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Commodity Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | At June 30, 2025, the notional volume of the net long (short) positions for Williams’ commodity derivative contracts were as follows:
|  | Commodity |  | Unit of Measure |  | Net Long (Short) Position
Index Risk |  | Natural Gas |  | MMBtu |  | 1,152,909,659
Central Hub Risk - Henry Hub |  | Natural Gas |  | MMBtu |  | (49,269,089)
Basis Risk |  | Natural Gas |  | MMBtu |  | 491,724,037
Central Hub Risk - Mont Belvieu |  | Natural Gas Liquids |  | Barrels |  | (1,249,000)
Basis Risk |  | Natural Gas Liquids |  | Barrels |  | 75,000
Central Hub Risk - WTI |  | Crude Oil |  | Barrels |  | (475,000)
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The fair value of commodity derivatives, which are not designated as hedging instruments for accounting purposes, is reflected as follows:
|  | June 30, 2025 |  | December 31, 2024
Commodity Derivatives Categories |  | Assets |  | (Liabilities) |  | Assets |  | (Liabilities)
|  | (Millions)
Current |  | $ | 418 |  |  | $ | (528) |  |  | $ | 508 |  |  | $ | (635) |
Noncurrent |  | 191 |  |  | (421) |  |  | 218 |  |  | (435) |
Total commodity derivatives |  | $ | 609 |  |  | $ | (949) |  |  | $ | 726 |  |  | $ | (1,070) |
Counterparty and collateral netting offset |  | (344) |  |  | 613 |  |  | (382) |  |  | 670 |
Amounts recognized in Williams’ Consolidated Balance Sheet |  | $ | 265 |  |  | $ | (336) |  |  | $ | 344 |  |  | $ | (400) |
The pre-tax impacts of Williams’ commodity derivatives, which are not designated as hedging instruments for accounting purposes, are reflected as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
|  | (Millions)
Net gain (loss) from commodity derivatives within Total revenues: |  |
Realized |  | $ | 12 |  |  | $ | (5) |  |  | $ | (28) |  |  | $ | 81 |  |  |
Unrealized |  | 24 |  |  | (124) |  |  | 2 |  |  | (219) |  |  |
|  | $ | 36 |  |  | $ | (129) |  |  | $ | (26) |  |  | $ | (138) |  |  |
Net gain (loss) from commodity derivatives within Net processing commodity expenses:
Realized |  | $ | (1) |  |  | $ | (1) |  |  | $ | (2) |  |  | $ | (5) |  |  |
Unrealized |  | 12 |  |  | (7) |  |  | 2 |  |  | (4) |  |  |
|  | $ | 11 |  |  | $ | (8) |  |  | $ | — |  |  | $ | (9) |  |  |
Total net gain (loss) from commodity derivatives |  | $ | 47 |  |  | $ | (137) |  |  | $ | (26) |  |  | $ | (147) |  |  |

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