Natural gas

“Moller - Maersk for 2026 depends on several factors subject to uncertainties related to the given uncertain macroeconomic conditions, bunker fuel prices and freight rates. All else being equal, the sensitivities for 2026 for four key assumptions are listed below: Factors Change Effect on EBIT (full year 2026) Container freight rate +/- 100 USD/FFE +/- USD 1.3bn Container freight volume +/- 100,000 FFE +/- USD 0.01bn Bunker price (net of expected BAF coverage) +/- 100 USD/tonne +/- USD 0.3bn Foreign exchange rate (net of hedges) +/- 10% change in USD +/- USD 0.3bn No company can drive transformative change alone.”

Annual report 2025A · The company itself

“During 2025, we took delivery of 10 dual-fuel vessels, bringing our total fleet to 19, with six more vessels scheduled for delivery in 2026.”

Annual report 2025A · The company itself

“The first station, Petersburg, consists of two coal-fired units; however, AES Indiana is in the process of converting these remaining two coal-fired units to natural gas in 2026 (see Integrated Resource Plan below).”

Annual report 2025A · The company itself

“Key Financial Drivers — Financial results are driven by many factors, including, but not limited to: •forced outages; •exposure to fluctuations of the Argentine peso; •timely collection of FONINVEMEM installments and outstanding receivables (see Energy Markets and Regulatory Environment below); •natural gas prices and availability for contracted generation at TermoAndes; and •domestic energy demand and exports.”

Annual report 2025A · The company itself

“Commodity Price Risk AES generally seeks to hedge its exposure to commodity price risk; however, certain generation businesses may retain limited unhedged positions due to short‑term sales structures or contractual mismatches between supply and obligations. As a result, a portion of operating results may be exposed to changes in market prices for electricity, fuels, and environmental credits.”

Annual report 2025A · The company itself

“To the extent hydrological inflows are greater than or less than the contract volumes, the business will be sensitive to changes in spot power prices which may be driven by oil and natural gas prices in some time periods.”

Annual report 2025A · The company itself

“Fuel Costs — For our thermal generation plants, fuel is a significant component of our total cost of generation. For contract sales, we often enter into fuel supply agreements to match the contract period, or we may financially hedge our fuel costs.”

Annual report 2025A · The company itself

“29% of the capacity of our generation plants is fueled by natural gas.”

Annual report 2025A · The company itself

“Coal and natural gas are used as primary fuels. Coal prices are set by market factors internationally, while natural gas prices are generally set domestically.”

Annual report 2025A · The company itself

“Thermoelectric generation in the SADI is fueled primarily by natural gas. However, scarcity of natural gas during winter periods (June to August) due to transport constraints results in the use of alternative fuels, such as oil and coal.”

Annual report 2025A · The company itself

“The open market wholesale prices for electricity can be volatile and generally reflect the variable cost of the source generation which could include renewable sources at near zero pricing or thermal sources subject to fluctuating cost of fuels such as coal, natural gas, or oil derivative fuels in addition to other factors described below. Consequently, any changes in the generation supply stack and cost of coal, natural gas, or oil derivative fuels may impact the open market wholesale price of electricity.”

Annual report 2025A · The company itself

“In many cases, we also limit our exposure to fluctuations in fuel prices by entering into long-term contracts for fuel with a limited number of suppliers.”

Annual report 2025A · The company itself

“We often rely on a single contracted supplier or a small number of suppliers for the provision of fuel, transportation of fuel and other services required for the operation of some of our facilities. If these suppliers cannot perform, we would seek to meet our fuel requirements by purchasing fuel at market prices, exposing us to market price volatility and the risk that fuel and transportation may not be available during certain periods at any price, which could adversely impact the profitability of the affected business and our results of operations, and could result in a breach of agreements with other counterparties, including, without limitation, offtakers or lenders.”

Annual report 2025A · The company itself

“In the Dominican Republic, we own natural gas plants contracted under a portfolio of contract sales, and both contract and spot prices may move with commodity prices through 2027.”

Annual report 2025A · The company itself

“Our thermal assets in Panama have PPAs with distribution companies which match the term of the LNG supply agreement of such thermal assets.”

Annual report 2025A · The company itself

“29 | 2025 Annual Report Energy Infrastructure Our Energy Infrastructure SBU aims to provide energy security to enable the integration of new renewables and maximize the value of our gas generation and LNG business through flexible operations that support the energy transition.”

Annual report 2025A · The company itself

“Development Strategy — In Vietnam, we continue to advance the development of our Son My LNG terminal project, which has a design capacity of up to 9.6 million metric tonnes per annum, and the Son My 2 CCGT project, which has a capacity of about 2,250 MW.”

Annual report 2025A · The company itself

“Development Strategy — Given our LNG facility’s excess capacity in Panama, the company is developing natural gas supply solutions for third parties such as power generators and industrial and commercial customers. This strategy will support a growing demand for natural gas in the region and will contribute to AES' mission by reducing CO2 emissions as a result of using LNG.”

