UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

Commission file number 1-4174

THE WILLIAMS COMPANIES, INC.

(Exact name of registrant as specified in its charter)

Delaware	73-0569878
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
One Williams Center
Tulsa, Oklahoma	74172-0172
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 800-945-5426 (800-WILLIAMS)

NO CHANGE

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	WMB	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes ☐ No ☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Shares Outstanding at July 31, 2023
Common Stock, $1.00 par value	1,216,421,463

The Williams Companies, Inc.

Index

	Page
Part I. Financial Information
Item 1. Financial Statements
Consolidated Statement of Income – Three and Six Months Ended June 30, 2023 and 2022	6
Consolidated Statement of Comprehensive Income (Loss) – Three and Six Months Ended June 30, 2023 and 2022	7
Consolidated Balance Sheet – June 30, 2023 and December 31, 2022	8
Consolidated Statement of Changes in Equity – Three and Six Months Ended June 30, 2023 and 2022	9
Consolidated Statement of Cash Flows – Six Months Ended June 30, 2023 and 2022	11
Notes to Consolidated Financial Statements	12
Note 1 - General, Description of Business, and Basis of Presentation	12
Note 2 - Variable Interest Entities	13
Note 3 - Acquisitions	14
Note 4 - Revenue Recognition	18
Note 5 - Provision (Benefit) for Income Taxes	21
Note 6 - Debt and Banking Arrangements	22
Note 7 - Fair Value Measurements and Guarantees	23
Note 8 - Derivatives	25
Note 9 - Contingent Liabilities	26
Note 10 - Segment Disclosures	30
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3. Quantitative and Qualitative Disclosures About Market Risk	55
Item 4. Controls and Procedures	56
Part II. Other Information	57
Item 1. Legal Proceedings	57
Item 1A. Risk Factors	57
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	58
Item 5. Other Information	58
Item 6. Exhibits	59

The reports, filings, and other public announcements of The Williams Companies, Inc. (Williams) 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 and Section 21E of the Exchange Act. These forward-looking statements relate to anticipated financial performance, management’s plans and objectives for future operations, business prospects, outcomes 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 facts, included in this report 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,”

1

“goals,” “objectives,” “targets,” “planned,” “potential,” “projects,” “scheduled,” “will,” “assumes,” “guidance,” “outlook,” “in-service date,” or 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 dividends to Williams stockholders;

•Future credit ratings of Williams and its affiliates;

•Amounts and nature of future capital expenditures;

•Expansion and growth of our business and operations;

•Expected in-service dates for capital projects;

•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 crude oil prices, supply, and demand;

•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 report. 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:

•Availability of supplies, market demand, and volatility of prices;

•Development and rate of adoption of alternative energy sources;

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

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

•Our ability to acquire new businesses and assets and successfully integrate those operations and assets into existing businesses as well as successfully expand our facilities and consummate asset sales on acceptable terms;

•Whether we are able to successfully identify, evaluate, and timely execute our capital projects and investment opportunities;

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

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

•Whether we will be able to effectively execute our financing plan;

•Increasing scrutiny and changing expectations from stakeholders with respect to our environmental, social, and governance practices;

•The physical and financial risks associated with climate change;

•The impacts of operational and developmental hazards and unforeseen interruptions;

2

•The risks resulting from outbreaks or other public health crises, including COVID-19;

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

•Acts of terrorism, cybersecurity incidents, and related disruptions;

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

•Changes in maintenance and construction costs, as well as our ability to obtain sufficient construction-related inputs, including skilled labor;

•Inflation, interest 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);

•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 ability of the members of the Organization of Petroleum Exporting Countries (OPEC) and other oil exporting nations to agree to and maintain oil price and production controls and the impact on domestic production;

•Changes in the current geopolitical situation, including the Russian invasion of Ukraine;

•Changes in U.S. governmental administration and policies;

•Whether we are able to pay current and expected levels of dividends;

•Additional risks described in our filings with the 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 report. 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 Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 27, 2023, as may be supplemented by disclosures in Part II, Item 1A. Risk Factors in subsequent Quarterly Reports on Form 10‑Q.

3

DEFINITIONS

The following is a listing of certain abbreviations, acronyms, and other industry terminology that may be used throughout this Form 10-Q.

