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Corporation Law of Commonwealth of Virginia (1964) NA NA NA No <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;">1. None</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;">2. None</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;">3. None</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;">4. See Notes to Financial Statements Page 122, Note 2 - Commitments and Contingencies</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;">5. NA</font></p></div> Blue Rock Renewables LLC Broker 103600 103600 1 Tankage and Injection Facilities at Kola, MS 3366959 406111 Dye Injection Facilities 85803 16279 Fiber Optics Leases 3936811 107024 Miscellaneous 603 7390176 529414 6860762 1 2 3 4 11923344 3714 11927058 0.0003 93356474 840319 638 -235405 93960750 0.0392 3969422 234748 7 -32582 4171581 0.0197 134984069 636899 645 -1182800 134437523 0.0029 13643686 240563 17402 -304676 13562171 0.0103 29937945 151133 -209730 29879348 0.0041 83080314 3483827 104102 -596677 85863362 0.0171 31947161 1287191 655197 -548430 32030725 0.0170 29599644 98825 1882 -31667 29664920 0.0341 6189416 300356 10068 6479704 0.1131 5812762 41473 126 5854361 0.0984 9862047 93028 285464 31793 9701404 0.1714 454306284 7412076 1075405 -3110048 457532907 454306284 7412076 1075405 -3110048 457532907 14617027 19122538 15626132 11556241 19182960 18432655 1756748 1605829 47785 220992 173728 764954 1460625 1471375 52865005 53174584 798631323 760644448 457532907 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Products (SE) Pipe Line Corp-GA 12 28 Austell, GA Breman, GA Products (SE) Pipe Line Corp-GA 8 86 Columbus, GA Breman, GA Products (SE) Pipe Line Corp-GA 26 55 Doraville, GA Breman, GA Products (SE) Pipe Line Corp-GA 14 55 Doraville, GA Breman, GA Products (SE) Pipe Line Corp-GA 8 112 Macon, GA Breman, GA Products (SE) Pipe Line Corp-GA 8 93 TN state line Breman, GA Products (SE) Pipe Line Corp-GA 14 50 Athens, GA Doraville, GA Products (SE) Pipe Line Corp-GA 26 50 Athens, GA Doraville, GA Products (SE) Pipe Line Corp-GA 12 79 MS state line Baton Rouge Products (SE) Pipe Line Corp-LA 18 110 MS state line Baton Rouge Products (SE) Pipe Line Corp-LA 30 68 Meridian, MS Collins, MS Products (SE) Pipe Line Corp-MS 18 134 Meridian, MS Collins, MS Products (SE) Pipe Line Corp-MS 8 6 Warren LPG, MS Hattiesburg, MS Products (SE) Pipe Line Corp-MS 30 12 AL state line Lockhart, MS Products (SE) Pipe Line Corp-MS 18 24 AL state line Lockhart, MS Products (SE) Pipe Line Corp-MS 12 71 Collins, MS MS state line Products (SE) Pipe Line Corp-MS 18 142 Collins, MS MS state line Products (SE) Pipe Line Corp-MS 30 16 Lockhart, MS Meridian, MS Products (SE) Pipe Line Corp-MS 18 32 Lockhart, MS Meridian, MS Products (SE) Pipe Line Corp-MS 12 230 Collins, MS Pascagoula, MS Products (SE) Pipe Line Corp-MS 6 4 Charlotte Airport Charlotte, NC Products (SE) Pipe Line Corp-NC 14 37 Salisbury, NC Charlotte, NC Products (SE) Pipe Line Corp-NC 26 37 Salisbury, NC Charlotte, NC Products (SE) Pipe Line Corp-NC 8 37 VA state line Greensboro, NC Products (SE) Pipe Line Corp-NC 14 61 VA state line Greensboro, NC Products (SE) Pipe Line Corp-NC 14 27 Charlotte, NC SC state line Products (SE) Pipe Line Corp-NC 26 27 Charlotte, NC SC state line Products (SE) Pipe Line Corp-NC 14 44 Greensboro, NC Salisbury, NC Products (SE) Pipe Line Corp-NC 26 44 Greensboro, NC Salisbury, NC Products (SE) Pipe Line Corp-NC 14 44 Spartanburg, SC Belton, SC Products (SE) Pipe Line Corp-SC 26 44 Spartanburg, SC Belton, SC Products (SE) Pipe Line Corp-SC 14 24 Belton, SC SC state line Products (SE) Pipe Line Corp-SC 26 24 Belton, SC SC state line Products (SE) Pipe Line Corp-SC 14 34 NC state line Spartanburg, SC Products (SE) Pipe Line Corp-SC 26 34 NC state line Spartanburg, SC Products (SE) Pipe Line Corp-SC 8 98 Knoxville, TN Chattanooga, TN Products (SE) Pipe Line Corp-TN 8 7 Chattanooga, TN GA state line Products (SE) Pipe Line Corp-TN 12 37 Washington Sta Fredericksburg Products (SE) Pipe Line Corp-VA 14 104 Richmond Junction NC state line Products (SE) Pipe Line Corp-VA 8 50 Roanoke, VA NC state line Products (SE) Pipe Line Corp-VA 12 65 Fredericksburg Richmond Junction Products (SE) Pipe Line Corp-VA 8 14 Richmond, VA Richmond Junction Products (SE) Pipe Line Corp-VA 14 13 Richmond, VA Richmond Junction Products (SE) Pipe Line Corp-VA 6 24 Dulles Airport Washington Sta Products (SE) Pipe Line Corp-VA 6 14 Washington Airport Washington Sta Products (SE) Pipe Line Corp-VA 3138 3138 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 63 66 69 289458964 315078136 4832556 3807299 4050594 4019796 293509558 319097932 4832556 3807299 298342114 322905231 Kinder Morgan, Inc. & Affiliates Transportation & Transmix Revenues Receivable 13144626 