Materiality Assessment  

Williams determined the ESG topics discussed in this report through a materiality assessment completed in March 2023. Please note that materiality, as discussed in this section, is used for the purposes of this report and is not synonymous with the definition of materiality applied by the U.S. Securities and Exchange Commission (SEC). Our reports and other documents filed with the SEC adhere to the SEC’s rules and standards, which differ from the standards, goals, and disclosures discussed in this sustainability report.  

We engaged internal and external stakeholders to prioritize ESG topics. This process applied the GRI stakeholder inclusiveness and materiality principles, including GRI’s definition of “material” topics, defined as topics “that reflect the organization’s most significant impacts on the economy, environment, and people, including impacts on human rights.”  

Our process began with identifying an initial list of potential topics, developed with reference to Williams’ previously materiality assessments, desktop research and benchmarking. This process included an external landscape trends analysis to identify relevant industry and global economic sustainability trends. We then conducted interviews and analyzed supplemental written sources to gather the perspectives of internal leadership, board members, customers, investors, regulators, industry associations and community organizations. This allowed us to prioritize topics based on relative impact, risk and opportunity as perceived by Williams’ stakeholders. Williams’ board participated in this materiality assessment, and Williams senior management participated in the validation of the materiality assessment results.  

In this report, we refer to “material topics” as the 11 topics ranked highest during our materiality assessment; we also discuss a variety of additional topics that are also important to Williams and our stakeholders.  

Williams’ Material Topics 

Material Topic	Description	Key Stakeholders
Energy Transition & Low Carbon Economy	Contributing to a low-carbon economy by deploying new  technologies and decarbonizing energy sources, including but  not limited to carbon capture, utilization and storage (CCUS),  renewable natural gas, hydrogen, and biofuel. This topic covers  Williams’ strategy in relation to the transition to a low-carbon  economy and the impacts of that transition. Understanding the  impacts that alternative fuel sources, technological advances,  and renewable sources of energy could have in reducing  demand for natural gas in Williams’ markets. Supporting the  reduction of Scope 3 greenhouse gas emissions in Williams’  value chain, including emissions associated with consumer use  of products and procurement of materials and services.  Utilization of carbon prices to forecast the effects of possible  future government emission restrictions (such as mandatory  carbon pricing) or levels of demand scenarios can help inform  companies’ investment decision-making, risk assessment and  adaptation processes.	Company leaders; Board of directors; Customers; Industry associations; Regulators; Communities; Investors
Stakeholder Relations	Managing public perception, education, and stakeholder  relationships in a manner that recognizes stakeholder  expectations, reinforces Williams’ social license to operate,  communicates the importance of natural gas in the low carbon  economy, and fosters transparent and informed dialogue.  Representing Williams’ operations and activities fairly by  avoiding greenwashing and disingenuous shows of  environmental concern to evade public criticism. Managing  customer experience and satisfaction. Maintaining successful  partnerships with landowners that grant Williams permanent  easements by engaging in proactive communication, providing  reasonable financial compensation, and respectfully operating on  private property. Cultivating and maintaining positive relations  with local communities where Williams operates through town  halls, language interpretation, key partnerships, grievance  mechanisms, and transparent communications.	Regulators; Customers;  Company leaders; Board of  directors;  Industry associations;  Communities
Operational Greenhouse Gas Emissions	Reducing Scope 1 and Scope 2 greenhouse gas emissions from Williams’ own operations by enhancing operational efficiency, reducing energy use, and increasing renewable energy use to power operations. Includes a focus on reducing fugitive methane emissions associated with natural gas transport.	Regulators; Industry  associations; Investors;  Board of Directors;  Company leaders;  Customers
Energy Access, Affordability & Reliability	Providing access to affordable natural gas, which can positively  impact local economies and improve living standards by  providing a clean and reliable source of energy for residential,  commercial and power generating uses and provide reliability as  a backup energy source as the world shifts to more renewable  energy. Monitoring and adapting to geopolitical issues, such as  armed conflict, that impact the broader energy market and could  impact Williams’ ability to ensure energy affordability and  reliability.	Company leaders; Regulators; Customers; Board of Directors; Industry associations
Public Policy	Changes in the political and regulatory environments and their  impact on Williams’ current and future business. Williams’  participation in the development of sound local, state and  federal energy policy through industry groups and direct  engagement with relevant public officials. The topic includes  participation and representation in industry associations to share  best practices, develop industry standards, and expand our  public and political advocacy. Efficient management of payments  to governments and political contributions, including Williams’  practices related to payments to governments and approach to  transparency of such payments.	Board of directors; Company leaders; Customers; Regulators; Communities; Investors
Employee Attractions, Retention & Development	Attracting and retaining employees by offering competitive  compensation and benefits, developing a robust talent pipeline,  and promoting employee engagement through initiatives such  as remote working policies, flexible work hours, etc. Providing  training, growth opportunities, including regular performance  reviews, leadership development programs, and employee  resource groups. Strengthening Williams’ talent management  strategy to maintain a best-in-class workforce. Committing to  employment security and responsible workforce restructuring.	Board of directors; Company leaders; Investors; Communities; Industry associations
Pipeline & Asset Integrity	Upholding the integrity of pipeline systems through effective  controls and digital monitoring systems such as LiDAR, and  aerial inspections to the uncontrolled release of hydrocarbons  and hazardous substances at Williams’ facilities. Preventing  spills to water and soil, and releases from Williams’ operations  through strong operating practices and compliance with  applicable regulations. Implementing processes and procedures  to effectively respond to a spill event, reporting instances of  non-compliance, and maintaining up-to-date spill prevention  plans.	Customers; Board of  directors; Company  leaders; Investors; Industry  associations; Communities
Workforce Safety	Designing and operating Williams’ facilities and systems to  proactively manage process safety risks while complying with all  applicable regulations industry standards, and operating  principles. Providing employees and contractors with health and  safety education, training and the tools needed to do their job  safely. Prioritizing and promoting a robust safety culture.  Utilizing automation and AI to aid workers with identifying  hazards and to aid leaders in interpreting risk areas and  supporting the safety of their teams.	Board of directors; Company leaders; Investors; Customers
Public Safety	Social impacts caused by asset failure, including explosions near  high consequence areas, accidents resulting in loss of life, and  the personal safety of people in communities located near  Williams’ pipelines. Providing public awareness initiatives to  prevent unintended or unsafe contact with natural gas or other  product lines and equipment associated with Williams’ facilities  and operations. Mitigating accidental damage caused by  Williams’ activities, such as vehicle use, construction and maintenance, through collaboration with local groups and government. Educating the public on steps to prevent and respond safely to a pipeline emergency or critical incident. Implementing efforts to protect workers and community members against infectious and non-communicable diseases.	Board of directors;  Investors; Communities;  Company leaders; Industry  associations; Customers
Cybersecurity	Managing the evolving risks of cyberattacks on Williams’ assets  and business-critical information and protecting data privacy  through policies, training programs, audits and risk  assessments. Safeguarding technology is critical to providing  services for Williams’ customers and protecting businesssensitive and personal information that is entrusted to the  company.	Board of directors;  Company leaders;  Regulators; Industry  associations
Diversity & Inclusion	Promoting diversity, equity and inclusion across Williams’  operations at all levels of the organization, including at the  Board of Directors and management level, through direct hiring  practices and initiatives to develop a diverse talent pipeline.  Providing equal opportunity in development and supporting  diverse business resource groups.	Communities; Industry  associations; Investors;  Company leaders; Board of  directors