Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 01, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-4174 | |
Entity Registrant Name | WILLIAMS COMPANIES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 73-0569878 | |
Entity Address, Address Line One | One Williams Center | |
Entity Address, City or Town | Tulsa | |
Entity Address, State or Province | OK | |
Entity Address, Postal Zip Code | 74172-0172 | |
City Area Code | 800 | |
Local Phone Number | 945-5426 | |
Title of 12(b) Security | Common Stock, $1.00 par value | |
Trading Symbol | WMB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,218,187,114 | |
Entity Central Index Key | 0000107263 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Revenues: | |||
Revenues | $ 3,081 | $ 2,524 | |
Costs and expenses: | |||
Operating and maintenance expenses | 463 | 394 | |
Depreciation and amortization expenses | 506 | 498 | |
Selling, general, and administrative expenses | 176 | 154 | |
Other (income) expense – net | (31) | (9) | |
Total costs and expenses | 1,721 | 1,870 | |
Operating income (loss) | 1,360 | 654 | |
Equity earnings (losses) | 147 | 136 | |
Other investing income (loss) – net | 8 | 1 | |
Interest incurred | (304) | (289) | |
Interest capitalized | 10 | 3 | |
Other income (expense) – net | 20 | 5 | |
Income (loss) before income taxes | 1,241 | 510 | |
Less: Provision (benefit) for income taxes | 284 | 118 | |
Net income (loss) | 957 | 392 | |
Less: Net income (loss) attributable to noncontrolling interests | 30 | 12 | |
Net income (loss) attributable to The Williams Companies, Inc. | 927 | 380 | |
Less: Preferred stock dividends | 1 | 1 | |
Net income (loss) available to common stockholders | $ 926 | $ 379 | |
Basic earnings (loss) per common share: | |||
Net income (loss) available to common stockholders | $ 0.76 | $ 0.31 | |
Weighted-average shares (thousands) | 1,219,465 | 1,216,940 | |
Diluted earnings (loss) per common share: | |||
Net income (loss) available to common stockholders | $ 0.76 | $ 0.31 | |
Weighted-average shares (thousands) | 1,225,781 | 1,221,279 | |
Service [Member] | |||
Revenues: | |||
Revenues | $ 1,694 | $ 1,537 | |
NonRegulated Service Commodity Consideration [Member] | |||
Revenues: | |||
Revenues | 36 | 77 | |
Product [Member] | |||
Revenues: | |||
Revenues | 845 | 1,104 | |
Energy Commodities and Service | |||
Revenues: | |||
Revenues | [1] | 506 | (194) |
Oil and Gas, Purchased [Member] | |||
Costs and expenses: | |||
Product costs | 553 | 803 | |
Natural Gas Purchased For Shrink [Member] | |||
Costs and expenses: | |||
Product costs | $ 54 | $ 30 | |
[1]We record transactions that qualify as derivatives at fair value with changes in fair value recognized in earnings in the period of change and characterized as unrealized gains or losses. Gains and losses on derivatives held for energy trading purposes are presented on a net basis in revenue. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Comprehensive income (loss): | ||
Net income (loss) | $ 957 | $ 392 |
Designated interest rate cash flow hedging activities: | ||
Net unrealized gain (loss) from derivative instruments, net of taxes of $(7) in 2023 and $(1) in 2022 | 20 | 3 |
Pension and other postretirement benefits: | ||
Amortization of actuarial (gain) loss and net actuarial loss from settlements included in net periodic benefit cost (credit), net of taxes of $0 in 2023 and ($1) in 2022 | 1 | 2 |
Other comprehensive income (loss) | 21 | 5 |
Comprehensive income (loss) | 978 | 397 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 30 | 12 |
Comprehensive income (loss) attributable to The Williams Companies, Inc. | $ 948 | $ 385 |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Loss) (Parenthetical) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax [Abstract] | ||
Energy commodity contracts | $ (7) | $ (1) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax [Abstract] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | $ 0 | $ (1) |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 477 | $ 152 |
Trade accounts and other receivables | 1,530 | 2,729 |
Allowance for doubtful accounts | (6) | (6) |
Trade accounts and other receivables – net | 1,524 | 2,723 |
Inventories | 244 | 320 |
Derivative assets | 243 | 323 |
Other current assets and deferred charges | 269 | 279 |
Total current assets | 2,757 | 3,797 |
Investments | 5,067 | 5,065 |
Property, plant, and equipment | 49,546 | 47,057 |
Accumulated depreciation and amortization | (17,451) | (16,168) |
Property, plant, and equipment – net | 32,095 | 30,889 |
Intangible assets – net of accumulated amortization | 7,660 | 7,363 |
Regulatory assets, deferred charges, and other | 1,357 | 1,319 |
Total assets | 48,936 | 48,433 |
Current liabilities: | ||
Accounts payable | 1,258 | 2,327 |
Derivative liabilities | 180 | 316 |
Accrued and other current liabilities | 955 | 1,270 |
Commercial paper | 0 | 350 |
Long-term debt due within one year | 1,627 | 627 |
Total current liabilities | 4,020 | 4,890 |
Long-term debt | 22,785 | 21,927 |
Deferred income tax liabilities | 3,177 | 2,887 |
Regulatory liabilities, deferred income, and other | 4,631 | 4,684 |
Contingent liabilities and commitments (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock ($1 par value; 30 million shares authorized at March 31, 2023 and December 31, 2022; 35,000 shares issued at March 31, 2023 and December 31, 2022) | 35 | 35 |
Common stock ($1 par value; 1,470 million shares authorized at March 31, 2023 and December 31, 2022; 1,256 million shares issued at March 31, 2023 and 1,253 million shares issued at December 31, 2022) | 1,256 | 1,253 |
Capital in excess of par value | 24,516 | 24,542 |
Retained deficit | (12,895) | (13,271) |
Accumulated other comprehensive income (loss) | (3) | (24) |
Treasury stock, at cost (37 million shares at March 31, 2023 and 35 million shares at December 31, 2022 of common stock) | (1,124) | (1,050) |
Total stockholders’ equity | 11,785 | 11,485 |
Noncontrolling interests in consolidated subsidiaries | 2,538 | 2,560 |
Total equity | 14,323 | 14,045 |
Total liabilities and equity | $ 48,936 | $ 48,433 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Stockholders’ equity: | ||
Common stock, par value of shares authorized | $ 1 | $ 1 |
Common stock, shares authorized | 1,470,000,000 | 1,470,000,000 |
Common stock, shares issued | 1,256,000,000 | 1,253,000,000 |
Treasury stock, shares of common stock | 37,000,000 | 35,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Preferred Stock, Shares Issued | 35,000 | 35,000 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Millions | Total | Total Stockholders’ Equity | Preferred Stock | Common Stock | Capital in Excess of Par Value | Retained Deficit | AOCI* | Treasury Stock | Noncontrolling Interests |
Period Start at Dec. 31, 2021 | $ 14,101 | $ 11,423 | $ 35 | $ 1,250 | $ 24,449 | $ (13,237) | $ (33) | $ (1,041) | $ 2,678 |
Net income (loss) | 392 | 380 | 0 | 0 | 0 | 380 | 0 | 0 | 12 |
Other comprehensive income (loss) | 5 | 5 | 0 | 0 | 0 | 0 | 5 | 0 | 0 |
Cash dividends – common stock ($0.4475 per share) | (518) | (518) | 0 | 0 | 0 | (518) | 0 | 0 | 0 |
Dividends and distributions to noncontrolling interests | (37) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (37) |
Stock-based compensation and related common stock issuances, net of tax | 29 | 29 | 0 | 2 | 27 | 0 | 0 | 0 | 0 |
Contributions from noncontrolling interests | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 |
Other | (4) | (3) | 0 | 0 | 0 | (3) | 0 | 0 | (1) |
Net increase (decrease) in equity | (130) | (107) | 0 | 2 | 27 | (141) | 5 | 0 | (23) |
Period End at Mar. 31, 2022 | 13,971 | 11,316 | 35 | 1,252 | 24,476 | (13,378) | (28) | (1,041) | 2,655 |
Period Start at Dec. 31, 2022 | 14,045 | 11,485 | 35 | 1,253 | 24,542 | (13,271) | (24) | (1,050) | 2,560 |
Net income (loss) | 957 | 927 | 0 | 0 | 0 | 927 | 0 | 0 | 30 |
Other comprehensive income (loss) | 21 | 21 | 0 | 0 | 0 | 0 | 21 | 0 | 0 |
Cash dividends – common stock ($0.4475 per share) | (546) | (546) | 0 | 0 | 0 | (546) | 0 | 0 | 0 |
Dividends and distributions to noncontrolling interests | (54) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (54) |
Stock-based compensation and related common stock issuances, net of tax | (23) | (23) | 0 | 3 | (26) | 0 | 0 | 0 | 0 |
Contributions from noncontrolling interests | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 |
Purchases of treasury stock | (74) | (74) | 0 | 0 | 0 | 0 | 0 | (74) | 0 |
Other | (6) | (5) | 0 | 0 | 0 | (5) | 0 | 0 | (1) |
Net increase (decrease) in equity | 278 | 300 | 0 | 3 | (26) | 376 | 21 | (74) | (22) |
Period End at Mar. 31, 2023 | $ 14,323 | $ 11,785 | $ 35 | $ 1,256 | $ 24,516 | $ (12,895) | $ (3) | $ (1,124) | $ 2,538 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) (Unaudited) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Common Stock, Dividends, Per Share, Declared | $ 0.4475 | $ 0.425 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
OPERATING ACTIVITIES: | ||
Net income (loss) | $ 957 | $ 392 |
Adjustments to reconcile to net cash provided (used) by operating activities: | ||
Depreciation and amortization | 506 | 498 |
Provision (benefit) for deferred income taxes | 283 | 115 |
Equity (earnings) losses | (147) | (136) |
Distributions from equity-method investees | 208 | 212 |
Net unrealized (gain) loss from derivative instruments | (327) | 123 |
Inventory write-downs | 18 | 0 |
Amortization of stock-based awards | 17 | 21 |
Cash provided (used) by changes in current assets and liabilities: | ||
Accounts receivable | 1,269 | (3) |
Inventories | 27 | 178 |
Other current assets and deferred charges | (4) | (65) |
Accounts payable | (1,017) | (138) |
Accrued and other current liabilities | (318) | (149) |
Changes in current and noncurrent derivative assets and liabilities | 82 | 101 |
Other, including changes in noncurrent assets and liabilities | (40) | (67) |
Net cash provided (used) by operating activities | 1,514 | 1,082 |
FINANCING ACTIVITIES: | ||
Proceeds from (Repayments of) Commercial Paper | (352) | 0 |
Proceeds from long-term debt | 1,502 | 3 |
Payments of long-term debt | (7) | (1,256) |
Proceeds from issuance of common stock | 3 | 37 |
Purchases of treasury stock | (74) | 0 |
Common dividends paid | (546) | (518) |
Dividends and distributions paid to noncontrolling interests | (54) | (37) |
Contributions from noncontrolling interests | 3 | 3 |
Payments for debt issuance costs | (8) | 0 |
Other – net | (17) | (30) |
Net cash provided (used) by financing activities | 450 | (1,798) |
INVESTING ACTIVITIES: | ||
Capital expenditures (1) | (545) | (291) |
Dispositions – net | (7) | (6) |
Contributions in aid of construction | 11 | (3) |
Purchases of businesses, net of cash acquired (Note 3) | (1,056) | 0 |
Purchases of and contributions to equity-method investments | (39) | (56) |
Other – net | (3) | (4) |
Net cash provided (used) by investing activities | (1,639) | (360) |
Increase (decrease) in cash and cash equivalents | 325 | (1,076) |
Cash and cash equivalents at beginning of year | 152 | 1,680 |
Cash and cash equivalents at end of period | 477 | 604 |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||
(1) Increases to property, plant, and equipment | (484) | (260) |
Changes in related accounts payable and accrued liabilities | (61) | (31) |
Capital expenditures | $ (545) | $ (291) |
General, Description of Busines
General, Description of Business, and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General, Description of Business, and Basis of Presentation [Text Block] | Note 1 – General, Description of Business, and Basis of Presentation General Our accompanying interim consolidated financial statements do not include all the notes in our annual financial statements and, therefore, should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2022, in our Annual Report on Form 10-K. The accompanying unaudited financial statements include all normal recurring adjustments and others that, in the opinion of management, are necessary to present fairly our interim financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Unless the context clearly indicates otherwise, references in this report to “Williams,” “we,” “our,” “us,” or like terms refer to The Williams Companies, Inc. and its subsidiaries. Unless the context clearly indicates otherwise, references to “Williams,” “we,” “our,” and “us” include the operations in which we own interests accounted for as equity-method investments that are not consolidated in our financial statements. When we refer to our equity investees by name, we are referring exclusively to their businesses and operations Share Repurchase Program In September 2021, our Board of Directors authorized a share repurchase program with a maximum dollar limit of $1.5 billion. Repurchases may be made from time to time in the open market, by block purchases, in privately negotiated transactions, or in such other manner as determined by our management. Our management will also determine the timing and amount of any repurchases based on market conditions and other factors. The share repurchase program does not obligate us to acquire any particular amount of common stock, and it may be suspended or discontinued at any time. This share repurchase program does not have an expiration date. During 2023, there have been $74 million in repurchases under the program which are included in our Consolidated Statement of Changes in Equity. Cumulative repurchases to date under the program total $83 million. Description of Business We are a Delaware corporation whose common stock is listed and traded on the New York Stock Exchange. Our operations are located in the United States and are presented within the following reportable segments: Transmission & Gulf of Mexico, Northeast G&P, West, and Gas & NGL Marketing Services, consistent with the manner in which our chief operating decision maker evaluates performance and allocates resources. All remaining business activities, including our upstream operations and corporate activities, are included in Other. Transmission & Gulf of Mexico is comprised of our interstate natural gas pipelines, Transcontinental Gas Pipe Line Company, LLC (Transco), Northwest Pipeline LLC (Northwest Pipeline), and MountainWest (see Note 3 – Acquisitions ) , and their related natural gas storage facilities, as well as natural gas gathering and processing and crude oil production handling and transportation assets in the Gulf Coast region, including a 51 percent interest in Gulfstar One LLC (Gulfstar One) (a consolidated variable interest entity, or VIE), a 50 percent equity-method investment in Gulfstream Natural Gas System, L.L.C. (Gulfstream), and a 60 percent equity-method investment in Discovery Producer Services LLC (Discovery). Transmission & Gulf of Mexico also includes natural gas storage facilities and pipelines providing services in north Texas. Northeast G&P is comprised of our midstream gathering, processing, and fractionation businesses in the Marcellus Shale region primarily in Pennsylvania and New York, and the Utica Shale region of eastern Ohio, as well as a 65 percent interest in Ohio Valley Midstream LLC (Northeast JV) (a consolidated VIE) which operates in West Virginia, Ohio, and Pennsylvania, a 66 percent interest in Cardinal Gas Services, L.L.C. (Cardinal) (a consolidated VIE) which operates in Ohio, a 69 percent equity-method investment in Laurel Mountain Midstream, LLC (Laurel Mountain), a 50 percent equity-method investment in Blue Racer Midstream LLC (Blue Racer), and Appalachia Midstream Services, LLC, a wholly owned subsidiary that owns equity-method investments with an approximate average 66 percent interest in multiple gas gathering systems in the Marcellus Shale region (Appalachia Midstream Investments). West is comprised of our gas gathering, processing, and treating operations in the Rocky Mountain region of Colorado and Wyoming, the Barnett Shale region of north-central Texas, the Eagle Ford Shale region of south Texas, the Haynesville Shale region of east Texas and northwest Louisiana, and the Mid-Continent region which includes the Anadarko and Permian basins. This segment also includes our NGL storage facilities, an undivided 50 percent interest in an NGL fractionator near Conway, Kansas, a 50 percent equity-method investment in Overland Pass Pipeline Company LLC (OPPL), a 50 percent equity-method investment in Rocky Mountain Midstream Holdings LLC (RMM), a 20 percent equity-method investment in Targa Train 7 LLC (Targa Train 7) (a nonconsolidated VIE), and a 15 percent equity-method investment in Brazos Permian II, LLC (Brazos Permian II) (a nonconsolidated VIE). Gas & NGL Marketing Services is comprised of our NGL and natural gas marketing and trading operations, which includes risk management and transactions related to the storage and transportation of natural gas and natural gas liquids (NGLs) on strategically positioned assets. Basis of Presentation Significant risks and uncertainties We believe that the carrying value of certain of our property, plant, and equipment and intangible assets, notably certain acquired assets accounted for as business combinations between 2012 and 2014, may be in excess of current fair value. However, the carrying value of these assets, in our judgment, continues to be recoverable. It is reasonably possible that future strategic decisions, including transactions such as monetizing assets or contributing assets to new ventures with third parties, as well as unfavorable changes in expected producer activities, could impact our assumptions and ultimately result in impairments of these assets. Such transactions or developments may also indicate that certain of our equity-method investments have experienced other-than-temporary declines in value, which could result in impairment. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2023 | |
