Financial Analysis

COMMITMENTS AND CONTINGENCIES Commitments - The following table sets forth our transportation, volume and storage commitments for the periods indicated: Commitments ( Millions of dollars ) 2026 $ 286 2027 272 2028 253 2029 238 2030 229 Thereafter 870 Total $ 2,148 Regulatory, Environmental and Safety Matters - The operation of pipelines, terminals, plants and other facilities for the gathering, processing, fractionation, transportation and storage of products is subject to numerous and complex laws and regulations pertaining to health, safety and the environment. As an owner and/or operator of these facilities, we must comply with laws and regulations that relate to air and water quality, hazardous and solid waste management and disposal, cultural resource protection and other environmental and safety matters. The cost of planning, designing, constructing and operating pipelines, terminals, plants and other facilities must incorporate compliance with these laws, regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures, including citizen suits, which can include the assessment of monetary penalties, the imposition of remedial requirements and the issuance of injunctions or restrictions on operation or construction. Management does not believe that, based on currently known information, a material risk of noncompliance with these laws and regulations exists th …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

EMPLOYEE BENEFIT PLANS Retirement and Other Postretirement Benefit Plans ONEOK Retirement Plan - We maintain the ONEOK Retirement Plan, a defined benefit pension plan covering certain legacy ONEOK employees, which closed to new participants in 2005. In addition, we have a supplemental executive retirement plan for the benefit of certain officers who participate in the ONEOK Retirement Plan. Our supplemental executive retirement plan is closed to new participants. We fund our defined benefit pension plan at a level needed to maintain or exceed the minimum funding levels required by the Employee Retirement Income Security Act of 1974, as amended. Magellan Retirement Plans - As a result of the Magellan Acquisition in 2023, we assumed two defined benefit pension plans covering certain legacy Magellan employees, including the Magellan Pension Plan, which closed to new participants upon the closing of the acquisition, and the Magellan Pension Plan for USW Employees, which closed to new participants in January 2024. We fund these defined benefit pension plans at a level needed to maintain or exceed the minimum funding levels required by the Employee Retirement Income Security Act of 1974, as amended. Other Postretirement Benefit Plans - We sponsor health and welfare plans that provide postretirement medical and life insurance benefits to certain legacy ONEOK employees hired prior to 2017 and certain legacy Magellan employees who retire after a specified age with at least five years …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

DEBT The following table sets forth our consolidated debt as of the dates indicated: December 31, 2025 December 31, 2024 (Millions of dollars) Commercial paper outstanding, bearing a weighted-average interest rate of 3.91% as of December 31, 2025 (a) $ 820 $ Senior unsecured obligations: $250 at 3.2% due March 2025 250 $750 at 4.15% due June 2025 (b) 422 $400 at 2.2% due September 2025 387 $600 at 5.85% due January 2026 600 $650 at 5.0% due March 2026 650 $500 at 4.85% due July 2026 (b) 491 491 $750 at 5.55% due November 2026 750 750 $500 at 4.0% due July 2027 500 500 $1,250 at 4.25% due September 2027 1,250 1,250 $500 at 5.625% due January 2028 (b) 500 500 $800 at 4.55% due July 2028 800 800 $100 at 6.875% due September 2028 100 100 $750 at 5.650% due November 2028 750 750 $700 at 4.35% due March 2029 700 700 $500 at 5.375% due June 2029 (b) 499 499 $750 at 3.4% due September 2029 714 714 $600 at 4.4% due October 2029 600 600 $850 at 3.1% due March 2030 780 780 $500 at 3.25% due June 2030 500 500 $1,000 at 6.5% due September 2030 (b) 1,000 1,000 $500 at 5.8% due November 2030 500 500 $600 at 6.35% due January 2031 600 600 $1,250 at 4.75% due October 2031 1,250 1,250 $750 at 4.95% due October 2032 750 $750 at 6.1% due November 2032 750 750 $1,500 at 6.05% due September 2033 1,500 1,500 $500 at 5.65% due September 2034 (b) 500 500 $1,600 at 5.05% due November 2034 1,600 1,600 $400 at 6.0% due June 2035 400 400 $1,000 at 5.4% due October 2035 1,000 $600 at 6.65% due October 203 …

