Overview
- IndustryNatural Gas Transmission1
- HeadquartersSalt Lake City, Utah1
- Business address295 Chipeta Way, Salt Lake City, Ut 841082
- Filer categoryNon-accelerated filer2
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Williams is an energy company committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Williams has operations in 11 supply areas that provide natural gas gathering and processing (G&P), transmission and storage services; NGL fractionation, transportation, and storage services; and marketing services to approximately 800 customers. Williams owns an interest in and operates over 32,000 miles of pipelines in 24 states and in the Gulf of America, 35 natural gas processing facilities, 9 NGL fractionation facilities, approximately 23 million barrels of NGL storage capacity, and 423 Bcf of natural gas storage capacity, and delivers natural gas that is used every day for clean-power generation, heating, and industrial use.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2023
Where the money goes
Where each dollar of revenue went, fiscal 2023
- Other costs53¢$232.3M
- Interest6¢$27.9M
- Profit41¢$179.7M
Out of $439.9M in revenue.5
Where each dollar of operating cash went, fiscal 2023
- Capital spending97¢$124.9M
- Kept or used elsewhere3¢$4.3M
Out of $129.2M of cash from operations.5
Financial statements
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| Revenue | $12.4M6 | $12.9M7 | $13.8M8 | $12.6M8 | $12.9M8 | $447.3M5 | $439.9M5 |
| Operating expenses | $280.3M5 | $288.7M5 | $245.7M5 | ||||
| Operating income | $9.2M6 | $155.7M7 | $163.9M8 | $178.8M9 | $163.3M5 | $158.6M5 | $194.1M5 |
| Interest | $33.0M6 | $28.0M7 | $29.2M8 | $29.7M9 | $30.0M5 | $31.0M5 | $27.9M5 |
| Net income | -$27.8M6 | $131.5M7 | $142.7M8 | $151.1M9 | $135.5M5 | $136.8M5 | $179.7M5 |
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| Cash | $09 | $05 | $05 | $05 | $05 | ||
| Current assets | $200.3M13 | $246.7M6 | $262.0M7 | $304.5M8 | $351.8M9 | $414.8M5 | $214.5M5 |
| Property, plant and equipment | $1.9B9 | $1.9B5 | $1.9B5 | ||||
| Total assets | $2.1B13 | $2.1B6 | $2.2B7 | $2.2B8 | $2.3B9 | $2.3B5 | $2.2B5 |
| Current liabilities | $302.3M13 | $76.2M6 | $55.8M7 | $48.6M8 | $70.3M9 | $250.4M5 | $116.0M5 |
| Long-term debt | $331.7M13 | $576.2M6 | $577.0M7 | $578.0M8 | $579.0M9 | $580.1M5 | $581.2M5 |
| Retained earnings | $35.5M9 | $34.4M5 | $59.3M5 | ||||
| Shares outstanding | 0 shares14 | 0 shares15 | 0 shares13 | 0 shares6 | 0 shares7 | 0 shares8 | 0 shares9 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| Cash from operations | $298.1M6 | $295.1M7 | $258.0M8 | $283.9M9 | $273.0M5 | $268.6M5 | $129.2M5 |
| Stock-based compensation | $1.2M5 | $1.3M5 | $1.5M5 | ||||
| Capital spending | $81.2M6 | $73.5M7 | $128.4M8 | $78.5M9 | $78.8M5 | $106.7M5 | $124.9M5 |
| Free cash flow | $216.9M | $221.6M | $129.5M | $205.4M | $194.2M | $161.9M | $4.3M |
| Cash from investing | -$106.5M5 | -$130.7M5 | $25.6M5 | ||||
| Cash from financing | -$166.5M5 | -$137.9M5 | -$154.8M5 |
Corporate structure
NORTHWEST PIPELINE LLC is part of a group headed by Williams Companies. 218 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
- Williams Companies Tulsa, Oklahoma, United States
- NORTHWEST PIPELINE LLC Salt Lake City, Utah
- 4C's Land Holdings, LLC Subsidiary · Delaware, United States
- Arcadia Gas Storage, LLC Subsidiary · Texas, United States
- Blue Racer Finance Corp. Subsidiary · Delaware, United States
- Blue Racer NGL Pipelines, LLC Subsidiary · Delaware, United States
- Blue Racer Ohio Compression, LLC Subsidiary · Delaware, United States
- Cadeville Gas Storage LLC Subsidiary · Delaware, United States
- Cogentrix Co-Investment Fund, LP Subsidiary · Delaware, United States
