Williams Quarterly Databook for 2Q14

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July 30, 2014
© 2014 The Williams Companies, Inc. All rights reserved.
Williams
Quarterly Data Book
Second Quarter 2014

1 © 2014 The Williams Companies, Inc. All rights reserved.Williams and Williams Partners L.P. Second Quarter 2014 Earnings | 7/30/14
> 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 1995. 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,” ”proposed,” “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:
– The levels of dividends to Williams stockholders;
– Expected levels of cash distributions by Access Midstream Partners, L.P. (“ACMP”) and WPZ with respect to general partner interests, incentive
distribution rights, and limited partner interests;
– 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 service; and
– The proposed merger of ACMP and WPZ (the Proposed Merger).
> 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, ACMP, or the merged partnership will produce sufficient cash flows to provide the level of cash distributions we expect;
– The structure, terms, timing and approval of the Proposed Merger, including as to be negotiated by the conflicts committees of ACMP and WPZ;
– Whether Williams is able to pay current and expected levels of dividends;
– Availability of supplies, market demand, and volatility of prices;
Forward Looking Statements
– 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, including ACMP’s business, 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;
– The ability to recover expected insurance proceeds related to the Geismar plant;
– 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 plants and other postretirement benefit plans sponsored by its affiliates;
– 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;
– 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 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 forward-
looking 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 announcement. 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. 26, 2014, and each of our quarterly reports on Form 10-Q available from our offices or from our websites at
www.williams.com and www.williamslp.com.
Forward Looking Statements (cont’d)

Williams Partners L.P.
Williams Partners L.P. (WPZ)
WPZ Total Gross Margin1
Notes: 2013 has been recast to reflect the Canadian asset drop-down completed in 1Q 2014. 2013 includes proceeds from business
interruption insurance claim for the Geismar incident of $123 million. 1Gross margin is gross revenues less related product costs and
certain regulated revenues, which are related to tracked operating costs. WPZ unregulated fee revenue includes certain variable fee
based revenues (margin-sharing fees) that are immaterial to the total.
Expect Gross Margin to Grow by about 50% with
Fee-Based Revenues >75% of Business
WPZ – Regulated
Fee Revenue
WPZ – Unregulated
Fee Revenue
Non-ethane Margin
Ethane Margin
Olefins Margin
2013 ACTUAL
$3.8 BILLION
2016 FORECAST
$5.7 BILLION
43%
32%
14%
11%
0%
36%
41%
7%
1%
15%
0%

Strong Fundamentals and Competitive
Advantages Drive Robust, Visible Growth
Growth Investment Spending by Operating Area
1 Guidance presented here is at the midpoint of ranges.
NGL &
Petchem
Atlantic-Gulf
WestNortheast G&P
In guidance1
In guidance1
Under negotiation
In guidance1 Under negotiation
Potential
~$7 BILLION ~$13 BILLION $25 BILLION+
2014–2016 2014–2019
Adjusted segment profit + DD&A1
Notes: If guidance has changed, previous guidance is shown in italics directly below. 1A reconciliation of this non–GAAP
measure is included in this presentation. * Unallocated revisions of $195 (low/mid/high) as previously announced in ACMP
acquisition press release on 6/15/14 and $190 low / $140 mid / $90 high as announced in WPZ press release on 7/30/14.
Adjusted Segment Profit:
$1,860 - 2,160 $2,610 - 3,050 $2,925 - 3,525
2,050 - 2,250
DD&A:
$885 - 935 $1,010 - 1,060 $1,105 - 1,155
895 - 945
Adjusted Segment Profit + DD&A:
$2,745 - 3,095 $3,620 - 4,110 $4,030 - 4,680
2,945 - 3,195
(335)
(195)
-
-
(335)
(195)
-
-
975 1,010
1,060 1,460
75 95
430 495
985 -
855 830
- -
- -
$365 $565
- -
85 -
235 235
- -
- -
$170 $210
- -
900 915
- -
620 595
- -
630 965
- -
$195 $355
- -
Dollars in millions
2014 2015 2016
Guidance Guidance Guidance
Northeast G&P
Total Adjusted Segment Profit
Northeast G&P
NGL & Petchem Services
Total DD&A
Northeast G&P
Total Adjusted Segment Profit + DD&A
Atlantic - Gulf
West
Atlantic - Gulf
West
Atlantic - Gulf
West
NGL & Petchem
Unallocated Revisions
Unallocated Revisions
*
*

Notes: If guidance has changed, previous guidance is shown in italics directly below. 1Includes purchases
of property, plant & equipment; investments; and businesses.
Capital expenditures1 guidance
Maintenance Capex:
$305 - 375 $295 - 355 $300 - 360
Growth Capex:
$3,140 - 3,640 $1,900 - 2,350 $1,750 - 2,150
3,065 - 3,565
Total Capex:
$3,445 - 4,015 $2,195 - 2,705 $2,050 - 2,510
3,370 - 3,940
Dollars in millions
2014 2015 2016
$20 $15
- -
175 175
- -
125 120
- -
20 15
- -
$1,400 $350
- 425
1,325 1,475
- 1,400
75 200
- -
590 100
515 -
$1,420 $365
- 440
1,500 1,650
- 1,575
200 320
- -
610 115
535 -
Northeast G&P
Total Maintenance Capex
Total Growth Capex
Total Capex
Atlantic - Gulf
West
Northeast G&P
Atlantic - Gulf
West
Northeast G&P
Atlantic - Gulf
West
Consolidated Statement of Income
2013 * 2014
(Dollars in millions, except per-unit amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr Year
Revenues:
Service revenues $ 702 $ 717 $ 731 $ 764 $ 2,914 $ 763 $ 763 $ 1,526
Product sales 1,104 1,046 887 884 3,921 930 853 1,783
Total revenues 1,806 1,763 1,618 1,648 6,835 1,693 1,616 3,309
Costs and expenses:
Product costs 790 801 710 726 3,027 769 724 1,493
Operating and maintenance expenses 257 289 265 269 1,080 248 251 499
Depreciation and amortization expenses 196 191 201 203 791 208 207 415
Selling, general, and administrative expenses 130 131 130 128 519 130 132 262
Net insurance recoveries - Geismar Incident — — (50) 10 (40) (119) (42) (161)
Other (income) expense - net 1 4 21 25 51 17 27 44
Total costs and expenses 1,374 1,416 1,277 1,361 5,428 1,253 1,299 2,552
Equity earnings (losses) 18 35 31 20 104 23 32 55
Income (loss) from investments (1) (1) (1) — (3) — — —
General corporate expenses 45 46 40 38 169 40 44 84
Total segment profit 494 427 411 345 1,677 503 393 896
Reclass equity earnings (losses) (18 ) (35 ) (31 ) (20 ) (104 ) (23 ) (32 ) (55 )
Income (loss) from investments 1 1 1 — 3 — — —
Reclass general corporate expenses (45 ) (46 ) (40 ) (38 ) (169 ) (40 ) (44 ) (84 )
Operating income 432 347 341 287 1,407 440 317 757
Interest incurred (118 ) (118) (119) (122) (477 ) (131 ) (142 ) (273 )
Interest capitalized 22 22 24 22 90 25 25 50
Other income (expense) - net 5 7 7 6 25 3 7 10
Income before income taxes 359 293 284 213 1,149 360 239 599
Provision (benefit) for income taxes 15 21 (1) (5) 30 8 5 13
Net income 344 272 285 218 1,119 352 234 586
Less: Net income attributable to noncontrolling interests — 1 1 1 3 — 2 2
Net income attributable to controlling interests 344 271 284 217 1,116 352 232 584

Consolidated Statement of Income cont’d
2013 * 2014
(Dollars in millions, except per-unit amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr Year
Allocation of net income for calculation of earnings per common unit:
Net income attributable to controlling interests 344 271 284 217 1,116 352 232 584
Allocation of net income to general partner 142 141 60 162 505 180 167 347
Allocation of net income to Class D units — — — — — 14 18 32
Allocation of net income to common units 202 130 224 55 611 158 47 205
Net income per common unit $ 0.50 $ 0.31 $ 0.52 $ 0.12 $ 1.45 $ 0.36 $ 0.11 $ 0.47
Weighted-average number of common units outstanding (thousands) 401,969 413,901 428,682 438,626 420,916 438,626 438,626 438,626
Cash distributions per common unit $ 0.8475 $ 0.8625 $ 0.8775 $ 0.8925 $ 3.480 $ 0.9045 $ 0.9165 $ 1.8210
* Recast due to the dropdown of the Canadian operations to Williams Partners in the first quarter of 2014.
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.
Operating Statistics-Williams Partners
2013 2014
(Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr Year
Operating statistics
Interstate Transmission
Throughput (Tbtu) 1,046.6 850.0 925.4 1,047.9 3,869.9 1,141.6 938.1 2,079.7
Avg. daily transportation volumes (Tbtu) 11.6 9.3 10.0 11.4 10.6 12.6 10.4 11.4
Avg. daily firm reserved capacity (Tbtu) 12.3 11.9 11.8 12.3 12.1 12.6 12.4 12.5
Gathering and Processing*
Gathering volumes (Tbtu) 405 429 442 455 1,731 436 450 886
Plant inlet natural gas volumes (Tbtu) 389 408 393 359 1,549 339 344 683
Ethane equity sales (million gallons) 23 43 57 24 147 33 39 72
Non-ethane equity sales (million gallons) 163 157 153 134 607 113 108 221
NGL equity sales (million gallons) 186 200 210 158 754 146 147 293
Ethane margin ($/gallon) $ 0.03 $ 0.02 $ (0.01 ) $ 0.02 $ 0.01 $ 0.20 $ 0.18 $ 0.19
Non-ethane margin ($/gallon) $ 0.87 $ 0.75 $ 0.85 $ 0.94 $ 0.85 $ 0.88 $ 0.80 $ 0.84
NGL margin ($/gallon) $ 0.77 $ 0.59 $ 0.62 $ 0.80 $ 0.69 $ 0.73 $ 0.64 $ 0.68
Ethane production (million gallons) 160 186 181 143 670 135 173 308
Non-ethane production (million gallons) 404 439 425 381 1,649 372 384 756
NGL production (million gallons) 564 625 606 524 2,319 507 557 1,064
Petrochemical Services
Geismar ethylene sales volumes (million lbs) 246 211 10 — 467 — — —
Geismar ethylene margin ($/lb) $ 0.37 $ 0.33 $ 0.05 $ — $ 0.34 $ — $ — $ —
Equity investments - 100%
Discovery NGL equity sales (million gallons) 19 18 6 6 49 10 10 20
Discovery NGL production (million gallons) 63 64 45 46 218 47 54 101
Laurel Mountain gathering volumes (Tbtu) 27 29 32 36 124 34 36 70
Overland Pass NGL transportation volumes (Mbbls) 7,402 11,151 13,174 11,463 43,190 8,612 8,926 17,538
* Excludes volumes associated with partially owned assets that are not consolidated for financial reporting purposes.