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SHARE-BASED PAYMENTS Our Equity Incentive Plan (EIP) provides for the granting of stock-based compensation to eligible employees and non-employee directors, including restricted stock units, performance units, director stock awards and other awards. In May 2025, our shareholders approved the 2025 Equity Incentive Plan (2025 EIP), which replaced the EIP approved by our shareholders in 2018. All new equity awards are issued under the 2025 EIP. There were 19.1 million shares of common stock authorized for issuance under the 2025 EIP and at December 31, 2025, we had 18.6 million shares available for issuance. This calculation of available shares reflects shares issued and estimated shares expected to be issued upon vesting of outstanding awards granted under the 2025 EIP, excluding estimated forfeitures expected to be returned to the plan. EnLink Acquisitions - As discussed in Note B, we completed the EnLink Controlling Interest Acquisition on October 15, 2024. EnLink had previously issued restricted incentive units and performance units that vest at the end of a designated period, typically three years. The fair value of these awards attributable to pre-combination service was allocated to consideration transferred and was included as part of the purchase price. The portion attributable to post-combination service is being recognized as compensation expense on a straight-line basis over the remaining vesting period of the awards. Upon completion of the EnLink Acquisition on Janu …

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FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements - The following tables set forth our recurring fair value measurements as of the dates indicated: December 31, 2025 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net (Millions of dollars) Derivative assets Commodity contracts $ 60 $ 69 $ $ 129 $ (67) $ 62 Total derivative assets $ 60 $ 69 $ $ 129 $ (67) $ 62 Derivative liabilities Commodity contracts $ (21) $ (46) $ $ (67) $ 67 $ Total derivative liabilities $ (21) $ (46) $ $ (67) $ 67 $ (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At December 31, 2025, we held no cash and posted cash of $4 million with a counterparty, which is included in other current assets in our Consolidated Balance Sheets. December 31, 2024 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net (Millions of dollars) Derivative assets Commodity contracts $ 41 $ 34 $ $ 75 $ (72) $ 3 Total derivative assets $ 41 $ 34 $ $ 75 $ (72) $ 3 Derivative liabilities Commodity contracts $ (40) $ (46) $ $ (86) $ 81 $ (5) Total derivative liabilities $ (40) $ (46) $ $ (86) $ 81 $ (5) (a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangem …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND INTANGIBLE ASSETS Goodwill - The following table sets forth our goodwill, by segment, for the periods indicated: Natural Gas Gathering and Processing Natural Gas Liquids Natural Gas Pipelines Refined Products and Crude Total ( Millions of dollars ) Gross goodwill $ 639 $ 1,863 $ 353 $ 5,389 $ 8,244 Accumulated impairment losses (153) (153) December 31, 2024 486 1,863 353 5,389 8,091 EnLink Controlling Interest Acquisition adjustment 8 (45) 2 (2) (37) Medallion Acquisition adjustment 4 4 December 31, 2025 $ 494 $ 1,818 $ 355 $ 5,391 $ 8,058 Intangible Assets - Our intangible assets relate primarily to acquired customer relationships from our recent acquisitions and are being amortized on a straight-line basis over a weighted average life of 26 years. Amortization expense for intangible assets was $138 million in 2025, $62 million in 2024 and $33 million in 2023. The amortization expense for each of the next five years is estimated to be $135 million. The following table reflects the gross carrying amount and accumulated amortization of intangible assets as of the dates presented: December 31, 2025 2024 (Millions of dollars) Gross intangible assets $ 3,290 $ 3,290 Accumulated amortization (389) (251) Intangible assets, net $ 2,901 $ 3,039 . …