ExxonMobil Corporation Transmix Revenues Receivable 2481506 1 2 Kinder Morgan, Inc. & Affiliates Transmix processing, intercompany invoices processed by Kinder Morgan 2705174 1 10000 100 100 100 Common Stock - 1940 9990000 99900 100 99900 Common Stock - 1941 2750000 27500 100 27500 Common Stock - 1942 12750000 127500 127500 Preferred Stock A Preferred Stock B 2 3 4 7 8 11 12 13 1 1 Reimbursable Projects 745060 1 Investment in carrier property booster stations and other facilities installed to increase system capacity 522530 2010 520520 522530 2010 520520 522530 2010 520520 2010 1 Alabama 809936 Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia 920272 Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana 1827961 Maine Maryland Massachusetts Michigan Minnesota Mississippi 2887010 Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina 872082 North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina 827731 South Dakota Tennessee 98532 Texas Utah Vermont Virginia 894999 Washington West Virginia Wisconsin Wyoming District of Columbia Other (Specify): 9138523 9138523 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 59 NA NA NA NA NA NA NA NA NA NA Not Prepared 4471248 4471248 12378374 12378374 111901482 3968521 638 3967883 14738370 18706253 130607735 11534020 2873500 7 2873493 2873493 14407513 219946358 9473202 645 9472557 -14738370 -5265813 214680545 22996570 443086 17402 425684 87148 512832 23509402 37153171 37153171 203477085 5528029 104102 5423927 -87148 5336779 208813864 75554946 3774095 655197 3118898 3118898 78673844 32643725 71629 1882 69747 69747 32713472 7434403 67185 10068 57117 57117 7491520 6065538 1112566 1112566 1112566 7178104 9894345 598121 285464 312657 312657 10207002 755451265 27909934 1075405 26834529 26834529 782285794 5193183 11152346 11152346 11152346 16345529 5193183 11152346 11152346 11152346 16345529 760644448 39062280 1075405 37986875 37986875 798631323 2566015 111988 2678003 2678003 69737802 3043556 72781358 72781358 45356923 1979505 47336428 47336428 48034304 2096354 50130658 50130658 940429 41043 981472 981472 1893841 82653 1976494 1976494 168529314 7355099 175884413 175884413 536206 23402 559608 559608 7313251 98825 7412076 7412076 724953 31639 756592 756592 2962 129 3091 3091 52406 2287 54693 54693 8756370 382153 9138523 27825350 1214378 29039728 29039728 45211498 1752813 46964311 46964311 213740812 9107912 222848724 Louisiana 29111 49987219 55018484 105005703 Louisiana 29112 2542407 9857844 12400251 Louisiana 29113 10604598 24055563 34660161 Mississippi 29111 24151348 19765049 43916397 Mississippi 29112 310031 8769526 9079557 Mississippi 29113 6511760 1926850 8438610 Alabama 29111 47584 47584 29111 148574689 148574689 29112 20793175 20793175 29113 44251889 44251889 94154947 119393316 213548263 213619753 213619753 94154947 119393316 213548263 213619753 213619753 130590155966 213619753 2 5 6 7 8 9 10 11 12 13 14 President Dax A. Sanders 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President and Chief Financial Officer David P. Michels 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President and Secretary Eric McCord 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President and Treasurer Christopher Graeter 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President and Controller Matthew J. Wojtalewicz 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President and Chief Tax Officer Jordan H. Mintz 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President and Chief Information Officer Mark D. Huse 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President and Chief Compliance Officer C. Todd Piczak 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Meli A. Armstrong 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Charles D. Lindley 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Pete G. Almaraz 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Michael P. Garthwaite 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President John R. Pannell 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Vicki A. Phillips 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Michael J. Pitta 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Christa Robbins 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Daniel W. Sanborn 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Wayne G. Simmons 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Corey Staab 1001 Louisiana St., Suite 1000, Houston, TX 77002 Vice President Anthony Tortorice 1001 Louisiana St., Suite 1000, Houston, TX 77002 Assistant Secretary Susan M. Kittey 1001 Louisiana St., Suite 1000, Houston, TX 77002 Assistant Secretary Julia Forrester-Sellers 1001 Louisiana St., Suite 1000, Houston, TX 77002 Assistant Treasurer Mindy K. Thornock 1001 Louisiana St., Suite 