Capital expenditures and investments
2013 2014
Capital expenditures:
Northeast G&P $ 307 $ 298 $ 338 $ 407 $ 1,350 $ 359 $ 291 $ 650
Atlantic-Gulf 174 276 290 247 987 180 412 592
West 63 58 55 35 211 22 27 49
NGL & Petchem Services 157 158 244 201 760 161 211 372
Other 2 1 1 4 8 2 2 4
Total* $ 703 $ 791 $ 928 $ 894 $ 3,316 $ 724 $ 943 $ 1,667
Purchase of businesses:
NGL & Petchem Services** $ (25 )$ — $ — $ — $ (25 ) $ 25 $ 31 $ 56
Purchase of investments:
Northeast G&P $ 72 $ 37 $ 123 $ 1 $ 233 $ 163 $ 6 $ 169
Atlantic-Gulf 15 50 35 93 193 51 9 60
Total $ 93 $ 89 $ 162 $ 95 $ 439 $ 215 $ 16 $ 231
Summary:
Northeast G&P $ 379 $ 335 $ 461 $ 408 $ 1,583 $ 522 $ 297 $ 819
Atlantic-Gulf 189 326 325 340 1,180 231 421 652
West 63 58 55 35 211 22 27 49
Other 2 1 1 4 8 2 2 4
Total $ 771 $ 880 $ 1,090 $ 989 $ 3,730 $ 964 $ 990 $ 1,954
Capital expenditures and investments cont’d
2013 2014
Capital expenditures incurred and purchase of investments:
Increases to property, plant, and equipment $ 716 $ 824 $ 968 $ 825 $ 3,333 $ 769 $ 867 $ 1,636
Purchase of businesses (25 ) — — — (25 ) 25 31 56
Purchase of investments 93 89 162 95 439 215 16 231
Total $ 784 $ 913 $ 1,130 $ 920 $ 3,747 $ 1,009 $ 914 $ 1,923
*Increases to property, plant, and equipment $ 716 $ 824 $ 968 $ 825 $ 3,333 $ 769 $ 867 $ 1,636
Changes in related accounts payable and accrued liabilities (13 ) (33 ) (40 ) 69 (17 ) (45) 76 31
Capital expenditures $ 703 $ 791 $ 928 $ 894 $ 3,316 $ 724 $ 943 $ 1,667
** The first quarter of 2013 relates to a working capital adjustment associated with the acquisition of the olefins business from a subsidiary of Williams and the first quarter of 2014 relates to the
acquisition of certain Canadian operations from a subsidiary of Williams.

Northeast G&P
Northeast G&P
WPZ– Northeast G&P
2013 2014
Revenues:
Fee revenues:
Gathering & processing $ 59 $ 69 $ 84 $ 90 $ 302 $ 90 $ 93 $ 183
Production handling and transportation 1 3 2 4 10 3 2 5
Other fee revenues 3 6 8 6 23 6 12 18
Commodity-based revenues:
NGL sales from gas processing 1 — 3 2 6 2 2 4
Marketing sales 19 34 45 62 160 58 35 93
Other sales — 1 (1 ) — — — — —
83 113 141 164 501 159 144 303
Intrasegment eliminations — — (1 ) 1 — — — —
Total revenues 83 113 140 165 501 159 144 303
Segment costs and expenses:
NGL cost of goods sold — — (1 ) — (1 ) 1 — 1
Marketing cost of goods sold 20 33 46 62 161 57 37 94
Depreciation and amortization 29 32 33 38 132 39 40 79
Other segment costs and expenses 40 43 66 77 226 57 62 119
Intrasegment eliminations — — (1 ) 1 — — — —
Total segment costs and expenses 89 108 143 178 518 154 139 293
Equity earnings (losses) (3 ) 7 2 (13 ) (7 ) 1 10 11
Reported segment profit (loss) (9 ) 12 (1 ) (26 ) (24 ) 6 15 21
Adjustments — — 9 23 32 6 17 23
Adjusted segment profit (loss) $ (9 )$ 12 $ 8 $ (3 ) $ 8 $ 12 $ 32 $ 44

Northeast G&P operating statistics
WPZ– Northeast G&P
2013 2014
Gathering volumes (Tbtu) 127 142 157 180 606 179 189 368
Plant inlet natural gas volumes (Tbtu) 18 25 28 34 105 29 27 56
Ethane production (million gallons) — 1 1 1 3 1 1 2
Non-ethane production (million gallons) 21 32 39 44 136 38 37 75
NGL production (million gallons) 21 33 40 45 139 39 38 77
Laurel Mountain Midstream LLC (equity investment) - 100%
Susquehanna Supply Hub (SSH) – 2015*
3 Bcf/d takeaway capacity
Laurel Mountain Midstream (LMM)
~670 MMcf/d gathering capacity
Blue Racer Midstream
G&P/Fractionation/NGL services
for Utica shale
Ohio Valley Midstream (OVM) – 2015*
0.9 Bcf/d processing capacity
~80 MBPD fractionation/deethanization
Three Rivers Midstream (TRM)
275,000 dedicated acres
GATHERING VOLUMES UP 64% 2013 vs. 2012
Delivering Large-scale Infrastructure
To the Marcellus & Utica
WPZ – Northeast G&P
Note: LMM capacity is stated at 100%. WPZ owns 51% of LMM.
* Represents estimated in-service dates and estimated capacity at respective year end.
MARCELLUS & UTICA SHALE OVERVIEW

Susquehanna Supply Hub: Building Large-scale
Gathering System in Northeast PA
SIGNIFICANT SUPPLY HUB WITH
ACCESS TO EAST COAST MARKETS
> Planning access to 3 Bcf/d* of takeaway
capacity by 2015
> Delivery into 3 major interstate pipelines
– Transco, Tennessee, Millennium
EXPANDING GAS GATHERING SYSTEM
TO MEET PRODUCERS’ DRILLING PLANS
> Key customers
– Cabot
– WPX Energy
– Carrizo-Reliance
> Large-scale build out
– Building operational flexibility to allow
increased system reliability
* Excludes Constitution, estimated in-service date is late 2015 to 2016
Laurel Mountain Midstream Covers Broad
Footprint in Western PA and Eastern Ohio
Dedicated Acreage
CONTINUED SYSTEM EXPANSION
THROUGH JV WITH CHEVRON
> JV with Chevron
– 51% WPZ owned
– WPZ operated
> Optimization of capital plan for dry
gas area
– System capacity of ~ 670 MMcf/d
EXTENSIVE DEDICATIONS PROVIDE
EXPOSURE TO RICH AND DRY GAS AREAS
> Approximately 500,000 acres dedicated
across 47 counties
> Developing infrastructure solutions for
dedicated rich-gas acreage in NW PA and
Eastern Ohio
Gathering System

Ohio Valley Midstream Provides Large-scale
Presence in Liquids-rich Area
EXTENSIVE ACREAGE, GATHERING AND
PROCESSING UNDER CONTRACT
> Long-term contracts:
– 236M acres dedicated
– 7 producers
– Processing of gathered gas
Ethane Line
Moundsville
Fractionation Plant
Oak Grove
Cryogenic Plant
Ft. Beeler
Cryogenic Plant
Oak Grove
Deethanizer
Ft. Beeler to
Moundsville NGL Line
WELL-POSITIONED ASSETS WITH SIGNIFICANT
EXPANSIONS PLANNED
> Gathering system
– 2 processing facilities
– 0.9 Bcf/d capacity expected by 2015 year-end
– Fort Beeler Cryogenic Plant currently 520 MMcf/d
– Oak Grove Cryogenic Plant 400 MMcf/d expected
by 2015 year-end
> Fractionation/Deethanization
– Moundsville fractionation currently 42.5 MBPD; 30
MBPD added in 1Q2014
– 40 MBPD Deethanizer at Oak Grove expected by
3Q2014
> 50-mile ethane line
– Completed in 2Q2014
Oak Grove
Stabilization
Executing Key Ohio Valley Projects
To Drive System Capacity Growth
Northeast G&P
*Reflects expected in-service dates
Several Central Receipt Points (CRPs) expected to come online during 2014.
** Volumes listed for certain projects represent additional installed capacity as opposed to immediate incremental volume impact
1Q14 2Q14 3Q14 4Q14
Moundsville Frac II
30,000 BPD**
Stabilization Facilities
6,000 BPD
Oak Grove TXP I
200 MMcfd**
Oak Grove Deethanizer
40,000 BPD**
50 Mile
Ethane Line
24” Pipeline on West Side
of System to Oak Grove
Avg 305 MMcfd320 MMcfd 420 MMcfd
KEY PROJECTS (2014)*
Stabilization Facilities
8,500 BPD

Caiman Energy II/Blue Racer Midstream
JV Interest Enhances Presence in Utica Shale
Three
Rivers
Midstream
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
– Natrium complex in Marshall County, WV,
processing and fractionation assets
– Berne processing complex in Monroe County, OH
> Williams Partners owns a 58% equity investment
in Caiman Energy II. Caiman Energy II owns 50 %
of Blue Racer Midstream
> Williams Partners anticipates investing
approximately $420 million through 2014 for its
proportional interest in Blue Racer Midstream
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
2012 2013 2014 2015
AverageGatheredVolumes(Bcf/d)
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
2Q'13 3Q'13 4Q'13 1Q'14 2Q'14
AverageGatheredVolumes(MMcf/d)
Delivering Large Scale Infrastructure for
Fastest-Growing Supply Area in the U.S.
1Laurel Mountain Midstream average annual gathered volumes are 100% amounts. WPZ owns 51% of Laurel Mountain Midstream.
Note: Excludes Marcellus/Utica investments in Blue Racer and Three Rivers.
STEADY AND SIGNIFICANT HISTORICAL
FEE-BASED VOLUME GROWTH (MMCF/D)
EXPECTED GATHERING VOLUME
GROWTH THROUGH 2015 (BCF/D)
Laurel Mountain Midstream1 Susquehanna Supply Hub Ohio Valley Midstream
0.6 Bcf/d or
31% Growth
2Q YTD
Y-o-Y
2.1 Bcf/d or
183%
Growth
’12-’15