Variable Interest Entity Disclosures [Abstract] | |
Variable Interest Entities [Text Block] | Note 2 – Variable Interest Entities Consolidated VIEs As of March 31, 2023, we consolidate the following VIEs: Northeast JV We own a 65 percent interest in the Northeast JV, a subsidiary that is a VIE due to certain of our voting rights being disproportionate to our obligation to absorb losses and substantially all of the Northeast JV’s activities being performed on our behalf. We are the primary beneficiary because we have the power to direct the activities that most significantly impact the Northeast JV’s economic performance. The Northeast JV provides midstream services for producers in the Marcellus Shale and Utica Shale regions. Future expansion activity is expected to be funded with capital contributions from us and the other equity partner on a proportional basis. Gulfstar One We own a 51 percent interest in Gulfstar One, a subsidiary that, due to certain risk-sharing provisions in its customer contracts, is a VIE. Gulfstar One includes a proprietary floating production system, Gulfstar FPS, and associated pipelines that provide production handling and gathering services in the eastern deepwater Gulf of Mexico. We are the primary beneficiary because we have the power to direct the activities that most significantly impact Gulfstar One’s economic performance. Cardinal We own a 66 percent interest in Cardinal, a subsidiary that provides gathering services for the Utica Shale region and is a VIE due to certain risks shared with customers. We are the primary beneficiary because we have the power to direct the activities that most significantly impact Cardinal’s economic performance. Future expansion activity is expected to be funded with capital contributions from us and the other equity partner. The following table presents amounts included in our Consolidated Balance Sheet that are only for the use or obligation of our consolidated VIEs: March 31, December 31, (Millions) Assets (liabilities): Cash and cash equivalents $ 33 $ 49 Trade accounts and other receivables – net 156 136 Inventories 4 4 Other current assets and deferred charges 4 7 Property, plant, and equipment – net 5,123 5,154 Intangible assets – net of accumulated amortization 2,131 2,158 Regulatory assets, deferred charges, and other 30 29 Accounts payable (74) (76) Accrued and other current liabilities (33) (34) Regulatory liabilities, deferred income, and other (275) (275) Nonconsolidated VIEs Targa Train 7 We own a 20 percent interest in Targa Train 7, which provides fractionation services at Mont Belvieu, Texas, and is a VIE due primarily to our limited participating rights as the minority equity holder. At March 31, 2023, the carrying value of our investment in Targa Train 7 was $45 million. Our maximum exposure to loss is limited to the carrying value of our investment. Brazos Permian II We own a 15 percent interest in Brazos Permian II, which provides gathering and processing services in the Delaware basin and is a VIE due primarily to our limited participating rights as the minority equity holder. At March 31, 2023, the carrying value of our investment in Brazos Permian II was $18 million. Our maximum exposure to loss is limited to the carrying value of our investment. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Acquisitions [Text Block] | Note 3 – Acquisitions MountainWest Acquisition On February 14, 2023, we closed on the acquisition of 100 percent of MountainWest Pipelines Holding Company (MountainWest), which includes Federal Energy Regulatory Commission (FERC) -regulated interstate natural gas pipeline systems and natural gas storage capacity (MountainWest Acquisition), for $1.08 billion of cash, funded with available sources of short-term liquidity, and retaining $430 million outstanding principal amount of MountainWest long-term debt, subject to post-closing adjustments. The purpose of the MountainWest Acquisition was to expand our existing transmission and storage infrastructure footprint into major markets in Utah, Wyoming, and Colorado. During the period from the acquisition date of February 14, 2023 to March 31, 2023, the operations acquired in the MountainWest Acquisition contributed Revenues of $34 million and Modified EBITDA (as defined in Note 10 – Segment Disclosures) of $20 million. Acquisition-related costs for the MountainWest Acquisition of $12 million are reported within our Transmission & Gulf of Mexico segment and included in Selling, general, and administrative expenses in our Consolidated Statement of Income during 2023. We accounted for the MountainWest Acquisition as a business combination, which requires, among other things, that identifiable assets acquired and liabilities assumed be recognized at their acquisition date fair values. The valuation techniques used consisted of depreciated replacement costs for non-regulated property, plant, and equipment, as well as the market approach for the assumed long-term debt consistent with the valuation technique discussed in Note 7 – Fair Value Measurements and Guarantees. MountainWest’s regulated operations are accounted for pursuant to Accounting Standards Codification 980, Regulated Operations. The fair value of assets and liabilities subject to rate making and cost recovery provisions were determined utilizing the income approach. MountainWest’s expected return on rate base is consistent with expected returns of similarly situated assets, resulting in carryover basis of these assets and liabilities equaling their fair value. The following table presents the preliminary allocation of the acquisition date fair value of the major classes of the assets acquired, which are included in our Transmission & Gulf of Mexico segment, and liabilities assumed at February 14, 2023. The fair value of accounts receivable acquired equals contractual amounts receivable. The allocation is considered preliminary because the valuation work has not been completed due to the ongoing review of the valuation results and validation of significant inputs and assumptions. Preliminary fair value measurements were made for certain acquired assets and liabilities, primarily property, plant, and equipment and long-term debt; however, adjustments to those measurements may be made in subsequent periods, up to one year from the acquisition date, as new information related to facts and circumstances as of the acquisition date may be identified. (Millions) Cash and cash equivalents $ 23 Trade accounts and other receivables – net 14 Other current assets 28 Investments 22 Property, plant, and equipment – net 1,092 Other noncurrent assets 33 Total identifiable assets acquired $ 1,212 Current liabilities $ (38) Long-term debt (see Note 6) (365) Other noncurrent liabilities (155) Total liabilities assumed $ (558) Net identifiable assets acquired $ 654 Goodwill included in Intangible assets – net of accumulated amortization 400 Net assets acquired $ 1,054 Goodwill recognized in the MountainWest Acquisition relates primarily to enhancing and diversifying our basin positions and the long-term value associated with rate regulated businesses and is reported within our Transmission & Gulf of Mexico segment. Substantially all of the goodwill is deductible for tax purposes. Goodwill is included within Intangible assets – net of accumulated amortization in our Consolidated Balance Sheet and represents the excess of the consideration over the fair value of the net assets acquired. It is not subject to amortization but is evaluated annually as of October 1 for impairment or more frequently if impairment indicators are present that would indicate it is more likely than not that the fair value of the reporting unit is less than its carrying amount. As part of the evaluation, we compare our estimate of the fair value of the reporting unit with its carrying value, including goodwill. If the carrying value of the reporting unit exceeds its fair value, an impairment charge is recorded for the difference (not to exceed the carrying value of goodwill). Judgments and assumptions are inherent in our management’s estimates of fair value. Trace Acquisition On April 29, 2022, we closed on the acquisition of 100 percent of Gemini Arklatex, LLC through which we acquired the Haynesville Shale region gas gathering and related assets of Trace Midstream (Trace) for $972 million of cash funded with cash on hand and proceeds from issuance of commercial paper (Trace Acquisition). The purpose of the Trace Acquisition was to expand our footprint into the east Texas area of the Haynesville Shale region, increasing in-basin scale in one of the largest growth basins in the country. During the period from the acquisition date of April 29, 2022 to December 31, 2022, the operations acquired in the Trace Acquisition contributed Revenues of $148 million and Modified EBITDA of $73 million. Acquisition-related costs for the Trace Acquisition of $8 million are reported within our West segment and were included in Selling, general, and administrative expenses in our Consolidated Statement of Income during 2022. We accounted for the Trace Acquisition as a business combination. The following table presents the allocation of the acquisition date fair value of the major classes of the assets acquired, which are included in our West segment, and liabilities assumed at April 29, 2022. The fair value of accounts receivable acquired equals contractual amounts receivable. The valuation techniques used consisted of the income approach (excess earnings method) for valuation of intangible assets and depreciated replacement costs for property, plant, and equipment. (Millions) Cash and cash equivalents $ 39 Trade accounts and other receivables – net 18 Property, plant, and equipment – net 448 Intangible assets – net of accumulated amortization 472 Other noncurrent assets 20 Total assets acquired $ 997 Accounts payable $ (12) Accrued and other current liabilities (5) Other noncurrent liabilities (8) Total liabilities assumed $ (25) Net assets acquired $ 972 Other intangible assets Other intangible assets recognized in the Trace Acquisition are related to contractual customer relationships from gas gathering agreements with our customers. The basis for determining the value of these intangible assets is estimated future net cash flows to be derived from acquired contractual customer relationships discounted using a risk-adjusted discount rate. These intangible assets are being amortized on a straight-line basis over an initial period of 20 years which represents the term over which the contractual customer relationships are expected to contribute to our cash flows. Approximately 2 percent of the expected future revenues from these contractual customer relationships are impacted by our ability and intent to renew or renegotiate existing customer contracts. We expense costs incurred to renew or extend the terms of our gas gathering contracts with customers. Based on the estimated future revenues during the current contract periods (as estimated at the time of the acquisition), the weighted-average period prior to the next renewal or extension of the existing contractual customer relationships is approximately 19 years. Supplemental Pro Forma The following pro forma Revenues and Net income (loss) attributable to The Williams Companies, Inc. for the three months ended March 31, 2023 and 2022, are presented as if the MountainWest Acquisition had been completed on January 1, 2022, and the Trace Acquisition had been completed on January 1, 2021. These pro forma amounts are not necessarily indicative of what the actual results would have been if the MountainWest Acquisition and Trace Acquisition had in fact occurred on the dates or for the periods indicated, nor do they purport to project Revenues or Net income (loss) attributable to The Williams Companies, Inc. for any future periods or as of any date. These amounts do not give effect to any potential cost savings, operating synergies, or revenue enhancements to result from the transaction or the potential costs to achieve these cost savings, operating synergies, and revenue enhancements. Three Months Ended March 31, 2023 As Reported Pro Forma MountainWest (1) Pro Forma Combined (Millions) Revenues $ 3,081 $ 35 $ 3,116 Net income (loss) attributable to The Williams Companies, Inc. 927 6 933 Three Months Ended March 31, 2022 As Reported Pro Forma MountainWest Pro Forma Trace Pro Forma Combined (Millions) Revenues $ 2,524 $ 67 $ 35 $ 2,626 Net income (loss) attributable to The Williams Companies, Inc. 380 17 14 411 (1) Excludes results from operations acquired in the MountainWest Acquisition for the period beginning on the acquisition date of February 14, 2023, as these results are included in the amounts as reported. NorTex Asset Purchase On August 31, 2022, we purchased a group of assets in north Texas, primarily natural gas storage facilities and pipelines, from NorTex Midstream Holdings, LLC (NorTex Asset Purchase) for approximately $424 million. These assets are included in our Transmission & Gulf of Mexico segment. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Revenue Recognition [Abstract] | |