1000, Houston, TX 77002 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 1733338 Interest on shipper late payments 52165 Interest on tax refunds 18 1785521 5 6 214695829 215676568 7386588 8051324 354589 380338 5148971 5313564 317340125 289586888 96898664 93929335 414238789 383516223 0.2317 0.2328 0.7683 0.7672 0.0439 0.0449 0.1200 0.1200 0.1024 0.1025 4213484 4008788 38191159 35308038 42404643 39316826 14296065 13399691 0.2500 0.2500 284286685 282138311 368449306 349442218 207718818 207622932 130141097245 129711725944 ExxonMobil Corporation NJ ExxonMobil Corporation DE 0.4883 Kinder Morgan, Inc. DE Kinder Morgan Operating LLC "D" DE 0.2713 Kinder Morgan, Inc. DE Kinder Morgan Operating LLC "A" DE 0.2404 1 2 3 Land - 35 acres 1990-01-01 27559 Location = Kola, MS Tankage and injection facilities 10540661 Location = Kola, MS (Various acquisition dates) Red dye Injection facilities 1997-01-01 22454 Location = various along the pipeline Telecommunications property 2000-12-01 3110866 Location = various along the pipeline 1 2 3 4 5 6 7 8 9 10 11 12 13 Change in Prepayments 173207 -165040 Change in Other Current Assets 591226 -624478 Change in Miscellaneous Other Assets 551148 234875 Change in Other Deferred Charges 31864 -36655 Change in Other Current Liabilities -184963 -2400418 Change in Other NonCurrent Liabilities -708029 -9568657 Change in Operating Oil Supply 3789 454453 -12556584 1 2 3 4 5 6 7 Change in Customer Advances for Construction 334356 351117 Net Salvage/(Cost of Removal) 3112057 1462426 3446413 1813543 1 2 <div><!--?xml version="1.0" encoding="utf-8" standalone="no"?--> <p>&#160;</p> <p>&#160;</p> <div> <div class="Section1"> <p style="margin-top: 0pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; font-style: italic;">1. Financial Statements -</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">For the year ended December 31, 2024, there have been no important changes regarding the Balance Sheet, Statement of Income, Statement of Retained Income or Statement of Cash Flows.</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; font-style: italic;">Organization - </font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Products (SE) Pipe Line Corporation ("the Company", "we", "our") owns and operates a petroleum products pipeline system. The system consists of approximately 3,200 miles of petroleum products pipeline extending from Louisiana to Virginia and Washington, D.C., which is designed to transport gasoline, jet fuel, diesel and biodiesel.</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; font-style: italic;">Basis of Presentation - </font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We maintain our chart of accounts to comply with the Federal Energy Regulatory Commission's (FERC) Uniform System of Accounts (USoA) for oil pipelines. Therefore, the amounts contained in this Form 6 may not necessarily reflect or capture all costs required for analysis using the regulatory methodology set forth in the FERC's Opinion Nos. 154-B, et.al.</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; font-style: italic;">2. Commitments and Contingencies - </font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; font-style: italic;">Asset Retirement Obligations (ARO) - </font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We record liabilities for obligations related to the retirement and removal of long-lived assets used in our business. We record, as liabilities, the fair value of ARO on a discounted basis when they are incurred and can be reasonably estimated, which is typically at the time the assets are installed or acquired. Amounts recorded for the related assets are increased by the amount of these obligations. Over time, the liabilities increase due to the change in their present value, and the initial capitalized costs are depreciated over the useful lives of the related assets. The liabilities are eventually extinguished when the asset is taken out of service.</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We are required to operate and maintain our pipeline facilities, and intend to do so as long as supply and demand for such services exist, which we expect for the foreseeable future. Therefore, we believe that we cannot reasonably estimate the ARO for our assets because these assets have indeterminate lives. We continue to evaluate our ARO and future developments could impact the amounts we record. We had no ARO recorded as of December 31, 2024 and 2023. </font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; font-style: italic;">Environmental Matters - </font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We capitalize certain environmental expenditures required to obtain rights-of-way, regulatory approvals or permitting as part of the construction of facilities we use in our business operations. We accrue and expense environmental costs that relate to an existing condition caused by past operations, which do not contribute to current or future revenue generation. We generally do not discount environmental liabilities to a net present value, and we record environmental liabilities when environmental assessments and/or remedial efforts are probable and we can reasonably estimate the costs, such as after the completion of a feasibility study or commitment to a formal plan of action. We recognize receivables for anticipated associated insurance recoveries when such recoveries are deemed to be probable.