Williams Companies owns and operates natural gas pipelines and processing facilities that gather, transport and process a substantial share of the natural gas produced and consumed in the United States. Unlike oil and gas producers whose earnings move directly with commodity prices, Williams earns most of its revenue from fixed, long-term contracts to move gas through its pipeline network, giving its business more the economics of a toll road than a commodity producer. That structure gives Williams relatively stable, fee-based cash flow that supports a large dividend payout, though growth still depends on building new pipeline capacity to serve growing natural gas demand. Natural gas demand for electricity generation, including from data centers seeking reliable power, and for liquefied natural gas exports has become an increasingly important growth driver for the pipeline networks Williams operates.