Revenue Recognition [Text Block] | Note 4 – Revenue Recognition Revenue by Category The following table presents our revenue disaggregated by major service line: Regulated Interstate Transportation & Storage Gulf of Mexico Midstream & Storage Northeast Midstream West Midstream Gas & NGL Marketing Services Other Eliminations Total (Millions) Three Months Ended March 31, 2023 Revenues from contracts with customers: Service revenues: Regulated interstate natural gas transportation and storage $ 813 $ — $ — $ — $ — $ — $ (11) $ 802 Gathering, processing, transportation, fractionation, and storage: Monetary consideration — 100 391 343 — — (43) 791 Commodity consideration — 12 6 18 — — — 36 Other 4 6 56 10 1 — (5) 72 Total service revenues 817 118 453 371 1 — (59) 1,701 Product sales 22 36 49 90 1,373 102 (254) 1,418 Total revenues from contracts with customers 839 154 502 461 1,374 102 (313) 3,119 Other revenues (1) 13 4 7 42 1,916 15 — 1,997 Other adjustments (2) — — — — (2,159) — 124 (2,035) Total revenues $ 852 $ 158 $ 509 $ 503 $ 1,131 $ 117 $ (189) $ 3,081 Three Months Ended March 31, 2022 Revenues from contracts with customers: Service revenues: Regulated interstate natural gas transportation and storage $ 778 $ — $ — $ — $ — $ — $ (18) $ 760 Gathering, processing, transportation, fractionation, and storage: Monetary consideration — 82 323 317 — — (30) 692 Commodity consideration — 21 7 49 — — — 77 Other 2 6 51 12 1 — (6) 66 Total service revenues 780 109 381 378 1 — (54) 1,595 Product sales 16 87 36 187 2,470 104 (393) 2,507 Total revenues from contracts with customers 796 196 417 565 2,471 104 (447) 4,102 Other revenues (1) 4 2 6 (3) 1,615 (65) (3) 1,556 Other adjustments (2) — — — — (3,232) — 98 (3,134) Total revenues $ 800 $ 198 $ 423 $ 562 $ 854 $ 39 $ (352) $ 2,524 ______________________________ (1) Revenues not derived from contracts with customers primarily consist of physical product sales related to derivative contracts, realized and unrealized gains and losses associated with our derivative contracts, which are reported in Net gain (loss) on commodity derivatives in the Consolidated Statement of Income, management fees that we receive for certain services we provide to operated equity-method investments, and leasing revenues associated with our headquarters building. Contract Assets The following table presents a reconciliation of our contract assets: Three Months Ended 2023 2022 (Millions) Balance at beginning of period $ 29 $ 22 Revenue recognized in excess of amounts invoiced 43 55 Minimum volume commitments invoiced (30) (41) Balance at end of period $ 42 $ 36 Contract Liabilities The following table presents a reconciliation of our contract liabilities: Three Months Ended 2023 2022 (Millions) Balance at beginning of period $ 1,043 $ 1,126 Payments received and deferred 29 29 Significant financing component 2 2 Contract liability acquired 5 — Recognized in revenue (69) (64) Balance at end of period $ 1,010 $ 1,093 Remaining Performance Obligations Remaining performance obligations primarily include reservation charges on contracted capacity for our gas pipeline firm transportation contracts with customers, storage capacity contracts, long-term contracts containing minimum volume commitments (MVC) associated with our midstream businesses, and fixed payments associated with offshore production handling. For our interstate natural gas pipeline businesses, remaining performance obligations reflect the rates for such services in our current FERC tariffs for the life of the related contracts; however, these rates may change based on future tariffs approved by the FERC and the amount and timing of these changes are not currently known. Our remaining performance obligations exclude variable consideration, including contracts with variable consideration for which we have elected the practical expedient for consideration recognized in revenue as billed. Certain of our contracts contain evergreen and other renewal provisions for periods beyond the initial term of the contract. The remaining performance obligation amounts as of March 31, 2023, do not consider potential future performance obligations for which the renewal has not been exercised and exclude contracts with customers for which the underlying facilities have not received FERC authorization to be placed into service. Consideration received prior to March 31, 2023, that will be recognized in future periods is also excluded from our remaining performance obligations and is instead reflected in contract liabilities. The following table presents the amount of the contract liabilities balance expected to be recognized as revenue when performance obligations are satisfied and the transaction price allocated to the remaining performance obligations under certain contracts as of March 31, 2023. Contract Liabilities Remaining Performance Obligations (Millions) 2023 (nine months) $ 98 $ 2,887 2024 (one year) 124 3,647 2025 (one year) 122 3,363 2026 (one year) 107 2,837 2027 (one year) 101 2,564 Thereafter 458 15,096 Total $ 1,010 $ 30,394 Accounts Receivable The following is a summary of our Trade accounts and other receivables – net : March 31, 2023 December 31, 2022 (Millions) Accounts receivable related to revenues from contracts with customers $ 1,205 $ 1,771 Receivables from derivatives 291 889 Other accounts receivable 28 63 Trade accounts and other receivables – net $ 1,524 $ 2,723 |
Provision (Benefit) for Income
Provision (Benefit) for Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Provision (Benefit) for Income Taxes [Text Block] | Note 5 – Provision (Benefit) for Income Taxes The Provision (benefit) for income taxes includes: Three Months Ended 2023 2022 (Millions) Current: Federal $ 1 $ 1 State — 2 1 3 Deferred: Federal 237 94 State 46 21 283 115 Provision (benefit) for income taxes $ 284 $ 118 The effective income tax rates for the total provision (benefit) for both the three months ended March 31, 2023 and 2022, are greater than the federal statutory rate primarily due to the effect of state income taxes. |
Debt and Banking Arrangements
Debt and Banking Arrangements | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Banking Arrangements [Text Block] | Note 6 – Debt and Banking Arrangements Long-Term Debt Issuances and retirements On March 2, 2023, we issued $750 million of 5.40 percent senior unsecured notes due March 2, 2026, and $750 million of 5.65 percent senior unsecured notes due March 15, 2033. As a result of the MountainWest Acquisition on February 14, 2023, our Consolidated Balance Sheet now includes $100 million of 3.53 percent senior unsecured notes due January 31, 2028, $150 million of 3.91 percent senior unsecured notes due January 31, 2038, and $180 million of 4.875 percent senior unsecured notes due December 1, 2041. The acquisition date fair value reflects a $65 million reduction to the aggregate principal amount. (See Note 3 – Acquisitions). Commercial Paper Program At March 31, 2023, no commercial paper was outstanding under our $3.5 billion commercial paper program. Credit Facility March 31, 2023 Stated Capacity Outstanding (Millions) Long-term credit facility (1) $ 3,750 $ — Letters of credit under certain bilateral bank agreements 18 (1) In managing our available liquidity, we do not expect a maximum outstanding amount in excess of the capacity of our credit facility inclusive of any outstanding amounts under our commercial paper program. |
Fair Value Measurements and Gua
Fair Value Measurements and Guarantees | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Guarantees [Text Block] | Note 7 – Fair Value Measurements and Guarantees The following table presents, by level within the fair value hierarchy, certain of our significant financial assets and liabilities. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and commercial paper approximate fair value because of the short-term nature of these instruments. Therefore, these assets and liabilities are not presented in the following table. Fair Value Measurements Using Carrying Fair Quoted Significant Significant (Millions) Assets (liabilities) at March 31, 2023: Measured on a recurring basis: ARO Trust investments $ 242 $ 242 $ 242 $ — $ — Commodity derivative assets (1) 132 132 17 109 6 Commodity derivative liabilities (1) (449) (449) (1) (395) (53) Other financial assets (liabilities) – net (1) (1) — (1) — Additional disclosures: Long-term debt, including current portion (24,412) (23,727) — (23,727) — Guarantees (38) (27) — (11) (16) Assets (liabilities) at December 31, 2022: Measured on a recurring basis: ARO Trust investments $ 230 $ 230 $ 230 $ — $ — Commodity derivative assets (2) 166 166 20 132 14 Commodity derivative liabilities (2) (810) (810) (22) (718) (70) Other financial assets (liabilities) – net (5) (5) — (5) — Additional disclosures: Long-term debt, including current portion (22,554) (21,569) — (21,569) — Guarantees (38) (25) — (9) (16) (1) Net commodity derivative assets and liabilities exclude $120 million of net cash collateral in Level 1. (2) Net commodity derivative assets and liabilities exclude $202 million of net cash collateral in Level 1. Fair Value Methods We use the following methods and assumptions in estimating the fair value of our financial instruments: Assets measured at fair value on a recurring basis ARO Trust investments : Transco deposits a portion of its collected rates, pursuant to its rate case settlement, into an external trust (ARO Trust) that is specifically designated to fund future asset retirement obligations (ARO). The ARO Trust invests in a portfolio of actively traded mutual funds that are measured at fair value on a recurring basis based on quoted prices in an active market and is reported in Regulatory assets, deferred charges, and other in our Consolidated Balance Sheet. Both realized and unrealized gains and losses are ultimately recorded as regulatory assets or liabilities. Commodity derivatives : Commodity derivatives include exchange-traded contracts and over-the-counter (OTC) contracts, which consist of physical forwards, futures, and swaps that are measured at fair value on a recurring basis. We also have other derivatives related to asset management agreements and other contracts that require physical delivery. Derivatives classified as Level 1 are valued using New York Mercantile Exchange (NYMEX) futures prices. Derivatives classified as Level 2 are valued using basis transactions that represent the cost to transport natural gas from a NYMEX delivery point to the contract delivery point. These transactions are based on quotes obtained either through electronic trading platforms or directly from brokers. Derivatives classified as Level 3 are valued using a combination of observable and unobservable inputs. The fair value amounts are presented on a net basis and reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements and cash held on deposit in margin accounts that we have received or remitted to collateralize certain derivative positions. Commodity derivative assets are reported in Derivative assets and Regulatory assets, deferred charges, and other in our Consolidated Balance Sheet. Commodity derivative liabilities are reported in Derivative liabilities and Regulatory liabilities, deferred income, and other in our Consolidated Balance Sheet. Changes in the fair value of our derivative assets and liabilities are recorded in Net gain (loss) on commodity derivatives and Net processing commodity expenses in our Consolidated Statement of Income. See Note 8 – Derivatives for additional information on our derivatives. Additional fair value disclosures Long-term debt, including current portion : The disclosed fair value of our long-term debt is determined primarily by a market approach using broker quoted indicative period-end bond prices. The quoted prices are based on observable transactions in less active markets for our debt or similar instruments. The fair values of the financing obligations associated with our Dalton, Leidy South, and Atlantic Sunrise projects, which are included within long-term debt, were determined using an income approach. Guarantees : Guarantees primarily consist of a guarantee we have provided in the event of nonpayment by our previously owned communications subsidiary, Williams Communications Group (WilTel), on a lease performance obligation that extends through 2042. Guarantees also include an indemnification related to a disposed operation. To estimate the fair value of the WilTel guarantee, an estimated default rate is applied to the sum of the future contractual lease payments using an income approach. The estimated default rate is determined by obtaining the average cumulative issuer-weighted default rate based on the credit rating of WilTel’s current owner and the term of the underlying obligation. The default rate is published by Moody’s Investors Service. The carrying value of the WilTel guarantee is reported in Accrued and other current liabilities in our Consolidated Balance Sheet. The maximum potential undiscounted liquidity exposure is approximately $24 million at March 31, 2023. Our exposure declines systematically through the remaining term of WilTel’s obligation. The fair value of the guarantee associated with the indemnification related to a disposed operation was estimated using an income approach that considered probability-weighted scenarios of potential levels of future performance. The terms of the indemnification do not limit the maximum potential future payments associated with the guarantee. The carrying value of this guarantee is reported in Regulatory liabilities, deferred income, and other in our Consolidated Balance Sheet. We are required by our revolving credit agreement to indemnify lenders for certain taxes required to be withheld from payments due to the lenders and for certain tax payments made by the lenders. The maximum potential amount of future payments under these indemnifications is based on the related borrowings and such future payments cannot currently be determined. These indemnifications generally continue indefinitely unless limited by the underlying tax regulations and have no carrying value. We have never been called upon to perform under these indemnifications and have no current expectation of a future claim. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives [Text Block] | Note 8 – Derivatives Commodity-Related Derivatives We are exposed to commodity price risk. To manage this volatility, we use various contracts in our marketing and trading activities that generally meet the definition of derivatives. Derivative positions are monitored using techniques including, but not limited to value at risk. Derivative instruments are recognized at fair value in our Consolidated Balance Sheet as either assets or liabilities and are presented on a net basis by counterparty, net of margin deposits. See Note 7 – Fair Value Measurements and Guarantees for additional fair value information. In our Consolidated Statement of Cash Flows, any cash impacts of settled commodity-related derivatives are recorded as operating activities. We enter into commodity-related derivatives to economically hedge exposures to natural gas, NGLs, and crude oil and retain exposure to price changes that can, in a volatile energy market, be material and can adversely affect our results of operations. At March 31, 2023, the notional volume of the net long (short) positions for our commodity-related derivative contracts were as follows: Commodity Unit of Measure Net Long (Short) Position Index Risk Natural Gas MMBtu 931,475,691 Central Hub Risk - Henry Hub Natural Gas MMBtu (30,773,146) Basis Risk Natural Gas MMBtu (38,069,941) Central Hub Risk - Mont Belvieu Natural Gas Liquids Barrels (1,153,119) Basis Risk Natural Gas Liquids Barrels (2,231,000) Central Hub Risk - WTI Crude Oil Barrels 91,250 Derivative Financial Statement Presentation The fair value of commodity-related derivatives, which are not designated as hedging instruments for accounting purposes, was reflected as follows: March 31, December 31, Derivative Category Assets (Liabilities) Assets (Liabilities) (Millions) Current $ 611 $ (623) $ 1,099 $ (1,278) Noncurrent 156 (461) 269 (734) Total derivatives $ 767 $ (1,084) $ 1,368 $ (2,012) Counterparty and collateral netting offset (511) 631 (1,034) 1,236 Amounts recognized in our Consolidated Balance Sheet $ 256 $ (453) $ 334 $ (776) The pre-tax effects of commodity-related derivative instruments in Net gain (loss) on commodity derivatives reflected within Total revenues and Net processing commodity expenses in our Consolidated Statement of Income were as follows: Gain (Loss) Three Months Ended 2023 2022 (Millions) Realized commodity-related derivatives not designated as hedging instruments $ 174 $ (69) Unrealized commodity-related derivatives not designated as hedging instruments 332 (125) Net gain (loss) on commodity derivatives $ 506 $ (194) Realized commodity-related derivatives not designated as hedging instruments in Net processing commodity expenses $ (4) $ 1 Unrealized commodity-related derivatives not designated as hedging instruments in Net processing commodity expenses $ (5) $ 2 Contingent Features Generally, collateral may be provided by a parent guaranty, letter of credit, or cash. If collateral is required, fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral are offset against fair value amounts recognized for derivatives executed with the same counterparty. We have specific trade and credit contracts that contain minimum credit rating requirements. These credit rating requirements typically give counterparties the right to suspend or terminate credit if our credit ratings are downgraded to non-investment grade status. Under such circumstances, we would need to post collateral to continue transacting business with these counterparties. At March 31, 2023, the contractually required collateral in the event of a credit rating downgrade to non-investment grade status was $7 million. We maintain accounts with brokers or the clearing houses of certain exchanges to facilitate financial derivative transactions. Based on the value of the positions in these accounts and the associated margin requirements, we may be required to deposit cash into these accounts. At March 31, 2023, net cash collateral held on deposit in broker margin accounts was $120 million. |