</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We routinely conduct reviews of potential environmental issues and claims that assist us in identifying environmental issues and estimating the costs and timing of remediation efforts. We also routinely adjust our environmental liabilities to reflect changes in previous estimates. In making environmental liability estimations, we consider the material effect of environmental compliance, pending legal actions against us, and potential third-party liability claims we may have against others. Often, as the remediation evaluation and effort progresses, additional information is obtained, requiring revisions to estimated costs. </font></p> <p style="margin-top: 12pt; margin-bottom: 12pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">&#160;</font></p> <p style="margin-top: 12pt; margin-bottom: 12pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">&#160;</font></p> <p style="margin-top: 12pt; margin-bottom: 12pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We are subject to environmental cleanup and enforcement actions from time to time. In particular, the Comprehensive Environmental Response, Compensation and Liability Act generally imposes joint and several liability for cleanup and enforcement costs on current and predecessor owners and operators of a site, among others, without regard to fault or the legality of the original conduct, subject to the right of a liable party to establish a &#8220;reasonable basis&#8221; for apportionment of costs. Our operations are also subject to federal, state and local laws and regulations relating to protection of the environment. Although we believe our operations are in substantial compliance with applicable environmental laws and regulations, risks of additional costs and liabilities are inherent in our operations, and there can be no assurance that we will not incur significant costs and liabilities. Moreover, it is possible that other developments could result in substantial costs and liabilities to us, such as increasingly stringent environmental laws, regulations and enforcement policies under the terms of authority of those laws, and claims for damages to property or persons resulting from our operations.</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Although it is not possible to predict the ultimate outcomes, we believe that the resolution of the environmental matters, to which we are a party, will not have a material adverse effect on our financial position, cash flows or operating results.</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; font-style: italic;">Legal Proceedings and Contingencies - </font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We are party to various legal, regulatory and other matters arising from the day-to-day operations of our business that may result in claims against the Company. Although no assurance can be given, we believe, based on our experiences to date and taking into account established reserves, that the ultimate resolution of such items will not have a material adverse impact to our financial position, cash flows or operating results. We believe we have numerous and substantial defenses to the matters to which we are a party and intend to vigorously defend the Company. When we determine a loss is probable of occurring and is reasonably estimable, we accrue an undiscounted liability for such contingencies based on our best estimate using information available at that time. If the estimated loss is a range of potential outcomes and there is no better estimate within the range, we accrue the amount at the low end of the range. We disclose contingencies where an adverse outcome may be material or, in the judgment of management, we conclude the matter should otherwise be disclosed.</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">There are currently no material legal proceedings against the Company as of December 31, 2024. </font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; font-style: italic;">3.