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NYSE: WMB

NYSE: WPZ

williams.com

WE MAKE ENERGY HAPPEN

Northeast G&PFrank King, Manager of Commercial Development

© 2018 The Williams Companies, Inc. All rights reserved. Emerging Opportunities Ohio River Valley Conference

> The reports, filings, and other public announcements of The Williams Companies, Inc. (Williams) and Williams Partners L.P. (WPZ) may contain or incorporate by reference statements that do not directly

or exclusively relate to historical facts. Such statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities

Exchange Act of 1934, as amended. These forward-looking statements relate to anticipated financial performance, management’s plans and objectives for future operations, business prospects, outcome

of regulatory proceedings, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation

Reform Act of 1995. All statements, other than statements of historical fact, included in this document that address activities, events or developments that we expect, believe or anticipate will exist or may

occur in the future, are forward-looking statements. Forward-looking statements can be identified by various forms of words such as “anticipates,” “believes,” “seeks,” “could,” “may,” “should,”

“continues,” “estimates,” “expects,” “forecasts,” “intends,” “might,” “goals,” “objectives,” “targets,” “planned,” “potential,” “projects,” “scheduled,” “will,” “assumes,” “guidance,” “outlook,” “in service

date” and other similar expressions. These forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management and include, among

others, statements regarding:– Levels of cash distributions by WPZ with respect to limited partner interests;

– Levels of dividends to Williams stockholders;

– Future credit ratings of Williams, WPZ and their affiliates;

– Amounts and nature of future capital expenditures;

– Expansion and growth of Williams’ business and operations;

– Financial condition and liquidity;

– Business strategy;

– Cash flow from operations or results of operations;

– Seasonality of certain business components;

– Natural gas, natural gas liquids, and olefins prices, supply, and demand; and

– Demand for our services.

> Forward-looking statements are based on numerous assumptions, uncertainties and risks that could cause future events or results to be materially different from those stated or implied in this document.

Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking

statements include, among others, the following:– Whether WPZ will produce sufficient cash flows to provide the level of cash distributions that Williams expects;

– Whether Williams is able to pay current and expected levels of dividends;

– Whether we will be able to effectively execute our financing plan including the receipt of anticipated levels of proceeds from planned asset sales;

– Availability of supplies, including lower than anticipated volumes from third parties served by Williams’ midstream business, and market demand;

– Volatility of pricing including the effect of lower than anticipated energy commodity prices and margins;

– Potential fluctuations in the market price of WPZ’s common units following our announcement of the transactions;

– Inflation, interest rates, fluctuation in foreign exchange rates and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on customers and suppliers);

– The strength and financial resources of our competitors and the effects of competition;

– Whether we are able to successfully identify, evaluate and timely execute capital projects and other investment opportunities in accordance with our forecasted capital expenditures budget;

– Our ability to successfully expand our facilities and operations;

– Development of alternative energy sources;

– Availability of adequate insurance coverage and the impact of operational and developmental hazards and unforeseen interruptions;

– The impact of existing and future laws, regulations, the regulatory environment, environmental liabilities, and litigation, as well as our ability to obtain permits and achieve favorable rate proceeding outcomes;

– Our costs and funding obligations for defined benefit pension plans and other postretirement benefit plans;

– Changes in maintenance and construction costs;

– Changes in the current geopolitical situation;

– Our exposure to the credit risk of our customers and counterparties;

– Risks related to financing, including restrictions stemming from debt agreements, future changes in credit ratings as determined by nationally-recognized credit rating agencies and the availability and cost of capital;

– The amount of cash distributions from and capital requirements of investments and joint ventures in which we participate;

– Risks associated with weather and natural phenomena, including climate conditions and physical damage to our facilities;

– Acts of terrorism, including cybersecurity threats and related disruptions; and

– Additional risks described in our filings with the Securities and Exchange Commission (SEC).

> Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our

forward-looking statements. We disclaim any obligations to and do not intend to update the above list or announce publicly the result of any revisions to any of the forward-looking statements to reflect

future events or developments.

> In addition to causing our actual results to differ, the factors listed above and referred to below may cause our intentions to change from those statements of intention set forth in this document. Such

changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.

> Because forward-looking statements involve risks and uncertainties, we caution that there are important factors, in addition to those listed above, that may cause actual results to differ materially from

those contained in the forward-looking statements. For a detailed discussion of those factors, see Williams and WPZ’s annual and quarterly reports filed with the SEC and available from Williams’ offices

or Williams’ website at www.williams.com.

Forward Looking Statements


Williams in the Northeast: Well-positioned for More Significant Growth

Foundational,

Large-scale Assets

Established in

Best Acreage

Demand vs.

