The Williams Companies, Inc. (WMB) 8-K Williams Reports 2017 Financial Results

EXHIBIT 99.2

Non-GAAP Reconciliations,

Financial Highlights, and Operating Statistics

(UNAUDITED)

Final

December 31, 2017

Reconciliation of Income (Loss) Attributable to The Williams Companies, Inc. to Adjusted Income
(UNAUDITED)
	2016															2017
(Dollars in millions, except per-share amounts)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year
Income (loss) attributable to The Williams Companies, Inc. available to common stockholders	$	(65	)	$	(405	)	$	61		$	(15	)	$	(424	)	$	373		$	81		$	33		$	1,687		$	2,174
Income (loss) - diluted earnings (loss) per common share	$	(.09	)	$	(.54	)	$	.08		$	(.02	)	$	(.57	)	$	.45		$	.10		$	.04		$	2.03		$	2.62
Adjustments:
Williams Partners
Estimated minimum volume commitments	$	60		$	64		$	70		$	(194	)	$	—		$	15		$	15		$	18		$	(48	)	$	—
Impairment of certain assets	—			389			—			22			411			—			—			1,142			9			1,151
Ad valorem obligation timing adjustment	—			—			—			—			—			—			—			7			—			7
Organizational realignment-related costs	—			—			—			24			24			4			6			6			2			18
Loss related to Canada disposition	—			—			32			2			34			(3		)	(1		)	4			4			4
Severance and related costs	25			—			—			12			37			9			4			5			4			22
Constitution Pipeline project development costs	—			8			11			9			28			2			6			4			4			16
Potential rate refunds associated with rate case litigation	15			—			—			—			15			—			—			—			—			—
ACMP Merger and transition costs	5			—			—			—			5			—			4			3			4			11
Share of impairment at equity-method investments	—			—			6			19			25			—			—			1			—			1
Gain on asset retirement	—			—			—			(11		)	(11		)	—			—			(5		)	5			—
Geismar Incident adjustments	—			—			—			(7		)	(7		)	(9		)	2			8			(1		)	—
Gain on sale of Geismar Interest	—			—			—			—			—			—			—			(1,095		)	—			(1,095		)
Gains from contract settlements and terminations	—			—			—			—			—			(13		)	(2		)	—			—			(15		)
Accrual for loss contingency	—			—			—			—			—			9			—			—			—			9
Gain on early retirement of debt	—			—			—			—			—			(30		)	—			3			—			(27		)
Gain on sale of RGP Splitter	—			—			—			—			—			—			(12		)	—			—			(12		)
Settlement charge from pension early payout program	—			—			—			—			—			—			—			—			35			35
Regulatory charges resulting from Tax Reform	—						—			—			—			—			—			—			713			713
Share of regulatory charges resulting from Tax Reform for equity-method investments	—			—			—			—			—			—			—			—			11			11
Expenses associated with Financial Repositioning	—			—			—			—			—			—			2			—			—			2
Expenses associated with strategic asset monetizations	—			—			—			2			2			1			4			—			—			5
Total Williams Partners adjustments	105			461			119			(122		)	563			(15		)	28			101			742			856
Other
Impairment of certain assets	—			406			—			8			414			—			23			68			—			91
Loss related to Canada disposition	—			—			33			(1		)	32			1			—			—			1			2
Canadian PDH facility project development costs	34			11			16			—			61			—			—			—			—			—
Gain on sale of certain assets	(10		)	—			—			—			(10		)	—			—			—			—			—
Expenses associated with strategic alternatives	6			13			21			7			47			1			3			5			—			9
ACMP Merger and transition costs	2			—			—			—			2			—			—			—			—			—
Severance and related costs	1			—			—			4			5			—			—			—			—			—
Settlement charge from pension early payout program	—			—			—			—			—			—			—			—			36			36
Regulatory charges resulting from Tax Reform	—			—			—			—			—			—			—			—			63			63
Expenses associated with Financial Repositioning	—			—			—			—			—			8			—			—			—			8
Total Other adjustments	33			430			70			18			551			10			26			73			100			209
Adjustments included in Modified EBITDA	138			891			189			(104		)	1,114			(5		)	54			174			842			1,065
Adjustments below Modified EBITDA
Impairment of equity-method investments - Williams Partners	112			—			—			318			430			—			—			—			—			—
Gain on disposition of equity-method investment - Williams Partners	—			—			(27		)	—			(27		)	(269		)	—			—			—			(269		)
Interest expense related to potential rate refunds associated with rate case litigation - Williams Partners	3			—			—			—			3			—			—			—			—			—
Accelerated depreciation related to reduced salvage value of certain assets - Williams Partners	—			—			—			4			4			—			—			—			—			—
Accelerated depreciation by equity-method investments	—			—			—			—			—			—			—			—			9			9
Change in depreciable life associated with organizational realignment - Williams Partners	—			—			—			(16		)	(16		)	(7		)	—			—			—			(7		)
Interest income on receivable from sale of Venezuela assets - Other	(18		)	(18		)	—			—			(36		)	—			—			—			—			—
Allocation of adjustments to noncontrolling interests	(83		)	(154		)	(41		)	(76		)	(354		)	77			(10		)	(28		)	(199		)	(160		)
	14			(172		)	(68		)	230			4			(199		)	(10		)	(28		)	(190		)	(427		)
Total adjustments	152			719			121			126			1,118			(204		)	44			146			652			638
Less tax effect for above items	(61		)	(202		)	(39		)	19			(283		)	77			(17		)	(55		)	(246		)	(241		)
Adjustments for tax-related items (1)	—			34			5			—			39			(127		)	—			—			(1,923		)	(2,050		)
Adjusted income available to common stockholders	$	26		$	146		$	148		$	130		$	450		$	119		$	108		$	124		$	170		$	521
Adjusted diluted earnings per common share (2)	$	.03		$	.19		$	.20		$	.17		$	.60		$	.14		$	.13		$	.15		$	.20		$	.63
Weighted-average shares - diluted (thousands)	751,040			751,297			751,858			752,818			751,761			826,476			828,575			829,368			829,607			828,518
(1) The second and third quarters of 2016 include a favorable adjustment related to the reversal of a cumulative anticipatory foreign tax credit. The first quarter of 2017 includes an unfavorable adjustment related to the release of a valuation allowance. The fourth quarter of 2017 includes an unfavorable adjustment to reverse the tax benefit associated with remeasuring our deferred tax balances at a lower corporate rate resulting from Tax Reform.
(2) The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding.

