C000967 2025-01-01 2025-12-31 C000967 2025-12-31 C000967 2024-01-01 2024-12-31 C000967 2024-12-31 C000967 2023-12-31 C000967 2025-10-01 2025-12-31 C000967 2025-10-01 2025-10-31 C000967 2025-11-01 2025-11-30 C000967 2025-12-01 2025-12-31 C000967 ferc:GasUtilityMember 2025-01-01 2025-12-31 C000967 ferc:GasUtilityMember 2024-01-01 2024-12-31 C000967 1 2025-01-01 2025-12-31 C000967 1 2024-12-31 C000967 1 2025-12-31 C000967 2 2025-01-01 2025-12-31 C000967 2 2024-12-31 C000967 2 2025-12-31 C000967 3 2025-01-01 2025-12-31 C000967 3 2024-12-31 C000967 3 2025-12-31 C000967 4 2025-01-01 2025-12-31 C000967 4 2024-12-31 C000967 4 2025-12-31 C000967 5 2025-01-01 2025-12-31 C000967 5 2024-12-31 C000967 5 2025-12-31 C000967 6 2025-01-01 2025-12-31 C000967 6 2024-12-31 C000967 6 2025-12-31 C000967 7 2025-01-01 2025-12-31 C000967 7 2025-12-31 C000967 8 2025-01-01 2025-12-31 C000967 8 2025-12-31 C000967 1 2025-01-01 2025-12-31 C000967 1 2024-12-31 C000967 1 2025-12-31 C000967 2 2025-01-01 2025-12-31 C000967 2 2024-12-31 C000967 2 2025-12-31 C000967 3 2025-01-01 2025-12-31 C000967 3 2024-12-31 C000967 3 2025-12-31 C000967 4 2025-01-01 2025-12-31 C000967 4 2024-12-31 C000967 4 2025-12-31 C000967 5 2025-01-01 2025-12-31 C000967 5 2024-12-31 C000967 5 2025-12-31 C000967 6 2025-01-01 2025-12-31 C000967 6 2024-12-31 C000967 6 2025-12-31 C000967 7 2025-01-01 2025-12-31 C000967 7 2024-12-31 C000967 7 2025-12-31 C000967 8 2025-01-01 2025-12-31 C000967 8 2024-12-31 C000967 8 2025-12-31 C000967 9 2025-01-01 2025-12-31 C000967 9 2024-12-31 C000967 ScheduleGasPropertyAndCapacityLeasedToOthersAbstract 2025-01-01 2025-12-31 C000967 ScheduleGasPlantHeldForFutureUseAbstract 2025-01-01 2025-12-31 C000967 ScheduleExtraordinaryPropertyLossesAbstract 2025-01-01 2025-12-31 C000967 ScheduleUnrecoveredPlantAndRegulatoryStudyCostsAbstract 2025-01-01 2025-12-31 C000967 ScheduleCapitalStockAbstract 2025-01-01 2025-12-31 C000967 ScheduleCapitalStockSubscribedLiabilityForConversionPremiumOnAndInstallmentsReceivedOnAbstract 2025-01-01 2025-12-31 C000967 ScheduleDiscountOnCapitalStockAbstract 2025-01-01 2025-12-31 C000967 ScheduleCapitalStockExpenseAbstract 2025-01-01 2025-12-31 C000967 ScheduleSecuritiesIssuedOrAssumedAndSecuritiesRefundedOrRetiredDuringTheYearAbstract 2025-01-01 2025-12-31 C000967 ScheduleRevenuesFromTransporationOfGasOfOthersThroughGatheringFacilitiesAbstract 2025-01-01 2025-12-31 C000967 ScheduleRevenuesFromStoringGasOfOthersAbstract 2025-01-01 2025-12-31 C000967 1 2025-01-01 2025-12-31 C000967 1 2025-12-31 C000967 2 2025-01-01 2025-12-31 C000967 2 2025-12-31 C000967 3 2025-01-01 2025-12-31 C000967 3 2025-12-31 C000967 4 2025-01-01 2025-12-31 C000967 4 2025-12-31 C000967 1 2025-01-01 2025-12-31 C000967 1 2025-12-31 C000967 2 2025-01-01 2025-12-31 C000967 2 2025-12-31 C000967 3 2025-01-01 2025-12-31 C000967 3 2025-12-31 C000967 1 2025-01-01 2025-12-31 C000967 2 2025-01-01 2025-12-31 C000967 3 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FT2 108466 53874 69849 76058 FTH3 578097 310056 246035 355371 FTH8 136468 67497 73087 47984 FTH12 35412 587342 1365798 828372 FTH16 145208 133575 98761 36691 IT1 1213041 509594 483406 626658 Imbalance Cashouts 1551031 450191 3446755 3811318 7161783 4400911 13394100 8523520 1 2 3 4 5 6 7 8 9 10 4633 4633 2008 2008 1136 1136 196733091 294798 70586423 70881221 213595058 320394 75244166 75564560 209513639 314271 78162062 78476333 3826958 3826958 2337986 2337986 1555626 1555626 3826958 3826958 2337986 2337986 1555626 1555626 196733091 294798 74418014 74712812 213595058 320394 77584160 77904554 209513639 314271 79718824 80033095 1 Arizona IT1 4076 3591 830560 807110 834636 810701 2803435 2565244 Arizona FT1 480024 472208 145022285 143450277 145502309 143922485 336730174 337290942 Arizona FT2 968 1179 322794 420836 323762 422015 680731 842252 Arizona FTH3 44960 46619 26170189 26339742 26215149 26386361 31477839 33298799 Arizona FTH8 23746 24026 15916164 16070631 15939910 16094657 16669978 17161648 Arizona FTH12 105479 107588 42393233 42989234 42498712 43096822 74125260 76848500 Arizona FTH16 15347 16112 5539366 5515451 5554713 5531563 10800161 11508327 Arizona IHSW 308226 531452 308226 531452 California IT1 479 1010 110648 262131 111127 263141 339034 721222 California FT1 867665 905241 308475350 305085204 309343015 305990445 608945999 646600313 California FTH12 1007 175 7126 5538 8133 5713 701911 125452 California FTH16 4257 1396 131395 13964 135652 15360 2967419 996879 Nevada IT1 20 20 4033 4561 4053 4581 13000 14000 Nevada FT1 4839 216 32655 6468 37494 6684 3377803 154510 Nevada FTH16 34 524 558 22981 New Mexico IT1 1071 1531 195853 289146 196924 290677 748046 1093507 New Mexico FT1 133596 129973 37097658 38044614 37231254 38174587 93346154 92837828 New Mexico FT2 3689 3749 973607 1048376 977296 1052125 2580934 2677842 New Mexico FTH12 12244 16035 5750510 5834906 5762754 5850941 8589741 11453978 New Mexico FTH16 490 3299 3789 333220 New Mexico IHSW 1043 295 1043 295 Texas IT1 1000 1097 162791 211377 163791 212474 708934 783269 Texas FT1 178313 187165 33427111 35876518 33605424 36063683 125439438 133689392 Texas FT2 671 634 186025 160360 186696 160994 469658 452805 Texas FTH3 17078 16906 15703332 16210677 15720410 16227583 11957732 12075678 Texas FTH8 140 124 13668 8181 13808 8305 94942 88798 Texas FTH12 8787 10860 3095717 3253137 3104504 3263997 6150267 7756959 Texas FTH16 75550 75471 21853146 23109510 21928696 23184981 53148510 53907917 Texas IHSW 24034 25252 24034 25252 Production Area IT1 35544 31511 1967429 1925034 2002973 1956545 24757046 22507861 Production Area FT1 1410269 1265939 103238008 104642146 104648277 105908085 989310853 904241090 Production Area FT2 301 286 83005 74070 83306 74356 210553 204408 Production Area FTH3 2408 5 5807 11 8215 16 1708043 3332 Production Area FTH8 5101 4968 867702 943799 872803 948767 3578409 3548532 Production Area FTH12 12205 8267 262739 274716 274944 282983 8540471 5905197 Production Area FTH16 6898 1446 19785 4234 26683 5680 4791711 1032839 Production Area IHSW 113030 119241 113030 119241 Wilcox IT1 20734 1782 20734 1782 Wilcox FT1 13301604 13296714 13301604 13296714 Park and Loan 52691432 55676852 52691432 55676852 Arizona 674600 671323 236502817 236124733 237177417 236796056 473287578 479515712 California 873408 907822 308724519 305366837 309597927 306274659 612954363 648443866 Nevada 4893 236 37212 11029 42105 11265 3413784 168510 New Mexico 151090 151288 44021970 45217337 44173060 45368625 105598095 108063155 Texas 281539 292257 74465824 78855012 74747363 79147269 197969481 208754818 Production Area 1472726 1312422 106557505 107983251 108030231 109295673 1032897086 937443259 Wilcox 13322338 13298496 13322338 13298496 Park and Loan 52691432 55676852 52691432 55676852 3458256 3335348 836323617 842533547 839781873 845868895 2426120387 2382389320 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 FT1 171057361 256383 52556328 52812711 190171193 285258 55186978 55472236 187733051 281600 57257134 57538734 FT2 229059 344 89484 89828 368891 553 144550 145103 500288 751 194974 195725 FTH12 9443205 14081 4824471 4838552 8185819 12279 3422164 3434443 6916211 10374 3420090 3430464 FTH16 7908878 11847 2730794 2742641 5527058 8291 1792862 1801153 3573548 5360 1750042 1755402 FTH3 1716667 2573 1898875 1901448 4869566 7304 5781743 5789047 5886975 8830 6692869 6701699 FTH8 2264514 3397 1666092 1669489 1386502 2080 1040843 1042923 1409140 2114 1052007 1054121 IHSW 43535 43535 53518 53518 70428 70428 IT1 4113407 6173 529231 535404 3086029 4629 346827 351456 3494426 5242 360064 365306 PAL 6247613 6247613 7474681 7474681 7364454 7364454 1 2 3 4 5 6 7 8 9 20998718 9649647 30648365 94394977 94394977 106741729 106741729 2283454 2283454 20998718 -413651 20585067 19412579 -2321276 17091303 1.0817 0.1782 1.2044 Gas Imbalance Due to Others 581758 Environmental Reserve 2665115 Litigation Reserve 2360000 Deferred Water Lease Revenue 292127 Minor Items (less than $250,000) 44466 5943466 1 2 3 4 5 Transportation Received from: El Paso Natural Gas Company, L.L.C (Daggett/Topock-Mojave, CA) Delivered to: Mojave Pipeline Company, L.L.C. (Daggett, CA) true Payment company: Mojave Pipeline Company, L.L.C. true 15698696 147628778 Received from: El Paso Natural Gas Company, L.L.C (El Paso Blanco San Juan) Delivered to: TransColorado Gas Transmission Company LLC (WRH, Ryan Gulch, Rio Blanco) true Payment company: TransColorado Gas Transmission Company LLC true 22447682 27197778 38146378 174826556 1 2 3 4 5 6 7 38779 48694 38779 48694 19594526 9349228 19594526 9349228 3458256 3335348 855956922 851931469 859415178 855266817 3458256 3335348 855956922 851931469 859415178 855266817 Account 489.2, Revenues from transportation of gas of others through transmission facilities. 92964443 65919652 545755980 1219479670 92964443 65919652 545755980 1219479670 1 4430922064 4327617918 70056986 58176622 4500979050 4385794540 2289702297 2210323240 2211276753 2175471300 2211276753 2175471300 11400000 11400000 1056510 918510 48669216 51211068 179609519 169072055 238622225 230764613 55045 53193 77498524 79317456 1462068 6516805 2816461 3228155 51158834 46834275 5118106 25197288 415845 5884314 138524883 167031486 2298129 2686255 61372075 63139069 325910 203141915 189318018 35276684 28541982 302414713 283685324 2911423641 2887601088 1543136931 1532938161 53654114 89908160 35604421 25809497 1632395466 1648655818 500000000 500000000 299750000 299750000 103562 119181 200000000 599646438 799630819 40661639 45140217 3947986 3930214 3999227 3776733 22265232 24495727 6960740 6973929 14863677 283778290 99180497 26745420 15324100 409978 427786 43895107 26132230 76959734 73456826 3968 4579 171169903 145276659 76419337 79511774 395603447 340133954 2911423641 2887601088 859415178 855266817 229647173 214959836 229647173 214959836 103888669 110692876 103888669 110692876 102838936 99574089 102838936 99574089 785669 1138490 785669 1138490 11291 11290 11291 11290 2332601 2992072 2332601 2992072 10232731 8324578 10232731 8324578 35904227 36081610 35904227 36081610 58277628 57060467 58277628 57060467 11936145 11597479 11936145 11597479 25202762 16112900 25202762 16112900 13025583 1999719 13025583 1999719 -17808 -17808 -17808 -17808 547548979 539879004 547548979 539879004 311866199 315387813 311866199 315387813 2158844 2357225 138000 138000 6997110 4733584 4580468 4018467 2980967 2777636 1958109 1979704 18537498 15728616 8400 12753 59333 5496712 1480261 5517865 1539594 3090943 1988382 438120 280996 859130 1441954 1317925 354785 3070268 3356547 9949365 10832475 50604063 50604063 403745 395718 611 610 458218 727192 879385 861538 50586030 50864825 271229534 275355463 271229534 275355463 89908160 39038855 264232424 270621879 6997110 4733584 53654114 6997110 4733584 Distributions of Earnings to Member 211 -307483580 -224486158 1 3330398 3330398 3872356 3872356 2370099 2370099 672058 672058 707785 707785 1186617 1186617 693156 693156 585312 585312 537191 537191 414353 414353 618087 618087 390891 390891 15378303 15378303 84700 84700 772226 772226 412581 412581 252109 252109 539404 539404 1341079 1341079 764291 764291 1091345 1091345 1785312 1785312 1658517 1658517 8701564 8701564 1 29714238 25127057 54841295 70177800 19 2 218915 2025-02-20 Income Tax Gross-Up on AFUDC Equity Remaining life of assets Docket No. AI93-5-000 issued April 23, 1993 (Accounting for Income Taxes) 8916232 939664 407.3 454953 9400943 FERC Annual Charge Adjustment 12 months ending September 30 18 CFR 154.402(a) and 18 CFR 382.202 2530422 3476008 928 3399427 2607003 ASC 740 Regulatory Asset Tax Rate Change Amortize over 22.6 years beginning January 2023 Docket No. RP19-73-006 498677 410.1 24252 474425 Unfunded Deferred State Income Taxes 30 years beginning January 2006 Docket No. RP08-426 and RP10-1398 2282016 407.3 207456 2074560 Loss on East Valley Line Sale Amortized using the transmission depreciation rate of 2.20% Docket No. CP07-09-000 and RP10-1398 2878935 407.3 90805 2788130 Cashout Tracker Section 10.3 of the General Terms and Conditions of our tariff 46032787 5635092 Various 8054022 43613857 Fuel Tracker Remaining balance at end of current filing period will be recovered through adjustments to future period fuel retention rates. Docket No. RP05-422 570873 Various 250360 320513 Electric Power Cost Tracker Remaining balance at end of current filing period will be recovered through adjustments to future period electric power cost rates. Docket No. RP25-1120 92644 92644 10714281 12481275 1 2 3 4 5 6 7 8 18341565 18341565 7467932 7467932 7467932 7467932 282823395 25809497 9794924 9794924 9794924 9794924 281024458 35604421 Federal Energy Regulatory Commission 2025 Annual Charge Adjustment (Amortized over 1 year) 3476008 3476008 3476008 182.3 869005 2607003 Federal Energy Regulatory Commission 2024 Annual Charge Adjustment (Amortized over 1 year) 3373897 3373897 2530422 182.3 2530422 Professional and Other Fees 700 700 700 232 700 6849905 700 6850605 2530422 3476708 3400127 2607003 1 2 3 Revaluation of Monthly Encroachment in Account 117.4 -2283454 Losses on Settlements of Gas Imbalances 21809098 Revaluation of Imbalances 678228 Revaluation of FL&U -1817328 18386544 1 2 3 4 43323 14014864 852586 Gas Sales 4683753 19594526 12 819, 854 29433775 41728420 812 Gas Used for Other Utility Operations - Credit (Report separately for each principal use. Group minor uses.) Mains Expense 856 1283208 1794058 Construction 107 18376 28248 30735359 43550726 5 6 7 Amortization of intangible plant 785669 1138490 Amortization of gas plant acquisition adjustment 11291 11290 Amortization of debt costs 403745 395718 Amortization of gain on reacquired debt -611 -610 1200094 1544888 1 2 3 4 Change in gas owed to system 10063298 -7228344 Change in postretirement benefit plan assets 2346621 3924778 Change in prepayments 20079182 -2330021 Change in miscellaneous deferred debits -3585549 1316835 Change in customer advances for construction 964661 33420 Change in other deferred credits 15934229 -2405511 45802442 -6688843 1 2 3 4 5 6 Net salvage/(cost of removal) 9588817 10093024 Change in preliminary survey and investigation charges 283174 Change in customer advances for construction -10966610 -5269052 -1094619 4823972 1 2 3 Capital contributions from Member 10198770 22356703 10198770 22356703 1 Distributions to Member 393702573 311081989 393702573 311081989 1 2025-09-17 601966 5166061 5768027 -79754 -79754 601966 5086307 5688273 32217 241893 274110 Operational Balancing Agreement 88750 98333 187083 Park and Loan 1343 1343 120967 341569 462536 2025-09-16 1861544 15600965 17462509 -2771 -475298 -478069 1858773 15125667 16984440 35993 267233 303226 Operational Balancing Agreement 199268 166067 365335 Park and Loan -11743 -11743 235261 421557 656818 4430420366 4430420366 4430420366 4430420366 70056986 501698 501698 4500979050 2289702297 2211276753 2283406729 2283406729 6069542 6069542 2289476271 2289476271 226026 226026 FERC Form 2 EPNG System Map 2026.pdf 1 0 1 1215308 1215308 1215308 Investment Advance - Open Account - Kinder Morgan, Inc. 8 7 5 4 2 1 1532938161 10198770 1543136931 Contributions from Member 10198770 Transfer from Account 216 307483580 Transfer from Account 236 73654054 Transfer from Account 186 12564939 Distributions to Member -393702573 1 2 3 4 5 <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> <p>&#160;</p></div> 799630819 El Paso Natural Gas Company, L.L.C 0.3301 0.0640 1622846321 El Paso Natural Gas Company, L.L.C 0.6699 0.1055 2422477140 42039186 El Paso Natural Gas Company, L.L.C 0.0211 0.0707 0.0211 0.0707 48612 58333 106945 2026-11-15 1996-11-13 1750000 200000000 Debentures - 7.5% Series Due November 2026 692298 106508 798806 2032-06-15 2002-06-10 2836278 300000000 Notes - 8.375% Issue Due June 2032 1557219 223285 1780504 2032-02-15 2022-02-23 2369272 300000000 Senior Notes - 3.5% Issue Due February 2032 72150 11100 83250 2032-06-15 2002-06-10 333000 300000000 Notes - 8.375% Issue Due June 2032 31412 4519 35931 2032-02-15 2022-02-23 48000 300000000 Senior Notes - 3.5% Issue Due February 2032 2 3 4 6 8 9 15000000 0.0750 200000000 2026-11-15 1996-11-13 Debentures - 7.5% Series Due November 2026 10500000 0.0350 300000000 2032-02-15 2022-02-23 Senior Notes - 3.5% Series due February 2032 25500000 25104063 0.08375 299750000 2032-06-15 2002-06-10 Notes - 8.375% Issue Due June 2032 25104063 50604063 799750000 2 3 6 9 12 785669 785669 714611 714611 98668495 98668495 3455830 3455830 102838936 785669 103624605 67395 0.0109 4311492 0.0000 37703 0.0000 Intangible Plant (footnote details) 7939 0.0000 Other Gas Storage (footnote details) 9 10 Kinder Morgan, Inc. M DE 1.0000 Kinder Morgan GP LLC I DE 0.0242 KM Energy Inc. I DE 0.5952 KM Energy LLC I DE 0.5952 Kinder Morgan Energy Partners, L.P. I DE 1.0000 Kinder Morgan Operating LLC "A" D DE 1.0000 1 2 3 4 5 6 Washington Ranch - New Mexico Underground Storage 255750 67394985 true 1 A&B Valve & Piping Systems LLC 422172 Abrams Technical Services Inc 354042 Accu-Test Labs Ltd 521370 Acuren Inspection Inc 809641 American Power Systems LLC 324446 Atlas CoPCo USA Holdings Inc 332453 Baywater Pipeline Services LLC 2706494 Beemac Inc 568543 Bowen Industrial Contractors 2877908 Bracewell LLP 417886 BWS Services LLC 323227 Caltrol Inc 275840 Camunez Construction Company 727476 Chemical Weed Control Inc 447852 Coastal Chemical Co LLC 430327 Coastal Plating Company 285043 Cooper Machinery Services LLC 5279911 Corrpro Companies Inc 306444 Cudd Pressure Control Inc 1117572 Dean Equipment Inc 1025858 Doosan Turbomachinery Svcs Inc 251472 Eastern Energy Services Inc 492803 Enerflex Energy Systems Inc 600826 Enviroserve Inc 1072617 Epic Energy Services LLC 498480 Ex El Pipeline Services LLC 1916400 Exline Inc 4843289 Frontier Integrity Solutions 1022787 Gallup Pipeline & Compliance 1008416 Graybar Electric Company Inc 255828 Graymar Environmental Services 268806 GSI Environmental Inc 326177 Horizon Power Systems 439730 International Inspecting Inc 1484854 Iron Horse Energy Services Inc 505825 JRGO LLC 1034586 Michels Pipeline Inc 462325 Midland Resource Recovery 268191 Modrall Sperling Roehl Harris 1360896 Mojave Earth Solutions Inc 445985 Munsch Hardt Kopf & Harr PC 709252 Natural Energy Field Services 891964 Nexus Integrity Management LLC 859347 Onshore Quality Control 388624 Pal-Con Ltd 3486733 Patterson Services Inc 357884 Paxon Energy & Infrastructure 845863 PCI Electric LLC 574963 Perkins Coie LLP 318122 PSI LLC 337458 Quality Integrated Services 398065 Rain For Rent 442280 Rawhide Leasing Company 438565 Reco Energy Solutions LLC 262572 Reladyne Reliability Svcs Inc 277487 Reserve Compression Corp 349092 RRC Energy Services LLC 796224 Solar Turbines Incorporated 3078215 Standard Industrial Structures 980902 Sulzer Turbo Services 1172048 Sunland Construction Inc 1128865 SWCA Environmental Consultants 288885 TAF Aerial Services LLC 412602 Taft Construction 564649 TAS Environmental Services Lp 584287 Team Industrial Services Inc 424234 Tek-Fins LLC 251610 Tetra Tech Inc 457020 Texline Energy Services LLC 451503 The Loftis Company 1851565 United Rentals (N America) Inc 449686 Universal Plant Services