- Constitution Pipeline Company, LLC Subsidiary · Delaware, United States
- Context Labs B.V. Subsidiary · Netherlands
- Crowheart Energy, LLC Subsidiary · Delaware, United States
- Dauphin Island Gathering Partners Subsidiary · Texas, United States
- Driftwood Pipeline LLC Subsidiary · Delaware, United States
- Edge Solar LLC Subsidiary · Delaware, United States
- EIC Deep Carbonization Frontier Fund I LP Subsidiary · Delaware, United States
- EIC Rose Rock Ventures I, LP Subsidiary · Delaware, United States
- EIP Flagship Fund III LP Subsidiary · Delaware, United States
- EIP Frontier Fund II LP Subsidiary · Delaware, United States
- EIP Frontier I AIV A LP Subsidiary · Delaware, United States
- Energy Impact Fund II (FT-D) LP Subsidiary · Delaware, United States
- Energy Impact Fund II LP Subsidiary · Delaware, United States
- Gillis New Energy Solutions LLC Subsidiary · Delaware, United States
- Ingu Solutions Inc. Subsidiary · New Brunswick, Canada
- ION Clean Energy, Inc. Subsidiary · Delaware, United States
- LongPath Technologies, Inc. Subsidiary · Delaware, United States
- Louisiana LNG LLC Subsidiary · Delaware, United States
- and 37 more
- Alliance Canada Marketing L.P. Subsidiary · Alberta, Canada
- Appalachia Midstream Services, L.L.C. Subsidiary · Oklahoma, United States
- Aurora Hydrogen Inc. Subsidiary · Alberta, Canada
- Aux Sable Liquid Products Inc. Subsidiary · Delaware, United States
- Aux Sable Midstream LLC Subsidiary · Delaware, United States
- Bargath LLC Subsidiary · Delaware, United States
- Baton Rouge Fractionators LLC Subsidiary · Delaware, United States
- Baton Rouge Pipeline LLC Subsidiary · Delaware, United States
- Black Marlin Pipeline LLC Subsidiary · Texas, United States
- Blue Racer Midstream Holdings, LLC Subsidiary · Delaware, United States
- Blue Racer Midstream Intermediate Holdings, LLC Subsidiary · Delaware, United States
- Blue Racer Midstream, LLC Subsidiary · Delaware, United States
- Bluebonnet Market Express LLC Subsidiary · Delaware, United States
- Bluestem Gas Services, L.L.C. Subsidiary · Oklahoma, United States
- Bluestem Pipeline LLC Subsidiary · Delaware, United States
- BPEH-CXL Holdings LLC Subsidiary · Delaware, United States
- Branch Midstream Company, LLC Subsidiary · Texas, United States
- Brazos Permian II, LLC Subsidiary · Delaware, United States
- Carbon County UCG, Inc. Subsidiary · Delaware, United States
- Carbonate Trend Pipeline LLC Subsidiary · Delaware, United States
- Cardinal Gas Services, L.L.C. Subsidiary · Delaware, United States
- Cardinal Operating Company, LLC Subsidiary · Delaware, United States
- Cardinal Pipeline Company, LLC Subsidiary · North Carolina, United States
- Discovery Gas Transmission LLC Subsidiary · Delaware, United States
- and 130 more
- NORTHWEST PIPELINE LLC Salt Lake City, Utah
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC. Each entity in the chart links to its source.
What it owns
What NORTHWEST PIPELINE LLC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $4.0B5 Dec 31, 2023 | $3.8B5 Dec 31, 2022 | +3.6% |
| Accumulated depreciation | $2.0B5 Dec 31, 2023 | $1.9B5 Dec 31, 2022 | +4.3% |
| Property and equipment, net | $1.9B5 Dec 31, 2023 | $1.9B5 Dec 31, 2022 | +2.9% |
| Operating-lease assets (leased space) | $8.7M5 Dec 31, 2023 | $9.6M5 Dec 31, 2022 | −9.3% |
Properties, in its own words
Please read “Business” for a description of the location and general character of Williams’ principal physical properties. Williams generally owns its facilities in fee simple, although a substantial portion of our pipeline and gathering facilities is constructed and maintained pursuant to rights-of-way, easements, permits, licenses, or consents on and across properties owned by others.
