WILLIAMS COMPANIES, INC.

Red flags

• Total debt rose to $28.66 billion from $26.46 billion in 2024; Williams alone had $21.65 billion of debt, with $1.10 billion due within one year.
• Transco accrued a liability for rate refunds under its FERC rate case settlement, but the excerpts do not quantify the final refund amount.
• Transco received a $110 million adverse construction-litigation award; although a settlement was accrued, only approximately 29% is expected to be recovered from the project co-owner.
• Williams’ Louisiana LNG and Driftwood investments require additional capital beyond the initial $378 million purchase price, creating construction and counterparty exposure.
• Regulatory assets totaled $698 million while regulatory liabilities totaled $1.3 billion; a loss of regulatory accounting eligibility could require material charges.