Takeaway Capacity:

Key Issue Being

Addressed

Positioned for Even

More Significant

Growth

NORTHEAST G&P


Foundational Assets in Place

NORTHEAST G&P

Takeaway projects like Atlantic Sunrise, combined with our safe, highly reliable and large-scale gathering and processing assets in the Utica and rich/lean Marcellus, are helping our broad range of customers get natural gas and natural gas liquids to the best markets.



NORTHEAST G&P

Largest Gathering Footprint in NE Pennsylvania Dry Gas

> Large-scale supply hubs

in the heart of highly

productive/low cost dry-

gas Marcellus

> 5.7 Bcf/d of gathering

capacity with extensive,

reliable, robust delivery

point capabilities

> Production in supply

hubs has access to

Northeast, Canadian,

Southeast, Mid-Atlantic,

and Gulf Coast markets.

> Acreage dedications

covering most of

Susquehanna, Bradford

counties from top-tier

producers

BRADFORD

SUPPLY HUB

SUSQUEHANNA

SUPPLY HUB


1 Gathering and processing statistics for Utica Supply Hub do not include Blue Racer.2 Non-operated joint venture.


NORTHEAST G&P

Powerful Combination of Assets in SW Marcellus/Utica Wet/Dry Gas

> Extensive acreage

dedications and long-

term contracts liquids-rich

Marcellus and dry Utica


capacity in dry/wet gas

> 800+ MMcf/d processing

capacity

> 120,000+ bpd

fractionation and de-

ethanization capacity

> Extensive CHK acreage

dedication in both the

liquids-rich and dry

windows of the Utica


capacity in dry/wet

systems

> 800 MMcf/d of

processing capacity

> 135,000 bpd fractionation

capacity

UTICA

SUPPLY HUB1

> Cardinal Gathering

> Flint Gathering

> Utica East Ohio (UEO)2

OHIO RIVER

SUPPLY HUB

> Ohio River Midstream

> Laurel Mtn Midstream

> Marcellus South

BLUE RACER

MIDSTREAM2


Source: Wood Mackenzie 2H 2017Note: Chart excludes Canada, Alaska, West Coast, Rockies, Barnett, Gulf Coast conventional and GOM production that amounts to a decline of 2.5 Bcf/d through 2022

Williams Positioned to Benefit from Significant Opportunities in Best Plays

NORTHEAST G&P

24.3

7.18.5

4.55.6

41.6

11.6

9.3

6.65.6

0

5

10

15

20

25

30

35

40

45

Northeast Permian Mid-Con Eagle Ford Haynesville + CV

Bc

f/d

+17.3 Bcf/d

+4.5 Bcf/d

+0.8 Bcf/d

+2.0 Bcf/d

+0.0 Bcf/d

NortheastAccounts for

More Than

75% of N.A.

Growth

Natural Gas Forecasted Production by Region (2017–2022)


Note: CV = Cotton ValleySource: Wood Mackenzie NACPAT 3Q2017 release

Northeast Most Economic and Largest Remaining Undrilled Gas-directed Reserves

NORTHEAST G&P

0

100

200

300

400

500

600

< $2.50 < $3.00 < $3.50 < $4.00 < $4.50 Over $4.50

Marcellus Utica Northeast – Other Haynesville + CV

Mid-Continent Rocky Mountains Remaining Gulf Coast

Tcfe

Gas-directed Breakevens by U.S. Region ~455 Tcfe Under $4.00 Henry Hub Price

Cumulative Remaining Risked Reserves

Northeast

Has ~73% of the Remaining

Risked Reserves

Under $4


5.95.6

4.1 4.1 4.0

3.5

2.21.9

1.61.2

0.80.5

0

1

2

3

4

5

6

7

8

Lean GasCore

Bradford Area SouthwestRich Gas

WV Rich Gas Greene DryGas

Northeast PA SusquehannaCore

WV Dry Gas Rich GasCore

PittsburghArea

Lean GasSWPA

Tioga County

Bc

f/d

2017 2018 2019 2020 2021 2022

Source: Wood Mackenzie 2H 2017Note: Sub-plays with relatively flat production growth were excluded from the chart and amount to an additional 1.0 Bcf/d of growth

Key Marcellus/Utica Sub-plays Driving Northeast Growth Through 2022

NORTHEAST G&P

Wood Mackenzie Marcellus and Utica Production Outlook by Sub-play (2017–2022)