Transco’s gas pipeline facilities are generally owned in fee simple. However, a substantial portion of such facilities is constructed and maintained pursuant to rights-of-way, easements, permits, licenses or consents on and across properties owned by others. Compressor stations, with appurtenant facilities, are located in whole or in part either on lands owned or on sites held under leases or permits issued or approved by public authorities. Transco’s storage facilities are either owned or contracted for under long-term leases or easements. Transco leases its company offices in Houston, Texas.
The rest of Item 2
NWP’s gas pipeline facilities are generally owned in fee simple. However, a substantial portion of such facilities are constructed and maintained on and across properties owned by others pursuant to rights-of-way, easements, permits, licenses or consents. NWP’s compressor stations, with associated facilities, are located in whole or in part upon lands owned by them and upon sites held under leases or permits issued or approved by public authorities. Land owned by others, but used by NWP under rights-of-way, easements, permits, leases, licenses, or consents, includes land owned by private parties, federal, state, and local governments, quasi-governmental agencies, or Native American tribes. The Plymouth LNG facility is located on lands owned in fee simple by NWP. Various credit arrangements restrict the sale or disposal of a major portion of our pipeline system. NWP leases its company offices in Salt Lake City, Utah.
Item 2 of the 10-K filed Feb 24, 2026.4
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- 4C's Land Holdings, LLC Delaware3
- Appalachia Midstream Services, L.L.C. Oklahoma3
- Arcadia Gas Storage, LLC Texas3
- Aurora Hydrogen Inc. Alberta3
- Bargath LLC Delaware3
- Baton Rouge Fractionators LLC Delaware3
- Baton Rouge Pipeline LLC Delaware3
- Black Marlin Pipeline LLC Texas3
- Blue Racer Finance Corp. Delaware3
- Blue Racer Midstream Holdings, LLC Delaware3
- Blue Racer Midstream, LLC Delaware3
- Blue Racer NGL Pipelines, LLC Delaware3
- Blue Racer Ohio Compression, LLC Delaware3
- Bluestem Gas Services, L.L.C. Oklahoma3
- Bluestem Pipeline LLC Delaware3
- Branch Midstream Company, LLC Texas3
- Brazos Permian II, LLC Delaware3
- Cadeville Gas Storage LLC Delaware3
- Carbon County UCG, Inc. Delaware3
- Carbonate Trend Pipeline LLC Delaware3
- Cardinal Gas Services, L.L.C. Delaware3
- Cardinal Operating Company, LLC Delaware3
- Cardinal Pipeline Company, LLC North Carolina3
- Cogentrix Co-Investment Fund, LP Delaware3
All 201 listed subsidiaries
- Constitution Pipeline Company, LLC Delaware3
- Context Labs B.V. Netherlands3
- Crowheart Energy, LLC Delaware3
- DMP NEW YORK, INC. New York3
- Dauphin Island Gathering Partners Texas3
- Discovery Gas Transmission LLC Delaware3
- Discovery Producer Services LLC Delaware3
- Driftwood Pipeline LLC Delaware3
- EIC Deep Carbonization Frontier Fund I LP Delaware3
- EIC Rose Rock Ventures I, LP Delaware3
- EIP Flagship Fund III LP Delaware3
- EIP Frontier Fund II LP Delaware3
- EIP Frontier I AIV A LP Delaware3
- Edge Solar LLC Delaware3
- Emerging Energy Ventures, LLC Delaware3
- Encino Environmental Holdings LLC Delaware3
- Energy Impact Fund II (FT-D) LP Delaware3
- Energy Impact Fund II LP Delaware3
- Fossett Columbine, LLC Delaware3
- Gemini Arklatex Services, LLC Delaware3
- Gemini Arklatex, LLC Delaware3
- Gemini Carthage Pipeline, LLC Delaware3
- Gillis New Energy Solutions LLC Delaware3
- Gulfstar One LLC Delaware3
- Gulfstream Management & Operating Services, L.L.C. Delaware3
- Gulfstream Natural Gas System, L.L.C. Delaware3
- Hill-Lake Gas Storage, LLC Texas3
- ION Clean Energy, Inc. Delaware3
- Ingu Solutions Inc. New Brunswick3
