Williams Quarterly Data Book

Transcription

1 Williams Quarterly Data Book (Includes WMB and WPZ) First Quarter 2015 We make energy happen. April 29, 2015

2 Forward Looking Statements > The reports, filings, and other public announcements of The Williams Companies, Inc. (Williams) and Williams Partners L.P. (WPZ) may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of You typically can identify forward-looking statements by various forms of words such as anticipates, believes, seeks, could, may, should, continues, estimates, expects, forecasts, intends, might, goals, objectives, targets, planned, potential, projects, scheduled, will, assumes, guidance, outlook, in service date or other similar expressions. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management and include, among others, statements regarding: Expected levels of cash distributions by WPZ with respect to general partner interests, incentive distribution rights, and limited partner interests; The levels of dividends to Williams stockholders; Future credit ratings of Williams and WPZ; Amounts and nature of future capital expenditures; Expansion and growth of our business and operations; Financial condition and liquidity; Business strategy; Cash flow from operations or results of operations; Seasonality of certain business components; Natural gas, natural gas liquids, and olefins prices, supply, and demand; and Demand for our services. > Forward-looking statements are based on numerous assumptions, uncertainties and risks that could cause future events or results to be materially different from those stated or implied in this presentation. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following: Whether WPZ will produce sufficient cash flows to provide the level of cash distributions we expect; Whether Williams is able to pay current and expected levels of dividends; Availability of supplies, market demand, and volatility of prices; 1 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 Forward Looking Statements (cont d) Inflation, interest rates, and fluctuation in foreign exchange rates and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on customers and suppliers); The strength and financial resources of our competitors and the effects of competition; Whether we are able to successfully identify, evaluate and execute investment opportunities; Our ability to acquire new businesses and assets and successfully integrate those operations and assets into our existing businesses as well as successfully expand our facilities; Development of alternative energy sources; The impact of operational and developmental hazards and unforeseen interruptions; Costs of, changes in, or the results of laws, government regulations (including safety and environmental regulations), environmental liabilities, litigation, and rate proceedings; Williams costs and funding obligations for defined benefit pension plans and other postretirement benefit plans; WPZ s allocated costs for defined benefit pension plans and other postretirement benefit plans sponsored by its affiliates; Changes in maintenance and construction costs; Changes in the current geopolitical situation; Our exposure to the credit risk of our customers and counterparties; Risks related to financing, including restrictions stemming from debt agreements, future changes in credit ratings as determined by nationallyrecognized credit rating agencies and the availability and cost of capital; The amount of cash distributions from and capital requirements of our investments and joint ventures in which we participate; Risks associated with weather and natural phenomena, including climate conditions; Acts of terrorism, including cybersecurity threats and related disruptions; and Additional risks described in our filings with the Securities and Exchange Commission (SEC). > Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forwardlooking statement, we caution investors not to unduly rely on our forward-looking statements. We disclaim any obligations to and do not intend to update the above list or announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments. > In addition to causing our actual results to differ, the factors listed above may cause our intentions to change from those statements of intention set forth in this presentation. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise. > Investors are urged to closely consider the disclosures and risk factors in Williams and WPZ s annual reports on Form 10-K filed with the SEC on Feb. 25, 2015, and each of our quarterly reports on Form 10-Q available from our offices or from our websites at and 2 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

3 WPZ- Access Midstream WPZ- Access Midstream Access Midstream (Dollars in millions) 2014 * 2015 Service Revenues $ $ $ 292 $ 473 $ 765 $ 299 Segment costs and expenses: Operating and maintenance expense Selling, general, and administrative Other (income) expense - net Total segment costs and expenses Proportional Modified EBITDA of equity-method investments Modified EBITDA Ad ju s tm en ts Adjusted EBITDA (2) (65) 5 86 $ $ $ 322 $ 325 $ 647 $ 314 Distributions received $ 31 $ 33 $ 78 $ 83 $ 225 $ * Recast due to the merger between Williams Partners L.P. and Access Midstream Partners, L.P. and the change to Modified EBITDA as our measure of segment performance 4 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

4 WPZ- Access Midstream Access Midstream- Operating Statistics (Dollars in millions) 2014 * 2015 Operating statistics Throughput, bcf per day (1) Barn ett s h ale Eagle Ford shale Haynesville shale Marcellus shale Utica shale Mid-Continent Total throughput * Recas t d u e to th e m erg er b etween W illiam s P artn ers L.P. an d Acces s Mid s tream P artn ers, L.P. an d th e ch an g e to Mod ified EBITDA as our measure of segment performance in first quarter (1) Throughput in all regions represents the net throughput allocated to the Partnership s interest. 5 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ- Access Midstream Expanding Asset Base- High Quality, Scalable Asset Base in High Growth Unconventional Plays Key Operating Data (1) Dedicated Areas: ~8.0MM acres Miles of Pipe: 6,599 Volume: Bcf/d Horsepower: 630,970 (1) Data as of quarter ended March 31, Volume represents the gross throughput for operated assets and net throughput allocated to the Partnership s interest for nonoperated assets. 6 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

5 WPZ- Access Midstream Leading Contract Structure - 100% Fixed Fee Barnett Mid-Continent Haynesville Permian Eagle Ford Marcellus Utica Contract Structure MVC and Fee Redetermination Annual Fee Redetermination Annual Fee Redetermination / Fixed Fee with MVC and Fee Tiers Cost of Service / Fee Redetermination Cost of Service and Fee Tiers Cost of Service Cost of Service (gathering) / Fixed Fee (processing) Term 20 Year Acreage Dedication 20 Year Acreage Dedication Year Acreage Dedication 20 Year Acreage Dedication 20 Year Acreage Dedication 15 Year Acreage Dedication Year Acreage Dedication Dedicated Acreage (1) 900,000 1,550, , ,000 1,400,000 1,500,000 1,650,000 Gas Gathered (MMcf/d) (2) , Ownership (3) 100% 100% 100% Perm Op - 100% DBJV - 50% RWTX - 33% 100% ~47% Cardinal - 66% UGS - 100% UEOM - 49% (1) Dedicated Acreage in all regions represents the gross acres dedicated to WPZ and it s partners. (2) Gas Gathered represents the gross throughput for operated assets and net throughput allocated to the Partnership s interest for non-operated assets. (3) WPZ is Operator of its Marcellus, and Cardinal Joint Ventures. 7 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ- Access Midstream Low Risk Business Model Considerations Volume & Capital Re-contracting Commodity and Basin Mitigants MVC and long-term acreage dedications Rate redetermination, cost of service and fee tiers Conservative maintenance capital Arms-length, year contracts at market rates Critical infrastructure providing access to market Dedicated acreage 100% fixed-fee revenues Commitment to maintain contract structure / business model as business grows Concentrated in low cost basins 8 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

6 WPZ- Access Midstream Cost of Service Growth year fee calculated based on mid-teens return on invested capital Long-term EBITDA growth part of contractual model Fee recalculated annually for actual experience and revised forecast Cost of service structure provides long-term, built-in EBITDA growth 9 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ Atlantic - Gulf

7 WPZ-Atlantic Gulf Atlantic- Gulf (Dollars in millions) 2014* 2015 Revenues: Fee-based revenues: Gathering & processing Production handling and transportation Other fee revenues Commodity-based revenues: NGL sales from gas processing Marketing sales Other sales Tracked revenues: In tras eg men t elimin ation s Total reven u es $ 16 $ 21 $ 21 $ 20 $ 78 $ , (1) , , Segment costs and expenses: NGL cost of goods sold Marketing cost of goods sold Other segment costs and expenses Tracked costs In tras eg men t elimin ation s Total segment costs and expenses Proportional Modified EBITDA of equity-method investments Modifed EBITDA Ad ju s tm en ts Adjusted EBITDA , , $ 266 $ 270 $ 271 $ 268 $ 1,075 $ 335 *Recast due to the change to Modified EBITDA as our measure of segment performance in first quarter Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ-Atlantic Gulf Atlantic- Gulf operating statistics (Dollars in millions) 2014* 2015 Operating statistics Gathering and Processing** Gathering volumes (Tbtu) P lan t in let n atu ral g as volu mes (Tb tu ) Ethane equity sales (million gallons ) Non -ethane equity sales (million gallons ) NGL equity s ales (million gallons ) Ethane margin ($/gallon) Non-ethane margin ($/gallon) NGL margin ($/gallon ) $.46 $.23 $.14 $ (.03) $.18 $.04 $ 1.10 $ 1.04 $ 1.00 $.69 $.96 $.43 $ 1.02 $.82 $.68 $.59 $.77 $.26 Ethane production (million gallons ) Non -ethane production (million gallons ) NGL production (million gallons ) Discovery Producer S ervices LLC (equity investment) - 100% NGL equity s ales (million gallons ) NGL production (million gallons ) T ran s con tin en tal Gas Pip e Lin e Throughput (Tbtu) Avg. daily transportation volumes (Tbtu) Avg. daily firm reserved capacity (Tbtu) , , *Recast due to the change to Modified EBITDA as our measure of segment performance in first quarter ** Excludes volumes associated with partially owned assets that are not consolidated for financial reporting purposes. 12 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