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INCOME TAXES The following table sets forth our provision for income taxes for the periods indicated: Years Ended December 31, 2025 2024 2023 (Millions of dollars) Current tax expense (benefit) Federal $ 49 $ 89 $ (3) State 22 20 12 Total current tax expense 71 109 9 Deferred tax expense Federal 888 792 739 State 69 97 90 Total deferred tax expense 957 889 829 Total provision for income taxes $ 1,028 $ 998 $ 838 The following table is a reconciliation of our income tax provision for the periods indicated: Years Ended December 31, 2025 2024 2023 (Millions of dollars, except for percentages) (b) (b) (b) Income before income taxes $ 4,490 $ 4,110 $ 3,497 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Provision for federal income taxes 943 21.0 % 863 21.0 % 734 21.0 % State income taxes, net of federal tax benefit (a) 91 2.0 % 125 3.0 % 102 2.9 % Nontaxable or nondeductible items (6) (0.1) % 3 0.1 % (1) % Other, net % 7 0.2 % 3 0.1 % Income tax provision $ 1,028 22.9 % $ 998 24.3 % $ 838 24.0 % (a) - Our operations are primarily apportioned across Oklahoma, Texas, Kansas and North Dakota for state income tax purposes. (b) - Represents percent of income before income taxes. The following table sets forth cash paid for income taxes, net of refunds, for the periods indicated: Years Ended December 31, 2025 2024 2023 (Millions of dollars) Federal $ 52 $ 85 $ 27 State 22 17 10 Total cash paid for income taxes, net of refunds $ 74 $ 102 $ 37 The following table sets forth the ta …

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LEASES Lessee activity - The following table sets forth information about our operating lease assets and liabilities included in our Consolidated Balance Sheets as of the dates indicated: Leases Location in our Consolidated Balance Sheets December 31, 2025 December 31, 2024 ( Millions of dollars ) Operating lease assets Other assets $ 245 $ 220 Operating lease liabilities Current Other current liabilities $ 54 $ 62 Noncurrent Other deferred credits 183 154 Total operating lease liabilities $ 237 $ 216 The weighted average remaining lease term for our operating leases was 11.0 years and 9.1 years at December 31, 2025 and 2024, respectively. The weighted average discount rate for our operating leases was 5.52% and 5.51% at December 31, 2025 and 2024, respectively. Our weighted-average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease. The following table sets forth the maturity of our lease liabilities as of December 31, 2025: Operating Leases ( Millions of dollars ) 2026 $ 61 2027 39 2028 34 2029 29 2030 22 2031 and beyond 130 Total lease payments 315 Less: Interest 78 Present value of lease liabilities $ 237 Our lease costs and supplemental cash flow information related to our leases for the periods ended December 31, 2025 and 2024, are not material.

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Recently Issued Accounting Standards Update - Changes to GAAP are established by the FASB in the form of Accounting Standards Update (ASUs) to the FASB Accounting Standards Codification. We consider the applicability and impact of all ASUs. ASUs not discussed herein were assessed and determined to be either not applicable or clarifications of ASUs previously issued. Except as discussed below, there have been no new accounting pronouncements that have become effective or have been issued that are of significance or potential significance to us. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific disaggregated information about the reporting entitys effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted this standard in 2025 and updated our income tax disclosures retrospectively. See Note M. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) , which requires public entities to provide disaggregated information for certain types of costs and expenses included in each income statement caption, such as inventory purchases, employee compensation, depreciation, intangible asset amortization and dep …