Annual report 2025A · The company itself

“AES partnered with Energas in a joint venture to operate the 50 km Eastern Pipeline and an LNG facility of 120,000 cubic meters, including additional storage, regasification, and truck loading capacity.”

Annual report 2025A · The company itself

“Overview Generation We currently own and/or operate a generation portfolio of 34,740 MW, including generation from our integrated utility, AES Indiana. Our generation fleet is diversified by technologies and fuel type.”

Annual report 2025A · The company itself

“This critical infrastructure is uniquely situated to support California in its transition to renewables with baseload gas-fired generation sited at high-demand points of interconnection within the Los Angeles Basin.”

Annual report 2025A · The company itself

“Andres owns and operates a combined cycle natural gas turbine and an energy storage facility with combined generation capacity of 329 MW, as well as the only LNG import terminal in the country, with 160,000 cubic meters of storage capacity. Los Mina owns and operates a combined cycle facility with two natural gas turbines and an energy storage facility with combined generation capacity of 368 MW.”

Annual report 2025A · The company itself

“Our supply of crude helium for purification and resale is largely dependent upon natural gas production by crude helium suppliers. Lower or higher natural gas production resulting from natural gas pricing dynamics, supplier operating or transportation issues, or other changes to the global supply of crude helium can affect pricing for helium for our customers, which can adversely affect our results of operations.”

Annual report 2025A · The company itself

“Table of Contents DISCUSSION OF RESULTS BY BUSINESS SEGMENT Americas GAAP Measures Sales $5,125.9 $5,040.1 $85.8 2% Operating income 1,519.6 1,565.1 (45.5) (3%) Operating margin 29.6 % 31.1 % (150 bp) Equity affiliates’ income $157.0 $158.8 ($1.8) (1%) Non-GAAP Measure Adjusted EBITDA 2,408.7 2,423.2 (14.5) (1%) The table below summarizes the major factors that impacted sales in the Americas segment for the periods presented: Volume (3 %) Price 2 % Energy cost pass-through to customers 4 % Currency (1 %) Total Americas Sales Change 2 % Sales of $5.1 billion increased 2%, or $85.8, as higher energy cost pass-through to customers of 4% and higher pricing of 2% were partially offset by lower volumes of 3% and an unfavorable currency impact of 1%.”

Annual report 2025A · The company itself

“Higher energy cost pass-through to customers was primarily attributable to higher natural gas prices.”

Annual report 2025A · The company itself

“Hydrocarbons, including natural gas, are the primary feedstock for the production of hydrogen, carbon monoxide, and syngas. Energy, including electricity, natural gas, and diesel fuel for delivery trucks, is the largest cost component of our business.”

Annual report 2025A · The company itself

“Cost of Sales and Gross Margin Cost of sales of $8.3 billion increased 1%, or $87.3, due to higher energy cost pass-through to customers of $278, higher costs of $73, higher power and fuel costs in our merchant business of $49, and an unfavorable currency impact of $12.”

Annual report 2025A · The company itself

“Gross margin of 31.4% decreased 110 bp from 32.5% in the prior year primarily due to higher costs and increased energy cost pass-through to customers.”

Annual report 2025A · The company itself

“We typically contract to pass-through cost increases in energy and raw materials to customers, but such cost pass-through results in declining margins, and cost variability can negatively impact our other operating results. For example, we may be unable to raise prices as quickly as costs rise, or competitive pressures may prevent full recovery of such costs. In addition, increases in energy or raw material costs that cannot be passed on to customers for competitive or other reasons may negatively impact our revenues and earnings.”

Annual report 2025A · The company itself

“Energy consumption from natural gas - 252,493”

Annual report 2025A · The company itself

“This applies to BioMar, Fibertex Personal Care and Fibertex Nonwovens, all of which are dependent upon gas and electricity from the national grid.”

Annual report 2025A · The company itself

“The cost of energy is primarily related to Fibertex Personal Care, Fibertex Nonwovens and BioMar. However, the risk of this impacting the financial position of Schouw&Co. is mitigated via contract mechanisms passing on the cost to the customers, and therefore the residual risk associated with energy is not assessed to affect the financial position of the Group as such.”

Annual report 2025A · The company itself

“These facilities help meet customer demand for electricity when natural gas prices are low enough to make natural gas-fired generation economical compared to other fuel sources. Alliant Energy manages the gas supply to these gas-fired EGUs and helps ensure an adequate supply is available at known prices through a combination of gas commodity, pipeline transportation and storage agreements held by IPL and WPL for numerous years.”

Annual report 2025A · The company itself

“The average cost of delivered fuel per million British Thermal Units used for electric generation was as follows: IPL WPL 2025 2024 2023 2025 2024 2023 All fuels $2.81 $2.49 $2.83 $3.11 $2.74 $3.09 Natural gas (a) 3.05 2.52 3.10 3.84 3.03 3.47 Coal 2.28 2.29 2.09 2.41 2.37 2.54 (a)The average cost of natural gas includes commodity and transportation costs, as well as realized gains and losses from swap and option contracts used to hedge the price of natural gas volumes expected to be used by IPL’s and WPL’s natural gas-fired EGUs.”

