			-		-		-			-		-

Regulatory charges resulting from Tax Reform		lt------		0004		------gt			0003		0003			-		-		-			-		-

Share of regulatory charges resulting from Tax Reform

for equity-method investments		lt------		0002		------gt			-		-			-		-		-			-		-

Total Adjustments included in Modified EBITDA		lt------		0015		------gt			0011		0011			-		-		-			-		-


Adjusted EBITDA		$4450		$4550		$4650			4556		4553			$4850		$5000		$5150			5121		5116


														Forecast

Adjusted EBITDA by OA															Change

Northeast							1087							1444			357

Atlantic-Gulf							1901							2152			251		485		5	515

West							1538							1494			(45)

Other							26							26			-

Total WMB							$4553							$5116			563

Year Over Year Change (2018 to 2019) in Adjusted EBITDA by Driver										FC		Guidance	Difference

Transco Fee Revenues										289		290	1

Northeast Fee Revenues										399		325	(74)

Increase in Departmental Costs										(33)		(50)	(17)


Other Atlantic-Gulf Fee Revenues (primarily Eastern Gulf)										(35)		(40)	(5)

Decrease in West Fee Revenues										(24)		(30)	(6)

Decrease in Margins										(16)		(25)	(9)

Increase in Other Costs and Other IncomeExpense										(17)		(20)	(3)

Change in Other										(92)		(115)	(23)

Total Change in 2019 vs 2018 EBITDA										563		450	(113)

Reconciliation of Income (Loss) Attributable to The Williams Companies Inc to Adjusted Income


	2 0 1 8 1		2 0 1 9

	Guidance		Guidance

(Dollars in billions except per-share amounts)		Midpoint		Midpoint


Net income (loss)		$1075		$1200

Less Net income (loss) attributable to noncontrolling interests		0125		0115

Net income (loss) attributable to The Williams Companies Inc		0950		1085


Adjustments

Adjustments included in Modified EBITDA		-		-

Adjustments below Modified EBITDA		-		-

Total adjustments		-		-

Less tax effect for above items		-		-

Adjustments for tax-related items		-		-


Adjusted income available to common stockholders		$0950		$1085

Adjusted diluted earnings per common share		$078		$089

Weighted-average shares - diluted (billions)		1213		1217


(1) Proforma as if acquisiton of WPZ had occurred 1118

WMB Distributable Cash Flow

($ in millions)

	2018 Guidance						2019 Guidance

	Low		Midpoint		High			Low		Midpoint		High

WMB Adjusted EBITDA - Guidance		$4450		$4550		$4650			$4850		$5000		$5150

Interest expense - net (1)		(1150)		(1150)		(1150)			(1235)		(1235)		(1235)

Maintenance capital expenditures (2)		(0575)		(0525)		(0475)			(0675)		(0625)		(0575)

Cash taxes - (Payment) Benefit		-		-		-			0075		0075		0075

NCI and other		(0125)		(0125)		(0125)			(0115)		(0115)		(0115)

Distributable cash flow (DCF)		$2600		$2750		$2900			$2900		$3100		$3300


Dividends amp Distributions paid (3)		(1705)		(1705)		(1705)			(1850)		(1850)		(1850)

Excess cash after dividends amp distributions		$0895		$1045		$1195			$1250		$1250		$1250


Dividend per share		$136		$136		$136			$152		$152		$152


Coverage ratio (4)		152x		161x		170x			157x		168x		178x



Growth Capex (P90)

Total Williams			$3100					$2400

Transco			$1700					$1100

(1) Includes proportionate share of interest expense of equity investments

(2) Includes proportionate share of maintenance capital expenditures of equity investments

(3) Includes WPZ distributions to public unitholders for 1Q and 2Q of 2018

(4) Distributable cash flow Dividends amp distributions paid

Reconciliation of Income (Loss) Attributable to The Williams Companies Inc to Adjusted Income

								325		321		390		1036		384		1420			1375

	G U I D A N C E M I D P O I N T								55		52		190		297		94		391			0375

	2 0 1 8						2 0 1 9			270		269		200		739		290		1029			1000

	3Q YTD		4Q		Full Year				Full Year

(Dollars in millions except per-share amounts)									1Q		2Q		3Q		YTD		4Q		2018


Net income (loss)		$739		$251		$990				$1200			$270		$269		$200		$739		$290		$1029

Less Net income (loss) attributable to noncontrolling interests		$68		17		85				115			$25		$24		$19		$68		19		87

Net income (loss) attributable to The Williams Companies Inc		671		234		905				1085			$245		$245		$181		$671		271		942

											198		258		215

Adjustments 1

Adjustments included in Modified EBITDA		72		-		72				-			$15		$52		$5		$72		- 0		72

Adjustments below Modified EBITDA		(62)		-		(62)				-			$0		($62)		$0		($62)		- 0		(62)

Allocation of adjustments to noncontrolling interests		16		-		16				-			($5)		$21		$0		$16		- 0		16

