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Consolidated Statement of Income (Unaudited) - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Revenues $ 3,021 $ 2,475 $ 8,035 $ 7,370
Costs and expenses:        
Operating and maintenance expenses 486 409 1,345 1,148
Depreciation and amortization expenses 500 487 1,504 1,388
Selling, general, and administrative expenses 163 152 477 389
Other (income) expense – net 33 1 14 12
Total costs and expenses 2,201 2,120 6,089 5,676
Operating income (loss) 820 355 1,946 1,694
Equity earnings (losses) 193 157 492 423
Other investing income (loss) – net 1 2 4 6
Interest incurred (296) (295) (871) (892)
Interest capitalized 5 3 13 8
Other income (expense) – net (6) 4 5 4
Income (loss) before income taxes 717 226 1,589 1,243
Less: Provision (benefit) for income taxes 96 53 169 313
Net income (loss) 621 173 1,420 930
Less: Net income (loss) attributable to noncontrolling interests 21 8 40 35
Net income (loss) attributable to The Williams Companies, Inc. 600 165 1,380 895
Less: Preferred stock dividends 1 1 2 2
Net income (loss) available to common stockholders $ 599 $ 164 $ 1,378 $ 893
Basic earnings (loss) per common share:        
Net income (loss) $ 0.49 $ 0.14 $ 1.13 $ 0.74
Weighted-average shares (thousands) 1,218,964 1,215,434 1,218,202 1,215,113
Diluted earnings (loss) per common share:        
Net income (loss) $ 0.49 $ 0.13 $ 1.13 $ 0.73
Weighted-average shares (thousands) 1,222,472 1,217,979 1,222,153 1,217,558
Service [Member]        
Revenues:        
Revenues $ 1,685 $ 1,506 $ 4,828 $ 4,418
NonRegulated Service Commodity Consideration [Member]        
Revenues:        
Revenues 60 64 223 164
Product [Member]        
Revenues:        
Revenues 1,260 1,296 3,475 3,229
Energy Commodities and Service        
Revenues:        
Revenues [1] 16 (391) (491) (441)
Oil and Gas, Purchased [Member]        
Costs and expenses:        
Product costs 990 1,043 2,650 2,672
Natural Gas Purchased For Shrink [Member]        
Costs and expenses:        
Product costs $ 29 $ 28 $ 99 $ 67
[1] We record transactions that qualify as derivatives at fair value with changes in fair value recognized in earnings in the period of change and characterized as unrealized gains or losses. Gains and losses on derivatives held for energy trading purposes are presented on a net basis in revenue.