8 WPZ Atlantic-Gulf Eastern Interstates: Nation s Largest, Fastest Growing Interstate Pipeline System CAPITAL INVESTED PLACED INTO SERVICE ($B) $3.3 $0.4 $ Hillabee Phase 1 Garden State Expansion Virginia Southside I & II Leidy Southeast Constitution NE Connector/ Rockaway Lateral Atlantic Sunrise New York Bay Expansion CPV Woodbridge Rock Springs Expansion Dalton Lateral $ South Louisiana Market Mobile Bay South III Gulf Trace 13 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ Atlantic-Gulf Constitution Pipeline: New Market Access for Marcellus Production > A 124-mile, 30-inch pipeline connecting Williams Partners Gathering System in Susquehanna County, PA to Iroquois Gas Transmission and Tennessee Gas Pipeline in Schoharie County, NY > Capacity: 650 MDth/d > Expected project capex: $360 million (41%) > New FERC-regulated interstate pipeline > Owned (41%) and operated by WPZ; Cabot Oil and Gas owns 25%, Piedmont Constitution Pipeline Company owns 24%, and WGL Midstream, Inc. owns 10% > Target in-service date: 2 nd half Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

9 WPZ Atlantic-Gulf Atlantic Sunrise: Major Transco Expansion Underpinned by Long-term Commitments > 15-year binding firm-transportation agreements > Bolsters connection to growing Marcellus supplies > 1.7 MMDth/d fully committed > Expecting WPZ net investment of $1.9 billion > Producers, LDCs investing in Greenfield portion of project LNG Cove Point > Target in-service: second half of Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ Atlantic-Gulf Proposed Transco Appalachian Connector Project (Not in Guidance) Incremental firm transportation capacity from receipt points in the Western Marcellus and Utica supply areas of northern West Virginia and southeastern Ohio to the Mid-Atlantic, Southeast and Gulf Coast markets along Transco as far south as Station 65 in Louisiana. Target in-service: late 2018 Clarington Natrium Oak Grove Fort Beeler Zone 6 Proposed Transco Appalachian Connector Project River Road In discussions with potential shippers. Facilities and scope to be determined based on final level of shipper commitment. Zone Zone 3 Zone Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

10 WPZ Atlantic-Gulf Gas Pipeline Assets: Unprecedented Growth with Fully Contracted Projects CAPITAL INVESTMENT PLACED INTO SERVICE ($MM) $4,000 $3,500 $3,000 $2,500 $2, MMdt/Day $1,500 $1,000 $500 $ Transco Gulfstream* Constitution* Capacity* * Represents Williams ownership percentage. The estimated project in-service dates assume timely receipt of all regulatory approvals. Constitution expected in service second half of Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ Atlantic-Gulf ~$3.3 Billion Growth Capex Through 2017 Planned in Transco s Northern Market OH WV PA Leidy Hub Project Name ISD MDth/d Est. Cap. Northeast Connector 2014/ $55 MM Rockaway Delivery Lateral $350 MM Leidy Southeast $600 MM CPV Woodbridge In-Service 264 $40 MM Rock Springs $80 MM Atlantic Sunrise ,700 *$1,900 MM Garden State Expansion Atlantic Sunrise > Pipeline & loop > Compression $150 MM New York Bay $130 MM VA Zone 5 MD Garden State Expansion > Compression Zone Baltimore NE Connector > Compression DE Leidy Southeast > 25 mi. of 42-inch loop > Compression Philadelphia 210 NJ NY CPV Woodbridge > 2.3 mi. of 20-inch lateral New York City New York Bay Expansion > Compression Rockaway Lateral > 3.3 mi. of 26-inch lateral Rock Springs > 10.7 mi. of 20-inch > Compression *Represents WPZ s expected net investment. The estimated project in-service dates assume timely receipt of all regulatory approvals. 18 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

11 WPZ Atlantic-Gulf ~$1.1 Billion Growth Capex Through 2017 Planned in Transco s Southern Market Zone Richmond Virginia Southside > 99 mi. of 24-inch pipe (including lateral) > Compression Dalton Expansion > 106 mi. greenfield pipeline & Compression Charlotte 160 Virginia Southside II > 4.3 mi. of 24-inch pipe > Compression Hillabee Expansion > Loop & Compression Atlanta Zone 5 Project Name ISD MDth/d Est. Cap. Mobile Bay South III In-Service 225 $50 MM 85 Zone 4 Mobile Bay South III > Compression Virginia Southside $300 MM Dalton Expansion $275 MM Hillabee Expansion 2017 *818 *$310 MM Virginia Southside II $210 MM * Represents phase 1. The estimated project in-service dates assume timely receipt of all regulatory approvals. 19 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ Atlantic-Gulf ~ $0.3 Billion Growth CapEx Through 2017 Planned in Transco s Production Area Project Name ISD MDth/d Est. Cap. Gulf Trace ,200 $300 MM Zone 4 85 Gulf Trace > 8 mi. of 30-inch lateral > Compression 65 Zone 2 45 Zone 3 30 Sabine Pass Liquefaction Facility 20 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

12 WPZ Atlantic-Gulf Gulfstream: Stable, High-Return Base Asset > 50% WPZ ownership interest > Flexible supply Gulf of Mexico Midcontinent Shales > Fully subscribed with longterm contracts > Average contract life ~ 15 years > Serves growing Florida market Growth driven by increased power generation needs > No rate case requirement 21 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ Atlantic-Gulf Gulf East Growth Projects and Opportunities CONTRACTED: > Tubular Bells Gulfstar One (GS1) ramping up production from 3 wells > Kodiak tieback to Devils Tower expected online 4Q 2015 > Gunflint tieback to GS1 expected online 1Q 2016 POTENTIAL: > Appomattox Development (Norphlet Play) gas gathering, transportation, & processing expected online 1Q 2019 > Taggart tieback to Devils Tower expected online 4Q Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

13 WPZ Atlantic-Gulf Gulf West Growth Projects and Opportunities > Well positioned for Alaminos Canyon, Pemex, and export to Mexico opportunities > Eagle Ford rich gas gathering and processing opportunities > Continued development at Perdido has resulted in record production rates of 155MMcfd and 92Mbpd > Opportunity to deliver 1.5 Bcfd of gas supply to several CFE pipelines in Mexico 23 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ Atlantic-Gulf Keathley Canyon Connector Updates > 400 MMcf/d capacity > Lucius First Gas: Feb > Hadrian S First Gas: Mar > Combined Lucius/Hadrian S rampup ongoing > Heidelberg First Gas: Mid-2016 > Buckskin/Moccasin: Likely tied back to Lucius > High-potential neighborhoods with development drilling planned in 2015 > Total Discovery system currently at max capacity of 630MMcf/d 24 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

14 WPZ and WMB NGL & Petchem Services WPZ- NGL & Petchem Services NGL & Petchem Services (Dollars in millions) 2014* 2015 Revenues: Fee-based revenues: Production handling and transportation Other fee-based revenues Commodity-based revenues: NGL sales from gas processing Olefin sales Marketing sales Other sales In tras eg men t elimin ation s Total reven u es $ 7 $ 7 $ 7 $ 7 $ 28 $ , , (77) (76) (72) (74) (299) (54) , Segment costs and expenses: NGL cost of goods sold Olefins cost of goods sold Marketing cost of goods sold Other cost of goods sold Net insurance recoveries - Geismar Incident Other segment costs and expenses In tras eg men t elimin ation s Total segment costs and expenses , (119) (42) (71) (232) (77) (76) (72) (74) (299) (54) , Proportional Modified EBITDA of equity-method investments Modified EBITDA Ad ju s tm en ts Adjusted EBITDA (66) 89 1 $ 236 $ 168 $ 22 $ (13) $ 413 $ 7 *Recast due to the change to Modified EBITDA as our measure of segment performance in first quarter Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

15 WPZ- NGL & Petchem Services NGL & Petchem Services operating statistics (Dollars in millions) 2014* 2015 Operating statistics Ethane equity sales (million gallons ) Non -ethane equity sales (million gallons ) NGL equity s ales (million gallons ) Ethane production (million gallons ) Non -ethane production (million gallons ) NGL production (million gallons ) Petrochemical S ervices Geis mar ethylene s ales volumes (million lbs ) Geis mar ethylene margin ($/lb ) Canadian propylene sales volumes (millions lbs ) Canadian alky feedstock sales volumes (million gallons ) 2 $ $ $ $ $ $ Overland Pass Pipeline Com pany LLC (equity investm ent) - 100% NGL Transportation volumes (Mbbls) 8,612 8,926 9,482 10,118 37,138 10,845 *Recast due to the change to Modified EBITDA as our measure of segment performance in first quarter Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ NGL & Petchem Services Geismar Expansion and Modernization Completed > Objectives: Operate safely Restore Williams high standard of reliability Deliver promised value to our shareholders > Expansion increases annual ethylene production capacity 50% to 1.95 billion lbs. Williams share is 1.7 billion lbs., up 600MM lbs., + >50% Early Mover in the Industry Expansion Wave 28 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

16 WPZ NGL & Petchem Services Geismar Benefits from Healthy Olefins Margins ETHYLENE CRACK SPREAD $US/lb $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 Industry Crack Spread $0.20 $0.10 $0.00 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Ethane Price Ethylene Spot Price Note: Historical CMAI spot prices for ethylene and ethane. Crack spread and ethane price stated before any co-product credits. 29 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ NGL & Petchem Services Geismar Mitigates Declining Ethane to Crude Ratio ETHANE AND ETHYLENE RELATIONSHIP TO CRUDE % of Crude 120% 100% Evangeline Pipeline outage 80% 60% 40% 20% 0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Ethane as a % of WTI Ethylene as % of WTI Note: Historical CMAI spot prices for ethylene and ethane converted to a $/barrel basis. 30 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