WPZ – Atlantic - Gulf
Atlantic – Gulf
WPZ – Atlantic-Gulf
2013 2014
Revenues:
Fee-based revenues:
Production handling and transportation 283 282 282 302 1,149 307 293 600
NGL sales from gas processing 28 26 22 27 103 20 25 45
Marketing sales 176 186 167 175 704 171 162 333
Other sales 1 — — 2 3 1 1 2
Tracked revenues: 52 59 46 43 200 53 40 93
588 601 562 596 2,347 598 571 1,169
Intrasegment eliminations 1 1 1 (1 ) 2 2 2 4
Total revenues 589 602 563 595 2,349 600 573 1,173
NGL cost of goods sold 6 7 5 6 24 6 5 11
Tracked costs 52 59 46 43 200 53 40 93
Intrasegment eliminations 1 1 1 (1 ) 2 2 2 4
Total segment costs and expenses 446 470 443 448 1,807 450 421 871
Reported segment profit 159 152 137 166 614 165 168 333
Adjustments (6 ) (5 ) 5 (2 ) (8 ) — — —
Adjusted segment profit $ 153 $ 147 $ 142 $ 164 $ 606 $ 165 $ 168 $ 333

Atlantic – Gulf operating statistics
2013 2014
Plant inlet natural gas volumes (Tbtu) 76 78 55 61 270 60 72 132
Ethane margin ($/gallon) $ .16 $ .21 $ .11 $ .08 $ .14 $ .46 $ .23 $ .28
Non-ethane margin ($/gallon) $ 1.03 $ .89 $ 1.03 $ 1.09 $ 1.01 $ 1.10 $ 1.04 $ 1.06
NGL margin ($/gallon) $ .79 $ .73 $ .75 $ .81 $ .77 $ 1.02 $ .82 $ .89
Discovery Producer Services LLC (equity investment) - 100%
Transcontinental Gas Pipe Line
Throughput (Tbtu) 845.6 713.1 756.8 837.5 3,153.0 949.2 796.8 1,746.0
Transco: Nation’s Largest, Fastest Growing
Interstate Pipeline System
Leidy
Southeast
Virginia
Southside
Mobile Bay
South III
Rock Springs
Expansion
NE Connector/
Rockaway Lateral
NE Connector/
Rockaway Lateral
CPV
Woodbridge
Leidy
Southeast
Virginia
Southside
Mobile Bay
South III
CPV
Woodbridge
ConstitutionConstitution
Rock Springs
Expansion
NE Connector/
Rockaway Lateral
Leidy
Southeast
Virginia
Southside
Mobile Bay
South III
CPV
Woodbridge
Constitution
Rock Springs
Expansion
$0.3
$1.3
$1.6
CAPITAL INVESTED PLACED INTO SERVICE ($B)
$4.8
2014
2015
2016
2017
$0.3
$1.3
$1.6 Dalton LateralHillabee
Phase 1
Atlantic
Sunrise
Gulf Trace
Garden State
Expansion

Constitution Pipeline: New Market Access
for Marcellus Production
> A 126-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
> Project capex: $300 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: Late
2015 to 2016
Atlantic Sunrise: Major Transco Expansion
Underpinned by Long-term Commitments
> 15-year binding
firm-transportation
agreements
> Bolsters connection to
growing, emerging
supplies
> 1.7 MMDth/d fully
committed
> Expecting WPZ
net investment of
$2.1 billion
> Producers, LDCs
investing in project
> Target in-service:
second half of 2017
LNG
Cove Point

6
8
10
12
14
16
18
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
2003 2005 2007 2009 2011 2013 2015 2017
Transco Gulfstream* Constitution* Capacity*
* Represents Williams ownership percentage. The estimated project in-service dates assume timely receipt of all regulatory approvals.
Constitution expected in service late 2015 to 2016.
Gas Pipeline Assets: Unprecedented Growth
with Fully Contracted Projectsy j
CAPITAL INVESTMENT PLACED INTO SERVICE
($MM) MMdt/Day
7.7
16.5
10.8
~$3.3 Billion Growth Capex Through 2017 Planned in
Transco’s Northern Market
195
210
New York
City
Philadelphia
PAOH
WV
VA
MD
DE
NJ
NY
Leidy Hub
Zone 6
Baltimore
Zone 5
Project Name ISD MDth/d Est. Cap.
Northeast Connector 2014 100 $50 MM
Rockaway Delivery Lateral 2014 647 $230 MM
Leidy Southeast 2015 525 $600 MM
CPV Woodbridge 2015 264 $32 MM
Rock Springs 2016 192 $80 MM
Atlantic Sunrise 2017 1,700 *$2,100 MM
Garden State Expansion 2017 180 $150 MM
Atlantic Sunrise
> Pipeline & loop
> Compression
Leidy Southeast
> 25 mi. of 42-inch loop
> Compression
Rockaway Lateral
> 3.3 mi. of 26-inch lateral
Rock Springs
> 10.7 mi. of 20-inch
> Compression
NE Connector
> Compression
CPV Woodbridge
> 2.3 mi. of 20-inch lateral
Garden State Expansion
> Compression
*Represents WPZ’s expected net investment.
The estimated project in-service dates assume timely receipt of all regulatory approvals.

~$0.9 Billion Growth Capex Through 2017
Planned in Transco’s Southern Market
* Represents phase 1.
The estimated project in-service dates assume timely receipt of all regulatory approvals.
210Zone 6
Zone 5
Zone 4
85
160
Charlotte
Richmond
Mobile Bay South III 2015 225 $50 MM
Virginia Southside 2015 270 $300 MM
Hillabee Expansion 2017 *818 *$280 MM
Dalton Expansion 2017 448 $275 MM
Atlanta
Virginia Southside
> 99 mi. of 24-inch pipe
(including lateral)
> Compression
Mobile Bay South III
> Compression
Hillabee Expansion
> Loop & Compression
Dalton Expansion
> 106 mi. greenfield pipeline
& Compression
~ $0.3 Billion Growth CapEx Through 2017
Planned in Transco’s Production Area
85
65
45
30
Zone 2
Zone 3
Zone 4
Sabine Pass LNG
Gulf Trace 2017 1,200 $300 MM
Gulf Trace
• 8 mi. of 30-inch lateral
• Compression

Gulfstream: Stable, High-Return Base Asset
> 50% WPZ ownership
interest
> Flexible supply
– Gulf of Mexico
– Midcontinent Shales
> Fully subscribed with long-
term contracts
> Average contract life
~ 16 years
> Serves growing Florida
market
– Growth driven by
increased power
generation needs
> No rate case requirement
Gulf East Growth Projects and Opportunities
> Gulfstar One – Tubular Bells (GS1)
– expected online 3Q 2014
> Kodiak – tieback to Devils Tower –
expected online 3Q 2015
> Gunflint – tieback to GS1 expected
online 1Q 2016
CONTRACTED:
> Appomattox Development
(Norphlet Play) – gas gathering,
transportation, & processing
expected online early 2019
> Taggart – tieback to Devils Tower –
expected online1Q 2016
POTENTIAL:

Gulfstar One on Track for First Oil
> Speed to market:
first oil expected
in 3Q
> Design one, build
many
> Project execution:
topsides and hull
set
> Hook-up and
commissioning
under way
> Gunflint tieback
contracted
Gulf West Growth Projects and Opportunities
> Well positioned for Deep
Nansen, Pemex, and
other Perdido Fold Belt
deepwater opportunities
> Short-term South Texas
gas supplies for fee
based processing in
2014
> Eagle Ford rich gas
gathering and processing
opportunities
> Continued development
at Perdido has resulted
in record production
rates of 140MMcfd and
90Mbpd

Project Execution: Keathley Canyon Connector
> 400 MMcf/d capacity
> Expected to be in service
by 4Q 2014
> Long-term reserves from
Lucius dedication
> High-deliverability reserves
from Hadrian South yield
front-end financial loading
> Heidelberg dedication
contracted
> High-potential
neighborhoods and
additional opportunities with
associated gas
WPZ – NGL & Petchem Services

2013 2014
Revenues:
Fee-based revenues:
Production handling and transportation $ 6 $ 6 $ 6 $ 5 $ 23 $ 7 $ 7 $ 14
Other fee-based revenues 26 31 29 31 117 33 33 66
Olefin sales 269 228 67 29 593 79 96 175
Marketing sales 684 673 645 644 2,646 698 680 1,378
Other sales 15 11 11 9 46 11 11 22
1,037 973 780 746 3,536 882 859 1,741
Intrasegment eliminations (79 ) (80 ) (56 ) (54 ) (269 ) (77 ) (76 ) (153 )
Total revenues 958 893 724 692 3,267 805 783 1,588
Olefins cost of goods sold 119 111 44 17 291 51 69 120
Marketing cost of goods sold 679 678 630 638 2,625 684 681 1,365
Other cost of goods sold 13 10 10 7 40 12 10 22
Net insurance recoveries - Geismar Incident — 6 (45 ) 13 (26 ) (119) (42) (161)
Intrasegment eliminations (79 ) (80 ) (56 ) (54 ) (269 ) (77 ) (76 ) (153 )
Total segment costs and expenses 805 800 668 687 2,960 645 731 1,376
Adjustments — 6 (31 ) 122 97 54 96 150
NGL & Petchem Services operating statistics
2013 2014
Ethane equity sales (million gallons) — — — 3 3 27 28 55
Ethane production (million gallons) — — — 7 7 29 29 58
Petrochemical Services
Geismar ethylene sales volumes (million lbs) 246 211 10 — 467 — — —
Geismar ethylene margin ($/lb) $ 0.37 $ 0.33 $ 0.05 $ — $ 0.34 $ — $ — $ —
Canadian propylene sales volumes (millions lbs) 35 36 27 20 118 32 34 66
Canadian alky feedstock sales volumes (million gallons) 9 10 7 5 31 7 7 14
Overland Pass Pipeline Company LLC (equity investment) - 100%
NGL Transportation volumes (Mbbls) 7,402 11,151 13,174 11,463 43,190 8,612 8,926 17,538