</font> <font style="font-family: Arial; font-weight: bold; font-style: italic;">Pensions and Postretirement Benefits -</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; font-style: italic;">Employees' Annuity Plan - </font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt; text-align: justify;"><font style="font-family: Arial;">We currently maintain a defined benefit pension plan, referred to as the Employees&#8217; Annuity Plan. Previous employees of Products (SE) Pipe Line who were covered under the plan before becoming employees of Kinder Morgan, Inc. (KMI) under an operating agreement are grandfathered under the plan and the plan is closed to new participants. Benefits are based on both years of service and the employee&#8217;s compensation averaged over the highest 36 consecutive months during the 10 years preceding retirement or termination. Our funding policy is to contribute the greater of the minimum amount required under the Employee Retirement Income Security Act of 1974 or the amount required to avoid benefit restrictions. </font><font style="font-family: Arial; background-color: #ffffff; -aw-import: spaces;"> &#160;</font><font style="font-family: Arial;">Contributions are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. The following disclosures include benefit obligations and periodic benefit costs allocated to a KMI affiliate pursuant to the operating agreement. During the years ended December 31, 2024 and 2023, approximately $173,000 and $198,000, respectively, of net periodic benefit costs for the Employees&#8217; Annuity Plan were allocated to a KMI affiliate.</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The net periodic cost expensed as of December 31, 2024 and 2023 is $1,118,000 and $1,357,000, respectively. The ending balance of the projected pension benefit obligation for the years ended December 31, 2024 and 2023, are $22,064,000 and $25,772,000, respectively.</font></p> <p style="margin-top: 12pt; margin-bottom: 12pt; font-size: 16pt;"><font style="font-family: Arial;">The rate of increase in future compensation levels used in determining the actuarial present value of the projected benefit obligation was 3.5% at December 31, 2024 and 2023.</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; font-style: italic;">Postretirement Benefits Plan - </font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We provide postretirement benefits, including medical benefits for a closed group of retirees and certain grandfathered former employees and their dependents (Postretirement Benefits Plan). Medical benefits for pre-age 65 participants of this closed group may be subject to deductibles, copayment provisions, dollar caps and other limitations on the amount of employer costs, and are subject to further benefit changes by KMI, the plan sponsor. Post-age 65 Medicare-eligible participants are provided a fixed subsidy to purchase coverage through a retiree Medicare exchange. In addition, certain employees continue to receive limited postretirement life insurance benefits. Retiree medical coverage is funded by us. The funding for retiree medical coverage paid by us totaled $589,000 in 2024 and $360,000 in 2023. Similar to the Employees' Annuity Plan, the following disclosures for the Postretirement Benefits Plan include postretirement benefit obligations and periodic benefit costs that are allocated to a KMI affiliate. During the years ended December 31, 2024 and 2023, net periodic benefit costs of the Postretirement Benefits Plan allocated to a KMI affiliate were zero.</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The net postretirement benefit obligation as of December 31, 2024 and 2023 is $6,527,000 and $6,810,000, respectively.</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; font-style: italic;">Pension and Postretirement Benefit Obligation, Plan Assets and Funded Status</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Our pension and postretirement benefit obligations and net periodic benefit costs (credits) are primarily based on actuarial calculations. We use various assumptions in performing these calculations, including the discount rates used in calculating the benefit obligations, the return that we expect to earn on our plan assets, the rate at which we expect the compensation of the employees to increase over the plan term, the estimated cost of health care when benefits are provided under our plan and other factors. We utilize a full yield curve approach in the estimate of the service and interest cost components of net periodic benefit cost (credit) for our pension and postretirement benefit plans by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to their underlying projected cash flows.</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; font-style: italic;">4. Changes in Operations - </font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial;">The Company has no significant changes in operations as of December 31, 2024.