17 WPZ NGL & Petchem Services Our Canada Growth Story Capitalizing on Our Competitive Advantages VALUE DRIVERS > Existing Eiti asset position Ft. McMurray Cryo at Suncor 26 Mbpd Boreal Pipeline 43 Mbpd (expandable to 125 Mbpd) The only pipeline capable of moving offgas liquids from the oil sands region to the Edmonton region > Upgrading product value Aggregating more liquids from the oil sands Increasing Boreal Pipeline utilization Recovering ethane and ethylene > Environmental benefits Reduces sulphur dioxide, CO2 emissions 31 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ NGL & Petchem Services Propylene Consistently at Top of Value Chain OLEFINS PRODUCTION FROM NGLs AND OFFGAS RECOVERY ADDS SIGNIFICANT ADDITIONAL MARGIN POTENTIAL TO THE NATURAL GAS VALUE CHAIN $/MMBtu $45 $40 Propylene $35 $30 $25 $20 $15 $10 $5 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Gas Ethane Propane Crude Ethylene Propylene Note: Historical CMAI Gulf Coast spot prices converted to a $/MMBtu basis. 32 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

18 WPZ NGL & Petchem Services Canadian Operations Hold Distinct Feedstock Cost Advantage OFFGAS PROPYLENE MARGIN $US/lb $1.00 $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $0.00 Industry Margin Offgas Margin 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Natural Gas Propane Cracking Propylene Note: Historical CMAI spot pricing for propylene and propane and AECO pricing for natural gas. Assume 1.05 lbs of propane for each 1 lb of propylene cracked. 33 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WMB NGL & Petchem Services Williams NGL & Petchem Services 2014* 2015 (Dollars in millions) Segment costs and expenses: Operating and maintenance expenses Selling, general, and administrative expenses Other (income) expense - net Total segment costs and expenses Proportional Modified EBITDA of equity-method investments Modified EBITDA Ad ju s tm en ts Adjusted EBITDA $ 2 $ 1 $ 2 $ 2 $ 7 $ (1) 1 (1) $ (1) (1) (77) (2) 1 (78) (100) (8) (4) (3) (115) (5) 95 1 (1) 95 $ (5) $ (7) $ (4) $ (4) $ (20) $ (5) *Recast due to the change to Modified EBITDA as our measure of segment performance in first quarter Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

19 WMB NGL & Petchem Services Agreement to Process CNRL s Horizon Upgrader Offgas > Expected to add approximately 15 Mbpd of NGL/Olefins production (12 Mbpd by 4Q 2015; growing to 15 Mbpd by 2018) > Ethane price risk mitigated via previously announced agreement to supply NOVA up to 17 Mbpd of ethane and ethylene (includes price floor) > Total capex expected to be US$600 $700 million shared between WMB and WPZ > Expected in-service 4Q Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WMB NGL & Petchem Services Proposed Canada PDH Facility Would Convert Discounted Propane to High-Value Product ALBERTA PROPANE DEHYDROGENATION > First facility of its kind in Canada > Will produce 1.1 billion pounds of polymer grade propylene annually > Exploring opportunities that would see a propylene derivative plant built in close proximity to the PDH PGP would be sold under a long-term fee-type arrangement to reduce risk profile of PDH project > Proposed in-service date 2 nd half of 2018 Relaxed construction schedule supports capital cost control Potential to match PDH execution schedule and start-up date with derivative plant > Alberta propane price discounted to the US Gulf Coast creates structurally competitive plant 36 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

20 WMB NGL & Petchem Services Williams Gulf Coast Petchem Services New Plants Need New Logistics Services CURRENT MAJOR PROJECTS > Under construction: WPZ ethane pipeline system expansion; first phase in service; expected fully in-service 3Q 2015 WMB Texas Belle Pipeline: Started isobutane service in 1Q 2015; C5+ in service 3Q 2015 > Under development: WMB Promesa: Ethylene Pipeline and Storage Hub Expansion TX WMB Jackrabbit: PGP Pipeline and Storage Hub Development 37 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 Northeast G&P

21 WPZ-Northeast G&P Northeast G&P (Dollars in millions) 2014* 2015 Revenues: Fee-based revenues: Gathering & processing Production handling and transportation Other fee revenues Commodity-based revenues: NGL sales from gas processing Marketing sales Other sales In tras eg men t elimin ation s Total reven u es $ 90 $ 93 $ 99 $ 112 $ 394 $ (1) (1) Segment costs and expenses: NGL cost of goods sold Marketing cost of goods sold Other segment costs and expenses In tras eg men t elimin ation s Total segment costs and expenses 1 (1) (59) (1) (1) Proportional Modified EBITDA of equity-method investments Modified EBITDA Ad ju s tm en ts Adjusted EBITDA (12) (130) (119) 10 $ 54 $ 76 $ 68 $ 78 $ 276 $ 100 *Recast due to the change to Modified EBITDA as our measure of segment performance in first quarter Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ-Northeast G&P Northeast G&P operating statistics (Dollars in millions) 2014* 2015 Operating statistics Gathering and Processing** Gathering volumes (Tbtu) P lan t in let n atu ral g as volu mes (Tb tu ) Ethane equity sales (million gallons ) Non -ethane equity sales (million gallons ) NGL equity s ales (million gallons ) Ethane production (million gallons ) Non -ethane production (million gallons ) NGL production (million gallons ) Laurel Mountain Midstream LLC (equity investment) - 100% Gathering volumes (Tbtu) * Recast due to the change to Modified EBITDA as our measure of segment performance in first quarter of ** Excludes volumes associated with partially owned assets that are not consolidated for financial reporting purposes. 40 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

22 WPZ Northeast G&P Delivering Large-Scale Infrastructure to the Marcellus & Utica MARCELLUS & UTICA SHALE OVERVIEW 1 Represents estimated in-service dates and estimated capacity at respective year end. 2 LMM, Blue Racer and Access Midstream Utica are partially owned systems; amounts shown reflect 100%. Marcellus (wholly owned or operated) Susquehanna Supply Hub (SSH) 3 Bcf/d takeaway capacity Laurel Mountain Midstream (LMM) ,2 ~700 MMcf/d gathering capacity Ohio Valley Midstream (OVM) 0.7 Bcf/d processing capacity ~80 Mbpd fractionation/de-ethanization Access Midstream ,2 2.8 Bcf/d estimated exit rate NW PA and NE Ohio/TRM 530,000 dedicated acres Utica (partially owned, non-operated) Blue Racer Midstream ,2 1.5 Bcf/d gathering capacity 1.0 Bcf/d processing capacity ~125 Mbpd fractionation capacity Access Midstream ,2 0.8 Bcf/d (operated) gathering exit rate 0.9 Bcf/d processing capacity ~135 Mbpd fractionation capacity 41 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ Northeast G&P Susquehanna Supply Hub: Building Large-scale Gathering System in Northeast PA SIGNIFICANT SUPPLY HUB WITH ACCESS TO EAST COAST MARKETS > Access to 3 Bcf/d* of takeaway capacity into 3 major interstate pipelines Transco, Tennessee, Millennium > Future expansions will deliver into Constitution and Atlantic Sunrise EXPANDING GAS GATHERING SYSTEM TO MEET PRODUCERS DRILLING PLANS > Key customers Cabot Southwestern Energy Carrizo-Reliance > Large-scale build out Building operational flexibility to allow increased system reliability * Excludes Constitution, estimated in-service date is Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

23 WPZ Northeast G&P Laurel Mountain Midstream Covers Broad Footprint in Western PA CONTINUED SYSTEM EXPANSION THROUGH JV WITH CHEVRON > JV with Chevron 69% WPZ owned starting Oct 1st, 2014 WPZ operated Chevron Area of Dedication > Optimization of capital plan for dry gas area System capacity of ~ 700 MMcf/d Gathering System EXTENSIVE DEDICATIONS PROVIDE EXPOSURE TO DRY GAS AREAS > Approximately 275,000 acres dedicated 43 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ Northeast G&P Developing infrastructure solutions for dedicated rich-gas acreage in NW PA and NE Ohio EXTENSIVE DEDICATION EXPANDS RICH GAS AREA Chevron Area of Dedication > Key Customers Rex Shell Chevron Rex Area of Dedication > Approximately 530,000 acres dedicated > G&P Agreement Fee-based 44 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

24 WPZ Northeast G&P Ohio Valley Midstream Provides Large-scale Presence in Liquids-rich Area EXTENSIVE ACREAGE, GATHERING AND PROCESSING UNDER CONTRACT > Long-term contracts: 236,000 acres dedicated 7 producers Processing of gathered gas Moundsville Fractionation Plant Oak Grove Deethanizer Ethane Line WELL - POSITIONED ASSETS WITH SIGNIFICANT EXPANSION OPPORTUNITIES > Processing Fort Beeler Cryogenic Plant currently 520 MMcf/d Oak Grove Cryogenic Plant currently 200 MMcf/d > Fractionation/Deethanization Moundsville fractionation 42.5 MBPD Oak Grove Deethanizer 40 MBPD of ethane Condensate Stabilizer 14.5 MBPD Ft. Beeler to Moundsville NGL Line Oak Grove Cryogenic Plant Oak Grove Stabilization Ft. Beeler Cryogenic Plant > Ethane outlet to Sunoco 45 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ Northeast G&P Caiman Energy II/Blue Racer Midstream JV Interest Enhances Presence in Utica Shale FOCUSES ON COUNTIES IN EAST OH AND NORTHWEST PA COVERING THE UTICA SHALE > Blue Racer Midstream is developing a substantial gathering and processing system Nearly 600 miles of large-diameter gathering pipelines Nearly 130 miles of NGL and condensate transportation pipelines Natrium complex in Marshall County, WV, processing and fractionation assets Berne processing complex in Monroe County, OH Lewis processing complex in Harrison County, OH Three Rivers Midstream > Williams Partners owns a 58% equity investment in Caiman Energy II. Caiman Energy II owns 50% of Blue Racer Midstream > Williams Partners invested approximately $420 million through 2014 for its proportional interest in Blue Racer Midstream 46 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

