HIGHOutside partyCustomer
55%
top ten G&P customers
“10-K Item 1: 'The top ten customers accounted for approximately 55 percent of gathering and processing fee revenues and NGL margins from noncash commodity-based agreements.'”
WMB · Concentration risk · 10-K extracted
Williams Companies, Inc. (The) (WMB) concentration risks
Updated
The most significant concentration Williams Companies, Inc. (The) discloses is top ten G&P customers at 55%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Williams Companies, Inc. (The)’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 5 disclosed concentrations
HIGH3
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partyCustomer
52%
NWP three largest customers
“10-K Item 1: 'NWP's three largest customers in 2025 accounted for approximately 52 percent of NWP total operating revenues.'”
HIGHOutside partySupplier
single or a limited number of suppliers
“10-K Item 1A: 'Some of Williams', Transco's, and NWP's businesses are exposed to supplier concentration risks arising from dependence on a single or a limited number of suppliers.'”
MEDIUMOutside partyCustomer
44%
top ten interstate pipeline customers
“10-K Item 1: 'The top ten customers of the interstate natural gas pipelines in 2025 accounted for approximately 44 percent of Williams' regulated interstate natural gas transportation and storage revenues.'”
MEDIUMOutside partyCustomer
42%
three largest NGL marketing customers
“10-K Item 1: 'the three largest NGL marketing customers accounted for approximately 42 percent of Williams' NGL marketing sales'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile reflects a midstream infrastructure business with meaningful customer concentration spread across several pipeline and processing segments, alongside a supplier dependency risk. At the gathering and processing level, the top ten customers accounted for approximately 55% of gathering and processing fee revenues and NGL margins from noncash commodity-based agreements, a high share by disclosed size. On the NWP system, the three largest customers in 2025 accounted for approximately 52% of NWP total operating revenues, also a high share by disclosed size. Both are dependency exposures tied to producer and utility relationships that are contractually structured but subject to volume and renewal risk. At the regulated interstate pipeline level, the top ten customers of the interstate natural gas pipelines accounted for approximately 44% of regulated interstate natural gas transportation and storage revenues, a moderate share by disclosed size. NGL marketing shows a similar profile: the three largest NGL marketing customers accounted for approximately 42% of NGL marketing sales, also a moderate share. On the supply side, certain businesses are exposed to supplier concentration risks arising from dependence on a single or limited number of suppliers, a high-share dependency by disclosed size with no quantified percentage disclosed. Across all segments the pattern is consistent: a handful of counterparties command a large fraction of each revenue stream, making contract renewal and volume commitment the variables most worth monitoring.
For the engine’s reasoning on WMB’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Oil & Gas Midstream
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| WMB● | Williams Companies, Inc. (The) | 3 | 2 | 0 | 5 |
| DTM | DT Midstream, Inc. | 1 | 1 | 0 | 2 |
| AM | Antero Midstream Corporation | 1 | 0 | 0 | 1 |
| CQP | Cheniere Energy Partners, LP | 1 | 0 | 0 | 1 |
| EE | Excelerate Energy, Inc. | 0 | 1 | 0 | 1 |
| ENB | Enbridge Inc | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.