<?xml version="1.0" encoding="utf-8"?>
<!--Generated by DFIN XBRL Instance Document - http://www.dfinsolutions.com/ - Version R3.0 - on 09-March-2024 [06:42:23] {PM}-->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
<labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
<loc xlink:type="locator" xlink:href="wmb-20231231.xsd#wmb_AdditionsToSctForPensionBenefitsMember" xlink:label="loc_wmb_AdditionsToSctForPensionBenefitsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_wmb_AdditionsToSctForPensionBenefitsMember" xml:lang="en-US">Additions To Sct For Pension Benefits [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_wmb_AdditionsToSctForPensionBenefitsMember" xml:lang="en-US">ADDITIONS TO SCT FOR PENSION BENEFITS [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_wmb_AdditionsToSctForPensionBenefitsMember" xlink:to="lab_wmb_AdditionsToSctForPensionBenefitsMember" />
<loc xlink:type="locator" xlink:href="wmb-20231231.xsd#wmb_AdditionsToSctTotalForEquityAwardsMember" xlink:label="loc_wmb_AdditionsToSctTotalForEquityAwardsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_wmb_AdditionsToSctTotalForEquityAwardsMember" xml:lang="en-US">Additions To Sct Total For Equity Awards [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_wmb_AdditionsToSctTotalForEquityAwardsMember" xml:lang="en-US">ADDITIONS TO SCT TOTAL FOR EQUITY AWARDS [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_wmb_AdditionsToSctTotalForEquityAwardsMember" xlink:to="lab_wmb_AdditionsToSctTotalForEquityAwardsMember" />
<loc xlink:type="locator" xlink:href="wmb-20231231.xsd#wmb_DeductionsFromSctForPensionBenefitsMember" xlink:label="loc_wmb_DeductionsFromSctForPensionBenefitsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_wmb_DeductionsFromSctForPensionBenefitsMember" xml:lang="en-US">Deductions From Sct For Pension Benefits [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_wmb_DeductionsFromSctForPensionBenefitsMember" xml:lang="en-US">DEDUCTIONS FROM SCT FOR PENSION BENEFITS [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_wmb_DeductionsFromSctForPensionBenefitsMember" xlink:to="lab_wmb_DeductionsFromSctForPensionBenefitsMember" />
<loc xlink:type="locator" xlink:href="wmb-20231231.xsd#wmb_DeductionsFromSctTotalForEquityAwardsMember" xlink:label="loc_wmb_DeductionsFromSctTotalForEquityAwardsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_wmb_DeductionsFromSctTotalForEquityAwardsMember" xml:lang="en-US">Deductions From Sct Total For Equity Awards [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_wmb_DeductionsFromSctTotalForEquityAwardsMember" xml:lang="en-US">DEDUCTIONS FROM SCT TOTAL FOR EQUITY AWARDS [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_wmb_DeductionsFromSctTotalForEquityAwardsMember" xlink:to="lab_wmb_DeductionsFromSctTotalForEquityAwardsMember" />
<loc xlink:type="locator" xlink:href="wmb-20231231.xsd#wmb_EquityAwardsAdjustmentsChangeInFairValueAsOfVestingDateOfPriorYearAwardsVestedDuringCurrentYearMember" xlink:label="loc_wmb_EquityAwardsAdjustmentsChangeInFairValueAsOfVestingDateOfPriorYearAwardsVestedDuringCurrentYearMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_wmb_EquityAwardsAdjustmentsChangeInFairValueAsOfVestingDateOfPriorYearAwardsVestedDuringCurrentYearMember" xml:lang="en-US">Equity Awards Adjustments Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_wmb_EquityAwardsAdjustmentsChangeInFairValueAsOfVestingDateOfPriorYearAwardsVestedDuringCurrentYearMember" xml:lang="en-US">EQUITY AWARDS ADJUSTMENTS CHANGE IN VALUE OF PRIOR YEARS' AWARDS THAT VESTED IN YEAR [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_wmb_EquityAwardsAdjustmentsChangeInFairValueAsOfVestingDateOfPriorYearAwardsVestedDuringCurrentYearMember" xlink:to="lab_wmb_EquityAwardsAdjustmentsChangeInFairValueAsOfVestingDateOfPriorYearAwardsVestedDuringCurrentYearMember" />