25 WPZ Northeast G&P Delivering Large Scale Infrastructure for Fastest-Growing Supply Area in the U.S. STEADY AND SIGNIFICANT HISTORICAL FEE-BASED VOLUME GROWTH (MMCF/D) GATHERING VOLUME GROWTH THROUGH 2014 (BCF/D) Average Gathered Volumes (MMcf/d) 3,000 2,800 2,600 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1, Bcf/d or 30% Growth 1Q YTD Y-o-Y 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 Average Gathered Volumes (Bcf/d) Bcf/d or 45% CAGR Laurel Mountain Midstream 1 Susquehanna Supply Hub Ohio Valley Midstream 1 Laurel Mountain Midstream average annual gathered volumes are 100% amounts. WPZ owns 69% of Laurel Mountain Midstream. Note: Excludes Marcellus/Utica investments in Blue Racer and Three Rivers. 47 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ West

26 WPZ- West West (Dollars in millions) Revenues: Fee-based revenues: Gathering & processing Production handling and transportation Other fee revenues Commodity-based revenues: NGL sales from gas processing Marketing sales Other sales Tracked revenues In tras eg men t elimin ation s Total revenues 2014* 2015 $ 132 $ 141 $ 144 $ 143 $ 560 $ , (1) (1) , Segment costs and expenses: NGL cost of goods sold Marketing cost of goods sold Other cost of goods sold Other segment costs and expenses Tracked costs In tras eg men t elimin ation s Total segment costs and expenses (1) (1) P roportional Modified EBITDA of equity-method investments Modifed EBITDA Ad ju s tm en ts Adjusted EBITDA $ 212 $ 205 $ 224 $ 190 $ 831 $ 162 *Recast due to the merger between Williams Partners L.P. and Access Midstream Partners, L.P. and the change to Modified EBITDA as our measure of segment performance in first quarter Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ- West West operating statistics (Dollars in millions) 2014* 2015 Operating statistics Gathering and Processing Gathering volumes (Tbtu) P lan t in let n atu ral g as volu mes (Tb tu ) , Ethane equity sales (million gallons ) Non -ethane equity sales (million gallons ) NGL equity s ales (million gallons ) Ethane margin ($/gallon) Non-ethane margin ($/gallon) NGL margin ($/gallon ) Ethane production (million gallons ) Non -ethane production (million gallons ) NGL production (million gallons ) , North wes t Pip elin e LLC Throughput (Tbtu) Avg. daily transportation volumes (Tbtu) Avg. daily firm reserved capacity (Tbtu) Former ACMP Gathering Operations Throughput, bcf per day Niobrara (1) (1) Throughput represents the net throughput allocated to the Partnership's interest. *Recas t d u e to th e m erg er b etween W illiam s P artn ers L.P. an d Access Midstream Partners, L.P. and the change to Modified EBITDA as our measure of segment performance in first quarter Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

27 WPZ West West G&P: Scale, Stability, Potential Growth Northwest Pipeline Piceance Basin > 328 miles of pipeline > 1.4 Bcf/d of gathering capacity > 1.8 Bcf/d of processing capacity Four Corners > 3,739 miles of pipeline > 1.8 Bcf/d of gathering capacity > 1.5 Bcf/d of processing/ treating capacity Wyoming > 3,776 miles of pipeline > 1.2 Bcf/d of gathering capacity > 2.3 Bcf/d of processing capacity > Large-scale positions provide competitive advantages > Business generating strong cash flows and driving efficiencies > Ability to quickly throttle up in improved commodity price environment significant gas and liquids infrastructure in place > Customer base transitioning more aggressive independent producers buying positions > Pursuing growth opportunities to provide midstream services to Four Corners shale-oil plays. 51 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ West Fee-based Revenue Consistent; Commodityexposed Margins and Fees Reflect Current Prices GROSS MARGIN BY TYPE ($MM) A > Steady NWP fee business > 2015 G&P fee-based business expected to remain consistent with prior years > NGL margins and commodity-based fees are impacted by current prices A 2013 equity NGL margin includes a significant keep-whole contract that expired in September Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

28 WPZ West Northwest Pipeline: Backbone of the Pacific Northwest Gas Delivery System Seattle Spokane > Plentiful, diverse supply sources British Columbia, Alberta, Rockies, San Juan Portland Boise Northwest Pipeline > Sole provider in most major markets Low-cost provider in competitive markets Strong credit quality of customers > Long-term firm transportation capacity of 3.9 MMDt/d Avg. remaining life more than 9 years > Storage capacity 14 MMdt of capacity 731 Mdt/d of withdrawal capability > Assets 3,900 mi. of pipeline and 41 compressor stations 2 storage facilities > New rates were effective January 1, 2013 Will remain in effect for min of 3 yrs. and max of 5 yrs. 53 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ West Pacific Northwest Potential Market Growth Heating Up Port of Tacoma Methanol Export Up to 320 MDth/d Target ISD: 2019 Kalama Methanol Export Up to 320 MDth/d Target ISD: 2018 Oregon LNG Port Westward Methanol Export Up to 320 MDth/d Target ISD: 2020 Jordan Cove Seattle Portland Washington Expansion Up to 750 MDth/d Target ISD: 2020 TransAlta Coal Plant Up to 200 MDth/d Target ISD: 2020/2025 Pacific Connector Gas Pipeline 1 Bcf/d Target ISD: 2020 Spokane Magnida Fertilizer Up to 75 MDth/d Target ISD: 2018 Boise > Announced New Market Opportunities LNG Export Methanol Export Fertilizer Plants New Electric Generation Coal Conversion > Potential Projects Pacific Connector Washington Expansion Blue = Proposed Expansion Projects (not included in guidance) Green = Potential new end-use markets announced by 3 rd parties (may lead to additional expansion opportunities on Northwest) 54 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

29 Williams (WMB) and Williams Partners L.P. (WPZ) Consolidated WPZ- Consolidated WPZ expecting 88% fee-based gross margins 2015 FORECAST: $6.0 BILLION 9% 3% 30% Regulated Gas Pipeline Fee Based Revenue (30%) (Demand Payments) 31% Access Midstream Fee Based Revenue (27%) (Primarily Cost of Service and MVC) Other Fee Based Revenue (31%) Olefins Commodity Margins (9%) 27% NGL Commodity Margins (3%) Note: Gross margin dollars and fee-based percentage calculated at midpoint of guidance range. 56 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

30 WPZ- Consolidated WPZ allocating 99% of $9.3 billion in growth capital guidance to fee-based projects GROWTH CAPITAL FORECAST 1% 26% 21% 52% Regulated Gas Pipeline Fee Based Projects (52%) (Demand Payments) Access Fee Based Projects (21%) (Primarily Cost of Service and MVC) Other Fee Based Projects (26%) Commodity Margin Projects (1%) Note: Growth capital dollars and fee-based percentage calculated at midpoint of guidance range. 57 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ- Consolidated Consolidated statement of income 2014* 2015 (Dollars in millions, except per-unit amounts) Revenues: S ervice revenues $ 763 $ 763 $ 1,066 $ 1,296 $ 3,888 $ 1,192 P rod u ct s ales , Total reven u es 1,693 1,616 2,008 2,092 7,409 1,711 Costs and expenses: Product costs Operating and maintenance expenses Depreciation and amortization expenses Selling, general, and administrative expenses Net insurance recoveries - Geismar Incident Other (income) expense - net , , , (119) (42) (71) (232) (92) (45) 17 Total costs and expenses 1,253 1,301 1,696 1,550 5,800 1,472 Operating income Equity earnings (losses) Other investing income (loss) - net Interest incurred Interest capitalized Other income (expense) - net Income before income taxes P rovis ion (benefit) for income taxes Net income Les s : Net in come attrib u tab le to n on con trollin g in teres ts Net income attributable to controlling interes ts , (131) (151) (200) (201) (683) (209) , , $ 352 $ 221 $ 233 $ 382 $ 1, 18 8 $ 89 * Recast due to the merger between Williams Partners L.P. and Access Midstream Partners, L.P. in first quarter Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