Total adjustments		26		-		26				-			$10		$11		$5		$26		- 0		26

Less tax effect for above items		(7)		-		(7)				-			($3)		($3)		($1)		($7)		- 0		(7)

Adjustments for tax-related items 2		110		-		110				-			$0		$0		$110		$110		- 0		110


Adjusted income available to common stockholders		$800		$234		$1034				$1085			$252		$253		$295		$800		$271		$1071

Adjusted diluted earnings per common share		$066		$019		$085				$089			$021		$021		$024		$066		$022		$0883

Weighted-average shares - diluted (millions)		1213		1213		1213				1217			1213		1213		1213		1213		1213		1213


(1) A detailed list of adjustments is included in this presentation		255

(2) The third quarter of 2018 reflects tax adjustments driven by the WPZ Merger primarily a		663

valuation allowance for foreign tax credits

	OCTOBER

		Remove

	Unadj		Gain		Adjusted

Pretax		725355		593		133

Tax		176560		148		323

Net Income		548795		445		100

NCI		8495		0		8

Net to WMB		540300		445		92

	246			260

			1213

			$0076

			$023

Net Income		975		1075		1175

NCI		125		125		125

Net to WMB		850		950		1050

EPS		$070		$078		$087

Shares		1213		1213		1213

EBITDA		4450		4550		4650

		1854

Interest			818

Pretax

NCI

Adjusted Net to WMB			545

123117

33118	90	830197

63018	91	830107

93018	92	1026504	8963217399267

123118	92	1213	9761420136986

Reconciliation of Income (Loss) Attributable to The Williams Companies Inc to Adjusted Income

(UNAUDITED)

	2018							2018 Guidance

(Dollars in millions except per-share amounts)		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year			Midpoint		High


Income (loss) attributable to The Williams Companies Inc available to common stockholders		$ 152		$ 135		$ 129		$ mdash		$ 416			$1060		$1115


Income (loss) - diluted earnings (loss) per common share		$ 018		$ 016		$ 013		$ mdash		$ 046			$109		$114

Adjustments

Northeast GampP

Total Northeast GampP adjustments		mdash		mdash		mdash		mdash		mdash			mdash		mdash

Atlantic-Gulf

Constitution Pipeline project development costs		2		1		1		mdash		4			4		4

Regulatory adjustments resulting from Tax Reform		11		(20)		mdash		mdash		(9)			(9)		(9)

Benefit of regulatory asset associated with increase in Transcorsquos estimated deferred state income tax rate following WPZ Merger		mdash		mdash		(3)			(3)			(3)		(3)

Share of regulatory charges resulting from Tax Reform for equity-method investments		2		mdash		mdash		mdash		2			2		2

(Gain) loss on asset retirement		mdash		mdash		(10)		mdash		(10)			(10)		(10)

Total Atlantic-Gulf adjustments		15		(19)		(12)			(16)			(16)		(16)

West

Gain on Sale of Four Corners assets		mdash		mdash		mdash		(593)		(593)			(593)		(593)

Regulatory adjustments resulting from Tax Reform		(7)		mdash			mdash		(7)			(7)		(7)

Charge for regulatory liability associated with the decrease in Northwest Pipelinersquos estimated deferred state income tax rates following WPZ Merger		mdash		mdash		12			12			12		12

Total West adjustments		(7)		mdash		12		(593)		(588)			(588)		(588)




							2018 Guidance

Adjustments (continued)								Midpoint		High

Other

(Gain) loss on early retirement of debt		7		mdash		mdash		mdash		7			7		7

Impairment of certain assets		mdash		66		mdash		mdash		66			66		66

Regulatory adjustments resulting from Tax Reform		mdash		1		mdash		mdash		1			1		1

Benefit of regulatory assets associated with increase in Transcorsquos estimated deferred state income tax rate following WPZ Merger		mdash		mdash		(45)			(45)			(45)		(45)

WPZ Merger costs		mdash		4		15		mdash		19			19		19		1060	1115

Charitable contribution of preferred stock to Williams Foundation		mdash		mdash		35			35			35		35		-16

Total Other adjustments		7		71		5		mdash		83			83		83		-588

Adjustments included in Modified EBITDA		15		52		5		(593)		(521)			(521)		(521)		83


Adjustments below Modified EBITDA											-521

Gain on deconsolidation of Jackalope interest		mdash		(62)		mdash		mdash		(62)			(62)		(62)		-46

Allocation of adjustments to noncontrolling interests		(5)		21		mdash		mdash		16			16		16		-567

	(5)		(41)		mdash		mdash		(46)			(46)		(46)		141

Total adjustments		10		11		5		(593)		(567)			(567)		(567)		110

Less tax effect for above items		(3)		(3)		(1)		148		141			141		141		-316	-316

Adjustments for tax-related items (1)		mdash		mdash		110		mdash		110			110		110		744	799


Adjusted income available to common stockholders		$ 159		$ 143		$ 243		$ (445)		$ 100			$744		$799

