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Commodity Derivatives | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Commodity Derivatives [Text Block] | Note 9 – Commodity Derivatives Williams is exposed to commodity price risk and utilizes derivatives to manage a portion of that risk. Williams reports the fair value of commodity derivatives in Derivative assets; Regulatory assets, deferred charges, and other; Derivative liabilities; or Regulatory liabilities, deferred income, and other. These amounts are presented on a net basis by counterparty and reflect the netting of asset and liability positions permitted under the terms of master netting arrangements and cash held on deposit in margin accounts that Williams has received or remitted to collateralize certain derivative positions. See Note 8 – Fair Value Measurements and Guarantees for additional fair value information. In Williams’ Consolidated Statement of Cash Flows, any cash impacts of settled commodity derivatives are recorded as operating activities. Williams enters into commodity derivatives to economically hedge exposures to natural gas, NGLs, and crude oil and retains exposure to price changes that can, in a volatile energy market, be material and can adversely affect its results of operations. Volumes At September 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 |  | 1,160,396,107
Central Hub Risk - Henry Hub |  | Natural Gas |  | MMBtu |  | (35,822,745)
Basis Risk |  | Natural Gas |  | MMBtu |  | 503,442,124
Central Hub Risk - Mont Belvieu |  | Natural Gas Liquids |  | Barrels |  | (1,287,000)
Basis Risk |  | Natural Gas Liquids |  | Barrels |  | 45,000
Central Hub Risk - WTI |  | Crude Oil |  | Barrels |  | (317,000)
Financial Statement Presentation The fair value of commodity derivatives, which are not designated as hedging instruments for accounting purposes, is reflected as follows:
|  | September 30, 2025 |  | December 31, 2024
Commodity Derivatives Categories |  | Assets |  | (Liabilities) |  | Assets |  | (Liabilities)
|  | (Millions)
Current |  | $ | 384 |  |  | $ | (480) |  |  | $ | 508 |  |  | $ | (635) |
Noncurrent |  | 181 |  |  | (373) |  |  | 218 |  |  | (435) |
Total commodity derivatives |  | 565 |  |  | (853) |  |  | 726 |  |  | (1,070) |
Counterparty and collateral netting offset |  | (334) |  |  | 545 |  |  | (382) |  |  | 670 |
Amounts recognized in Williams’ Consolidated Balance Sheet |  | $ | 231 |  |  | $ | (308) |  |  | $ | 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 September 30, |  | Nine Months Ended September 30, |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
|  | (Millions)
Net gain (loss) from commodity derivatives within Total revenues: |  |
Realized |  | $ | 7 |  |  | $ | (7) |  |  | $ | (21) |  |  | $ | 74 |  |  |
Unrealized |  | 49 |  |  | 12 |  |  | 51 |  |  | (207) |  |  |
|  | $ | 56 |  |  | $ | 5 |  |  | $ | 30 |  |  | $ | (133) |  |  |
Net gain (loss) from commodity derivatives within Net processing commodity expenses:
Realized |  | $ | — |  |  | $ | (2) |  |  | $ | (2) |  |  | $ | (7) |  |  |
Unrealized |  | 2 |  |  | 1 |  |  | 4 |  |  | (3) |  |  |
|  | $ | 2 |  |  | $ | (1) |  |  | $ | 2 |  |  | $ | (10) |  |  |
Total net gain (loss) from commodity derivatives |  | $ | 58 |  |  | $ | 4 |  |  | $ | 32 |  |  | $ | (143) |  |  |
Contingent Features Generally, collateral may be provided in the form of a parent guaranty, letter of credit, or cash. If collateral is required, fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral are offset against fair value amounts recognized for derivatives executed with the same counterparty. Williams has specific trade and credit contracts that contain minimum credit rating requirements. These credit rating requirements typically give counterparties the right to suspend or terminate credit if Williams’ credit ratings are downgraded to non-investment grade status. Under such circumstances, Williams would need to post collateral to continue transacting business with these counterparties. At September 30, 2025, the contractually required collateral in the event of a credit rating downgrade to non-investment grade status was $12 million. Williams maintains accounts with brokers or the clearing houses of certain exchanges to facilitate financial derivative transactions. Based on the value of the positions in these accounts and the associated margin requirements, Williams may be required to deposit cash into these accounts. At September 30, 2025 and December 31, 2024, net cash collateral held on deposit in broker margin accounts was $211 million, and $288 million, respectively.

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