Commodity Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

At March 31, 2025, 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	716,248,270
Central Hub Risk - Henry Hub	Natural Gas	MMBtu	(48,149,782)
Basis Risk	Natural Gas	MMBtu	55,368,297
Central Hub Risk - Mont Belvieu	Natural Gas Liquids	Barrels	(2,185,000)
Basis Risk	Natural Gas Liquids	Barrels	30,000
Central Hub Risk - WTI	Crude Oil	Barrels	(568,000)

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:

	March 31, 2025				December 31, 2024
Commodity Derivatives Categories	Assets		(Liabilities)		Assets		(Liabilities)
	(Millions)
Current	$	558	$	(732)	$	508	$	(635)
Noncurrent	236		(445)		218		(435)
Total commodity derivatives	$	794	$	(1,177)	$	726	$	(1,070)
Counterparty and collateral netting offset	(540)		824		(382)		670
Amounts recognized in Williams’ Consolidated Balance Sheet	$	254	$	(353)	$	344	$	(400)

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

		Three Months Ended   March 31,
		2025		2024
	(Millions)
Net gain (loss) from commodity derivatives within Total revenues:
Realized		$	(40)	$	86
Unrealized		(22)		(95)
		$	(62)	$	(9)
Net gain (loss) from commodity derivatives within Net processing commodity expenses:
Realized		$	(1)	$	(4)
Unrealized		(10)		3
		$	(11)	$	(1)
Total net gain (loss) from commodity derivatives		$	(73)	$	(10)