Interest Rate Risk Williams’ current interest rate risk exposure, inclusive of subsidiaries, is related primarily to its debt portfolio. The debt portfolio is primarily comprised of fixed rate debt, which mitigates the impact of fluctuations in interest rates. Any borrowings under the credit facilities and any issuances under Williams’ commercial paper program could be at a variable interest rate and could expose it to the risk of increasing interest rates. The maturity of Williams’ long-term debt portfolio is partially influenced by the expected lives of its operating assets. Williams may utilize interest rate derivative instruments to hedge interest rate risk associated with future debt issuances (see Note 6 – Debt and Banking Arrangements). Commodity Price Risk Williams is exposed to commodity price risk through its natural gas and NGL marketing activities, including contracts to purchase, sell, transport, and store product. Williams routinely manages this risk with a variety of exchange-traded and OTC energy contracts such as forward contracts, futures contracts, and basis swaps, as well as physical transactions. Although many of the contracts used to manage commodity exposure are derivative instruments, these economic hedges are not designated or do not qualify for hedge accounting treatment. Williams is also exposed to commodity prices through the upstream business and certain gathering and processing contracts. Williams uses derivative instruments to lock in forward sales prices on a portion of expected future production and to lock in NGL margin on a portion of commodity-exposed gathering and processing volumes. These economic hedges are not designated for hedge accounting treatment. The fair value measurements and maturities of Williams’ commodity derivative assets (liabilities) at June 30, 2026 were as follows: TotalFair Maturity Fair Value Measurements Level (1) Value 2026 2027 - 2028 2029 - 2030+ (Millions) Level 1 (2) $ (144) $ (10) $ (73) $ (61) Level 2 (115) (2) (80) (33) Level 3 (29) (14) (43) 28 Fair value of contracts outstanding at June 30, 2026 $ (288) $ (26) $ (196) $ (66) _______________ (1)See Note 7 – Fair Value Measurements and Guarantees for discussion of valuation techniques by level within the fair value hierarchy. See Note 8 – Commodity Derivatives for the amount of change in fair value recognized in Williams’ Consolidated Statement of Comprehensive Income. (2)Commodity derivative assets and liabilities exclude $245 million of net cash collateral in Level 1. Value at Risk (VaR) VaR is the maximum predicted loss in portfolio value over a specified time period that is not expected to be exceeded within a given degree of probability. Williams’ VaR may not be comparable to that of other companies due to differences in the factors used to calculate VaR. Williams’ VaR is determined using parametric models with 95 percent confidence intervals and one-day holding periods, which means that 95 percent of the time, the risk of loss in a day from a portfolio of positions is expected to be less than or equal to the amount of VaR calculated. Williams’ open exposure is managed in accordance with established policies that limit market risk and require daily reporting of predicted financial loss to management. Because Williams generally manages physical gas assets and economically protects its positions by hedging in the futures markets, its open exposure is generally mitigated. Williams employs daily risk testing, using both VaR and stress testing, to evaluate the risk of its positions. 75 Table of Contents Williams actively monitors open commodity marketing positions and the resulting VaR and maintains a relatively small risk exposure as total buy volume is close to sell volume, with minimal open natural gas price risk. The VaR associated with Williams’ integrated natural gas trading operations was $5 million at June 30, 2026 and $11 million at December 31, 2025. Williams had the following VaRs for the period shown: Six Months Ended June 30, 2026 (Millions) Average $ 11 High 41 Low 4 Williams’ non-trading portfolio primarily consists of commodity derivatives that hedge Williams’ upstream business and certain gathering and processing contracts. The VaR associated with these commodity derivatives was $7 million at June 30, 2026 and $2 million at December 31, 2025. Williams had the following VaRs for the period shown: Six Months Ended June 30, 2026 (Millions) Average $ 10 High 18 Low 1