Commodity Derivatives (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

At June 30, 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	1,152,909,659
Central Hub Risk - Henry Hub	Natural Gas	MMBtu	(49,269,089)
Basis Risk	Natural Gas	MMBtu	491,724,037
Central Hub Risk - Mont Belvieu	Natural Gas Liquids	Barrels	(1,249,000)
Basis Risk	Natural Gas Liquids	Barrels	75,000
Central Hub Risk - WTI	Crude Oil	Barrels	(475,000)

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:

	June 30, 2025				December 31, 2024
Commodity Derivatives Categories	Assets		(Liabilities)		Assets		(Liabilities)
	(Millions)
Current	$	418	$	(528)	$	508	$	(635)
Noncurrent	191		(421)		218		(435)
Total commodity derivatives	$	609	$	(949)	$	726	$	(1,070)
Counterparty and collateral netting offset	(344)		613		(382)		670
Amounts recognized in Williams’ Consolidated Balance Sheet	$	265	$	(336)	$	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   June 30,				Six Months Ended   June 30,
	2025		2024		2025		2024
	(Millions)
Net gain (loss) from commodity derivatives within Total revenues:
Realized	$	12	$	(5)	$	(28)	$	81
Unrealized	24		(124)		2		(219)
	$	36	$	(129)	$	(26)	$	(138)
Net gain (loss) from commodity derivatives within Net processing commodity expenses:
Realized	$	(1)	$	(1)	$	(2)	$	(5)
Unrealized	12		(7)		2		(4)
	$	11	$	(8)	$	—	$	(9)
Total net gain (loss) from commodity derivatives	$	47	$	(137)	$	(26)	$	(147)