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REVENUES Unsatisfied Performance Obligations - We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) variable consideration on contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The following table presents aggregate value allocated to unsatisfied performance obligations as of December 31, 2025, and the amounts we expect to recognize in revenue in future periods, related primarily to firm transportation and storage contracts with remaining contract terms ranging from one month to 20 years: Expected Period of Recognition in Revenue ( Millions of dollars ) 2026 $ 1,259 2027 1,162 2028 985 2029 845 2030 and beyond 2,810 Total $ 7,061 The table above excludes variable consideration allocated entirely to wholly unsatisfied performance obligations, wholly unsatisfied promises to transfer distinct goods or services that are part of a single performance obligation and consideration we determine to be fully constrained. Information on the nature of the variable consideration excluded and the nature of the performance obligations to which the variable consideration relates can be found in the description of the major contract types discussed in Note A. The amounts we determined to be fully constrained relate to future sales obligations under long-term sales contracts where the value is not known and certain minimum volume agreem …

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SEGMENTS Segment Descriptions - Our operations are divided into four reportable business segments, as follows: our Natural Gas Gathering and Processing segment gathers, compresses, treats, processes and markets natural gas; our Natural Gas Liquids segment gathers, treats, fractionates and transports NGLs and stores, markets and distributes Purity NGLs; our Natural Gas Pipelines segment transports, stores and markets natural gas; and our Refined Products and Crude segment gathers, transports, stores, distributes, blends and markets Refined Products and crude oil. On October 15, 2024, we completed the EnLink Controlling Interest Acquisition. Our 2024 results include the impact of the EnLink Controlling Interest Acquisition from the period of October 15, 2024, to December 31, 2024, across all four of our existing operating segments. On October 31, 2024, we completed the Medallion Acquisition. Our 2024 results include the impact of the Medallion Acquisition from the period of November 1, 2024, to December 31, 2024, in our Refined Products and Crude segment. Other and eliminations consist of corporate costs, the operating activities of our headquarters building and related parking facility, the activity of our wholly owned captive insurance company and eliminations necessary to reconcile our reportable segments to our Consolidated Financial Statements. For the years ended December 31, 2025, and December 31, 2023, revenues from one customer impacting all our segments represented ap …

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Nature of Operations - We are a corporation incorporated under the laws of the state of Oklahoma. Our Natural Gas Gathering and Processing segment provides midstream services to producers in the Rocky Mountain region, the Mid-Continent region and the Permian Basin. Raw natural gas is typically gathered at the wellhead, compressed and transported through pipelines to our processing facilities. Most raw natural gas produced at the wellhead also contains a mixture of NGL components, including ethane, propane, iso-butane, normal butane and natural gasoline. Gathered wellhead natural gas is directed to our processing plants to remove NGLs, resulting in residue natural gas (primarily methane). Residue natural gas is then recompressed and delivered to natural gas pipelines, storage facilities and end users. The NGLs separated from the raw natural gas are delivered through NGL pipelines to fractionation facilities for further processing. In our Natural Gas Liquids segment, NGLs are extracted at our own and third-party natural gas processing plants and are gathered by our NGL gathering pipelines. Gathered NGLs are directed to our downstream fractionators to be separated into Purity NGLs. Purity NGLs are stored or distributed to our customers, such as petrochemical companies, propane distributors, diluent users, ethanol producers, refineries and exporters. We provide midstream services to producers of NGLs in the Rocky Mountai …

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EQUITY Noncontrolling Interests - As of December 31, 2025, noncontrolling interests in our Consolidated Balance Sheets related to Ascension and MBTC Pipeline. On February 4, 2025, we announced a definitive agreement to form the MBTC Pipeline joint venture, of which we own 80%. As a result of the Delaware Basin JV Acquisition and the EnLink Acquisition, these entities are now wholly owned subsidiaries and are no longer recorded as noncontrolling interests in our Consolidated Balance Sheets as of December 31, 2025. In October 2024, we completed the EnLink Controlling Interest Acquisition, acquiring GIPs interest in EnLink consisting of approximately 43% of the outstanding EnLink Units. In connection with the EnLink Controlling Interest Acquisition, we recorded noncontrolling interests with a fair value of $5.1 billion representing the approximately 57% of outstanding EnLink Units we did not own, the Series B Preferred Units and partially owned consolidated subsidiaries of EnLink. As of December 31, 2024, included within noncontrolling interests are Series B Preferred Units, which were issued under EnLink Partners partnership agreement and represent noncontrolling ownership interests in EnLink Partners. EnLink Partners was a controlled subsidiary of EnLink in which EnLink owned all of the outstanding common units. Series B Preferred Units were exchangeable for EnLink Units in an amount equal to the number of outstanding Series B Preferred Units multiplied by an exchange ratio of …