Reconciliation of "Net Income (Loss)" to “Modified EBITDA” and Non-GAAP “Adjusted EBITDA”
(UNAUDITED)
	2016															2017
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year
Net income (loss)	$	(13	)	$	(505	)	$	131		$	37		$	(350	)	$	569		$	193		$	125		$	1,622		$	2,509
Provision (benefit) for income taxes	2			(145		)	69			49			(25		)	37			65			24			(2,100		)	(1,974		)
Interest expense	291			298			297			293			1,179			280			271			267			265			1,083
Equity (earnings) losses	(97		)	(101		)	(104		)	(95		)	(397		)	(107		)	(125		)	(115		)	(87		)	(434		)
Impairment of equity-method investments	112			—			—			318			430			—			—			—			—			—
Other investing (income) loss - net	(18		)	(18		)	(28		)	1			(63		)	(272		)	(2		)	(4		)	(4		)	(282		)
Proportional Modified EBITDA of equity-method investments	189			191			194			180			754			194			215			202			184			795
Depreciation and amortization expenses	445			446			435			437			1,763			442			433			433			428			1,736
Accretion expense associated with asset retirement obligations for nonregulated operations	7			8			9			7			31			7			9			7			10			33
Modified EBITDA	$	918		$	174		$	1,003		$	1,227		$	3,322		$	1,150		$	1,059		$	939		$	318		$	3,466
Williams Partners	$	955		$	604		$	1,070		$	1,235		$	3,864		$	1,132		$	1,076		$	1,000		$	408		$	3,616
Other	(37		)	(430		)	(67		)	(8		)	(542		)	18			(17		)	(61		)	(90		)	(150		)
Total Modified EBITDA	$	918		$	174		$	1,003		$	1,227		$	3,322		$	1,150		$	1,059		$	939		$	318		$	3,466
Adjustments included in Modified EBITDA (1):
Williams Partners	$	105		$	461		$	119		$	(122	)	$	563		$	(15	)	$	28		$	101		$	742		$	856
Other	33			430			70			18			551			10			26			73			100			209
Total Adjustments included in Modified EBITDA	$	138		$	891		$	189		$	(104	)	$	1,114		$	(5	)	$	54		$	174		$	842		$	1,065
Adjusted EBITDA:
Williams Partners	$	1,060		$	1,065		$	1,189		$	1,113		$	4,427		$	1,117		$	1,104		$	1,101		$	1,150		$	4,472
Other	(4		)	—			3			10			9			28			9			12			10			59
Total Adjusted EBITDA	$	1,056		$	1,065		$	1,192		$	1,123		$	4,436		$	1,145		$	1,113		$	1,113		$	1,160		$	4,531
(1) Adjustments by segment are detailed in the "Reconciliation of Income (Loss) Attributable to The Williams Companies, Inc. to Adjusted Income," which is also included in these materials.