</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; font-style: italic;">5. Income Taxes - </font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Income tax expense is recorded based on an estimate of the effective tax rate in effect or to be in effect during the relevant periods. Deferred income tax assets and liabilities are recognized for temporary differences between the basis of the assets and liabilities for financial reporting and tax purposes. Changes in tax legislation are included in the relevant computations in the period in which such changes are enacted. Deferred tax assets are reduced by a valuation allowance for the amount of any tax benefit we do not expect to be realized.</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">&#160;</font><font style="font-family: Arial;">&#160;</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Components of the income tax provision for federal and state taxes are as follows (in thousands):</font></p> <table style="border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 25.7pt;"> <td style="width: 448.2pt; border-right: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 295.2pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="4"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Year Ended December 31,</font></p> </td> </tr> <tr style="height: 25.7pt;"> <td style="width: 448.2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2024</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2023</font></p> </td> </tr> <tr style="height: 25.7pt;"> <td style="width: 448.2pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Current Tax Provision:</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: top;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: top;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 25.7pt;"> <td style="width: 448.2pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Federal</font></p> </td> <td style="width: 8.9pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 122.5pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">26,228</font></p> </td> <td style="width: 11.7pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 119.7pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">21,902</font></p> </td> </tr> <tr style="height: 25.7pt;"> <td style="width: 448.2pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">State</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">7,006</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">4,869</font></p> </td> </tr> <tr style="height: 25.7pt;"> <td style="width: 448.2pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">33,234</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">26,771</font></p> </td> </tr> <tr style="height: 25.7pt;"> <td style="width: 448.2pt; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 4.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 142.2pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: top;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 25.7pt;"> <td style="width: 448.2pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Deferred Tax Provision:</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: top;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 25.7pt;"> <td style="width: 448.2pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Federal</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">3,985</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5,694</font></p> </td> </tr> <tr style="height: 25.7pt;"> <td style="width: 448.2pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">State</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">245</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1,070</font></p> </td> </tr> <tr style="height: 25.7pt;"> <td style="width: 448.2pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">4,230</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">6,764</font></p> </td> </tr> <tr style="height: 25.7pt;"> <td style="width: 448.2pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Total Provision for Income Taxes</font></p> </td> <td style="width: 8.9pt; border-bottom: 1.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 122.5pt; border-right: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">37,464</font></p> </td> <td style="width: 11.7pt; border-bottom: 1.