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COMMITMENTS AND CONTINGENCIES Regulatory, Environmental and Safety Matters - The operation of pipelines, terminals, plants and other facilities for the gathering, processing, fractionation, transportation and storage of products is subject to numerous and complex laws and regulations pertaining to health, safety and the environment. As an owner and/or operator of these facilities, we must comply with laws and regulations that relate to air and water quality, hazardous and solid waste management and disposal, cultural resource protection and other environmental and safety matters. The cost of planning, designing, constructing and operating pipelines, terminals, plants and other facilities must incorporate compliance with these laws, regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures, including citizen suits, which can include the assessment of monetary penalties, the imposition of remedial requirements and the issuance of injunctions or restrictions on operation or construction. Management does not believe that, based on currently known information, a material risk of noncompliance with these laws and regulations exists that will adversely affect our consolidated results of operations, financial condition or cash flows. Legal Proceedings - We are a party to various legal proceedings that have arisen in the normal course of our operations. While the resu …

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DEBT Current Maturities - At March 31, 2026, our current maturities of long-term debt consisted of the following: ( Millions of dollars ) $500 at 4.85% due July 2026 $ 491 $750 at 5.55% due November 2026 750 Current maturities of long-term debt $ 1,241 Commercial Paper Program - At March 31, 2026, we had $1.6 billion of commercial paper outstanding, bearing a weighted-average interest rate of 4.16%. At December 31, 2025, we had $820 million of commercial paper outstanding, bearing a weighted-average interest rate of 3.91%. $3.5 Billion Credit Agreement - Our $3.5 Billion Credit Agreement is a revolving credit facility and contains certain customary conditions for borrowing, as well as customary financial, affirmative and negative covenants. Among other things, these covenants include maintaining a ratio of consolidated net indebtedness to adjusted EBITDA (EBITDA, as defined in our $3.5 Billion Credit Agreement, adjusted for all noncash items and increased for projected EBITDA from certain lender-approved capital expansion projects). In addition, adjusted EBITDA as defined in our $3.5 Billion Credit Agreement allows inclusion of the trailing 12 months of consolidated adjusted EBITDA of an acquired business. In December 2025, we completed the acquisition of a system of gas gathering assets, which allowed us to effectively extend the acquisition adjustment period under our $3.5 Billion Credit Agreement and, as a result, our leverage ratio covenant of 5.5 to 1 was extended throug …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS Determining Fair Value - For our fair value measurements, we utilize market prices, third-party pricing services, present value methods and standard option valuation models to determine the price we would receive from the sale of an asset or the transfer of a liability in an orderly transaction at the measurement date. We measure the fair value of a group of financial assets and liabilities consistent with how a market participant would price the net risk exposure at the measurement date. Determining the appropriate classification of our fair value measurements within the fair value hierarchy requires managements judgment regarding the degree to which market data is observable or corroborated by observable market data. We categorize derivatives based on the lowest level input that is significant to the fair value measurement in its entirety. Our valuation techniques and inputs are consistent with those discussed in Note A of the Notes to Consolidated Financial Statements in our Annual Report. Recurring Fair Value Measurements - The following tables set forth our recurring fair value measurements as of the dates indicated: March 31, 2026 Level 1 Level 2 Level 3 Total - Gross Netting (a) Total - Net (Millions of dollars) Derivative assets Commodity contracts $ 64 $ 134 $ $ 198 $ (198) $ Total derivative assets $ 64 $ 134 $ $ 198 $ (198) $ Derivative liabilities Commodity contracts $ (314) $ (171) $ $ (485) $ 485 $ Total derivative liabilities $ (314) $ ( …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Standards Update - Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification. We consider the applicability and impact of all ASUs. ASUs not discussed herein or in our Annual Report were assessed and determined to be either not applicable or clarifications of ASUs previously issued. There have been no new accounting pronouncements that have become effective or have been issued that are of significance or potential significance to us during the quarter, and no material updates to recently issued standards disclosed in our Annual Report.