31 WPZ- Consolidated Consolidated statement of income cont d (Dollars in millions, except per-unit amounts) 2014* 2015 Allocation of net income (loss) for calculation of earnings per common unit: Net income attributable to controlling interests Allocation of net income (loss) to general partner Allocation of net income (loss) to Class B units Allocation of net income (loss) to Class D units Allocation of net income (loss) to common units Net income (loss) per common unit $ 352 $ 221 $ 233 $ 382 $ 1,188 $ (2) $ 158 $ 46 $ 29 $ 126 $ 359 $ (172) $.44 $.13 $.08 $.35 $.99 $ (0.34) Weighted-average number of common units outstanding (thousands) 361, , , , , ,001 Cash distributions per common unit $.9045 $.9165 $.9285 $.8500 $ $.8500 * Recast due to the merger between Williams Partners L.P. and Access Midstream Partners, L.P. in first quarter Note: The sum of net income per common unit for the quarters may not equal the total income per common unit for the year due to changes in the weighted-average number of common units outstanding. 59 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ- Consolidated Operating statistics 2014* 2015 (Dollars in millions) Operating statistics Interstate Transmission Throughput (Tbtu) Avg. daily transportation volumes (Tbtu) Avg. daily firm reserved capacity (Tbtu) 1, , , , Former WPZ Operations Gathering and Processing (1) Gathering volumes (Tbtu) P lan t in let n atu ral g as volu mes (Tb tu ) , , Former ACMP Gathering Operations Throughput, bcf per day (2) Barnett shale Eagle Ford shale Haynesville shale Marcellus shale Niobrara shale Utica shale Mid-Continent Total throughput * Recast due to the merger between William s P artn ers L.P. an d Access Midstream Partners, L.P. (1) Excludes volumes associated with partially owned assets that are not consolidated for financial reporting purposes. (2) Throughput in all regions represents the net throughput allocated to the Partnership s interest. 60 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

32 WPZ- Consolidated Operating statistics cont d 2014* 2015 (Dollars in millions) Ethane equity sales (million gallons ) Non -ethane equity sales (million gallons ) NGL equity s ales (million gallons ) Ethane margin ($/gallon) Non-ethane margin ($/gallon) NGL margin ($/gallon ) $ 0.20 $ 0.18 $ 0.16 $ 0.17 $ 0.17 $ 0.13 $ 0.88 $ 0.80 $ 0.78 $ 0.58 $ 0.76 $ 0.28 $ 0.73 $ 0.64 $ 0.63 $ 0.48 $ 0.61 $ 0.24 Ethane production (million gallons ) Non -ethane production (million gallons ) , NGL production (million gallons ) , Petroch em ical S ervices Geis mar ethylene s ales volumes (million lbs ) Geis mar ethylene margin ($/lb ) 2 $ $ $ $ $ $ Equity investments - 100% Dis covery NGL equity s ales (million gallons ) Dis covery NGL production (million gallons ) Laurel Mountain gathering volumes (Tbtu) Overland Pass NGL transportation volumes (Mbbls) ,612 8,926 9,482 10,118 37,138 10,845 * Recast due to the merger between William s P artn ers L.P. an d Access Midstream Partners, L.P. (1) Excludes volumes associated with partially owned assets that are not consolidated for financial reporting purposes. (2) Throughput in all regions represents the net throughput allocated to the Partnership s interest. 61 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WPZ- Consolidated Capital expenditures and investments (Dollars in millions ) 2014*** 2015 Capital expenditures: Access Midstream North eas t G&P Atlan tic-gu lf West NGL & Petchem Services Other Total* $ $ $ 165 $ 133 $ 298 $ , , $ 724 $ 943 $ 1,029 $ 996 $ 3,692 $ 735 Purchase of business: NGL & Petchem Services** $ 25 $ 31 $ $ (56) $ $ Purchase of investments: Access Midstream North eas t G&P Atlan tic-gu lf NGL & Petchem Services Total $ $ $ 65 $ 105 $ 170 $ $ 215 $ 16 $ 99 $ 138 $ 468 $ 83 Summary: Access Midstream North eas t G&P Atlan tic-gu lf West NGL & Petchem Services Other Total $ $ $ 230 $ 238 $ 468 $ 183 $ 522 $ 297 $ 300 $ 260 $ 1,379 $ , $ 964 $ 990 $ 1, 12 8 $ 1,078 $ 4,160 $ 818 Capital expenditures incurred, purchase of business, and purchase of investments: Increases to property, plant, and equipment Purchase of business P urchase of investments Total $ 769 $ 867 $ 1,017 $ 918 $ 3,571 $ (56) $ 1,009 $ 914 $ 1, 116 $ 1,000 $ 4,039 $ 728 *Increases to property, plant, and equipment Changes in related accounts payable and accrued liabilities Capital expenditures $ 769 $ 867 $ 1,017 $ 918 $ 3,571 $ 645 (45) $ 724 $ 943 $ 1,029 $ 996 $ 3,692 $ 735 ** Th es e am ou n ts relate to ad ju s tm en ts from th e acq u is ition of certain Can ad ian op eration s from a s u b s id iary of W illiam s. *** Recas t d u e to th e m erg er b etween W illiam s P artn ers L.P. an d Access Midstream P artners, L.P. in first quarter Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

33 WMB- Corporate Strategic, Large-Scale, Primarily Fee-Based Cash Flows Driving Growth > Target IRRs > Fee-based 13%-25% > Commodity-exposed 25%+ PROJECT DESCRIPTION AND EST. CAPEX $ IN MILLIONS EXPECTED REMAINING TIME TO IN-SERVICE DATE 1) Atlantic Sunrise (Transco share) $1,900 Leidy SE $600 Partial Service WPZ Atlantic/Gulf Keathley Canyon Connector 60% Ownership $460 Constitution Pipeline 41% Ownership $360 Rockaway Lateral $350 Virginia South Side $300 Gulf Trace $300 Hillabee Expansion (Phase 1) $310 Dalton Lateral $275 Virginia South Side, Ph. 2 $210 Partial Service Garden State - $150 Phase 2 Gunflint $150 WPZ NGL/Petchem Geismar Expansion $810 CNRL Upgrader $250 2) WMB NGL/Petchem CNRL Upgrader $450 Pipeline Acq. & Related Petchem Svs. Proj. $450 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q ) Actual in-service date often dependent on customer readiness, regulatory approvals, and other factors outside our control. Estimated project capital expenditures include amounts invested prior to ) Geismar expansion currently in ramp-up, expect full expansion production rate in June Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WMB- Corporate Over $30 Billion in committed plus potential capital projects TARGET IN-SERVICE DATES FOR VISIBLE GROWTH PROJECTS Geismar Expansion* Rockaway Lateral Leidy SE Virginia Southside Mobile Bay South III CPV Woodbridge ACMP G&P Kodiak Northeast G&P CNRL Offgas Processing** Gulf Coast Petchem Services** Constitution Pipeline Rock Springs ACMP G&P Gunflint Northeast G&P Atlantic Sunrise Dalton Lateral Hillabee Phase 1 Gulf Trace Garden State ACMP G&P Northeast G&P Sabal Trail ownership option In progress Potential/under negotiation Transco numerous other expansions ACMP G&P Northeast G&P Parachute Plant Expansion Gulfstar FPS and pipelines U.S., PEMEX Gulf of Mexico other oil-driven services Pacific Connector and other NWP projects Canadian PDH 1&2** Syncrude Offgas Processing** Geismar 2** NGL & Petchem services other** * Geismar expansion currently in ramp-up, expect full expansion production rate in June 2015 **WMB projects expected to be dropped down to WPZ 64 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

34 WMB- Corporate Strong Fundamentals and Competitive Advantages Drive Robust, Visible Growth Growth Investment Spending by Operating Area ~$10 BILLION ~$18 BILLION $30 BILLION in guidance 1 In guidance 1 Under negotiation In guidance 1 Access Midstream (WPZ) Under negotiation Potential West (WPZ) Northeast G&P (WPZ) NGL & Petchem (WMB) NGL & Petchem (WPZ) Atlantic-Gulf (WPZ) 1 Guidance presented here is at the midpoint of ranges. 65 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WMB- Corporate WPZ s Expected Growth Drives 31% Increase in Cash Distributions to WMB (Midpoint of guidance 1, dollars in millions) > WPZ business expected to grow 34% (16% CAGR) GP / IDRs expected to grow 47% (21% CAGR) WPZ DISTRIBUTIONS TO WILLIAMS 3 WPZ ADJUSTED EBITDA 2 (ACCRUED BASIS) 7,000 6,000 5,000 16% CAGR 4,465 5,315 5,965 3,000 2,000 14% CAGR 2,140 2,455 2,805 GP/IDRs 21% CAGR 4,000 3,000 2,000 1,000 LP 9% CAGR 1, Notes: adjusted EBITDA and distributable cash flow expected to be near the low end of the guidance range. 2 A more detailed schedule reconciling this non-gaap measure is provided in this presentation. 3 Distributions reflect per-unit increases of 9% annually in (midpoint of guidance). Williams owns an approximate 58 percent limited partner interest, a 2 percent general partner interest and the incentive distribution rights (IDRs). 66 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

