Financial Analysis

3. Debt The following table provides information on the principal amount of our outstanding debt balances: June 30, 2026 December 31, 2025 (In millions, unless otherwise stated) Current portion of debt $3.5 billion credit facility due May 21, 2031 $ $ Commercial paper notes(a) 338 13 Current portion of senior notes 4.15%, due August 2026 375 375 1.75%, due November 2026 500 500 7.50%, due November 2026 200 200 6.70%, due February 2027 7 2.25%, due March 2027(b) 571 7.00%, due March 2027 300 Trust I preferred securities, 4.75%, due March 2028(c) 111 111 Current portion of other debt 41 27 Total current portion of debt 2,443 1,226 Long-term debt (excluding current portion) Senior notes 29,171 30,065 EPC Building, LLC, promissory note, 3.967%, due 2026 through 2035 257 268 Trust I preferred securities, 4.75%, due March 2028 109 110 Other 164 154 Total long-term debt 29,701 30,597 Total debt(d) $ 32,144 $ 31,823 (a) Weighted average interest rate on borrowings at June 30, 2026 and December 31, 2025 was 3.92% and 3.85%, respectively. (b) Consists of senior notes denominated in Euros that have been converted to U.S. dollars and are respectively reported above at the June 30, 2026 exchange rate of $1.1422 U.S. dollars per Euro and at the December 31, 2025 exchange rate of $1.1746 U.S. dollars per Euro. As of June 30, 2026 and December 31, 2025, the cumulative changes in the exchange rate of U.S. dollars per Euro since issuance had resulted in an increase of $28 million and $44 milli …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present our revenues disaggregated by segment, revenue source, and type of revenue for each revenue source: Three Months Ended June 30, 2026 Natural Gas Pipelines Products Pipelines Terminals CO 2 Corporate and Eliminations Total (In millions) Revenues from contracts with customers(a) Services Firm services $ 1,078 $ 63 $ 224 $ 1 $ (1) $ 1,365 Fee-based services 343 272 108 11 (2) 732 Total services 1,421 335 332 12 (3) 2,097 Commodity sales Natural gas sales 799 8 (1) 806 Product sales 287 517 28 336 (6) 1,162 Other sales 1 31 1 33 Total commodity sales 1,087 517 28 375 (6) 2,001 Total revenues from contracts with customers 2,508 852 360 387 (9) 4,098 Other revenues Leasing services(b) 112 43 198 13 366 Derivatives adjustments on commodity sales 24 (50) (26) Other 27 7 5 39 Total other revenues 163 50 198 (32) 379 Total revenues $ 2,671 $ 902 $ 558 $ 355 $ (9) $ 4,477 Three Months Ended June 30, 2025 Natural Gas Pipelines Products Pipelines Terminals CO 2 Corporate and Eliminations Total (In millions) Revenues from contracts with customers(a) Services Firm services $ 1,018 $ 47 $ 228 $ 1 $ (1) $ 1,293 Fee-based services 281 278 99 10 (2) 666 Total services 1,299 325 327 11 (3) 1,959 Commodity sales Natural gas sales 870 11 (2) 879 Product sales 211 305 16 210 (2) 740 Other sales 7 22 (1) 28 Total commodity sales 1,088 305 16 243 (5) 1,647 Total revenues from contracts with customers 2,387 630 343 254 (8) 3,606 Other revenues Leasing services(b) 113 55 19 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

8. Income Taxes Income tax expense included on our accompanying consolidated statements of income is as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions, except percentages) Income tax expense $ 272 $ 177 $ 559 $ 363 Effective tax rate 23.3 % 19.3 % 22.8 % 19.6 % The effective tax rate for the three and six months ended June 30, 2026 is higher than the statutory federal rate of 21% primarily due to (i) an increase in deferred tax liability for Texas Margin Tax as a result of the enactment of changes to tax rules and (ii) state income taxes, partially offset by dividend-received deductions from our investments in Florida Gas Pipeline (Citrus), NGPL Holdings LLC, and Products (SE) Pipe Line Company (PPL). The effective tax rate for the three months ended June 30, 2025 is lower than the statutory federal tax rate of 21% primarily due to (i) a reduction of our deferred tax liability as a result of changes in state income allocations and (ii) dividend-received deductions from our investments in Citrus, NGPL Holdings LLC, and PPL, partially offset by state income taxes. The effective tax rate for the six months ended June 30, 2025 is lower than the statutory federal tax rate of 21% primarily due to (i) the recognition of investment tax credits generated by a biogas project; (ii) a reduction of our deferred tax liability as a result of changes in state income allocations; and (iii) dividend-received deductions from our investments in Ci …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