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REVENUES Contract Assets and Contract Liabilities - Our contract asset balances at the beginning and end of the period were not material. Our contract liabilities at the beginning and end of the period primarily related to deferred revenue on Refined Products and crude oil transportation contracts, NGL storage contracts and contributions in aid of construction received from customers, which were not material. Receivables from Customer and Revenue Disaggregation - Substantially all of the balances in accounts receivable on our Consolidated Balance Sheets at March 31, 2026, and December 31, 2025, related to customer receivables. Revenue sources are disaggregated in Note K. Unsatisfied Performance Obligations - We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) variable consideration on contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The following table presents aggregate value allocated to unsatisfied performance obligations as of March 31, 2026, and the amounts we expect to recognize in revenue in future periods, related primarily to firm transportation and storage contracts with remaining contract terms ranging from one month to 23 years. Expected Period of Recognition in Revenue (Millions of dollars) Remainder of 2026 $ 978 2027 1,200 2028 1,020 2029 866 2030 and beyond 2,908 Total $ 6,972 The table above exclud …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENTS Segment Descriptions - Our operations are divided into four reportable business segments, as follows: our Natural Gas Gathering and Processing segment gathers, compresses, treats, processes and markets natural gas; our Natural Gas Liquids segment gathers, treats, fractionates, transports, stores, markets and distributes NGLs; our Natural Gas Pipelines segment transports, stores and markets natural gas; and our Refined Products and Crude segment gathers, transports, stores, distributes, blends and markets Refined Products and crude oil. Other and eliminations consist of corporate costs, the operating activities of our headquarters building and related parking facility, the activity of our wholly owned captive insurance company and eliminations necessary to reconcile our reportable segments to our Consolidated Financial Statements. The significant expense categories and amounts included in the tables below align with the segment-level information that is regularly provided to the chief operating decision-maker. Total assets by segment is excluded from the tables below as that information is not regularly provided to the chief operating decision-maker. Operating Segment Information - The following tables set forth certain selected financial information for our operating segments for the periods indicated: Three Months Ended March 31, 2026 Natural Gas Gathering and Processing Natural Gas Liquids Natural Gas Pipelines Refined Products and Crude Total Segments (Millions of …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our accompanying unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC. These statements have been prepared in accordance with GAAP and reflect all adjustments that, in our opinion, are necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The 2025 year-end Consolidated Balance Sheet data was derived from our audited Consolidated Financial Statements but does not include all disclosures required by GAAP. Certain reclassifications have been made in the prior year Consolidated Financial Statements to conform to the current year presentation. These unaudited Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements in our Annual Report. Recently Issued Accounting Standards Update - Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification. We consider the applicability and impact of all ASUs. ASUs not discussed herein or in our Annual Report were assessed and determined to be either not applicable or clarifications of ASUs previously issued. There have been no new accounting pronouncements that have become effective or have been issued that are of significance or potential significance to us during the quarter, and no mater …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

EQUITY Dividends - Holders of our common stock share equally in any common stock dividends declared by our Board of Directors. Dividends paid on our common stock in February 2026 were $1.07 per share. We declared a quarterly common stock dividend of $1.07 per share in April 2026. The quarterly common stock dividend will be paid on May 15, 2026, to shareholders of record at the close of business on May 4, 2026.

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