Geismar Expansion and Modernization
> Objectives:
– Bring the plant into
sustainably safe
operations
– 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
Geismar to Benefit from the Current
Commodity Environment
Note: Historical CMAI spot prices for ethylene and ethane.
Crack spread and ethane price stated before any co-product credits.
ETHYLENE CRACK SPREAD
$US/lb
20142009 2010 2011 2012 2013
Industry
Crack Spread
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
Ethane Cost Ethylene Spot Price

Geismar Mitigates Declining Ethane
to Crude Ratio
Note: Historical CMAI spot prices for ethylene and ethane converted to a $/barrel basis.
ETHANE AND ETHYLENE RELATIONSHIP TO CRUDE
20142009 2010 2011 2012 2013
% of Crude
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Ethane as % of WTI Ethylene as % of WTI
Our Canada Growth Story
> Existing 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
E i ti t
VALUE DRIVERS
Capitalizing on Our Competitive Advantages

Propylene is Consistently the Top of the
Value Chain
Note: Historical CMAI Gulf Coast spot prices converted to a $/MMBtu basis.
OLEFINS PRODUCTION FROM NGLs AND OFFGAS RECOVERY ADDS SIGNIFICANT
ADDITIONAL MARGIN POTENTIAL TO THE NATURAL GAS VALUE CHAIN
$/MMBtu
20142009 2010 2011 2012 2013
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
Gas Ethane Propane Crude Ethylene Propylene
Propylene
Canadian Operations Hold Distinct Feedstock
Cost Advantage
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.
OFFGAS PROPYLENE MARGIN
$US/lb
20142009 2010 2011 2012 2013
Offgas
Margin
Industry
Margin
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
$1.00
Natural Gas Propane Cracking Propylene

WPZ – West
West
WPZ – West
2013 2014
Revenues:
Fee-based revenues:
Production handling and transportation 116 110 114 118 458 116 112 228
Marketing sales 46 46 55 34 181 30 28 58
Other sales 10 7 8 8 33 12 9 21
Tracked revenues — 1 — 1 2 — 1 1
457 451 479 440 1,827 401 394 795
Intrasegment eliminations — — (1 ) — (1 ) — (1 ) (1 )
Total revenues 457 451 478 440 1,826 401 393 794
Other cost of goods sold 4 2 2 3 11 4 6 10
Tracked costs — 1 — 1 2 — 1 1
Intrasegment eliminations — — (1 ) — (1 ) — (1 ) (1 )
Total segment costs and expenses 271 289 271 254 1,085 236 241 477
Adjustments — — — — — — 6 6

West operating statistics
WPZ – West
2013 2014
Gathering and Processing
Plant inlet natural gas volumes (Tbtu) 295 305 310 264 1,174 249 246 495
Ethane margin ($/gallon) $ (0.03 )$ (0.01 )$ (0.02 )$ (0.001 )$ (0.02 ) $ 0.12 $ 0.22 $ 0.17
Non-ethane margin ($/gallon) $ 0.96 $ 0.81 $ 0.89 $ 0.99 $ 0.91 $ 0.94 $ 0.84 $ 0.89
NGL margin ($/gallon) $ 0.83 $ 0.60 $ 0.61 $ 0.86 $ 0.71 $ 0.89 $ 0.80 $ 0.84
Non-ethane production (million gallons) 262 281 294 246 1,083 233 232 465
NGL production (million gallons) 360 405 433 335 1,533 293 318 611
Northwest Pipeline LLC
Throughput (Tbtu) 201.0 136.9 168.6 210.4 716.9 192.4 141.3 333.7
WPZ – West
West G&P: Scale, Stability, Potential Growth
> 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
Piceance Basin
> 328 miles of pipeline
> 1.4 Bcf/d of gathering capacity
> 1.7 Bcf/d of processing capacity
Four Corners
> 3,823 miles of pipeline
> 1.8 Bcf/d of
gathering capacity
> 1.5 Bcf/d of processing/
treating capacity
Wyoming
> 3,587 miles of pipeline
> 1.1 Bcf/d of gathering capacity
> 2.2 Bcf/d of processing capacity
Northwest
Pipeline

Fee-based Revenue Increasing; Gross Margin Mix
Expected to Improve to 84% Fee-based by 2015
WPZ – West
1
2013 equity NGL margin includes a significant keep-whole contract that expired in September 2013.
$0
$400
$800
$1,200
$1,600
2013 2014 2015
NWP Fee G&P Fee
Commodity-based Fee NGL Margin
Other
GROSS MARGIN BY TYPE ($MM)
> Fee-based revenue increasing,
helping to drive improved gross
margin mix
> G&P fee-based business
expected to grow 10% from
2013 to 2015
> Steady NWP fee business
1
Expect to Continue Delivering Significant
Volumes; Ethane Rejection Persists
WPZ – West
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2013 2014 2015
Gathering Plant Inlet
GATHERING AND PLANT INLET VOLUMES
0
1
2
3
4
5
2013 2014 2015
Non-Ethane 3rd Party Ethane Equity Ethane
NGL PRODUCTION
MMBtu/day Gallons (Millions)/Day

Northwest Pipeline: Backbone of the
Pacific Northwest Gas Delivery System
WPZ – West
> Plentiful, diverse supply sources
– British Columbia, Alberta, Rockies, San Juan
> 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.
Spokane
Boise
Portland
Seattle
Northwest
Pipeline
Pacific Northwest
Potential Market Growth Heating Up
WPZ – West
Blue = Proposed Expansion Projects (not included in guidance)
Green = Potential new end-use markets announced by 3rd parties (may lead to additional expansion opportunities on Northwest)
Boise
Spokane
Seattle
Portland
Jordan
Cove
Oregon LNG
Magnida Fertilizer
Up to 75 MDth/d
Target ISD: 2017
Transfuels
LNG Trucking @ Plymouth
Up to 359K gal (30 MDth/d)
Target ISD: 2014
Kalama
Methanol Export
Up to 320 MDth/d
Target ISD: 2018
Port Westward
Methanol Export
Up to 320 MDth/d
Target ISD: 2018
Portland General
Up to 50 MDth/d
Target ISD: 2015
TransAlta Coal Plant
Up to 200 MDth/d
Target ISD: 2020
Washington Expansion
Up to 750 MDth/d
Target ISD: 2018
Pacific Connector
Gas Pipeline
1 Bcf/d
Target ISD: 2018
> Announced New
Market Opportunities
– LNG Export
– LNG Transportation
– Methanol Export
– Fertilizer Plants
– New Electric Generation
– Coal Conversion
> Potential Projects
– Pacific Connector
– Washington Expansion
> Wood Mackenzie
Regional Demand
Growth
– 400 MDth/d by 2020
(excludes LNG and
methanol export
opportunities)
Port of Tacoma
Methanol Export
Up to 320 MDth/d
Target ISD: 2018

Williams – NGL & Petchem Services
Williams NGL & Petchem Services
2013 2014
Operating and maintenance expenses $ 1 $ 1 $ 1 $ — $ 3 $ 2 $ 1 $ 3
Selling, general, and administrative expenses — — 3 3 6 22 4 26
Other (income) expense - net 1 — — 22 23 (1 ) 1 —
Total segment costs and expenses 2 1 4 25 32 23 6 29
Equity earnings (losses) — — — — — (77 ) (2 ) (79 )
Reported segment profit (loss) (2 ) (1 ) (4 ) (25 ) (32 ) (100) (8 ) (108 )
Adjustments — — — 20 20 95 1 96
Adjusted segment profit (loss) $ (2 ) $ (1 ) $ (4 ) $ (5 ) $ (12 ) $ (5 ) $ (7 ) $ (12 )

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
$500–600 million shared
between WMB and WPZ
> Expected in-service 4Q 2015
Proposed Canada PDH Facility Would Convert
Discounted Propane to High-value Product
> 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
> Expected in-service 2nd 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 DEHYDROGENATION

WMB / WPZ – NGL & Petchem Services
New Plants Need New Logistics Services
Williams Gulf Coast Petchem Services
CURRENT MAJOR PROJECTS
> Under construction:
– WPZ ethane pipeline system
expansion; expected fully in-
service 3Q 2015
– WMB Texas Belle Pipeline:
Isobutane, normal butane, C5+;
expected in-service 4Q 2014
> Under development:
– WMB Promesa: Ethylene Pipeline
and Storage Hub Expansion – TX
– WMB Jackrabbit: PGP Pipeline
and Storage Hub Development
Access Midstream Partners

ACMP
2013 2014
Equity earnings $ 17 $ 18 $ 22 $ 36 $ 93 $ 21 $ 22 $ 43
Less: Amortizations of equity investment basis differences 17 15 16 15 63 15 15 30
Total equity earnings — 3 6 21 30 6 7 13
Other investing income - net — 26 — 5 31 — 4 4
ACMP acquisition costs — — — — — — (2) (2)
Reported segment profit — 29 6 26 61 6 9 15
Adjustments — (26 ) — (5 ) (31 ) — (2) (2)
Adjusted segment profit $ — $ 3 $ 6 $ 21 $ 30 $ 6 $ 7 $ 13
Distributions received $ 20 $ 22 $ 22 $ 29 $ 93 $ 31 $ 33 $ 64
ACMP
WMB Corporate Structure
NYSE: WMB
NYSE: ACMP
Williams NGL &
Petchem Services
NYSE: WPZ
LP
64%
100% of GP
Interest,
IDRs
LP
50%
100% of GP
Interest,
IDRs

ACMP
Source: Access Midstream August 2014 Investor Presentation
PARTNERSHIP OVERVIEW
1
Gathering and processing master
limited partnership formed in 2010
Leadership position in 9
unconventional basins in U.S.
~$13 billion market capitalization
with 49% public float
Williams owns 100% of the GP
Wellhead Customer
Wellhead
Facilities/
Flowlines
Gathering
Systems
Gathering
Facilities
Pipeline
Transportation
Natural Gas Value Chain:
Central Delivery Points
Distribution
Processing
Facilities
ACMP
ACMP INVESTMENT HIGHLIGHTS
Low Risk Business Model
• Fixed fee revenue model with no direct commodity price
exposure
• Contractual structure creates cash flow stability and
visibility
Industry Leading Growth
• ~$4.3B of CAPEX in 2013 - 2016 generating contractual
mid-teens return
• Broad footprint creates many new customer opportunities
Conservative Financial Strategy
• Maintain strong liquidity and a conservative balance sheet
• Target investment grade financial metrics to optimize cost
of capital
Experienced Management Team
• Same team that has delivered industry leading
performance since IPO
• Dedicated and experienced with a proven midstream track
record
World Class Sponsorship
• Williams brings expertise across midstream value chain
• Benefit from best practices from industry leader
3