Dividend Coverage Ratio
(UNAUDITED)
	2016															2017
(Dollars in millions, except per share amounts)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year
Distributions from WPZ (accrued / “as declared” basis) (1)	$	513		$	513		$	522		$	597		$	2,145		$	421		$	421		$	421		$	421		$	1,684
Other Segment Adjusted EBITDA (2)	(14		)	(12		)	(13		)	(4		)	(43		)	28			9			12			10			59
Corporate interest	(66		)	(67		)	(68		)	(67		)	(268		)	(66		)	(65		)	(66		)	(64		)	(261		)
Subtotal	433			434			441			526			1,834			383			365			367			367			1,482
WMB cash tax rate	0		%	-1		%	0		%	1		%	0		%	0		%	0		%	2		%	2		%	1		%
WMB cash taxes (excludes cash taxes paid by WPZ)	2			3			—			(7		)	(2		)	—			—			(7		)	(9		)	(16		)
Other Segment Maintenance Capital	(6		)	(4		)	—			(1		)	(11		)	(3		)	(5		)	(5		)	(9		)	(22		)
WMB cash available for dividends and other uses (3)	$	429		$	433		$	441		$	518		$	1,821		$	380		$	360		$	355		$	349		$	1,444
WMB dividends paid	(480		)	(481		)	(150		)	(150		)	(1,261		)	(248		)	(248		)	(248		)	(248		)	(992		)
Excess cash available after dividends	$	(51	)	$	(48	)	$	291		$	368		$	560		$	132		$	112		$	107		$	101		$	452
Dividend per share	$	0.6400		$	0.6400		$	0.2000		$	0.2000		$	1.6800		$	0.3000		$	0.3000		$	0.3000		$	0.3000		$	1.2000
Coverage ratio (1)(4)	0.89			0.90			2.94			3.45			1.44			1.53			1.45			1.43			1.41			1.46
(1) Cash distributions for the first quarter of 2016 was increased by $10 million in order to exclude the impact of the IDR waiver associated with the WPZ merger termination fee from the determination of coverage ratios. Cash distributions for the third quarter of 2016 was increased by $150 million in order to exclude the impact of the IDR waiver associated with the sale of the Canadian operations.
(2) For periods prior to 2017, includes only former Williams NGL & Petchem Services segment.
(3) As previously announced, effective with the third quarter of 2016, Williams reduced its regular dividend from $0.64 per share to $0.20 per share to support Williams' plan to reinvest a portion of the cash available for dividends and other uses into Williams Partners. Effective with the first quarter of 2017, Williams increased its regular dividend from $0.20 per share to $0.30 per share as part of the Financial Repositioning announced in the first quarter of 2017.
(4) WMB cash available for dividends and other uses / WMB dividends paid.

