8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 15, 2010

The Williams Companies, Inc.

(Exact name of registrant as specified in its charter)

Delaware	1-4174	73-0569878
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

One Williams Center, Tulsa, Oklahoma	74172
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 918-573-2000

Not Applicable (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240-14a-12)

o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure.

     On November 15, 2010, The Williams Companies, Inc. (“Williams”) announced that it signed an agreement to acquire an acreage position in North Dakota’s Bakken oil play that will, upon completion, diversify the company’s exploration and production interests into light, sweet crude oil production. A copy of the press release announcing this agreement is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. A copy of slides with supplemental data about the announcement are furnished herewith as Exhibit 99.2 and are incorporated herein by reference.

     The information furnished is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

     (a) None

     (b) None

     (c) None

     (d) Exhibits

Exhibit 99.1	Press release of Williams dated November 15, 2010.
Exhibit 99.2	Supplemental data slides.

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     Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	THE WILLIAMS COMPANIES, INC.
Date: November 15, 2010	/s/ La Fleur C. Browne
	Name:	La Fleur C. Browne
	Title:	Corporate Secretary

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INDEX TO EXHIBITS

EXHIBIT
NUMBER	DESCRIPTION
Exhibit 99.1	Press release of Williams dated November 15, 2010.
Exhibit 99.2	Supplemental data slides.

4

EX-99.1

Exhibit 99.1

DATE: Nov. 15, 2010

MEDIA CONTACT:	INVESTOR CONTACT:
Julie Gentz	Sharna Reingold
(918) 573-3053	(918) 573-2078

Williams Announces Acquisition in the Core of Bakken Shale

• Company signs agreement to acquire almost 86,000 net acres in the Williston Basin’s Bakken/Three Forks oil play for $925 million

• Properties expected to add approximately 185 MMboe of total net reserves potential

• Provides significant geographic and commodity diversification

• Acquisition expected to be funded with cash on hand

TULSA, Okla. — Nov. 15 — Williams (NYSE: WMB) announced today that it has signed an agreement to acquire a major acreage position in North Dakota’s Bakken oil play that will, upon completion, diversify the company’s exploration and production interests into light, sweet crude oil production.

By 2013, approximately 25 percent of the company’s E&P revenue streams are expected to be generated by oil production, up from 7 percent in 2010.

In the sale, Williams has agreed to purchase approximately 85,800 net acres from private owners for $925 million. The acreage is located entirely on the Fort Berthold Indian Reservation, located in the Williston Basin of North Dakota.

The company estimates that these properties represent approximately 185 million barrels of oil equivalent (MMboe) in total net reserves potential in the Middle Bakken and the Upper Three Forks formations.

The sale has an effective date of Oct. 1 and is expected to close by year end, subject to standard closing conditions. The assets in the proposed transaction also include 3,300 barrels per day of net oil production from 24 existing wells.

“This acquisition establishes a significant acreage position in an area which further diversifies, and when combined with our recently acquired Marcellus position, basically transforms our business — both geographically and in terms of our product mix,” said Ralph Hill, president of Williams’

exploration and production business. “It enables us to deploy available capital and existing technical expertise to a very attractive new opportunity.”

Williams’ entry into the Bakken Shale play follows its entry into Pennsylvania’s Marcellus Shale, where the company has accumulated approximately 100,000 net acres over the past year and a half.

“This latest acquisition gives us a significant position in the best geologic portion of the strongest onshore oil play in the United States, based on our geologic and engineering analysis,” Hill said. “The pay thickness, high porosity and amount of hydrocarbon saturation are highly attractive. We are now positioned in three of the country’s most attractive growth areas — the Piceance, the Marcellus, and now the Bakken.”

In addition to the purchase price, Williams expects to invest additional funds for drilling and development costs totaling approximately $60 million in 2010 and $200 million to $300 million in 2011. The company expects to fund the acquisition and 2010 capital expenditures with cash on hand, including proceeds from the Piceance asset drop down to WPZ. The funding for 2011 will be provided by expected increases in operating cash flows and expected cash on hand.

Currently, there are three rigs operating on these properties. Williams expects to double the current level of drilling activity to six rigs by 2012 and expects the new leases to be producing more than 20,000 barrels per day by the end of 2012.

Steve Malcolm, Williams’ chairman, president and chief executive officer, said the company’s experience in developing other horizontal shale plays is readily transferable to the Williston Basin.

“Development of the Bakken will be very similar to the low-risk, repeatable nature of the Barnett and Marcellus shales, as well as the tight sands in the Piceance Basin,” Malcolm said. “Technological advancements in just the past few years have allowed the play to shift from exploration to resource development.

“We’re excited about what this transaction means to the future of our drilling portfolio, as well as the opportunities before us to build new relationships in North Dakota and with the Three Affiliated Tribes — the Mandan, Hidatsa and Arikara — who call the area around these properties home,” Malcolm added.

This proposed transaction was not included in the 2010-12 capital expenditure or other guidance provided on Oct. 28. The company will update its guidance when it reports year-end 2010 financial results.