Contingent Liabilities
Contingent Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities [Text Block] | Note 9 – Contingent Liabilities Alaska Refinery Contamination Litigation We are involved in litigation arising from our ownership and operation of the North Pole Refinery in North Pole, Alaska, from 1980 until 2004, through our wholly owned subsidiaries Williams Alaska Petroleum Inc. (WAPI) and MAPCO Inc. We sold the refinery to Flint Hills Resources Alaska, LLC (FHRA), a subsidiary of Koch Industries, Inc., in 2004. The litigation involves three cases, with filing dates ranging from 2010 to 2014. The actions primarily arise from sulfolane contamination allegedly emanating from the refinery. A putative class action lawsuit was filed by James West in 2010 naming us, WAPI, and FHRA as defendants. We and FHRA filed claims against each other seeking, among other things, contractual indemnification alleging that the other party caused the sulfolane contamination. In 2011, we and FHRA settled the claim with James West. Certain claims by FHRA against us were resolved by the Alaska Supreme Court in our favor. FHRA’s claims against us for contractual indemnification and statutory claims for damages related to off-site sulfolane were remanded to the Alaska Superior Court. The State of Alaska filed its action in March 2014, seeking damages. The City of North Pole (North Pole) filed its lawsuit in November 2014, seeking past and future damages, as well as punitive damages. Both we and WAPI asserted counterclaims against the State of Alaska and North Pole, and cross-claims against FHRA. FHRA has also filed cross-claims against us. The underlying factual basis and claims in the cases are similar and may duplicate exposure. As such, in February 2017, the three cases were consolidated into one action in state court containing the remaining claims from the James West case and those of the State of Alaska and North Pole. The State of Alaska later announced the discovery of additional contaminants per- and polyfluoralkyl (PFOS and PFOA) offsite of the refinery, and the court permitted the State of Alaska to amend its complaint to add a claim for offsite PFOS/PFOA contamination. The court subsequently remanded the offsite PFOS/PFOA claims to the Alaska Department of Environmental Conservation for investigation and stayed the claims pending their potential resolution at the administrative agency. Several trial dates encompassing all three cases have been scheduled and stricken. In the summer of 2019, the court deconsolidated the cases for purposes of trial. A bench trial on all claims except North Pole’s claims began in October 2019. In January 2020, the Alaska Superior Court issued its Memorandum of Decision finding in favor of the State of Alaska and FHRA, with the total incurred and potential future damages estimated to be $86 million. The court found that FHRA is not entitled to contractual indemnification from us because FHRA contributed to the sulfolane contamination. On March 23, 2020, the court entered final judgment in the case. Filing deadlines were stayed until May 1, 2020. However, on April 21, 2020, we filed a Notice of Appeal. We also filed post-judgment motions including a Motion for New Trial and a Motion to Alter or Amend the Judgment. These post-trial motions were resolved with the court’s denial of the last motion on June 11, 2020. Our Statement of Points on Appeal was filed on July 13, 2020. On June 22, 2020, the court stayed the North Pole’s case pending resolution of the appeal in the State of Alaska and FHRA case. On December 23, 2020, we filed our opening brief on appeal. Oral argument was held on December 15, 2021. We have recorded an accrued liability in the amount of our estimate of the probable loss. It is reasonably possible that we may not be successful on appeal and could ultimately pay up to the amount of judgment. Royalty Matters Certain of our customers, including Chesapeake Energy Corporation (Chesapeake), have been named in various lawsuits alleging underpayment of royalties and claiming, among other things, violations of anti-trust laws and the Racketeer Influenced and Corrupt Organizations Act. We have also been named as a defendant in certain of these cases filed in Pennsylvania based on allegations that we improperly participated with Chesapeake in causing the alleged royalty underpayments. We believe that the claims asserted are subject to indemnity obligations owed to us by Chesapeake. Chesapeake has reached a settlement to resolve substantially all Pennsylvania royalty cases pending, which settlement applies to both Chesapeake and us. The settlement does not require any contribution from us. On August 23, 2021, the court approved the settlement, but two objectors filed an appeal with the United States Court of Appeals for the Fifth Circuit. Litigation Against Energy Transfer and Related Parties On April 6, 2016, we filed suit in Delaware Chancery Court against Energy Transfer Equity, L.P. (Energy Transfer) and LE GP, LLC (the general partner for Energy Transfer) alleging willful and material breaches of the Agreement and Plan of Merger (ETE Merger Agreement) with Energy Transfer resulting from the private offering by Energy Transfer on March 8, 2016, of Series A Convertible Preferred Units (Special Offering) to certain Energy Transfer insiders and other accredited investors. The suit seeks, among other things, an injunction ordering the defendants to unwind the Special Offering and to specifically perform their obligations under the ETE Merger Agreement. On April 19, 2016, we filed an amended complaint seeking the same relief. On May 3, 2016, Energy Transfer and LE GP, LLC filed an answer and counterclaims. On May 13, 2016, we filed a separate complaint in Delaware Chancery Court against Energy Transfer, LE GP, LLC and the other Energy Transfer affiliates that are parties to the ETE Merger Agreement, alleging material breaches of the ETE Merger Agreement for failing to cooperate and use necessary efforts to obtain a tax opinion required under the ETE Merger Agreement (Tax Opinion) and for otherwise failing to use necessary efforts to consummate the merger under the ETE Merger Agreement wherein we would be merged with and into the newly formed Energy Transfer Corp LP (ETC) (ETC Merger). The suit sought, among other things, a declaratory judgment and injunction preventing Energy Transfer from terminating or otherwise avoiding its obligations under the ETE Merger Agreement due to any failure to obtain the Tax Opinion. The Court of Chancery coordinated the Special Offering and Tax Opinion suits. On May 20, 2016, the Energy Transfer defendants filed amended affirmative defenses and verified counterclaims in the Special Offering and Tax Opinion suits, alleging certain breaches of the ETE Merger Agreement by us and seeking, among other things, a declaration that we were not entitled to specific performance, that Energy Transfer could terminate the ETC Merger, and that Energy Transfer is entitled to a $1.48 billion termination fee. On June 24, 2016, following a two-day trial, the court issued a Memorandum Opinion and Order denying our requested relief in the Tax Opinion suit. The court did not rule on the substance of our claims related to the Special Offering or on the substance of Energy Transfer’s counterclaims. On June 27, 2016, we filed an appeal of the court’s decision with the Supreme Court of Delaware, seeking reversal and remand to pursue damages. On March 23, 2017, the Supreme Court of Delaware affirmed the Court of Chancery’s ruling. On March 30, 2017, we filed a motion for reargument with the Supreme Court of Delaware, which was denied on April 5, 2017. On September 16, 2016, we filed an amended complaint with the Court of Chancery seeking damages for breaches of the ETE Merger Agreement by defendants. On September 23, 2016, Energy Transfer filed a second amended and supplemental affirmative defenses and verified counterclaim with the Court of Chancery seeking, among other things, payment of the $1.48 billion termination fee due to our alleged breaches of the ETE Merger Agreement. On December 1, 2017, the court granted our motion to dismiss certain of Energy Transfer’s counterclaims, including its claim seeking payment of the $1.48 billion termination fee. On December 8, 2017, Energy Transfer filed a motion for reargument, which the Court of Chancery denied on April 16, 2018. Trial was held May 10 through May 17, 2021. On December 29, 2021, the court entered judgment in our favor in the amount of $410 million, plus interest at the contractual rate, and our reasonable attorneys’ fees and expenses. On September 21, 2022, the court entered a final order and judgment awarding us the termination fee, attorney’s fees, expenses, and interest in the amount of $602 million plus additional interest starting September 17, 2022. Energy Transfer has appealed to the Delaware Supreme Court. Environmental Matters We are a participant in certain environmental activities in various stages including assessment studies, cleanup operations, and/or remedial processes at certain sites, some of which we currently do not own. We are monitoring these sites in a coordinated effort with other potentially responsible parties, the U.S. Environmental Protection Agency (EPA), or other governmental authorities. We are jointly and severally liable along with unrelated third parties in some of these activities and solely responsible in others. Certain of our subsidiaries have been identified as potentially responsible parties at various Superfund and state waste disposal sites. In addition, these subsidiaries have incurred, or are alleged to have incurred, various other hazardous materials removal or remediation obligations under environmental laws. As of March 31, 2023, we have accrued liabilities totaling $40 million for these matters, as discussed below. Estimates of the most likely costs of cleanup are generally based on completed assessment studies, preliminary results of studies, or our experience with other similar cleanup operations. At March 31, 2023, certain assessment studies were still in process for which the ultimate outcome may yield different estimates of most likely costs. Therefore, the actual costs incurred will depend on the final amount, type, and extent of contamination discovered at these sites, the final cleanup standards mandated by the EPA or other governmental authorities, and other factors. The EPA and various state regulatory agencies routinely propose and promulgate new rules and issue updated guidance to existing rules. These rulemakings include, but are not limited to, rules for reciprocating internal combustion engine and combustion turbine maximum achievable control technology, reviews and updates to the National Ambient Air Quality Standards, and rules for new and existing source performance standards for volatile organic compound and methane. We continuously monitor these regulatory changes and how they may impact our operations. Implementation of new or modified regulations may result in impacts to our operations and increase the cost of additions to Property, plant, and equipment – net in our Consolidated Balance Sheet for both new and existing facilities in affected areas; however, due to regulatory uncertainty on final rule content and applicability timeframes, we are unable to reasonably estimate the cost of these regulatory impacts at this time. Continuing operations Our interstate gas pipelines are involved in remediation and monitoring activities related to certain facilities and locations for polychlorinated biphenyls, mercury, and other hazardous substances. These activities have involved the EPA and various state environmental authorities, resulting in our identification as a potentially responsible party at various Superfund waste sites. At March 31, 2023, we have accrued liabilities of $13 million for these costs and expect to recover approximately $4 million through rates. We also accrue environmental remediation costs for natural gas underground storage facilities, primarily related to soil and groundwater contamination. At March 31, 2023, we have accrued liabilities totaling $10 million for these costs. Former operations We have potential obligations in connection with assets and businesses we no longer operate. These potential obligations include remediation activities at the direction of federal and state environmental authorities and the indemnification of the purchasers of certain of these assets and businesses for environmental and other liabilities existing at the time the sale was consummated. Our responsibilities relate to the operations of the assets and businesses described below. • Former agricultural fertilizer and chemical operations and former retail petroleum and refining operations; • Former petroleum products and natural gas pipelines; • Former petroleum refining facilities; • Former exploration and production and mining operations; • Former electricity and natural gas marketing and trading operations. At March 31, 2023, we have accrued environmental liabilities of $17 million related to these matters. Other Divestiture Indemnifications Pursuant to various purchase and sale agreements relating to divested businesses and assets, we have indemnified certain purchasers against liabilities that they may incur with respect to the businesses and assets acquired from us. The indemnities provided to the purchasers are customary in sale transactions and are contingent upon the purchasers incurring liabilities that are not otherwise recoverable from third parties. The indemnities generally relate to breach of warranties, tax, historic litigation, personal injury, property damage, environmental matters, right of way, and other representations that we have provided. At March 31, 2023, other than as previously disclosed, we are not aware of any material claims against us involving the above-described indemnities; thus, we do not expect any of the indemnities provided pursuant to the sales agreements to have a material impact on our future financial position. Any claim for indemnity brought against us in the future may have a material adverse effect on our results of operations in the period in which the claim is made. In addition to the foregoing, various other proceedings are pending against us that are incidental to our operations, none of which are expected to be material to our expected future annual results of operations, liquidity, and financial position. Summary We have disclosed our estimated range of reasonably possible losses for certain matters above, as well as all significant matters for which we are unable to reasonably estimate a range of possible loss. We estimate that for all other matters for which we are able to reasonably estimate a range of loss, our aggregate reasonably possible losses |
Segment Disclosures