Consolidated Statement of Operations
(UNAUDITED)
	2016															2017
(Dollars in millions, except per-share amounts)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year
Revenues:
Service revenues	$	1,229		$	1,202		$	1,247		$	1,493		$	5,171		$	1,261		$	1,282		$	1,310		$	1,459		$	5,312
Product sales	431			534			658			705			2,328			727			642			581			769			2,719
Total revenues	1,660			1,736			1,905			2,198			7,499			1,988			1,924			1,891			2,228			8,031
Costs and expenses:
Product costs	318			401			461			545			1,725			579			537			504			680			2,300
Operating and maintenance expenses	391			394			394			401			1,580			368			389			400			428			1,585
Depreciation and amortization expenses	445			446			435			437			1,763			442			433			433			428			1,736
Selling, general, and administrative expenses	221			158			177			167			723			161			153			138			156			608
Impairment of certain assets	8			802			1			62			873			1			25			1,210			12			1,248
Gain on sale of Geismar Interest	—			—			—			—			—			—			—			(1,095		)	—			(1,095		)
Regulatory charges resulting from Tax Reform	—			—			—			—			—			—			—			—			674			674
Other (income) expense - net	15			23			92			5			135			4			6			24			37			71
Total costs and expenses	1,398			2,224			1,560			1,617			6,799			1,555			1,543			1,614			2,415			7,127
Operating income (loss)	262			(488		)	345			581			700			433			381			277			(187		)	904
Equity earnings (losses)	97			101			104			95			397			107			125			115			87			434
Impairment of equity-method investments	(112		)	—			—			(318		)	(430		)	—			—			—			—			—
Other investing income (loss) - net	18			18			28			(1		)	63			272			2			4			4			282
Interest incurred	(306		)	(306		)	(304		)	(301		)	(1,217		)	(287		)	(280		)	(275		)	(274		)	(1,116		)
Interest capitalized	15			8			7			8			38			7			9			8			9			33
Other income (expense) - net	15			17			20			22			74			74			21			20			(117		)	(2		)
Income (loss) before income taxes	(11		)	(650		)	200			86			(375		)	606			258			149			(478		)	535
Provision (benefit) for income taxes	2			(145		)	69			49			(25		)	37			65			24			(2,100		)	(1,974		)
Net income (loss)	(13		)	(505		)	131			37			(350		)	569			193			125			1,622			2,509
Less: Net income (loss) attributable to noncontrolling interests	52			(100		)	70			52			74			196			112			92			(65		)	335
Net income (loss) attributable to The Williams Companies, Inc.	$	(65	)	$	(405	)	$	61		$	(15	)	$	(424	)	$	373		$	81		$	33		$	1,687		$	2,174
Diluted earnings (loss) per common share:
Net income (loss) (1)	$	(.09	)	$	(.54	)	$	.08		$	(.02	)	$	(.57	)	$	.45		$	.10		$	.04		$	2.03		$	2.62
Weighted-average number of shares (thousands)	750,322			750,649			751,858			750,954			750,673			826,476			828,575			829,368			829,607			828,518
Common shares outstanding at end of period (thousands)	750,484			750,599			750,757			750,934			750,934			826,239			826,398			826,723			826,836			826,836
Market price per common share (end of period)	$	16.07		$	21.63		$	30.73		$	31.14		$	31.14		$	29.59		$	30.28		$	30.01		$	30.49		$	30.49
Cash dividends declared per share	$	.64		$	.64		$	.20		$	.20		$	1.68		$	.30		$	.30		$	.30		$	.30		$	1.20
(1) The sum of earnings (loss) per share for the quarters may not equal the total earnings (loss) per share for the year due to changes in the weighted-average number of common       shares outstanding.