ACMP
LOW RISK BUSINESS MODEL
VVolume &
Capital
MVC and long-term acreage
dedications
Rate redetermination, cost of service
and fee tiers
Conservative maintenance capital
Commodity &
Basin
100% fixed-fee revenues
Commitment to maintain contract
structure / business model as business
grows
Concentrated in low cost basins
Re-Contracting
Arms-length, 10-20 year contracts at
market rates
Critical infrastructure providing access
to market
Dedicated acreage
Considerations Mitigants
Confidential 4
ACMP
EXPANDING ASSET BASE
5
1) Data as of quarter ended June 30, 2014. Volume is net to Partnership.
HIGH QUALITY, SCALABLE ASSET BASE IN HIGH GROWTH
UNCONVENTIONAL PLAYS
Key Operating Data(1)
Total Assets: ~$8.5 billion
Dedicated Areas: ~8.3 million acres
Miles of Pipe: 6,495
Volume: 3,918 mmcf/d
Employees: ~1,500

ACMP
Source: Access Midstream August 2014 Investor Presentation.
* A reconciliation of this non-GAAP measure can be found on ACMP’s website.
2011A 2012A 2013A 2014E 2015E 2016E
$859
$1,025-$1,125
$478
$349
$1,250-$1,350
$1,400-$1,600
OUR GROWTH FOCUS
6
Organic growth
• ~$4.3 billion in 2013-2016
• Substantial processing
investment
Business development growth
• New producer
opportunities
• Bolt-on acquisitions
Contractual growth
• Escalating minimum
volume commitments
• Long-term, cost of service
fee structures
2011A 2012A 2013A 2014E 2015E 2016E
Growth CAPEX
$1,100-$1,200
$345
$660
$900-$1,000
$600-$800
$1,468
$ in millions
EBITDA Growth
$ in millions
*
Corporate

Other Petchem Svs. Projects – $240
Pipeline Acq. & Related Petchem Svs. Proj. – $400
Canadian Ethane Recovery – $570
CNRL Upgrader – $360
Canadian PDH - Not Disclosed
Parachute Plant Expansion – $200
CNRL Upgrader – $165
Geismar Expansion – $785
Gunflint – $140
Garden State - $150
Mid-South Expansion – $200
Rockaway Lateral – $230
Dalton Lateral – $275
Constitution Pipeline 41% Ownership – $300
Hillabee Expansion (Phase 1) – $280
Gulf Trace – $300
Virginia South Side – $300
NE Supply Link – $390
Keathley Canyon Connector 60% Ownership – $460
Gulfstar 51% Ownership – $600
Leidy SE – $600
Atlantic Sunrise ($2,100 Transco share) – $2,100
Three Rivers
Utica JV – (Blue Racer Midstream)
Susquehanna Supply Hub
Ohio Valley MidstreamOhio Valley Mi
PROJECT DESCRIPTION AND EST. CAPEX
$ IN MILLIONS (EXCLUDES ACMP PROJECTS)
EXPECTED REMAINING TIME TO
IN-SERVICE DATE*
Corporate
*Actual in-service date often dependent on customer readiness, regulatory approvals, and other factors outside our control.
The amounts listed for the Northeast represent the midpoint of capex and investment guidance for 2013-2016. Amounts for other projects
represent total expected capital expenditures, including amounts invested prior to 2013.
Strategic, Large-Scale, Primarily
Fee-Based Cash Flows Driving Growth
> Target IRRs
> Fee-based 13%-25%
> Commodity-exposed
25%+
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2013 2014 2015 2016 2017
WPZ
Northeast
WPZ
Atlantic/Gulf
WPZ NGL/Petchem
WMB
NGL/Petchem
WPZ West
Investing $1,800 2013 through 2016
Investing $1,300 2013 through 2016
Investing $420 2013 through 2015
Spending under review pending analysis of drilling plans
Phase 2
Strong Fundamentals and Competitive
Advantages Drive Robust, Visible Growth
Growth Investment Spending by Operating Area
1 Guidance presented here is at the midpoint of ranges.
2 No capital included for ACMP beyond guidance period.
NGL &
Petchem
(WMB)
Atlantic-Gulf
(WPZ)
West (WPZ)
In guidance1
In guidance 1
Under negotiation
In guidance1 Under negotiation
Potential
~$10 BILLION ~$17 BILLION $25 BILLION+
2014–2016 2014–2019
Corporate
NGL &
Petchem
(WPZ)
Northeast
G&P (WPZ)
ACMP2

Corporate
WMB Total Gross Margin1
Notes: 2013 has been recast to reflect the Canadian asset drop-down completed in 1Q 2014. 2013 includes proceeds from business
interruption insurance claim for the Geismar incident of $123 million. Williams NGL & Petchem Services is targeted for dropdown in late
2014 / early 2015. 1Gross margin is gross revenues less related product costs and certain regulated revenues, which are related to
tracked operating costs. WPZ unregulated fee revenue includes certain variable fee based revenues (margin-sharing fees) that are
immaterial to the total.
Expect Fee-Based Revenues to Grow by More than
120% and Account for More than 81% of Business
WPZ – Regulated
Fee Revenue
WPZ – Unregulated
Fee Revenue
Non-ethane Margin
Ethane Margin
Olefins Margin
2013 ACTUAL
$3.8 BILLION
2016 FORECAST
$7.7 BILLION
43%
32%
14%
11%
0%
26%
30%5%
<1%
11%
25%
1% 1%
ACMP
Fee Revenue
Williams NGL & Petchem
Fee Revenue
Commodity Margin
1%<1%
WPZ’s Expected Growth Drives 58% Increase in
Cash Distributions to WMB
Notes: 1 A more detailed schedule reconciling this non-GAAP measure is provided in this presentation. 2 Distributions reflect per-unit
increases of 6% annually in 2014 and 2015, and 4.5% in 2016 (midpoint of guidance). Williams owns an approximate 64 percent limited
partner interest, a 2 percent general partner interest and the incentive distribution rights (IDRs).
(Midpoint of guidance, dollars in millions)
WPZ ADJUSTED SEGMENT PROFIT +
DD&A1
WPZ DISTRIBUTIONS TO WILLIAMS2
(ACCRUED BASIS)
2,589
2,920
3,865
4,355
0
1,000
2,000
3,000
4,000
5,000
2013 2014 2015 2016
19%
CAGR
0
1,000
2,000
3,000
2013 2014 2015 2016
16%
CAGR
2,283
1,448
1,775
2,007
LP
9% CAGR
GP/IDRs
29% CAGR
> WPZ business expected to grow 68% (19% CAGR) – GP / IDRs expected to
grow 115% (29% CAGR)
Corporate

ACMP Expected Growth Drives Nearly 500% Increase in
Cash Distributions to WMB Through 2016
Corporate
(Dollars in millions)
> ACMP business expected to grow 75% (20% CAGR) – GP / IDRs
expected to grow 1,246% (138% CAGR)
ACMP ADJUSTED EBITDA1
ACMP DISTRIBUTIONS TO WILLIAMS
(ACCRUED BASIS)
859
1,075
1,300
1,500
0
250
500
750
1,000
1,250
1,500
1,750
2013 2014 2015 2016
104
288
481
613
0
100
200
300
400
500
600
700
2013 2014 2015 2016
LP 58%
CAGR
GP/IDRs
138%
CAGR
20%
CAGR
81%
CAGR
Note: 1 Prior to July 1, 2014, Williams ownership in ACMP was 50% of the GP and 23% of the LP. Beginning July 1, 2014, Williams ownership
increased to 100% of the GP and 50% of the LP. A reconciliation of this non-GAAP measure can be found on ACMP’s website.
Planning Williams 3Q 2014 Dividend Up 32% to $0.56, or $2.24 on an
Annualized Basis; $2.46 for 2015, With Follow-on Annual Dividend
Growth of Approximately 15% through 2017
Note: 1 Detailed illustrative dividend and coverage calculations are included in the presentation.
CASH DIVIDENDS PER SHARE GROWTH
2010–2017 CAGR OF 31%1
ILLUSTRATIVE EXCESS CASH FLOW
AVAILABLE & COVERAGE RATIO
$0.49
$0.78
$1.20
$1.44
$1.96
$2.46
$2.82
$3.25
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
2010 2011 2012 2013 2014 2015 2016 2017
Actual Guidance
(millions)
$0
$1,000
$2,000
$3,000
2014 2015 2016
1.20x
1.21x
1.18x
Expected Cash
Flow Available
After Dividends
Expected
Dividends Paid
Corporate

