WMB · 10-Q · 2026Q3 · Full report

Debt and Liquidity Position

WILLIAMS COMPANIES, INC. · 2026-11-02 · Importance 54 · Surprise 40 · No source text

Williams’ total debt carrying amount was $33.934 billion at September 30, 2026, up from $28.661 billion at December 31, 2025, an increase of 18.4%; disclosed fair value was $31.853 billion. In 2026, Williams issued senior notes with maturities from 2029 through 2056, including $1.25 billion of notes due 2036 and $1.0 billion due 2056 in January, and $1.0 billion due 2033 in September; it also retired $1.1 billion of notes in March. The May 2026 Williams Credit Agreement provides $3.75 billion of commitments and matures in May 2031, while a separate 364-day facility provides $1.0 billion; neither had borrowings outstanding at September 30, 2026. Williams reported no commercial paper outstanding under its $3.5 billion program and expected compliance with credit-facility covenants; its debt-to-EBITDA covenant is generally capped at 5.0-to-1.0, rising to 5.5-to-1.0 in specified acquisition periods.

Key facts

• On May 19, 2026, Williams, Transco, and NWP entered a credit agreement with commitments up to $3.75 billion, expandable by up to an additional $500 million subject to conditions, with a maximum total of $4.25 billion.
• Williams issued $5.5 billion of senior unsecured long-term debt and retired approximately $1.1 billion during the first three quarters of 2026.
• At September 30, 2026, Williams had $31.7 billion of long-term debt due after one year; potential sources to address the maturities include operating cash, refinancing, credit facilities, commercial paper, and asset monetizations.
• Effective May 19, 2026, Williams, Transco, and NWP extended the Williams Credit Agreement maturity to 2031 and entered into a new 364-Day Credit Agreement.
• The Williams Credit Agreement became effective May 19, 2026, matures May 19, 2031, and permits up to two one-year maturity extensions subject to conditions.
• Williams’ credit agreements require its debt-to-EBITDA ratio to be no greater than 5.0 to 1.0, increasing to 5.5 to 1.0 in an acquisition-funding quarter and the following two fiscal quarters, subject to limitations.
• Williams' net cash provided by financing activities was $5.207 billion in the nine months ended September 30, 2026, compared with net cash used of $1.110 billion in the prior-year period.
• Williams' long-term debt was $31.732 billion at September 30, 2026, compared with $27.316 billion at December 31, 2025.

Impact estimates