Utica Marcellus

+2.5 Bcf/d

+2.0 Bcf/d

+3.5 Bcf/d

+1.8 Bcf/d

+1.3 Bcf/d

+1.3 Bcf/d

+0.4 Bcf/d +1.3

Bcf/d

+0.6 Bcf/d

+0.7Bcf/d

+0.4 Bcf/d

Marcellus/Utica Sub-plays that Represent

+16.3Bcf/d of Projected Growth by 2022

+0.6 Bcf/d


5.95.6

4.1 4.1 4.0

3.5

2.21.9

1.61.2

0.80.5

0

1

2

3

4

5

6

7

8

Lean GasCore

Bradford Area SouthwestRich Gas

WV Rich Gas Greene DryGas

Northeast PA SusquehannaCore

WV Dry Gas Rich GasCore

PittsburghArea

Lean GasSWPA

Tioga County

Bc

f/d

2017 2018 2019 2020 2021 2022

W

Source: Wood Mackenzie 2H 2017Note: Sub-plays with flat production growth were excluded from the chart

Key Marcellus/Utica Sub-plays Driving Northeast Growth Through 2022

NORTHEAST G&P

Wood Mackenzie Marcellus and Utica Production Outlook by Sub-play (2017–2022)

Utica Marcellus

+2.5 Bcf/d

+2.0 Bcf/d

+3.5 Bcf/d

+1.8 Bcf/d

+1.3 Bcf/d +1.3

Bcf/d

+0.4 Bcf/d +1.3

Bcf/d+0.6 Bcf/d

+0.7Bcf/d

+0.4 Bcf/d

+0.6 Bcf/d

100%

Assets/Dedications

Exposed to Sub-Plays

Encompassing

Of Projected Marcellus/

Utica Growth

through 2022

Williams assets/dedications

in sub-play

W W W W W W W W W W W

W


NGL Infrastructure is Critical to Rich Gas Development

NORTHEAST G&P

Fractionation

Stabilization

Gathering

Infrastructure

Takeaway

Infrastructure

Y-Grade

Field Condensate

Pipelines

Storage (Tanks/Caverns)

Truck

Rail

Barge

En

d M

ark

ets

We

lls

Pro

ce

ss

ing

Pla

nts

Pipelines

Storage Tanks

Truck

Rail

Significant Investment in Facilities and Logistics

Ethane, Propane, Butane, C5+

C5+


New Northeast Processing and Fractionation Capacity to Support Rich Gas Growth

Source: S&P Global Platts Analytics NGL Facilities Databank

0

2,000

4,000

6,000

8,000

10,000

12,000

2012 2013 2014 2015 2016 2017 2018 2020 TBD

MM

cf/

d

Appalachian Basin Processing Capacity

Existing Capacity Proposed Capacity

0

200

400

600

800

1,000

1,200

2012 2013 2014 2015 2016 2017 2018 2020 TBD

MB

PD

Appalachian Basin Fractionation Capacity

Existing De-Ethanizer Existing C2+Existing C3+ Proposed De-EthanizerProposed C3+

NORTHEAST G&P


Source: Company press releases, WMB Analysis

New NGL Takeaway Connecting Northeast to The Best Markets Enabling Rich Gas Growth

> Mariner West: (50 kbpd)

> Cornerstone: (50 kbpd)

> Utopia East: (60 kbpd) Q1 2018

Regional Production change, 2016 to 2021 (BPD)

> ATEX: (125 kbpd)

> Teppco/Centennial Reverse: (60 kbpd)

> UMTP: (430 kbpd)

> Teppco: (60 kbpd)

> Mariner East 1: (70 kbpd)

> Mariner East 2: (275 kbpd) Q2 2018

> Mariner East 2x:2019 Expected

> Northeast NGL Pipelines and Potential Projects: 2016-2021

+5405701,110

Projects Under Construction

Opportunities Under Evaluation

NORTHEAST G&P


Source: Company press releases, WMB analysis Note: NGL production estimate is a WMB sensitivity analysis

NORTHEAST G&P

0

200

400

600

800

1,000

1,200

1,400

2016 2017 2018 2019 2020 2021

Mb

pd

Marcellus & Utica NGL Production vs. NGL Handling Capacity

Other NGL Handling Capacity

ATEX - C2

Mariner West - C2

Waterborne (ME I/II) - C2

Truck/Rail - C3

TEPPCO - C3

Waterborne (ME 1/2) - C3

UTOPIA - C2

UTOPIA - C3

UMTP - Ethane

Centenniel Reverse -C3

Waterborne (ME2x) - C3

UMTP - C3

NGL Production Estimate Range

New NGL Takeaway Connecting Northeast to the Best Markets Enables Rich Gas Growth


+1724 41

+137 38

1 Size of bubble indicates magnitude of 2022 production or demand growthSource: Wood Mackenzie 2H 2017, excludes impact of net Canadian imports

Northeast Supplies Catalyst for Transco Expansions

NORTHEAST G&P

Tremendous Marcellus-Utica Resources Critical to Industry Growth, U.S. Economy

Regional Production change, 2017 to 2022 (Bcf/d)1

Regional Demand change, 2017 to 2022 (Bcf/d)1

+1226 38

+414 18

+312 15

+111 12


Source: Wood Mackenzie1 Note: Constitution, which is appealing the denial of a required permit, is not included in financial forecast.