LLC 453036 UPS Midstream Services LLC 4258002 Washington Iron Works 274354 Weldfit LLC 280183 West Continent Energy Services 492316 West States Energy Contractors 1965106 Western Industrial Resources 10300165 Other (less Than $250,000) 19882352 99850878 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 2204208674 2204208674 102838936 102838936 102838936 102838936 14653896 14653896 9427154 9427154 411773 411773 23669277 23669277 Asset transfer from affiliate -28396 -28396 2283406729 2283406729 40518744 40518744 2212023612 2212023612 30864373 30864373 12 12 5118106 -3968 -4579 17500 300000000 2003-10-15 2032-06-15 Debentures - 8.375% Due 2032 2 4 5 Other (less than $250,000) 8400 Other (less than $250,000) 12753 Environmental reserve 5496712 Penalty crediting reserve (FERC interest rate) 128877 Third party deposit interest (FERC interest rate) 287805 Trustee fees 41536 1 2 4 5 7 8 10 11 13 14 15 17 18 20 21 23 24 25 26 43640 43640 7956767 597870 615957 7938680 8000407 597870 615957 7982320 3106791 3106791 1782885 1782885 15404226 15404226 45071 45071 8943591 8943591 30760575 3956598 484123 34233050 1628245 1628245 1141656 1141656 1109470 1109470 63922510 3956598 484123 67394985 63922510 3956598 484123 67394985 13166532 37096864 50263396 93500445 806842 -37096864 57210423 60541251 238715 1385 60778581 2419363142 54851098 1740388 -537353 2471936499 1408617688 53218121 4276729 -1183181 1456375899 152156434 1680952 1484201 1720534 154073719 59975199 176093 3818085 56333207 10341410 26910 10368320 4217662101 110998731 11320788 4317340044 10265585 193920 2600 10456905 195860 195860 18656924 2143135 1836389 18963670 6793832 670445 929330 6534947 46741 46741 1572260 13300 80666 1504894 37531202 3020800 2848985 37703017 37531202 3020800 2848985 37703017 4327116220 118573999 15269853 4430420366 4327116220 118573999 15269853 4430420366 Advance of Deferred Income Taxes to Member 183955434 12564939 196520373 Revenue Levelization 1960749 4653386 142 1073219 5540916 Park and Loan Accrual 393074 5528009 Various 5522628 398455 3008761 682171 22746334 6595847 1 2 3 Deferred Income Tax Rate Adjustment (amortized through September 2043) 25931477 411.1 1280520 24650957 Havasu Depreciation (amortized over 45.5 years beginning May 2002) 8198018 407.4 455446 7742572 Samalayuca Depreciation (amortized over 45.5 years beginning January 2006) 4967252 407.4 187443 4779809 Deferred Federal Income Taxes (amortized over 30 years beginning January 2006) 844932 407.4 76812 768120 ASC 740 Regulatory Liability Tax Rate Change 47148 411.1 2292 44856 ASC 715 Fund Asset Transfer 16000000 12500000 28500000 Medicare Subsidy 8326835 407.4 404868 7921967 Overrun Penalties 2233163 Various 2561150 2879440 2551453 Fuel Tracker 6908001 Various 6908001 11876532 15379440 1 2 3 4 5 6 7 8 9 -5019251 -5019251 -6232317 -1556249 106741729 47615007 94394977 47674128 19716879 1822306 616601 20333480 10726710 -24068998 -11222140 -24068998 -11222140 2744 20502 30514 20681 180984 132679 896949 1646312 130093 51424 56785 73084 400562 534382 19709 25195 1718340 2504259 168739 166003 986527 110833 9797 6725 1165063 283561 2883403 2787820 2883403 2787820 14535199 13737866 2489459 2073750 26813 37092 29932819 28013957 41598327 19665455 1086891 1004469 25110837 21132471 6952079 6906882 40696315 5754205 5955498 37608284 36160417 203241291 175384172 2881887 2596787 73730 142567 78170922 91361705 19838448 14700483 1606109 1476644 2553 1669 149957 129460 102723606 110409315 305964897 285793487 15082508 15278680 869712 431942 5179782 4953039 1511032 1467570 3786812 2915199 15101324 16157110 3400127 3068436 2213765 2459186 1611478 1562383 48756540 48293545 48756540 48293545 333535842 325652712 65148 Shared Service Allocations 2148617 6 145276659 25178510 714734 171169903 145276659 25178510 714734 171169903 25178510 714734 127288516 22005524 626003 149920043 17988143 3172986 88731 21249860 79511774 6325994 144396 219 3089161 76419337 79511774 6325994 144396 3089161 76419337 6325994 144396 3089161 69666612 5566488 126470 2705658 66932252 9845162 759506 17926 383503 9487085 El Paso Natural Gas Company, L.L.C. 2934502 1659502 2426120387 619841788 4400911 1498932 174826556 44693091 15378303 1423331 31498690 7925424 2620885 632881 2657780234 677674949 2426120387 619841788 8523520 2543562 174826556 44693091 8701564 4535174 28444312 7438220 Off System Compressor Fuel 989463 285518 Net Gas Used for Other Utility Operations 1301584 302817 Fuel & L&U Retention True Up 2867399 784774 Line pack change 228690 -909995 Park and Loan change -143927 -3392008 Imbalance Adjustments 841 188 Operational Sales Recorded in Account 495 1373248 108312 2653233637 676231441 4546597 1443508 2657780234 677674949 16 31 32 33 34 35 36 37 102976936 99712089 11718384 15200350 -17808 -17808 -12753832 10699197 4324559 -1098174 73849718 60629056 -1742742 13610470 4785720 16507851 2980967 2777636 0 0 518736068 436253917 141847851 148348414 2980967 2777636 137772265 150394750 2541852 2868267 -135230413 -147526483 10198770 22356703 -383503803 -288725286 1852 2148 53193 51045 55045 NA NA NA NA NA NA NA NA NA NA NA Not Prepared Matthew J. Wojtalewicz Vice President and Controller 1001 Louisiana Street, Suite 1000, Houston, TX 77002 true false El Paso Natural Gas Company, L.L.C. (EPNG) was originally organized as a Delaware corporation on November 18, 1928, EPNG was converted to a Delaware limited liability company on August 6, 2012. Respondent is a natural gas pipeline company primarily engaged in open-access interstate transportation and storage of natural gas. Respondent's interstate pipeline system extends from the Permian Basin area of West Texas and Southeast New Mexico, the Texas-Oklahoma Panhandle area, the Anadarko Basin of Southwest Oklahoma, and the San Juan Basin of Northwest New Mexico and Southwest Colorado through one or more of the states of Texas, Oklahoma, New Mexico, Colorado, Arizona, and California, as well as to points of termination at the boundary between the United States and Mexico in both Arizona and Texas. false Cross Country Development, L.L.C. J Gas Pipeline 0.55 Wilson Sporting Goods Company holds a 45% interest in Cross Country Development, L.L.C. Mojave Pipeline Company, L.L.C. D Gas Pipeline 1.00 Mojave Pipeline Operating Company, L.L.C. I Gas Pipeline 1.00 1 2 3 <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">1.&#160; None.</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">2.&#160; None.</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">3.&#160; None.</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">4.&#160; None.</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">5.&#160; None.</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">6.&#160; None.</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">7.&#160; None.</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">8.&#160; None.</font>&#160;</p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">9.&#160; See Page 122.1, Notes to Financial Statements, Note 9 "Litigation, Environmental and Commitments."</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">10.&#160; None.</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">11.&#160; See page 122.1, Notes to Financial Statements, Note 8 "Rate and Regulatory Matters."</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">12.&#160; Changes made during the year ended December 31, 2025:</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">Appointments:</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">&#160; &#160; &#160;M</font><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">ichael&#160;Chandler - Vice President</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">&#160; &#160; &#160;<font style="font-size: 18pt;">Ernestine&#160;</font></font><font style="font-family: arial, helvetica, sans-serif; font-size: 18pt;">Oriadha&#160;- Vice President</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 18pt;">&#160; &#160; &#160;Jacquelyne Rocan - Vice President</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">&#160; &#160; &#160;Steven Romano - Vice President</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">&#160; &#160; &#160;</font><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">Daryl Vance - Vice President</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">Resignations:</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">&#160; &#160; &#160;Anders Johnson - Vice President</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">&#160; &#160; &#160;William E. Morgan - Vice President, Operational Controller</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">&#160; &#160; &#160;Christa Robbins - Vice President</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">&#160; &#160; &#160;Dayton Robertson - Vice President</font><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">&#160;</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">&#160; &#160; &#160;Tony&#160;Sala&#160;- Assistant Secretary</font></p> <p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">&#160; &#160; &#160;Daryl Vance - Vice President</font></p></div> <div><p><font style="font-family: arial, helvetica, sans-serif; font-size: 24px;">13.&#160; N/A.</font></p></div> 449237 449237 36225682 36225682 15082508 15082508 51757427 51757427 260059 260059 19777711 19777711 20037770 20037770 709296 709296 56003393 56003393 15082508 15082508 71795197 71795197 71795197 71795197 5324424 5324424 5324424 5324424 1401788 1401788 1401788 1401788 Account 186 244431 244431 244431 244431 78765840 78765840 12 Federal Income Tax Federal Tax Federal 3795684 61368571 -62221416 2942839 58277628 3090943 Subtotal Federal Tax 3795684 61368571 -62221416 2942839 58277628 3090943 State Income Tax - Arizona State Tax Arizona 292257 6277695 -6253527 316425 6038049 239646 0.0206 State Income Tax - California State Tax California 23687 594873 -592583 25977 572164 22709 0.0020 State Income Tax - Colorado State Tax Colorado 7752 144987 -144429 8310 139452 5535 0.0005 State Income Tax - New Mexico State Tax New Mexico 209438 4407484 -4390517 226405 4239231 168253 0.0145 State Income Tax - Oklahoma State Tax Oklahoma 8126 51781 -51582 8325 49804 1977 0.0002 Texas Margin Tax State Tax Texas 2024 923159 -76139 847020 -76139 Texas Margin Tax State Tax Texas 2025 973584 973584 973584 Subtotal State Tax 1464419 12374265 847020 -11432638 1559026 11936145 438120 Ad Valorem Tax - Arizona Ad Valorem Tax Arizona 2024 7519063 -191 7518872 -191 Ad Valorem Tax - Arizona Ad Valorem Tax Arizona 2025 14651040 7321382 7329658 14651040 Ad Valorem Tax - California Ad Valorem Tax California 2024 186000 232 186232 232 Ad Valorem Tax - California Ad Valorem Tax California 2025 358463 179463 179000 358463 Ad Valorem Tax - Colorado Ad Valorem Tax Colorado 2024 387000 145701 532701 145701 Ad Valorem Tax - Colorado Ad Valorem Tax Colorado 2025 459000 459000 459000 Ad Valorem Tax - New Mexico Ad Valorem Tax New Mexico 2024 2799924 -35221 2764703 -35221 Ad Valorem Tax - New Mexico Ad Valorem Tax New Mexico 2025 5288000 2786060 2501940 5288000 Ad Valorem Tax - North Carolina Ad Valorem Tax North Carolina 2025 6273 6273 6273 Ad Valorem Tax - Oklahoma Ad Valorem Tax Oklahoma 2024 84964 84964 Ad Valorem Tax - Oklahoma Ad Valorem Tax Oklahoma 2025 142720 71360 71360 142720 Ad Valorem Tax - Texas Ad Valorem Tax Texas 2024 6178698 -1406 6177292 -1406 Ad Valorem Tax - Texas Ad Valorem Tax Texas 2025 7315559 1415125 5900434 7315559 Ad Valorem Tax - Native American Tribes Ad Valorem Tax Native American Tribes 2024 1702000 -20565 980435 701000 -20565 Ad Valorem Tax - Native American Tribes Ad Valorem Tax Native American Tribes 2025 1412061 1169061 243000 1412061 Subtotal Ad Valorem Tax 18857649 29721666 31193923 17385392 29721666 Use Tax - Arizona Sales And Use Tax Arizona 2025 32809 32809 32809 Use Tax - Colorado Sales And Use Tax Colorado 2025 24 24 24 Use Tax - New Mexico Sales And Use Tax New Mexico 2025 77778 77778 77778 Use Tax - Texas Sales And Use Tax Texas 2025 765421 765421 687 764734 Subtotal Sales and Use Tax 876032 876032 687 875345 Payroll - FICA Tax Payroll Tax Federal 2025 4865017 4865017 4865017 Payroll - Unemployment Tax Payroll Tax Federal 2025 146716 146716 146716 Subtotal Payroll Tax 5011733 5011733 5011733 Business Activity Tax Other Taxes Navajo Nation 2024 378000 -100744 277256 -100744 Business Activity Tax Other Taxes Navajo Nation 2025 1258200 880200 378000 1258200 Subtotal Other Tax 378000 1157456 1157456 378000 1157456 Franchise and Occupation Tax Franchise Tax Various 2025 -25 12685 12685 -25 12685 Subtotal Franchise Tax -25 12685 12685 -25 12685 110522408 39098849 -73654054 106118000 3529063 875345 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 Arizona AZ Fully Owned and Operated by Respondent 4905.8 Colorado CO Fully Owned and Operated by Respondent 21.7 New Mexico NM Fully Owned and Operated by Respondent 2780.3 Oklahoma OK Fully Owned and Operated by Respondent 45.9 Texas TX Fully Owned and Operated by Respondent 2408.8 10162.5 10162.5 1 2 3 4 5 6 7 8 9 10 Directly Charged Salaries and Wages Kinder Morgan, Inc. Various 75383393 Other Compensation and Benefits Kinder Morgan, Inc. Various 1863502 Post-retirement Benefits Other Than Pensions Transfer Kinder Morgan, Inc. 926 12500000 Shared Services Kinder Morgan, Inc. Various 17328050 Construction Overheads Kinder Morgan, Inc. Various 9398545 Transportation of Gas TransColorado Gas Transmission Company LLC 858 22447682 Transportation of Gas Mojave Pipeline Company, L.L.C. 858 15698696 154619868 Transportation Revenue Kinder Morgan Texas Pipeline LLC Various 124631 Transportation Revenue KM Gas Marketing LLC Various 4764865 4889496 2 3 4 5 6 7 8 11 12 Maricopa Expansion 17777405 21931715 Permian West Expansion Line 1100 22990 31151980 Compressor Overhauls and Turbine Exchanges 22816990 1280836 Regenerator Replacements 3799794 7808319 Diamondback Meter Station and Lateral Expansion 2369028 3830972 Make Pipelines Piggable 5343039 705300 Compressor Controls Systems 3315880 1943200 Right Of Way Renewals 4229248 800000 AIRREG Project - Compressors Replacements 2785133 429829 Pipe Replacements 2982961 81141 Compressor Components Replacements 1068275 137791 Miscellaneous Construction Projects Under $1,000,000 3546243 450464 70551547 1 2 3 4 5 6 7 8 9 10 11 12 Environmental Reserve 5663732 Various 3095698 5192411 7760445 Litigation Reserve 2000000 2000000 Deferred Park and Loan Revenue 7867548 489.2 35940879 41458117 13384786 Levelized Revenue 12308823 489.2 6975985 15417038 20749876 Deferred Water Lease Revenue 292127 417 292127 46304689 64067566 1 2 3 4 5 90095 1640275 1107201 2837571 -35867 -652993 -440777 -1129637 90095 1640275 1107201 2837571 -35867 -652993 -440777 -1129637 77408 1407210 949581 2434199 -30816 -560210 -378029 -969055 810 819/854 77408 1407210 949581 2434199 -30816 -560210 -378029 -969055 6503 118214 79771 204488 -2589 -47061 -31757 -81407 Various Various 6503 118214 79771 204488 -2589 -47061 -31757 -81407 16772 304902 205747 527421 -6677 -121381 -81908 -209966 16772 304902 205747 527421 -6677 -121381 -81908 -209966 -10588 -190051 -127898 -328537 4215 75659 50917 130791 -10588 -190051 -127898 -328537 4215 75659 50917 130791 Other Dispositions Gas due from shippers 10588 190051 127898 328537 -4215 -75659 -50917 -130791 182.3/407.3 254/407.4 10588 190051 127898 328537 -4215 -75659 -50917 -130791 10 10 108986 1599895 1027335 2736216 70993 1042172 669206 1782371 108986 1599895 1027335 2736216 70993 1042172 669206 1782371 98311 1444283 927533 2470127 64040 940806 604195 1609041 819/854 810 98311 1444283 927533 2470127 64040 940806 604195 1609041 7045 103490 66462 176997 4589 67414 43293 115296 Various Various 7045 103490 66462 176997 4589 67414 43293 115296 23081 339080 217761 579922 15035 220877 141849 377761 23081 339080 217761 579922 15035 220877 141849 377761 -19451 -286958 -184421 -490830 -12671 -186925 -120131 -319727 -19451 -286958 -184421 -490830 -12671 -186925 -120131 -319727 Other Dispositions Gas due from shippers 19451 286958 184421 490830 12671 186925 120131 319727 182.3/407.3 254/407.4 19451 286958 184421 490830 12671 186925 120131 319727 122382 1684314 1177822 2984518 22604 311093 217543 551240 See Footnote 122382 1684314 1177822 2984518 22604 311093 217543 551240 103890 1430130 999874 2533894 19188 264145 184677 468010 819/854 810 103890 1430130 999874 2533894 19188 264145 184677 468010 17211 236926 165648 419785 3179 43760 30595 77534 Various Various 17211 236926 165648 419785 3179 43760 30595 77534 13783 189732 132650 336165 2546 35044 24500 62090 13783 189732 132650 336165 2546 35044 24500 62090 -12502 -172474 -120350 -305326 -2309 -31856 -22229 -56394 -12502 -172474 -120350 -305326 -2309 -31856 -22229 -56394 Other Dispositions Gas due from shippers 12502 172474 120350 305326 2309 31856 22229 56394 182.3/407.3 254/407.4 12502 172474 120350 305326 2309 31856 22229 56394 604512342 28631926 633144268 1982827 2346621 Health and life insurance 7774704 Long-term disability insurance 164331 401K Employer contributions 2693171 Other 139670 6 7 8 9 Mojave Pipeline Company, L.L.C. Capital Contribution 2010-11-30 51211068 2541852 48669216 Unappropriated Undistributed Subsidiary Earnings 6415099 6415099 Subtotal 51211068 6415099 8956951 48669216 Cross Country Development L.L.C. Unappropriated Undistributed Subsidiary Earnings 0 582011 582011 0 Subtotal 0 582011 582011 0 48669216 9538962 1 2 6 13 14 19 26 Washington - New Mexico & Texas Underground Storage Compressor Stations 2 9000 35960660 130093 2462648 135766 PT4901H 1 2025-05-18 Subtotal Underground StorageCompressor Stations 2 9000 35960660 130093 2462648 135766 PT4901H 1 Alamo Lake - Arizona Transmission Compressor Stations 2 20500 31414522 283637 386577 203920 PT3814H 1 2025-06-06 Bowie - Arizona Transmission Compressor Stations 1 12780 11981791 339501 245877 198373 PT2274H 1 2025-04-25 Casa Grande - Arizona Transmission Compressor Stations 5 33710 28555197 246830 523004 161191 PT2998H 2 2025-12-06 Castle Dome - Arizona Transmission Compressor Stations 1 1590 4380431 10189 233397 5173 PT182H 1 2025-01-20 Cimarron - Arizona Transmission Compressor Stations 1 15000 18253529 905288 367275 654833 PT5975H 1 2025-01-08 Dilkon - Arizona Transmission Compressor Stations 2 27450 26510317 685354 722659 377849 PT3585H 2 2025-07-17 Dragoon - Arizona Transmission Compressor Stations 1 14321 42274700 476101 320265 309038 PT3639H 1 2025-10-22 Dutch Flat - Arizona Transmission Compressor Stations 2 12150 17089069 117407 427002 89427 PT2026H 2 2025-09-03 Flagstaff - Arizona Transmission Compressor Stations 2 11000 13645925 9370 296958 14639 Hackberry - Arizona Transmission Compressor Stations 2 15270 19140495 502435 527053 357542 PT4427H 2 2025-01-30 Leupp - Arizona Transmission Compressor Stations 18 43260 53652061 1792833 3641490 1289288 PT80647H 12 2025-09-03 Navajo - Arizona Transmission Compressor Stations 4 41020 50638812 437297 501756 292457 PT3104H 2 2025-04-01 Oracle - Arizona Transmission Compressor Stations 1 13450 7724529 1182872 258308 813037 PT8010H 1 2025-01-29 Picacho Station - Arizona Transmission Compressor Stations 3 8290 29472728 697 214306 200 PT31H 1 2025-01-23 San Simon - Arizona Transmission Compressor Stations 3 20010 9451390 689960 246538 489724 PT8503H 2 2025-01-14 Seligman - Arizona Transmission Compressor Stations 2 22110 25283766 22302 267202 16663 PT162H 1 2025-04-29 Tom Mix - Arizona Transmission Compressor Stations 2 20620 20059950 714165 196228 527086 PT7782H 2 2025-01-27 Vail - Arizona Transmission Compressor Stations 3 20010 29300163 299882 332236 291981 PT4696H 2 2025-04-03 Wenden - Arizona Transmission Compressor Stations 2 15760 24973071 744430 634992 513557 PT8562H 2 2025-05-14 Willcox - Arizona Transmission Compressor Stations 2 28000 44166897 980087 437894 703986 PT8886H 2 2025-09-10 Williams - Arizona Transmission Compressor Stations 6 43400 38515476 1900367 1743857 1396937 PT18233H 4 2025-07-02 Window Rock - Arizona Transmission Compressor Stations 13 36000 47001105 1651239 2968849 1177996 PT55002H 9 2025-09-03 Bondad - Colorado Transmission Compressor Stations 3 18825 20942182 817468 488000 559168 PT15648H 3 2025-06-04 Afton - New Mexico Transmission Compressor Stations 3 21450 19270339 897526 976933 662608 PT10186H 3 2025-10-09 Belen - New Mexico Transmission Compressor Stations 2 11400 17277794 162543 324834 111937 PT6952H 2 2025-03-10 Blanco Plant - New Mexico Transmission Compressor Stations 14 15400 54006767 325558 521273 249762 PT31912H 7 2025-12-18 Bluewater - New Mexico Transmission Compressor Stations 3 21000 15350996 871645 570710 626762 PT16133H 2 2025-03-30 Caprock - New Mexico Transmission Compressor Stations 2 12740 14987105 834165 803774 573165 PT9283H 2 2025-01-05 Eunice - New Mexico Transmission Compressor Stations 4 21672 55822030 771583 1399504 577459 PT15157H 2 2025-05-07 Florida - New Mexico Transmission Compressor Stations 5 46900 55589891 2476383 966652 1724965 PT22853H 5 2025-01-27 Gallup - New Mexico Transmission Compressor Stations 2 34810 29553443 1 214589 1 Laguna - New Mexico Transmission Compressor Stations 3 10200 10584235 105961 2178495 69179 PT2728H 2 2025-05-26 Lincoln - New Mexico Transmission Compressor Stations 1 10680 17522854 909102 281737 642180 PT8335H 1 2025-01-01 Lordsburg - New Mexico Transmission Compressor Stations 4 39560 44914314 2355008 687085 1666262 PT21793H 4 2025-01-27 Monument - New Mexico Transmission Compressor Stations 6 8000 18253140 85061 997837 45393 PT4402H 2 2025-06-18 Pecos River - New Mexico Transmission Compressor Stations 3 21450 32799435 754844 732862 557925 PT8101H 3 2025-10-16 Red Mountain - New Mexico Transmission Compressor Stations 1 14321 40013198 344610 413630 323426 PT4334H 1 2025-05-11 Rio Vista - New Mexico Transmission Compressor Stations 3 7820 14810236 280406 Roswell - New Mexico Transmission Compressor Stations 3 10200 16679806 211274 2303468 202497 PT8503H 2 2025-05-09 San Juan River Mainline - New Mexico Transmission Compressor Stations 3 3480 5790271 218594 White Rock - New Mexico Transmission Compressor Stations 2 23610 35717202 258 202155 79 Amarillo - Texas Transmission Compressor Stations 2 5400 5217014 182517 1799905 116371 PT5609H 2 2025-05-09 Black River - Texas Transmission Compressor Stations 1 15000 16039048 938126 442703 664301 PT6720H 1 2025-01-03 Cornudas - Texas Transmission Compressor Stations 6 52330 69157158 3571440 1501556 2511492 PT33229H 6 2025-01-23 Dimmitt - Texas Transmission Compressor Stations 5 6750 11148308 398685 1273015 266657 PT26060H 4 2025-01-01 Dumas - Texas Transmission Compressor Stations 2 11000 15745630 345296 549134 233079 PT6317H 2 2025-08-28 El Paso - Texas Transmission Compressor Stations 5 58880 59234890 2699545 1299540 1823097 PT23919H 5 2025-03-08 Gresham - Texas Transmission Compressor Stations 1 9800 9066115 345821 435920 259029 PT3202H 1 2025-06-09 Guadalupe - Texas Transmission Compressor Stations 1 31050 23723735 2362267 738515 1565747 PT7590H 1 2025-10-01 Hueco - Texas Transmission Compressor Stations 3 21450 37220840 1053598 980833 686164 PT10432H 3 2025-01-01 Keystone Mainline - Texas Transmission Compressor Stations 15 24051 30730207 636164 4081231 453561 PT42418H 8 2025-06-04 Plains - Texas Transmission Compressor Stations 15 25450 21925026 1130710 4322107 758237 PT59673H 8 2025-04-02 Puckett - Texas Transmission Compressor Stations 1 2700 7189854 33722 359091 25270 PT1208H 1 2025-04-23 Schafer (Getty) - Texas Transmission Compressor Stations 3 6000 4677639 150334 526135 104026 PT9754H 2 2025-08-13 Waha - Texas Transmission Compressor Stations 5 14640 41709469 1085 1086891 963634 716 14213520 PT4373H 3 2025-07-25 Wink - Texas Transmission Compressor Stations 3 23100 29404127 567171 327321 363134 PT7388H 3 2025-10-27 Subtotal TransmissionCompressor Stations 213 1136820 1495560222 40331714 1086891 49656901 28308546 14213520 PT666750H 144 1531520882 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 Willcox Lateral CP99-322 Incremental 34369227 20969307 2016120 1801100 827031 687927 372399 6802653 Willcox Expansion CP12-6 Incremental 53734397 20303576 3977468 2815921 1293017 1184411 558398 6498951 88103624 41272883 5993588 4617021 2120048 1872338 930797 13301604 1 2 28541982 5416777 1317925 35276684 28541982 5416777 1317925 35276684 5416777 1317925 25007903 4735038 1154310 30897251 3534079 681739 163615 4379433 7309901 Assets Capitalized for Tax Not Book 15386292 Contributions in Aid of Construction 966532 Capitalized Interest - Tax 328931 Capitalized Overhead - Tax 23991656 71387920 Federal Income Tax 1699035 State Deferred Income Tax 103635896 Book Depreciation & Amortization 138000 Book Depreciation - NonUtility 90805 Amortization of Regulatory Assets 14441753 ASC 715 Post Retirement Benefits 207456 Regulatory Amortization - DSIT 288781 Environmental Reserve 4360000 Litigation Reserve 25561527 ROW Amortization 2418930 Cashout Tracker 9740755 Deferred Revenue 504956 Other 234475814 484711 AFUDC Equity - Regulatory Asset 879385 AFUDC - Book Capitalized Interest 2980967 AFUDC Equity - Book Capitalized Amount 8515873 Capitalized Overhead - Book 17808 Amortization - Deferred Investment Tax Credit 642889 Amortization of Regulatory Liabilities 76812 Regulatory Amortization - DFIT 13598445 211672981 Tax Depreciation & Amortization 9015381 Dismantling Costs 437696 Tax Depreciation - NonUtility 1469598 Tax G/L on Disposition of Assets 302544 Equity Investment in Partnership 2035070 CIAC Expense 224933270 291165289 61144711 21% of Taxable Income 223860 Return to Provision 61368571 Federal Income Tax - Current 5 6 7 8 11 12 13 14 15 16 17 18 19 20 21 22 23 26 27 28 29 30 31 32 35 36 37 38 39 40 44 45 46 47 48 49 <div><!--?xml version="1.0" encoding="utf-8" standalone="no"?--> <div> <div class="Section_1"> <p style="margin-top: 0pt; margin-bottom: 12pt; 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="font-family: Arial;">We are a Delaware limited liability company, originally formed in 1928 as a corporation. When we refer to "us," "we," "our," "the Company," or "EPNG," we are describing El Paso Natural Gas Company, L.L.C. We are an indirect wholly owned subsidiary of Kinder Morgan, Inc. (KMI). References to KMI are inclusive of Kinder Morgan Inc. and its consolidated subsidiaries.</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> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Our primary business consists of the interstate transportation and storage of natural gas. Our system consists of approximately 10,255 miles of transmission pipeline with a design capacity of approximately 6.41 billion cubic feet per day (Bcf/d). Our system extends from the San Juan, Permian, and Anadarko basins to California, our single largest market, as well as markets in Arizona, Nevada, New Mexico, Oklahoma, Texas, and northern Mexico. The design capacity for natural gas reflects winter sustainable west-flow capacity of approximately 4.90 Bcf/d and approximately 1.51 Bcf/d of non-mainline capacity.</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 our Washington Ranch underground natural gas storage facility located in New Mexico to manage our transportation needs. This storage facility has up to approximately 44 Bcf of underground working natural gas storage capacity.</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;">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 (U.S.) (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, (iii) subsidiaries are reflected on the equity method whereas GAAP requires that all controlled subsidiaries be consolidated, and (iv) 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 16, 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</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; 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; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Inventories</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 inventories, which consist of materials and supplies, 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;">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 current index prices. 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; 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; 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;">Included in our property balances are base gas and working gas at our storage facility. We periodically evaluate natural gas volumes at our storage facility for gas losses. When events or circumstances indicate a loss has occurred, we recognize a loss on our income statement or defer the loss as a regulatory asset on our balance sheets if deemed probable of recovery through future rates charged to customers.</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 our average cost of debt. 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. We record, as liabilities, the fair value of ARO on a discounted basis when they are incurred and can be reasonably estimated, which is typically at the time the assets are installed or acquired. Amounts recorded for the related assets are increased by the amount of these obligations. Over time, the liabilities increase due to the change in their present value, and the initial capitalized costs are depreciated over the useful lives of the related assets. The liabilities are eventually extinguished when the asset is taken out of service.</font></p> <p style="margin-top: 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 the substantial majority of 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, including our investment in Mojave Pipeline Company, L.L.C (Mojave), of which we are the sole owner. Under this method, our equity investments are carried originally at our acquisition cost, increased by our proportionate share of the investee's net income and by contributions made, and decreased by our proportionate share of the investee's net losses and by distributions 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; font-style: italic;">Revenue Recognition</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 segregate each class of revenue by account pursuant to the FERC's guidance under Code of Federal Regulations Title 18, Part 201.</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;">Revenue from Contracts with Customers.</font><font style="font-family: Arial; font-style: italic;"> &#160;</font><font style="font-family: Arial;">We recognize revenue when control of the promised goods or services is transferred to customers and in an amount that reflects the consideration we expect to receive for those goods or services. Review of our contracts with customers may involve management judgment and an analysis of the</font> <font style="font-family: Arial;">contract&#8217;s</font> <font style="font-family: Arial;">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 of natural gas under firm and/or fee-based service contracts and natural gas sales contracts. The natural gas we receive under our services 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>Services Contracts</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&#160;</font><font style="font-family: Arial;">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;"><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 Sales Contracts.</font><font style="font-family: Arial;"> 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 value of natural gas sold. The transaction price is allocated to each performance obligation based on the standalone selling price of natural gas sold. Revenue is recognized upon delivery of the natural gas and generally accounted for on a gross basis with the related cost reported in Operation Expenses in our income statements.&#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> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Contract Balances.</font><font style="font-family: Arial;"> Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings, and cash collections. As of December 31, 2025 and 2024, our contract liability balances were approximately $34 million and $21 million, respectively. Of the contract liability balance at December 31, 2024, approximately $15 million was recognized as revenue during the year ended December 31, 2025.</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;">Major Customers.</font><font style="font-family: Arial;"> For the years ended December 31, 2025 and 2024, revenue from our largest customer was approximately $107 million and $108 million, respectively, which exceeded 10% of our operating revenues in each period.</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. Refer to Note 9 "Litigation, Environmental and Commitments</font><font style="font-family: Arial; font-style: italic;"> - Environmental Matters</font><font style="font-family: Arial;">" for further information.</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;">Postretirement Benefits</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 participate in KMI's postretirement benefit plan covering certain of our former employees that we have made contributions to in the past. These contributions are invested until the benefits are paid to plan participants. The net benefit cost (credit) of this plan is recorded on our income statements and is a function of many factors including expected returns on plan assets and amortization of certain deferred gains and losses. Refer to Note 6 for further information.</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 accounting for our postretirement benefit plan, we record an asset or liability based on the difference between the fair value of the plan's assets and the plan's benefit obligation. Any deferred amounts related to unrecognized gains and losses or changes in actuarial assumptions are recorded on our balance sheets in Account 219 "Accumulated Other Comprehensive Income" (AOCI) until those gains or losses are recognized 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; 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; 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 8 for further information.</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;">3. Income Taxes</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 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 KMI, which is a taxable C-corporation. 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 account for tax credits under the flow-through method, which reduces the provision for income taxes in the year the tax credits first become available. 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. Income taxes charged to us are reflected in the accompanying comparative balance sheet in Account 236 "Taxes Accrued" and Accounts 190, 282, and 283 "Accumulated Deferred Income Taxes." A portion of the activity in Account 211 "Miscellaneous Paid-In Capital" reflects the income taxes assigned or advanced to our Member. Current income taxes assigned to our Member are transferred into Account 211 from Account 236. Deferred income taxes advanced to our Member are transferred into Account 211 with an offsetting adjustment to Account 186 "Miscellaneous Deferred Debits." For more information, see Note 7.&#160;</font><font style="font-family: Arial, sans-serif; font-size: 16pt;">Beginning with this FERC Form No. 2, we adopted Accounting Standards Update (ASU) No. 2023-09, </font><em style="font-family: Arial, sans-serif; font-size: 16pt;">&#8220;Income Taxes (Topic 740): Improvements to Income Tax Disclosures,&#8221;</em><font style="font-family: Arial, sans-serif; font-size: 16pt;"> and the effects of our early adoption are reflected for all periods below.</font></p> <p class="MsoNormal" style="text-align: justify;"><font style="font-family: Arial; font-size: 16pt;">The following table reflects the components of income tax expense included in net income (in millions):</font><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: 555.9pt; border-right: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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: 275.8pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="4"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Year Ended December 31,</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 555.9pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: spaces;"> &#160;</font></p> </td> <td style="width: 130.1pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p> </td> <td style="width: 125.6pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2024</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; 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;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Current:</font></p> </td> <td style="width: 130.1pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 125.6pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; 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;"> <p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Federal</font></p> </td> <td style="width: 2.6pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 105.9pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">61</font></p> </td> <td style="border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 105.9pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">59</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; border: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">State</font></p> </td> <td style="width: 130.1pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">12</font></p> </td> <td style="width: 125.6pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">12</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; 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;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 130.1pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">73</font></p> </td> <td style="width: 125.6pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">71</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 555.9pt; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 3.9pt; 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: 128.6pt; border-top: 4.5pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 125.6pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; 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;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Deferred:</font></p> </td> <td style="width: 130.1pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 125.6pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; 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;"> <p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Federal</font></p> </td> <td style="width: 130.1pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">10</font></p> </td> <td style="width: 125.6pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">13</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; 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;"> <p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">State</font></p> </td> <td style="width: 130.1pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2</font></p> </td> <td style="width: 125.6pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; 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;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 130.1pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">12</font></p> </td> <td style="width: 125.6pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">15</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; 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;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Total income tax expense</font></p> </td> <td style="width: 2.6pt; border-top: 4.5pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 105.9pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">85</font></p> </td> <td style="border-top: 4.5pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 105.9pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">86</font></p> </td> </tr> </table> <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;">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><font style="-aw-import: ignore;"> &#160;</font>&#160;&#160;</p> <table class="MsoNormalTable" style="margin-left: -.4pt; 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height: 27.35pt;" width="742">&#160;</td> <td style="width: 249.35pt; border-top: none; border-left: none; border-bottom: solid windowtext 4.5pt; border-right: solid black 1.0pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 4.4pt 0in 5.65pt; height: 27.35pt;" colspan="4" width="332"> <p class="MsoNormal" style="text-align: center;" align="center"><strong><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">2025</font></strong></p> </td> <td style="width: 261.45pt; border-top: none; border-left: none; border-bottom: solid windowtext 4.5pt; border-right: solid black 1.0pt; mso-border-top-alt: solid black 1.0pt; padding: 0in 4.4pt 0in 5.65pt; height: 27.35pt;" colspan="4" width="349"> <p class="MsoNormal" style="text-align: center;" align="center"><strong><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">2024</font></strong></p> </td> </tr> <tr style="mso-yfti-irow: 2; height: 27.35pt;"> <td style="width: 556.8pt; border: solid black 1.0pt; border-top: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 4.4pt 0in 4.4pt; height: 27.35pt;" width="742"> <p class="MsoNormal" style="margin: 0in 3.75pt 0in 0in;"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">Income tax expense at the statutory federal rate</font></p> </td> <td style="width: 20.2pt; border: none; border-bottom: solid black 1.0pt; mso-border-top-alt: solid windowtext 4.5pt; padding: 0in 5.65pt 0in 5.65pt; height: 27.35pt;" width="27"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">$</font></p> </td> <td style="width: 98.5pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; mso-border-top-alt: solid windowtext 4.5pt; padding: 0in 4.4pt 0in 5.65pt; height: 27.35pt;" width="131"> <p class="MsoNormal" style="text-align: right;" align="right"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">75 </font></p> </td> <td style="width: 34.5pt; 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font-size: 16pt;"><font style="font-family: Arial;">145</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; 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;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Equity investment</font></p> </td> <td style="width: 123.9pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">17</font></p> </td> <td style="width: 128.4pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">17</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; 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;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Benefits and compensation</font></p> </td> <td style="width: 123.9pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">43</font></p> </td> <td style="width: 128.4pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">41</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; 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;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Other</font></p> </td> <td style="width: 123.9pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">16</font></p> </td> <td style="width: 128.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">22</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; 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;"> <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Total deferred tax liabilities</font></p> </td> <td style="width: 123.9pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">247</font></p> </td> <td style="width: 128.4pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">225</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 555.9pt; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 3.9pt; 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: 122.4pt; border-top: 4.5pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 128.4pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; 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;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Deferred tax assets:</font></p> </td> <td style="width: 123.9pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 128.4pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; 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;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Regulatory liabilities</font></p> </td> <td style="width: 123.9pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">18</font></p> </td> <td style="width: 128.4pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">15</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; 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;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Other</font></p> </td> <td style="width: 123.9pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">17</font></p> </td> <td style="width: 128.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">14</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; 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;"> <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Total deferred tax assets</font></p> </td> <td style="width: 123.9pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">35</font></p> </td> <td style="width: 128.4pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">29</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 557.4pt; 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;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Net deferred tax liability</font></p> </td> <td style="width: 6.3pt; border-top: 4.5pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 96pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">212</font></p> </td> <td style="width: 4.1pt; border-top: 4.5pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 104.2pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">196</font></p> </td> </tr> </table> <p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">4. Utility Plant</font></p> <p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 16pt;"><font style="font-family: Arial;">Our net utility plant consisted of the following (in millions):</font></p> <table style="border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 369.9pt; border-right: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 183.1pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; 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: 281pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;" colspan="4"> <p style="margin-top: 0pt; margin-left: 0.1pt; 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: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 369.9pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 183.1pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Rates (%)</font></p> </td> <td style="width: 132.5pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p> </td> <td style="width: 137pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-left: 0.1pt; 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; -aw-height-rule: exactly;"> <td style="width: 369.9pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 5.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Transmission and storage facilities</font></p> </td> <td style="width: 183.1pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">1.09 &#8211; 2.32</font></p> </td> <td style="width: 22.8pt; border-top: 4.5pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 98.2pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">4,381</font></p> </td> <td style="width: 33.8pt; border-top: 4.5pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 91.7pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">4,278</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 369.9pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 5.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">General plant </font></p> </td> <td style="width: 183.1pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">1.66 - 20.00</font></p> </td> <td style="width: 132.5pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">38</font></p> </td> <td style="width: 137pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">37</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 369.9pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 5.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Intangible plant</font></p> </td> <td style="width: 183.1pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">4.00 - 15.00</font></p> </td> <td style="width: 132.5pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">8</font></p> </td> <td style="width: 137pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">8</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 369.9pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 5.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; 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: 183.1pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 132.5pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(2,290)</font></p> </td> <td style="width: 137pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(2,210) </font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 369.9pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 5.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 183.1pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 22.8pt; border-bottom: 4.5pt solid #000000; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 98.2pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2,137</font></p> </td> <td style="width: 33.8pt; border-bottom: 4.5pt solid #000000; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 91.7pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2,113</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 369.9pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 5.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 183.1pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 132.5pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 137pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; 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: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 369.9pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 5.25pt; 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: 183.1pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 132.5pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; 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: 137pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; 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: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 369.9pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 5.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Construction work in progress</font></p> </td> <td style="width: 183.1pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 132.5pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">70</font></p> </td> <td style="width: 137pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">58</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 369.9pt; border: 1pt solid #000000; padding-right: 5.25pt; padding-left: 5.25pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Net utility plant</font></p> </td> <td style="width: 183.1pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 22.8pt; border-top: 4.5pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 98.2pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2,211</font></p> </td> <td style="width: 33.8pt; border-top: 4.5pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 91.7pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.25pt; padding-left: 6pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 0.1pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2,175</font></p> </td> </tr> </table> <p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify;"><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 2.4%.</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. Debt</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 provides detail on the principal amount of our outstanding debt 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-collapse: collapse; height: 266px;" cellspacing="0" cellpadding="0"> <tr style="height: 25.2pt;"> <td style="width: 734.781px; border-right: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: top; height: 32px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-size: 16pt;"> &#160;</font></p> </td> <td style="width: 377.609px; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom; height: 32px;" colspan="5"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; font-size: 16pt;">December 31,</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 734.781px; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: top; height: 34px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-size: 16pt;"> &#160;</font></p> </td> <td style="width: 177.953px; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom; height: 34px;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; font-size: 16pt;">2025</font></p> </td> <td style="width: 185.938px; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom; height: 34px;" colspan="3"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold; font-size: 16pt;">2024</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="font-family: Arial; height: 18px; width: 747.5px; border: 1pt solid #000000;"> <p style="font-family: Arial;"><font style="font-family: Arial;"><font style="font-size: 16pt;">7.50% Debentures due November 2026</font> ⁽¹⁾</font></p> </td> <td style="width: 59.6406px; border-top: 4.5pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.15pt; padding-left: 4.4pt; vertical-align: bottom; height: 18px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 117.312px; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 18px;"> <p style="margin-top: 0pt; margin-right: 4.5pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">200</font></p> </td> <td style="width: 87.0625px; border-top: 4.5pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.15pt; padding-left: 4.4pt; vertical-align: bottom; height: 18px;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 97.875px; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 18px;"> <p style="margin-top: 0pt; margin-right: 4.35pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">200</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 737.125px; 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; height: 41px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">3.50% Senior Notes due February 2032</font></p> </td> <td style="width: 179.625px; border: 1pt solid #000000; padding-right: 3.9pt; padding-left: 4.4pt; vertical-align: bottom; height: 41px;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">300</font></p> </td> <td style="width: 187.609px; border: 1pt solid #000000; padding-right: 3.9pt; padding-left: 4.4pt; vertical-align: bottom; height: 41px;" colspan="3"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">300</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 737.125px; 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; height: 45px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">8.375% Notes due June 2032</font></p> </td> <td style="width: 179.625px; border-width: 1pt 1pt 4.5pt; border-style: solid; border-color: #000000; padding-right: 3.9pt; padding-left: 4.4pt; vertical-align: bottom; height: 45px;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">300</font></p> </td> <td style="width: 187.609px; border-width: 1pt 1pt 4.5pt; border-style: solid; border-color: #000000; padding-right: 3.9pt; padding-left: 4.4pt; vertical-align: bottom; height: 45px;" colspan="3"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">300</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 737.125px; 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; height: 32px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: spaces;">&#160;&#160; </font><font style="font-family: Arial;">Total long-term debt</font></p> </td> <td style="width: 58.9688px; border-top: 4.5pt solid #000000; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.4pt; vertical-align: bottom; height: 32px;"> <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: 104.594px; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom; height: 32px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">800</font></p> </td> <td style="width: 24.9375px; border-top: 4.5pt solid #000000; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.4pt; vertical-align: bottom; height: 32px;"> <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: 146.609px; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom; height: 32px;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">800</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 737.125px; 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; height: 32px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Less: Current portion of debt</font></p> </td> <td style="width: 58.9688px; border-top: 0.75pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 4.4pt; vertical-align: bottom; height: 32px;"> <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: 104.594px; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom; height: 32px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">200</font></p> </td> <td style="width: 24.9375px; border-top: 0.75pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 4.4pt; vertical-align: bottom; height: 32px;"> <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: 146.609px; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom; height: 32px;" colspan="2"> <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: 25.2pt;"> <td style="width: 737.125px; 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; height: 32px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; -aw-import: spaces;">&#160;&#160; </font><font style="font-family: Arial;">Total debt, less current maturities</font></p> </td> <td style="width: 58.9688px; border-top: 4.5pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 4.4pt; vertical-align: bottom; height: 32px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 104.594px; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom; height: 32px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">600</font></p> </td> <td style="width: 24.9375px; border-top: 4.5pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 4.4pt; vertical-align: bottom; height: 32px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 146.609px; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom; height: 32px;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">800</font></p> </td> </tr> </table> <p style="margin: 0pt 45pt 0pt 27pt; text-indent: -27pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin: 0pt 45pt 0pt 27pt; text-indent: -27pt; text-align: justify; font-size: 16pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 12pt;">(1) We intend to satisfy this debt obligation through issuance of bank or bond debt, issuance of notes to our Member, capital contributions from our Member, or a combination of these options.</font></p> <p style="margin: 0pt 45pt 0pt 27pt; text-indent: -27pt; text-align: justify; font-size: 16pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 12pt;">&#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">KMI and substantially all of its wholly owned domestic subsidiaries, including us, are a party to a cross guarantee agreement whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of specified indebtedness of each other party to the agreement.</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: italic;">Debt Covenants</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;">Under our various financing documents, we are subject to certain restrictions and covenants. The most restrictive of these include limitations on the incurrence of liens and limitations on sale-leaseback transactions. For the years ended December 31, 2025 and 2024, we were in compliance with our debt-related covenants.</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. Retirement Benefits </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;">Pension and Retirement Savings Plans</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;">KMI maintains a pension plan and a retirement savings plan covering substantially all of its U.S. employees, including certain of our former employees. The benefits under the pension plan are determined under a cash balance formula. Under its retirement savings plan, KMI contributes an amount equal to 5% of participants' eligible compensation per year. KMI is responsible for benefits accrued under its plans and allocates certain costs based on a benefit allocation rate applied on payroll charged to its affiliates.</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;">Postretirement Benefits Plan</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 provide postretirement benefits, including medical benefits for a closed group of retirees. Medical benefits for pre-age 65 participants of this closed group may be subject to deductibles, co-payment provisions, dollar caps and other limitations on the amount of employer costs, and are subject to further benefit changes by KMI, the plan sponsor. Post-age 65 Medicare eligible participants are provided a fixed subsidy to purchase coverage through a retiree Medicare exchange. In addition, certain former employees continue to receive limited postretirement life insurance benefits. Our postretirement benefit plan costs were prefunded and were recoverable under prior rate case settlements. There is no cost recovery or related funding that is required as part of our current FERC-approved rates; however, we can seek to recover any funding shortfall that may be required in the future. There were no contributions made in 2025 and 2024, and we do not expect to make any contributions to our postretirement benefit plan in 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; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Postretirement Benefit Obligation, Plan Assets and Funded Status</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 postretirement benefit obligation and net benefit cost (credit) are primarily based on actuarial calculations. We use various assumptions in performing these calculations, including the discount rate used in calculating the benefit obligation, the return that we expect to earn on our plan assets, the estimated cost of health care when benefits are provided under our plan, and other factors. The service and interest cost components of net periodic benefit cost (credit) for our postretirement benefit plan are estimated by utilizing a full yield curve approach by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to their underlying projected cash flows.</font></p> <p style="margin-top: 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 table below provides information about our postretirement benefit plan as of and for each of the listed periods (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: 762.672px; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.15pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 422.844px; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="4"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Year Ended December 31,</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 764.344px; border: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 202.062px; border-top: 1.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p> </td> <td style="width: 207.062px; border-top: 1.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2024</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 764.344px; 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;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Change in plan assets:</font></p> </td> <td style="width: 202.062px; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 207.062px; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 764.344px; 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;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Fair value of plan assets - beginning of period</font></p> </td> <td style="border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom; width: 37px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 149px; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">173</font></p> </td> <td style="width: 28px; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 163px; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">168</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 764.344px; 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;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Actual return on plan assets</font></p> </td> <td style="width: 202.062px; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">23</font></p> </td> <td style="width: 207.062px; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">18</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 764.344px; 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;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Employer transfers</font></p> </td> <td style="width: 202.062px; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(12)</font></p> </td> <td style="width: 207.062px; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(12)</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 764.344px; 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;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Benefits paid</font></p> </td> <td style="width: 202.062px; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(1)</font></p> </td> <td style="width: 207.062px; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(1) </font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 764.344px; border: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Fair value of plan assets - end of period</font></p> </td> <td style="border-top: 4.5pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom; width: 37px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 149px; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">183</font></p> </td> <td style="width: 28px; border-top: 4.5pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 163px; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">173</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 762px; border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 3.9pt; 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: 199.719px; border-top: 4.5pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 207.062px; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 764.344px; 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;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Change in postretirement benefit obligation:</font></p> </td> <td style="width: 202.062px; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 207.062px; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 764.344px; 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;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Postretirement benefit obligation - beginning of period</font></p> </td> <td style="border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom; width: 37px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 149px; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">4</font></p> </td> <td style="width: 28px; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 163px; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 764.344px; 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;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Benefits paid</font></p> </td> <td style="width: 202.062px; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(1)</font></p> </td> <td style="width: 207.062px; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">(1) </font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 764.344px; 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;"> <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Postretirement benefit obligation - end of period</font></p> </td> <td style="border-top: 4.5pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom; width: 37px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 149px; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">3</font></p> </td> <td style="width: 28px; border-top: 4.5pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 163px; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">4</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 762px; border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 3.9pt; 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: 199.719px; border-top: 4.5pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 207.062px; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 764.344px; 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;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Reconciliation of funded status:</font></p> </td> <td style="width: 202.062px; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: spaces;"> &#160;</font></p> </td> <td style="width: 207.062px; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: spaces;"> &#160;</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 764.344px; 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;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Fair value of plan assets</font></p> </td> <td style="border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom; width: 37px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 149px; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">183</font></p> </td> <td style="width: 28px; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 163px; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">173</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 764.344px; border: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Less: Postretirement benefit obligation</font></p> </td> <td style="width: 202.062px; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">3</font></p> </td> <td style="width: 207.062px; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">4</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 764.344px; 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;"> <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Net asset at December 31</font> <font style="font-family: Arial; font-size: 10.67pt; vertical-align: super;">(1)</font></p> </td> <td style="border-top: 4.5pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom; width: 37px;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 149px; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">180</font></p> </td> <td style="width: 28px; border-top: 4.5pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 163px; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">169</font></p> </td> </tr> </table> <p style="margin-top: 0pt; margin-left: 27pt; margin-bottom: 0pt; text-indent: 9pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt;"><font style="font-family: Arial;">(1)</font> <font style="font-family: Arial;">Net asset amounts are included in Account 128 "Other Special Funds" on our balance sheets.</font></p> <p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt;"><font style="-aw-import: spaces;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Components of AOCI</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;">The amounts included in AOCI as of December 31, 2025 and 2024 of $36 million and $26 million, net of income taxes of $11 million and $9 million, respectively, are primarily related to unrecognized gains.</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;">Plan 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; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">The primary investment objective of our plan is to ensure that, over the long-term life of the plan, an adequate pool of sufficiently liquid assets exists to meet the benefit obligations to retirees and beneficiaries. Investment objectives are long-term in nature covering typical market cycles. Any shortfall of investment performance compared to investment objectives is generally the result of economic and capital market conditions. Although actual allocations vary from time to time from our targeted allocations, the target allocations of our postretirement plan's assets are 39% fixed income and 61% equity.</font></p> <p class="MsoNormal"><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;">Below are the details of the postretirement benefit plan assets by class and a description of the valuation methodologies used for assets measured at fair value.</font></p> <ul style="list-style-type: disc;"> <li><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;"><!--[endif]-->Level 2 assets' fair values are primarily based on pricing data representative of quoted prices for similar assets in active markets (or identical assets in less active markets). Included in this are short term investment funds which are valued at cost plus calculated interest; and&#160;</font><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;">&#160;&#160;</font><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;">&#160;</font></li> </ul> <ul style="list-style-type: disc;"> <li><font style="font-family: arial, helvetica, sans-serif; font-size: 16pt;"><font style="text-indent: -0.25in;">Plan assets with fair values that are based on the net asset value per share, or its equivalent (NAV), as a practical expedient to measure fair value, as reported by the issuers are determined based on the fair value of the underlying securities as of the valuation date and include common/collective trust funds. Plan assets measured at NAV are not categorized within the fair value hierarchy described above, but are separately identified in the table below.</font>&#160;</font></li> </ul> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Listed below are the fair values of the plan's assets that are recorded at fair value by class and categorized by fair value measurement used at December 31, 2025 and 2024 (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: 982.5pt; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 25.2pt;"> <td style="width: 737.7pt; border: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 118.5pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p> </td> <td style="width: 96.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" 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: 21.6pt;"> <td style="width: 737.7pt; 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: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 118pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: top;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 95.9pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: top;" colspan="3"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 737.7pt; 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;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Investment within fair value hierarchy: Short-term investment fund (money market) measured at Level 2</font></p> </td> <td style="width: 40.4pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 66.8pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2</font></p> </td> <td style="border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 76.2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">2</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 737.7pt; 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;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Investments measured at NAV</font></p> </td> <td style="width: 40.4pt; border-top: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: spaces;"> &#160;</font></p> </td> <td style="width: 66.8pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">181</font></p> </td> <td style="width: 28.4pt; border-top: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="-aw-import: spaces;"> &#160;</font></p> </td> <td style="width: 56.7pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">171</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 737.7pt; 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;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Investments at fair value</font></p> </td> <td style="width: 40.4pt; border-top: 4.5pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 66.8pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">183</font></p> </td> <td style="width: 28.4pt; border-top: 4.5pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 56.7pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">173</font></p> </td> </tr> </table> <p style="margin-top: 0pt; margin-left: 27pt; margin-bottom: 0pt; text-indent: -27pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-left: 27pt; margin-bottom: 0pt; text-indent: -27pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Expected Payment of Future Benefits</font></p> <p style="margin-top: 0pt; margin-left: 27pt; margin-bottom: 0pt; text-indent: -27pt; 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 expect to make the following benefit payments under our plan (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: 25.2pt;"> <td style="width: 714.4pt; border-right: 1pt solid #000000; border-bottom: 4.5pt 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; font-weight: bold;">Year</font></p> </td> <td style="width: 123.9pt; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Total</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 714.4pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 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;">2026</font></p> </td> <td style="border-top: 4.5pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 104.2pt; border-top: 4.5pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 714.4pt; border-right: 1pt solid #000000; border-bottom: 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;">2027</font></p> </td> <td style="width: 123.9pt; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 714.4pt; border-right: 1pt solid #000000; border-bottom: 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;">2028</font></p> </td> <td style="width: 123.9pt; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 714.4pt; border-right: 1pt solid #000000; border-bottom: 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;">2029</font></p> </td> <td style="width: 123.9pt; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 714.4pt; border-right: 1pt solid #000000; border-bottom: 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;">2030</font></p> </td> <td style="width: 123.9pt; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 714.4pt; border-right: 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;">2031-2035</font></p> </td> <td style="width: 123.9pt; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</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; font-style: italic;">Actuarial Assumptions&#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> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Postretirement benefit obligations and net benefit costs are based on actuarial estimates and assumptions. The following table details the weighted average actuarial assumptions used in determining our postretirement plan obligations and net benefit 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> <table style="width: 879pt; border: 1pt solid #000000; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 25.2pt;"> <td style="width: 561.4pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 132.9pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p> </td> <td style="width: 123.9pt; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2024</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 561.4pt; border-right: 1pt solid #000000; border-bottom: 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;">Assumptions related to benefit obligation at December 31:</font></p> </td> <td style="width: 132.9pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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: 123.9pt; border-top: 4.5pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 561.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Discount rate</font></p> </td> <td style="width: 134.4pt; border: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.03%</font></p> </td> <td style="width: 125.4pt; border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.43%</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 561.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 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;">Assumptions related to benefit costs for the year ended December 31:</font></p> </td> <td style="width: 134.4pt; 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="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 125.4pt; border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 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="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 561.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Discount rate </font></p> </td> <td style="width: 134.4pt; border: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.43%</font></p> </td> <td style="width: 125.4pt; border-top: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5.08%</font></p> </td> </tr> <tr style="height: 25.2pt;"> <td style="width: 561.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 21.6pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Expected return on plan assets</font> <font style="font-family: Arial; font-size: 10.67pt; vertical-align: super;">(1)</font></p> </td> <td style="width: 134.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">6.00%</font></p> </td> <td style="width: 125.4pt; border-top: 1pt solid #000000; border-left: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">6.00%</font></p> </td> </tr> </table> <p style="margin-top: 0pt; margin-left: 27pt; margin-bottom: 0pt; text-align: justify;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;"><font style="font-family: Arial;">(1)</font> <font style="font-family: Arial;">The expected return on plan assets listed in the table above is a pre-tax rate of return based on our portfolio of investments. We utilize an after-tax expected return on plan assets to determine our benefit costs which reflects expected unrelated business income taxes.</font></p> <p style="margin-top: 0pt; margin-left: 72pt; margin-bottom: 0pt; text-align: justify;"><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;">Actuarial estimates for our postretirement benefits plan assumed a weighted average annual rate of increase in the per capita costs of covered health care benefits of 4.00% per 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;">Componen</font><em><font style="font-family: Arial;">ts</font></em><font style="font-family: Arial; font-style: italic;"> of Net Benefit Credit</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 components of net benefit credit are 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 class="MsoNormalTable" style="border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 0in 0in 0in;" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes; height: .35in;"> <td style="width: 675.0pt; border: none; border-right: solid black 1.0pt; padding: 0in 4.4pt 0in 5.65pt; height: .35in;" valign="top" width="900"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="width: 4.25in; border: solid black 1.0pt; border-left: none; 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border-bottom: solid windowtext 1.0pt; mso-border-top-alt: solid black 4.5pt; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 5.65pt 0in 5.65pt; height: .35in;" valign="bottom" width="78"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">$</font></p> </td> <td style="width: 94.5pt; border-top: none; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: solid black 1.0pt; mso-border-top-alt: solid black 4.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid black 1.0pt; padding: 0in 4.4pt 0in 5.65pt; height: .35in;" valign="bottom" width="126"> <p class="MsoNormal" style="text-align: right;" align="right"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">(8)</font></p> </td> <td style="width: 31.5pt; border: none; border-bottom: solid windowtext 1.0pt; mso-border-top-alt: solid black 4.5pt; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 5.65pt 0in 5.65pt; 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border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; mso-border-top-alt: solid black 4.5pt; padding: 0in 4.4pt 0in 5.9pt; height: .35in;" valign="bottom" width="138"> <p class="MsoNormal" style="text-align: right;" align="right"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">39 </font></p> </td> </tr> <tr style="mso-yfti-irow: 5; height: .35in;"> <td style="width: 399.8pt; border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom" width="533"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="width: 101.6pt; border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; 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line-height: 107%;">&#160;</font></p> </td> <td style="width: 27.65pt; border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom" width="37"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="width: 103.35pt; border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom" width="138"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> </tr> <tr style="mso-yfti-irow: 6; height: .35in;"> <td style="width: 399.8pt; border: solid black 1.0pt; border-top: none; padding: 0in 4.4pt 0in 4.4pt; height: .35in;" valign="bottom" width="533"> <p class="MsoNormal" style="margin-right: 3.75pt;"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">Net Income, less equity in earnings of Mojave</font></p> </td> <td style="border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; 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line-height: 107%; font-family: Arial, sans-serif;">264</font></p> </td> <td style="width: 31.65pt; border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom" width="42"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="width: 81.25pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 0in 4.4pt 0in 5.9pt; height: .35in;" valign="bottom" width="108"> <p class="MsoNormal" style="text-align: right;" align="right"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">-</font></p> </td> <td style="width: 27.65pt; border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom" width="37"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="width: 103.35pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 0in 4.4pt 0in 5.9pt; height: .35in;" valign="bottom" width="138"> <p class="MsoNormal" style="text-align: right;" align="right"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">271 </font></p> </td> </tr> <tr style="mso-yfti-irow: 7; height: .35in;"> <td style="width: 399.8pt; border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom" width="533"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="width: 101.6pt; border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom" width="135"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="width: 91.15pt; border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom" width="122"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="width: 31.65pt; border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom" width="42"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="width: 81.25pt; border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom" width="108"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="width: 27.65pt; border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom" width="37"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="width: 103.35pt; border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom" width="138"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> </tr> <tr style="mso-yfti-irow: 8; height: .35in;"> <td style="width: 399.8pt; border: solid black 1.0pt; border-top: none; padding: 0in 4.4pt 0in 4.4pt; height: .35in;" valign="bottom" width="533"> <p class="MsoNormal" style="margin-right: 3.75pt;"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">Transfer of net earnings from Account 216⁽¹⁾</font></p> </td> <td style="border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="width: 101.6pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 0in 4.4pt 0in 5.9pt; height: .35in;" valign="bottom" width="135"> <p class="MsoNormal" style="text-align: right;" align="right"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">307</font></p> </td> <td style="border: none; border-bottom: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="width: 91.15pt; border-top: none; border-left: none; border-bottom: solid black 1.0pt; border-right: solid black 1.0pt; padding: 0in 4.4pt 0in 5.9pt; height: .35in;" valign="bottom" width="122"> <p class="MsoNormal" style="text-align: right;" align="right"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">(307)</font></p> </td> <td style="width: 31.65pt; border: none; border-bottom: solid black 1.0pt; 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mso-border-top-alt: solid black 1.0pt; padding: 0in 4.4pt 0in 5.9pt; height: .35in;" valign="bottom" width="122"> <p class="MsoNormal" style="text-align: right;" align="right"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">-</font></p> </td> <td style="width: 31.65pt; border: none; border-bottom: solid black 4.5pt; mso-border-top-alt: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom" width="42"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="width: 81.25pt; border-top: none; border-left: none; border-bottom: solid black 4.5pt; border-right: solid black 1.0pt; mso-border-top-alt: solid black 1.0pt; padding: 0in 4.4pt 0in 5.9pt; height: .35in;" valign="bottom" width="108"> <p class="MsoNormal" style="text-align: right;" align="right"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">23</font></p> </td> <td style="width: 27.65pt; border: none; border-bottom: solid black 4.5pt; mso-border-top-alt: solid black 1.0pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom" width="37"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%;">&#160;</font></p> </td> <td style="width: 103.35pt; border-top: none; border-left: none; border-bottom: solid black 4.5pt; border-right: solid black 1.0pt; mso-border-top-alt: solid black 1.0pt; padding: 0in 4.4pt 0in 5.9pt; height: .35in;" valign="bottom" width="138"> <p class="MsoNormal" style="text-align: right;" align="right"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">-</font></p> </td> </tr> <tr style="mso-yfti-irow: 11; height: .35in;"> <td style="width: 399.8pt; border: solid black 1.0pt; border-top: none; padding: 0in 4.4pt 0in 4.4pt; height: .35in;" valign="bottom" width="533"> <p class="MsoNormal" style="margin: 0in .05in 8.0pt .3in;"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">Total Transfers</font></p> </td> <td style="border: none; 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mso-yfti-lastrow: yes; height: .35in;"> <td style="width: 399.8pt; border: solid black 1.0pt; border-top: none; padding: 0in 4.4pt 0in 4.4pt; height: .35in;" valign="bottom" width="533"> <p class="MsoNormal" style="margin-right: 3.75pt;"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">Balance - End of Year</font></p> </td> <td style="border: none; border-bottom: solid black 4.5pt; mso-border-top-alt: solid black 4.5pt; padding: 0in 5.9pt 0in 5.9pt; height: .35in;" valign="bottom"> <p class="MsoNormal"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">$</font></p> </td> <td style="width: 101.6pt; border-top: none; border-left: none; border-bottom: solid black 4.5pt; border-right: solid black 1.0pt; mso-border-top-alt: solid black 4.5pt; padding: 0in 4.4pt 0in 5.9pt; height: .35in;" valign="bottom" width="135"> <p class="MsoNormal" style="text-align: right;" align="right"><font style="font-size: 16pt; line-height: 107%; font-family: Arial, sans-serif;">1,543</font></p> </td> <td style="border: none; 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line-height: 107%; font-family: Arial, sans-serif;">90</font></p> </td> </tr> </table> <p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt;"><font style="font-family: Arial;">&#160;</font></p> <p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt;"><font style="font-family: Arial;">(1)</font> <font style="font-family: Arial;">Settlements of these amounts are made within equity and are considered non-cash financing 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; 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 participate in</font> <font style="font-family: Arial;">KMI's</font> <font style="font-family: Arial;">cash management program, which matches the short-term cash surpluses and needs of participating affiliates, thus minimizing total borrowings from outside sources. KMI uses the cash management program to settle intercompany transactions between participating affiliates. As of December 31, 2025 and 2024, we had no balance with KMI under the cash management program. The interest rate on this note is variable and was 3.9% and 4.7% as of December 31, 2025 and 2024, respectively.</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 other 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="width: 879pt; border: 1pt solid #000000; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 59.05pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; 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: 491.25pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; 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: 267.9pt; border-bottom: 0.75pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="4"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">December 31,</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 119.4pt; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p> </td> <td style="width: 128.4pt; border-top: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2024</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 59.05pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">146</font></p> </td> <td style="width: 491.25pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Accounts receivable from associated companies</font></p> </td> <td style="width: 0.9pt; border-top: 4.5pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 96.9pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">3</font></p> </td> <td style="width: 0.9pt; border-top: 4.5pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 105.9pt; border-top: 4.5pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">3</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 59.05pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <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: 491.25pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <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: 0.9pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 96.9pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p> </td> <td style="width: 0.9pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 105.9pt; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">1</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 59.05pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <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: 491.25pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Advance of deferred income taxes to Member</font></p> </td> <td style="width: 0.9pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 96.9pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">197</font></p> </td> <td style="width: 0.9pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 105.9pt; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">184</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 59.05pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <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: 491.25pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <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: 0.9pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 96.9pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">4</font></p> </td> <td style="width: 0.9pt; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 105.9pt; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">4</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 59.05pt; border-right: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; 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: 491.25pt; border-right: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <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: 0.9pt; padding-right: 5.65pt; padding-left: 5.65pt; 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: 96.9pt; border-right: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p> </td> <td style="width: 0.9pt; padding-right: 5.65pt; padding-left: 5.65pt; 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: 105.9pt; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">3</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;">We do not have employees and are managed and operated by KMI, who provides services to us. Under KMI policies, we reimburse KMI at cost for direct and indirect costs incurred on our behalf and allocated general and administrative costs. These costs are reflected, as appropriate, in the "Operation, maintenance, and payroll tax expenses" and "Capitalized costs" lines in the table below.</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 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="width: 878.5pt; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 581.8pt; border-right: 1pt solid #000000; padding-right: 3.9pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 281.75pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="4"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Year Ended December 31,</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 581.8pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 129.8pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2025</font></p> </td> <td style="width: 141.9pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">2024</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 581.3pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Revenues</font></p> </td> <td style="width: 17.35pt; border-top: 4.5pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 112.45pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">5</font></p> </td> <td style="width: 20.5pt; border-top: 4.5pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 121.4pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; vertical-align: bottom;"> <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: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 581.3pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; vertical-align: bottom;"> <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: 135.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">137</font></p> </td> <td style="border-bottom: 1pt solid #000000; padding-right: 5.65pt; 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: 137.9pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">139</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 581.3pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Capitalized costs</font></p> </td> <td style="width: 135.45pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; vertical-align: bottom;" colspan="2"> <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="border-bottom: 1pt solid #000000; padding-right: 5.65pt; 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: 137.9pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; 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> </tr> </table> <p style="margin: 0pt 4.5pt 0pt 18pt; text-indent: -18pt; text-align: justify;"><font style="font-family: Arial; -aw-import: ignore;"> &#160;</font></p> <p style="margin: 0pt 4.5pt 0pt 18pt; text-indent: -18pt; text-align: justify;"><font style="font-family: Arial;">(1)</font>&#160;<font style="font-family: Arial;">Includes costs associated with transportation agreements. Refer to Note 9 "Litigation, Environmental and Commitments - <em>Commitments - Transportation Commitments</em>" for further information.</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;">Subsequent Events</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;">Subsequent to December 31, 2025 and through the issuance of this report, we made a distribution to our Member of $115 million, inclusive of amounts representing income taxes and received a capital contribution from our Member of $8 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;">8. Rate and Regulatory 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; 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="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;">As of December 31, 2025, the regulatory assets are subject to recovery in our rates, over a period of approximately one year to 31 years. Below are the details of our regulatory assets and liabilities (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: 873.75pt; margin-left: 4.5pt; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 538.85pt; border-right: 1pt solid #000000; padding-right: 4.4pt; padding-left: 5.65pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 314.05pt; 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: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 538.55pt; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 132.55pt; 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: 170.65pt; 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: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 539.85pt; border: 1pt solid #000000; padding-right: 4.4pt; padding-left: 4.4pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Regulatory assets (Account 182.3)</font></p> </td> <td style="width: 19.65pt; border-top: 4.5pt solid #000000; border-left: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.4pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 101.7pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 47pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 112.1pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 539.2pt; 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: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Taxes on capitalized funds used during construction</font></p> </td> <td style="width: 19.3pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 101.7pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">9</font></p> </td> <td style="width: 47pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 112.1pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <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: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 539.2pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Gas imbalance cash out</font></p> </td> <td style="width: 19.3pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 101.7pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">44</font></p> </td> <td style="width: 47pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 112.1pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">46</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 539.2pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Other</font></p> </td> <td style="width: 19.3pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 101.7pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <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: 47pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 112.1pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <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; -aw-height-rule: exactly;"> <td style="width: 539.2pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; 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: 19.3pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 101.7pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">61</font></p> </td> <td style="width: 47pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 112.1pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">63</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 539.2pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 19.3pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 101.7pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <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: 47pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 112.1pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <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: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 539.2pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Regulatory liabilities (Account 254)</font></p> </td> <td style="width: 19.3pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 101.7pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <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: 47pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 112.1pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <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: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 539.2pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Income tax related</font></p> </td> <td style="width: 19.3pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 101.7pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">25</font></p> </td> <td style="width: 47pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 112.1pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">26</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 539.2pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Property and plant depreciation</font></p> </td> <td style="width: 19.3pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 101.7pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <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: 47pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 112.1pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">13</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 539.2pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Postretirement benefits</font></p> </td> <td style="width: 19.3pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 101.7pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">36</font></p> </td> <td style="width: 47pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 112.1pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">24</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 539.2pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Difference between gas retained and gas consumed in operations</font></p> </td> <td style="width: 19.3pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 101.7pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <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: 47pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 112.1pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <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: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 539.2pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Other</font></p> </td> <td style="width: 19.3pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 101.7pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <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: 47pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 112.1pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <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: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 539.2pt; border: 0.75pt solid #000000; padding-right: 4.72pt; padding-left: 4.72pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">Total regulatory liabilities</font></p> </td> <td style="width: 19.3pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 101.7pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">77</font></p> </td> <td style="width: 47pt; border-top: 4.5pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 5.65pt; padding-left: 4.72pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 112.1pt; border-top: 4.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 4.72pt; padding-left: 5.65pt; vertical-align: middle;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">73</font></p> </td> </tr> </table> <p style="margin-top: 0pt; margin-left: 72pt; margin-bottom: 0pt; text-align: justify; line-height: 108%;"><font style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-left: 13.5pt; margin-bottom: 8pt; text-indent: -13.5pt; text-align: justify; line-height: 108%;"><font style="font-family: Arial;">(1) Includes approximately $56 million and $57 million as of December 31, 2025 and 2024, respectively, of regulatory assets which are 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; 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;">Gas imbalance cash out. </font><font style="font-family: Arial;">Amounts reflect the revenue or cost from cash out activity net of the revenue or cost from operational sales or purchases of gas to offset the net cash out activity.</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; 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 and plant depreciation. </font><font style="font-family: Arial;">Amounts represent the deferral of costs previously collected in our rates for the depreciation of certain assets in excess of normal depreciation rates.</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;">Postretirement benefits. </font><font style="font-family: Arial;">Amounts represent (i) the utilization of excess plan assets to fund KMI's retiree medical costs as permitted by our rate settlement and (ii) reimbursements of benefit costs which have been collected as a part of past rates.</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;">Difference between gas retained and gas consumed in operations. </font><font style="font-family: Arial;">Amounts reflect the value of the difference between the quantity of gas retained for fuel and lost and unaccounted for (L&amp;U) and the quantity of gas consumed and L&amp;U experienced in our operations. Pursuant to our tariff, the quantities associated with these amounts are expected to be recovered from or returned to our customers in subsequent periods. On a periodic basis, we file reports with the FERC detailing our volumetric fuel and L&amp;U reimbursement activity and establishing prospective fuel and L&amp;U retention rates. Volumetric over- or under-collections of fuel and L&amp;U quantities from prior periods are trued up through either an addition or reduction to the prospective fuel and L&amp;U retention rates.</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 the years ended December 31, 2025 and 2024, we recorded a net regulatory benefit of $7 million and a net regulatory expense of $6 million, respectively, related to our fuel and L&amp;U activity.</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;"></p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">9. Litigation, Environmental and Commitments</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;">Legal 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 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, unless otherwise indicated below. 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 the following 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;">State of New Mexico v. El Paso Natural Gas LLC, et al. </font><font style="font-family: Arial;">The State of New Mexico filed a lawsuit against us and other pipeline defendants on February 3, 2022 in the state district court in Santa Fe, New Mexico. The lawsuit alleged that defendants used products containing polychlorinated biphenyls (PCBs) for hydraulic fluids, insulating fluids, and lubricating oils for compressor stations and for other pipeline purposes through the 1970s, and that PCBs were released or discharged into the environment in the course of pipeline operations, thereby contaminating the State of New Mexico's natural resources. Asserting nuisance, negligence, unjust enrichment, and strict liability causes of action, the lawsuit sought damages for past and future costs of remediation, as well as punitive damages. Without admission of fault, we settled all claims shortly before trial on September 29, 2025, and the lawsuit was dismissed with prejudice.</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;">Winter Storm Litigation.</font><font style="font-family: Arial;"> On October 19, 2022, Luminant Energy Company LLC (Luminant) filed a third-party petition against us in the 193rd District Court of Dallas County, Texas (No. DC-21-148) alleging that we are required to indemnify Luminant for claims asserted by a producer against Luminant. The producer alleges that Luminant breached a contract for sale and purchase of natural gas by failing to take and pay for 55,773 million British Thermal Units of gas nominated by Luminant between February 17-22, 2021 during Winter Storm Uri. The producer alleges that it is owed approximately $11.5 million, plus attorney fees and interest. Luminant&#8217;s indemnity claim alleged that we were negligent and in breach of contract for failing to deliver gas and failing to receive and/or process nominations during the storm. On April 8, 2024, the producer filed an amended petition that added direct claims against us seeking the same damages under negligence and tortious interference causes of action. On May 3, 2024, Luminant filed an amended claim against us alleging negligence and seeking approximately $21 million in alleged lost profits for power Luminant asserted it could have sold during the winter storm. On March 10, 2025, after notifying the court that Luminant's claims against us were settled, all claims asserted by Luminant were dismissed with prejudice. Our settlement with Luminant includes a partial indemnity against the claims asserted against Luminant by the producer. On April 8, 2025, after granting motions filed by us and Luminant for summary judgment on all remaining claims asserted by the producer, the court entered final judgment against the producer. On June 18, 2025, the court granted a motion for partial reconsideration filed by the producer solely as to its claims against Luminant, thereby reviving the producer&#8217;s claims against Luminant. We intend to work with Luminant to continue to vigorously defend the case.</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 are subject to environmental cleanup and enforcement actions from time to time. In particular, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) 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 th environmental matters set forth in this note, 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. As of both December 31, 2025 and 2024, we had approximately $10 million accrued for our environmental matters.&#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> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Superfund Matters. </font><font style="font-family: Arial;">Included in our recorded environmental liabilities are projects where we have received notice that we have been designated or could be designated as a Potentially Responsible Party (PRP) under CERCLA, commonly known as Superfund, or state equivalents for three active sites. Liability under the federal CERCLA statute may be joint and several, meaning that we could be required to pay in excess of our pro rata share of remediation costs. We consider the financial strength of other PRPs in estimating our liabilities.&#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> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-style: italic;">Commitments</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;">Rights-of-Way Obligations</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 obligated to make future payments under the terms of certain of our rights-of-way. Future minimum annual rental commitments under our rights-of-way obligations as of December 31, 2025, are 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: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 714.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-left: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Year</font></p> </td> <td style="width: 128.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Commitments</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 714.4pt; 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: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">2026</font></p> </td> <td style="width: 5.4pt; border-top: 4.5pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">$</font></p> </td> <td style="width: 101.4pt; border-top: 4.5pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">3</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 714.4pt; 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;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">2027</font></p> </td> <td style="width: 128.4pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">6</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 714.4pt; 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;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">2028</font></p> </td> <td style="width: 128.4pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">6</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 714.4pt; 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;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">2029</font></p> </td> <td style="width: 128.4pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; 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border-left: 1pt solid #000000; border-bottom: 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;">Thereafter</font></p> </td> <td style="width: 128.4pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">36</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 714.4pt; 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;">Total</font></p> </td> <td style="width: 5.4pt; border-top: 4.5pt solid #000000; border-bottom: 4.5pt solid #000000; 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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="-aw-import: ignore;"><em><font style="font-family: arial, helvetica, sans-serif;">Transportation Commitments.&#160;</font></em><font style="font-family: arial, helvetica, sans-serif;">We have entered into transportation contracts with our affiliates, Mojave and TransColorado&#160;Gas Transmission&#160;Company LLC, with commitments totaling $106 million extending through March 2031. Our future annual obligations as of December 31, 2025 are $29 million for 2026, $26 million for each of the years 2027 and 2028, $11 million for each of the years 2029 and 2030, and $3 million in total thereafter.</font></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;">10. Supplemental Cash Flow Information</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 contains supplemental cash flow information (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="margin-left: 9pt; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 560.4pt; border-right: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 271.3pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="4"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 16pt;"><font style="font-family: Arial; font-weight: bold;">Year Ended December 31,</font></p> </td> <td style="width: 1.5pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: spaces;"> &#160;</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 560.4pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 123.9pt; border-right: 1pt solid #000000; border-bottom: 4.5pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;" colspan="2"> <p style="margin-top: 0pt; 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padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">51</font></p> </td> <td style="width: 1.5pt; border-bottom: 1pt solid #000000; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: spaces;"> &#160;</font></p> </td> </tr> <tr style="height: 25.2pt; -aw-height-rule: exactly;"> <td style="width: 561.9pt; border: 1pt solid #000000; padding-right: 3.9pt; padding-left: 3.9pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-right: 3.75pt; margin-bottom: 0pt; font-size: 16pt;"><font style="font-family: Arial;">Net increase in utility plant accruals</font></p> </td> <td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-left: 3pt; margin-bottom: 0pt; text-indent: -3pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 104.2pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">-</font></p> </td> <td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.65pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </td> <td style="width: 113.8pt; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 3.9pt; padding-left: 5.65pt; vertical-align: bottom;"> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 16pt;"><font style="font-family: Arial;">4</font></p> </td> <td style="width: 1.5pt; border-top: 1pt solid #000000; vertical-align: top;"> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: spaces;"> &#160;</font></p> </td> </tr> </table> <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-weight: bold;">11. Recent Accounting Pronouncement</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font>&#160;</p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 16pt; background-color: #ffffff;"><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; background-color: #ffffff;"><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; background-color: #ffffff;"><font style="font-family: Arial;">On September 18, 2025, the Financial Accounting Standards Board issued ASU No. 2025-06, </font><font style="font-family: Arial; font-style: italic;">&#8220;Intangibles&#8212;Goodwill and Other&#8212;Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.&#8221;</font><font style="font-family: Arial;"> 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 style="-aw-import: ignore;"> &#160;</font></p> <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 16pt;"><font style="-aw-import: ignore;"> &#160;</font></p> </div> </div></div> Vicki A. Phillips Vice President /s/ Vicki A. Phillips 2026-04-16 2 El Paso Natural Gas Company, L.L.C. C000967 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 Recorded pursuant to Docket No. CP96-321 and RP10-1398. Amortized using the transmission depreciation rate of 2.20%. Recorded pursuant to Docket No. CP93-253 and RP10-1398. Amortized using the transmission depreciation rate of 2.20%. Recorded pursuant to Docket No. RP08-426 and RP10-1398. Recorded pursuant to Docket No. RP19-73-006. Amortized over 22.6 years beginning January 2023. Recorded pursuant to terms of our Settlement in Docket No. RP19-73-006. No amortization during term of RP19-73-006. EPNG may propose treatment of this regulatory liability in its next general Section 4 proceeding. Recorded pursuant to Medicare Program Medicare Prescription Drug Benefit, final rule issued on January 28, 2005 and FERC Order No. 552 issued on March 31, 1993. Recorded pursuant to Docket No. RP05-422. Account Amount 142 $ 2,558,909 146 2,241 Total $ 2,561,150 Account Amount 407.4 $ 5,074,632 813 1,833,369 Total $ 6,908,001 These revenues are associated with park and loan agreements. The net monthly park and loan volume activity for the quarter is as follows: Dth Net Park/(Loan) Balance - Beginning of Quarter 28,157,419 Month 1 net activity 135,333 Month 2 net activity 258,354 Month 3 net activity 2,998,321 Net Quarterly Activity 3,392,008 Net Park/(Loan) Balance - End of Quarter 31,549,427 In accordance with FERC Order No. 581, we use the fixed asset method. Gas withdrawn from storage for system balancing purposes. Gas withdrawn from storage for system balancing purposes. Gas delivered to storage for system balancing purposes. Gas delivered to storage for system balancing purposes. 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 amounts reported have been allocated to discounted, negotiated or recourse rate contracts based on reasonable assumptions. The value of this gas is based on the current month cash-out price provided for in our tariff. This footnote applies to all periods within the quarter. Shipper supplied gas and gas lost and unaccounted for are not directly charged to an account. As directed under FERC Order No. 581, we record "Other Regulatory Assets/Liabilities" (Accounts 182.3 / 254) through offsetting entries booked to "Regulatory Debits/Credits", (Accounts 407.3/.4) for any excess or deficiency in net shipper supplied gas (Line 37). This footnote applies to Lines 4 and 26 for all periods within the quarter. The Certificated Storage Capacity was converted from Mcf to Dth using a 1.023 conversion factor. Account Amount 142 $ 5,522,088 489.2 540 Total $ 5,522,628 Account Amount 407.3 $ 1,345,068 813 6,708,954 Total $ 8,054,022 Account Amount 407.3 $ 234,319 813 16,041 Total $ 250,360 All Accumulated Other Comprehensive Income is related to unrecognized gains on post-retirement benefit plan assets. Depreciation expense $ 102,838,936 Expenses of nonutility operations 138,000 Total $ 102,976,936 Depreciation expense $ 99,574,089 Expenses of nonutility operations 138,000 Total $ 99,712,089 Account 134 - Other special deposits $ 51,045 Account 134 - Other special deposits $ 55,045 Account 134 - Other special deposits $ 53,193 Dth (e) Dollars (i) Off System Gas Used - Dr. 854 / Cr. 810 100,710 $ 18,601 Other Gas Used - Dr. 856 / Cr. 812 100,475 18,558 Other Electric Equivalent Use - Dr. 855 / Cr. 131 218,600 40,375 Total Gas Used for Other Operations 419,785 $ 77,534 Plant in Service balance per Page 110, Line 2, Column (c) $ 4,430,922,064 Less: Acquisition Adjustments Page 200, Line 12, Column (b) 501,698 Ending Balance per Page 200, Line 8, Column (b) $ 4,430,420,366 Page 110, Line 2, Column (d) $ 4,327,617,918 Less: Account 114 501,698 Page 204, Line 129, Column (b) $ 4,327,116,220 Page 110, Line 2, Column (c) $ 4,430,922,064 Less: Account 114 501,698 Page 204, Line 129, Column (g) $ 4,430,420,366 Our cost of debt is based on actual costs incurred. The cost rate percentage of common equity is based on the approved rate in Docket No. RP10-1398-000. Page 204, Line 92, Column (g) $ 4,317,340 Less: Santan (Fully Depreciated) 2,191 Less: Land 3,657 $ 4,311,492 Transmission: Rate: Transmission Facilities 2.32%* Willcox Lateral 2.32%* Willcox Expansion 2.32%* * Includes 0.12% for Negative Salvage See Page 332 for additional details on Transmission and Compression of Gas by Others. We had no balance with Kinder Morgan, Inc. (KMI) under the cash management program as of December 31, 2025 and 2024. For further discussion of our participation in KMI's cash management program, see Page 122.1 "Notes to Financial statements," Note 7, "Related Party Transactions." Return of Capital. Distribution of Earnings. Use tax is distributed to various accounts based on the accounts charged for the originating invoice. Intangible Plant (in thousands) Page 204, Line 5, Column (g) $ 7,982 Less: Organization Costs (Fully Depreciated) 43 $ 7,939 General Plant: Rate: Structures and Improvements 4.00% Computer Equipment and Hardware 20.00% Office Furniture & Equipment 10.00% Transportation Equipment > 13,000# 1.66% Transportation Equipment Light 13.33% Tools and Work Equipment 10.00% Lab Equipment 10.00% Communications Equipment 10.00% Intangible Plant: Rate: Intangible Plant - Software 15.00% Intangible Plant - Other 4.00% Kinder Morgan, Inc. directly owns 38.06% of Kinder Morgan Energy Partners, L.P. and 100% of Kinder Morgan GP LLC and KM Energy Inc. KM Energy LLC is a direct wholly-owned subsidiary of KM Energy Inc. This amount would be excluded in the development of jurisdictional recourse rates. Page 204, Line 129, Column (d) $ 15,269,853 Less: Intangible Plant Retirements 615,957 Book Cost of Plant Retired $ 14,653,896 Accumulated depreciation has been allocated using the applicable FERC approved rate over time applied to gross plant for each incremental facility. We record and compute book depreciation on a composite basis. Our methodology for allocating depreciation to incremental facilities for cost allocation and rate design purposes in a Section 4 filing may differ from that displayed here. Operating expenses are allocated based on gross plant amounts. Our methodology for cost allocation and rate design purposes may differ in a Section 4 rate filing. Maintenance expenses are allocated based on gross plant amounts. Our methodology for cost allocation and rate design purposes may differ in a Section 4 rate filing. Recorded pursuant to Docket No. AI93-5-000 issued April 23, 1993 (Accounting for Income Taxes). We estimate $0.6 million of the ending balance is associated with projects granted non-traditional rate treatment on page 217. Transferred to Account 211 "Miscellaneous Paid-in Capital." 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 $ 195,839,151 As of December 31, 2024, we estimate that the following deferred tax balance in Account 283 could be used in the development of jurisdictional recourse rates: SIT Regulatory Asset/Liability $ 666,470 East Valley Lateral 690,014 Total $ 1,356,484 Recorded pursuant to Docket No. RP05-422. 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 $ 224,575,582 As of December 31, 2025, we estimate that the following deferred tax balance in Account 283 could be used in the development of jurisdictional recourse rates: SIT Regulatory Asset/Liability $ 611,162 East Valley Lateral 668,498 Total $ 1,279,660 Account Amount 107 $ 5,572,907 108 1,468,214 186 260,952 408.1 4,386,184 817 170,552 818 278,685 832 108,615 834 151,444 850 10,675,979 851 2,473,779 852 2,163 853 8,844,544 856 10,159,814 857 4,069,403 861 2,684,401 863 10,038,417 864 5,698,708 865 1,347,080 866 2,553 867 6,552 920 6,982,447 Total $ 75,383,393 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). Account Amount 107 $ 631,569 108 163,914 186 40,624 926 1,027,395 Total $ 1,863,502 Account Amount 408.1 $ 625,549 920 8,100,061 923 1,585,760 925 1,749,008 926 1,573,929 930.2 2,148,617 931 1,545,126 Total $ 17,328,050 See Page 218, "General Description of Construction Overhead Procedure" for the basis of allocation. Account Amount 107 $ 8,578,848 186 819,697 Total $ 9,398,545 Account Amount 489.2 $ 124,753 495 (122) Total $ 124,631 Account Amount 489.2 $ 4,766,984 495 (2,119) Total $ 4,764,865 Excludes $1,266,613 that relates to fuel amounts paid by us to Mojave Pipeline Company, L.L.C. (Mojave) pursuant to our Firm Transportation contract with Mojave. Excludes 989,463 Dth that relates to fuel amounts paid by us to Mojave pursuant to our Firm Transportation contract with Mojave. Operational purchases recorded in Account 803. Operational purchases recorded in Account 803. This project has separately tracked fuel retention rates. During 2025, we retained 605,747 Dth of gas from our shippers and we consumed 703,986 Dth of gas. Accumulated deferred income tax is a computed amount representing the tax impact on the difference between allocated composite book depreciation amounts and tax depreciation for each incremental facility. We record and compute book depreciation on a composite basis. Our methodology for allocating deferred income taxes to incremental facilities for cost allocation and rate design purposes in a Section 4 filing may differ from that displayed here. See Page 102, "Control Over Respondent" for a description of our ownership structure. Equity in earnings of subsidiary companies $ 4,733,584 Cash distribution of earnings from Mojave (4,733,584) Total $ - Equity in earnings of subsidiary companies $ 6,997,110 Cash distribution of earnings from Mojave Pipeline Company L.L.C. (Mojave) (6,997,110) Total $ - Amounts charged by Kinder Morgan, Inc. through shared services are allocated using the modified Massachusetts Formula. Dth (e) Dollars (i) Off System Gas Used - Dr. 810 / Cr. 854 93,581 $ (37,255) Other Gas Used - Dr. 812 / Cr. 856 110,907 (44,152) Total Gas Used for Other Operations 204,488 $ (81,407) Dth (e) Dollars (i) Off System Gas Used - Dr. 854 / Cr. 810 91,227 $ 59,425 Other Gas Used - Dr. 856 / Cr. 812 85,770 55,871 Total Gas Used for Other Operations 176,997 $ 115,296 Account Amount 232 $ 3,050,762 426.5 43,762 850 1,174 Total $ 3,095,698 Distribution of Earnings. Other Expenses (including taxes) are allocated primarily based on assessed value. Our methodology for cost allocation and rate design purposes may differ in a Section 4 rate filing. 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: Deferred Investment Tax Credit $ 102,530 Regulatory Liability - DFIT 213,811 Gas Storage 5,557,734 Regulatory Depreciation 3,155,410 ASC 715 Medicare Subsidy 1,995,749 Regulatory Liability - Deferred Income Tax Rate Adjustment 6,215,172 Total $ 17,240,406 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: Deferred Investment Tax Credit $ 98,299 Regulatory Liability - DFIT 194,924 Gas Storage 5,559,796 Regulatory Depreciation 3,002,437 ASC 715 Medicare Subsidy 1,899,416 Regulatory Liability - Deferred Income Tax Rate Adjustment 5,910,453 Total $ 16,665,325