Expect Strong Annual Dividend Growth With
Substantial Cash Coverage
Notes: 1 Targeted for dropdown in late 2014 / early 2015. See Williams NGL & Petchem Services Adjusted Cash Flow slide in appendix for
additional details. 2 Near-term tax rates are lower than longer-term rates due to accelerated depreciation and deductions related to our investment in
ACMP. The average tax rate for 2017–2019 is expected to be approximately 14%, which represents a blended rate on WPZ / ACMP distributions,
WMB NGL Petchem earnings, and corporate interest expense as well other tax items impacting the WMB corporate entity. 3 Excludes transition
costs related to integration of ACMP 4 WMB Cash Flow Available for Dividends / WMB Expected Dividends Paid.
DIVIDEND ILLUSTRATION AND COVERAGE CALCULATION
(Midpoint of guidance, dollars in millions except per share amounts)
2014 2015 2016 2017
Distributions from WPZ (accrued / "as declared" basis) $1,775 $2,007 $2,283
Distributions from ACMP (accrued / "as declared" basis) 288 481 613
Total Distributions from WPZ and ACMP 2,063 2,488 2,896
Williams NGL & Petchem Services Adjusted Cash Flow 1
(20) 103 103
Corporate Interest (205) (257) (255)
Subtotal 1,838 2,334 2,743
WMB Cash Tax Rate 2
3% 2% 6%
WMB Cash Taxes (excludes cash taxes paid by WPZ & ACMP) (56) (48) (178)
Corporate Capex and Other 3
(55) (40) (40)
WMB Cash Flow Available for Dividends $1,727 $2,246 $2,525
- per share $2.35 $2.98 $3.34
WMB Expected Dividends Paid (1,440) (1,851) (2,134)
Excess Cash Flow Available After Dividends $287 $395 $391
Coverage Ratio 4
1.20x 1.21x 1.18x
Dividend Per Share $1.96 $2.46 $2.82 $3.25
Annual Grow th Rate 36% 26% 15% 15%
Corporate
Williams NGL & Petchem Services Positioned to
Contribute to Dividend Growth
Corporate
WILLIAMS NGL & PETCHEM SERVICES ADJUSTED CASH FLOW
(DOLLARS IN MILLIONS)
2014 Guidance 2015 Guidance 2016 Guidance
Low Midpoint High Low Midpoint High Low Midpoint High
Segment Profit ($116) ($114) ($111) $80 $90 $105 $80 $90 $105
Adjustments 1 96 96 96 - - - - - -
DD&A 5 5 5 25 25 25 25 25 25
Maintenance Capex (5) (5) (5) (5) (5) (5) (5) (5) (5)
General Corp Costs – (3) (5) (5) (8) (10) (5) (8) (10)
Adjusted Cash Flow ($20) ($20) ($20) $95 $103 $110 $95 $103 $110
Note: Segment targeted for dropdown in late 2014 / early 2015 1 A detailed schedule of adjustments is provided in this presentation.

2014-2016 capital expenditures guidance
Notes: If guidance has changed, previous guidance is shown in italics directly below. Includes purchases of property, plant & equipment;
investments; and businesses. Capex for 2014 excludes acquisition of ACMP. 1 ACMP capex guidance is net of contributions from
noncontrolling interests. 2 Targeted for dropdown in late 2014 / early 2015.
2014 2015 2016
Williams Partners (WPZ) $3,445 - 4,015 $2,195 - 2,705 $2,050 - 2,510
3,370 - 3,940
Access Midstream Partners (ACMP)
1
590 - 690 1,030 - 1,130 730 - 930
0 0 0
Williams NGL & Petchem Services 2
405 - 505 70 - 80 275 - 365
380 - 480 455 - 605
Other / Corporate 50 - 60 40 40
25 25
Total capital expenditures $4,490 - 5,270 $3,335 - 3,955 $3,095 - 3,845
3,825 - 4,505 2,600 - 3,210 2,530 - 3,140
Dollars in millions
Corporate
Tax Rates
Corporate
Dollars in millions 1Q 2014 2Q 2014
2014
Year-to-Date
Provision (benefit) at statutory rate $86 35% $73 35% $159 35%
Increases (decreases) in taxes
resulting from:
Impact of nontaxable
noncontrolling interests
-20 -8% -5 -3% -25 -6%
Completion of the Canada
dropdown
-23 -9% 12 6% -11 -2%
State income taxes (net of federal
benefit)
5 2% 2 1% 7 2%
Other-net 3 1% 2 1% 5 1%
Provision (benefit) for income
taxes
$51 21% $84 40% $135 30%
Rates Below Are Based On Income From
Continuing Operations Before Income Taxes
2014 2015 2016
Full Year Effective Tax Rate Guidance 26–28% 27–29% 26-28%

PROPANE ($/Gallon) ETHYLENE ($/Pound)
Commodity Price Assumptions
Corporate
NATURAL GAS – HENRY HUB ($/MMBtu) ETHANE ($/Gallon)
$0.40
$0.60
$0.80
2012 2013 2014 2015 2016
$2.00
$3.00
$4.00
$5.00
2012 2013 2014 2015 2016
$0.00
$0.20
$0.40
$0.60
2012 2013 2014 2015 2016
$0.75
$1.00
$1.25
$1.50
2012 2013 2014 2015 2016
(Low / High guidance)
NG Ethane Propane C4+ Ethylene Propylene 3
2014
WPZ 1
+ $.10/Mmbtu ($3.7)
+ $.01/gallon ($2.2) $1.7 $1.3
+ $.01/pound $7.6 $1.1
Williams NGL &
Petchem Services 2
+ $.10/Mmbtu $0.0
+ $.01/gallon $0.0 $0.0 $0.0
+ $.01/pound $0.0
WMB
+ $.10/Mmbtu ($3.7)
+ $.01/gallon ($2.2) $1.7 $1.3
+ $.01/pound $7.6 $1.1
Notes: Includes equity volumes, commodity exposed fee contracts, and hedges. 1 WPZ includes equity volumes from RGP Splitter,
Geismar and the impact of fixed margin contracts. 2 For 2014 and 2015, equity volumes from Canada are included in WPZ, except for
those volumes reated to CNRL, which are included in Williams NGL & Petchem Services. 3 Excludes volumes associated with RGP
Splitter.
Sensitivities to price changes
(millions)
NG Ethane Propane C4+ Ethylene Propylene 3
2015
WPZ 1
+ $.10/Mmbtu ($6.6)
+ $.01/gallon ($4.6) $3.5 $2.5
+ $.01/pound $14.9 $2.1
Williams NGL &
Petchem Services 2
+ $.10/Mmbtu ($1.1)
+ $.01/gallon $0.5 $0.3 $0.1
+ $.01/pound $0.6
WMB
+ $.10/Mmbtu ($7.7)
+ $.01/gallon ($4.1) $3.8 $2.5
+ $.01/pound $14.9 $2.7
Corporate

Corporate
Consolidated statement of income
2013 2014
(Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr Year
Revenues:
Service revenues $ 706 $ 721 $ 736 $ 776 2,939 $ 819 $ 825 $ 1,644
Product sales 1,104 1,046 887 884 3,921 930 853 1,783
Total revenues 1,810 1,767 1,623 1,660 6,860 1,749 1,678 3,427
Costs and expenses:
Product costs 790 801 710 726 3,027 769 724 1,493
Operating and maintenance expenses 260 291 269 277 1,097 298 308 606
Selling, general, and administrative expenses 132 123 130 127 512 150 136 286
Net insurance recoveries - Geismar Incident — — (50) 10 (40) (119) (42) (161)
Other (income) expense - net 1 4 21 48 74 17 27 44
Total costs and expenses 1,384 1,417 1,287 1,397 5,485 1,329 1,367 2,696
Equity earnings (losses) 18 38 37 41 134 (48) 37 (11)
Income (loss) from investments (1 ) 25 (1) 5 28 — 4 4
General corporate expenses 44 43 40 37 164 40 43 83
Total segment profit (loss) 487 456 412 346 1,701 412 395 807
Reclass equity earnings (losses) (18 ) (38 ) (37) (41 ) (134) 48 (37) 11
Reclass income (loss) from investments 1 (25 ) 1 (5 ) (28) — (4) (4)
Reclass general corporate expenses (44 ) (43 ) (40 ) (37 ) (164 ) (40) (43) (83)
Operating income (loss) 426 350 336 263 1,375 420 311 731
Equity earnings (losses) 18 38 37 41 134 (48) 37 (11)
Interest incurred (152 ) (151 ) (151) (157) (611) (169) (192) (361)
Interest capitalized 24 24 27 26 101 29 29 58
Other investing income - net 13 39 10 19 81 14 18 32
Other income (expense) - net (2 ) 2 1 (1) — 1 4 5
Income (loss) from continuing operations before
income taxes
327 302 260 191 1,080 247 207 454
Provision (benefit) for income taxes 96 102 62 141 401 51 84 135
Income (loss) from continuing operations 231 200 198 50 679 196 123 319
Income (loss) from discontinued operations (1 ) (8) (1) (1) (11) — 4 4
Net income (loss) 230 192 197 49 668 196 127 323
Less: Net income attributable to noncontrolling interests 69 50 56 63 238 56 24 80
Net income (loss) attributable to The Williams Companies, Inc. $ 161 $ 142 $ 141 $ (14 ) $ 430 $ 140 $ 103 $ 243
Corporate
Consolidated statement of income cont’d
2013 2014
Amounts attributable to The Williams Companies, Inc.:
Income (loss) from continuing operations $ 162 $ 149 $ 143 $ (13 ) $ 441 $ 140 $ 99 $ 239
Income (loss) from discontinued operations (1 ) (7 ) (2 ) (1 ) (11 ) — 4 4
Net income (loss) $ 161 $ 142 $ 141 $ (14 ) $ 430 $ 140 $ 103 $ 243
Diluted earnings (loss) per common share:
Income (loss) from continuing operations $ 0.23 $ 0.22 $ 0.20 $ (0.02 ) $ 0.64 $ 0.20 $ 0.14 $ 0.34
Income (loss) from discontinued operations — (0.01 ) — — (0.02 ) — 0.01 0.01
Net income (loss) $ 0.23 $ 0.21 $ 0.20 $ (0.02 ) $ 0.62 $ 0.20 $ 0.15 $ 0.35
Weighted-average number of shares used in computations (thousands)
687,143 686,924 687,306 683,552 687,185 688,904 700,696 694,832
Common shares outstanding at end of period (thousands) 682,591 683,063 683,334 683,777 683,777 685,419 747,190 747,190
Market price per common share (end of period) $ 37.46 $ 32.47 $ 36.36 $ 38.57 $ 38.57 $ 40.58 $ 58.21 $ 58.21
Common dividends per share $ 0.33875 $ 0.3525 $ 0.36625 $ 0.38 $ 1.4375 $ 0.4025 $ 0.4250 $ 0.8275
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.