Segment Disclosures | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Disclosures [Text Block] | Note 10 – Segment Disclosures Our reportable segments are Transmission & Gulf of Mexico, Northeast G&P, West, and Gas & NGL Marketing Services. All remaining business activities are included in Other. (See Note 1 – General, Description of Business, and Basis of Presentation.) Performance Measurement We evaluate segment operating performance based upon Modified EBITDA . This measure represents the basis of our internal financial reporting and is the primary performance measure used by our chief operating decision maker in measuring performance and allocating resources among our reportable segments. Intersegment Service revenues primarily represent transportation services provided to our marketing business and gathering services provided to our oil and gas properties. Intersegment Product sales primarily represent the sale of natural gas and NGLs from our natural gas processing plants and our oil and gas properties to our marketing business. We define Modified EBITDA as follows: • Net income (loss) before: ◦ Provision (benefit) for income taxes; ◦ Interest incurred, net of interest capitalized; ◦ Equity earnings (losses); ◦ Other investing income (loss) – net; ◦ Depreciation and amortization expenses; ◦ Accretion expense associated with asset retirement obligations for nonregulated operations. • This measure is further adjusted to include our proportionate share (based on ownership interest) of Modified EBITDA from our equity-method investments calculated consistently with the definition described above. The following table reflects the reconciliation of Modified EBITDA to Net income (loss) as reported in our Consolidated Statement of Income. Three Months Ended 2023 2022 (Millions) Modified EBITDA by segment: Transmission & Gulf of Mexico $ 715 $ 697 Northeast G&P 470 418 West 304 260 Gas & NGL Marketing Services (1) 567 13 Other 74 5 2,130 1,393 Accretion expense associated with asset retirement obligations for nonregulated operations (15) (11) Depreciation and amortization expenses (506) (498) Equity earnings (losses) 147 136 Other investing income (loss) – net 8 1 Proportional Modified EBITDA of equity-method investments (229) (225) Interest expense (294) (286) (Provision) benefit for income taxes (284) (118) Net income (loss) $ 957 $ 392 _____________ (1) Modified EBITDA for the three months ended March 31, 2023 and 2022, includes charges of $18 million and $0 million, respectively, associated with lower of cost or net realizable value adjustments to our inventory. These charges are reflected in Product sales and Product costs in our Consolidated Statement of Income. Net unrealized commodity-related derivatives gains (losses) of $(5) million and $2 million for the three months ended March 31, 2023 and 2022, respectively, are reflected in Net processing commodity expenses . The following table reflects the reconciliation of Segment revenues to Total revenues as reported in our Consolidated Statement of Income. Transmission &Gulf of Mexico Northeast G&P West Gas & NGL Marketing Services (1) Other Eliminations Total (Millions) Three Months Ended March 31, 2023 Segment revenues: Service revenues External $ 915 $ 443 $ 332 $ 1 $ 3 $ — $ 1,694 Internal 25 11 24 — — (60) — Total service revenues 940 454 356 1 3 (60) 1,694 Total service revenues – commodity consideration 12 6 18 — — — 36 Product sales External 24 8 19 776 18 — 845 Internal 31 41 71 (101) 84 (126) — Total product sales 55 49 90 675 102 (126) 845 Net gain (loss) on commodity derivatives Realized — — 39 117 18 — 174 Unrealized — — — 338 (6) — 332 Total net gain (loss) on commodity derivatives (2) — — 39 455 12 — 506 Total revenues $ 1,007 $ 509 $ 503 $ 1,131 $ 117 $ (186) $ 3,081 Three Months Ended March 31, 2022 Segment revenues: Service revenues External $ 845 $ 370 $ 316 $ 1 $ 5 $ — $ 1,537 Internal 29 10 15 — 4 (58) — Total service revenues 874 380 331 1 9 (58) 1,537 Total service revenues – commodity consideration 21 7 49 — — — 77 Product sales External 51 5 11 1,015 22 — 1,104 Internal 49 31 176 (47) 82 (291) — Total product sales 100 36 187 968 104 (291) 1,104 Net gain (loss) on commodity derivatives Realized — — (5) (56) (8) — (69) Unrealized — — — (59) (66) — (125) Total net gain (loss) on commodity derivatives (2) — — (5) (115) (74) — (194) Total revenues $ 995 $ 423 $ 562 $ 854 $ 39 $ (349) $ 2,524 _____________ (1) As we are acting as agent for natural gas marketing customers or engage in energy trading activities, the resulting revenues are presented net of the related costs of those activities. (2) We record transactions that qualify as derivatives at fair value with changes in fair value recognized in earnings in the period of change and characterized as unrealized gains or losses. Gains and losses on derivatives held for energy trading purposes are presented on a net basis in revenue. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Variable Interest Entity Disclosures [Abstract] | |
Schedule of Variable Interest Entities [Table Text Block] | The following table presents amounts included in our Consolidated Balance Sheet that are only for the use or obligation of our consolidated VIEs: March 31, December 31, (Millions) Assets (liabilities): Cash and cash equivalents $ 33 $ 49 Trade accounts and other receivables – net 156 136 Inventories 4 4 Other current assets and deferred charges 4 7 Property, plant, and equipment – net 5,123 5,154 Intangible assets – net of accumulated amortization 2,131 2,158 Regulatory assets, deferred charges, and other 30 29 Accounts payable (74) (76) Accrued and other current liabilities (33) (34) Regulatory liabilities, deferred income, and other (275) (275) |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information | The following pro forma Revenues and Net income (loss) attributable to The Williams Companies, Inc. for the three months ended March 31, 2023 and 2022, are presented as if the MountainWest Acquisition had been completed on January 1, 2022, and the Trace Acquisition had been completed on January 1, 2021. These pro forma amounts are not necessarily indicative of what the actual results would have been if the MountainWest Acquisition and Trace Acquisition had in fact occurred on the dates or for the periods indicated, nor do they purport to project Revenues or Net income (loss) attributable to The Williams Companies, Inc. for any future periods or as of any date. These amounts do not give effect to any potential cost savings, operating synergies, or revenue enhancements to result from the transaction or the potential costs to achieve these cost savings, operating synergies, and revenue enhancements. Three Months Ended March 31, 2023 As Reported Pro Forma MountainWest (1) Pro Forma Combined (Millions) Revenues $ 3,081 $ 35 $ 3,116 Net income (loss) attributable to The Williams Companies, Inc. 927 6 933 Three Months Ended March 31, 2022 As Reported Pro Forma MountainWest Pro Forma Trace Pro Forma Combined (Millions) Revenues $ 2,524 $ 67 $ 35 $ 2,626 Net income (loss) attributable to The Williams Companies, Inc. 380 17 14 411 (1) Excludes results from operations acquired in the MountainWest Acquisition for the period beginning on the acquisition date of February 14, 2023, as these results are included in the amounts as reported. |
MountainWest Acquisition | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents the preliminary allocation of the acquisition date fair value of the major classes of the assets acquired, which are included in our Transmission & Gulf of Mexico segment, and liabilities assumed at February 14, 2023. The fair value of accounts receivable acquired equals contractual amounts receivable. The allocation is considered preliminary because the valuation work has not been completed due to the ongoing review of the valuation results and validation of significant inputs and assumptions. Preliminary fair value measurements were made for certain acquired assets and liabilities, primarily property, plant, and equipment and long-term debt; however, adjustments to those measurements may be made in subsequent periods, up to one year from the acquisition date, as new information related to facts and circumstances as of the acquisition date may be identified. (Millions) Cash and cash equivalents $ 23 Trade accounts and other receivables – net 14 Other current assets 28 Investments 22 Property, plant, and equipment – net 1,092 Other noncurrent assets 33 Total identifiable assets acquired $ 1,212 Current liabilities $ (38) Long-term debt (see Note 6) (365) Other noncurrent liabilities (155) Total liabilities assumed $ (558) Net identifiable assets acquired $ 654 Goodwill included in Intangible assets – net of accumulated amortization 400 Net assets acquired $ 1,054 |
Trace Midstream Acquisition | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | We accounted for the Trace Acquisition as a business combination. The following table presents the allocation of the acquisition date fair value of the major classes of the assets acquired, which are included in our West segment, and liabilities assumed at April 29, 2022. The fair value of accounts receivable acquired equals contractual amounts receivable. The valuation techniques used consisted of the income approach (excess earnings method) for valuation of intangible assets and depreciated replacement costs for property, plant, and equipment. (Millions) Cash and cash equivalents $ 39 Trade accounts and other receivables – net 18 Property, plant, and equipment – net 448 Intangible assets – net of accumulated amortization 472 Other noncurrent assets 20 Total assets acquired $ 997 Accounts payable $ (12) Accrued and other current liabilities (5) Other noncurrent liabilities (8) Total liabilities assumed $ (25) Net assets acquired $ 972 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents our revenue disaggregated by major service line: Regulated Interstate Transportation & Storage Gulf of Mexico Midstream & Storage Northeast Midstream West Midstream Gas & NGL Marketing Services Other Eliminations Total (Millions) Three Months Ended March 31, 2023 Revenues from contracts with customers: Service revenues: Regulated interstate natural gas transportation and storage $ 813 $ — $ — $ — $ — $ — $ (11) $ 802 Gathering, processing, transportation, fractionation, and storage: Monetary consideration — 100 391 343 — — (43) 791 Commodity consideration — 12 6 18 — — — 36 Other 4 6 56 10 1 — (5) 72 Total service revenues 817 118 453 371 1 — (59) 1,701 Product sales 22 36 49 90 1,373 102 (254) 1,418 Total revenues from contracts with customers 839 154 502 461 1,374 102 (313) 3,119 Other revenues (1) 13 4 7 42 1,916 15 — 1,997 Other adjustments (2) — — — — (2,159) — 124 (2,035) Total revenues $ 852 $ 158 $ 509 $ 503 $ 1,131 $ 117 $ (189) $ 3,081 Three Months Ended March 31, 2022 Revenues from contracts with customers: Service revenues: Regulated interstate natural gas transportation and storage $ 778 $ — $ — $ — $ — $ — $ (18) $ 760 Gathering, processing, transportation, fractionation, and storage: Monetary consideration — 82 323 317 — — (30) 692 Commodity consideration — 21 7 49 — — — 77 Other 2 6 51 12 1 — (6) 66 Total service revenues 780 109 381 378 1 — (54) 1,595 Product sales 16 87 36 187 2,470 104 (393) 2,507 Total revenues from contracts with customers 796 196 417 565 2,471 104 (447) 4,102 Other revenues (1) 4 2 6 (3) 1,615 (65) (3) 1,556 Other adjustments (2) — — — — (3,232) — 98 (3,134) Total revenues $ 800 $ 198 $ 423 $ 562 $ 854 $ 39 $ (352) $ 2,524 ______________________________ (1) Revenues not derived from contracts with customers primarily consist of physical product sales related to derivative contracts, realized and unrealized gains and losses associated with our derivative contracts, which are reported in Net gain (loss) on commodity derivatives in the Consolidated Statement of Income, management fees that we receive for certain services we provide to operated equity-method investments, and leasing revenues associated with our headquarters building. |
Contract with Customer, Asset and Liability [Table Text Block] | The following table presents a reconciliation of our contract assets: Three Months Ended 2023 2022 (Millions) Balance at beginning of period $ 29 $ 22 Revenue recognized in excess of amounts invoiced 43 55 Minimum volume commitments invoiced (30) (41) Balance at end of period $ 42 $ 36 Contract Liabilities The following table presents a reconciliation of our contract liabilities: Three Months Ended 2023 2022 (Millions) Balance at beginning of period $ 1,043 $ 1,126 Payments received and deferred 29 29 Significant financing component 2 2 Contract liability acquired 5 — Recognized in revenue (69) (64) Balance at end of period $ 1,010 $ 1,093 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following table presents the amount of the contract liabilities balance expected to be recognized as revenue when performance obligations are satisfied and the transaction price allocated to the remaining performance obligations under certain contracts as of March 31, 2023. Contract Liabilities Remaining Performance Obligations (Millions) 2023 (nine months) $ 98 $ 2,887 2024 (one year) 124 3,647 2025 (one year) 122 3,363 2026 (one year) 107 2,837 2027 (one year) 101 2,564 Thereafter 458 15,096 Total $ 1,010 $ 30,394 |
Contract With Customer Accounts Receivable [Table Text Block] | The following is a summary of our Trade accounts and other receivables – net : March 31, 2023 December 31, 2022 (Millions) Accounts receivable related to revenues from contracts with customers $ 1,205 $ 1,771 Receivables from derivatives 291 889 Other accounts receivable 28 63 Trade accounts and other receivables – net $ 1,524 $ 2,723 |
Provision (Benefit) for Incom_2
Provision (Benefit) for Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended 2023 2022 (Millions) Current: Federal $ 1 $ 1 State — 2 1 3 Deferred: Federal 237 94 State 46 21 283 115 Provision (benefit) for income taxes $ 284 $ 118 |
Debt and Banking Arrangements (
Debt and Banking Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | Credit Facility March 31, 2023 Stated Capacity Outstanding (Millions) Long-term credit facility (1) $ 3,750 $ — Letters of credit under certain bilateral bank agreements 18 (1) In managing our available liquidity, we do not expect a maximum outstanding amount in excess of the capacity of our credit facility inclusive of any outstanding amounts under our commercial paper program. |
Fair Value Measurements and G_2
Fair Value Measurements and Guarantees (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Assets and Liabilities Measured On Recurring Basis [Table Text Block] | The following table presents, by level within the fair value hierarchy, certain of our significant financial assets and liabilities. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and commercial paper approximate fair value because of the short-term nature of these instruments. Therefore, these assets and liabilities are not presented in the following table. Fair Value Measurements Using Carrying Fair Quoted Significant Significant (Millions) Assets (liabilities) at March 31, 2023: Measured on a recurring basis: ARO Trust investments $ 242 $ 242 $ 242 $ — $ — Commodity derivative assets (1) 132 132 17 109 6 Commodity derivative liabilities (1) (449) (449) (1) (395) (53) Other financial assets (liabilities) – net (1) (1) — (1) — Additional disclosures: Long-term debt, including current portion (24,412) (23,727) — (23,727) — Guarantees (38) (27) — (11) (16) Assets (liabilities) at December 31, 2022: Measured on a recurring basis: ARO Trust investments $ 230 $ 230 $ 230 $ — $ — Commodity derivative assets (2) 166 166 20 132 14 Commodity derivative liabilities (2) (810) (810) (22) (718) (70) Other financial assets (liabilities) – net (5) (5) — (5) — Additional disclosures: Long-term debt, including current portion (22,554) (21,569) — (21,569) — Guarantees (38) (25) — (9) (16) (1) Net commodity derivative assets and liabilities exclude $120 million of net cash collateral in Level 1. (2) Net commodity derivative assets and liabilities exclude $202 million of net cash collateral in Level 1. |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | At March 31, 2023, the notional volume of the net long (short) positions for our commodity-related derivative contracts were as follows: Commodity Unit of Measure Net Long (Short) Position Index Risk Natural Gas MMBtu 931,475,691 Central Hub Risk - Henry Hub Natural Gas MMBtu (30,773,146) Basis Risk Natural Gas MMBtu (38,069,941) Central Hub Risk - Mont Belvieu Natural Gas Liquids Barrels (1,153,119) Basis Risk Natural Gas Liquids Barrels (2,231,000) Central Hub Risk - WTI Crude Oil Barrels 91,250 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The fair value of commodity-related derivatives, which are not designated as hedging instruments for accounting purposes, was reflected as follows: March 31, December 31, Derivative Category Assets (Liabilities) Assets (Liabilities) (Millions) Current $ 611 $ (623) $ 1,099 $ (1,278) Noncurrent 156 (461) 269 (734) Total derivatives $ 767 $ (1,084) $ 1,368 $ (2,012) Counterparty and collateral netting offset (511) 631 (1,034) 1,236 Amounts recognized in our Consolidated Balance Sheet $ 256 $ (453) $ 334 $ (776) |
