WMB: 2Q26 Earnings Preview and Thoughts on Unsubstantiated News Reports of Potential Acquisition

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WMB: 2Q26 Earnings Preview and Thoughts on Unsubstantiated News Reports of Potential Acquisition

RBC Capital Markets, LLC

Elvira Scotto, CFA (Analyst)

(212) 905-5957, elvira.scotto@rbccm.com

Chris Goehring (AVP)

(512) 708-6384, chris.goehring@rbccm.com

June 30, 2026 Outperform

NYSE: WMB; USD 75.06 The Williams Companies, Inc. Price Target USD 83.00RESEARCH 2Q26 Earnings Preview and Thoughts on Scenario Analysis*

Unsubstantiated News Reports of Potential Downside Current Price Upside

Scenario Price Target Scenario Acquisition

Our view: We update our estimates following our quarterly catch-up call 59.00 75.06 83.00 98.00 19% 13% 33%

with WMB and MtM QTD commodity prices. While we slightly lower our

2Q estimates on slight headwinds and normalization/seasonality vs 1Q, *Implied Total Returns

Key Statistics we think WMB remains positioned to generate 2026 Adj. EBITDA at the Shares O/S (MM): 1,223.0 Market Cap (MM): 91,798EQUITY high end of its guidance. In this report, we also include high-level thoughts Dividend: 2.13 Yield: 2.8%

regarding the unsubstantiated Bloomberg article of a potential acquisition. Avg. Daily Volume: 7,136,215

We reiterate our Outperform rating and maintain our price target of $83. RBC Estimates

Dec 2024A 2025A 2026E 2027E Key points: FY 7,080.0 7,750.0 8,339.8 9,276.9 EBITDA

Updating 2Q26 estimates: We tweak our estimates following our quarterly Prev. 8,387.3 9,293.9

catch-up call and mark-to-market QTD commodity prices. We slightly AFFO/Sh 4.40 4.78 5.16 5.83

lower our 2Q26 Adj. EBITDA estimate on sequential headwinds including Prev. 5.20 5.85

lower activity in the Haynesville and DJ Basins, normalized margins and P/AFFO 17.1x 15.7x 14.6x 12.9x

seasonality in the TPG segment, partially offset by steady NE volumes and DPS 1.93 2.03 2.13 2.23