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Commodity Derivatives (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

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)

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:

						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)

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- References

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- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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- Definition

Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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