Commodity Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

At December 31, 2024, 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	592,842,257
Central Hub Risk - Henry Hub	Natural Gas	MMBtu	(50,513,793)
Basis Risk	Natural Gas	MMBtu	13,306,615
Central Hub Risk - Mont Belvieu	Natural Gas Liquids	Barrels	(2,561,000)
Basis Risk	Natural Gas Liquids	Barrels	(205,000)
Central Hub Risk - WTI	Crude Oil	Barrels	(480,000)

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:

	December 31, 2024				December 31, 2023
Commodity Derivatives Categories	Assets		(Liabilities)		Assets		(Liabilities)
	(Millions)
Current	$	508	$	(635)	$	623	$	(496)
Noncurrent	218		(435)		243		(345)
Total commodity derivatives	$	726	$	(1,070)	$	866	$	(841)
Counterparty and collateral netting offset	(382)		670		(552)		554
Amounts recognized in Williams’ Consolidated Balance Sheet	$	344	$	(400)	$	314	$	(287)

The pre-tax impacts of Williams’ commodity derivatives, which are not designated as hedging instruments for accounting purposes, are reflected as follows:

		Year Ended December 31,
		2024		2023		2022
	(Millions)
Net gain (loss) from commodity derivatives within Total revenues:
Realized		$	111	$	253	$	(91)
Unrealized		(361)		703		(296)
		$	(250)	$	956	$	(387)
Net gain (loss) from commodity derivatives within Net processing commodity expenses:
Realized		$	(8)	$	(4)	$	16
Unrealized		(6)		(43)		47
		$	(14)	$	(47)	$	63
Total net gain (loss) from commodity derivatives		$	(264)	$	909	$	(324)