<loc xlink:type="locator" xlink:href="wmb-20231231.xsd#wmb_EquityAwardsAdjustmentsChangeInFairValueOfOutstandingAndUnvestedAwardsGrantedInPriorFiscalYearsMember" xlink:label="loc_wmb_EquityAwardsAdjustmentsChangeInFairValueOfOutstandingAndUnvestedAwardsGrantedInPriorFiscalYearsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_wmb_EquityAwardsAdjustmentsChangeInFairValueOfOutstandingAndUnvestedAwardsGrantedInPriorFiscalYearsMember" xml:lang="en-US">Equity Awards Adjustments Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_wmb_EquityAwardsAdjustmentsChangeInFairValueOfOutstandingAndUnvestedAwardsGrantedInPriorFiscalYearsMember" xml:lang="en-US">EQUITY AWARDS ADJUSTMENTS CHANGE IN VALUE OF PRIOR YEARS' AWARDS OUTSTANDING AT YEAR END [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_wmb_EquityAwardsAdjustmentsChangeInFairValueOfOutstandingAndUnvestedAwardsGrantedInPriorFiscalYearsMember" xlink:to="lab_wmb_EquityAwardsAdjustmentsChangeInFairValueOfOutstandingAndUnvestedAwardsGrantedInPriorFiscalYearsMember" />
<loc xlink:type="locator" xlink:href="wmb-20231231.xsd#wmb_EquityAwardsAdjustmentsDividendsOrOtherEarningsPaidOnEquityAwardsNotOtherwiseReflectedInFairValueMember" xlink:label="loc_wmb_EquityAwardsAdjustmentsDividendsOrOtherEarningsPaidOnEquityAwardsNotOtherwiseReflectedInFairValueMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_wmb_EquityAwardsAdjustmentsDividendsOrOtherEarningsPaidOnEquityAwardsNotOtherwiseReflectedInFairValueMember" xml:lang="en-US">Equity Awards Adjustments Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_wmb_EquityAwardsAdjustmentsDividendsOrOtherEarningsPaidOnEquityAwardsNotOtherwiseReflectedInFairValueMember" xml:lang="en-US">EQUITY AWARDS ADJUSTMENTS VALUE OF DIVIDENDS OR OTHER EARNINGS PAID ON EQUITY AWARDS NOT OTHERWISE REFLECTED IN FAIR VALUE OR TOTAL COMPENSATION [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_wmb_EquityAwardsAdjustmentsDividendsOrOtherEarningsPaidOnEquityAwardsNotOtherwiseReflectedInFairValueMember" xlink:to="lab_wmb_EquityAwardsAdjustmentsDividendsOrOtherEarningsPaidOnEquityAwardsNotOtherwiseReflectedInFairValueMember" />
<loc xlink:type="locator" xlink:href="wmb-20231231.xsd#wmb_EquityAwardsAdjustmentsYearendFairValueOfAwardsGrantedInTheCurrentFiscalYearMember" xlink:label="loc_wmb_EquityAwardsAdjustmentsYearendFairValueOfAwardsGrantedInTheCurrentFiscalYearMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_wmb_EquityAwardsAdjustmentsYearendFairValueOfAwardsGrantedInTheCurrentFiscalYearMember" xml:lang="en-US">Equity Awards Adjustments Year End Fair Value Of Awards Granted In The Current Fiscal Year [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_wmb_EquityAwardsAdjustmentsYearendFairValueOfAwardsGrantedInTheCurrentFiscalYearMember" xml:lang="en-US">EQUITY AWARDS ADJUSTMENTS FAIR VALUE OF CURRENT YEAR AWARDS OUTSTANDING AT YEAR END [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_wmb_EquityAwardsAdjustmentsYearendFairValueOfAwardsGrantedInTheCurrentFiscalYearMember" xlink:to="lab_wmb_EquityAwardsAdjustmentsYearendFairValueOfAwardsGrantedInTheCurrentFiscalYearMember" />
</labelLink>
</linkbase>