35 WMB- Corporate Planning Williams 2015 Dividend of $2.38 with Annual Dividend Growth of Approximately 12.5% through 2017 CASH DIVIDENDS PER SHARE GROWTH CAGR OF 30% ILLUSTRATIVE EXCESS CASH FLOW AVAILABLE & COVERAGE RATIO 1 (millions) $3.50 $3.00 $2.50 $2.00 $1.50 $3.01 $2.68 $2.38 $1.96 $1.44 $1.20 $3,000 $2, x 1.05x 1.06x 1.10x Expected Cash Flow Available After Dividends Expected Dividends Paid $1.00 $0.50 $0.78 $0.49 $1,000 $ Actual Guidance $ Note: 1 Detailed illustrative dividend and coverage calculations are included in the presentation. 67 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WMB- Corporate Expect 10-15% Annual Dividend Growth with Expanding Coverage DIVIDEND ILLUSTRATION AND COVERAGE CALCULATION (Midpoint of guidance, dollars in millions except per share amounts) Distributions from Williams Partners $2,140 $2,455 $2,805 Williams NGL & Petchem Services Adjusted Cash Flow (see below) (5) - 25 Corporate Interest (255) (260) (260) Subtotal 1,880 2,195 2,570 WMB Cash Tax Rate 1-2.9% 0.0% 0.2% WMB Cash Taxes (excludes cash taxes paid by MLP) 55 - (5) Corporate Capex and Other (60) (60) (40) WMB Cash Flow Available for Dividends $1,875 $2,135 $2,525 - per share $2.50 $2.83 $3.32 WMB Expected Dividends Paid (1,785) (2,020) (2,290) Excess Cash Flow Available After Dividends $90 $115 $235 Coverage Ratio x 1.06x 1.10x Dividend Per Share $2.38 $2.68 $3.01 Annual Growth Rate 22% 12.5% 12.5% Williams NGL & Petchem Services Adjusted Cash Flow: Adjusted EBITDA (see reconciliation provided in this presentation) (5) 5 30 Maintenance Capital - (5) (5) Adjusted Cash Flow (5) - 25 Notes: 1 Near-term tax rates are lower than longer-term rates due to accelerated depreciation and deductions related to our investment in ACMP. A 2014 tax Net Operating Loss, due to bonus depreciation, will yield a carryback refund from 2012 and a carryforward reducing taxes through The average tax rate for is expected to be approximately 4%, which represents a blended rate on WPZ distributions, WMB NGL Petchem earnings, and corporate interest expense as well other tax items impacting the WMB corporate entity. 2 WMB Cash Flow Available for Dividends / WMB Expected Dividends Paid. 68 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

36 WMB- Corporate Tax Rates Dollars in millions 2015 First Quarter Year-to-Date Provision (benefit) at statutory rate $15 35% Increases (decreases) in taxes resulting from: Impact of nontaxable noncontrolling interests -4-9% State income taxes (net of federal benefit) 1 2% Tax related to prior year foreign taxable income adjustment 14 33% Other-net 4 9% Provision (benefit) for income taxes $30 70% Rates Below Are Based On Income From Continuing Operations Before Income Taxes Full Year Effective Tax Rate Guidance 27 29% 27-29% See Williams Dividend Illustration and Coverage Calculation slide, for WMB effective cash tax rates 69 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WMB- Corporate WMB and WPZ Guidance Guidance Metric Low Mid High Low Mid High Low Mid High Adjusted EBITDA (millions) Williams Partners $4,300 $4,465 $4,630 $5,120 $5,315 $5,510 $5,750 $5,965 $6,180 Williams NGL & Petchem Expected Services (5) (5) (5) (5) Other Benefits Total Adjusted EBITDA (1) $4,345 $4,510 $4,675 $5,170 $5,375 $5,580 $5,825 $6,050 $6,275 Capital & Investment Expenditures (millions) Williams Partners Growth $3,250 $3,525 $3,800 $2,650 $2,925 $3,200 $2,550 $2,850 $3,150 Williams Partners Maintenance Williams NGL & Petchem Growth Williams NGL & Petchem Services Maintenance Other Total Capital & Investment Expenditures $3,960 $4,275 $4,590 $3,300 $3,605 $3,910 $3,025 $3,325 $3,625 Williams Cash Available for Dividends (1) 1,875 2,135 2,525 Cash Dividends 1,785 2,020 2,290 Dividends per Share $2.38 $2.68 $3.01 Dividend Coverage Ratio (1) 1.05x 1.06x 1.10x Williams Partners Distributable Cash Flow (1) $2,845 $3,010 $3,175 $3,475 $3,675 $3,875 $3,960 $4,185 $4,410 Cash Distributions $3,010 $3,005 $2,995 $3,380 $3,440 $3,515 $3,770 $3,925 $4,090 Cash Distributions per LP Unit $3.40 $3.40 $3.40 $3.64 $3.71 $3.78 $3.89 $4.04 $4.19 Cash Distribution Coverage Ratio (1) 0.95x 1.00x 1.06x 1.03x 1.07x 1.10x 1.05x 1.07x 1.08x Pro Forma Cash Distribution Coverage Ratio (2) 1.05x NA NA (1) Adjusted EBITDA, cash available for dividends, dividend coverage ratio, distributable cash flow and cash distribution coverage ratio are non-gaap measures. Reconciliations to the most relevant measures included in GAAP are provided in this presentation. (2) We estimate the 2015 cash distribution coverage ratio would have been approximately 1.05x, assuming Geismar, Keathley Canyon Connector and Gulfstar were in service at expected capacity for full-year Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

37 WMB- Corporate Guidance reflects sharply lower commodity price assumptions Expected Benefits Commodity Price Assumptions Low Mid High Low Mid High Low Mid High Crude WTI $/barrel $45.00 $55.00 $65.00 $53.75 $65.00 $76.25 $57.50 $70.00 $82.50 for reference only (1) NG Henry Hub $/MMBtu Expected $2.50 $3.00 $3.50 $2.75 $3.25 $3.75 $3.25 $3.75 $4.25 Benefits Composite NGL barrel (2) cents/gallon Crack Spread - cents/pound (3) Ethylene spot - cents/pound Ethane - cents/gallon Propane - cents/gallon Propylene spot - cents/pound (1) No crude oil sales, price provided for reference only (2) Component weighting of composite NGL barrel assuming ethane recovery (ethane 55%, propane 23%, iso-butane 7%, normal butane 5%, C5+ 10%) (3) Crack spread is based on delivered U.S. Gulf Coast ethylene and Mont Belvieu ethane. 71 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WMB- Corporate Sensitivities to price changes (millions) 2015 WPZ + $.10/Mmbtu ($5.9) NG Ethane Propane C4+ Ethylene Propylene 2 + $.01/gallon ($4.2) $3.7 $2.9 + $.01/pound $14.4 $1.9 + $.10/Mmbtu ($0.2) Williams NGL & Petchem Services 1 + $.01/gallon $0.1 $0.1 $0.0 + $.01/pound $0.0 $0.1 + $.10/Mmbtu ($6.1) WMB + $.01/gallon ($4.1) $3.8 $2.9 + $.01/pound $14.4 $ WPZ NG Ethane Propane C4+ Ethylene Propylene 2 + $.10/Mmbtu ($5.2) + $.01/gallon ($5.0) $3.5 $2.7 + $.01/pound $16.0 $2.0 + $.10/Mmbtu ($1.4) Williams NGL & Petchem Services 1 + $.01/gallon $0.7 $0.6 $0.1 + $.01/pound $0.0 $0.8 + $.10/Mmbtu ($6.6) WMB + $.01/gallon ($4.3) $4.1 $2.8 + $.01/pound $16.0 $2.8 Includes equity volumes associated with Opal, Echo, Piceance, Four Corners, Mobile Bay, Markham, Discovery, RGP Splitter, Geismar, Conway, and Canada. Fixed margin and commodity exposed fee contracts are also taken into account. 1) Includes equity volumes associated with Canada that are not in WPZ 2) Excludes volumes associated with RGP Splitter 72 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

38 WMB- Corporate Consolidated statement of income (Dollars in millions, except per-share amounts) Revenues: S ervice revenues P rod u ct s ales Total reven u es Costs and expenses: $ 819 $ 825 $ 1,127 $ 1,345 $ 4,116 $ 1, , ,749 1,678 2,069 2,141 7,637 1,716 Product costs , Operating and maintenance expenses , Depreciation and amortization expenses , Selling, general, and administrative expenses Net insurance recoveries - Geismar Incident (119) (42) (71) (232) Other (income) expense - net (92) (45) 17 Total costs and expenses 1,329 1,367 1,762 1,610 6,068 1,489 Operating income (loss) , Equity earnings (losses) (48) Gain on remeasurement of equity-method investment 2, ,544 Other investing income (loss) - net Interest incurred (169) (192) (262) (265) (888) (273) In teres t cap italized Other income (expense) - net Income (loss) from continuing operations before income taxes , , P rovis ion (benefit) for income taxes , Income (loss) from continuing operations , , Income (loss) from discontinued operations 4 4 Net income (loss) , , Les s : Net in come attrib u tab le to n on con trollin g in teres ts (57) Net income (los s ) attributable to The Williams Companies, Inc. $ 14 0 $ 103 $ 1,678 $ 193 $ 2,114 $ Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WMB- Corporate Consolidated statement of income cont d (Dollars in millions, except per-share amounts) Amounts attributable to The Williams Companies, Inc.: Income (loss) from continuing operations Income (loss) from discontinued operations Net income (los s ) $ 14 0 $ 99 $ 1,678 $ 193 $ 2,110 $ $ 14 0 $ 103 $ 1,678 $ 193 $ 2,114 $ 70 Diluted earnings (loss) per common share: Income (loss) from continuing operations Income (loss) from discontinued operations Net income (los s ) $.20 $.14 $ 2.22 $.26 $ 2.91 $ $.20 $.15 $ 2.22 $.26 $ 2.92 $.09 Weighted-average number of shares used in computations (thousands) 688, , , , , ,028 Common shares outstanding at end of period (thousands) Market price per common share (end of period) Common dividends per share 685, , , , , ,912 $ $ $ $ $ $ $.4025 $.4250 $.56 $.57 $ $.58 Note: The sum of earnings (loss) per share for the quarters may not equal the total earnings (loss) per share for the year due to changes in the weighted-average number of common shares outstanding. 74 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