Measurements:

Barrel or Bbl: One barrel of petroleum products that equals 42 U.S. gallons

Mbbls/d: One thousand barrels per day

Bcf: One billion cubic feet of natural gas

Bcf/d: One billion cubic feet of natural gas per day

MMcf/d: One million cubic feet per day

British Thermal Unit (Btu): A unit of energy needed to raise the temperature of one pound of water by one degree Fahrenheit

MMbtu: One million British thermal units

Dekatherms (Dth): A unit of energy equal to one million British thermal units

Mdth/d: One thousand dekatherms per day

MMdth: One million dekatherms or approximately one trillion British thermal units

MMdth/d: One million dekatherms per day

Consolidated Entities: Entities in which we either own 100 percent ownership interest or for which we do not own 100 percent ownership interest but which we control and therefore consolidate, including the following:

Cardinal: Cardinal Gas Services, L.L.C.

Gulfstar One: Gulfstar One LLC

Northeast JV: Ohio Valley Midstream LLC

Northwest Pipeline: Northwest Pipeline LLC

Transco: Transcontinental Gas Pipe Line Company, LLC

Nonconsolidated Entities: Entities in which we do not own a 100 percent ownership interest and which, as of June 30, 2023, we account for as equity-method investments, including principally the following:

Blue Racer: Blue Racer Midstream LLC

Brazos Permian II: Brazos Permian II, LLC

Discovery: Discovery Producer Services LLC

Gulfstream: Gulfstream Natural Gas System, L.L.C.

Laurel Mountain: Laurel Mountain Midstream, LLC

OPPL: Overland Pass Pipeline Company LLC

RMM: Rocky Mountain Midstream Holdings LLC

Targa Train 7: Targa Train 7 LLC

4

Government and Regulatory:

EPA: Environmental Protection Agency

Exchange Act, the: Securities and Exchange Act of 1934, as amended

FERC: Federal Energy Regulatory Commission

IRS: Internal Revenue Service

SEC: Securities and Exchange Commission

Securities Act, the: Securities Act of 1933, as amended

Other:

EBITDA: Earnings before interest, taxes, depreciation, and amortization

Fractionation: The process by which a mixed stream of natural gas liquids is separated into constituent products, such as ethane, propane, and butane

GAAP: U.S. generally accepted accounting principles

LNG: Liquefied natural gas; natural gas which has been liquefied at cryogenic temperatures

MVC: Minimum volume commitments

NGLs: Natural gas liquids; natural gas liquids result from natural gas processing and crude oil refining and are used as petrochemical feedstocks, heating fuels, and gasoline additives, among other applications

Appalachia Midstream Investments: Our equity-method investments with an approximate average 66 percent interest in multiple gas gathering systems in the Marcellus Shale region

Sequent Acquisition: The July 1, 2021, acquisition of 100 percent of Sequent Energy Management, L.P. and Sequent Energy Canada, Corp.

Trace Acquisition: The April 29, 2022, acquisition of 100 percent of Gemini Arklatex, LLC, through which we acquired the Haynesville Shale region gas gathering and related assets of Trace Midstream (Trace)

NorTex Asset Purchase: The August 31, 2022, purchase of a group of assets in north Texas, primarily natural gas storage facilities and pipelines, from NorTex Midstream Holdings, LLC

MountainWest Acquisition: The February 14, 2023, acquisition of 100 percent of MountainWest Pipelines Holding Company (MountainWest), which includes FERC-regulated interstate natural gas pipeline systems and natural gas storage capacity

5

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

The Williams Companies, Inc.

Consolidated Statement of Income

(Unaudited)