- Inland Ports, Inc. Tennessee3
- Katy Connector Pipeline, LLC Delaware3
- Kiowa Lateral LLC Delaware3
- Laurel Mountain Midstream Operating LLC Delaware3
- Laurel Mountain Midstream, LLC Delaware3
- LongPath Technologies, Inc. Delaware3
- Louisiana Energy Gateway LLC Delaware3
- Louisiana LNG LLC Delaware3
- Louisiana Midstream Gas Services, L.L.C. Oklahoma3
- Louisiana New Energy Solutions LLC Delaware3
- Magnolia Midstream Gas Services, L.L.C. Oklahoma3
- Magnolia New Energy Solutions LLC Delaware3
- Marsh Resources, LLC Delaware3
- Mid-Continent Fractionation and Storage, LLC Delaware3
- Mockingbird Midstream Gas Services, L.L.C. Oklahoma3
- Monarch Pipeline LLC Delaware3
- Monroe Gas Storage Company, LLC Delaware3
- MountainWest Energy Holding Company, LLC Utah3
- MountainWest Energy Services, LLC Utah3
- MountainWest Field Services, LLC Utah3
- MountainWest Overthrust Pipeline, LLC Utah3
- MountainWest Pipeline Services, LLC Utah3
- MountainWest Pipeline, LLC Utah3
- MountainWest Pipelines Holding LLC Delaware3
- MountainWest Southern Trails Pipeline Company Utah3
- MountainWest White River Hub, LLC Utah3
- NT Minerals, LLC Texas3
- NWC Development, LLC Colorado3
- New Energy Ventures Holdco, LLC Delaware3
- NorTex Development Company, LLC Delaware3
- NorTex Midstream Holdings, LLC Delaware3
- NorTex Midstream Partners, LLC Delaware3
- NorTex Trading and Marketing, LLC Texas3
- Northwest Pipeline LLC Delaware3
- Ohio Valley Midstream LLC Delaware3
- Oklahoma Midstream Gas Services, L.L.C. Oklahoma3
- Orbital Sidekick, Inc. Delaware3
- Overland Pass Pipeline Company LLC Delaware3
- Parachute Pipeline LLC Delaware3
- Permian Connector, LLC Delaware3
- Perryville Gas Storage LLC Delaware3
- Pine Needle LNG Company, LLC North Carolina3
- Pine Needle Operating Company, LLC Delaware3
- Pine Prairie Energy Center, LLC Delaware3
- Ponder Midstream Gas Services, L.L.C. Delaware3
- Power Eight Project LLC Delaware3
- REP G&P Holdings, LLC Delaware3
- REP Processing LLC Delaware3
- Rocky Mountain Midstream Holdings LLC Delaware3
- Rocky Mountain Midstream JV Holdings LLC Delaware3
- Rocky Mountain Midstream LLC Texas3
- Rocky Mountain Midstream Marketing LLC Texas3
- Rocky Mountain Midstream Pipeline LLC Texas3
- SG Resources Mississippi, L.L.C. Delaware3
- Saber Midstream Holdings, LLC Delaware3
- Saber Midstream, LLC Delaware3
- Sequent Energy Canada LLC Delaware3
- Sequent Energy Management LLC Delaware3
- Sequent LNG LLC Delaware3
- Sequent LNG Marketing LLC Delaware3
- Sequent Louisiana Gas Supply LLC Delaware3
- Socagee Midstream Gas Services LLC Delaware3
- South Mansfield E&P, LLC Delaware3
- TWC Holdings C.V. Netherlands3
- Targa Train 7 LLC Delaware3
- Texas Midstream Gas Services, L.L.C. Oklahoma3
- The Williams Companies Foundation, Inc. Oklahoma3
- The Williams Companies International Holdings B.V. Netherlands3
- TransCardinal Company, LLC Delaware3
- TransCarolina LNG Company, LLC Delaware3
- Transco Exploration Company Delaware3
- Transcontinental Gas Pipe Line Company, LLC Delaware3
- UEOM NGL Pipelines LLC Delaware3
- Utica East Ohio Midstream LLC Delaware3
- Utica Gas Services, L.L.C. Oklahoma3
- WFS - Liquids LLC Delaware3
- WFS Dauphin Island, LLC Delaware3
- WFS Gathering Company, L.L.C. Delaware3
- WFS Mobile Bay Processing, LLC Delaware3
- WFS Natural Gas Storage, LLC Delaware3
- Wamsutter LLC Delaware3
- West Texas Midstream Gas Services, LLC Delaware3
- White River Hub, LLC Delaware3
- WilPro Energy Services (El Furrial) Limited Cayman Islands3
- WilPro Energy Services (Pigap II) Limited Cayman Islands3
- Will-Power ID, LLC Delaware3
- Will-Power OH, LLC Delaware3
- Will-Power OK, LLC Delaware3
- Will-Power PENN, LLC Delaware3
- Will-Power Pipeline OH, LLC Delaware3
- Will-Power Pipeline UT, LLC Delaware3