Corporate
Capital expenditures and investments
2013 2014
Capital expenditures:
Williams Partners $ 703 $ 791 $ 928 $ 894 $ 3,316 $ 724 $ 943 $ 1,667
Williams NGL & Petchem Services 5 23 74 128 230 61 85 146
Other 5 3 10 8 26 8 18 26
Total* $ 713 $ 817 $ 1,012 $ 1,030 $ 3,572 $ 793 $ 1,046 $ 1,839
Purchase of businesses:
Other $ — $ — $ — $ 6 $ 6 $ — $ — $ —
Purchase of investments:
Williams Partners $ 93 $ 89 $ 162 $ 95 $ 439 $ 215 $ 16 $ 231
Williams NGL & Petchem Services — 2 — 10 12 13 2 15
Other — 4 — — 4 — — —
Total $ 93 $ 95 $ 162 $ 105 $ 455 $ 228 $ 18 $ 246
Summary:
Williams Partners $ 796 $ 880 $ 1,090 $ 989 $ 3,755 $ 939 $ 959 $ 1,898
Williams NGL & Petchem Services 5 25 74 138 242 74 87 161
Other 5 7 10 14 36 8 18 26
Total $ 806 $ 912 $ 1,174 $ 1,141 $ 4,033 $ 1,021 $ 1,064 $ 2,085
Capital expenditures incurred and purchase of investments:
Increases to property, plant, and equipment $ 732 $ 873 $ 1,080 $ 968 $ 3,653 $ 840 $ 949 $ 1,789
Purchase of businesses — — — 6 6 — — —
Purchase of investments 93 95 162 105 455 228 18 246
Total $ 825 $ 968 $ 1,242 $ 1,079 $ 4,114 $ 1,068 $ 967 $ 2,035
*Increases to property, plant, and equipment $ 732 $ 873 $ 1,080 $ 968 $ 3,653 $ 840 $ 949 $ 1,789
Changes in related accounts payable and accrued liabilities (19 ) (56 ) (68 ) 62 (81 ) (47) 97 50
Capital expenditures $ 713 $ 817 $ 1,012 $ 1,030 $ 3,572 $ 793 $ 1,046 $ 1,839
Corporate
Depreciation and amortization and other selected
financial data
2013 2014
Depreciation and amortization:
Other 5 7 6 6 24 6 7 13
Total $ 201 $ 198 $ 207 $ 209 $ 815 $ 214 $ 214 $ 428
Other selected financial data:
Cash and cash equivalents $ 702 $ 824 $ 732 $ 681 $ 681 $ 1,064 $ 860 $ 860
Total assets $ 24,816 $ 25,657 $ 26,455 $ 27,142 $ 27,142 $ 28,306 $ 34,949 $ 34,949
Capital structure:
Debt
Commercial paper $ — $ 710 $ 371 $ 225 $ 225 $ — $ — $ —
Current $ 1 $ 1 $ 1 $ 1 $ 1 $ 751 $ 751 $ 751
Noncurrent $ 10,610 $ 10,359 $ 10,359 $ 11,353 $ 11,353 $ 12,099 $ 15,539 $ 15,539
Stockholders’ equity $ 4,795 $ 4,694 $ 4,948 $ 4,864 $ 4,864 $ 4,616 $ 7,863 $ 7,863
Debt to debt-plus-stockholders’ equity ratio 68.9 % 70.2 % 68.4 % 70.4 % 70.4 % 73.6 % 67.4 % 67.4 %
Cash distributions received from interests in:
General partner $ 113 $ 122 $ 131 $ 58 $ 424 $ 164 $ 170 $ 334
Limited partner 228 237 242 245 952 250 252 502
$ 341 $ 359 $ 373 $ 303 $ 1,376 $ 414 $ 422 $ 836
Access Midstream Partners, L.P.
General partner $ 2 $ 3 $ 3 $ 7 $ 15 $ 9 $ 10 $ 19
Limited partner 18 19 19 22 78 22 23 45
$ 20 $ 22 $ 22 $ 29 $ 93 $ 31 $ 33 $ 64
$ 361 $ 381 $ 395 $ 332 $ 1,469 $ 445 $ 455 $ 900

WMB Non-GAAP Reconciliations
> This presentation includes certain financial measures – adjusted segment profit, adjusted segment
profit + DD&A, adjusted income from continuing operations (“earnings”) and adjusted earnings per
share – that are non-GAAP financial measures as defined under the rules of the Securities and
Exchange Commission. Adjusted segment profit, adjusted earnings and adjusted earnings per share
measures exclude items of income or loss that the company characterizes as unrepresentative of its
ongoing operations and may include assumed business interruption insurance related to the Geismar
plant. Management believes these measures provide investors meaningful insight into the company's
results from ongoing operations.
> 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
widely accepted financial indicators used by investors to compare a company’s performance. In
addition, management believes that these measures provide investors an enhanced perspective of the
operating performance of the company and aid investor understanding. Neither adjusted segment
profit, adjusted segment profit + DD&A, adjusted earnings nor adjusted earnings per share measures
are intended to represent an alternative to segment profit, net income or earnings per share. 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.
WMB Non-GAAP Disclaimer

WMB non-GAAP reconciliation schedule
2013 2014
Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to
common stockholders $ 162 $ 149 $ 143 $ (13) $ 441 $ 140 $ 99 $ 239
Income (loss) from continuing operations - diluted earnings per common share $ .23 $ .22 $ .20 $ (.02) $ .64 $ .20 $ .14 $ .34
Adjustments:
Williams Partners
Net loss (recovery) related to Eminence storage facility leak
$ — $ (5) $ 5 $ (2) $ (2) $ — $ — $ —
Share of impairments at equity method investee
— — — 7 7 — — —
Contingency loss (gain)
(6) — 9 16 19 — — —
Loss related to Geismar Incident
— 6 4 4 14 — — —
Geismar Incident adjustment for insurance and timing
— — (35 ) 118 83 54 96 150
Loss related to compressor station fire — — — — — 6 — 6
Impairment of certain equipment held for sale — — — — — — 17 17
Loss related to Opal incident — — — — — — 6 6
Total Williams Partners adjustments (6) 1 (17 ) 143 121 60 119 179
Williams NGL & Petchem Services
Write-off of abandoned project
— — — 20 20 — — —
Bluegrass Pipeline project development costs - (100% consolidated) — — — — — 19 — 19
Bluegrass Pipeline and Moss Lake project development costs (50% equity investment
losses) — — — — — 6 1 7
Equity investment losses related to Bluegrass Pipeline and Moss Lake write-offs — — — — — 70 — 70
Total Williams NGL & Petchem Services adjustments — — — 20 20 95 1 96
Gain associated with ACMP equity issuance
— (26 ) — (5 ) (31 ) — (4) (4)
Acquisition-related expenses — — — — — — 2 2
Total Access Midstream Partners adjustments
— (26 ) — (5 ) (31 ) — (2) (2)
Adjustments included in segment profit (loss) (6 ) (25 ) (17 ) 158 110 155 118 273
WMB non-GAAP reconciliation schedule cont’d
2013 2014
Adjustments below segment profit (loss)
Reorganization-related costs 2 — — — 2 — — —
Acquisition-related financing expenses - Access Midstream Partners — — — — — — 9 9
Interest income on receivable from sale of Venezuela assets - Other (13 ) (13 ) (11 ) (13 ) (50 ) (13) (14) (27)
Allocation of adjustments to noncontrolling interests 5 4 9 (46 ) (28 ) (25) (36) (61)
(6 ) (9 ) (2 ) (59 ) (76 ) (38) (41) (79)
Total adjustments (12 ) (34 ) (19 ) 99 34 117 77 194
Less tax effect for above items 1 10 4 (39 ) (24 ) (47) (32) (79)
Adjustments for tax-related items [1] 1 4 2 101 108 (20) 14 (6)
Adjusted income from continuing operations available to common stockholders $ 152 $ 129 $ 130 $ 148 $ 559 $ 190 $ 158 $ 348
Adjusted diluted earnings per common share [2] $ .22 $ .19 $ .19 $ .22 $ .81 $ .28 $ .23 $ .50
Weighted-average shares - diluted (thousands)
687,143 686,924 687,306 687,712 687,185 688,904 700,696 694,832
[1] The fourth quarter of 2013 includes a favorable adjustment to reflect taxes on undistributed earnings of certain foreign operations that are no longer considered permanently reinvested. The first quarter
of 2014 includes an unfavorable adjustment related to completing the dropdown of certain Canadian operations to Williams Partners. The second quarter of 2014 includes a favorable adjustment to
reflect taxes on undistributed earnings of certain foreign operations that are no longer considered permanently reinvested.
[2] Interest expense, net of tax, associated with our convertible debentures has been added back to adjusted income from continuing operations available to common stockholders to calculate adjusted diluted
earnings per common share.
Note: 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.

Non-GAAP reconciliation schedule– adjusted
segment profit (loss) and adjusted segment profit
+DD&A
2013 2014
Segment profit (loss):
Williams Partners $ 494 $ 427 $ 411 $ 345 $ 1,677 $ 503 $ 393 $ 896
Williams NGL & Petchem Services (2 ) (1 ) (4 ) (25 ) (32 ) (100 ) (8 ) (108 )
Access Midstream Partners — 29 6 26 61 6 9 15
Other (5 ) 1 (1) — (5 ) 3 1 4
Total segment profit (loss) $ 487 $ 456 $ 412 $ 346 $ 1,701 $ 412 $ 395 $ 807
Segment adjustments:
Williams Partners $ (6 )$ 1 $ (17 )$ 143 $ 121 $ 60 $ 119 $ 179
Williams NGL & Petchem Services — — — 20 20 95 1 96
Access Midstream Partners — (26 ) — (5 ) (31 ) — (2 ) (2 )
Other — — — — — — — —
Total segment adjustments $ (6 ) $ (25 ) $ (17 ) $ 158 $ 110 $ 155 $ 118 $ 273
Adjusted segment profit (loss):
Access Midstream Partners — 3 6 21 30 6 7 13
Other (5 ) 1 (1) — (5 ) 3 1 4
Total adjusted segment profit (loss) $ 481 $ 431 $ 395 $ 504 $ 1,811 $ 567 $ 513 $ 1,080
Non-GAAP reconciliation schedule– adjusted
segment profit (loss) and adjusted segment profit
+DD&A
2013 2014
Depreciation and amortization (DD&A):
Williams NGL & Petchem Services — — — — — — 1 1
Access Midstream Partners* 17 15 16 15 63 15 15 30
Other 5 7 6 6 24 6 6 12
Total depreciation and amortization $ 218 $ 213 $ 223 $ 224 $ 878
$ 229 $ 229 $ 458
Adjusted segment profit (loss) + DD&A:
Access Midstream Partners 17 18 22 36 93 21 22 43
Other — 8 5 6 19 9 7 16
Total adjusted segment profit (loss) + DD&A $ 699 $ 644 $ 618 $ 728 $ 2,689 $ 796 $ 742 $ 1,538
* DD&A adjustment for Access Midstream Partners reflects the amortization of the basis difference between Williams’ investment and its proportional share of the underlying net assets.
Note: Segment profit (loss) includes equity earnings (losses) and income (loss) from investments reported in other investing income - net in the Consolidated Statement of Income. Equity earnings (losses)
results from investments accounted for under the equity method. Income (loss) from investments results from the management of certain equity investments.

