Williams Companies (WMB) FY2025 results: revenue $11.9 billion, up 13.8% on the year

Williams owns and operates natural gas infrastructure: gathering and processing, long-distance transmission, storage, the fractionation, transport and storage of natural gas liquids, and marketing. It has operations in 11 supply areas serving approximately 800 customers. It owns an interest in and operates over 32,000 miles of pipeline across 24 states and the Gulf of America, 35 natural gas processing plants, 9 natural gas liquids fractionation plants, approximately 23 million barrels of liquids storage and 423 Bcf of natural gas storage. The company was founded in 1908, first incorporated in Nevada in 1949 and reincorporated in Delaware in 1987, and is headquartered in Tulsa, Oklahoma with other major offices in Houston, Pittsburgh and Salt Lake City. All of its operations are in the United States. There are four reportable segments: Transmission, Power and Gulf; Northeast G&P; West; and Gas & NGL Marketing Services, with upstream operations and corporate activities reported in Other. This filing also covers two wholly owned pipeline subsidiaries as separate registrants.

Transco

Transcontinental Gas Pipe Line Company runs an approximately 9,600-mile pipeline from Texas, Louisiana, Mississippi and the Gulf of America through Alabama, Georgia, South Carolina, North Carolina, Virginia, Maryland, Delaware, Pennsylvania and New Jersey to the New York City area, serving customers in Texas and twelve southeastern and Atlantic seaboard states, including the large cities of Georgia, Washington D.C., Maryland, North Carolina, New York, New Jersey and Pennsylvania. Its principal business is the interstate transportation of natural gas, regulated by the FERC.

Northwest Pipeline

Northwest Pipeline runs an approximately 3,900-mile system from the San Juan basin in north-western New Mexico and south-western Colorado through Colorado, Utah, Wyoming, Idaho, Oregon and Washington to the Canadian border near Sumas, Washington, serving customers in ten western states either directly or through interconnections with other pipelines. Its principal business is also interstate gas transportation under FERC jurisdiction.

Gathering, processing and liquids

The Northeast G&P business includes a 43 Mbbls/d liquids fractionation plant at Moundsville, West Virginia, condensate stabilisation capable of approximately 17 Mbbls/d, a de-ethanisation unit at the Oak Grove processing plant able to take up to approximately 80 Mbbls/d of mixed liquids and pull out up to approximately 40 Mbbls/d of ethane, an ethane pipeline and a liquids pipeline. In Harrison County, Ohio the company owns a 135 Mbbls/d fractionation plant, approximately 970,000 barrels of liquids storage and 44 Mbbls/d of condensate stabilisation, plus loading and terminal facilities in Harrison, Carroll and Columbiana Counties.

Marketing

The marketing business sells natural gas and natural gas liquids to users in the energy and petrochemical industries, and provides gas asset management, wholesale marketing, trading, storage and transportation for gas and electric utilities, municipalities, power generators and producers, including for Williams' own upstream properties. It also moves and optimises gas through transportation and storage agreements on its own assets. Concentration differs between the two commodities: in 2025 the three largest gas marketing customers were approximately 8 percent of gross gas marketing sales, while the three largest liquids customers were approximately 42 percent of liquids marketing sales. In March 2025 Williams bought a minority interest in Cogentrix for $153 million, held as an equity-method investment in this segment; Cogentrix owns interests in 11 natural gas power plants.

Regulation and what moves the business

The interstate transmission and storage activities are regulated by the FERC under the Natural Gas Act and the Natural Gas Policy Act, covering rates and charges, accounting, and the extension, enlargement or abandonment of jurisdictional facilities, and each pipeline company holds certificates of public convenience and necessity. Standards of conduct require the pipelines to treat affiliated and non-affiliated transmission customers on a not unduly discriminatory basis and keep transmission staff functioning independently of marketing staff; the FERC can impose civil penalties of more than $1.5 million a day per violation. The filing names the key variables for the business as obstacles to construction and expansion, including permit delays or denials and opposition to hydrocarbon energy development, producer drilling activity feeding gathering and processing volumes, and keeping customers by providing reliable service.

People

Williams had 5,987 full-time employees across the United States at 1 February 2026, and 6.3 percent of employees left voluntarily during 2025. Transco and Northwest Pipeline have no employees of their own; Williams provides their operations, management and certain administrative services.

From Williams' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.