	Three Months Ended  June 30,				Six Months Ended  June 30,
	2023		2022		2023		2022
	(Millions, except per-share amounts)
Revenues:
Service revenues	$	1,748	$	1,606	$	3,442	$	3,143
Service revenues – commodity consideration	27		86		63		163
Product sales	593		1,111		1,438		2,215
Net gain (loss) on commodity derivatives	115		(313)		621		(507)
Total revenues	2,483		2,490		5,564		5,014
Costs and expenses:
Product costs	421		857		974		1,660
Net processing commodity expenses	44		40		98		70
Operating and maintenance expenses	481		465		944		859
Depreciation and amortization expenses	515		506		1,021		1,004
Selling, general, and administrative expenses	161		160		337		314
Other (income) expense – net	(9)		(10)		(40)		(19)
Total costs and expenses	1,613		2,018		3,334		3,888
Operating income (loss)	870		472		2,230		1,126
Equity earnings (losses)	160		163		307		299
Other investing income (loss) – net	13		2		21		3
Interest incurred	(319)		(286)		(623)		(575)
Interest capitalized	13		5		23		8
Other income (expense) – net	19		6		39		11
Income (loss) before income taxes	756		362		1,997		872
Less: Provision (benefit) for income taxes	175		(45)		459		73
Income (loss) from continuing operations	581		407		1,538		799
Income (loss) from discontinued operations (Note 9)	(87)		—		(87)		—
Net income (loss)	494		407		1,451		799
Less: Net income (loss) attributable to noncontrolling interests	34		7		64		19
Net income (loss) attributable to The Williams Companies, Inc.	460		400		1,387		780
Less: Preferred stock dividends	—		—		1		1
Net income (loss) available to common stockholders	$	460	$	400	$	1,386	$	779
Amounts attributable to The Williams Companies, Inc. available to common stockholders:
Income (loss) from continuing operations	$	547	$	400	$	1,473	$	779
Income (loss) from discontinued operations	(87)		—		(87)		—
Net income (loss) available to common stockholders	$	460	$	400	$	1,386	$	779
Basic earnings (loss) per common share:
Income (loss) from continuing operations	$	.45	$	.33	$	1.21	$	.64
Income (loss) from discontinued operations	(.07)		—		(.07)		—
Net income (loss) available to common stockholders	$	.38	$	.33	$	1.14	$	.64
Weighted-average shares (thousands)	1,217,673		1,218,678		1,218,564		1,217,814
Diluted earnings (loss) per common share:
Income (loss) from continuing operations	$	.45	$	.33	$	1.20	$	.64
Income (loss) from discontinued operations	(.07)		—		(.07)		—
Net income (loss) available to common stockholders	$	.38	$	.33	$	1.13	$	.64
Weighted-average shares (thousands)	1,219,915		1,222,694		1,223,429		1,221,991

See accompanying notes.

6

The Williams Companies, Inc.

Consolidated Statement of Comprehensive Income (Loss)

(Unaudited)

	Three Months Ended  June 30,				Six Months Ended  June 30,
	2023		2022		2023		2022
	(Millions)
Net income (loss)	$	494	$	407	$	1,451	$	799
Other comprehensive income (loss):
Designated interest rate cash flow hedging activities:
Net unrealized gain (loss) from derivative instruments, net of taxes of $(4) and $(11) in 2023 and $(1) and $(2) in 2022	16		2		36		5
Reclassifications into earnings of net derivative instruments (gain) loss, net of taxes of $— and $— in 2023 and $— and $— in 2022	(1)		—		(1)		—
Pension and other postretirement benefits:
Amortization of actuarial (gain) loss and net actuarial loss from settlements included in net periodic benefit cost (credit), net of taxes of $(1) and $(1) in 2023 and $— and ($1) in 2022	—		3		1		5
Other comprehensive income (loss)	15		5		36		10
Comprehensive income (loss)	509		412		1,487		809
Less: Comprehensive income (loss) attributable to noncontrolling interests	34		7		64		19
Comprehensive income (loss) attributable to The Williams Companies, Inc.	$	475	$	405	$	1,423	$	790

See accompanying notes.

7

The Williams Companies, Inc.

Consolidated Balance Sheet

(Unaudited)