9. Litigation and Environmental We and our subsidiaries are parties to various legal, regulatory, and other matters arising from the day-to-day operations of our businesses 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. Gulf LNG Facility Disputes Gulf LNG Energy, LLC and Gulf LNG Pipeline, LLC (GLNG) filed a lawsuit in 2018 against Eni S.p.A. in the Supreme Court of the State of New York to enforce a Guarantee Agreement (Guarantee) entered into by Eni S.p.A. in 2007 in conne …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

6. Revenue Recognition Disaggregation of Revenues The following tables present our revenues disaggregated by segment, revenue source, and type of revenue for each revenue source: Three Months Ended June 30, 2026 Natural Gas Pipelines Products Pipelines Terminals CO 2 Corporate and Eliminations Total (In millions) Revenues from contracts with customers(a) Services Firm services $ 1,078 $ 63 $ 224 $ 1 $ (1) $ 1,365 Fee-based services 343 272 108 11 (2) 732 Total services 1,421 335 332 12 (3) 2,097 Commodity sales Natural gas sales 799 8 (1) 806 Product sales 287 517 28 336 (6) 1,162 Other sales 1 31 1 33 Total commodity sales 1,087 517 28 375 (6) 2,001 Total revenues from contracts with customers 2,508 852 360 387 (9) 4,098 Other revenues Leasing services(b) 112 43 198 13 366 Derivatives adjustments on commodity sales 24 (50) (26) Other 27 7 5 39 Total other revenues 163 50 198 (32) 379 Total revenues $ 2,671 $ 902 $ 558 $ 355 $ (9) $ 4,477 Three Months Ended June 30, 2025 Natural Gas Pipelines Products Pipelines Terminals CO 2 Corporate and Eliminations Total (In millions) Revenues from contracts with customers(a) Services Firm services $ 1,018 $ 47 $ 228 $ 1 $ (1) $ 1,293 Fee-based services 281 278 99 10 (2) 666 Total services 1,299 325 327 11 (3) 1,959 Commodity sales Natural gas sales 870 11 (2) 879 Product sales 211 305 16 210 (2) 740 Other sales 7 22 (1) 28 Total commodity sales 1,088 305 16 243 (5) 1,647 Total revenues from contracts with customers 2,387 630 343 254 (8) …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

7. Reportable Segments Our reportable segments are strategic business units that offer different products and services, have different marketing strategies, and are managed separately. The Companys chief operating decision maker (CODM) is represented by the Office of the Chairman which consists of our Executive Chairman, Chief Executive Officer, and President. Our CODM evaluates performance principally based on each reportable segments earnings before DD&A expenses (EBDA), which excludes general and administrative expenses and corporate charges, interest expense, net, and income tax expense. The CODM uses budgeted Segment EBDA compared to actual results to evaluate performance and allocate certain resources for each segment. We consider each periods earnings before all non-cash DD&A expenses to be an important measure of business segment performance for our reporting segments. We account for intersegment sales at market prices, while we account for asset transfers at book value. Financial information by segment follows: Three Months Ended June 30, 2026 Reportable Segments Natural Gas Pipelines Products Pipelines Terminals CO 2 Corporate and Eliminations Total (In millions) Revenues Revenues from external customers $ 2,664 $ 902 $ 556 $ 355 $ $ 4,477 Intersegment revenues 7 2 (9) Total revenues 2,671 902 558 355 (9) 4,477 Costs of sales (906) (464) (20) (24) Labor (88) (34) (71) (14) Fuel and power (25) (21) (5) (33) Field - non-labor(a) (258) (49) (141) (64) Taxes, ot …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

4. Stockholders Equity Class P Common Stock Dividends The following table provides information about our per share dividends: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Per share cash dividend declared for the period $ 0.2975 $ 0.2925 $ 0.595 $ 0.585 Per share cash dividend paid in the period 0.2975 0.2925 0.590 0.580 On July 22, 2026, our board of directors declared a cash dividend of $0.2975 per share for the quarterly period ended June 30, 2026, which is payable on August 17, 2026 to shareholders of record as of the close of business on August 3, 2026. Accumulated Other Comprehensive Income (Loss ) Changes in the components of our Accumulated other comprehensive income (loss) not including noncontrolling interests are summarized as follows: Net unrealized gains/(losses) on cash flow hedge derivatives Pension and other postretirement liability adjustments Total accumulated other comprehensive income (loss) (In millions) Balance as of December 31, 2025 $ 67 $ (22) $ 45 Other comprehensive loss before reclassifications (160) (6) (166) Loss reclassified from accumulated other comprehensive loss 71 71 Net current-period change in accumulated other comprehensive loss (89) (6) (95) Balance as of June 30, 2026 $ (22) $ (28) $ (50) Net unrealized gains/(losses) on cash flow hedge derivatives Pension and other postretirement liability adjustments Total accumulated other comprehensive loss (In millions) Balance as of December 31, 2024 $ (33) $ (62) $ (9 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing