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ferc:ThreeDayPeakDeliveriesMember 50 2025-01-01 2025-12-31 C002096 ferc:DeliveredToOthersMember ferc:ThreeDayPeakDeliveriesMember 50 2025-01-01 2025-12-31 C002096 ferc:ThreeDayPeakDeliveriesMember 51 2025-01-01 2025-12-31 C002096 ferc:DeliveredToOthersMember ferc:ThreeDayPeakDeliveriesMember 51 2025-01-01 2025-12-31 C002096 ferc:ThreeDayPeakDeliveriesMember 52 2025-01-01 2025-12-31 C002096 ferc:DeliveredToOthersMember ferc:ThreeDayPeakDeliveriesMember 52 2025-01-01 2025-12-31 C002096 1 2025-01-01 2025-12-31 C002096 1 2025-12-31 C002096 2 2025-01-01 2025-12-31 C002096 2 2025-12-31 C002096 3 2025-01-01 2025-12-31 C002096 3 2025-12-31 C002096 4 2025-01-01 2025-12-31 C002096 4 2025-12-31 C002096 5 2025-01-01 2025-12-31 C002096 5 2025-12-31 C002096 6 2025-01-01 2025-12-31 C002096 6 2025-12-31 C002096 7 2025-01-01 2025-12-31 C002096 7 2025-12-31 C002096 8 2025-01-01 2025-12-31 C002096 8 2025-12-31 C002096 9 2025-01-01 2025-12-31 C002096 9 2025-12-31 C002096 10 2025-01-01 2025-12-31 C002096 10 2025-12-31 C002096 11 2025-01-01 2025-12-31 C002096 12 2025-01-01 2025-12-31 C002096 ferc:SingleDayPeakDeliveriesMember 22 2025-01-01 2025-12-31 C002096 ferc:DeliveredToInterstatePipelinesMember ferc:SingleDayPeakDeliveriesMember 22 2025-01-01 2025-12-31 C002096 ferc:DeliveredToOthersMember ferc:SingleDayPeakDeliveriesMember 22 2025-01-01 2025-12-31 xbrli:pure utr:kWh utr:mi utr:MW iso4217:USD iso4217:USD utr:dth utr:dth Vicki A. Phillips Vice President /s/ Vicki A. Phillips 2026-04-09 2 Natural Gas Pipeline Company of America LLC C002096 2025 Q4 1001 Louisiana Street, Suite 1000, Houston, TX 77002 James M. Brossett Divisional Controller 1001 Louisiana Street, Suite 1000, Houston, TX 77002 713-420-6965 O 2025-12-31 IRIS Carbon NA NA NA NA NA NA NA NA NA NA NA NA Not Prepared 1 1 2 4 6 2 3 5 6 1 555900938 555900938 1581447441 1426907259 714421 316622 -1647613 -1647613 2136415187 1981477206 432818 262041 432818 262041 68465205 60040112 18848067 13835342 5111377 4273810 28984032 28848253 28255767 24550347 432818 1077453 149664448 132363276 4140003 14631067 388508 418508 3674748 8679802 125428995 135529349 336935741 328288949 6577612 7001978 477145607 494549653 2763658060 2608652176 1083440527 954739640 1083440527 954739640 295233382 237065857 295233382 237065857 102129384 99645310 102129384 99645310 115403015 112087506 115403015 112087506 945856 881027 945856 881027 412287 690564 412287 690564 78061 912556 78061 912556 42655111 40831304 42655111 40831304 98186685 85818227 98186685 85818227 19675793 17118219 19675793 17118219 12354675 12628296 12354675 12628296 10156793 10496381 10156793 10496381 676761334 595357373 676761334 595357373 406679193 359382267 406679193 359382267 397799 6025 2351379 3059059 230887 2872066 208910 1965472 3188975 7902622 3398 8994 10395 325000 -6369 337392 4026 816296 1308878 120005 194669 62020 705226 302025 293612 30000 30000 666296 1885161 2185287 6013435 4761 718 2986131 1152301 -2981370 -1151583 411845850 366547285 411845850 366547285 1426907259 1335974797 411448051 366541260 1581447441 310597 Distributions to Members 256907869 275608798 1 555900938 555900938 Horizon Pipeline Company, L.L.C. J Natural Gas Transmission 0.50 Horizon Pipeline Company, L.L.C. is jointly owned, 50% by Natural Gas Pipeline Company of America LLC and 50% by Nicor-Horizon, Inc., a subsidiary of The Southern Company. 1 0 -1647613 -1647613 366547285 -1647613 411845850 -1647613 Amortization of intangible plant 945856 881027 945856 881027 1 Distributions to Members 256907869 275608798 256907869 275608798 1 179670214 1932187 66419479 248021880 33858638 32332533 66191171 31374923 33376174 64751097 179670214 4415902 65375838 249461954 185786670 1500910 21887429 209175008 0.9671 2.9422 2.9869 1.1926 Gas Loss and Unaccounted for 6990320 Gas Pipeline Rupture -116458 Hedge Broker Fees 37900 6911762 1 2 3 278122 1506563 730417 2515102 783748 4245495 2058315 7087558 805 489.2 19625 96404 54799 170828 55303 271666 154424 481393 805 489.4 297747 1602967 785216 2685930 839051 4517161 2212739 7568951 166072 899597 436146 1501815 467991 2535065 1229059 4232115 854 810 12409 60958 34650 108017 34969 171779 97644 304392 819 810 178481 960555 470796 1609832 502960 2706844 1326703 4536507 9782 52989 25690 88461 27566 149323 72394 249283 856/863 812 462 2268 1289 4019 1302 6391 3632 11325 817/821 812 10244 55257 26979 92480 28868 155714 76026 260608 29153 157917 76562 263632 82153 445010 215752 742915 813 812 29153 157917 76562 263632 82153 445010 215752 742915 73115 396060 192019 661194 206038 1116097 541110 1863245 6754 33178 18860 58792 19032 93496 53148 165676 79869 429238 210879 719986 225070 1209593 594258 2028921 79869 429238 210879 719986 225070 1209593 594258 2028921 164.1 808.2 Other dispositions 79869 429238 210879 719986 225070 1209593 594258 2028921 Gas due from shippers 634327461 19061578 653389039 44 49 276758 1400543 782073 2459374 906106 4585377 2560507 8051990 805 489.2 5342 44422 20652 70416 17490 145437 67615 230542 805 489.4 282100 1444965 802725 2529790 923596 4730814 2628122 8282532 184684 934598 521886 1641168 604655 3059874 1708655 5373184 854 810 5067 42133 19588 66788 16589 137944 64131 218664 819 810 189751 976731 541474 1707956 621244 3197818 1772786 5591848 9252 46820 26144 82216 30291 153289 85595 269175 856/863 812 451 3753 1744 5948 1477 12287 5710 19474 817/821 812 9703 50573 27888 88164 31768 165576 91305 288649 5807 29389 16411 51607 19012 96219 53730 168961 813 812 5807 29389 16411 51607 19012 96219 53730 168961 77015 389736 217632 684383 252148 1275995 712527 2240670 -176 -1464 -680 -2320 -576 -4794 -2226 -7596 76839 388272 216952 682063 251572 1271201 710301 2233074 76839 388272 216952 682063 251572 1271201 710301 2233074 164.1 808.2 Other dispositions 76839 388272 216952 682063 251572 1271201 710301 2233074 Gas due from shippers 241174 1608332 1006964 2856470 893550 5958869 3730802 10583221 805 489.2 5581 26052 26071 57704 20678 96522 96593 213793 805 489.4 246755 1634384 1033035 2914174 914228 6055391 3827395 10797014 192234 1281966 802629 2276829 712227 4749684 2973740 8435651 854 810 13057 60949 60994 135000 48376 225816 225983 500175 819 810 205291 1342915 863623 2411829 760603 4975500 3199723 8935826 6701 44684 27976 79361 24827 165555 103651 294033 856/863 812 1968 9187 9194 20349 7291 34038 34064 75393 817/821 812 8669 53871 37170 99710 32118 199593 137715 369426 10029 66884 41876 118789 37157 247805 155151 440113 813 812 10029 66884 41876 118789 37157 247805 155151 440113 32210 214798 134483 381491 119339 795825 498260 1413424 -9444 -44084 -44117 -97645 -34989 -163332 -163454 -361775 22766 170714 90366 283846 84350 632493 334806 1051649 22766 170714 90366 283846 84350 632493 334806 1051649 164.1 808.2 Other dispositions 22766 170714 90366 283846 84350 632493 334806 1051649 Gas due from shippers Gas Imbalances 27522557 Labor Accrual 670000 Minor Items (less than $250,000) 63210 1 2 3 397052 4569152 4966204 671029 10218966 10889995 1063666 23431275 24494941 863933 24758851 25622784 961584 32001512 32963096 1216917 25901396 27118313 1277779 17856264 19134043 880529 19730116 20610645 676009 21128291 21804300 649680 20078947 20728627 589880 8304114 8893994 353518 6791283 7144801 9601576 214770167 224371743 Rate Schedule FTS 227345997 302513 54468780 54771293 209501451 288937 58960803 59249740 235075000 331572 63222248 63553820 Rate Schedule FTS-G 35181 53 12066 12119 114302 171 44927 45098 332261 498 140883 141381 Rate Schedule FFTS 11120 11120 Rate Schedule ITS 4485402 5430 530500 535930 4101228 5495 565413 570908 7035112 10043 909018 919061 Rate Schedule DSS 545024 818 6217098 6217916 9392537 14089 6217284 6231373 13644777 20467 6217167 6237634 Rate Schedule IBS 656465 656465 572924 572924 804660 804660 Rate Schedule LPS 11838252 11838252 5119605 5119605 4139769 4139769 POA Agreements 4295 4295 3223 3223 13020 13020 Fuel Recovery 7087557 7087557 8051990 8051990 10583221 10583221 Estimates -4475 -6040879 -6045354 6302 2226392 2232694 30316 5295118 5325434 Commission Approved Capacity Lease Revenue 825881 825881 825881 825881 825881 825881 232411604 304339 75600015 75904354 223109518 314994 82588442 82903436 256087150 392896 92162105 92555001 1 2 3 4 5 6 7 8 9 10 11 Horizon Pipeline Company, L.L.C. true 909898 30402748 909898 30402748 1 5325350333 5224341320 144077522 80322218 5469427855 5304663538 3209621272 3174478298 2259806583 2130185240 2259806583 2130185240 113259 113259 8798952 8401153 185324 9097535 8514412 881377 2131379 60260 41085 105312883 90730908 293 252238 394173 31649363 28531892 38177839 34247173 1223074 242747548 222496382 9730964 9936160 1363216 940137 25458472 19839915 31367626 35137529 67920278 65853741 2763658060 2608652176 Change in preliminary survey and investigation charges 613680 691568 Net salvage/(cost of removal) 14812743 16771610 Change in customer advances for construction 8627238 1320243 24053661 18783421 1 2 3 Change in system balancing gas 242985 9972597 Change in gas imbalances -242985 -9972597 Change in fair value of derivative contracts -1867709 1156377 Change in park and loan service revenue deferrals -56650 -1957185 Net (gain)/loss on disposition of property 3398 Change in other assets and liabilities -8681026 2738093 -10601987 1937285 1 2 3 4 5 6 115403015 112087506 1957877 2543529 -30000 -30000 14439747 -2158739 4800530 7675953 2620134 -50700 -205196 374718 -65902 -18013 3217018 4024367 397799 6025 499424945 473975595 222911260 200007237 3217018 4024367 243747903 214766291 20828 -243747903 -214745463 -256907869 -275608798 -1230827 -16378666 2172464 18551130 941637 NSS 98273453 90001929 98273453 90001929 165200103 118173758 DSS 68653998 63783970 Fuel Recovery 5580433 2916640 5580433 2916640 Estimates -72275 1081 -72275 1081 Total 103781611 92919650 103781611 92919650 233854101 181957728 1 2 3 4 5 40406612 30057666 40406612 30057666 10213800 9873000 3438733 3176823 933262335 826657050 936701068 829833873 2651245284 2527339159 103781611 92919650 103781611 92919650 233854101 181957728 482146 436886 482146 436886 370445 478057 370445 478057 1698645 1013508 1698645 1013508 3438733 3176823 1080001794 951562817 1083440527 954739640 3438733 3176823 1080001794 951562817 735000 66779173 67514173 250000 45090450 45340450 17879204 17879204 7569311 7569311 2014434 2014434 2670704 2670704 1255500 5976074 7231574 1255500 10280775 11536275 1000000 3485230 4485230 2961882 2961882 1252500 15766049 17018549 5465300 53380815 58846115 11213800 233854101 245067901 5325350333 5325350333 5325350333 5325350333 144077522 5469427855 3209621272 2259806583 3202441003 3202441003 7180269 7180269 3209621272 3209621272 13095 13095 13588144 1281601 14869745 13601239 1281601 14882840 7958 7958 16411 16411 315118 315118 264487 264487 603974 603974 603974 603974 603974 603974 324459 324459 5181213 5181213 28732322 111829 60543 28783608 280565071 9999864 11812723 278752212 32397789 25375390 7022399 21727307 603307 21124000 80531137 80531137 203428852 1990705 9379454 97071 196137174 267228718 4587384 479466 -3381335 267955301 43189295 702845 477859 42587 43456868 71271552 1471773 234755 72508570 14906655 180671 14725984 1049484370 18864400 48604168 -3241677 1016502925 1049484370 18864400 48604168 -3241677 1016502925 7138299 3397 7134902 50348242 50348242 80115481 4740555 219054 84636982 2467804836 38290683 4841589 -97076 2501156854 1384902220 93634023 7784741 3381340 1474132842 124261807 7866554 1328752 -42587 130757022 2860650 -31120 2829530 182938 182938 4117614473 144531815 14177533 3210557 4251179312 686179 686179 635235 635235 15545423 7825 986169 14567079 16160813 2125188 2955179 15330822 7507181 1295054 216451 8585784 279946 11005 290951 146704 146704 1573912 51081 233152 31120 1422961 501871 20244 6548 515567 43037264 3510397 4397499 31120 42181282 43037264 3510397 4397499 31120 42181282 5224341320 168188213 67179200 0 5325350333 5224341320 168188213 67179200 0 5325350333 3168243885 3168243885 115403015 115403015 115403015 115403015 67179200 67179200 14989372 14989372 959277 959277 81209295 81209295 Loss on Sale of Land -3398 -3398 3202441003 3202441003 603974 603974 584513497 584513497 2605385600 2605385600 11937932 11937932 10 18 945856 945856 24339805 24339805 87228302 87228302 3834908 3834908 115403015 945856 116348871 214166096 323612400 537778496 649246828 483 302 3319310 2025-01-21 Other (less than $250,000) 8994 Litigation settlement 325000 Affiliate of respondent (Market interest rate) 4761 1 2 4 5 7 8 10 11 13 14 16 17 19 20 22 23 7029056 7029056 37548004 37548004 24964706 24964706 69541766 69541766 5107337 5107337 16757248 16757248 21864585 21864585 12136393 12136393 54305252 54305252 24964706 24964706 91406351 91406351 91406351 91406351 1854051 1854051 1854051 1854051 428164 428164 428164 428164 Account 186 373006 373006 373006 373006 94061572 94061572 74 2474664 Health and life insurance 9658494 Long-term disability insurance 204149 401K Employer contributions 3345719 Other 10386 15693412 6 7 8 9 7001978 122341 302025 6577612 7001978 122341 302025 6577612 122341 302025 6095377 97523 263315 5734539 906601 24818 38710 843073 Deferred Income Tax Rate Adjustment (amortized through June 2038) 135063735 411.1 10034452 125029283 Order 637 Penalty Revenues 465614 Various 1806108 1740206 399712 11840560 1740206 1 2 Louisiana - FTS 621108 586879 113252012 101326975 113873120 101913854 436454614 419779558 Louisiana - ITS 5089 2661 716685 348587 721774 351248 3604896 1936709 Market - DSS 99849 92056 74853374 75661805 74953223 75753861 69636601 65753507 Market - FFTS 66720 33360 66720 33360 Market - FTS 1337616 1213514 304309106 279983478 305646722 281196992 994399852 923129426 Market - FTSG 2034 1556 609718 462388 611752 463944 1421431 1110560 Market - ITS 8880 14483 1140626 2110919 1149506 2125402 6269176 10448708 Market - IBS 3112378 4630879 3112378 4630879 Market - LPS 60831985 45852466 60831985 45852466 Market - POA 137465 96252 137465 96252 Midcontinent - FTS 28964 43598 42645012 32905713 42673976 32949311 134794214 142068818 Midcontintent - FTSG 155 144 25737 24498 25892 24642 108217 103051 Midcontinent - ITS 719 3927 154390 509277 155109 513204 6296120 9264109 Midcontinent - IBS 31910 33319 31910 33319 Permian - FTS 228627 195707 24515879 22786609 24744506 22982316 160890173 139791020 Permian - ITS 6937 5845 663528 780115 670465 785960 4828439 4190109 Permian - IBS 17163 17163 South Texas - FTS 330512 411079 125929825 122513128 126260337 122924207 232033756 295016226 South Texas - FTSG 34 33 6691 6563 6725 6596 24161 23864 South Texas - ITS 30556 9468 2852459 1061472 2883015 1070940 21599645 6957956 South Texas - LPS 1739 1739 TexOK - FTS 697052 544176 64303867 62476928 65000919 63021104 549230646 469731462 TexOK - FTSG 42 35 7378 5998 7420 6033 29822 25022 TexOK - ITS 35823 41582 3470512 4489378 3506335 4530960 29623521 38009054 TexOK - IBS 3677286 3184228 3677286 3184228 Other - Estimates 4736 10080 1147089 2284452 1151825 2294532 Other - Fuel Recovery 94871229 57371686 94871229 57371686 Other - Commission Approved Capacity Lease Revenue 9910572 5716577 9910572 5716577 Louisiana 626197 589540 113968697 101675562 114594894 102265102 440059510 421716267 Market 1448379 1321609 445061372 408831547 446509751 410153156 1071727060 1000442201 Midcontinent 29838 47669 42857049 33472807 42886887 33520476 141198551 151435978 Permian 235564 201552 25196570 23566724 25432134 23768276 165718612 143981129 South Texas 361102 420580 128790714 123581163 129151816 124001743 253657562 301998046 TexOK 732917 585793 71459043 70156532 72191960 70742325 578883989 507765538 Other 4736 10080 105928890 65372715 105933626 65382795 1 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 Cashouts 1654617 Other items less than $250,000 (2 items) 44028 1698645 12 13 Cairo Field - Iowa Underground Storage 345050 166609335 true Columbus City Field - Iowa Underground Storage 180250 79375844 true Keota Field - Iowa Underground Storage 103000 27772620 true Herscher Field - Illinois Underground Storage 1318400 264136731 true Cooks Mills Field - Illinois Underground Storage 154500 23017718 true Loudon Field - Illinois Underground Storage 525300 125625997 true North Lansing Field - Texas Underground Storage 1277200 254873180 true Sayre Field - Oklahoma Underground Storage 687010 75091501 true 1 2 3 4 5 6 7 8 0 1 Horizon Pipeline Company, L.L.C. true 380,000 dekatherms per day (Dth/day) leased capacity in 42 miles of transmission pipeline located near Joliet, Illinois. 4161000 Kinder Morgan Illinois Pipeline LLC true 200,000 Dth/day leased capacity in 25.7 miles of transmission pipeline located in Illinois. Provides natural gas transmission services from near Beecher, Illinois to near Burnham, Illinois. 729996 Kinder Morgan Louisiana Pipeline LLC true 200,000 Dth/day leased capacity in 19 miles of transmission pipeline located in Cameron Parish, Louisiana. 825581 Cheyenne Plains Gas Pipeline Company, L.L.C. true 75,000 Dth/day leased capacity in approximately 200 miles of transmission pipeline located at an interconnect point in Ford County, KS, and the SPS Brickplant Road Delivery Point in Potter County, Texas 4194000 9910577 1 2 3 4 1 35137529 3762679 7224 31367626 35137529 3762679 7224 31367626 3762679 7224 30588017 3234543 6299 27347175 4549512 528136 925 4020451 328288949 8591996 54796 336935741 328288949 8591996 54796 336935741 8591996 54796 285783016 7919346 47773 293750135 42505933 672650 7023 43185606 Rate Schedule NSS 2463197 8382000 8382000 6301513 8389296 8389296 39757390 8381749 8381749 Rate Schedule DSS 498685 9464536 13623425 Fuel Recovery 481393 481393 230542 230542 213793 213793 Estimates 8857 8857 251102 251102 16749 16749 2961882 8872250 8872250 15766049 8870940 8870940 53380815 8612291 8612291 1 2 3 4 -1452322 -1452322 1252500 2125316 2125316 5465300 23962490 23962490 6174 6174 3000 3000 96922 96922 102101 102101 68124 68124 279252 279252 238381 238381 165046 165046 285426 285426 343482 343482 235373486 304339 83184989 83489328 240128067 314994 93870124 94185118 314933265 392896 125080368 125473264 Arkansas AR Fully Owned and Operated by Respondent 913.8 Iowa IA Fully Owned and Operated by Respondent 850.2 Illinois IL Fully Owned and Operated by Respondent 2403.6 Indiana IN Fully Owned and Operated by Respondent 16.8 Kansas KS Fully Owned and Operated by Respondent 688.0 Louisiana LA Fully Owned and Operated by Respondent 189.7 Missouri MO Fully Owned and Operated by Respondent 297.6 Nebraska NE Fully Owned and Operated by Respondent 250.5 New Mexico NM Fully Owned and Operated by Respondent 253.6 Oklahoma OK Fully Owned and Operated by Respondent 758.3 Texas TX Fully Owned and Operated by Respondent 2403.4 9025.5 9025.5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 18pt;">1. None.</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">2. None.</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">3. None.</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">4. None.</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">5. None.</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">6. None.</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">7. None.</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">8. None.</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">9. See Page 122.1, Notes to Financial Statements, Note 2 "Summary of Significant Accounting Policies."</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">10. None.</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">11. None.</font></p></div> <div><p><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">12. Changes made during the year ended December 31, 2025:</font></p> <p><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">&#160;</font></p> <p style="text-indent: .5in;"><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">Appointments:</font></p> <p style="text-indent: .5in;"><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">Mary Limbaugh&#160;</font><font style="font-family: Arial, sans-serif; font-size: 24px;">&#8211; President and Chief Executive Officer</font></p> <p style="text-indent: .5in;"><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">Vicki A. Phillips &#8211; Vice President</font></p> <p style="text-indent: .5in;"><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">Michael Pitta&#160;</font><font style="font-family: Arial, sans-serif; font-size: 24px;">&#8211; Chief Administrative Officer</font></p> <p style="text-indent: .5in;"><font style="font-family: Arial, sans-serif; font-size: 24px;">Steven Romano&#160;</font><font style="font-family: Arial, sans-serif; font-size: 24px;">&#8211; Vice President</font></p> <p style="text-indent: .5in;"><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">Tony&#160;Sala&#160;</font><font style="font-family: Arial, sans-serif; font-size: 24px;">&#8211; Vice President&#160;</font></p> <p style="text-indent: .5in;"><font style="font-family: Arial, sans-serif; font-size: 24px;">David Weeks &#8211; Vice President, Marketing and Business Development</font></p> <p style="text-indent: 0.5in; text-align: left;"><font style="font-family: Arial, sans-serif; font-size: 18pt;">&#160;</font></p> <p style="text-indent: 0.5in; text-align: left;"><font style="font-family: Arial, sans-serif; font-size: 18pt;">Resignations:</font></p> <p style="text-indent: .5in;"><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">William Burton&#160;</font><font style="font-family: Arial, sans-serif; font-size: 24px;">&#8211; President, Senior Vice President of Finance</font></p> <p style="text-indent: .5in;"><font style="font-family: Arial, sans-serif; font-size: 24px;">Mary Limbaugh&#160;</font><font style="font-family: Arial, sans-serif; font-size: 24px;">&#8211; Vice President</font></p> <p style="text-indent: .5in;"><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">William E. Morgan &#8211; Vice President and Operational Controller</font></p> <p style="text-indent: .5in;"><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">Christa Robbins&#160;</font><font style="font-family: Arial, sans-serif; font-size: 24px;">&#8211; Vice President</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">13. N/A.</font></p></div> See footnote 2 5 8 11 Federal Income Tax Federal Tax Federal 99002981 99002981 98186685 816296 Subtotal Federal Tax 99002981 99002981 98186685 816296 State Income Tax - Arkansas State Tax Arkansas 1727568 1727568 1716768 10800 0.0035 State Income Tax - Illinois State Tax Illinois 9900237 9900237 9838343 61894 0.0202 State Income Tax - Iowa State Tax Iowa 4016583 4016583 3991473 25110 0.0082 State Income Tax - Kansas State Tax Kansas 569306 569306 565747 3559 0.0012 State Income Tax - Louisiana State Tax Louisiana 521659 521659 518398 3261 0.0011 State Income Tax - Missouri State Tax Missouri 515274 515274 512053 3221 0.0010 State Income Tax - Nebraska State Tax Nebraska 595341 595341 591619 3722 0.0012 State Income Tax - New Mexico State Tax New Mexico 245602 245602 244067 1535 0.0005 State Income Tax - Oklahoma State Tax Oklahoma 1104228 1104228 1097325 6903 0.0022 Texas Margin Tax State Tax Texas 2025 600000 600000 600000 Subtotal State Tax 19795798 19795798 19675793 120005 Ad Valorem Tax - Arkansas Ad Valorem Tax Arkansas 2024 1684000 9491 1693491 9491 Ad Valorem Tax - Arkansas Ad Valorem Tax Arkansas 2025 1856000 1856000 1856000 Ad Valorem Tax - Illinois Ad Valorem Tax Illinois 2024 1556000 -157970 1398030 -157970 Ad Valorem Tax - Illinois Ad Valorem Tax Illinois 2025 1525000 7000 1518000 1525000 Ad Valorem Tax - Indiana Ad Valorem Tax Indiana 2024 6000 -319 5681 -319 Ad Valorem Tax - Indiana Ad Valorem Tax Indiana 2025 6000 6000 6000 Ad Valorem Tax - Iowa Ad Valorem Tax Iowa 2024 12335129 8183168 4151961 Ad Valorem Tax - Iowa Ad Valorem Tax Iowa 2025 8620827 8620827 8620827 Ad Valorem Tax - Kansas Ad Valorem Tax Kansas 2024 3469044 3469044 Ad Valorem Tax - Kansas Ad Valorem Tax Kansas 2025 6963147 3481672 3481475 6963147 Ad Valorem Tax - Louisiana Ad Valorem Tax Louisiana 2025 4011545 4011545 4011545 Ad Valorem Tax - Missouri Ad Valorem Tax Missouri 2024 -220 -220 -220 Ad Valorem Tax - Missouri Ad Valorem Tax Missouri 2025 826568 826568 826568 Ad Valorem Tax - Nebraska Ad Valorem Tax Nebraska 2024 401000 -74109 326891 -74109 Ad Valorem Tax - Nebraska Ad Valorem Tax Nebraska 2025 313000 313000 313000 Ad Valorem Tax - New Mexico Ad Valorem Tax New Mexico 2024 83591 83591 Ad Valorem Tax - New Mexico Ad Valorem Tax New Mexico 2025 203695 102237 101458 203695 Ad Valorem Tax - Oklahoma Ad Valorem Tax Oklahoma 2024 1987983 1987983 Ad Valorem Tax - Oklahoma Ad Valorem Tax Oklahoma 2025 4030306 2015466 2014840 4030306 Ad Valorem Tax - Texas Ad Valorem Tax Texas 2024 7320642 -393652 6926990 -393652 Ad Valorem Tax - Texas Ad Valorem Tax Texas 2025 8490293 1461956 7028337 8490293 Ad Valorem Tax - Wisconsin Ad Valorem Tax Wisconsin 2025 4087 4087 4087 Subtotal Ad Valorem Tax 28843389 36233689 35985180 29091898 36233689 Use Tax - Arkansas Sales And Use Tax Arkansas 2025 72765 72765 72765 Use Tax - Colorado Sales And Use Tax Colorado 2025 14 14 Use Tax - Illinois Sales And Use Tax Illinois 2025 234028 345454 -111426 2119 231909 Use Tax - Iowa Sales And Use Tax Iowa 2025 225586 225586 225586 Use Tax - Kansas Sales And Use Tax Kansas 2025 12631 12631 12631 Use Tax - Louisiana Sales And Use Tax Louisiana 2025 2814 121732 117593 6953 86523 35209 Use Tax - Missouri Sales And Use Tax Missouri 2025 2970 17140 19921 189 17140 Use Tax - Nebraska Sales And Use Tax Nebraska 2025 10682 10682 10682 Use Tax - New Mexico Sales And Use Tax New Mexico 2025 147422 147422 147422 Use Tax - Oklahoma Sales And Use Tax Oklahoma 2025 -934 69237 71899 -3596 69237 Use Tax - Texas Sales And Use Tax Texas 2025 1007844 1007844 103941 903903 Subtotal Sales and Use Tax 4864 1919067 2031797 -107866 192583 1726484 Payroll - FICA Tax Payroll Tax Federal 2025 6050636 6050636 6050636 Payroll - Unemployment Tax Payroll Tax Federal 2025 178202 178202 178202 Subtotal Payroll Tax 6228838 6228838 6228838 Miscellaneous Tax, Licenses and Fees Miscellaneous Other Tax Various 2025 1 1 1 Subtotal Miscellaneous Other Tax 1 1 1 163180374 163044595 160517589 936301 1726484 1 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 Account 489.2, Revenues from transportation of gas of others through transmission facilities. 147650539 249519173 476786391 1566800395 Account 489.4, Revenues from storing gas of others. 9158628 12411248 57022372 98414940 156809167 261930421 533808763 1665215335 1 2 Federal Energy Regulatory Commission 2024 Annual Charge Adjustment (Amortized over twelve months) 3128238 3128238 2346178 182.3 2346178 0 Federal Energy Regulatory Commission 2025 Annual Charge Adjustment (Amortized over twelve months) 3300278 3300278 3300278 182.3 825070 2475208 Federal Energy Regulatory Commission Miscellaneous Certificate Proceedings and Miscellaneous Expenses 2876 2876 2876 232 2876 0 6428516 2876 6431392 2346178 3303154 3174124 2475208 1 2 3 3B Inspection LLC 277663 Abrams Technical Services Inc 526399 Acuren Inspection Inc 311877 Allied Fitting LP 520536 AMPOL 288990 Beemac Inc 302039 Bidell Gas Compression Inc 5298645 Blunier Builders Inc 332488 Brookhart Electric Inc 270450 BWS Services LLC 495366 Clean Harbors Environmental 386558 Coastal Chemical Co LLC 505538 Coastal Plating Company 499050 Compressor Engineering Corp 253090 Computer Modelling Group Inc 265300 Cooper Machinery Services LLC 1616807 Dashiell Corporation 2934008 Davies Construction LLC 294718 Dean Equipment Inc 1533674 Delascasas CP LLC 667686 Duphil Inc 3766470 Eagle Compression LLC 1624284 Ensite USA Inc 599979 Environmental Maintenance 1505241 Environmental Mgmt Svcs Inc 1336265 Epic Energy Services LLC 285973 Excel Site Rentals LLC 545173 Exline Inc 971405 Farnsworth Group Inc 1323905 Foltz Welding Ltd 5739103 Franklin Well Services LLC 520139 Frontier Integrity Solutions 791090 Global Compression Services 448256 Goose Creek Services LLC 654935 Great Lakes Wellhead Inc 339544 Hendershot Construction LLC 262709 Hunt Guillot & Associates LLC 376989 Industrial Piping Specialists 923298 Infrapro Services LLC 513946 Integrated Power Services LLC 461570 International Inspecting Inc 3683554 Iron Horse Energy Services Inc 1570338 K&K Inc 18604850 Kemp & Sons Construction LLC 433658 Kestrel Field Services Inc 848968 Keystone Energy Group LLC 267885 KPRG And Associates Inc 320579 Legacy Land Partners LLC 442056 Liberty Energy Services 415437 Meade Inc 1755545 Meridian Pipeline Services 413348 Michigan Wireline Services Inc 464543 Midstream Valve Partners LLC 820374 Midwest Services Group LLC 320724 Midwestern Contractors of Illinois 2160134 Munsch Hardt Kopf & Harr PC 360368 Natural Energy Field Services 777002 Nexus Integrity Management LLC 1450170 Nobel Energy Americas LLC 1170598 NPL Construction Company 471897 Onshore Quality Control 382986 Patriot Pipeline Safety Corp 1188940 Pipeline Environmental & Compression Industries 6689398 Perennial Environmental Svcs 379802 Pioneer Oil Tools Inc 488434 Pipeline Safety LLC 500024 PL-Enerserv LLC 932583 Pricewaterhouse Coopers LLP 404000 Primoris Energy Services Corp 1701045 Ransaball LLC 991259 Red Fox Services LLC 533345 RWG (Repair & Overhauls) USA 1513530 SDI HD Holding LLC 1242844 Six C Fabrication Inc 11334387 Solar Turbines Incorporated 4259999 Southeastern Pipeline & Environmental Services 375000 Stone Ridge Pipeline Integrity 1048355 Sunland Construction Inc 677712 SWCA Environmental Consultants 289544 TAF Aerial Services LLC 347031 Taft Construction 433984 Tek-Fins LLC 574711 TKE Engineering & Design Inc 806913 TRC Solutions Inc 497723 Trendsetter Construction Inc 1124716 United Piping Inc 1604740 United Steel Structures Inc 1036464 Universal Plant Services LLC 401220 UPS Midstream Services LLC 4630423 Voith US Inc 338330 Weldfit LLC 285277 West Continent Energy Services 4587222 Western Industrial Resources 1159327 Western Utility LLC 1068362 Winn-Marion Barber LLC 662707 Zerrco Industries LLC 270701 Other (less Than $250,000) 26232223 158318445 1 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 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 Directly Charged Salaries and Wages Kinder Morgan, Inc. Various 89879165 Other Compensation and Benefits Kinder Morgan, Inc. Various 14118619 Shared Services Kinder Morgan, Inc. Various 22056136 Construction Overheads Kinder Morgan, Inc. Various 14770431 Transmission and Compression of Gas by Others Horizon Pipeline Company, L.L.C. 858 909898 141734249 Capacity Lease Horizon Pipeline Company, L.L.C. 489.2 4161000 Capacity Lease Kinder Morgan Illinois Pipeline LLC 489.2 729996 Capacity Lease Kinder Morgan Louisiana Pipeline LLC 489.2 825581 Capacity Lease Cheyenne Plains Gas Pipeline Company, L.L.C. 489.2 4210670 General and Administrative Services Horizon Pipeline Company, L.L.C. Various 73250 Interruptible Transportation Services Kinder Morgan Texas Pipeline LLC Various 641620 Interruptible Transportation Services Kinder Morgan Tejas Pipeline LLC Various 1156711 11798828 2 3 4 5 6 9 10 11 12 13 14 15 Income Tax Gross-up on AFUDC Equity Remaining life of assets Docket No. AI93-5-000 issued April 23, 1993 (Accounting for Income Taxes) 7589982 78061 407.3 412287 7255756 FERC Annual Charge Adjustment 12 months ending September 30 18 CFR 154.402(a) and 18 CFR 382.202 2346178 3300278 928 3171248 2475208 3378339 3583535 1 2 Unbilled Revenue 3389422 110833 142 1668277 1831978 Facility Reimbursable Projects Through October 2028 14538272 142 3068549 11469723 1912221 12156771 110833 4736826 1 2 Natural Gas Pipeline Company of America LLC 2651245284 711608272 233854101 72108746 6054335 3963206 30402748 4435424 11213800 7717800 20343996 5220739 11092724 2909155 POA Cashouts 469212 81947 Transportation Cashouts 518830 39322 System Gas - Imbalances -6054335 -3963206 Line Pack 2239405 558704 System Gas - Line Pack -2239405 -558704 System Gas - Net LPS 572873 1228864 OBA Imbalance Cashouts 8936 2959722504 805350269 10213800 6717800 2651245284 711608272 233854101 72108746 5814857 133357 30402748 4435424 9601576 1593078 18661972 5729617 Net LPS 572873 1228864 Other Uses of Fuel Gas 1103922 280354 Line Pack 1919913 941666 System Gas Line Pack -1919913 -941666 POA Cashouts 25768 7334 System Gas Imbalances -4814857 866643 Transportation Cashouts 491661 177628 Gas Used in Construction Projects 84179 29124 2957257884 804916241 2464620 434028 2959722504 805350269 16 17 18 19 20 21 22 37 38 39 40 41 42 43 44 819, 854 18661972 60490684 812 Gas Used for Other Utility Operations - Credit Construction Projects 107 83937 324184 Retirement Projects 108 236 708 Reimbursable Projects 186 6 16 Lost and Unaccounted for (LAUF) 813 2464620 6990320 Mains Operations - Storage 817 45372 151206 DEHY Fuel 821 42385 131433 Mains Operations - Transmission 856 962020 3009720 Maintenance of Mains- Transmission Projects 863 54145 152947 22314693 71251218 5 6 7 8 9 10 11 12 13 North Extension Expansion 6737668 439062332 Texas-Arkansas Power Project 7497948 118002052 Gulf Coast Storage Expansion 15456752 81414597 Texas Louisiana Expansion 52860427 38695583 Emission Reduction Projects 26790786 9438889 Harrison County Power Project 186345 28913655 Compressors Overhauls/Turbochargers and Components Projects 8490811 2100007 Texas Louisiana Pipeline Replacement 5296520 2406618 Make Piggable Projects 4206737 427032 Hydrotest Projects 4450659 13588 Compressors Foundation Projects 1894980 1733720 Pipeline Replacements 3135686 342695 ROW Projects 2304268 2199 Delaware Basin North Expansion 1649959 96714 Miscellaneous Construction Projects Under $1,000,000 3117976 1322428 723972109 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 105228655 62366311 105228655 62366311 -242986 -9972597 64751097 40779125 66191171 34634558 30546095 10760534 7920642 38466737 5686387 39206139 25757931 39206139 25757931 1746892 1926253 2158245 2155924 3583315 3323251 8366114 8009629 9569906 7979129 15983 26548 2319597 2142961 481590 547924 205607 173637 28447249 26285256 187220 178291 7051637 5735066 1939124 3914690 5627606 4825780 15853 16036 1472745 1589707 273857 252796 16568042 16512366 45015291 42797622 45015291 42797622 14541271 13278824 93203 93203 65356 61859 39479257 33801923 55841806 27502066 24624028 23713815 23410124 21967466 6265212 5938531 557723 4758057 5110699 1577984 1276493 171566196 133302602 1725814 1630166 60351 26830 67635901 67241653 14107390 12362088 1860851 1717471 171035 154736 85561342 83132944 257127538 216435546 -3023 -3023 24964706 22936898 849024 583418 658413 638765 3435485 2328495 1708262 1658577 2120211 2086164 14863926 3174124 2978389 2621921 2866929 2105066 2059060 56013798 51723091 56013798 51723091 397362766 336711167 32435 Shared Service Allocations 2589486 6 329676 60260 19175 41085 329676 19175 329676 60260 19175 41085 false Account 136 - Temporary Cash Investment 7 5 4 2 1 Labor accrual 4536849 242 4536849 382844 382844 Environmental reserve 267127 267127 Park and loan deferral 829107 489.2 21216666 21160017 772458 Lease payable 229326 Various 31075 198251 Transportation revenue deferral 2801002 489.2 746934 2054068 Other, less than $250,000 16391 142 16391 26547915 21542861 1 2 3 4 5 6 1016178 0.0232 4237520 0.00 41495 0.00 Intangible Plant (footnote details) 14870 0.00 Other Gas Storage (footnote details) 9 10 NGPL PipeCo LLC J DE 0.65 NGPL Finance LLC J DE 0.35 NGPL Holdings LLC I DE 1.00 Kinder Morgan NGPL Holdings LLC I DE 0.375 AL NGPL Holdings, LLC I DE 0.375 AL NGPL Fund VIII Funding, LLC I DE 0.25 Kinder Morgan, Inc. M DE 0.375 Arclight Capital Partners, LLC M DE 0.625 1 2 3 4 5 6 7 8 <div><!--?xml version="1.0" encoding="utf-8" standalone="no"?--> <div> <div class="Section_1"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">1. General</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We are a Delaware Limited Liability Company (LLC), originally organized as a corporation in 1930 and converted to an LLC on February 15, 2008. When we refer to "us," "we," "our," "the Company," or &#8220;Natural,&#8221; we are describing Natural Gas Pipeline Company of America LLC.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">&#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;">We are an indirect wholly owned subsidiary of NGPL Holdings LLC (NGPL Holdings). On May 9, 2025, Brookfield Infrastructure Partners L.P. sold its entire minority interest in NGPL Holdings to funds managed by ArcLight Capital Partners, LLC (ArcLight). As a result, funds managed by ArcLight and Kinder Morgan Inc. (KMI) hold a 62.5% and 37.5% interest, respectively, in NGPL Holdings. References to KMI are inclusive of Kinder Morgan, Inc. and its consolidated subsidiaries.&#160;KMI operates our assets pursuant to a 15-year amended Operations and Reimbursement Agreement (Operating Agreement) with a primary term that expires in December 2030, and includes 5-year term extension rights.&#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">&#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We own a major interstate natural gas pipeline transmission and storage system which includes approximately 9,000 miles of natural gas pipeline. The system consists primarily of two major interconnected transmission pipelines traversing between the U.S. Gulf Coast and the Chicago, Illinois metropolitan area. Our Amarillo Line connects the West Texas and New Mexico producing areas in the South and Chicago in the North and our Gulf Coast Line connects the Gulf Coast areas of Texas and Louisiana in the South and Chicago in the North. These two main pipelines are connected at points in Texas and Oklahoma by the Amarillo/Gulf Coast cross haul pipeline.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">&#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2. Summary of Significant Accounting Policies</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Basis of Presentation</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We have prepared our accompanying financial statements in accordance with the accounting requirements of the Federal Energy Regulatory Commission (FERC) as set forth in its applicable Uniform System of Accounts and published accounting releases, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America (GAAP).</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The most significant differences between GAAP and the financial statements presented herein are: (i) the deferral of certain costs and revenues, (ii) the classification of certain accounts on the balance sheet and statement of income, and (iii) the inclusion and classification of income taxes in a limited liability company's financial statements.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Management has evaluated subsequent events through April 9, 2026, the date the financial statements were available to be issued.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Use of Estimates</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Certain amounts included in or affecting our financial statements and related disclosures must be estimated, requiring us to make certain assumptions with respect to values or conditions which cannot be known with certainty at the time our financial statements are prepared. These estimates and assumptions affect the amounts we report for assets and liabilities, our revenues and expenses during the reporting period, and our disclosures, including those related to contingent assets and liabilities at the date of our financial statements. We evaluate these estimates on an ongoing basis, utilizing historical experience, consultation with experts, and other methods we consider reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from our estimates. Any effects on our business, financial position, or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Certain accounting policies are of more significance in our financial statement preparation process than others, and set out below are the principal accounting policies we apply in the preparation of our financial statements.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Cash Equivalents and Restricted Deposits</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We define cash equivalents as all highly liquid short-term investments with original maturities of three months or less.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Amounts included in Account 134 "Other Special Deposits" on our balance sheets represent cash margin deposits posted by us with our counterparties associated with certain energy commodity contract positions.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Allowance for Credit Losses</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We evaluate our financial assets measured at amortized cost and off-balance sheet credit exposures for expected credit losses over the contractual term of the asset or exposure. We consider available information relevant to assessing the collectability of cash flows including the expected risk of credit loss even if that risk is remote. We measure expected credit losses on a collective (pool) basis when similar risk characteristics exist and we reflect the expected credit losses on the amortized cost basis of the financial asset as of the reporting date.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Our financial instruments primarily consist of our accounts receivable from customers. We utilized historical analysis of credit losses experienced over the previous five years along with current conditions and reasonable and supportable forecasts of future conditions in our evaluation of collectability of our financial assets.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Materials and Supplies Inventories</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Our materials and supplies inventories are valued at weighted-average cost, and we periodically review for physical deterioration and obsolescence.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Gas in Underground Storage</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">In accordance with our transportation tariffs, we collect natural gas in-kind from our shippers on our systems. Certain of this gas is used by us as fuel in our operations. Fuel collected in excess of our operational needs typically is either sold by us or injected into storage for sale at a later date. Consequently, in the normal course of business, we both sell natural gas and maintain natural gas inventories. The excess fuel gas that we take title to under our transportation tariffs is recorded in the accompanying balance sheets. We receive fees from our storage service customers but do not reflect the value of their gas stored in our facilities in our balance sheets. Our natural gas storage inventories are accounted for using the last-in, first-out inventory method.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We maintain natural gas in underground storage as part of our inventory, which is recorded in Account 164.1 "Gas Stored Underground-Current." This component of our inventory represents the portion of gas stored in an underground storage facility generally known as working gas, and represents an estimate of the portion of gas in these facilities available for routine injection and withdrawal to meet current demand. In addition to this working gas, underground gas storage reservoirs contain injected gas, which is not routinely cycled but, instead, serves the function of maintaining the necessary pressure to allow efficient operation of the facility. This gas, generally known as cushion gas, is recorded in Account 117.1 "Gas Stored-Base Gas." Gas delivered from or received by the pipeline related to in-kind imbalance activity is recorded in Account 117.2 &#8220;System Balancing Gas&#8221; and is valued at weighted average cost.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Natural Gas Imbalances</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Natural gas imbalances occur when the amount of natural gas delivered from or received by a pipeline system or storage facility differs from the scheduled amount of gas to be delivered or received. We value these imbalances due to or from our shippers and operators at the weighted average cost. Imbalances are settled in cash or made up in-kind, subject to the terms of our FERC tariff. Imbalances due from others are reported on our balance sheets as part of Account 174 "Miscellaneous Current and Accrued Assets." Imbalances owed to others are reported on our balance sheets as part of Account 242 "Miscellaneous Current and Accrued Liabilities." We classify all imbalances due from or owed to others as current as we expect to settle them within a year.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Property, Plant, and Equipment</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Our property, plant, and equipment is recorded at its original cost of construction or, upon acquisition, at either the fair value of the assets acquired or the cost to the entity that first placed the asset in utility service. For constructed assets, we capitalize all construction-related direct labor and material costs, as well as indirect construction costs. Our indirect construction costs primarily include an interest and equity return component (as more fully described below) and labor and related costs associated with supporting construction activities. The indirect capitalized labor and related costs are based upon estimates of time spent supporting construction projects. We expense costs for routine maintenance and repairs in the period incurred.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We use the composite method to depreciate property, plant, and equipment. Under this method, assets with similar economic characteristics are grouped and depreciated as one asset. The FERC-accepted depreciation rate is applied to the total cost of the group until the net book value equals the salvage value. For certain general plant, the asset is depreciated to zero. As part of periodic filings with the FERC, we also re-evaluate and receive approval for our depreciation rates. When property, plant, and equipment is retired, accumulated depreciation and amortization is charged for the original cost of the assets in addition to the cost to remove, sell, or dispose of the assets, less salvage value. We do not recognize gains or losses unless we sell land or an entire operating unit (as approved by the FERC).</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">As discussed above, underground gas storage reservoirs contain cushion gas, which is not routinely cycled but, instead, serves the function of maintaining the necessary pressure to allow efficient operation of the facility. Cushion gas is divided into the categories of recoverable cushion gas and unrecoverable cushion gas, based on an engineering analysis of whether the gas can be economically removed from the storage facility at any point during its life. The portion of cushion gas that is determined to be unrecoverable is considered to be a permanent part of the facility itself and is depreciated over the facility's estimated useful life. The portion of cushion gas that is determined to be recoverable is also considered a component of the facility but is not depreciated because it is expected to ultimately be recovered and sold.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We capitalize a carrying cost (an allowance for funds used during construction or AFUDC) on debt and equity funds related to the construction of long-lived assets. This carrying cost consists of a return on the investment financed by debt and a return on the investment financed by equity. The debt portion is calculated based on the average cost of debt of NGPL PipeCo LLC, our direct parent. Interest costs capitalized are included as a reduction to interest charges in Account 432 "Allowance for Borrowed Funds Used During Construction - Credit" on our income statements. The equity portion is calculated based on our most recent FERC approved rate of return. Equity amounts capitalized are included in Account 419.1 "Allowance for Other Funds Used During Construction" on our income statements.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Asset Retirement Obligations (ARO)</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; 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. 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The liabilities are eventually extinguished when the asset is taken out of service.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We are required to operate and maintain our natural gas pipelines and storage systems and intend to do so as long as demand for our services exists, 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. </font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Long-lived Asset and Investment Impairments</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We evaluate our long-lived assets for impairment when events or changes in circumstances indicate that the carrying values may not be recoverable through the regulatory process and evaluate our investments for other-than-temporary impairment. These events include changes in the manner in which we intend to use a long-lived asset, decisions to sell an asset or investment, and adverse changes in market conditions or in the legal or business environment, such as adverse actions by regulators. If an event occurs and if an impairment is indicated, or if we decide to sell a long-lived asset or group of assets, we adjust the carrying value of the asset downward, if necessary and upon regulatory approval, to its estimated fair value.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">There were no impairments for the years ended December 31, 2025 and 2024.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Equity Method of Accounting</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We use the equity method of accounting for investments in subsidiaries. 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Review of our contracts with customers may involve management judgment and an analysis of the&#160;contract&#8217;s&#160;material terms.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">&#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Our revenues are primarily generated from the transportation and storage of natural gas under firm and/or fee-based service contracts and natural gas sales contracts. The natural gas we receive under our transportation and storage contracts remains under the control of our customers. Revenues are generally invoiced on a monthly basis.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">&#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;"><em>Service Contracts.&#160;</em>Under our firm service contracts, customers are generally subject to a fixed take-or-pay reservation fee for services. Our performance obligation is a promise to stand ready to provide continuous service availability, with limited exceptions, over the contractual service period (a single performance obligation). Because we make the service continuously available over the service period, even if the service is not used or received, we recognize the take-or-pay fixed fee as revenue ratably over the contractual service period based on the passage of time, as the service period expires.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">&#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Under our fee-based service contracts, customers receive non-firm or interruptible services, on an &#8220;as available&#8221; basis. Upon acceptance of a customer&#8217;s periodic service request, our performance obligation is a promise to provide a series of periodic services over the contractual service period (a single performance obligation). The transaction price is variable, typically a fee-based per unit rate based on our invoicing right for units of service transferred, and is allocated to a single performance obligation of providing services over the contractual service period. We recognize revenue as each unit of service is transferred to the customer in the specified service period.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;">&#160;</p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Natural Gas Sales Contracts.</font><font style="font-family: Arial;">&#160;Our natural gas sales contracts typically include a specified quantity of natural gas to be delivered and sold to the customer at a specified delivery point. Generally, under these contracts, each unit of natural gas sold is a separate performance obligation, and the transaction price is variable, typically based on a market-indexed per unit rate, for the&#160;value of natural gas sold. The transaction price is allocated to each performance obligation based on the standalone price of natural gas sold. Revenue is recognized upon delivery of the natural gas and generally accounted for on a gross&#160;basis&#160;with the related cost reported in Operation Expenses on our income statements.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: arial, helvetica, sans-serif;"><font style="font-size: 21.3333px;">&#160;</font></font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;"><em>Contract Balances.</em>&#160;Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings, and cash collections.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;"><em>&#160;</em></font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;"><em>Major Customers.</em>&#160;For the year ended December 31, 2025, revenues from our two largest customers were approximately $165 million and $106 million, each of which exceeded 10% of our operating revenues. For the year ended December 31, 2024, revenues from our two largest customers were approximately $157 million and $105 million, each of which exceeded 10% of our operating revenues.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">&#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Legal Proceedings</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; 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 or certain predecessor operations 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 accrued liabilities and insurance, 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Environmental Matters</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; 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 "reasonable basis" 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. Although it is not possible to predict the ultimate outcomes, we believe that the resolution of the environmental matters, and other 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: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Risk Management Activities </font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We utilize energy commodity derivative contracts for the purpose of mitigating our risk resulting from fluctuations in the market price of natural gas. We measure our derivative contracts at fair value and we report them on our balance sheets as either an asset or liability. For certain physical forward commodity derivative contracts, we apply the normal purchase/normal sale exception, whereby the revenues and expenses associated with such transactions are recognized during the period when commodities are physically delivered or received.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">For qualifying accounting hedges, we formally document the relationship between the hedging instrument and the hedged item, the risk management objectives and the methods used for assessing and testing effectiveness, and how any ineffectiveness will be measured and recorded. If we designate a derivative contract as a cash flow accounting hedge, the effective portion of the change in fair value of the derivative is deferred in Account 219, "Accumulated Other Comprehensive Income" and reclassified into earnings in the period in which the hedged item affects earnings. Any ineffective portion of the derivative's change in fair value or amount excluded from the assessment of hedge effectiveness is recognized currently in earnings.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">For derivative instruments that are not designated as accounting hedges, or for which we have not elected the normal purchase/normal sales exception, changes in fair value are recognized currently in earnings.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Regulatory Assets and Liabilities</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Regulatory assets and liabilities represent probable future revenues or expenses associated with certain charges and credits that are expected to be recovered from or returned to customers through the ratemaking process. Refer to Note 7 for further information.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; -aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">3. Income Taxes</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;"><font style="font-family: Arial, sans-serif; font-size: 16pt;">We are a limited liability company and are not subject to federal or state income taxes; however, all of our activities are included in the tax returns of NGPL Holdings, which is a taxable C-corporation.&#160;</font>Our approved rates include an allowance for income taxes, calculated as if we were a taxable corporation, and the FERC requires that we reflect such taxes in our financial statements.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We record current income taxes based on our taxable income and we provide for deferred income taxes to reflect estimated future tax payments and receipts. Deferred taxes represent the tax impacts of differences between the financial statement and tax bases of assets and liabilities and carryovers at each year end. We reduce deferred tax assets by a valuation allowance when, based on our estimates, it is more likely than not that a portion of those assets will not be realized in a future period. The estimates utilized in the recognition of deferred tax assets are subject to revision, either up or down, in future periods based on new facts or circumstances. We are amortizing our investment tax credit over 48 years. Income taxes charged to us and assignable to our Members are treated as a capital contribution to or distribution from proprietary capital. We adopted Accounting Standards Update (ASU) No. 2023-09<em> "Income Taxes (Topic 740): Improvements to Income Tax Disclosure,"&#160;</em>and the effects of our early adoption are reflected below.</font><font style="font-family: Arial;"><em>&#160;</em></font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The following table reflects the components of income tax expense included in net income (in millions):</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <table style="border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 448.35pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.55pt; vertical-align: bottom;" rowspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 373.95pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" 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: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 177.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p> </td> <td style="width: 187.4pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" 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> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 449.25pt; border: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Current:</font></p> </td> <td style="width: 177.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" 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: 187.4pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" 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: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 449.25pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <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-top: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 157.55pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">99</font></p> </td> <td style="width: 8.9pt; border-top: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 5.55pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.5pt single;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 167.9pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.9pt; padding-left: 5.55pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-top: 0.5pt single;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">87</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 449.25pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <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: 177.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">20</font></p> </td> <td style="width: 187.4pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">17</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 449.25pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 177.05pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">119</font></p> </td> <td style="width: 187.4pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">104</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 448.6pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.55pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 176.45pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.55pt; padding-left: 4.55pt; 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: 187.45pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 4.55pt; 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> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 449.25pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Deferred:</font></p> </td> <td style="width: 177.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" 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: 187.4pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" 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: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 449.25pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <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: 177.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1</font></p> </td> <td style="width: 187.4pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 449.25pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <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: 177.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1</font></p> </td> <td style="width: 187.4pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 449.25pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 177.05pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2</font></p> </td> <td style="width: 187.4pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">3</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 449.25pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Total income tax expense</font></p> </td> <td style="width: 8.9pt; border-top: 4.5pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 5.55pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 157.55pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">121</font></p> </td> <td style="width: 8.9pt; border-top: 4.5pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 5.55pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 167.9pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">107</font></p> </td> </tr> </table> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-size: 16pt;">&#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-size: 16pt;">The differences between our actual income tax expense and the amount computed by applying the statutory federal income tax rate of 21% are summarized as follows (in millions):</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;">&#160;</font></p> <table style="border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 422.95pt; border-right: 1pt solid #000000; padding-right: 2.9pt; padding-left: 4.3pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 483.08pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: top; -aw-border-left: 0.75pt dash-large-gap;" colspan="6"> <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: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 422.95pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 4.3pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 232.85pt; border-top: 0.75pt dashed #bbbbbb; border-right: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.02pt; padding-left: 3.92pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.5pt single; -aw-border-top: 0.75pt dash-large-gap;" colspan="3"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p> </td> <td style="width: 235.7pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 2.9pt; padding-left: 3.92pt; vertical-align: bottom; -aw-border-left: 0.5pt single; -aw-border-top: 0.75pt dash-large-gap;" colspan="3"> <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> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 423.85pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Income tax expense at the statutory federal rate</font></p> </td> <td style="width: 8.9pt; border-top: 4.5pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.92pt; padding-left: 3.92pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 106.98pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: middle; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">112</font></p> </td> <td style="width: 114.45pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: middle; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.5pt single;"> <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: 8.9pt; border-top: 4.5pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.92pt; padding-left: 3.92pt; vertical-align: middle; -aw-border-left: 0.5pt single; -aw-border-right: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 108.82pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: middle; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">99</font></p> </td> <td style="width: 115.32pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: middle; -aw-border-left: 0.75pt dash-large-gap;"> <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: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 423.85pt; border: 1pt solid #000000; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">State income tax, net of federal income tax effect </font><font style="font-family: Arial; font-size: 10.67pt; vertical-align: super;">(1)</font></p> </td> <td style="width: 8.9pt; border-top: 1pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.92pt; padding-left: 3.92pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 106.98pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: middle; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">17</font></p> </td> <td style="width: 114.45pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: middle; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.5pt single;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">3.1%</font></p> </td> <td style="width: 8.9pt; border-top: 1pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.92pt; padding-left: 3.92pt; vertical-align: middle; -aw-border-left: 0.5pt single; -aw-border-right: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 108.82pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: middle; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">16</font></p> </td> <td style="width: 115.32pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: middle; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">3.2%</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 423.85pt; border: 1pt solid #000000; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Regulatory liability amortization</font></p> </td> <td style="width: 8.9pt; border-top: 1pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.92pt; padding-left: 3.92pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 106.98pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: middle; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(8)</font></p> </td> <td style="width: 114.45pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: middle; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.5pt single;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-1.4%</font></p> </td> <td style="width: 8.9pt; border-top: 1pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.92pt; padding-left: 3.92pt; vertical-align: middle; -aw-border-left: 0.5pt single; -aw-border-right: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 108.82pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: middle; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(8)</font></p> </td> <td style="width: 115.32pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; vertical-align: middle; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-1.6%</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 423.85pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 2.9pt; padding-left: 2.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Total </font></p> </td> <td style="width: 8.9pt; border-top: 3pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; padding-right: 3.92pt; padding-left: 3.92pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 106.98pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; vertical-align: middle; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">121</font></p> </td> <td style="width: 114.45pt; border-top: 3pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-right: 0.5pt single;"> <p style="margin-top: 0pt; margin-right: 0.75pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">22.7%</font></p> </td> <td style="width: 8.9pt; border-top: 3pt solid #000000; border-right: 0.75pt dashed #bbbbbb; border-left: 0.75pt solid #000000; border-bottom: 3pt solid #000000; padding-right: 3.92pt; padding-left: 3.92pt; vertical-align: middle; -aw-border-left: 0.5pt single; -aw-border-right: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 108.82pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; vertical-align: middle; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-right: 3.6pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">107</font></p> </td> <td style="width: 115.32pt; border-top: 3pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 3pt solid #000000; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">22.6%</font></p> </td> </tr> </table> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"><font style="font-family: Arial;">&#160;</font></font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-size: 12pt;"><font style="text-indent: -36pt;"><font style="font-family: Arial;">(1)</font><font style="width: 21.33pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-language-override: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; line-height: normal; display: inline-block;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font style="text-indent: -36pt; font-family: Arial;">State taxes in Illinois and Iowa made up the majority (greater than 50%) of the tax effect in this category for 2025 and 2024.</font></font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-size: 16pt;">&#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-size: 16pt;">The following are the components of our net deferred tax liability (in millions):</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-size: 16pt;">&#160;</font></p> <table style="border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 453.8pt; border-right: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.55pt; 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: 368.5pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" colspan="4"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">December 31,</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 453.8pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.55pt; 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: 170.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p> </td> <td style="width: 188.5pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" 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> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 454.7pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Deferred tax liabilities:</font></p> </td> <td style="width: 170.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" 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: 188.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 0.75pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-bottom: 0.5pt single; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" 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: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 454.7pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Property, plant, and equipment</font></p> </td> <td style="width: 8.9pt; border-top: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.5pt single;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 151pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.55pt; vertical-align: bottom; -aw-border-top: 0.5pt single;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">337</font></p> </td> <td style="width: 23.1pt; border-top: 0.75pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.5pt single;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 154.8pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.55pt; vertical-align: bottom; -aw-border-top: 0.5pt single;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">328</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 454.7pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Other</font></p> </td> <td style="width: 170.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">7</font></p> </td> <td style="width: 188.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">7</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 454.7pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Total deferred tax liabilities</font></p> </td> <td style="width: 170.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">344</font></p> </td> <td style="width: 188.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">335</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 454.7pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 170.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" 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: 188.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" 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: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 454.7pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Deferred tax assets:</font></p> </td> <td style="width: 170.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" 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: 188.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" 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: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 454.7pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Regulatory liability</font></p> </td> <td style="width: 170.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">30</font></p> </td> <td style="width: 188.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">33</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 454.7pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Other</font></p> </td> <td style="width: 170.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2</font></p> </td> <td style="width: 188.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 454.7pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Total deferred tax assets</font></p> </td> <td style="width: 170.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">32</font></p> </td> <td style="width: 188.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">35</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 454.7pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Net deferred tax liability</font></p> </td> <td style="width: 8.9pt; border-top: 4.5pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 5.55pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 151pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">312</font></p> </td> <td style="width: 23.1pt; border-top: 4.5pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 5.55pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 154.8pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">300</font></p> </td> </tr> </table> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The following are the components of total income taxes paid net of refunds by jurisdiction (in millions):</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> <table style="border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 544.05pt; border-right: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.8pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 286pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" 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: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 544.05pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.8pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 136pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p> </td> <td style="width: 140.5pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" 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> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 545.45pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Federal</font></p> </td> <td style="width: 25.85pt; border-top: 4.5pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.8pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 98.55pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.8pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">99</font></p> </td> <td style="width: 16.85pt; border-top: 4.5pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.8pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 112.05pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.8pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">87</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 545.45pt; border: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">States:</font></p> </td> <td style="width: 25.85pt; border-top: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.8pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 98.55pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.8pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 16.85pt; border-top: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.8pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 112.05pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.8pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 545.45pt; border: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: spaces;">&#160;&#160;&#160;&#160; </font><font style="font-family: Arial;">Illinois</font></p> </td> <td style="width: 25.85pt; border-top: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.8pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 98.55pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.8pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">10</font></p> </td> <td style="width: 16.85pt; border-top: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.8pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 112.05pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.8pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">9</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 545.45pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Other states</font></p> </td> <td style="width: 136pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">10</font></p> </td> <td style="width: 140.5pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">8</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 545.45pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Total income taxes paid net of refunds</font><font style="font-family: Arial;">&#160;</font><font style="font-family: Arial; font-size: 10.67pt; vertical-align: super;">(1)</font></p> </td> <td style="width: 25.85pt; border-top: 4.5pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 5.8pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 98.55pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.8pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">119</font></p> </td> <td style="width: 16.85pt; border-top: 4.5pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 5.8pt; padding-left: 4.72pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 112.05pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.8pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">104</font></p> </td> </tr> </table> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic; -aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; -aw-import: list-item; -aw-list-level-number: 0; -aw-list-number-format: '(%0)'; -aw-list-number-styles: 'decimal'; -aw-list-number-values: '1'; -aw-list-padding-sml: 21.33pt;"><font style="-aw-import: ignore;"><font style="font-family: Arial;">(1)</font><font style="width: 21.33pt; font: 7pt 'Times New Roman'; display: inline-block; -aw-import: spaces;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font style="font-family: Arial;">We are included in the consolidated income tax return filings of NGPL Holdings and its subsidiaries.</font><font style="font-family: Arial; -aw-import: spaces;">&#160;</font><font style="font-family: Arial;">Under our tax sharing agreement, we remit our share of income taxes to NGPL Holdings, which pays those liabilities. The amounts disclosed for income taxes paid represent our remittances to NGPL Holdings.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; -aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">4. Utility Plant</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Our net utility plant consisted of the following (in millions):</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <table style="border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 349.35pt; border-right: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.25pt; 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: 169.5pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.25pt; 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;">Annual Depreciation</font></p> </td> <td style="width: 284.85pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.72pt; padding-left: 6.25pt; 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;">December 31,</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 349.35pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.25pt; 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: 169.5pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.25pt; 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;">Rates (%)</font></p> </td> <td style="width: 140.85pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 6.25pt; 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;">2025</font></p> </td> <td style="width: 132.9pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 6.25pt; 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> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 350.25pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Transmission and storage facilities</font></p> </td> <td style="width: 170.4pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">2.1 - 10.0</font></p> </td> <td style="width: 8.9pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.25pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 120.85pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5,265</font></p> </td> <td style="width: 8.9pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.25pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 112.9pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5,163</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 350.25pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">General plant</font></p> </td> <td style="width: 170.4pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">5.0 - 10.0</font></p> </td> <td style="width: 8.9pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.25pt; padding-left: 4.72pt; 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: 120.85pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">41</font></p> </td> <td style="width: 8.9pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.25pt; padding-left: 4.72pt; 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: 112.9pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">42</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 350.25pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Production plant</font></p> </td> <td style="width: 170.4pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">2.65</font></p> </td> <td style="width: 8.9pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.25pt; padding-left: 4.72pt; 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: 120.85pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1</font></p> </td> <td style="width: 8.9pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 6.25pt; padding-left: 4.72pt; 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: 112.9pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 6.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 350.25pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Intangible plant</font></p> </td> <td style="width: 170.4pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">5.0 - 7.5</font></p> </td> <td style="width: 141.75pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">15</font></p> </td> <td style="width: 133.8pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">14</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 350.25pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Accumulated depreciation and amortization</font><font style="font-family: Arial; font-size: 10.67pt; vertical-align: super;"> (1)</font></p> </td> <td style="width: 170.75pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.25pt; padding-left: 4.72pt; 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: 142.45pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.25pt; padding-left: 4.25pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(3,210)</font></p> </td> <td style="width: 134.5pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.25pt; padding-left: 4.25pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(3,174) </font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 350.25pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; 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: 170.4pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; 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: 8.9pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 6.25pt; padding-left: 4.72pt; 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: 120.85pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 6.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2,112</font></p> </td> <td style="width: 8.9pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 6.25pt; padding-left: 4.72pt; 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: 112.9pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 6.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2,046</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 350.25pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Land</font></p> </td> <td style="width: 170.4pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; 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: 141.75pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; 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</font></p> </td> <td style="width: 133.8pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; 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</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 350.25pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Construction work in progress</font></p> </td> <td style="width: 170.4pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; 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: 141.75pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">144</font></p> </td> <td style="width: 133.8pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">80</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 350.25pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Net utility plant</font></p> </td> <td style="width: 170.4pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; 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: 8.9pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 6.25pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 120.85pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 6.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2,260</font></p> </td> <td style="width: 8.9pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 6.25pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 112.9pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 6.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2,130</font></p> </td> </tr> </table> <p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; text-indent: -36pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Arial;">(1) The composite weighted average depreciation rate for each of the years ended December 31, 2025 and 2024 was approximately 2.21%.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; -aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">5. Related Party Transactions</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Proprietary Capital</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">During the years ended December 31, 2025 and 2024, we made distributions totaling $257 million and $276 million, respectively, to our Members.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Affiliate Balances and Activities</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">We are operated by KMI, and its employees provide services to us. The Operating Agreement provides for KMI to be reimbursed, at cost, for pre-approved expenditures and allocated general and administrative expenses in addition to indirect costs incurred on our behalf. </font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The following table summarizes our balance sheet affiliate balances (in millions):</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <table style="border: 1pt solid #000000; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 64pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 3.4pt; vertical-align: bottom;" rowspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Account</font></p> </td> <td style="width: 419.35pt; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" rowspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 338.6pt; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" colspan="4"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">December 31,</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 157.15pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p> </td> <td style="width: 172.85pt; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" 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> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 64pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.4pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">174</font></p> </td> <td style="width: 419.35pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Gas imbalances receivable from associated companies</font></p> </td> <td style="width: 8.9pt; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 137.65pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">8</font></p> </td> <td style="width: 8.9pt; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 153.35pt; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">10</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 64pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.4pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">186</font></p> </td> <td style="width: 419.35pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Capacity contract levelization</font></p> </td> <td style="width: 8.9pt; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 137.65pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1</font></p> </td> <td style="width: 8.9pt; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 153.35pt; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 64pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.4pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">234</font></p> </td> <td style="width: 419.35pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Accounts payable to associated companies</font></p> </td> <td style="width: 8.9pt; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 137.65pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">19</font></p> </td> <td style="width: 8.9pt; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 153.35pt; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">14</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 64pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.4pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">242</font></p> </td> <td style="width: 419.35pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Gas imbalances payable to associated companies</font></p> </td> <td style="width: 8.9pt; border-top: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 137.65pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">10</font></p> </td> <td style="width: 8.9pt; border-top: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 153.35pt; border-top: 1pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">8</font></p> </td> </tr> </table> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The following table shows revenues and costs from our affiliates (in millions):</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <table style="border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 25.2pt;"> <td style="width: 495.85pt; border-right: 1pt solid #000000; padding-right: 3.4pt; 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: 337.9pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" 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: 25.2pt;"> <td style="width: 495.85pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; 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: 157.9pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p> </td> <td style="width: 171.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" 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> </tr> <tr style="height: 25.2pt;"> <td style="width: 495.1pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Revenues</font></p> </td> <td style="width: 27.48pt; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-left: 3.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 129.65pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">12</font></p> </td> <td style="width: 8.27pt; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-left: 3.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 162.4pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">8</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 495.1pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Operation, maintenance, and payroll tax expenses </font><font style="font-family: Arial; font-size: 10.67pt; vertical-align: super;">(1)</font></p> </td> <td style="width: 27.48pt; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 129.65pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">124</font></p> </td> <td style="width: 8.27pt; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 162.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">118</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 495.1pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Capitalized costs</font></p> </td> <td style="width: 27.48pt; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 129.65pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">18</font></p> </td> <td style="width: 8.27pt; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 162.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">18</font></p> </td> </tr> </table> <p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><font style="font-family: Arial;">(1) Includes costs associated with the Operating Agreement described above.</font></p> <p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Subsequent Event</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Subsequent to December 31, 2025 and through the issuance of this report, we made distributions to our Members of $126 million.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">6. Risk Management </font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Certain of our business activities expose us to risks associated with unfavorable changes in the market price of natural gas. Pursuant to our management&#8217;s approved risk management policy, we use derivative contracts to hedge or reduce our exposure to this risk.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Energy Commodity Price Risk Management</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">As of December 31, 2025, we had the following outstanding commodity forward contracts to hedge our forecasted energy commodity purchases and sales:</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <table style="border: 1pt solid #000000; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 441.1pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 3.4pt; 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;">Derivatives not designated as hedging contracts</font></p> </td> <td style="width: 361pt; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Net open position long/(short)</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 441.1pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.4pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Natural gas fixed price</font></p> </td> <td style="width: 361pt; border-top: 4.5pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(7.4) billion cubic feet</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 441.1pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.4pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Natural gas basis</font></p> </td> <td style="width: 361pt; border-top: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(3.2) billion cubic feet</font></p> </td> </tr> </table> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">As of December 31, 2025, the maximum length of time over which we have hedged, for economic purposes, our exposure to the variability in future cash flows associated with energy commodity price risk is through December 2027.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The following table summarizes the fair values of our energy commodity derivative contracts, which measurements&#160;were based on Level 1 and Level 2 inputs, and are included in our balance sheets (in millions):</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <table style="width: 1174px; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 30.5pt; -aw-height-rule: exactly;"> <td style="width: 493.305px; border-width: 1pt 1pt 4.5pt; border-style: solid; border-color: #000000; padding-right: 3.4pt; padding-left: 3.4pt; vertical-align: bottom;" rowspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 119.071px; border-width: 1pt 1pt 4.5pt 0.75pt; border-style: solid solid solid dashed; border-color: #000000 #000000 #000000 #bbbbbb; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom;" rowspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Account</font></p> </td> <td style="width: 527.457px; border-width: 1pt 1pt 1pt 0.75pt; border-style: solid solid solid dashed; border-color: #000000 #000000 #000000 #bbbbbb; padding-right: 3.4pt; padding-left: 4.32pt; 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: 30.5pt; -aw-height-rule: exactly;"> <td style="width: 254.06px; border-width: 0.75pt 1pt 4.5pt 0.75pt; border-style: dashed solid solid dashed; border-color: #bbbbbb #000000 #000000 #bbbbbb; padding-right: 3.4pt; padding-left: 4.32pt; 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;">2025</font></p> </td> <td style="width: 261.984px; border-width: 0.75pt 1pt 4.5pt 0.75pt; border-style: dashed solid solid dashed; border-color: #bbbbbb #000000 #000000 #bbbbbb; padding-right: 3.4pt; padding-left: 4.32pt; 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> </tr> <tr style="height: 30.5pt; -aw-height-rule: exactly;"> <td style="width: 493.305px; border-width: 0.75pt 1pt 1pt; border-style: dashed solid solid; border-color: #bbbbbb #000000 #000000; padding-right: 3.4pt; padding-left: 3.4pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 17.3pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Derivative Instrument Asset</font></p> </td> <td style="width: 119.071px; border-width: 0.75pt 1pt 1pt 0.75pt; border-style: dashed solid solid dashed; border-color: #bbbbbb #000000 #000000 #bbbbbb; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">175</font></p> </td> <td style="width: 21.0114px; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 217.13px; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1</font></p> </td> <td style="width: 11.859px; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 234.206px; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p> </td> </tr> <tr style="height: 30.5pt; -aw-height-rule: exactly;"> <td style="width: 493.305px; border: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.4pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 17.3pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Derivative Instrument Liabilities</font></p> </td> <td style="width: 119.071px; border-width: 1pt 1pt 1pt 0.75pt; border-style: solid solid solid dashed; border-color: #000000 #000000 #000000 #bbbbbb; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">244</font></p> </td> <td style="width: 21.0114px; border-top: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 217.13px; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p> </td> <td style="width: 11.859px; border-top: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 234.206px; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1</font></p> </td> </tr> </table> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The following table summarizes the pre-tax impact of our derivative contracts on our income statements (in millions):</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <table style="width: 860pt; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 30.25pt; -aw-height-rule: exactly;"> <td style="width: 374.65pt; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 5.55pt; 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: 81.8pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; 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: 373.9pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" colspan="4"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Gain/(Loss) recognized in income on derivatives</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 377.95pt; border: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.4pt; vertical-align: bottom;" rowspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Derivatives not designated as accounting hedges</font></p> </td> <td style="width: 82.65pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" rowspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Account</font></p> </td> <td style="width: 373.9pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;" 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: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 180.35pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p> </td> <td style="width: 184.95pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;" 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> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 377.95pt; border: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.4pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Energy commodity derivative contracts</font></p> </td> <td style="width: 82.65pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 28.45pt; border-top: 4.5pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 140.8pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 12.5pt; border-top: 4.5pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 161.35pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 377.95pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.4pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-left: 17.3pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Transportation revenue</font></p> </td> <td style="width: 82.65pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">400</font></p> </td> <td style="width: 28.45pt; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 140.8pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-right: 4.5pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1</font></p> </td> <td style="width: 12.5pt; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 161.35pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 377.95pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.4pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-left: 17.3pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Sales for resale</font></p> </td> <td style="width: 82.65pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">400</font></p> </td> <td style="width: 28.45pt; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 140.8pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-right: 4.5pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2</font></p> </td> <td style="width: 12.5pt; border-top: 0.75pt dashed #bbbbbb; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 161.35pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 377.95pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 3.4pt; vertical-align: bottom; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-left: 26.3pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Total</font></p> </td> <td style="width: 82.65pt; border-top: 0.75pt dashed #bbbbbb; border-right: 1pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 1pt solid #000000; padding-right: 3.4pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap; -aw-border-top: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 28.45pt; border-top: 4.5pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 140.8pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-right: 4.5pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">3</font></p> </td> <td style="width: 12.5pt; border-top: 4.5pt solid #000000; border-left: 0.75pt dashed #bbbbbb; border-bottom: 4.5pt solid #000000; padding-right: 5.55pt; padding-left: 4.32pt; vertical-align: bottom; -aw-border-left: 0.75pt dash-large-gap;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 161.35pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.4pt; padding-left: 5.55pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1</font></p> </td> </tr> </table> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">In conjunction with certain derivative contracts, we are required to provide collateral to and receive collateral from our counterparties through restricted cash deposits placed in margin accounts. As of December 31, 2025 and 2024, we had cash margin deposits of $1 million and $2 million, respectively, posted with our counterparties and reported in Account 134 "Other Special Deposits" on our balance sheets.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">7. Rate and Regulatory Matters</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Regulatory Assets and Liabilities</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">As of December 31, 2025, the regulatory assets are subject to recovery in our rates, over a period of approximately one year to 18 years. Below are the details of our regulatory assets and liabilities (in millions):</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <table style="width: 855.5pt; margin-left: 4.5pt; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 461.7pt; border-right: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.9pt; 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: 372.7pt; border: 1pt solid #000000; padding-right: 4.4pt; padding-left: 4.4pt; 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;">December 31,</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 461.5pt; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; 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: 178.55pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; 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;">2025</font></p> </td> <td style="width: 183.55pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; 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> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 462.7pt; border: 1pt solid #000000; padding-right: 4.4pt; padding-left: 4.4pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Regulatory assets (Account 182.3)</font></p> </td> <td style="width: 22.25pt; border-top: 4.5pt solid #000000; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.9pt; padding-left: 4.4pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 144.7pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 34.8pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.9pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 136.95pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 462.3pt; border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Taxes on capitalized funds used during construction</font></p> </td> <td style="width: 22.05pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.9pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 144.7pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">8</font></p> </td> <td style="width: 34.8pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.9pt; padding-left: 4.72pt; 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: 136.95pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">8</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 462.3pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; 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: 22.05pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.9pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 144.7pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2</font></p> </td> <td style="width: 34.8pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.9pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 136.95pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 462.3pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Total regulatory assets </font><font style="font-family: Arial; font-size: 10.67pt; vertical-align: super;">(1)</font></p> </td> <td style="width: 22.05pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.9pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 144.7pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">10</font></p> </td> <td style="width: 34.8pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.9pt; padding-left: 4.72pt; 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: 136.95pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">10</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 462.3pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; 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: 22.05pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.9pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 144.7pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 34.8pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.9pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 136.95pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 462.3pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Regulatory liabilities (Account 254)</font></p> </td> <td style="width: 22.05pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.9pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 144.7pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 34.8pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.9pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 136.95pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 462.3pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Income tax related</font></p> </td> <td style="width: 22.05pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.9pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 144.7pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">125</font></p> </td> <td style="width: 34.8pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.9pt; padding-left: 4.72pt; 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: 136.95pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">135</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 462.3pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; 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: 22.05pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.9pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 144.7pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p> </td> <td style="width: 34.8pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.9pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 136.95pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1</font></p> </td> </tr> <tr style="height: 23.75pt; -aw-height-rule: exactly;"> <td style="width: 462.3pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Total regulatory liabilities</font></p> </td> <td style="width: 22.05pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.9pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 144.7pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">125</font></p> </td> <td style="width: 34.8pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.9pt; padding-left: 4.72pt; 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: 136.95pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 5.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">136</font></p> </td> </tr> </table> <p style="margin-top: 0pt; margin-left: 72pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-left: 4.5pt; margin-bottom: 0pt;"><font style="font-family: Arial;">(1) Assets recoverable without earning a return.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Our significant regulatory assets and liabilities include:</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Taxes on capitalized funds used during construction. </font><font style="font-family: Arial;">Amounts represent the deferred income taxes on AFUDC equity funds. These amounts are recoverable in our tariff rates over the depreciable lives of the assets to which they apply.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Income tax related. </font><font style="font-family: Arial;">Amounts represent the anticipated return to ratepayers of deferred income taxes as a result of the Tax Cuts and Jobs Act of 2017, which lowered the U.S. federal corporate income tax rate from 35% to 21% effective January 1, 2018. These amounts are amortized to Account 411.1 &#8220;Provision for Deferred Income Taxes &#8211; Credit&#8221; over the remaining depreciable lives of the assets to which they apply. </font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Texas-Louisiana Expansion Project (Docket No. CP24-8-000).</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; background-color: #ffffff;">On November 21, 2024, we received FERC approval to construct the Texas-Louisiana Expansion Project. Specifically, we requested authority to construct and operate approximately 21,540 horsepower (hp) of new compression at Compressor Station 302 located in Montgomery County, Texas, and related auxiliary facilities at Compressor Station 343 located in Liberty County, Texas. The project will create 300,000 dekatherms per day of incremental firm capacity on our existing mainline facilities along the Texas-Louisiana Gulf Coast region. The filed cost of the project is approximately $72 million with an expected in-service date of July 2026.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Gulf Coast Storage Expansion Project (Docket No. CP25-52-000).</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">On December 4, 2025, we received FERC approval to construct the Gulf Coast Storage Expansion Project. Specifically, we will convert approximately 10 Billion cubic feet (Bcf) of cushion gas to working gas through the installation of a new electric motor drive compressor unit at our existing Compressor Station 388 and construction of approximately 5.88 miles of 30-inch loop line at our North Lansing natural gas storage facility in East Texas. The project will enable us to provide an incremental 10 Bcf&#160;of firm storage services. We have agreements with various shippers for all of the project capacity. The estimated total cost of the project is approximately $97 million with a targeted in-service in the first half of 2027.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Texas Arkansas Power Project (CP26-46-000).</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">On December 18, 2025, we filed an application with the FERC seeking authority to construct and install new and modified facilities at an existing compressor station on our Gulf Coast Mainline system. Specifically we seek to: (i) abandon nine compressor units with a total of 30,850 hp; (ii) install two new centrifugal compressor units with a combined total of 40,964 hp; and (iii) install modified plant yard piping to allow for bi-directional flow though Compressor Station 308. This project will provide 400,000 dekatherms per day of firm transportation service to serve new and existing gas-fired power generation demand in Texas and Arkansas. The filed cost of the project is approximately $125 million with an expected in-service date of<font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;"> November 1, 2028.</font></font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;">&#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: arial, helvetica, sans-serif; font-weight: bold; background-color: #ffffff; font-size: 16pt;">8. </font><font style="font-family: Arial; font-weight: bold;"><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;">Recent Accounting Pronouncemen</font>t</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">ASU No. 2025-06</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">On September 18, 2025, the Financial Accounting Standards Board issued ASU No. 2025-06, &#8220;</font><font style="font-family: Arial; font-style: italic;">Intangibles&#8212;Goodwill and Other&#8212;Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.</font><font style="font-family: Arial;">&#8221; This ASU modernizes the accounting guidance for the costs to develop software for internal use by removing outdated stage-based cost capitalization rules and replacing them with a probability-based cost-capitalization framework that aligns better with current software development methods. This ASU will be effective for annual periods beginning after December 15, 2027, for interim reporting periods beginning within those annual periods, and early adoption is permitted. Management is currently evaluating this ASU to determine its impact on the Company&#8217;s financial statements.</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </div> </div></div> Zone 1 - Permian/OBA 4062441 970020 2588955 618184 Zone 2 - Midcontinent/OBA 4513910 1077820 4184817 999240 Zone 3 - Texok/OBA 957775 228695 3435354 820285 Zone 4 - South Texas/OBA 3409116 814020 1078058 257416 Zone 5 - Louisiana/OBA 3341065 797771 2109462 503692 Zone 7 - Amarillo Mainline/OBA 2648491 632400 237242 56648 Zone 8 - Gulf Coast Mainline/OBA 594633 141985 693541 165602 Zone 9 - Iowa-Illinois/OBA 2269000 541786 6757522 1613544 Zone 7 - Amarillo Mainline/POA 113465 69406 4165 2548 Zone 8 - Gulf Coast Mainline/POA 84127 51460 Zone 9 - Iowa-Illinois/POA 738985 452034 760599 465255 Zone 1 Permian /IBS 10532 332 42031 1325 Zone 2 MidContinent /IBS 63729 2009 64427 2031 Zone 3 TEXOK /IBS 6644554 209464 6995333 220522 Zone 7 Amarillo Mainline /IBS 283560 8939 445912 14057 Zone 8 Gulf Coast Mainline /IBS 317122 9997 299421 9439 Zone 9 Iowa-Illinois /IBS 1465447 46197 2064099 65069 31517952 6054335 31760938 5814857 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 <div><p><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; color: black;">1. Construction Overhead</font></p> <p><font style="font-size: 18.0pt; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">(a) Overhead charges are intended to cover those indirect costs pertaining to construction activities for departments such as engineering, operations and accounting for their labor and related employee benefits and office space. The overhead amount capitalized is charged to all construction projects by applying a construction overhead clearing rate to direct project costs.</font></p> <p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">(b) The overhead capitalized is primarily based on periodic studies to identify indirect capital costs that are not charged directly to construction projects.</font></p> <p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">(c) Costs are accumulated in a blanket overhead project and distributed monthly to individual construction projects.</font></p> <p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">(d) Different overhead rates are applied based on the nature of the construction project.</font></p> <p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">(e) The basis for the differentiation in overhead rates stems from the economies of scale that are achieved with these projects.</font></p> <p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">(f) Overheads are directly assigned to each project.</font></p> <p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">2. Allowance for Funds Used During Construction</font></p> <p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">Allowance for funds used during construction is calculated below.</font></p> <p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">3. Net-of-Tax rate for borrowed funds</font></p> <p class="MsoNormal"><font style="font-size: 18.0pt; line-height: 107%; font-family: 'Arial',sans-serif; mso-bidi-font-weight: bold;">Not Applicable</font></p></div> 1983124819 Natural Gas Pipeline Company of America LLC 1.0000 0.1217 1983124819 1.0000 53995816 0.1217 0.0572 0.0155 Horizon Pipeline Company, L.L.C. Capital Contribution 2002-05-30 8084531 8084531 Retained Earnings 316622 397799 714421 Subtotal 8401153 397799 8798952 8084531 1 2 11 13 4672776 Capitalized Interest - Tax 7320771 Capitalized Overhead - Tax 1690186 Contributions in Aid of Construction 1253879 Partnership Income 14937612 99815652 Federal Income Tax 1145206 State Deferred Income Tax 231180 Entertainment and Other 18591 Lobbying and Contributions 116348871 Book Depreciation and Amortization 103339 AFUDC Equity - Book Capitalized Amount 3398 Book Gain-Loss on Disposition of Assets 822526 Deferred Revenue 743 UNICAP 263A 1162090 Property Tax Adjustment 219651596 2986131 AFUDC Debt - Book Capitalized Interest 14389067 Capitalized Overhead - Book 31075 Lease Payable 4149005 Bonus Accrual 30000 Amortization of Investment Tax Credit 1867709 Hedging 56650 Park and Loan Deferral 23509637 76081490 Tax Depreciation and Amortization 57550888 Repairs Deduction 14030095 Cost of Removal 147662473 475262948 99805219 21% of Taxable Income -802238 Return to Provision-Other 99002981 Federal Income Tax - Current 5 6 7 8 11 12 13 14 15 16 17 18 19 20 23 24 25 26 27 28 29 32 33 34 38 39 40 41 42 2026-01-23 325682 325682 1490298 6512711 8003009 84216 20247 104463 Other (HCAP) 188400 188400 Other (KCAP) 19682 19682 Other (CCAP) 19787 19787 1782596 6878427 8661023 325971 325971 3114744 3114744 3440715 3440715 67476 266487 333963 Other (OBA) -4841 -116198 -121039 Other (TPBA) -31986 31986 Other (POA) 2712 2712 Other (IBS) -45351 -45351 Other (LPS) -40904 -18424 -59328 -10255 121212 110957 2026-01-23 782517 782517 4574936 18188183 22763119 422247 418069 840316 Other (HCAP) 188400 188400 Other (KCAP) 59046 59046 Other (CCAP) 49467 49467 5244629 19438236 24682865 783144 783144 9270176 9270176 10053320 10053320 290526 1109182 1399708 Other (OBA) -205903 -155852 -361755 Other (TPBA) -53246 53246 Other (POA) 7307 7307 Other (IBS) -261742 -261742 Other (LPS) 29878 66638 96516 61255 818779 880034 Matthew J. Wojtalewicz Vice President and Controller 1001 Louisiana Street, Suite 1000, Houston, TX 77002 true false Organized as a corporation in 1930. Converted to a Delaware limited liability company on February 15, 2008. During the year, respondent was engaged in transmission and storage of natural gas through an integrated system in the following states. Transmission: Arkansas, Illinois, Indiana, Iowa, Kansas, Louisiana, Missouri, Nebraska, New Mexico, Oklahoma, Texas, and Wisconsin. Storage: Illinois, Iowa, Oklahoma, and Texas. false Station 184 - Sayre, OK Underground Storage Compressor Stations 8 26185 33546052 250018 PT8104H 5 2025-02-19 Station 201 - Herscher, IL Underground Storage Compressor Stations 15 53820 97514035 576428 PT32848H 10 2025-02-21 Station 203 - Arcola, IL Underground Storage Compressor Stations 4 3250 6702711 23821 PT3899H 3 2025-01-21 Station 204 - Columbus Junction, IA Underground Storage Compressor Stations 7 19780 62276261 252497 PT12733H 5 2025-02-03 Station 205 - Keota, IA Underground Storage Compressor Stations 4 5870 18137580 31702 PT2812H 1 2025-01-03 Station 206 - St. Elmo IL Underground Storage Compressor Stations 5 8400 13849353 287156 PT12380H 5 2025-05-25 Station 214 - Columbus Junction, IA Underground Storage Compressor Stations 1 3500 10079733 30528 PT1250H 1 2025-11-04 Station 388 - Longview, TX Underground Storage Compressor Stations 7 37000 44279741 122095336 PT17877H 6 2025-06-15 Subtotal Underground Storage Compressor Stations 51 157805 286385466 4648878 4921028 13993719 1452150 122095336 PT91903H 36 Station 102 - Balko, OK Transmission Compressor Stations 3 12900 21036095 346801 PT10836H 3 2025-11-10 Station 103 - Minneola, KS Transmission Compressor Stations 5 20111 28923531 756173 PT20884H 4 2025-10-27 Station 104 - Great Bend, KS Transmission Compressor Stations 3 20500 39783265 270736 58976602 PT16271H 3 2025-12-08 Station 105 - Glasco, KS Transmission Compressor Stations 3 17100 19245521 1200326 PT19841H 3 2025-05-24 Station 106 - Beatrice, NE Transmission Compressor Stations 3 14350 20062935 699586 PT20122H 3 2025-03-01 Station 107 - Emerson, IA Transmission Compressor Stations 7 28300 39086951 1059477 PT34904H 5 2025-11-26 Station 108 - Truro, IA Transmission Compressor Stations 5 26000 34597199 946592 PT23723H 5 2025-09-26 Station 109 - Harper, IA Transmission Compressor Stations 6 29650 39470523 1094144 PT29687H 6 2025-12-26 Station 110 - Geneseo, IL Transmission Compressor Stations 7 34600 56744824 1007813 PT21165H 5 2025-08-07 Station 111 - Fritch, TX Transmission Compressor Stations 1 11107 32221685 90360 PT1466H 1 2025-01-15 Station 113 - Shorewood, IL Transmission Compressor Stations 9 13050 18338645 42534 PT863H 9 2025-01-21 Station 116 - Belvidere, IL Transmission Compressor Stations 1 4925 8716092 214604 PT5187H 1 2025-05-04 Station 117 - Mills Co, IA Transmission Compressor Stations 1 3550 520687 42118 PT2311H 1 2025-12-19 Station 139 - Lea, NM Transmission Compressor Stations 1 3250 3847498 Station 154 - Pampa, TX Transmission Compressor Stations 5 9120 8992236 45136 PT1733H 1 2025-03-13 Station 156 - Mountain View, OK Transmission Compressor Stations 3 9000 10844683 108065 PT4733H 1 2025-01-22 Station 159 - Mooreland, OK Transmission Compressor Stations 1 3165 13747482 39198 PT1330H 1 2025-11-05 Station 167 - Lovington, NM Transmission Compressor Stations 3 6000 18025449 314188 PT18728H 3 2025-01-16 Station 168 - Sudan, TX Transmission Compressor Stations 2 9000 45234986 151677 PT4970H 2 2025-11-09 Station 169 - Hereford, TX Transmission Compressor Stations 1 8006 36900395 637108 PT8424H 1 2025-01-25 Station 193 - Kinsley, KS Transmission Compressor Stations 1 14500 11018656 252180 PT1776H 1 2025-09-19 Station 194 - Wilson, KS Transmission Compressor Stations 1 14500 12489122 471135 PT3665H 1 2025-10-27 Station 195 - Haddam, KS Transmission Compressor Stations 1 12000 9081385 421948 PT4192H 1 2025-01-15 Station 196 - Syracuse, NE Transmission Compressor Stations 2 24000 15628508 380660 21655407 PT5241H 1 2025-02-20 Station 198 - Knoxville, IA Transmission Compressor Stations 2 24000 9268783 475388 PT3463H 2 2025-12-11 Station 199 - Letts, IA Transmission Compressor Stations 2 24500 16477303 2567 1607021 PT138H 1 2025-12-11 Station 206A - Altamont, IL Transmission Compressor Stations 1 22000 40053940 2850 7875 Station 300 - Victoria, TX Transmission Compressor Stations 2 16000 42887725 2000741 PT316H 1 2025-08-06 Station 301 - Wharton, TX Transmission Compressor Stations 2 27050 72405415 14216 PT68H 1 2025-11-11 Station 302 - New Caney, TX Transmission Compressor Stations 3 30000 56157405 13 149965848 PT23670H 3 2025-12-12 Station 303 - Lufkin, TX Transmission Compressor Stations 2 31800 77334135 707788 PT6549H 2 2025-01-16 Station 304 - Marshall, TX Transmission Compressor Stations 2 46940 87856338 28400 PT200H 1 2025-10-20 Station 305 - Texarkana, AR Transmission Compressor Stations 9 29650 16589429 168918 PT6323H 8 2025-02-13 Station 306 - Malvern, AR Transmission Compressor Stations 9 29650 46550273 400647 PT16714H 8 2025-03-06 Station 307 - Searcy, AR Transmission Compressor Stations 9 30850 16353897 363817 PT14724H 9 2025-02-12 Station 308 - Biggers, AR Transmission Compressor Stations 9 30850 17334576 282926 PT10639H 9 2025-02-12 Station 309 - Marble Hill, MO Transmission Compressor Stations 9 29650 43952105 348030 PT15033H 9 2025-03-06 Station 310 - Centralia, IL Transmission Compressor Stations 9 30600 22362465 355071 PT14747H 8 2025-03-06 Station 311 - Hammond, IL Transmission Compressor Stations 8 27800 17358460 215966 PT9508H 7 2025-12-29 Station 312 - Cropsy, IL Transmission Compressor Stations 1 30000 51861439 315506 PT1750H 1 2025-02-18 Station 341 - Robstown, TX Transmission Compressor Stations 2 6330 5829947 Station 342 - Johnson Bayou, LA Transmission Compressor Stations 3 16580 51812939 16852 PT312H 2 2025-07-15 Station 343 - Devers, TX Transmission Compressor Stations 2 26000 44495921 145888896 PT15712H 2 2025-06-28 Station 346 - Gueydon, LA Transmission Compressor Stations 4 9800 10052031 111117 PT5023H 2 2025-07-15 Station 348 - Cameron, LA Transmission Compressor Stations 1 22490 69435952 1292507 PT8528H 1 2025-04-06 Station 394 - Atlanta, TX Transmission Compressor Stations 1 15900 55346161 456328 PT4343H 1 2025-01-08 Station 801 - Ratliff City, OK Transmission Compressor Stations 4 15120 31759881 639377 PT27918H 4 2025-01-15 Station 802 - Paris, TX Transmission Compressor Stations 3 16560 34640848 338290 PT9799H 2 2025-12-21 Station 803 - Mt. Pleasant, TX Transmission Compressor Stations 2 9470 28519838 66700 PT2501H 2 2025-02-20 Station 812 - Atoka, OK Transmission Compressor Stations 2 4000 9770305 13989 PT2H 2 2025-09-09 Subtotal Transmission Compressor Stations 178 952274 1521025864 55841806 24624028 53586647 17209822 380102390 PT460032H 150 1807411330 1 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 Moraine Lateral CP93-351-000 Incremental 10426246 10365049 16086 29700 4087 261904 Storage Expansion - 2003 CP02-391 Incremental 42169629 19660199 5305525 253110 365368 980435 250701 5971313 Sayre Storage - 2006 CP05-7-000 Incremental 42958912 18452408 5875284 144553 236086 992458 433496 6791216 North Lansing NSS CP05-405-000 Incremental 80741923 33194806 11426004 82091 176435 1873213 134798 7291432 Louisiana Line Expansion CP07-3-000 At Risk 98778901 30684338 16301050 586578 315268 1777049 1111288 33025353 A/G Line Expansion Project CP05-34-000 At Risk 13169671 3532811 2306402 581504 149714 233501 111602 1009993 Arkoma Lateral CP91-1798-002 At Risk 51612349 32273550 4649481 400108 58987 926102 449130 19764264 A/G Expansion CP90-1363-000 At Risk 39544110 16169174 5200883 988851 394687 711256 95984 26705030 Hersher Galesville Project CP08-32-000 Incremental 57613654 21767970 8558845 245015 228851 1469742 136785 7808936 Sayre Expansion Project CP09-414-000 Incremental 6356979 2201573 979896 22136 54538 148485 60318 1632082 Chicago Market Expansion CP15-505-000 Incremental 206086 106092 69763 117830 See Footnote 443372374 188301878 60619456 3539732 2086026 9112241 2857952 110379353 1 2 3 4 5 6 7 8 9 10 11 12 FERC Form 2 NGPL System Map 2026.pdf 1 Allowance for other funds used during construction $ 2,872,066 Allowance for borrowed funds used during construction 1,152,301 Total $ 4,024,367 Equity in earnings of subsidiary companies $ 6,025 Net increase in utility plant accruals $ 8,436,739 As of December 31, 2024, we estimate that the following deferred tax balance in Account 282 could be used in the development of jurisdictional recourse rates: Property, Plant, and Equipment $ 393,627,592 As of December 31, 2024, we estimate that no deferred tax balance in Account 283 could be used in the development of jurisdictional recourse rates. As of December 31, 2024, we estimate that the following deferred tax balance in Account 190 could be used in the development of jurisdictional recourse rates: Regulatory Liability - Deferred Income Tax Rate Adjustment $ 32,582,012 Kinder Morgan NGPL Holdings LLC is owned by Kinder Morgan, Inc. AL NGPL Fund VIII Funding, LLC is indirectly owned by funds managed by ArcLight Capital Partners, LLC. NGPL PipeCo LLC (NGPL PipeCo) owns NGPL Finance LLC, which owns 35% of Natural Gas Pipeline Company of America LLC (Natural). The remaining 65% of Natural is directly owned by NGPL PipeCo. NGPL PipeCo is wholly owned by Midco LLC, a wholly-owned subsidiary of NGPL Intermediate Holdings, a wholly-owned subsidiary of NGPL Holdings LLC. See Page 102, Control Over Respondent, for a description of our ownership structure. Forward purchases and sales of natural gas. See Page 122.1, Notes to Financial Statements, Note 2 "Summary of Significant Accounting Policies" and Note 6 "Risk Management" for additional information. Allowance for other funds used during construction $ 230,887 Allowance for borrowed funds used during construction 2,986,131 Total $ 3,217,018 Equity in earnings of subsidiary companies $ 397,799 Net increase in utility plant accruals $ 9,211,765 Account 134 - Other special deposits $ 881,377 Account 136 - Temporary cash investments 60,260 Total $ 941,637 Account 134 - Other special deposits $ 2,131,379 Account 136 - Temporary cash investments 41,085 Total $ 2,172,464 Account 134 - Other special deposits $ 472,838 Account 136 - Temporary cash investments 18,078,292 Total $ 18,551,130 In accordance with FERC Order No. 581, we use the inventory method to report storage gas. Gas pipeline rupture costs recorded in 2024 were reversed in 2025 due to insurance recovery. The value of this gas is based on the Average Monthly Index Price provided for in our tariff. This footnote applies to all periods within the quarter. Many of the natural gas volumes required to be reported on this page are tracked at the entity level rather than by discounted, negotiated, or recourse rate contracts; therefore, the reported amounts have been allocated to discounted, negotiated, or recourse rate contracts based on reasonable assumptions. Line 14 dekatherms do not include electric compressor stations. This footnote applies to all periods within the quarter. Account Amount 146 $ 17,091 931 13,984 Total $ 31,075 Recorded pursuant to Section 12.8 of the General Terms and Conditions of our FERC Gas Tariff. Account Amount 142 $ 1,803,124 146 2,984 Total $ 1,806,108 Total Throughput volumes reported on Page 520, Lines 5 & 20 column d 711,608,272 Less: Double counted pools 58,219,233 Total equals Page 521, Line 68, column b 653,389,039 Volumes are on a flow month basis. Schedule of Volumes for Calculation of Annual FERC Charges (ACA) under the Budget Omnibus Reconciliation Act of 1986 Prepared in lieu of footnotes indicated by instructions 7, 9 and 10. Line No. Dth Total Deliveries of Gas Transported for Others 20 2,651,245,284 Less: Double-counted pooling point volumes 245,062,908 Total Deliveries of Gas for ACA calculation 2,406,182,376 These revenues are associated with the LPS agreements. The net monthly LPS Receipts/(Deliveries) volume activity for the quarter is as follows: Dth Net LPS Receipts/(Deliveries) Balance - Beginning of Quarter 1,436,112 Month 1 net activity 6,783,262 Month 2 net activity 3,327,621 Month 3 net activity (11,339,747) Net Quarterly Activity (1,228,864) Net LPS Receipts/(Deliveries) Balance - End of Quarter 207,248 Fuel recovery volumes (shipper supplied gas for transmission): Dth October activity 2,515,102 November activity 2,459,374 December activity 2,856,470 Total Transmission fuel recovery activity 7,830,946 All revenue for DSS is reported as transportation revenue on page 304. Year-to-date shipper supplied gas (Fuel Used & L&U) from storage contracts: 1,828,268 Dth. Transmission Accumulated Provision for Depreciation Accumulated Depreciation $ 2,584,032,108 Negative Salvage 31,314,809 Less: Retirement Work in Progress 9,961,317 Total $ 2,605,385,600 Onshore Plant: Rate Transmission 2.10%* Right of Way - 10 Years 10.00% Right of Way - 30 Years 3.33% *Includes 0.30% for Negative Salvage General Plant: Rate Structures 5.00% Office Machines/Equipment 7.50% Office Furniture 7.50% Computer Equipment 7.50% Vehicles 10.00% Tools and Shop Equipment 10.00% Lab Equipment 5.00% Power Operated Equipment 10.00% Communication Equipment 7.50% Miscellaneous Equipment 5.00% Intangible Plant: Rate Other Intangibles 7.50% Software 7.50% Herscher Galesville Intangible 5.00% Cushion Gas consists of 205,584,203 Dekatherms of recoverable cushion volumes owned in fee by us and 118,028,197 Dekatherms of non-recoverable volumes owned by us reported in Account 101. Amount consists of customer owned and proprietary gas. Natural has a combination of working gas and customer parked LPS gas totaling 8.8 million Dekatherms that serves a cushion function. All volumes converted to Btu using 1.03 btu/cf (1.03 Dth/Mcf). Includes observation wells, water disposal wells and water pump wells. This footnote applies to all transmission compressor stations not reporting operational data in columns k-m: Shipper nominations and resulting system flow patterns did not require operation of station in period. Plant cost in column (e) reflects gross cost of compressor station All horsepower is FERC Certificated. Site horsepower could be rated differently based on elevation and temperature. As of December 31, 2025, we estimate that no deferred tax balance in Account 283 could be used in the development of jurisdictional recourse rates. Recorded pursuant to Docket No. AI93-5-000 issued on April 23, 1993 (Accounting for Income Taxes). We estimate approximately $24.0 million of the ending balance is associated with the projects granted non-traditional rate treatment that are reported on page 217. Use tax is distributed to various accounts based on the accounts charged for the originating invoice. Year-to-date shipper supplied gas (Fuel Used & L&U) from transmission contracts: 29,608,452 Dth. Account Amount 107 $ 1,941,847 108 447,151 186 394,166 408.1 5,473,759 814 1,725,508 816 1,370,025 817 735,820 818 2,268,763 820 15,983 821 912,957 830 187,220 832 1,200,237 833 656,708 834 2,274,446 835 15,751 836 772,975 850 12,227,342 853 10,641,546 856 11,326,075 857 3,353,041 861 1,666,194 863 6,623,073 864 6,687,661 865 1,761,343 867 18,977 920 15,180,597 Total $ 89,879,165 Account Amount 107 $ 227,084 108 44,201 186 51,236 926 13,796,098 Total $ 14,118,619 Amounts charged are based on Kinder Morgan, Inc.'s other compensation and benefit expenses and are allocated to us based on the distribution of direct labor charges (excluding overtime and special pay). Amounts charged by Kinder Morgan, Inc., through shared services are allocated using the modified Massachusetts Formula. Account Amount 408.1 $ 758,092 920 9,823,839 922 (658,413) 923 1,923,546 924 1,708,262 925 2,119,259 926 1,909,377 930.2 2,596,604 931 1,875,570 Total $ 22,056,136 Account Amount 408.1 $ 3,013 920 39,730 921 720 923 5,352 926 12,063 930.2 7,118 931 5,254 Total $ 73,250 Account Amount 489.2 $ 638,803 495 2,817 Total $ 641,620 Account Amount 489.2 $ 1,156,543 495 168 Total $ 1,156,711 See Page 332 for additional details on Transmission and Compression of Gas by Others. The capital structure used as the source of the 2025 AFUDC rates is that of our direct parent, NGPL PipeCo LLC. The cost of debt used as the source of the 2025 AFUDC rates is that of our direct parent, NGPL PipeCo LLC. The cost rate percentage of common equity used as the source of the 2025 AFUDC rate was the rate set by Docket No. RP95-326. For the year ended December 31, 2025, we did not sell gas from company owned cushion gas. From time to time we have completed storage expansion projects which, with FERC approval, reduces the amount of cushion gas required to be maintained for operation of certain of our storage facilities. NGPL has a combination of working gas and LPS gas totaling 8.8 million Dekatherms that serves a cushion function. As of December 31, 2025, we estimate that the following deferred tax balance in Account 190 could be used in the development of jurisdictional recourse rates: Regulatory Liability - Deferred Income Tax Rate Adjustment $ 30,116,193 As of December 31, 2025, we estimate that the following deferred tax balance in Account 282 could be used in the development of jurisdictional recourse rates: Property, Plant, and Equipment $ 402,606,538 Fuel recovery volumes (shipper supplied gas for storage): Dth October activity 170,828 November activity 70,416 December activity 57,704 Total storage fuel recovery activity 298,948 Plus transmission fuel recovery activity 7,830,946 Total fuel retained for the quarter 8,129,894 Delivery point - 39755 Horizon/NGPL North McHenry Receipt point - 39855 Horizon/NGPL South Grundy Volumes represent January 2025 - December 2025 flow. Includes additional shared compressor station fuel with Horizon Pipeline Company, L.L.C. of 23,070 Dth. All of the debt required to finance our pipeline was issued by our parent company, NGPL PipeCo LLC (NGPL PipeCo). NGPL PipeCo's interest expense, as calculated in accordance with U.S. Generally Accepted Accounting Principles and as reported on its audited consolidated financial statements for the years ended December 31, 2025 and 2024 was $97.5 million and $95.2 million, respectively. Interest on debt to associated companies recorded in Account 430 of $4,761 relates to principal balances in other accounts, and is not reported on Page 256. Volumes are Jan 2025 to Dec 2025 flow month (Feb 2025 accounting month to Jan 2026 accounting month). Dollars are Jan 2025 to Dec 2025 accounting month. Account Amount 107 $ 14,463,544 108 330,000 186 (23,113) Total $ 14,770,431 Many of the cost categories required to be reported on this page are recorded at the entity level rather than at the asset level. Therefore, the costs and expenses reported have been allocated to the projects listed based on reasonable assumptions and may differ from those used in a Section 4 rate proceeding. In the order approving the Chicago Market Expansion Project (CMEP) in Docket No. CP15-505-000, the FERC approved our proposal to reflect our system reservation charge as the monthly reservation charge for the CMEP, but required us to calculate an incremental commodity charge for the CMEP instead of allowing us to use our system commodity charge as requested. We consider the CMEP to be a partially incremental project as a result Excludes electric storage compression booked to Account 819 of $4,921,028. Account Amount 819 $ 4,648,878 854 55,841,806 Total $ 60,490,684 Storage withdrawal from Working Gas (Top Gas), for operational sales purposes (10,213,800 Dth). In addition, we withdrew 1,000,000 dekatherms from storage and injected it into system gas in 2025. Storage withdrawal from Working Gas (Top Gas). Storage injection into Working Gas (Top Gas). Storage injection into Working Gas (Top Gas). Net additions and dispositions for the year. AL NGPL Holdings, LLC is indirectly owned by funds managed by ArcLight Capital Partners, LLC. NGPL Holdings LLC is owned 37.5% by Kinder Morgan NGPL Holdings LLC, 37.5% by AL NGPL Holdings, LLC and 25% by AL NGPL Fund VIII Funding, LLC (jointly ArcLight). ArcLight is indirectly owned by funds managed by ArcLight Capital Partners, LLC. On May 9, 2025, Brookfield Infrastructure Partners L.P. sold its entire minority interest in NGPL Holdings to funds managed by ArcLight Capital Partners, LLC. Storage Plant (in thousands) Page 204, Line 57, Column (g) $1,016,503 Less: Land 325 $1,016,178 Transmission Plant (in thousands) Page 204, Line 92, Column (g) $4,251,179 Less: Moraine (Fully Depreciated) 10,365 Less: Land 3,294 $4,237,520 General Plant (in thousands) Page 204, Line 124, Column (g) $42,181 Less: Land 686 $41,495 Intangible Plant (in thousands) Page 204, Line 5, Column (g) $14,883 Less: Organizational Costs (Fully Depreciated) 13 $14,870 See Page 218, "General Description of Construction Overhead Procedure" for the basis of allocation. Pursuant to Docket No. CP24-8, in conjunction with the ongoing project scheduled for in service in the third quarter of 2026, two units were uprated at a total of 1,600 hp each increasing the station total to 30,000 hp on April 1, 2025. Pursuant to CP25-1, three units at a total of 1,040 hp each were abandoned (Units 1, 2, and 3) decreasing the station total to 16,580 hp on March 4, 2025. Pursuant to Docket No. CP24-525 Unit 2, a 4,000 hp unit was replaced with one new 5,000 hp unit, increasing the station total to 9,000 hp on November 10, 2025. Pursuant to Docket No. CP25-113 Unit 4, one unit at a total of 800 hp, was retired in place on September 22, 2025.