	June 30, 2023		December 31, 2022
	(Millions, except per-share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$	551	$	152
Trade accounts and other receivables (net of allowance of $6 at June 30, 2023 and December 31, 2022)	1,362		2,723
Inventories	259		320
Derivative assets	233		323
Other current assets and deferred charges	234		279
Total current assets	2,639		3,797
Investments	5,046		5,065
Property, plant, and equipment	50,240		47,057
Accumulated depreciation and amortization	(17,894)		(16,168)
Property, plant, and equipment – net	32,346		30,889
Intangible assets – net of accumulated amortization	7,573		7,363
Regulatory assets, deferred charges, and other	1,421		1,319
Total assets	$	49,025	$	48,433
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	1,146	$	2,327
Derivative liabilities	143		316
Accrued and other current liabilities	1,218		1,270
Commercial paper	—		350
Long-term debt due within one year	2,877		627
Total current liabilities	5,384		4,890
Long-term debt	21,532		21,927
Deferred income tax liabilities	3,325		2,887
Regulatory liabilities, deferred income, and other	4,575		4,684
Contingent liabilities and commitments (Note 9)
Equity:
Stockholders’ equity:
Preferred stock ($1 par value; 30 million shares authorized at June 30, 2023 and December 31, 2022; 35,000 shares issued at June 30, 2023 and December 31, 2022)	35		35
Common stock ($1 par value; 1,470 million shares authorized at June 30, 2023 and December 31, 2022; 1,256 million shares issued at June 30, 2023 and 1,253 million shares issued at December 31, 2022)	1,256		1,253
Capital in excess of par value	24,538		24,542
Retained deficit	(12,982)		(13,271)
Accumulated other comprehensive income (loss)	12		(24)
Treasury stock, at cost (39 million shares at June 30, 2023 and 35 million shares at December 31, 2022 of common stock)	(1,180)		(1,050)
Total stockholders’ equity	11,679		11,485
Noncontrolling interests in consolidated subsidiaries	2,530		2,560
Total equity	14,209		14,045
Total liabilities and equity	$	49,025	$	48,433

See accompanying notes.

8

The Williams Companies, Inc.

Consolidated Statement of Changes in Equity

(Unaudited)

	The Williams Companies, Inc. Stockholders
	Preferred Stock		Common Stock		Capital in Excess of Par Value		Retained Deficit		AOCI*		Treasury Stock		Total Stockholders’ Equity		Noncontrolling Interests		Total Equity
	(Millions)
Balance – March 31, 2023	$	35	$	1,256	$	24,516	$	(12,895)	$	(3)	$	(1,124)	$	11,785	$	2,538	$	14,323
Net income (loss)	—		—		—		460		—		—		460		34		494
Other comprehensive income (loss)	—		—		—		—		15		—		15		—		15
Cash dividends – common stock ($0.4475 per share)	—		—		—		(545)		—		—		(545)		—		(545)
Dividends and distributions to noncontrolling interests	—		—		—		—		—		—		—		(58)		(58)
Stock-based compensation and related common stock issuances, net of tax	—		—		22		—		—		—		22		—		22
Contributions from noncontrolling interests	—		—		—		—		—		—		—		15		15
Purchase of treasury stock	—		—		—		—		—		(56)		(56)		—		(56)
Other	—		—		—		(2)		—		—		(2)		1		(1)
Net increase (decrease) in equity	—		—		22		(87)		15		(56)		(106)		(8)		(114)
Balance – June 30, 2023	$	35	$	1,256	$	24,538	$	(12,982)	$	12	$	(1,180)	$	11,679	$	2,530	$	14,209
Balance – March 31, 2022	$	35	$	1,252	$	24,476	$	(13,378)	$	(28)	$	(1,041)	$	11,316	$	2,655	$	13,971
Net income (loss)	—		—		—		400		—		—		400		7		407
Other comprehensive income (loss)	—		—		—		—		5		—		5		—		5
Cash dividends – common stock ($0.425 per share)	—		—		—		(517)		—		—		(517)		—		(517)
Dividends and distributions to noncontrolling interests	—		—		—		—		—		—		—		(58)		(58)
Stock-based compensation and related common stock issuances, net of tax	—		1		24		—		—		—		25		—		25
Contributions from noncontrolling interests	—		—		—		—		—		—		—		5		5
Other	—		—		—		(3)		—		—		(3)		1		(2)
Net increase (decrease) in equity	—		1		24		(120)		5		—		(90)		(45)		(135)
Balance – June 30, 2022	$	35	$	1,253	$	24,500	$	(13,498)	$	(23)	$	(1,041)	$	11,226	$	2,610	$	13,836

*Accumulated Other Comprehensive Income (Loss)

See accompanying notes.

9

The Williams Companies, Inc.