Williams Partners
(UNAUDITED)
	2016											2017
(Dollars in millions)	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr			Year		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr		Year
Revenues:
Service revenues	$	1,226	$	1,210	$	1,252	$	1,485		$	5,173	$	1,256		$	1,277		$	1,304		$	1,455	$	5,292
Product sales	428		530		655		705			2,318		727			642			581			768		2,718
Total revenues	1,654		1,740		1,907		2,190			7,491		1,983			1,919			1,885			2,223		8,010
Segment costs and expenses:
Product costs	317		403		463		545			1,728		579			537			504			680		2,300
Operating and maintenance expenses	374		379		377		386			1,516		353			376			387			414		1,530
Selling, general, and administrative expenses	181		139		147		163			630		156			154			140			160		610
Gain on sale of Geismar Interest	—		—		—		—			—		—			—			(1,095		)	—		(1,095		)
Impairment of certain assets	6		396		1		54			457		1			2			1,142			11		1,156
Regulatory charges resulting from Tax Reform	—		—		—		—			—		—			—			—			713		713
Other segment costs and expenses	10		10		43		(13		)	50		(44		)	(11		)	9			21		(25		)
Total segment costs and expenses	888		1,327		1,031		1,135			4,381		1,045			1,058			1,087			1,999		5,189
Proportional Modified EBITDA of equity-method investments	189		191		194		180			754		194			215			202			184		795
Modified EBITDA	955		604		1,070		1,235			3,864		1,132			1,076			1,000			408		3,616
Adjustments	105		461		119		(122		)	563		(15		)	28			101			742		856
Adjusted EBITDA	$	1,060	$	1,065	$	1,189	$	1,113		$	4,427	$	1,117		$	1,104		$	1,101		$	1,150	$	4,472
Statistics for Operated Assets
Interstate Transmission
Throughput (Tbtu)	1,132.8		983.9		1,040.0		1,073.1			4,229.8		1,158.1			1,053.0			1,094.9			1,226.6		4,532.6
Avg. daily transportation volumes (Tbtu)	12.5		10.8		11.3		11.7			11.6		12.8			11.6			11.9			13.4		12.5
Avg. daily firm reserved capacity (Tbtu)	15.0		14.5		14.6		14.7			14.7		15.8			16.2			17.1			17.9		16.8
Gathering and Processing
Gathering volumes (Bcf per day) - Consolidated (1)	8.24		8.13		8.39		8.21			8.25		7.86			7.98			8.20			8.54		8.15
Gathering volumes (Bcf per day) - Non-consolidated (2)	3.74		3.69		3.67		3.80			3.73		4.10			4.12			3.87			3.89		3.99
Plant inlet natural gas volumes (Bcf per day) - Consolidated (1)	3.46		3.40		3.66		3.47			3.50		2.92			2.98			3.08			3.22		3.05
Plant inlet natural gas volumes (Bcf per day) - Non-consolidated (2)	0.56		0.54		0.60		0.60			0.57		0.54			0.53			0.39			0.27		0.43
Consolidated (1)
Ethane margin ($/gallon)	$	.08	$	.02	$	.06	$	—		$	.04	$	.03		$	.01		$	.03		$	.03	$	.03
Non-ethane margin ($/gallon)	$	.20	$	.36	$	.25	$	.39		$	.29	$	.45		$	.41		$	.45		$	.63	$	.48
NGL margin ($/gallon)	$	.15	$	.20	$	.18	$	.27		$	.20	$	.33		$	.25		$	.29		$	.41	$	.32
Ethane equity sales (Mbbls/d)	22		26		23		15			22		11			17			17			15		15
Non-ethane equity sales (Mbbls/d)	35		29		40		34			34		29			26			25			25		26
NGL equity sales (Mbbls/d)	57		55		63		49			56		40			43			42			40		41
Ethane production (Mbbls/d)	49		61		56		48			54		40			53			49			62		51
Non-ethane production (Mbbls/d)	103		100		120		107			108		90			93			99			104		97
NGL production (Mbbls/d)	152		161		176		155			162		130			146			148			166		148
Non-consolidated (2)
NGL equity sales (Mbbls/d)	5		5		5		5			5		5			4			5			4		5
NGL production (Mbbls/d)	17		19		21		21			20		21			22			22			19		21
Petrochemical Services
Geismar ethylene sales volumes (million lbs)	423		391		419		405			1,638		266			300			—			—		566
Geismar ethylene margin ($/lb) (3)	$	.13	$	.15	$	.21	$	.15		$	.16	$	.19		$	.13		$	—		$	—	$	.16
Canadian propylene sales volumes (million lbs)	33		8		46		—			87		—			—			—			—		—
Canadian alky feedstock sales volumes (million gallons)	7		2		6		—			15		—			—			—			—		—
Overland Pipeline Company (2)
NGL transportation volumes (Mbbls)	16,814		18,410		18,535		18,078			71,837		18,338			20,558			21,015			21,425		81,336
(1) Excludes volumes associated with equity-method investments that are not consolidated for financial reporting purposes.
(2) Includes 100% of the volumes associated with operated equity-method investments.
(3) Ethylene margin and ethylene margin per pound are calculated using financial results determined in accordance with GAAP, which include realized ethylene sales prices and ethylene COGS. Realized sales and COGS per unit metrics may vary from publicly quoted market indices or spot prices due to various factors, including, but not limited to, basis differentials, transportation costs, contract provisions, and inventory accounting methods.

