Risk Sleuth
WMB · 10-K filed 24 Feb 2026 · year to 31 Dec 2025

Williams Companies

27 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Puget Sound Energy, Inc.

earns from · approximately 31 percent of its operating revenuenamed as a risk
For the year ended December 31, 2025, Transco’s largest customer was Duke Energy Corporation, which accounted for approximately 9 percent of its operating revenue, and NWP’s largest customer was Puget Sound Energy, Inc., which accounted for approximately 31 percent of its operating revenue.Risk factors (Item 1A)

Duke Energy Corporation

earns from · approximately 9 percent of its operating revenuenamed as a risk
For the year ended December 31, 2025, Transco’s largest customer was Duke Energy Corporation, which accounted for approximately 9 percent of its operating revenue, and NWP’s largest customer was Puget Sound Energy, Inc., which accounted for approximately 31 percent of its operating revenue.Risk factors (Item 1A)

Data center power customer (large investment-grade company)

earns from · 1.9 gigawattsnamed as a risk
The projects, located in Ohio and Utah, represent a combined 1.9 gigawatts of total capacity and are backed by up to 12.5 year, primarily fixed-price agreements, with an option for the customer to extend the term of the agreements.Business (Item 1)

Top ten gathering and processing customers

concentrated in · approximately 55 percent
The top ten customers accounted for approximately 55 percent of gathering and processing fee revenues and NGL margins from noncash commodity-based agreements.Business (Item 1)

Three largest NGL marketing customers

concentrated in · approximately 42 percent
In 2025, the three largest natural gas marketing customers accounted for approximately 8 percent of Williams’ gross natural gas marketing sales, and the three largest NGL marketing customers accounted for approximately 42 percent of Williams’ NGL marketing sales.Business (Item 1)

Partners and platforms

Louisiana LNG LLC

10 percent equity-method investment
In October 2025, Williams closed on various agreements with the same counterparty to acquire a 10 percent equity-method investment in Louisiana LNG LLC (Louisiana LNG), which is developing a fully permitted LNG export facility, and an 80 percent interest in Driftwood Pipeline LLC (Driftwood Pipeline), which is constructing a fully permitted greenfield pipeline, Line 200, connecting to multiple other pipelines, including Transco and Louisiana Energy Gateway, to supply the LNG facility.Business (Item 1)

Gulfstream Natural Gas System, L.L.C.

50 percent equity-method investment
Williams owns a 50 percent equity-method investment in Gulfstream Natural Gas System, L.L.C. (Gulfstream), a 745-mile interstate natural gas pipeline system extending from the Mobile Bay area in Alabama to markets in Florida, which has a capacity to transport 1.4 Bcf/d.Business (Item 1)

Blue Racer Midstream LLC

50 percent interest
Williams operates and owns a 50 percent interest in Blue Racer Midstream LLC (Blue Racer).Business (Item 1)

Overland Pass Pipeline Company LLC

depends on · 50 percent interest
The equity NGL volumes from Williams’ Wyoming plants as well as certain Colorado plants are dedicated for transport on OPPL under long-term transportation agreements.Business (Item 1)

Places

Haynesville Shale

operates in · $398 million
On January 30, 2026, Williams closed on the sale of its interests in the region for consideration of $398 million with additional contingent consideration to possibly be received through 2029.Business (Item 1)

Also named by EXE

Gulf of America

operates innamed as a risk
In addition to Williams’ natural gas assets, Williams owns and operates five deepwater crude oil pipelines and owns and operates production platforms serving the deepwater in the Gulf of America.Business (Item 1)

Also named by CVX, JOE, MUR, OXY, VTOL

Native American tribal lands

operates innamed as a risk
Williams and NWP may not have the right of eminent domain over land owned by Native American tribes.Risk factors (Item 1A)

Also named by DINO, EPD, MPLX

Marcellus Shale

concentrated in
The majority of Williams’ volumes in the region are gathered from northern Pennsylvania, southwestern Pennsylvania, and the northwestern panhandle of West Virginia in core areas of the Marcellus Shale.Business (Item 1)

