Williams Companies, Inc. (The)

Hey, everyone, and welcome to the Williams Third Quarter 2025 Earnings Conference Call. Today's conference is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Mr. Danilo Giovanni, Vice President of Investor Relations and ESG. Please go ahead.

Good morning, everyone. Thank you for joining us and for your interest in the Williams Companies. Yesterday afternoon, we released our earnings press release and the presentation that our president and CEO, Chad Zamarin, and our chief financial officer, John Porter, will speak to this morning. Also joining us on the call today are Larry Larson, our chief operating officer, Lane Wilson, our general counsel, and Rob Wingo, our executive vice president of corporate strategic development. In our presentation materials, you'll find a disclaimer related to forward-looking savings. This disclaimer is important and integral to our remarks, and you should review it. Also included in the presentation materials are non-GAAP measures that we reconciled to generally accepted accounting principles. And these reconciliation schedules appear at the back of today's presentation materials. So with that, I'll turn it over to Chad.

Thanks, Danilo, and thank you for joining us today. We're excited to share the strong progress we've made and the tremendous opportunities ahead for Williams. So let's begin on slide two. We're strengthening our core business with delivered expansion projects while extending our backlog of highly attractive new opportunities that will drive ongoing growth. Starting with completed transmission projects, we recently placed Northwest Pipeline's Stanfield South project in service and completed Transco's Alabama-Georgia Connector and Commonwealth Energy Connector expansion projects. Importantly, on Transco, we are increasing pipeline capacity by nearly 200,000 decatherms per day, which will provide access to additional natural gas supplies to increase reliability and affordability during the upcoming heating season. We've also recently completed Shenandoah and Salamanca, two important deepwater expansion projects. And in the Haynesville, our most recent expansion was brought online, which increases basin gathering and takeaway capacity as we prepare for the rapid growth in LNG exports alongside power demand growth within the Gulf Coast and southeast regions. We recently announced two transmission projects, the Wharton West expansion on Transco in South Texas and the Green River West expansion on Mountain West in Southwest Wyoming. Additionally, we signed customer agreements for our 10 DCF expansion at our Pine Prairie Storage Facility in Louisiana. These milestones demonstrate our ongoing ability to advance projects across our nationwide transmission and storage footprint. With respect to strategic investments, we're advancing our wellhead-to-water strategy through a strategic LNG partnership and a complementary asset divestiture. We recently announced that we have signed agreements to sell our interest in our Hainesville upstream assets to Jera for $398 million plus deferred payments through 2029. Under Jera's ownership, Williams will continue to gather production and deliver volumes through our leg system into transco and downstream LNG markets. And as part of the transaction, we will further expand our Hainesville gathering system to accommodate production growth. And this transaction also increases the volume commitment to leg. Alongside the sale of the upstream asset, we announced a strategic partnership with Woodside Energy, whereby Williams will build and operate line 200, a 3.1 BCF at a pipeline that is fully permitted and fully supported with take or pay 20-year customer contracts. Line 200 will connect Woodside's Louisiana LNG terminal to multiple systems, including Transco and LEG. We'll also be taking a 10% interest in the Louisiana LNG terminal, which is a fully contracted take-or-pay LNG facility. As part of the ownership in Louisiana LNG, Williams will commit to a 1.5 million ton per year LNG offtake, which is designed to provide international market access for Williams producer customers. Together, Williams and Woodside will leverage our sequent energy management platform to manage natural gas supply for the LNG facility. And we expect to invest approximately $1.9 billion in capital into the combined pipeline and LNG terminal projects, which will position our core business to further grow as global LNG demand continues to ramp and pull volumes through our integrated value chain. It's important to note that these investments provide an integrated return that is on par with our targeted capital investments and those returns are driven primarily by fixed fee, fully contracted cash flows with 20-year contract tenors. So in summary, these transactions allow us to high-grade from upstream cash flows into high-quality pipeline and LNG terminal cash flows supported by 20-year take-or-pay contracts. And while there's been much focus on the LNG portion of this transaction, I do want to make one thing clear. This is an integrated platform consistent with our discipline capital allocation approach. And like everything we do, we are focused on enhancing the value of and the opportunity to grow our core infrastructure business. And this is not a speculative entry into the LNG space. Finally, I'll close by highlighting our power innovation business that continues to grow and enhance the reach and value of our core natural gas infrastructure. In late September, we announced our planned investment of approximately $3.1 billion into two additional projects to continue to deliver speed-to-market solutions in grid-constrained markets. These power innovation projects are anticipated to be completed in the first half of 2027 and are backed by 10-year agreements with an option for our customer to extend. And with these agreements, total power innovation committed capital now stands at approximately $5.1 billion at a targeted five times EBITDA billed multiple. Overall, these recent accomplishments continue to underscore our commitment to deliver infrastructure solutions that meet the nation's growing need for clean, reliable, and affordable energy, all while keeping a laser focus on investing in a manner that will create industry-leading shareholder value. And with that, I'll now turn it over to John for a deeper dive into the financials.