- Will-Power UT, LLC Delaware3
- Will-Power VA, LLC Delaware3
- Will-Power WY, LLC Delaware3
- Williams Acquisition Holding Company LLC New Jersey3
- Williams Alaska Petroleum, Inc. Alaska3
- Williams Blu Operating LLC Delaware3
- Williams CRE LLC Delaware3
- Williams CV Holdings LLC Delaware3
- Williams Cardinal Gas, LLC Delaware3
- Williams Compression LLC Oklahoma3
- Williams Driftwood Pipeline LLC Delaware3
- Williams Express LLC Delaware3
- Williams Express, Inc. Alaska3
- Williams Field Services - Gulf Coast Company LLC Delaware3
- Williams Field Services Company, LLC Delaware3
- Williams Field Services Group, LLC Delaware3
- Williams Flexible Generation, LLC Delaware3
- Williams Front Range LLC Delaware3
- Williams Gas Processing - Gulf Coast Company LLC Delaware3
- Williams Gilcrest, LLC Delaware3
- Williams Global Energy (Cayman) Limited Cayman Islands3
- Williams Global Holdings LLC Delaware3
- Williams Headquarters Building LLC Delaware3
- Williams Holdings and Manufacturing LLC Delaware3
- Williams Hutch Rail Company, LLC Delaware3
- Williams IP Holdings, LLC Delaware3
- Williams Information Technology LLC Delaware3
- Williams International Company LLC Delaware3
- Williams International El Furrial Limited Cayman Islands3
- Williams International Pigap Limited Cayman Islands3
- Williams International Venezuela Limited Cayman Islands3
- Williams LNG Holdco LLC Delaware3
- Williams LNG, LLC Delaware3
- Williams Laurel Mountain, LLC Delaware3
- Williams Louisiana LNG LLC Delaware3
- Williams MLP Operating, LLC Delaware3
- Williams Midstream Gas Services LLC Oklahoma3
- Williams Mobile Bay Producer Services, L.L.C. Delaware3
- Williams Natural Gas Storage, LLC Delaware3
- Williams New Energy Solutions LLC Delaware3
- Williams Ohio River Valley Corporation Delaware3
- Williams Ohio River Valley LLC Delaware3
- Williams Ohio Valley Midstream LLC Texas3
- Williams Ohio Valley Pipeline LLC Delaware3
- Williams Oil Gathering, L.L.C. Delaware3
- Williams PERK, LLC Delaware3
- Williams Partners Operating LLC Delaware3
- Williams Petroleum Services, LLC Delaware3
- Williams Pipeline Services LLC Delaware3
- Williams Power Innovation, LLC Delaware3
- Williams Propylene Company LLC Delaware3
- Williams Resource Center, L.L.C. Delaware3
- Williams Solar Holdco LLC Delaware3
- Williams Strategic Sourcing Company LLC Delaware3
- Williams Upstream Holdings, LLC Delaware3
- Williams WPC - I, LLC Delaware3
- Worsham-Steed Gas Storage, LLC Texas3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
Timeline
Filings
22 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 2 major events. The latest 20:
- Aug 3, 202610-Q EDGAR
- May 20, 20268-K EDGAR
- May 4, 202610-Q EDGAR
- Feb 24, 202610-K EDGAR
- Dec 1, 20258-K EDGAR
- Nov 3, 202510-Q EDGAR
- Aug 4, 202510-Q EDGAR
- May 5, 202510-Q EDGAR
- Feb 25, 202510-K EDGAR
- Nov 6, 202410-Q EDGAR
- Aug 5, 202410-Q EDGAR
- May 6, 202410-Q EDGAR
- Feb 21, 202410-K EDGAR
- Nov 1, 202310-Q EDGAR
- Aug 2, 202310-Q EDGAR
- May 3, 202310-Q EDGAR
- Feb 27, 202310-K EDGAR
- Oct 31, 202210-Q EDGAR
- Aug 1, 202210-Q EDGAR
- May 2, 202210-Q EDGAR
The 22 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
SEC filer profile
How NORTHWEST PIPELINE LLC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARNORTHWEST PIPELINE LLC1
- CIK0000110019
- Employer ID (EIN)73-05698784
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)4922 Natural Gas Transmission1
- SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
- Business address295 Chipeta Way, Salt Lake City, UT 841081
- Phone801-583-88001
- Shares outstanding1,221,563,111 shares as of Feb 19, 20264
- Public float$67.7B as of Jun 30, 20254
- AuditorErnst & Young LLP, Tulsa, Oklahoma PCAOB ID 42; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceFeb 28, 19951