Also named by AM, CHRD, CNX, EQT, EXE, MPLX, RRC, UGI and 1 more

Hazards

Hurricanes

operates innamed as a risk
Williams’, Transco’s, and NWP’s assets and operations, especially those located offshore, and their customers’ assets and operations can be adversely affected by hurricanes, floods, earthquakes, landslides, tornadoes, fires, and other natural phenomena and weather conditions, including extreme or unseasonable temperatures, making it more difficult for Williams, Transco, and NWP to realize the historic rates of return associated with their assets and operations.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Commodities and inputs

Natural gas liquids (NGLs)

exposed to its price · approximately 7 percent of NGL production volumesnamed as a risk
For the year ended December 31, 2025, approximately 7 percent of NGL production volumes were under noncash commodity-based contracts.Business (Item 1)

Also named by AM, APA, AR, CHRD, CNX, CRGY, DOW, DVN and 17 more

Natural gas

exposed to its pricenamed as a risk
Significant prolonged changes in natural gas prices could affect supply and demand for Transco and NWP and cause a reduction in or termination of their long-term transportation and storage contracts or throughput on their systems.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Regulators

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject to · approximately $210 millionnamed as a risk
Williams estimates that the cost to be incurred in 2026 with its entire Gas Integrity Management program to be approximately $210 million, which includes $141 million and $57 million for Transco and NWP, respectively.Business (Item 1)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk
Transco’s principal business is the interstate transportation of natural gas, which is regulated by the FERC.Business (Item 1)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Texas Railroad Commission

subject to
For example, the Texas Railroad Commission has the authority to regulate the terms of service for Williams’ intrastate natural gas gathering business in Texas.Business (Item 1)

Also named by ARLP, CRGY, ET, FANG, L, LB, VNOM, WES and 1 more

Transportation Security Administration (TSA) Pipeline Security Directives

subject to
Williams, including Transco and NWP, has established and received TSA approval for its Cybersecurity Implementation Plan and Cybersecurity Assessment Plan, and is compliant with the remaining requirements established in Security Directives 1D and 2E.Business (Item 1)

Also named by DUK

Laws and programs

Washington State Climate Commitment Act

subject to · nine of its thirteen compressor stationsnamed as a risk
In 2023, NWP began purchasing allowances for the carbon emissions from nine of its thirteen compressor stations within the state whose annual carbon emissions have exceeded 25,000 metric tons of carbon dioxide equivalent at least once since 2015.Business (Item 1)

NWP Rate Case Settlement (FERC Docket No. RP22-1155)

subject to · approximately $126 million
As a result of the Settlement, in January 2023, NWP refunded approximately $126 million, including interest, associated with the decrease in federal tax rates due to the Tax Cuts and Jobs Act of 2017 (Tax Reform), which reduced current Regulatory liabilities on NWP’s Balance Sheet.Business (Item 1)

PHMSA Mega Rule

subject tonamed as a risk
Regulatory changes as part of the Mega Rule, effective in 2024, impose stricter requirements for repairing crack-like, dent, and metal loss features.Business (Item 1)

Also named by EQT, HESM

Steel tariffs

exposed to its pricenamed as a risk
Inflation, interest rates, tariffs on foreign-made materials and goods (including steel and steel pipes) necessary to conduct business, and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on customers and suppliers);Risk factors (Item 1A)

Also named by QXO

Transco IT feeder charge (Gulf of America offshore facilities)

named as a risk
This rate design disparity can result in producers bypassing Transco’s offshore facilities in favor of alternative transportation facilities.Risk factors (Item 1A)

Transco Rate Case (FERC Docket No. RP24-1035)

subject to
On December 30, 2025, the FERC approved the agreement, which will become effective on March 1, 2026.Business (Item 1)

Outer Continental Shelf Lands Act

subject to
Williams’ offshore gas and liquids pipelines located on the outer continental shelf, including Transco, are subject to the Outer Continental Shelf Lands Act, which provides in part that outer continental shelf pipelines “must provide open and nondiscriminatory access to both owner and non-owner shippers.”Business (Item 1)