Pretax Effect Of Interest Rate And Energy Related Derivatives | The pre-tax effects of commodity-related derivative instruments in Net gain (loss) on commodity derivatives reflected within Total revenues and Net processing commodity expenses in our Consolidated Statement of Income were as follows: Gain (Loss) Three Months Ended 2023 2022 (Millions) Realized commodity-related derivatives not designated as hedging instruments $ 174 $ (69) Unrealized commodity-related derivatives not designated as hedging instruments 332 (125) Net gain (loss) on commodity derivatives $ 506 $ (194) Realized commodity-related derivatives not designated as hedging instruments in Net processing commodity expenses $ (4) $ 1 Unrealized commodity-related derivatives not designated as hedging instruments in Net processing commodity expenses $ (5) $ 2 |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Reconciliation of Modified EBITDA to Net Income (Loss) [Table Text Block] | The following table reflects the reconciliation of Modified EBITDA to Net income (loss) as reported in our Consolidated Statement of Income. Three Months Ended 2023 2022 (Millions) Modified EBITDA by segment: Transmission & Gulf of Mexico $ 715 $ 697 Northeast G&P 470 418 West 304 260 Gas & NGL Marketing Services (1) 567 13 Other 74 5 2,130 1,393 Accretion expense associated with asset retirement obligations for nonregulated operations (15) (11) Depreciation and amortization expenses (506) (498) Equity earnings (losses) 147 136 Other investing income (loss) – net 8 1 Proportional Modified EBITDA of equity-method investments (229) (225) Interest expense (294) (286) (Provision) benefit for income taxes (284) (118) Net income (loss) $ 957 $ 392 _____________ (1) Modified EBITDA for the three months ended March 31, 2023 and 2022, includes charges of $18 million and $0 million, respectively, associated with lower of cost or net realizable value adjustments to our inventory. These charges are reflected in Product sales and Product costs in our Consolidated Statement of Income. Net unrealized commodity-related derivatives gains (losses) of $(5) million and $2 million for the three months ended March 31, 2023 and 2022, respectively, are reflected in Net processing commodity expenses |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | The following table reflects the reconciliation of Segment revenues to Total revenues as reported in our Consolidated Statement of Income. Transmission &Gulf of Mexico Northeast G&P West Gas & NGL Marketing Services (1) Other Eliminations Total (Millions) Three Months Ended March 31, 2023 Segment revenues: Service revenues External $ 915 $ 443 $ 332 $ 1 $ 3 $ — $ 1,694 Internal 25 11 24 — — (60) — Total service revenues 940 454 356 1 3 (60) 1,694 Total service revenues – commodity consideration 12 6 18 — — — 36 Product sales External 24 8 19 776 18 — 845 Internal 31 41 71 (101) 84 (126) — Total product sales 55 49 90 675 102 (126) 845 Net gain (loss) on commodity derivatives Realized — — 39 117 18 — 174 Unrealized — — — 338 (6) — 332 Total net gain (loss) on commodity derivatives (2) — — 39 455 12 — 506 Total revenues $ 1,007 $ 509 $ 503 $ 1,131 $ 117 $ (186) $ 3,081 Three Months Ended March 31, 2022 Segment revenues: Service revenues External $ 845 $ 370 $ 316 $ 1 $ 5 $ — $ 1,537 Internal 29 10 15 — 4 (58) — Total service revenues 874 380 331 1 9 (58) 1,537 Total service revenues – commodity consideration 21 7 49 — — — 77 Product sales External 51 5 11 1,015 22 — 1,104 Internal 49 31 176 (47) 82 (291) — Total product sales 100 36 187 968 104 (291) 1,104 Net gain (loss) on commodity derivatives Realized — — (5) (56) (8) — (69) Unrealized — — — (59) (66) — (125) Total net gain (loss) on commodity derivatives (2) — — (5) (115) (74) — (194) Total revenues $ 995 $ 423 $ 562 $ 854 $ 39 $ (349) $ 2,524 _____________ (1) As we are acting as agent for natural gas marketing customers or engage in energy trading activities, the resulting revenues are presented net of the related costs of those activities. (2) We record transactions that qualify as derivatives at fair value with changes in fair value recognized in earnings in the period of change and characterized as unrealized gains or losses. Gains and losses on derivatives held for energy trading purposes are presented on a net basis in revenue. |
General, Description of Busin_2
General, Description of Business, and Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Sep. 03, 2021 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 1,500 | |
Treasury Stock, Value, Acquired, Cost Method | $ 74 | |
StockRepurchaseProgramCumulativeAmountPurchased | $ 83 | |
Williams Companies Inc [Member] | Transmission And Gulf Of Mexico [Member] | Gulfstar One [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Variable Interest Entity Ownership Percentage | 51% | |
Williams Companies Inc [Member] | Northeast G And P [Member] | Northeast JV [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Variable Interest Entity Ownership Percentage | 65% | |
Williams Companies Inc [Member] | Northeast G And P [Member] | Cardinal Gas Services LLC [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Variable Interest Entity Ownership Percentage | 66% | |
Williams Companies Inc [Member] | Northeast G And P [Member] | Appalachia Midstream Services, LLC [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 66% | |
Williams Companies Inc [Member] | West [Member] | Conway Fractionator [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 50% | |
Gulfstream Natural Gas System, LLC [Member] | Transmission And Gulf Of Mexico [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50% | |
Discovery Producer Services LLC [Member] | Transmission And Gulf Of Mexico [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 60% | |
Laurel Mountain Midstream, LLC [Member] | Northeast G And P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 69% | |
Overland Pass Pipeline Company LLC [Member] | West [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50% | |
Rocky Mountain Midstream Holdings LLC [Member] | West [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50% | |
Targa Train 7 LLC | West [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 20% | |
Blue Racer Midstream LLC | Northeast G And P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50% | |
Brazos Permian II LLC [Member] | West [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 15% |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Variable Interest Entity [Line Items] | ||
Assets | $ 48,936 | $ 48,433 |
Variable Interest Entity, Primary Beneficiary [Member] | Cash and cash equivalents [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 33 | 49 |
Variable Interest Entity, Primary Beneficiary [Member] | Trade accounts and other receivables - net [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 156 | 136 |
Variable Interest Entity, Primary Beneficiary [Member] | Inventories [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 4 | 4 |
Variable Interest Entity, Primary Beneficiary [Member] | Other current assets and deferred charges [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 4 | 7 |
Variable Interest Entity, Primary Beneficiary [Member] | Property, plant, and equipment - net [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 5,123 | 5,154 |
Variable Interest Entity, Primary Beneficiary [Member] | Intangible assets - net of accumulated amortization [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 2,131 | 2,158 |
Variable Interest Entity, Primary Beneficiary [Member] | Regulatory assets, deferred charges, and other [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 30 | 29 |
Variable Interest Entity, Primary Beneficiary [Member] | Accounts payable [Member] | ||
Variable Interest Entity [Line Items] | ||
Liabilities | (74) | (76) |
Variable Interest Entity, Primary Beneficiary [Member] | Accrued and other current liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Liabilities | (33) | (34) |
Variable Interest Entity, Primary Beneficiary [Member] | Regulatory liabilities, deferred income, and other [Member] | ||
Variable Interest Entity [Line Items] | ||
Liabilities | $ (275) | $ (275) |
Variable Interest Entity, Primary Beneficiary [Member] | Williams Companies Inc [Member] | Northeast JV [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity Ownership Percentage | 65% | |
Variable Interest Entity, Primary Beneficiary [Member] | Williams Companies Inc [Member] | Gulfstar One [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity Ownership Percentage | 51% | |
Variable Interest Entity, Primary Beneficiary [Member] | Williams Companies Inc [Member] | Cardinal Gas Services LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity Ownership Percentage | 66% | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Williams Companies Inc [Member] | Targa Train 7 LLC | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity Ownership Percentage | 20% | |
Equity Method Investments | $ 45 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Williams Companies Inc [Member] | Brazos Permian II LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity Ownership Percentage | 15% | |
Equity Method Investments | $ 18 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||
Feb. 14, 2023 | Aug. 31, 2022 | Apr. 29, 2022 | Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | ||
Business Acquisition [Line Items] | |||||||||
Revenues | $ 3,081 | $ 2,524 | |||||||
Modified EBITDA Earnings Loss | 2,130 | 1,393 | |||||||
Net Income (Loss) Attributable to Parent | 927 | 380 | |||||||
Pro Forma | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Pro Forma Revenue | 3,116 | 2,626 | |||||||
Business Acquisition, Pro Forma Net Income (Loss) | 933 | 411 | |||||||
Transmission And Gulf Of Mexico [Member] | NorTex Acquisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Payments to Acquire Productive Assets | $ 424 | ||||||||
Transmission And Gulf Of Mexico [Member] | Operating Segments [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenues | 1,007 | 995 | |||||||
Modified EBITDA Earnings Loss | 715 | 697 | |||||||
West [Member] | Operating Segments [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenues | 503 | 562 | |||||||
Modified EBITDA Earnings Loss | 304 | 260 | |||||||
MountainWest Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||||||
Business Combination, Consideration Transferred | $ 1,080 | ||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 430 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 23 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 14 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 28 | ||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Investments | 22 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,092 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 33 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 1,212 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (38) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt | (365) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (155) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (558) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 654 | ||||||||
Goodwill | 400 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 1,054 | ||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 400 | ||||||||
MountainWest Acquisition | Pro Forma | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Pro Forma Revenue | 35 | [1] | 67 | ||||||
Business Acquisition, Pro Forma Net Income (Loss) | 6 | [1] | 17 | ||||||
MountainWest Acquisition | Transmission And Gulf Of Mexico [Member] | Selling, general, and administrative expenses [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Acquisition Related Costs | $ 12 | ||||||||
MountainWest Acquisition | Transmission And Gulf Of Mexico [Member] | Operating Segments [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenues | $ 34 | ||||||||
Modified EBITDA Earnings Loss | $ 20 | ||||||||
Trace Midstream Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||||||
Business Combination, Consideration Transferred | $ 972 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 39 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 18 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 448 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 472 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 20 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 997 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (12) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (5) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (8) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (25) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 972 | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||||||
Percentage Of Finite Lived Intangible Assets Impacted By Our Intent Or Ability To Renew Or Extend Arrangement | 2% | ||||||||
Acquired Finite-lived Intangible Asset, Weighted-Average Period before Renewal or Extension | 19 years | ||||||||
Trace Midstream Acquisition | Pro Forma | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Pro Forma Revenue | 35 | ||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 14 | ||||||||
Trace Midstream Acquisition | West [Member] | Selling, general, and administrative expenses [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Acquisition Related Costs | $ 8 | ||||||||
Trace Midstream Acquisition | West [Member] | Operating Segments [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenues | $ 148 | ||||||||
Modified EBITDA Earnings Loss | $ 73 | ||||||||
[1]Excludes results from operations acquired in the MountainWest Acquisition for the period beginning on the acquisition date of February 14, 2023, as these results are included in the amounts as reported. |
Revenue Recognition Revenue by
Revenue Recognition Revenue by Category (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3,119 | $ 4,102 | |
Revenue Not from Contract with Customer | [1] | 1,997 | 1,556 |
Revenue Not from Contract with Customer, Other | [2] | (2,035) | (3,134) |
Total revenues | 3,081 | 2,524 | |
Regulated Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 802 | 760 | |
NonRegulated Service Monetary Consideration [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 791 | 692 | |
NonRegulated Service Commodity Consideration [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 36 | 77 | |
Total revenues | 36 | 77 | |
Other Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 72 | 66 | |
Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,701 | 1,595 | |
Total revenues | 1,694 | 1,537 | |
Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,418 | 2,507 | |
Total revenues | 845 | 1,104 | |
Regulated Interstate Transportation & Storage | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 839 | 796 | |
Revenue Not from Contract with Customer | [1] | 13 | 4 |
Revenue Not from Contract with Customer, Other | [2] | 0 | 0 |