- Filings226 in all: 10-Q (95), 8-K (57), 10-K (26), CORRESP (7), 10-K405 (6), S-4 (6), UPLOAD (6), EFFECT (5)1
All 17 form types
424B3 (4), 10-K/A (2), 10-Q/A (2), 424B1 (2), 424B5 (2), S-3 (2), SC 13G (2), S-4/A (1), SC 13G/A (1)
- Latest filingsAnnual report (10-K) Feb 24, 2026
Quarterly report (10-Q) Aug 3, 2026
Latest 8-K (8-K) May 20, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, $1.00 par value | WMB | New York Stock Exchange |
From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks NORTHWEST PIPELINE LLC names in Item 1A of its 10-K filed Feb 24, 2026: 36 risks under these headings, as written.4
- Risks Related to Business
- Risks Related to Financing
- Risks Related to Regulations
- General Risk Factors
- The business, operating results, and financial condition of Williams’, Transco’s, and NWP’s natural gas transportation and midstream businesses are dependent on the continued availability of natural gas supplies in the supply basins and demand for those supplies in the markets that they serve.
- Prices for natural gas, NGLs, oil, LNG, and other commodities are volatile, and this volatility has and could continue to adversely affect Williams’ financial condition, results of operations, cash flows, access to capital, and ability to maintain or grow its business.
- Significant prolonged changes in natural gas prices could affect supply and demand for Transco and NWP and cause a reduction in or termination of their long-term transportation and storage contracts or throughput on their systems.
- Williams, Transco, and NWP are exposed to the credit risk of customers and counterparties, and credit risk management will not be able to completely eliminate such risk.
- Williams, Transco, and NWP may not be able to grow or effectively manage growth, including the pursuit and operational implementation of power innovation projects.
- The energy industry is highly competitive, and increased competitive pressure could adversely affect Williams’, Transco’s, and NWP’s businesses and operating results.
- Williams does not own 100 percent of the equity interests of certain subsidiaries, including the nonconsolidated entities, which may limit its ability to operate and control these subsidiaries. Certain operations, including the nonconsolidated entities, are conducted through arrangements that may limit Williams’ ability to operate and control these operations.
- Williams, Transco, and NWP may not be able to replace, extend, or add additional customer contracts or contracted volumes on favorable terms, or at all, as applicable, which could affect Williams’, Transco’s, and NWP’s financial condition and ability to grow, as well as the amount of cash available to Williams to pay dividends.
The other 28 risks
- Certain of Williams’, Transco’s, and NWP’s natural gas pipeline services are subject to long-term, fixed-price contracts that are not subject to adjustment, even if the cost to perform such services exceeds the revenues received from such contracts.
- Some of Williams’, Transco’s, and NWP’s businesses are exposed to supplier concentration risks arising from dependence on a single or a limited number of suppliers.
- Transco and NWP depend on certain key customers for a significant portion of their revenues. The loss of any of these key customers or the loss of any contracted volumes could result in a decline in Transco’s and NWP’s respective businesses.
- Failure of service providers or disruptions to outsourcing relationships might negatively impact Williams’, Transco’s, and NWP’s ability to conduct their businesses.
- An impairment of Williams’ assets, including property, plant, and equipment, intangible assets, and/or equity-method investments, could reduce Williams’ earnings.
