Williams is a large-scale U.S. natural gas infrastructure company whose core business is transporting natural gas from production areas to end users — power plants, utilities, industrial customers, and LNG export terminals — via an interconnected network of pipelines, gathering systems, and storage facilities. The flagship asset is Transco, a roughly 9,600-mile interstate pipeline running from the Gulf Coast to the New York metro area, making it the largest-capacity natural gas pipeline in the U.S. Williams also owns Northwest Pipeline serving the Pacific Northwest and MountainWest in the Rockies. Beyond transmission, Williams gathers and processes raw natural gas in key basins including the Marcellus/Utica shale, the Haynesville in Louisiana, and the DJ Basin in Colorado. Williams reports four segments: Transmission, Power & Gulf; Northeast G&P; West; and Gas & NGL Marketing Services (Sequent), a large natural gas marketing platform. The business is predominantly fee-based: transmission customers pay firm reservation charges on a take-or-pay basis, while gathering and processing revenue is largely per-unit fee contracts, with only a small commodity-exposed portion. Growth is driven by Transco capacity expansions along existing rights-of-way, LNG export buildout via the Louisiana Energy Gateway and the Driftwood Pipeline connecting to Woodside's Louisiana LNG terminal, and a new Power Innovation business that builds onsite gas generation for data centers under long-term fixed-price power purchase agreements. Williams has grown without issuing equity since 2018, funds growth at roughly a 5x EBITDA build multiple, and pays a dividend growing roughly 5% annually.