Total revenues | 852 | 800 | |
Regulated Interstate Transportation & Storage | Regulated Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 813 | 778 | |
Regulated Interstate Transportation & Storage | NonRegulated Service Monetary Consideration [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Regulated Interstate Transportation & Storage | NonRegulated Service Commodity Consideration [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Regulated Interstate Transportation & Storage | Other Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 4 | 2 | |
Regulated Interstate Transportation & Storage | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 817 | 780 | |
Regulated Interstate Transportation & Storage | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 22 | 16 | |
Transmission And Gulf Of Mexico Midstream [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 154 | 196 | |
Revenue Not from Contract with Customer | [1] | 4 | 2 |
Revenue Not from Contract with Customer, Other | [2] | 0 | 0 |
Total revenues | 158 | 198 | |
Transmission And Gulf Of Mexico Midstream [Member] | Regulated Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Transmission And Gulf Of Mexico Midstream [Member] | NonRegulated Service Monetary Consideration [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 100 | 82 | |
Transmission And Gulf Of Mexico Midstream [Member] | NonRegulated Service Commodity Consideration [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 12 | 21 | |
Transmission And Gulf Of Mexico Midstream [Member] | Other Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 6 | 6 | |
Transmission And Gulf Of Mexico Midstream [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 118 | 109 | |
Transmission And Gulf Of Mexico Midstream [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 36 | 87 | |
Northeast Midstream [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 502 | 417 | |
Revenue Not from Contract with Customer | [1] | 7 | 6 |
Revenue Not from Contract with Customer, Other | [2] | 0 | 0 |
Total revenues | 509 | 423 | |
Northeast Midstream [Member] | Regulated Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Northeast Midstream [Member] | NonRegulated Service Monetary Consideration [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 391 | 323 | |
Northeast Midstream [Member] | NonRegulated Service Commodity Consideration [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 6 | 7 | |
Northeast Midstream [Member] | Other Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 56 | 51 | |
Northeast Midstream [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 453 | 381 | |
Northeast Midstream [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 49 | 36 | |
West Midstream [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 461 | 565 | |
Revenue Not from Contract with Customer | [1] | 42 | (3) |
Revenue Not from Contract with Customer, Other | [2] | 0 | 0 |
Total revenues | 503 | 562 | |
West Midstream [Member] | Regulated Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
West Midstream [Member] | NonRegulated Service Monetary Consideration [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 343 | 317 | |
West Midstream [Member] | NonRegulated Service Commodity Consideration [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 18 | 49 | |
West Midstream [Member] | Other Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 10 | 12 | |
West Midstream [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 371 | 378 | |
West Midstream [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 90 | 187 | |
Gas & NGL Marketing Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,374 | 2,471 | |
Revenue Not from Contract with Customer | [1] | 1,916 | 1,615 |
Revenue Not from Contract with Customer, Other | [2] | (2,159) | (3,232) |
Total revenues | 1,131 | 854 | |
Gas & NGL Marketing Services | Regulated Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Gas & NGL Marketing Services | NonRegulated Service Monetary Consideration [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Gas & NGL Marketing Services | NonRegulated Service Commodity Consideration [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Gas & NGL Marketing Services | Other Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1 | 1 | |
Gas & NGL Marketing Services | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1 | 1 | |
Gas & NGL Marketing Services | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,373 | 2,470 | |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 102 | 104 | |
Revenue Not from Contract with Customer | [1] | 15 | (65) |
Revenue Not from Contract with Customer, Other | [2] | 0 | 0 |
Total revenues | 117 | 39 | |
Other [Member] | Regulated Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Other [Member] | NonRegulated Service Monetary Consideration [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Other [Member] | NonRegulated Service Commodity Consideration [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Other [Member] | Other Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Other [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Other [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 102 | 104 | |
Intersegment Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (313) | (447) | |
Revenue Not from Contract with Customer | [1] | 0 | (3) |
Revenue Not from Contract with Customer, Other | [2] | 124 | 98 |
Total revenues | (189) | (352) | |
Intersegment Eliminations [Member] | Regulated Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (11) | (18) | |
Intersegment Eliminations [Member] | NonRegulated Service Monetary Consideration [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (43) | (30) | |
Intersegment Eliminations [Member] | NonRegulated Service Commodity Consideration [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Intersegment Eliminations [Member] | Other Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (5) | (6) | |
Intersegment Eliminations [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (59) | (54) | |
Intersegment Eliminations [Member] | Product [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (254) | $ (393) | |
[1] Revenues not derived from contracts with customers primarily consist of physical product sales related to derivative contracts, realized and unrealized gains and losses associated with our derivative contracts, which are reported in Net gain (loss) on commodity derivatives in the Consolidated Statement of Income, management fees that we receive for certain services we provide to operated equity-method investments, and leasing revenues associated with our headquarters building. |
Revenue Recognition Contract As
Revenue Recognition Contract Assets (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue Recognition [Abstract] | ||
Contract with Customer, Asset, Net - Beginning of Period | $ 29 | $ 22 |
Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress | 43 | 55 |
Contract with Customer, Asset, Reclassified to Receivable | (30) | (41) |
Contract with Customer, Asset, Net - End of Period | $ 42 | $ 36 |
Revenue Recognition Contract Li
Revenue Recognition Contract Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Contract With Customer, Liability [Line Items] | ||
Contract with Customer, Liability - Beginning of Period | $ 1,043 | $ 1,126 |
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress | 29 | 29 |
Other Significant Noncash Transaction, Value of Consideration Received | 2 | 2 |
Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination | 5 | 0 |
Contract with Customer, Liability, Revenue Recognized | (69) | (64) |
Contract with Customer, Liability - End of Period | $ 1,010 | $ 1,093 |
Revenue Recognition Contract _2
Revenue Recognition Contract Liabilities Performance Obligations (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | $ 1,010 | $ 1,043 | $ 1,093 | $ 1,126 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | 98 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | 124 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | 122 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | 107 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | 101 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with Customer, Liability | $ 458 | |||
Performance Obligations Related To Contract Liabilities [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months | |||
Performance Obligations Related To Contract Liabilities [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |||
Performance Obligations Related To Contract Liabilities [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |||
Performance Obligations Related To Contract Liabilities [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |||
Performance Obligations Related To Contract Liabilities [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |||
Performance Obligations Related To Contract Liabilities [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Revenue Recognition Remaining P
Revenue Recognition Remaining Performance Obligations (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Revenue Recognition [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 30,394 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue Recognition [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | 2,887 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue Recognition [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | 3,647 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue Recognition [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | 3,363 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue Recognition [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | 2,837 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue Recognition [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | 2,564 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue Recognition [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 15,096 |
Remaining Performance Obligations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months |
Remaining Performance Obligations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining Performance Obligations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining Performance Obligations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining Performance Obligations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining Performance Obligations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Revenue Recognition Accounts Re
Revenue Recognition Accounts Receivable (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, Net, Current | $ 1,524 | $ 2,723 |
Derivative Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, Net, Current | 291 | 889 |
Accounts Receivable Related To Contracts With Customers [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, Net, Current | 1,205 | 1,771 |
Other Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, Net, Current | $ 28 | $ 63 |
Provision (Benefit) for Incom_3
Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Current: | ||
Federal | $ 1 | $ 1 |
State | 0 | 2 |
Total | 1 | 3 |
Deferred: | ||
Federal | 237 | 94 |
State | 46 | 21 |
Total | 283 | 115 |
Provision (benefit) for income taxes | $ 284 | $ 118 |
Debt and Banking Arrangements L
Debt and Banking Arrangements Long-Term Debt Issuances and Retirements (Details 1) - USD ($) $ in Millions | Feb. 14, 2023 | Mar. 02, 2023 |
MountainWest | ||
Debt Instrument [Line Items] | ||
Liabilities, Fair Value Adjustment | $ (65) | |
5.40 Percent Senior Unsecured Notes Due 2026 | Williams Companies Inc [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 750 | |
Long-term debt interest rate | 5.40% | |
5.65 Percent Senior Unsecured Notes Due 2033 [Member] | Williams Companies Inc [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 750 | |
Long-term debt interest rate | 5.65% | |
3.53 Percent Senior Unsecured Notes due 2028 | MountainWest | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 100 | |
Long-term debt interest rate | 3.53% | |
3.91 Percent Senior Unsecured Notes due 2038 | MountainWest | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 150 | |
Long-term debt interest rate | 3.91% | |
4.875 Percent Senior Unsecured Notes due 2041 | MountainWest | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 180 | |
Long-term debt interest rate | 4.875% |
Debt and Banking Arrangements C
Debt and Banking Arrangements Credit Facilities and Commercial Paper (Details 2) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Credit Facility and Commercial Paper [Line Items] | |||
Commercial paper, outstanding | $ 0 | $ 350 | |
Williams Companies Inc [Member] | |||
Credit Facility and Commercial Paper [Line Items] | |||
Commercial paper, outstanding | 0 | ||
Credit facility, capacity | [1] | 3,750 | |
Credit facility, loans outstanding | [1] | 0 | |
Commercial Paper [Member] | Williams Companies Inc [Member] | |||
Credit Facility and Commercial Paper [Line Items] | |||
Credit facility, capacity | 3,500 | ||
Letters Of Credit Under Certain Bilateral Bank Agreements [Member] | Williams Companies Inc [Member] | |||
Credit Facility and Commercial Paper [Line Items] | |||
Credit facility, letters of credit outstanding | $ 18 | ||
[1]In managing our available liquidity, we do not expect a maximum outstanding amount in excess of the capacity of our credit facility inclusive of any outstanding amounts under our commercial paper program. |
Fair Value Measurements and G_3
Fair Value Measurements and Guarantees Recurring Measurements and Additional (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | ||
Additional disclosures: | ||||
Collateral Already Posted, Aggregate Fair Value | $ 120 | |||
Carrying Amount [Member] | ||||
Additional disclosures: | ||||
Long-term debt, including current portion | (24,412) | $ (22,554) | ||
Guarantees | (38) | (38) | ||
Fair Value [Member] | ||||
Additional disclosures: | ||||
Long-term debt, including current portion | (23,727) | (21,569) | ||
Guarantees | (27) | (25) | ||
Level 1 [Member] | ||||
Additional disclosures: | ||||
Long-term debt, including current portion | 0 | 0 | ||
Guarantees | 0 | 0 | ||
Collateral Already Posted, Aggregate Fair Value | 120 | 202 | ||
Level 2 [Member] | ||||
Additional disclosures: | ||||
Long-term debt, including current portion | (23,727) | (21,569) | ||
Guarantees | (11) | (9) | ||
Level 3 [Member] | ||||
Additional disclosures: | ||||
Long-term debt, including current portion | 0 | 0 | ||
Guarantees | (16) | (16) | ||
Fair Value, Recurring [Member] | Carrying Amount [Member] | ||||
Measured on a recurring basis: | ||||
ARO Trust investments | 242 | 230 | ||
Derivative Asset, Fair Value, Gross Asset | 132 | [1] | 166 | [2] |
Derivative Liability, Fair Value, Gross Liability | (449) | [1] | (810) | [2] |
Other financial assets (liabilities) – net | (1) | (5) | ||
Fair Value, Recurring [Member] | Fair Value [Member] | ||||
Measured on a recurring basis: | ||||
ARO Trust investments | 242 | 230 | ||
Derivative Asset, Fair Value, Gross Asset | 132 | [1] | 166 | [2] |
Derivative Liability, Fair Value, Gross Liability | (449) | [1] | (810) | [2] |
Other financial assets (liabilities) – net | (1) | (5) | ||
Fair Value, Recurring [Member] | Level 1 [Member] | ||||
Measured on a recurring basis: | ||||
ARO Trust investments | 242 | 230 | ||
Derivative Asset, Fair Value, Gross Asset | 17 | [1] | 20 | [2] |
Derivative Liability, Fair Value, Gross Liability | (1) | [1] | (22) | [2] |
Other financial assets (liabilities) – net | 0 | 0 | ||
Fair Value, Recurring [Member] | Level 2 [Member] | ||||
Measured on a recurring basis: | ||||
ARO Trust investments | 0 | 0 | ||
Derivative Asset, Fair Value, Gross Asset | 109 | [1] | 132 | [2] |
Derivative Liability, Fair Value, Gross Liability | (395) | [1] | (718) | [2] |
Other financial assets (liabilities) – net | (1) | (5) | ||
Fair Value, Recurring [Member] | Level 3 [Member] | ||||
Measured on a recurring basis: | ||||
ARO Trust investments | 0 | 0 | ||
Derivative Asset, Fair Value, Gross Asset | 6 | [1] | 14 | [2] |
Derivative Liability, Fair Value, Gross Liability | (53) | [1] | (70) | [2] |