Capital Expenditures and Investments
(UNAUDITED)
	2016											2017
(Dollars in millions)	1st Qtr			2nd Qtr		3rd Qtr		4th Qtr		Year		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year
Capital expenditures:
Williams Partners	$	463		$	518	$	491	$	472	$	1,944	$	509		$	540		$	638		$	687		$	2,374
Other	50			38		17		2		107		2			5			6			12			25
Total(1)	$	513		$	556	$	508	$	474	$	2,051	$	511		$	545		$	644		$	699		$	2,399
Purchases of investments:
Williams Partners	$	63		$	59	$	10	$	45	$	177	$	52		$	27		$	24		$	29		$	132
Other	—			—		—		—		—		—			—			—			—			—
Total	$	63		$	59	$	10	$	45	$	177	$	52		$	27		$	24		$	29		$	132
Summary:
Williams Partners	$	526		$	577	$	501	$	517	$	2,121	$	561		$	567		$	662		$	716		$	2,506
Other	50			38		17		2		107		2			5			6			12			25
Total	$	576		$	615	$	518	$	519	$	2,228	$	563		$	572		$	668		$	728		$	2,531
Capital expenditures incurred and purchases of investments:
Increases to property, plant, and equipment	$	525		$	495	$	448	$	444	$	1,912	$	569		$	591		$	666		$	836		$	2,662
Purchases of investments	63			59		10		45		177		52			27			24			29			132
Total	$	588		$	554	$	458	$	489	$	2,089	$	621		$	618		$	690		$	865		$	2,794
(1) Increases to property, plant, and equipment	$	525		$	495	$	448	$	444	$	1,912	$	569		$	591		$	666		$	836		$	2,662
Changes in related accounts payable and accrued liabilities	(12		)	61		60		30		139		(58		)	(46		)	(22		)	(137		)	(263		)
Capital expenditures	$	513		$	556	$	508	$	474	$	2,051	$	511		$	545		$	644		$	699		$	2,399

Depreciation and Amortization and Other Selected Financial Data
(UNAUDITED)
	2016														2017
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year
Depreciation and amortization:
Williams Partners	$	435		$	432		$	426		$	427		$	1,720	$	433		$	423		$	424		$	420		$	1,700
Other	10			14			9			10			43		9			10			9			8			36
Total	$	445		$	446		$	435		$	437		$	1,763	$	442		$	433		$	433		$	428		$	1,736
Other selected financial data:
Cash and cash equivalents	$	164		$	135		$	77		$	170				$	639		$	1,918		$	1,172		$	899
Total assets	$	48,807		$	48,124		$	47,288		$	46,835				$	47,512		$	48,770		$	46,120		$	46,352
Capital structure:
Debt
Commercial paper	$	135		$	196		$	2		$	93				$	—		$	—		$	—		$	—
Current	$	976		$	786		$	785		$	785				$	—		$	1,951		$	502		$	501
Noncurrent	$	23,701		$	24,394		$	23,932		$	22,624				$	21,825		$	21,325		$	20,567		$	20,434
Stockholders’ equity	$	5,691		$	4,830		$	4,860		$	4,643				$	8,444		$	8,306		$	8,109		$	9,656
Debt to debt-plus-stockholders’ equity ratio	81.3		%	84.0		%	83.6		%	83.5		%			72.1		%	73.7		%	72.2		%	68.4		%
Cash distributions received from interests in:
Williams Partners L.P.
General partner	$	15		$	216		$	224		$	78		$	533	$	—		$	—		$	—		$	—		$	—
Limited partner	289			288			289			295			1,161		597			421			422			421			1,861
	$	304		$	504		$	513		$	373		$	1,694	$	597		$	421		$	422		$	421		$	1,861

WMB Dividend Coverage Ratio	2018
(Dollars in billions, except per share amounts)	Guidance
Distributions from WPZ (accrued / “as declared” basis)	$	1.800
Other Segment Adjusted EBITDA	0.025
Corporate interest	(0.250		)
Subtotal	$	1.575
WMB cash tax rate	0.0		%
WMB cash taxes (excludes cash taxes paid by WPZ)	—
Other Segment Maintenance Capital	(0.050		)
WMB cash available for dividends and other uses	$	1.525
WMB dividends paid	(1.125		)
Excess cash available after dividends	$	0.400
Dividend per share	$	1.36
Coverage ratio (1)	1.36		x
Memo:
WMB Economic Interest in WPZ Cash Coverage - Guidance Midpoint (2)	$	0.445
WMB cash available for dividends and other uses	1.525
WMB Economic Distributable Cash Flow (3)	$	1.970
Economic coverage ratio (4)	1.75		x
Notes:
WMB does not expect to be a U.S. federal income cash taxpayer through at least 2021, excluding taxes on any potential asset monetizations.
(1) WMB cash available for dividends and other uses / WMB dividends paid
(2) WMB pro rata share (~74%) of WPZ Distributable cash flow in excess of Total cash distributed
(3) WMB Economic Interest in WPZ Cash Coverage + WMB cash available for dividends and other uses
(4) WMB Economic Distributable Cash Flow / WMB dividends paid