- Williams, Transco, and NWP may face opposition to the operation and expansion of pipelines and facilities from various individuals and groups or face increased scrutiny from various stakeholders with respect to environmental, social and governance practices.
- Williams, Transco, and NWP may be subject to physical and financial risks associated with climate change.
- Williams’, Transco’s, and NWP’s operations are subject to operational risks and hazards that might result in accidents and unforeseen interruptions.
- Williams’, Transco’s, and NWP’s assets and operations, as well as their customers’ assets and operations, can be adversely affected by weather and other natural phenomena.
- Williams’, Transco’s, and NWP’s businesses could be negatively impacted by acts of terrorism and related disruptions.
- A breach of information technology infrastructure, including a breach caused by a cybersecurity attack on Williams, Transco, or NWP, or the third parties with whom they are interconnected, may interfere with the safe operation of assets, result in the disclosure of personal or proprietary information, and cause reputational harm.
- If third-party pipelines and other facilities interconnected to Williams’, Transco’s, and NWP’s pipelines and facilities become unavailable to transport natural gas and NGLs or to treat natural gas, as applicable, Williams’, Transco’s, and NWP’s revenues could be adversely affected.
- Williams’ operating results for certain components of its business might fluctuate on a seasonal basis.
- Williams, Transco, and NWP do not own all of the land on which their pipelines and facilities are located, which could disrupt operations.
- Williams’ business could be negatively impacted as a result of stockholder activism.
- Williams’ costs and funding obligations for defined benefit pension plans and other postretirement benefit plans, and Transco’s and NWP’s allocations regarding the same, are affected by factors beyond Williams’ control.
- A downgrade of Williams’, Transco’s, and NWP’s credit ratings, which are determined outside of their control by independent third parties, could impact their liquidity, access to capital, and costs of doing business, and the ability of Transco and NWP to obtain credit in the future could be affected by Williams’ credit ratings.
- Difficult conditions in the global financial markets and the economy in general could negatively affect Williams’, Transco’s, and NWP’s businesses and results of operations.
- Restrictions in Williams’, Transco’s, and NWP’s debt agreements and the amount of their indebtedness may affect their future financial and operating flexibility.
- Changes to interest rates or increases in interest rates could adversely impact Williams’, Transco’s, and NWP’s access to credit, share price, and ability to issue securities or incur debt for acquisitions or other purposes, as applicable, and Williams’ ability to make cash dividends at intended levels.
- Williams’ hedging activities might not be effective and could increase the volatility of Williams’ results.
- Access to capital could be affected by financial institutions’ policies concerning fossil fuel related businesses.
- Williams can exercise substantial control over Transco’s and NWP’s distribution policies, businesses, and operations and may do so in a manner that is adverse to Transco’s and NWP’s interests.
- The operation of Williams’, Transco’s, and NWP’s businesses might be adversely affected by regulatory proceedings, including FERC proceedings; changes in government regulations or in their interpretation or implementation; or the introduction of new laws or regulations applicable to Williams’, Transco’s, and NWP’s businesses or customers.
- Williams’, Transco’s, and NWP’s operations are subject to environmental laws and regulations, including laws and regulations relating to climate change and greenhouse gas emissions, which may expose them to significant costs, liabilities, and expenditures that could exceed expectations.
- Williams, Transco, and NWP do not insure against all potential risks and losses and could be seriously harmed by unexpected liabilities or by the inability of their insurers to satisfy their claims.
- Failure to attract and retain an appropriately qualified workforce could negatively impact Williams’, Transco’s, and NWP’s results of operations.
- Holders of Williams’ common stock may not receive dividends in the amount expected or any dividends.
Legal proceedings
Environmental
Certain reportable legal proceedings involving governmental authorities under federal, state, and local laws regulating the discharge of materials into the environment are described below. While it is not possible for Williams to predict the final outcome of the proceedings that are still pending, it does not anticipate a material effect on its consolidated financial position if it received an unfavorable outcome in any one or more of such proceedings. Williams’ threshold for disclosing material environmental legal proceedings involving a governmental authority where potential monetary sanctions are involved is $1 million.
Other environmental matters called for by this Item are described under the caption “Environmental Matters” in Note 18 – Contingencies and Commitments included under Part II, Item 8. Financial Statements and Supplementary Data of this report, which information is incorporated by reference into this Item.
Other Litigation
The opening of Item 3, Legal Proceedings.4
Sources
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