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Filed By Energy Transfer Corp LP

pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

under the Securities Exchange Act of 1934

Subject Company: The Williams Companies, Inc.

Commission File No.: 001-04174

Date: November 6, 2015

TRANSCRIPT

The following is a transcript of the Energy Transfer Partners, L.P. (ETP) and Energy Transfer Equity, L.P. (ETE) joint third quarter 2015 earnings conference call held at 8:00 a.m. Central time on November 5, 2015. While every effort has been made to provide an accurate transcription, there may be typographical mistakes, inaudible statements, errors, omissions or inaccuracies in the transcript. ETE believes that none of these inaccuracies is material.

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CORPORATE PARTICIPANTS

Tom Long Energy Transfer Partners - CFO

Jamie Welch Energy Transfer Equity - Group CFO and Head of Business Development

Kelcy Warren Energy Transfer Partners - CEO and Chairman of the Board of Directors

Mackie McCrea Energy Transfer Partners - President and COO

CONFERENCE CALL PARTICIPANTS

Shneur Gershuni UBS - Analyst

Michael Blum Wells Fargo Securities, LLC - Analyst

Helen Rue Barclays Capital - Analyst

John Edwards Credit Suisse - Analyst

Darren Horowitz Raymond James & Associates, Inc. - Analyst

Kristina Kazarian Deutsche Bank - Analyst

Elvira Scotto RBC Capital Markets - Analyst

Mark Reichman Simmons - Analyst

Jeremy Tonet JPMorgan - Analyst

Brandon Blossman Tudor, Pickering, Holt - Analyst

PRESENTATION

Operator

Greetings, and welcome to the Energy Transfer Partners and Energy Transfer Equity third-quarter 2015 earnings conference call.

(Operator Instructions)

As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Tom Long, Energy Transfer Partners Chief Financial Officer. Thank you, sir; you may begin.

Tom Long - Energy Transfer Partners - CFO

Thank you, operator. Good morning, everyone, and welcome to Energy Transfer Partners and Energy Transfer Equitys third-quarter 2015 earnings call, and thank you for joining us today. I will be providing comments for Energy Transfer Partners, and then hand the meeting over to Jamie Welch, who will discuss Energy Transfer Equitys third-quarter earnings and other highlights at ETE. Im also joined today by Kelcy Warren, Mackie McCrea, John McReynolds, and other members of our senior management team who are here to help us answer your questions after our prepared remarks. Ill begin with discussing our third-quarter results, followed by a growth project update, a financing and liquidity update, and concluding with a distribution discussion and a brief ETP/RGP synergy update.

As a reminder, we will be making forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These are based on our beliefs, as well as certain assumptions and information currently available to us. Ill also refer to adjusted EBITDA and distributable cash flow, or DCF; both of which are non-GAAP financial measures. You will find a reconciliation of our non-GAAP measures on our website.

Now for our Q3 results, please note, as a result of the Regency merger, which was a combination of entities under common control, ETPs financial results have been retrospectively adjusted to reflect the consolidation of Regency. Also note, effective July 1, ETE acquired 100% of the membership interest of Sunoco GP LLC, the general partner of Sunoco LP, and all of the incentive distribution rights of Sun from ETP. As a result, ETP no longer consolidates Sun for accounting purposes going forward. ETPs remaining proportionate investment in Sun is accounted for under the equity method.

Now for ETPs third-quarter results, adjusted EBITDA on a consolidated basis totaled $1.5 billion, which is up $48 million compared to the third quarter of 2014, and was slightly above consensus. DCF attributable to the partners of ETP, as adjusted, totaled $740 million, a decrease of $130 million from a year ago. Overall, we had strong performance from our NGL business, and solid performance in the inter- and intra-state pipeline segments. However, DCF for the third quarter was affected by a partial reversal from the second-quarter 2015 tax benefits, with $79 million of current income tax expense for the third quarter of 2015, as well as lower NGL and gas prices, continued shut-in in volumes in the Northeast, and unscheduled plant outages in the Permian region.

Now lets go over individual segment results. In...


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