Other financial assets (liabilities) – net | 0 | $ 0 | ||
WilTel Guarantee [Member] | ||||
Additional disclosures: | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 24 | |||
Indemnification Agreement [Member] | Carrying Amount [Member] | ||||
Additional disclosures: | ||||
Guarantees | $ 0 | |||
[1]Net commodity derivative assets and liabilities exclude $120 million of net cash collateral in Level 1.[2]Net commodity derivative assets and liabilities exclude $202 million of net cash collateral in Level 1. |
Derivatives - Commodity Related
Derivatives - Commodity Related Derivatives (Details) - Not Designated as Hedging Instrument [Member] | Mar. 31, 2023 Boe MMBTU |
Public Utilities, Inventory, Natural Gas | Index Risk | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative Nonmonetary Notional Amount Net Long Short Position Volume | MMBTU | 931,475,691 |
Public Utilities, Inventory, Natural Gas | Central Hub Risk | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative Nonmonetary Notional Amount Net Long Short Position Volume | MMBTU | (30,773,146) |
Public Utilities, Inventory, Natural Gas | Basis Risk | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative Nonmonetary Notional Amount Net Long Short Position Volume | MMBTU | (38,069,941) |
Natural Gas Liquids | Central Hub Risk | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative Nonmonetary Notional Amount Net Long Short Position Volume | Boe | (1,153,119) |
Natural Gas Liquids | Basis Risk | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative Nonmonetary Notional Amount Net Long Short Position Volume | Boe | (2,231,000) |
Crude Oil | Central Hub Risk | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative Nonmonetary Notional Amount Net Long Short Position Volume | Boe | 91,250 |
Derivatives - Financial Stateme
Derivatives - Financial Statement Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Asset, Fair Value, Gross Liability | $ (511) | $ (1,034) | |
Derivative Liability, Fair Value, Gross Asset | 631 | 1,236 | |
Derivative Asset | 256 | 334 | |
Derivative Liability | (453) | (776) | |
Energy Related Derivative | Gain (Loss) on Derivative Instruments | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 506 | $ (194) | |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 767 | 1,368 | |
Derivative Liability, Fair Value, Gross Liability | (1,084) | (2,012) | |
Not Designated as Hedging Instrument [Member] | Energy Related Derivative | Gain (Loss) on Derivative Instruments | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 174 | (69) | |
Unrealized Gain (Loss) on Derivatives | 332 | (125) | |
Not Designated as Hedging Instrument [Member] | Energy Related Derivative | Cost of Sales | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (4) | 1 | |
Unrealized Gain (Loss) on Derivatives | (5) | $ 2 | |
Other Current Liabilities | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 611 | 1,099 | |
Derivative Liability, Fair Value, Gross Liability | (623) | (1,278) | |
Regulatory liabilities, deferred income, and other [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 156 | 269 | |
Derivative Liability, Fair Value, Gross Liability | $ (461) | $ (734) |
Derivatives - Contingent Featur
Derivatives - Contingent Features (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Additional Collateral, Aggregate Fair Value | $ 7 |
Collateral Already Posted, Aggregate Fair Value | $ 120 |
Contingent Liabilities (Details
Contingent Liabilities (Details) - USD ($) $ in Millions | 1 Months Ended | ||||
Sep. 21, 2022 | Dec. 29, 2021 | May 20, 2016 | Jan. 31, 2020 | Mar. 31, 2023 | |
Loss Contingencies [Line Items] | |||||
Accrued environmental loss liabilities | $ 40 | ||||
Former Alaska Refinery [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Damages Awarded, Value | $ 86 | ||||
Energy Transfer Merger [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, damages sought, value | $ 1,480 | ||||
Litigation Settlement, Amount Awarded from Other Party | $ 602 | $ 410 | |||
Gas Pipeline [Member] | |||||
Loss Contingencies [Line Items] | |||||
Accrued environmental loss liabilities | 13 | ||||
Recoverable through rates | |||||
Loss Contingencies [Line Items] | |||||
Accrued environmental loss liabilities | 4 | ||||
Natural Gas Under Ground Storage Facilities [Member] | |||||
Loss Contingencies [Line Items] | |||||
Accrued environmental loss liabilities | 10 | ||||
Former Operations [Member] | |||||
Loss Contingencies [Line Items] | |||||
Accrued environmental loss liabilities | $ 17 |
Segment Disclosures Reconciliat
Segment Disclosures Reconciliation of Segment Modified EBITDA to Consolidated Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Reconciliation of Modified EBITDA to Net Income (Loss): | |||
Modified EBITDA Earnings (Loss) | $ 2,130 | $ 1,393 | |
Accretion expense associated with asset retirement obligations for nonregulated operations | (15) | (11) | |
Depreciation and amortization expenses | (506) | (498) | |
Equity earnings (losses) | 147 | 136 | |
Other investing income (loss) - net | 8 | 1 | |
Proportional Modified EBITDA of equity-method investments | (229) | (225) | |
Interest expense | (294) | (286) | |
(Provision) benefit for income taxes | (284) | (118) | |
Net income (loss) | 957 | 392 | |
Inventory write-downs | 18 | 0 | |
Energy Related Derivative | Not Designated as Hedging Instrument [Member] | Cost of Sales | |||
Reconciliation of Modified EBITDA to Net Income (Loss): | |||
Unrealized Gain (Loss) on Derivatives | (5) | 2 | |
Gas & NGL Marketing Services | Energy Related Derivative | Not Designated as Hedging Instrument [Member] | Cost of Sales | |||
Reconciliation of Modified EBITDA to Net Income (Loss): | |||
Unrealized Gain (Loss) on Derivatives | (5) | 2 | |
Operating Segments [Member] | Transmission And Gulf Of Mexico [Member] | |||
Reconciliation of Modified EBITDA to Net Income (Loss): | |||
Modified EBITDA Earnings (Loss) | 715 | 697 | |
Operating Segments [Member] | Northeast G And P [Member] | |||
Reconciliation of Modified EBITDA to Net Income (Loss): | |||
Modified EBITDA Earnings (Loss) | 470 | 418 | |
Operating Segments [Member] | West [Member] | |||
Reconciliation of Modified EBITDA to Net Income (Loss): | |||
Modified EBITDA Earnings (Loss) | 304 | 260 | |
Operating Segments [Member] | Gas & NGL Marketing Services | |||
Reconciliation of Modified EBITDA to Net Income (Loss): | |||
Modified EBITDA Earnings (Loss) | [1] | 567 | 13 |
Operating Segments [Member] | Other [Member] | |||
Reconciliation of Modified EBITDA to Net Income (Loss): | |||
Modified EBITDA Earnings (Loss) | $ 74 | $ 5 | |
[1] Modified EBITDA for the three months ended March 31, 2023 and 2022, includes charges of $18 million and $0 million, respectively, associated with lower of cost or net realizable value adjustments to our inventory. These charges are reflected in Product sales and Product costs in our Consolidated Statement of Income. Net unrealized commodity-related derivatives gains (losses) of $(5) million and $2 million for the three months ended March 31, 2023 and 2022, respectively, are reflected in Net processing commodity expenses |
Segment Disclosures Reconcili_2
Segment Disclosures Reconciliation of Segment Revenues to Consolidated (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Segment revenues | |||
Revenues | $ 3,081 | $ 2,524 | |
Intersegment Elimination [Member] | |||
Segment revenues | |||
Revenues | (186) | (349) | |
Operating Segments [Member] | Transmission And Gulf Of Mexico [Member] | |||
Segment revenues | |||
Revenues | 1,007 | 995 | |
Operating Segments [Member] | Northeast G And P [Member] | |||
Segment revenues | |||
Revenues | 509 | 423 | |
Operating Segments [Member] | West [Member] | |||
Segment revenues | |||
Revenues | 503 | 562 | |
Operating Segments [Member] | Gas & NGL Marketing Services | |||
Segment revenues | |||
Revenues | [1] | 1,131 | 854 |
Operating Segments [Member] | Other [Member] | |||
Segment revenues | |||
Revenues | 117 | 39 | |
Service [Member] | |||
Segment revenues | |||
Revenues | 1,694 | 1,537 | |
Service [Member] | Transmission And Gulf Of Mexico [Member] | |||
Segment revenues | |||
Revenues | 915 | 845 | |
Service [Member] | Northeast G And P [Member] | |||
Segment revenues | |||
Revenues | 443 | 370 | |
Service [Member] | West [Member] | |||
Segment revenues | |||
Revenues | 332 | 316 | |
Service [Member] | Gas & NGL Marketing Services | |||
Segment revenues | |||
Revenues | [1] | 1 | 1 |
Service [Member] | Other [Member] | |||
Segment revenues | |||
Revenues | 3 | 5 | |
Service [Member] | Intersegment Elimination [Member] | |||
Segment revenues | |||
Revenues | (60) | (58) | |
Service [Member] | Intersegment Elimination [Member] | Transmission And Gulf Of Mexico [Member] | |||
Segment revenues | |||
Revenues | (25) | (29) | |
Service [Member] | Intersegment Elimination [Member] | Northeast G And P [Member] | |||
Segment revenues | |||
Revenues | (11) | (10) | |
Service [Member] | Intersegment Elimination [Member] | West [Member] | |||
Segment revenues | |||
Revenues | (24) | (15) | |
Service [Member] | Intersegment Elimination [Member] | Gas & NGL Marketing Services | |||
Segment revenues | |||
Revenues | [1] | 0 | 0 |
Service [Member] | Intersegment Elimination [Member] | Other [Member] | |||
Segment revenues | |||
Revenues | 0 | (4) | |
Service [Member] | Operating Segments [Member] | Transmission And Gulf Of Mexico [Member] | |||
Segment revenues | |||
Revenues | 940 | 874 | |
Service [Member] | Operating Segments [Member] | Northeast G And P [Member] | |||
Segment revenues | |||
Revenues | 454 | 380 | |
Service [Member] | Operating Segments [Member] | West [Member] | |||
Segment revenues | |||
Revenues | 356 | 331 | |
Service [Member] | Operating Segments [Member] | Gas & NGL Marketing Services | |||
Segment revenues | |||
Revenues | [1] | 1 | 1 |
Service [Member] | Operating Segments [Member] | Other [Member] | |||
Segment revenues | |||
Revenues | 3 | 9 | |
NonRegulated Service Commodity Consideration [Member] | |||
Segment revenues | |||
Revenues | 36 | 77 | |
NonRegulated Service Commodity Consideration [Member] | Intersegment Elimination [Member] | |||
Segment revenues | |||
Revenues | 0 | 0 | |
NonRegulated Service Commodity Consideration [Member] | Operating Segments [Member] | Transmission And Gulf Of Mexico [Member] | |||
Segment revenues | |||
Revenues | 12 | 21 | |
NonRegulated Service Commodity Consideration [Member] | Operating Segments [Member] | Northeast G And P [Member] | |||
Segment revenues | |||
Revenues | 6 | 7 | |
NonRegulated Service Commodity Consideration [Member] | Operating Segments [Member] | West [Member] | |||
Segment revenues | |||
Revenues | 18 | 49 | |
NonRegulated Service Commodity Consideration [Member] | Operating Segments [Member] | Gas & NGL Marketing Services | |||
Segment revenues | |||
Revenues | [1] | 0 | 0 |
NonRegulated Service Commodity Consideration [Member] | Operating Segments [Member] | Other [Member] | |||
Segment revenues | |||
Revenues | 0 | 0 | |
Product [Member] | |||
Segment revenues | |||
Revenues | 845 | 1,104 | |
Product [Member] | Transmission And Gulf Of Mexico [Member] | |||
Segment revenues | |||
Revenues | 24 | 51 | |
Product [Member] | Northeast G And P [Member] | |||
Segment revenues | |||
Revenues | 8 | 5 | |
Product [Member] | West [Member] | |||
Segment revenues | |||
Revenues | 19 | 11 | |
Product [Member] | Gas & NGL Marketing Services | |||
Segment revenues | |||
Revenues | [1] | 776 | 1,015 |
Product [Member] | Other [Member] | |||
Segment revenues | |||
Revenues | 18 | 22 | |
Product [Member] | Intersegment Elimination [Member] | |||
Segment revenues | |||
Revenues | (126) | (291) | |
Product [Member] | Intersegment Elimination [Member] | Transmission And Gulf Of Mexico [Member] | |||
Segment revenues | |||
Revenues | (31) | (49) | |
Product [Member] | Intersegment Elimination [Member] | Northeast G And P [Member] | |||
Segment revenues | |||
Revenues | (41) | (31) | |
Product [Member] | Intersegment Elimination [Member] | West [Member] | |||
Segment revenues | |||
Revenues | (71) | (176) | |
Product [Member] | Intersegment Elimination [Member] | Gas & NGL Marketing Services | |||
Segment revenues | |||
Revenues | [1] | 101 | 47 |
Product [Member] | Intersegment Elimination [Member] | Other [Member] | |||
Segment revenues | |||
Revenues | (84) | (82) | |
Product [Member] | Operating Segments [Member] | Transmission And Gulf Of Mexico [Member] | |||
Segment revenues | |||
Revenues | 55 | 100 | |
Product [Member] | Operating Segments [Member] | Northeast G And P [Member] | |||
Segment revenues | |||
Revenues | 49 | 36 | |
Product [Member] | Operating Segments [Member] | West [Member] | |||
Segment revenues | |||
Revenues | 90 | 187 | |
Product [Member] | Operating Segments [Member] | Gas & NGL Marketing Services | |||
Segment revenues | |||
Revenues | [1] | 675 | 968 |
Product [Member] | Operating Segments [Member] | Other [Member] | |||
Segment revenues | |||
Revenues | 102 | 104 | |
Energy Commodities and Service | |||
Segment revenues | |||
Revenues | [2] | 506 | (194) |
Energy Commodities and Service | Realized Gain (Loss) | |||
Segment revenues | |||
Revenues | 174 | (69) | |
Energy Commodities and Service | Unrealized Gain (Loss) | |||
Segment revenues | |||
Revenues | 332 | (125) | |
Energy Commodities and Service | Transmission And Gulf Of Mexico [Member] | |||
Segment revenues | |||
Revenues | [2] | 0 | 0 |
Energy Commodities and Service | Transmission And Gulf Of Mexico [Member] | Realized Gain (Loss) | |||
Segment revenues | |||
Revenues | 0 | 0 | |
Energy Commodities and Service | Transmission And Gulf Of Mexico [Member] | Unrealized Gain (Loss) | |||
Segment revenues | |||
Revenues | 0 | 0 | |
Energy Commodities and Service | Northeast G And P [Member] | |||
Segment revenues | |||
Revenues | [2] | 0 | 0 |
Energy Commodities and Service | Northeast G And P [Member] | Realized Gain (Loss) | |||
Segment revenues | |||
Revenues | 0 | 0 | |
Energy Commodities and Service | Northeast G And P [Member] | Unrealized Gain (Loss) | |||
Segment revenues | |||
Revenues | 0 | 0 | |
Energy Commodities and Service | West [Member] | |||
Segment revenues | |||
Revenues | [2] | 39 | (5) |
Energy Commodities and Service | West [Member] | Realized Gain (Loss) | |||
Segment revenues | |||
Revenues | 39 | (5) | |
Energy Commodities and Service | West [Member] | Unrealized Gain (Loss) | |||
Segment revenues | |||
Revenues | 0 | 0 | |
Energy Commodities and Service | Gas & NGL Marketing Services | |||
Segment revenues | |||
Revenues | [1],[2] | 455 | (115) |
Energy Commodities and Service | Gas & NGL Marketing Services | Realized Gain (Loss) | |||
Segment revenues | |||
Revenues | [1] | 117 | (56) |
Energy Commodities and Service | Gas & NGL Marketing Services | Unrealized Gain (Loss) | |||
Segment revenues | |||
Revenues | [1] | 338 | (59) |
Energy Commodities and Service | Other [Member] | |||
Segment revenues | |||
Revenues | [2] | 12 | (74) |
Energy Commodities and Service | Other [Member] | Realized Gain (Loss) | |||
Segment revenues | |||
Revenues | 18 | (8) | |
Energy Commodities and Service | Other [Member] | Unrealized Gain (Loss) | |||
Segment revenues | |||
Revenues | (6) | (66) | |
Energy Commodities and Service | Intersegment Elimination [Member] | |||
Segment revenues | |||
Revenues | [2] | 0 | 0 |
Energy Commodities and Service | Intersegment Elimination [Member] | Realized Gain (Loss) | |||
Segment revenues | |||
Revenues | 0 | 0 | |
Energy Commodities and Service | Intersegment Elimination [Member] | Unrealized Gain (Loss) | |||
Segment revenues | |||
Revenues | $ 0 | $ 0 | |
[1]As we are acting as agent for natural gas marketing customers or engage in energy trading activities, the resulting revenues are presented net of the related costs of those activities.[2]We record transactions that qualify as derivatives at fair value with changes in fair value recognized in earnings in the period of change and characterized as unrealized gains or losses. Gains and losses on derivatives held for energy trading purposes are presented on a net basis in revenue. |