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Commodity Derivatives (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

At June 30, 2026, 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

940,413,340

Central Hub Risk - Henry Hub

Natural Gas

MMBtu

(32,484,566)

Basis Risk

Natural Gas

MMBtu

488,887,861

Central Hub Risk - Mont Belvieu

Natural Gas Liquids

Barrels

(2,910,000)

Basis Risk

Natural Gas Liquids

Barrels

(350,000)

Central Hub Risk - WTI

Crude Oil

Barrels

(860,000)

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, 2026												December 31, 2025
Commodity Derivatives Categories						Assets						(Liabilities)						Assets						(Liabilities)
						(Millions)
Current						$	412					$	(525)					$	494					$	(535)
Noncurrent						219						(394)						228						(380)
Total commodity derivatives						631						(919)						722						(915)
Counterparty and collateral netting offset						(365)						610						(386)						575
Amounts recognized in Williams’ Consolidated Balance Sheet						$	266					$	(309)					$	336					$	(340)

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,
						2026						2025						2026						2025
						(Millions)
Net gain (loss) from commodity derivatives within Total revenues:
Realized						$	(47)					$	12					$	(181)					$	(28)
Unrealized						141						24						(84)						2
						$	94					$	36					$	(265)					$	(26)
Net gain (loss) from commodity derivatives within Net processing commodity expenses:
Realized						$	(2)					$	(1)					$	(3)					$	(2)
Unrealized						1						12						1						2
						$	(1)					$	11					$	(2)					$	—
Total net gain (loss) from commodity derivatives						$	93					$	47					$	(267)					$	(26)

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- References

No definition available.

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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.

+ References

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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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