39 WMB- Corporate Capital expenditures and investments (Dollars in millions) Capital expenditures: Williams Partners Williams NGL & P etchem S ervices Other Total* 2014** 2015 $ 724 $ 943 $ 1,029 $ 996 $ 3,692 $ $ 793 $ 1,046 $ 1, 10 4 $ 1,088 $ 4,031 $ 832 Purchase of business (net of cash acquired): Other $ $ $ 5,958 $ $ 5,958 $ Purchase of investments: Williams Partners Williams NGL & P etchem S ervices Other Total $ 215 $ 16 $ 99 $ 138 $ 468 $ (1) 14 $ 228 $ 18 $ 99 $ 137 $ 482 $ 83 Summary: Williams Partners Williams NGL & P etchem S ervices Other Total $ 939 $ 959 $ 1,128 $ 1,134 $ 4,160 $ , ,011 6 $ 1,021 $ 1,064 $ 7,161 $ 1,225 $ 10,471 $ 915 Capital expenditures incurred, purchase of business (net of cash acquired), and purchase of investments: Increases to property, plant, and equipment Purchase of business (net of cash acquired) P urchase of investments Total $ 840 $ 949 $ 1,113 $ 1,014 $ 3,916 $ 738 5,958 5, $ 1,068 $ 967 $ 7,170 $ 1, 15 1 $ 10,356 $ 821 *Increases to property, plant, and equipment Changes in related accounts payable and accrued liabilities Cap ital exp en d itu res $ 840 $ 949 $ 1,113 $ 1,014 $ 3,916 $ 738 (47) 97 (9) $ 793 $ 1,046 $ 1, 10 4 $ 1,088 $ 4,031 $ 832 **Recas t d u e to th e merg er b etween W illiams P artn ers L.P. an d Acces s Mid s tream P artn ers, L.P. in firs t q u arter Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WMB- Corporate Depreciation and amortization and other selected financial data (Dollars in millions) Depreciation and amortization: Williams Partners Other Total 2014* 2015 $ 208 $ 207 $ 364 $ 372 $ 1,151 $ $ 214 $ 214 $ 369 $ 379 $ 1, 17 6 $ 427 Other selected financial data: Cash and cash equivalents $ 1,064 $ 860 $ 302 $ 240 $ 240 $ 341 Total as s ets $ 28,306 $ 34,949 $ 49,807 $ 50,563 $ 50,563 $ 50,457 Cap ital s tru ctu re: Deb t Commercial p ap er Current Noncurrent S tockholders equity Debt to debt-plus-stockholders equity ratio $ $ $ 265 $ 798 $ 798 $ $ 751 $ 751 $ 754 $ 4 $ 4 $ 801 $ 12,099 $ 15,539 $ 19,922 $ 20,888 $ 20,888 $ 21,690 $ 4,616 $ 7,863 $ 9,129 $ 8,777 $ 8,777 $ 8, % 67.4 % 69.6 % 71.2 % 71.2 % 73.3 % Cash distributions received from interests in: Williams Partners L.P. General partner Limited partner P re-merger Williams P artners L.P. General partner Limited partner Access Midstream Partners, L.P. General partner Limited partner $ - $ - $ - $ - $ - $ $ - $ - $ - $ - $ - $ 515 $ 164 $ 170 $ 175 $ 178 $ 687 $ ,018 - $ 414 $ 422 $ 431 $ 438 $ 1,705 $ - $ 9 $ 10 $ 25 $ 29 $ 73 $ $ 31 $ 33 $ 78 $ 83 $ 225 $ - $ 445 $ 455 $ 509 $ 521 $ 1,930 $ 515 *Recas t d u e to th e m erg er b etween W illiam s P artn ers L.P. an d Access Midstream P artners, L.P. in first quarter Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

40 WMB- Corporate 2015 Dividend Illustration and Coverage Calculation (Dollars in millions, except per share amounts) Distributions from Pre-merger WPZ (accrued / as declared basis) Distributions from ACMP (accrued / as declared basis) $ 422 $ 431 $ 438 $ $ 1,291 $ Distributions from WPZ (accrued / as declared basis) Total distributions from Pre-merger WPZ, ACMP, and WPZ Williams NGL & Petchem Services adjusted cash flow (see below)* (1) Corporate interest Subtotal WMB cash tax rate WMB cash taxes (excludes cash taxes paid by WPZ) (2) Corporate Capex WMB cash flow available for dividends , (5) (9) (5) (5) (24) (5) (38) (50) (65) (54) (207) (64) , % 3% % % 2% -12% (13) (14) (27) 55 (8) (18) (13) (14) (53) (6) $ 391 $ 418 $ 438 $ 442 $ 1,689 $ per share $ 0.57 $ 0.61 $ 0.59 $ 0.59 $ 2.36 $ 0.66 WMB dividends paid Excess cash flow available after dividends (276) (291) (419) (426) (1,412) (434) $ 115 $ 127 $ 19 $ 16 $ 277 $ 61 Dividend per share $ $ $ $ $ $ Coverage ratio (3) Williams NGL & Petchem Services Adjusted Cash Flow:* Modified EBITDA (100) (8) (4) (3) (115) (5) Segment adjustments 95 1 (1) 95 Adjusted EBITDA (5) (7) (4) (4) (20) (5) Less: Maintenance Capex (2) (1) (1) (4) Adjusted cash flow (5) (9) (5) (5) (24) (5) *Recast due to the change to Modified EBITDA as our measure of segment performance in first quarter Notes: (1) Targeted for dropdown in the future. (2) A 2014 tax Net Operating Loss, due to bonus depreciation, yielded a carryback refund from (3) WMB cash flow available for dividends / WMB dividends paid. 77 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WMB Non-GAAP Reconciliations

41 WMB Non-GAAP Reconciliations WMB Non-GAAP Disclaimer > This presentation includes certain financial measures adjusted EBITDA, adjusted income from continuing operations ( earnings ), adjusted earnings per share, cash available for dividends, dividend coverage ratio, distributable cash flow and cash distribution coverage ratio that are non-gaap financial measures as defined under the rules of the Securities and Exchange Commission > Our segment performance measure, modified EBITDA is defined as net income (loss) before income tax expense, net interest expense, equity earnings from equity-method investments, other net investing income, depreciation and amortization expense, and accretion expense associated with asset retirement obligations for nonregulated operations. We also add our proportional ownership share (based on ownership interest) of modified EBITDA of equity investments. > Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations and may include assumed business interruption insurance related to the Geismar plant. Management believes this measure provides investors meaningful insight into results from ongoing operations > For Williams, cash available for dividends is defined as cash received from its ownership in MLPs, cash received (used) by its NGL & Petchem Services segment (other than cash for capital expenditures) less interest, taxes and maintenance capital expenditures associated with Williams and not the underlying MLPs. We also calculate the ratio of cash available for dividends to the total cash dividends paid (dividend coverage ratio). This measure reflects Williams cash available for dividends relative to its actual cash dividends paid. > For Williams Partners L.P., we define distributable cash flow as adjusted EBITDA less maintenance capital expenditures, cash portion of interest expense, income attributable to noncontrolling interests and cash income taxes plus WPZ restricted stock unit non-cash compensation and certain other adjustments that management believes affects the comparability of results. Adjustments for maintenance capital expenditures and cash potion of interest expense include out proportionate share of these items of our equitymethod investments. > For Williams Partners L.P., we also calculate the ratio of distributable cash flow to the total cash distributed (cash distribution coverage ratio). This measure reflects the amount of distributable cash flow relative to our cash distribution. We have also provided this ratio calculated using the most directly comparable GAAP measure, net income. > This presentation is accompanied by a reconciliation of these non-gaap financial measures to their nearest GAAP financial measures. Management uses these financial measures because they are accepted financial indicators used by investors to compare company performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of the Company s assets and the cash that the business is generating. > Neither adjusted EBITDA, adjusted income from continuing operations, cash available for dividends, nor distributable cash flow are intended to represent cash flows for the period, nor are they presented as an alternative to net income or cash flow from operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles. 79 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WMB Non-GAAP Reconciliations WMB Non-GAAP reconciliation schedule (Dollars in millions, except per-share amounts) 2014* 2015 Income (los s ) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders Income (loss) from continuing operations - diluted earnings per common share Adjustments: W illiam s P artn ers Merger and trans ition related expens es Acquisition -related expenses Impairment of certain materials and equipment Share of impairment at equity-method investment Contingency loss (gain), net of legal costs Net g ain related to p artial acreag e d ed ication releas e Los s related to compres s or s tation fire Geis mar In cid en t ad ju s tmen t for in s u ran ce an d timin g Los s related to Geis mar Incident Los s related to Op al in cid en t Loss on sale of equipment Estimated minimum volume commitments [1] T otal W illiam s Partn ers ad ju s tm en ts W illiams NGL & Petchem S ervices Other Bluegrass Pipeline project development costs Blu eg ras s P ip elin e an d Mos s Lake write-off of p reviou s ly cap italized p roject d evelop men t cos ts Total W illiams NGL & Petchem S ervices adjustments W MB imp act of ACMP tran s action -related comp en s ation exp en s es Transition -related costs T otal Oth er ad ju s tm en ts Adjustments included in Modified EBITDA $ 140 $ 99 $ 1,678 $ 193 $ 2,110 $ 70 $.20 $.14 $ 2.22 $.26 $ 2.91 $.09 $ $ $ 11 $ 30 $ 41 $ (143) (143) (12) (12) (71) (114) (67) (248) (3) (1) (1) (242) *Recast due to the merger between Williams Partners L.P. and Access Midstream Partners, L.P. and the change to Modified EBITDA as our measure of segment performance in first quarter Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

