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v3.26.1

Debt and Banking Arrangements | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Debt and Banking Arrangements [Text Block] | Note 6 – Debt and Banking Arrangements Senior Unsecured Debt Activity Issuances Issuances in 2026 are as follows:
Issue Date |  | Maturity Date |  | Amount |  | Rate
|  |  |  | (Millions) |  |
Williams’ Public Issuances: |  |  |  |  |  |
January 8, 2026 (1) |  | March 15, 2033 |  | $ | 500 |  |  | 5.650%
January 8, 2026 |  | March 15, 2036 |  | 1,250 |  |  | 5.150%
January 8, 2026 |  | March 15, 2056 |  | 1,000 |  |  | 5.950%
________________ (1) Additional issuance of the 5.65 percent senior notes due 2033 issued on March 2, 2023, and trade interchangeably with such notes. Retirements Retirements in 2026 are as follows:
Date of Retirement |  | Maturity Date |  | Amount |  | Rate
|  |  |  | (Millions) |  |
Williams: |  |  |  |  |  |
March 2, 2026 |  | March 2, 2026 |  | $ | 1,100 |  |  | 5.400%
Transco Debt Registration Rights On November 20, 2025, Transco issued $1 billion of 5.1 percent senior unsecured notes due 2036 and $700 million of 5.75 percent senior unsecured notes due 2056. As part of the private debt placement, Transco entered into a registration rights agreement with the initial purchasers of the unsecured notes. Transco filed the registration statement in February 2026 and completed the exchange offer in April 2026. Credit Facilities On May 19, 2026, Williams, along with Transco and NWP, entered into a second amended and restated credit agreement (Williams Credit Agreement) with the lenders named therein and the administrative agent that provides for aggregate commitments of up to $3.75 billion, with the ability to increase such commitments by up to an additional $500 million under certain circumstances, not to exceed $4.25 billion in total. The Williams Credit Agreement was effective on May 19, 2026 and matures on May 19, 2031, and permits an additional one‑year maturity extension up to two times, subject to specified conditions. The facility also permits swing line loans of up to $200 million and letters of credit commitments of up to $500 million. Transco and NWP are each able to borrow up to $500 million under the facility, subject to availability. On May 19, 2026, Williams, along with Transco and NWP, also entered into a 364-day credit agreement (364-Day Credit Agreement, and together with the Williams Credit Agreement, the Credit Agreements) with the lenders named therein and the administrative agent that provides for aggregate commitments of up to $1 billion with the ability to increase such commitments by up to an additional $150 million under certain circumstances. However, at no time may the aggregate commitments under the 364-Day Credit Agreement exceed $1.15 billion. The facility matures 364 days after the effective date of the 364-Day Credit Agreement (364-Day Maturity Date). The Borrowers may request, prior to the 364-Day Maturity Date, that the revolving loans under the 364-Day Credit Agreement be converted on the 364-Day Maturity Date into term loans that mature one year after the 364-Day Maturity Date, subject to certain conditions. Transco and NWP are each subject to a $100 million borrowing sublimit. The Credit Agreements contain the following terms and conditions: •Various covenants may limit, among other things, a borrower’s and its material subsidiaries’ ability to grant certain liens supporting indebtedness, merge or consolidate, sell all or substantially all of its assets in certain circumstances, make certain distributions during an event of default, and each borrower and each borrower’s respective material subsidiaries’ ability to enter into certain restrictive agreements. •If an event of default with respect to a borrower occurs under the Credit Agreements, the lenders will be able to terminate the commitments for the respective borrowers and accelerate the maturity of the loans of the defaulting borrower under the applicable credit facility and exercise other rights and remedies. •Other than swing line loans, each time funds are borrowed, the applicable borrower may choose from two methods of calculating interest based on either a fluctuating or periodic fixed base rate, plus an applicable margin. Williams is required to pay a commitment fee based on the unused portion of the applicable Credit Agreements. The applicable margin is determined by reference to a pricing schedule based on the applicable borrower’s senior unsecured long-term debt ratings and the commitment fee is determined by reference to a pricing schedule based on Williams’ senior unsecured long-term debt ratings. Significant financial covenants under the Credit Agreements require Williams’ ratio of debt to EBITDA (earnings before interest, taxes, depreciation, and amortization), each as defined, to be no greater than 5.0 to 1.0, except that for any fiscal quarter in which the funding of the purchase price for an acquisition (whether effectuated as one or a series of related transactions) with an aggregate purchase price of $25 million or more has been effected, and the following two fiscal quarters (in each case subject to certain limitations), the ratio of debt to EBITDA is to be no greater than 5.5 to 1. The ratio of debt to capitalization (defined as net worth plus debt), each as defined, must be no greater than 65 percent for each of Transco and NWP.
| June 30, 2026
| Stated Capacity |  | Outstanding
| (Millions)
Williams Credit Agreement (1)(2) | $ | 3,750 |  |  | $ | — |
364-Day Credit Agreement (2) | 1,000 |  |  | — |
Letters of credit under certain bilateral bank agreements |  |  | 15 |
________________ (1) In managing its available liquidity, Williams does not expect a maximum outstanding amount in excess of the capacity of its credit facility inclusive of any outstanding amounts under the commercial paper program. (2) Williams expects to be in compliance with the associated covenants for the June 30, 2026, reporting period. Commercial Paper Program At June 30, 2026, $475 million commercial paper was outstanding at a weighted-average interest rate of 3.94 percent under Williams’ $3.5 billion commercial paper program.

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