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 119.7pt; border-right: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">33,535</font></p> </td> </tr> </table> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The difference between the statutory federal income tax rate and our effective income tax rate is summarized as follows:</font></p> <table style="border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 25.2pt;"> <td style="width: 448.2pt; border-right: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 295.2pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Year Ended December 31,</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 448.2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2024</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2023</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 448.2pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Federal Income Tax</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">21.0%</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">21.0%</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 448.2pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Increase as a result of State income tax, net of federal benefit</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">4.1%</font></p> </td> <td style="width: 142.2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">4.1%</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 448.2pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Other</font></p> </td> <td style="width: 142.2pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-1.6%</font></p> </td> <td style="width: 142.2pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-0.9%</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 448.2pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Effective tax rate</font></p> </td> <td style="width: 142.2pt; border-top: 1.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">23.5%</font></p> </td> <td style="width: 142.2pt; border-top: 1.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 4.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">24.2%</font></p> </td> </tr> </table> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Deferred tax assets and liabilities are detailed on Page 230 "Analysis of Federal Income and Other Taxes Deferred."</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; font-style: italic;">6</font><font style="font-family: Arial; font-weight: bold;">. </font><font style="font-family: Arial; font-weight: bold; font-style: italic;">Rate and Regulatory Matters</font><font style="font-family: Arial; font-weight: bold;"> - </font></p> <p style="margin-top: 12pt; margin-bottom: 12pt; font-size: 16pt;"><font style="font-family: Arial;">The Company has no significant rate or regulatory matters as of, and for the year ended, December 31, 2024.</font></p> </div> </div></div> Contingent Environmental Liabilities -1471375 10750 -1460625 -1471375 10750 -1460625 Accelerated Depreciation 67004379 4680827 71685206 FAS 87 - Pension Expense -414024 112064 -301960 FAS106 - Post Retirement Benefits Accrual -2417461 238331 -2179130 Contingent Environmental Liabilities -3064376 -10750 -3075126 Other: Insurance Receivable - Injuries & Damages 33459 -33459 Tax Credit -767544 -767544 Other Comprehensive Income -328589 368694 40105 60813388 4219469 368694 65401551 2 5 6 7 8 9 10 11 12 96109 Minor items, each less than $250,000 125376 Overhead burden recovery 29643 Minor items, each less than $250,000 2 5 6 Dax Sanders, Director and Chairman 1001 Louisiana Street, Suite 1000, Houston, TX 77002 true true Michael P. Garthwaite, Director 1001 Louisiana Street, Suite 1000, Houston, TX 77002 true Charles D. Lindley, Director 1001 Louisiana Street, Suite 1000, Houston, TX 77002 true Steven A. Yatauro, Director 22777 Springwoods Village Pkwy, Spring, TX 77389 true William S. Bragan, Director 22777 Springwoods Village Pkwy, Spring, TX 77389 true 1 2 3 4 5 Meli A. Armstrong Vice President /s/ Meli A. Armstrong 2025-04-15 6 Products (SE) Pipe Line Corporation C000630 2024 Q4 1000 Windward Concourse, Suite 450, Alpharetta, GA 30005 Sabre Reach Divisional Controller - Accounting 1000 Windward Concourse, Suite 450, Alpharetta, GA 30005 770-751-4145 O 2024-12-31 IRIS Carbon 7736295 8424092 4230219 6763813 4820196 3554096 150919 -5709 4698203 -7260032 134239563 96930407 39062280 39845061 42508693 41658604 8763619 1870887 -33745074 -39787717 105000000 66000000 -105000000 -66000000 -4505511 -8857310 19122538 27979848 14617027 Cash and Cash Equivalents at End of Year consists of Temporary Investments (Account 11). Includes salaries and wages from affiliates. Includes salaries and wages from affiliates. Adjustments to deferred income taxes for FAS 87 pension ($536,251) and FAS 106 post retirement benefits $167,557 are adjusted through other comprehensive income. Cash and Cash equivalents at Beginning of Year consists of Cash (Account 10) of $7,107,971 and Temporary Investments (Account 11) of $20,871,877. Resigned October 1, 2024. Appointed October 1, 2024. Cash and Cash Equivalents at Beginning of Year consists of Temporary Investments (Account 11).