Adjusted diluted earnings per common share		$ 000		$ 000		$ 000		ERRORDIV0		$ 000			$076		$082

Weighted-average shares - diluted (millions)		830197		830107		1026504		mdash		896322			976		976


(1) Reflects tax adjustments driven by the WPZ Merger primarily a valuation allowance for foreign tax credits

Reconciliation of Income (Loss) Attributable to The Williams Companies Inc to Adjusted Income

								Pretax		0325		0321		0390		1036		0384		1420			1375

	G U I D A N C E R A N G E S								Tax Prov		0055		0052		0190		0297		0094		0391			0375

	2 0 1 8				2 0 1 9					Net Income		0270		0269		0200		0739		0290		1029			1000

	Midpt		High			Low		Midpt		High

(Dollars in millions except per-share amounts)										1Q		2Q		3Q		YTD		4Q		2018


Net income (loss)		$1385		$1460			$1050		$1200		$1350				$0270		$0269		$0200		$0739		$0290		$1029

Less Net income (loss) attributable to noncontrolling interests		325		345			115		115		115				0118		0134		0071		0323		0019		0342

Net income (loss) attributable to The Williams Companies Inc		1060		1115			935		1085		1235				0152		0135		0129		0416		0271		0687

													258		261

Adjustments 1

Adjustments included in Modified EBITDA 2		(521)		(521)			-		-		-				0015		0052		0005		0072		- 0		0072

Adjustments below Modified EBITDA		(62)		(62)			-		-		-				- 0		(0062)		- 0		(0062)		- 0		(0062)

Allocation of adjustments to noncontrolling interests		16		16			-		-		-				(0005)		0021		- 0		0016		- 0		0016

Total adjustments		(567)		(567)			-		-		-				0010		0011		0005		0026		- 0		0026

Less tax effect for above items		141		141			-		-		-				(0003)		(0003)		(0001)		(0007)		- 0		(0007)

Adjustments for tax-related items 3		110		110			-		-		-				- 0		- 0		0110		0110		- 0		0110


Adjusted income available to common stockholders		$744		$799			$935		$1085		$1235				$0159		$0143		$0243		$0545		$0271		$0816

Adjusted diluted earnings per common share		$076		$082			$077		$089		$101				$019		$017		$024		$061		$022		$0836

Weighted-average shares - diluted (millions)		976		976			1217		1217		1217				0830		0830		1027		0896		1212		0976


Note Reconciliation shown with acquisition of WPZ completed on August 10 2018

(1) A detailed list of adjustments is included in this presentation

(2) Primarily a $593 million gain on the sale of Four Corners assets

(3) The 3rd quarter of 2018 reflects tax adjustments driven by the WPZ Merger primarily a valuation allowance for foreign tax credits														123117

													33118		90			830

	$109		$114												63018		91			830

													93018		92			1027

													123118		92			1213

														365			976

williams january investor meetings- draft

Documents

EPS Guidance 1

Adustment Detail

Workpaper

Sheet1

EPS Guidance 2

Net Inc to Adj EBITDA Guidance

WMB DCF Guidance

OLD

EPS Guidance 1

Adustment Detail

Workpaper

2018 Share Count

Sheet1

EPS Guidance 2

Net Inc to Adj EBITDA Guidance

WMB DCF Guidance

OLD

EPS Guidance 1

Adustment Detail

Workpaper

2018 Share Count

Sheet1

EPS Guidance 2

Net Inc to Adj EBITDA Guidance

WMB DCF Guidance

OLD

Net Inc to Adj EBITDA Guidance

DCF Guidance

2017 to 2018 Summary

By Account - 17 to 18

By Account - 18 to 19

Fee Revenues Yr Over Yr

Fee Revenues - Mar vs Jan FC

Dept Costs 17 to 18

Other 17 to 18

By Account 18 - FC vs Plan

Forecast Adjustments

Net Inc to Adj EBITDA Guidance

DCF Guidance

DCF Guidance v2

2017 to 2018 Summary

By Account - 17 to 18

By Account - 18 to 19

Fee Revenues Yr Over Yr

Fee Revenues - Mar vs Jan FC

Dept Costs 17 to 18

Other 17 to 18

By Account 18 - FC vs Plan

Forecast Adjustments

EPS Guidance 1

Adustment Detail

Workpaper

Sheet1

EPS Guidance 2

Net Inc to Adj EBITDA Guidance

WMB DCF Guidance

OLD

EPS Guidance 1

Adustment Detail

Workpaper

2018 Share Count

Sheet1

EPS Guidance 2

Net Inc to Adj EBITDA Guidance

WMB DCF Guidance

OLD

EPS Guidance 1

Adustment Detail

Workpaper

2018 Share Count

Sheet1

EPS Guidance 2

Net Inc to Adj EBITDA Guidance

WMB DCF Guidance

OLD

Net Inc to Adj EBITDA Guidance

DCF Guidance

2017 to 2018 Summary