About Williams (NYSE: WMB)

Williams is an integrated natural gas company focused on exploration and production, midstream gathering and processing, and interstate natural gas transportation primarily in the Rocky Mountains, Gulf Coast, Pacific Northwest, Eastern Seaboard and the Marcellus Shale in Pennsylvania. Most of the company’s interstate gas pipeline and midstream assets are held through its 77-percent ownership interest (including the general-partner interest) in Williams Partners L.P. (NYSE: WPZ), a leading diversified master limited partnership. More information is available at www.williams.com. Go to http://www.b2i.us/irpass.asp?BzID=630&to=ea&s=0 to join our e-mail list.

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Portions of this document may constitute “forward-looking statements” as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company’s annual reports filed with the Securities and Exchange Commission.

EX-99.2

Exhibit 99.2

Bakken Shale Acquisition Supplemental data

Bakken Shale Acquisition Facts ~85,800 net acres - concentrated position with many large contiguous blocks 95% average working interest on leases with ~21% average royalty Three 9,000 ft lateral wells per 2 square mile spacing unit per formation - - Middle Bakken & Three Forks We estimate 23 MMboe proved reserves - current production of 3,300 boe per day of net oil production from 24 existing wells We estimate 185 MMboe in total net reserves potential Initial assumed IP rate (30 day average) ~900 barrels per day Initial typical well EUR 625-725 Mboe per well $7.5MM to $8MM estimated average well cost - approximately 10 wells drilled annually per rig - plan 4 rigs in 2011 & 6 rigs in 2012 2 Bakken Acquisition Facts |November 15th, 2010 |

Bakken Shale acquisition 3 Bakken Acquisition Facts |November 15th, 2010 |

Forward-looking statements Our reports, filings, and other public announcements 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," "goals," "objectives," "targets," "planned," "potential," "projects," "scheduled," "will" 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: Amounts and nature of future capital expenditures; Expansion and growth of our business and operations; Financial condition and liquidity; Business strategy; Estimates of proved gas and oil reserves; Reserve potential; Development drilling potential; Cash flow from operations or results of operations; Seasonality of certain business segments; and Natural gas and natural gas liquids prices and demand. 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: Availability of supplies (including the uncertainties inherent in assessing, estimating, acquiring and developing future natural gas reserves), market demand, volatility of prices, and the availability and cost of capital; Inflation, interest rates, fluctuation in foreign exchange, and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on our customers and suppliers); The strength and financial resources of our competitors; Development of alternative energy sources; The impact of operational and development hazards; Costs of, changes in, or the results of laws, government regulations (including proposed climate change legislation and/or potential additional regulation of drilling and completion of wells), environmental liabilities, litigation, and rate proceedings; 4 Bakken Acquisition Facts |November 15th, 2010 |

Forward-looking statements (continued) Our costs and funding obligations for defined benefit pension plans and other postretirement benefit plans; Changes in maintenance and construction costs; Changes in the current geopolitical situation; Our exposure to the credit risk of our customers; Risks related to strategy and financing, including restrictions stemming from our debt agreements, future changes in our credit ratings and the availability and cost of credit; Risks associated with future weather conditions; Acts of terrorism; 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 to 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 report. 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 our annual report on Form 10-K filed with the SEC on Feb. 26, 2010, and our quarterly reports on Form 10-Q available from our offices or from our website at www.williams.com. 5 Bakken Acquisition Facts |November 15th, 2010 |

Oil and gas reserves and resource potential disclaimer The SEC requires oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible - from a given date forward, from known reservoirs, under existing economic condition, operating methods , and governmental regulations. Beginning with year-end reserves for 2009, the SEC permits the optional disclosure of probable and possible reserves. We may elect to use in this presentation, but not in our Annual Report on Form 10-K, "probable" reserves and "possible" reserves, excluding their valuation. The SEC defines "probable" reserves as "those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered." The SEC defines "possible" reserves as "those additional reserves that are less certain to be recovered than probable reserves." Williams has applied these definitions in estimating probable and possible reserves. Statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve estimates provided in this presentation that are not specifically designated as being estimates of proved reserves may include estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in Williams' Annual Report on Form 10-K for the fiscal year ended December 31, 2009, available from Williams at One Williams Center, Tulsa, OK 74172 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC- 0330 or from the SEC's website at www.sec.gov. The SEC's rules prohibit us from including in filings with the SEC estimates of resources. Our resource estimations include estimates of hydrocarbon quantities for (i) new areas for which we do not have sufficient information to date to classify as proved, probable or even possible reserves and (ii) other areas to take into account the low level of certainty of recovery of the resources. Resource estimates do not take into account the certainty of resource recovery and are therefore not indicative of the expected future recovery and should not be relied upon. Resource estimates might never be recovered and are contingent on exploration success, technical improvements in drilling access, commerciality and other factors. 6 Bakken Acquisition Facts |November 15th, 2010 |