WMB 2014 schedule of expected adjustments
(dollars in millions)
Segment Profit Adjustments: 2014
Williams Partners (WPZ)
Loss related to compressor station fire $6
Impairment of certain equipment held for sale 17
Loss related to Opal incident 6
Geismar incident adjustment for insurance and timing (115)
Other (136)
Total Williams Partners adjustments (222)
Bluegrass Pipeline project development costs (100% consolidated) 19
Bluegrass Pipeline and Moss Lake project development costs (50% equity investment losses) 7
Equity investment losses related to Bluegrass Pipeline and Moss Lake write-offs 70
Total NGL & Petchem Services adjustments 96
Gain associated with ACMP equity issuance (4)
Acquisition-related expenses 2
Total Access Midstream Partners (2)
Other
Total "Other" adjustments 0
Adjustments included in segment profit (loss) ($128)
WPZ Non-GAAP Reconciliations

WPZ Non-GAAP Disclaimer
> This presentation includes certain financial measures, adjusted segment profit, adjusted segment profit + DD&A, 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.
> For Williams Partners L.P., adjusted segment profit 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. Adjusted
segment profit + DD&A is further adjusted to add back depreciation and amortization expense. Management believes these
measures provide investors meaningful insight into Williams Partners L.P.'s results
from ongoing operations.
> For Williams Partners L.P. we define distributable cash flow as net income plus depreciation and amortization and cash
distributions from our equity investments less our earnings from equity investments, income attributable to noncontrolling interests
and maintenance capital expenditures. We also adjust for reimbursements under omnibus agreements with Williams and certain
other adjustments. Total distributable cash flow is reduced by any amounts associated with operations which occurred prior to our
ownership of the underlying assets to arrive at distributable cash flow attributable to partnership operations.
> For Williams Partners L.P. we also calculate the ratio of distributable cash flow attributable to partnership operations 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 segment profit, adjusted segment profit + DD&A, 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.
Reconciliation of non-GAAP distributable cash
flow to GAAP net income
2013 2014
(Dollars in millions, except coverage ratios) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr Year
Reconciliation of Non-GAAP “Distributable cash flow” to GAAP “Net income”
Net income $ 344 $ 272 $ 289 $ 218 $ 1,123 $ 352 $ 234 $ 586
Income attributable to noncontrolling interests — — — (3 ) (3 ) — (2 ) (2 )
Depreciation and amortization 196 191 201 203 791 208 207 415
Non-cash amortization of debt issuance costs included in interest expense 3 4 4 3 14 4 3 7
Equity earnings from investments (18 ) (35 ) (31 ) (20 ) (104 ) (23 ) (32 ) (55 )
Allocated reorganization-related costs 2 — — — 2 — — —
Impairment of certain equipment held for sale — — — — — — 17 17
Loss related to Geismar Incident — 6 4 4 14 — — —
Geismar Incident adjustment for insurance and timing — — (35 ) 118 83 54 96 150
Contingency loss — — 9 16 25 — — —
Reimbursements from Williams under omnibus agreements 4 4 2 3 13 3 4 7
Plymouth incident adjustment — — — — — — 3 3
Canadian income tax — — — — — — 4 4
Maintenance capital expenditures (44 ) (76 ) (79 ) (59 ) (258 ) (36 ) (90 ) (126 )
Distributable cash flow excluding equity investments 487 366 364 483 1,700 562 450 1,012
Plus: Equity investments cash distributions to Williams Partners L.P. 38 41 34 41 154 43 54 97
Distributable cash flow 525 407 398 524 1,854 605 504 1,109
Less: Pre-partnership distributable cash flow 28 20 20 15 83 23 — 23
Distributable cash flow attributable to partnership operations $ 497 $ 387 $ 378 $ 509 $ 1,771 $ 582 $ 504 $ 1,086
Total cash distributed $ 473 $ 489 $ 442 $ 556 $ 1,960 $ 566 $ 577 $ 1,143
Coverage ratios:
Distributable cash flow attributable to partnership operations divided by Total cash distributed 1.05 0.79 0.86 0.92 0.90 1.03 0.87 0.95
Net income divided by Total cash distributed 0.73 0.56 0.65 0.39 0.57 0.62 0.41 0.51

Adjusted segment profit reconciliation and
adjusted segment profit + DD&A
2013 2014
Segment profit (loss):
Northeast G&P
$ (9) $ 12 $ (1) $ (26) $ (24) $ 6 $ 15 $ 21
Atlantic-Gulf
159 152 137 166 614 165 168 333
West
186 162 207 186 741 165 152 317
158 101 68 19 346 167 58 225
Total segment profit (loss)
$ 494 $ 427 $ 411 $ 345 $ 1,677 $ 503 $ 393 $ 896
Segment adjustments:
Northeast G&P
Share of impairments at equity method investee $ — $ — $ — $ 7 $ 7 $ — $ — $ —
Contingency loss — — 9 16 25 — — —
Loss related to compressor station fire — — — — — 6 — 6
Impairment of certain equipment held for sale
— — — — — — 17 17
Total Northeast G&P adjustments — — 9 23 32 6 17 23
Atlantic-Gulf
Litigation settlement gain (6 ) — — — (6 ) — — —
Net loss (recovery) related to Eminence storage facility leak — (5 ) 5 (2 ) (2 ) — — —
Total Atlantic-Gulf adjustments (6 ) (5 ) 5 (2 ) (8 ) — — —
West
Total West adjustments — — — — — — 6 6
Loss related to Geismar Incident — 6 4 4 14 — — —
Geismar Incident adjustment for insurance and timing — — (35 ) 118 83 54 96 150
Total NGL & Petchem Services adjustments — 6 (31 ) 122 97 54 96 150
Total segment adjustments $ (6) $ 1 $ (17) $ 143 $ 121 $ 60 $ 119 $ 179
Adjusted segment profit reconciliation and
adjusted segment profit + DD&A cont’d
2013 2014
Adjusted segment profit (loss):
Northeast G&P $ (9) $ 12 $ 8 $ (3) $ 8 $ 12 $ 32 $ 44
Atlantic-Gulf 153 147 142 164 606 165 168 333
West 186 162 207 186 741 165 158 323
Total adjusted segment profit (loss) $ 488 $ 428 $ 394 $ 488 $ 1,798 $ 563 $ 512 $ 1,075
Depreciation and amortization (DD&A):
Northeast G&P $ 29 $ 32 $ 33 $ 38 $ 132 $ 39 $ 40 $ 79
Atlantic-Gulf 93 87 92 91 363 94 91 185
West 61 58 58 59 236 58 60 118
Total depreciation and amortization $ 196 $ 191 $ 201 $ 203 $ 791 $ 208 $ 207 $ 415
Adjusted segment profit (loss) + DD&A:
Northeast G&P $ 20 $ 44 $ 41 $ 35 $ 140 $ 51 $ 72 $ 123
Atlantic-Gulf 246 234 234 255 969 259 259 518
West 247 220 265 245 977 223 218 441
Total adjusted segment profit (loss) + DD&A $ 684 $ 619 $ 595 $ 691 $ 2,589 $ 771 $ 719 $ 1,490
Note: Segment profit (loss) includes equity earnings (losses) and income (loss) from investments reported in other income (expense) - net below operating income
in the Consolidated Statement of Comprehensive Income. Equity earnings (losses) result from investments accounted for under the equity method. Income
(loss) from investments results from the management of certain equity investments.

Segment profit guidance – reported to adjusted
Segment profit guidance – reported to adjusted
Dollars in millions 2014 Guidance 2015 Guidance 2016 Guidance
Reported segment profit:
Northeast G&P $308 $355
Atlantic - Gulf 630 965
West 614 595
NGL & Petchem Services 1,015 915
Unallocated Revisions (335) -
Total reported segment profit 2,082 2,232 2,382 2,610 2,830 3,050 2,925 3,225 3,525
Adjustments:
Loss related to compressor station fire 6 6 6 - -
Impairment of certain equipment held for sale 17 17 17 - - - - - -
Other (136) (136) (136) - - - - - -
Total adjustments - Northeast G&P (113) (113) (113) - - - - - -
Total adjustments - Atlantic - Gulf - - - - - - - - -
Loss related to Opal incident 6 6 6 - - - - - -
Total adjustments - West 6 6 6 - - - - - -
Geismar incident adjustment for insurance and timing (115) (115) (115) - - - - - -
Total adjustments - NGL & Petchem Services (115) (115) (115) - - - - - -
Total segment profit adjustments (222) (222) (222) - - - - - -
Adjusted segment profit:
Northeast G&P 195 355
West 620 595
NGL & Petchem Services 900 915
Total adjusted segment profit $1,860 2,010 $2,160 $2,610 $2,830 $3,050 $2,925 $3,225 $3,525
Notes: * Unallocated revisions of $195 (low/mid/high) as previously announced in ACMP acquisition press release on 6/15/14 and $190 low /
$140 mid / $90 high as announced in WPZ press release on 7/30/14.
*
*
WPZ adjusted segment profit + DD&A
Dollars in millions 2014 Guidance 2015 Guidance 2016 Guidance
Adjusted segment profit:
Northeast G&P $195 $355
West 620 595
Total adjusted segment profit 1,860 $2,010 2,160 2,610 2,830 3,050 2,925 3,225 3,525
Depreciation, Depletion and Amortiz. (DD&A):
West 235 235
Total DD&A 885 910 935 1,010 1,035 1,060 1,105 1,130 1,155
Adjusted segment profit + DD&A:
Atlantic - Gulf 1,060 1,460
West 855 830
NGL & Petchem Services 975 1,010
Total adjusted segment profit + DD&A $2,745 $2,920 $3,095 $3,620 $3,865 $4,110 $4,030 $4,355 $4,680
Notes: * Unallocated revisions of $195 (low/mid/high) as previously announced in ACMP acquisition press release on 6/15/14 and $190 low /
$140 mid / $90 high as announced in WPZ press release on 7/30/14.
*
*
*

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