Consolidated Statement of Changes in Equity (Continued)

(Unaudited)

	The Williams Companies, Inc. Stockholders
	Preferred Stock		Common Stock		Capital in Excess of Par Value		Retained Deficit		AOCI*		Treasury Stock		Total Stockholders’ Equity		Noncontrolling Interests		Total Equity
	(Millions)
Balance – December 31, 2022	$	35	$	1,253	$	24,542	$	(13,271)	$	(24)	$	(1,050)	$	11,485	$	2,560	$	14,045
Net income (loss)	—		—		—		1,387		—		—		1,387		64		1,451
Other comprehensive income (loss)	—		—		—		—		36		—		36		—		36
Cash dividends – common stock ($0.895 per share)	—		—		—		(1,091)		—		—		(1,091)		—		(1,091)
Dividends and distributions to noncontrolling interests	—		—		—		—		—		—		—		(112)		(112)
Stock-based compensation and related common stock issuances, net of tax	—		3		(4)		—		—		—		(1)		—		(1)
Contributions from noncontrolling interests	—		—		—		—		—		—		—		18		18
Purchases of treasury stock	—		—		—		—		—		(130)		(130)		—		(130)
Other	—		—		—		(7)		—		—		(7)		—		(7)
Net increase (decrease) in equity	—		3		(4)		289		36		(130)		194		(30)		164
Balance – June 30, 2023	$	35	$	1,256	$	24,538	$	(12,982)	$	12	$	(1,180)	$	11,679	$	2,530	$	14,209
Balance – December 31, 2021	$	35	$	1,250	$	24,449	$	(13,237)	$	(33)	$	(1,041)	$	11,423	$	2,678	$	14,101
Net income (loss)	—		—		—		780		—		—		780		19		799
Other comprehensive income (loss)	—		—		—		—		10		—		10		—		10
Cash dividends – common stock ($0.85 per share)	—		—		—		(1,035)		—		—		(1,035)		—		(1,035)
Dividends and distributions to noncontrolling interests	—		—		—		—		—		—		—		(95)		(95)
Stock-based compensation and related common stock issuances, net of tax	—		3		51		—		—		—		54		—		54
Contributions from noncontrolling interests	—		—		—		—		—		—		—		8		8
Other	—		—		—		(6)		—		—		(6)		—		(6)
Net increase (decrease) in equity	—		3		51		(261)		10		—		(197)		(68)		(265)
Balance – June 30, 2022	$	35	$	1,253	$	24,500	$	(13,498)	$	(23)	$	(1,041)	$	11,226	$	2,610	$	13,836

*Accumulated Other Comprehensive Income (Loss)

See accompanying notes.

10

The Williams Companies, Inc.

Consolidated Statement of Cash Flows

(Unaudited)

	Six Months Ended  June 30,
	2023		2022
	(Millions)
OPERATING ACTIVITIES:
Net income (loss)	$	1,451	$	799
Adjustments to reconcile to net cash provided (used) by operating activities:
Depreciation and amortization	1,021		1,004
Provision (benefit) for deferred income taxes	427		90
Equity (earnings) losses	(307)		(299)
Distributions from equity-method investees	418		414
Net unrealized (gain) loss from derivative instruments	(410)		364
Inventory write-downs	23		12
Amortization of stock-based awards	40		36
Cash provided (used) by changes in current assets and liabilities:
Accounts receivable	1,423		(797)
Inventories	41		(11)
Other current assets and deferred charges	24		(15)
Accounts payable	(1,220)		690
Accrued and other current liabilities	(72)		(24)
Changes in current and noncurrent derivative assets and liabilities	119		49
Other, including changes in noncurrent assets and liabilities	(87)		(132)
Net cash provided (used) by operating activities	2,891		2,180
FINANCING ACTIVITIES:
Proceeds from (payments of) commercial paper – net	(352)		1,037
Proceeds from long-term debt	1,503		5
Payments of long-term debt	(14)		(2,012)
Proceeds from issuance of common stock	4		48
Purchases of treasury stock	(130)		—
Common dividends paid	(1,091)		(1,035)
Dividends and distributions paid to noncontrolling interests	(112)		(95)
Contributions from noncontrolling interests	18		8
Payments for debt issuance costs	(13)		—
Other – net	(17)		(