New Takeaway Capacity Connects NE to Best Markets Across the Country

NORTHEAST G&P

> Buckeye Xpress (0.7 Bcf/d)

> Leach Xpress (1.5 Bcf/d)

> Mountaineer Express (1.8 Bcf/d)

> Nexus Pipeline (1.3 Bcf/d)

> Rover Pipeline (1.55 Bcf/d)

> Atlantic Coast Pipeline: (1.5 Bcf/d)

> Atlantic Sunrise (1.7 Bcf/d)

> Mountain Valley: (2.0 Bcf/d)

> WB Xpress: (0.5 Bcf/d)

414 18

+1226 38

+312 15

+111 12

Regional Production change, 2017 to 2022 (Bcf/d)

Regional Demand change, 2017 to 2022 (Bcf/d)

> Access South (0.32 Bcf/d)

> Gulf Xpress (0.86 Bcf/d)

> Broad Run Ex. (0.2 Bcf/d)

+1724 41

> Access Northeast (0.5 Bcf/d)

> Atlantic Bridge (0.13 Bcf/d)

> Bayway Lateral (0.6 Bcf/d)

> Birdsboro Pipeline (0.08 Bcf/d)

> Constitution Pipeline (0.7 Bcf/d)1

> CPV Valley Lateral Project (0.13 Bcf/d)

> Equitrans Expansion Project (0.6 Bcf/d)

> Garden State Expansion (0.2 Bcf/d)

> Marc II- Stagecoach (1.7 Bcf/d)

> Millennium Eastern System Upgrade (0.2 Bcf/d)

> New Market Project (0.1 Bcf/d)

> Northeast Supply Enhancement (0.4 Bcf/d)

> Northern Access 2016 (0.5 Bcf/d)

> Orion Expansion Project (0.14 Bcf/d)

> PennEast (1.1 Bcf/d)

> South to North (0.3 Bcf/d)

> WB Xpress (0.8 Bcf/d)

Northeast Pipeline Projects (2018–2022) ~22 Bcf/d of Incremental Capacity


Coming Wave of Pipeline Capacity Drives Marcellus and Utica Production Growth

NORTHEAST G&P

(1) Capacity and in-service date per Wood Mackenzie 2H 2017(2) All Other Projects include: New Market Project, Orion Expansion Project, Bayway Lateral, Garden State Expansion, Birdsboro Pipeline, Broad Run Expansion, CPV Valley Lateral Project,

Millennium Eastern System Upgrade, Atlantic Bridge, Gulf Xpress, Equitrans Expansion Project, Northeast Supply Enhancement, Constitution Pipeline, Northern Access 2016, South to North, Access Northeast , Buckeye Xpress, and Marc II

(3) Source for total Utica and Marcellus volume: Energy Information Administration, average daily production year-ended 9/30/2017. Partially owned gathering system volumes are shown at 100%.

> Marcellus and Utica volumes poised for growth with pipeline capacity additions

> Williams is largest gas gatherer across the Marcellus and Utica

> Existing footprint allows for efficient incremental expansions justified by volume growth

Williams owned

systems gather

~1/3of Marcellus &

Utica Gas

Production(3)

0

2

4

6

8

10

12

14

16

18

20

22

Planned Northeast Gas Pipeline Capacity (Bcf/d)(1)

All Other Projects(2)

Leach Xpress

Rover

Mountain Valley

Atlantic Sunrise

Mountaineer

NEXUS

Atlantic Coast

WB Xpress

PennEast


Source: EIA

While Northeast Gas-Fired Power Generation Growth Will Drive Incremental Local Demand

NORTHEAST G&P

17,800 MW Announced Capacity Through 2021 Could Drive ~1–2 Bcf/d of Incremental Demand within Northeast

Planned gas-fired electric

generation additions by

electric utilities and

independent power producers


Learn more about Williams

NORTHEAST G&P

Find us on social media

Facebook.com/WilliamsEnergyCo

Facebook.com/WilliamsCareers

@WilliamsUpdates

@WilliamsCareers

Channel: Williams Energy Company

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@williamsenergy

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https://blog.williams.com/

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