42 WMB Non-GAAP Reconciliations WMB Non-GAAP reconciliation schedule cont d (Dollars in millions, except per-share amounts) Adjustments below Modified EBITDA Acq u is ition -related fin an cin g exp en s es - W illiam s Partn ers Gain on rem eas u rem en t of eq u ity-m eth od in ves tm en t in ACMP - Oth er Gain associated with ACMP equity issuance - Other Interest income on receivable from sale of Venezuela assets - Other Allocation of adjustm ents to noncontrolling interests Total ad ju s tm e n ts Less tax effect for above items Adjus tments for tax-related items [2] Adjusted income from continuing operations available to common stockholders [1] Adjusted diluted earnings per common share [1] Weighted-average shares - diluted (thousands) 2014* (2,522) (22) (2,544) (4) 4 (13) (14) (14) (41) (25) (36) 3 38 (20) (33) (38) (45) (2,529) 16 (2,596) (31) (2,443) (226) (2,475) 75 (47) (32) (28) (20) 14 (3) 2 (7) 5 $ 190 $ 158 $ 157 $ 10 $ 515 $ 122 $.28 $.23 $.21 $.01 $.71 $ , , , , , ,028 (1) (2) Note: Th e th ird an d fou rth q u arter of 2014 h ave b een recas t to in clu d e ad ju s tm en ts to n orm alize th e q u arterly im p act of ap p roxim ately $167 m illion of annual minimum volume commitments related to ACMP that were recorded during the fourth quarter. The recast impacts adjusted diluted earnings per common share by an increase of $.06 in the third quarter 2014 and a decrease of $.15 in the fourth quarter 2014, for a total year decrease of $.09. Th e firs t q u arter of 2014 in clu d es an u n favorab le ad ju s tm en t related to com p letin g th e d rop d own of certain Can ad ian op eration s to W illiam s P artn ers. Th e s econ d q u arter of 2014 includes a favorable adjustment to reflect taxes on undistributed earnings of certain foreign operations that are no longer considered permanently reinvested. The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding. *Recast due to the merger between Williams Partners L.P. and Access Midstream Partners, L.P. and the change to Modified EBITDA as our measure of segment performance in first quarter Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WMB Non-GAAP Reconciliations Reconciliation of Non-GAAP Modified EBITDA to Non-GAAP Adjusted EBITDA (Dollars in millions) 2014* 2015 Net income (loss) (Income) loss from discontinued operations Provision (benefit) for income taxes Interest expense Equity (earnings) losses (Gain) on remeasurement of equity-method investments Other investing (income) loss Proportional Modified EBITDA of equity-method investments Depreciation and amortization expenses Accretion for asset retirement obligations associated with nonregulated operations Modified EBITDA $ 196 $ 127 $ 1,708 $ 308 $ 2,339 $ 13 (4) (4) , (37) (66) (89) (144) (51) (2,522) (22) (2,544) (14) (18) (11) (43) , $ 666 $ 648 $ 822 $ 1,096 $ 3,232 $ 812 Williams Partners Williams NGL & Petchem Services Other Total Modified EBITDA $ 708 $ 596 $ 843 $ 1,097 $ 3,244 $ 817 (100) (8) (4) (3) (115) (5) (17) $ 666 $ 648 $ 822 $ 1,096 $ 3,232 $ 812 Adjustments included in Modified EBITDA: Williams Partners Williams NGL & Petchem Services Other Total Adjustments included in Modified EBITDA $ 60 $ 121 $ 64 $ (248) $ (3) $ (1) $ 155 $ 122 $ 86 $ (242) $ 121 $ 106 Adjusted EBITDA: Williams Partners Williams NGL & Petchem Services Other Total Adjusted EBITDA $ 768 $ 717 $ 907 $ 849 $ 3,241 $ 917 (5) (7) (4) (4) (20) (5) $ 821 $ 770 $ 908 $ 854 $ 3,353 $ 918 *Recast due to the merger between Williams Partners L.P. and Access Midstream Partners, L.P. and the change to Modified EBITDA as our measure of segment performance in first quarter Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

43 WMB Non-GAAP Reconciliations Net Income to Adjusted EBITDA Reconciliation WPZ WMB NGL PETCHEM CORPORATE / OTHER TOTAL WMB Low Base High Low Base High Low Base High Low Base High Net income from continuing operations $1,555 $1,720 $1,885 $0 $0 $0 ($630) ($670) ($710) $925 $1,050 $1,175 Add: Net interest expense (15) (15) (15) ,095 1,095 1,095 Add: Provision for income taxes Add: Depreciation & amortization (DD&A) 1,705 1,705 1, ,750 1,750 1,750 Less: Equity earnings from investments (380) (385) (390) (380) (385) (390) Add: Proportionate share of EBITDA from investments Adjustments 1 (115) (115) (115) (90) (90) (90) Adjusted EBITDA $4,300 $4,465 $4,630 ($5) ($5) ($5) $50 $50 $50 $4,345 $4,510 $4, WPZ WMB NGL PETCHEM CORPORATE / OTHER TOTAL WMB Low Base High Low Base High Low Base High Low Base High Net income from continuing operations $2,025 $2,225 $2,425 ($20) ($12.5) ($5) ($730) ($778) ($825) $1,275 $1,435 $1,595 Add: Net interest expense ,225 1,220 1,215 Add: Provision for income taxes (10) (7.5) (5) Add: Depreciation & amortization (DD&A) 1,800 1,800 1, ,870 1,870 1,870 Less: Equity earnings from investments (495) (505) (515) (495) (505) (515) Add: Proportionate share of EBITDA from investments Adjustments Adjusted EBITDA $5,120 $5,315 $5,510 ($5) $5 $15 $55 $55 $55 $5,170 $5,375 $5, WPZ WMB NGL PETCHEM CORPORATE / OTHER TOTAL WMB Low Base High Low Base High Low Base High Low Base High Net income from continuing operations $2,465 $2,690 $2,915 ($5) $5 $15 ($810) ($870) ($930) $1,650 $1,825 $2,000 Add: Net interest expense 1,075 1,065 1, ,335 1,325 1,315 Add: Provision for income taxes Add: Depreciation & amortization (DD&A) 1,875 1,875 1, ,945 1,945 1,945 Less: Equity earnings from investments (645) (660) (675) (645) (660) (675) Add: Proportionate share of EBITDA from investments Adjustments Adjusted EBITDA $5,750 $5,965 $6,180 $20 $30 $40 $55 $55 $55 $5,825 $6,050 $6,275 Notes: 1 A detailed schedule of 2015 adjustments is provided in this presentation. 83 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15 WMB Non-GAAP Reconciliations WMB and WPZ 2015 Schedule of Expected EBITDA Adjustments (Dollars in millions) Williams Partners (WPZ) Geismar incident adjustment for insurance and timing (150) ACMP retention expenses 35 Total Williams Partners adjustments (115) Williams Corporate / Other Adjustments: ACMP acquisition related expenses 25 Total WMB Adjustments (90) 84 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15

44 WPZ Non-GAAP Reconciliations WPZ Non-GAAP Reconciliations WPZ Non-GAAP Disclaimer > This presentation includes certain financial measures adjusted EBITDA, distributable cash flow, and cash distribution coverage ratio that are non-gaap financial measures as defined under the rules of the Securities and Exchange Commission > Our segment performance measure, modified EBITDA, is defined as net income (loss) before income tax expense, net interest expense, equity earnings from equity-method investments, other net investing income, depreciation and amortization expense, and accretion expense associated with asset retirement obligations for nonregulated operations. We also add our proportional ownership share (based on ownership interest) of modified EBITDA of equity investments. > Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations and may include assumed business interruption insurance related to the Geismar plant. Management believes this measure provides investors meaningful insight into results from ongoing operations. > We define distributable cash flow as adjusted EBITDA less maintenance capital expenditures, cash portion of interest expense, income attributable to noncontrolling interests and cash income taxes plus WPZ restricted stock unit non-cash compensations ad certain other adjustments that management believes affects the comparability of results. Adjustments for maintenance capital expenditures and cash portion of interest expense include our proportionate share of these items of our equity-method investments. > We also calculate the ratio of distributable cash flow to the total cash distributed (cash distribution coverage ratio). This measure reflects the amount of distributable cash flow relative to our cash distribution. We have also provided this ratio calculated using the most directly comparable GAAP measure, net income. > This presentation is accompanied by a reconciliation of these non-gaap financial measures to their nearest GAAP financial measures. Management uses these financial measures because they are accepted financial indicators used by investors to compare company performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of the Partnership's assets and the cash that the business is generating. > Neither adjusted EBITDA, nor distributable cash flow are intended to represent cash flows for the period, nor are they presented as an alternative to net income or cash flow from operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles 86 Williams and Williams Partners L.P. First Quarter 2015 Earnings 4/29/15