Annual report 2025A · The company itself

“Additionally, if pipeline expansions needed for new gas‑fired generation are delayed or not approved, we may be unable to meet peak requirements for data center load, increasing market purchases or capacity procurement costs.”

Annual report 2025A · The company itself

“Table of Contents We may not be able to fully recover costs related to commodity prices - We have natural gas and coal supply and transportation contracts in place for some of the natural gas and coal we require to generate electricity. We also have transportation and supply agreements in place to facilitate delivery of natural gas to our customers.”

Annual report 2025A · The company itself

“Our counterparties to these contracts may not fulfill their obligations to provide natural gas, coal, financial settlements or collateral to us due to financial or operational problems caused by natural disasters, severe weather, economic conditions, labor shortages, employee strikes, transportation issues, pandemics, physical attacks or cyber attacks.”

Annual report 2025A · The company itself

“Natural gas market prices have been volatile in the past and could be volatile in the future due to additional future regulations, increased demand including due to new natural gas-fired generating facilities, increased liquified natural gas demand from foreign countries, limited global suppliers of natural gas, periods of extremely cold temperatures or disruption in supply caused by major storms or pipeline explosions.”

Annual report 2025A · The company itself

“Alliant Energy operates as a regulated investor-owned public utility holding company, and its purpose-driven strategy is to serve its customers and build stronger communities. Alliant Energy’s primary focus is to provide regulated electric and natural gas service to approximately 1,010,000 electric and approximately 435,000 natural gas customers in the Midwest through its two public utility subsidiaries, IPL and WPL.”

Annual report 2025A · The company itself

“Recent global economic challenges, including the current Middle East conflict and relatively high inflation and interest rates in certain regions, which have substantially increased the cost of energy and many of the raw materials we use to produce packaging while also disrupting global supply chains, may continue to put pressure on our business.”

Annual report 2026A · The company itself

“Continued escalation of geopolitical tensions, including the conflict in the Middle East and tensions between China and Taiwan, could result in supply chain disruptions, significant inflationary pressure on raw material prices and other resources (such as energy and natural gas), fluctuations in our customers’ buying patterns given regional shortages of food ingredients and other factors, lower demand by end consumers given rising inflation, enhanced risks to our global technology infrastructure (such as through cyberattack or ransomware attack), exposure to foreign currency fluctuations, credit and capital market disruption which could impact our ability to obtain financing, increased interest rates, the loss of property, and adverse foreign exchange impacts.”

Annual report 2026A · The company itself

“Prices for these raw materials are subject to substantial fluctuations that are beyond our control due to factors such as changing economic conditions (including inflation), currency and commodity price fluctuations, resource availability and other supply chain challenges, transportation costs, geopolitical risks (including the conflict in the Middle East and between Russia and Ukraine), pandemics and other health crises, an increase in the demand for products manufactured from recycled materials, weather conditions and natural disasters, environmental regulations related to greenhouse gas emissions, product circularity, biodiversity and deforestation, human rights due diligence regulations, and other factors impacting supply and demand pressures.”

Annual report 2026A · The company itself

“For example, since the escalation of conflict in the Middle East, global energy markets have been disrupted resulting in higher energy prices which have had an unprecedented impact on the cost of certain raw materials used in the manufacturing and transportation of our products while also disrupting supply chains.”

Annual report 2026A · The company itself

“AEP’s overall 2025 6 fossil fuel costs for the Vertically Integrated Utilities increased 0.5% on a dollar per MMBtu basis from 2024.”

Annual report 2025A · The company itself

“The cost of fuel and its transportation, the creditworthiness and performance of parties who supply and transport fuel and the cost of storing and disposing of used fuel, including coal ash and SNF. • The availability of fuel and necessary generation capacity and the performance of generation plants. • The ability to recover fuel and other energy costs through regulated or competitive electric rates. • The ability to build or acquire generation (including from renewable sources and battery storage), transmission lines and facilities (including the ability to obtain any necessary regulatory approvals and permits) to meet the demand for electricity at acceptable prices and terms, including favorable tax treatment, cost caps imposed by regulators and other operational commitments to regulatory commissions and customers for generation projects, to recover all related costs and to earn a reasonable return.”

Annual report 2025A · The company itself

“Natural Gas The Vertically Integrated Utilities consumed approximately 164 billion cubic feet of natural gas during 2025 for generating power, which represents an increase of 5.8% from 2024. While nominal year-over-year natural gas consumption increases were experienced across AEP’s operating companies, the main consumption increase driver was related to the Green Country Power Plant, which was acquired by PSO on June 30, 2025.”

Annual report 2025A · The company itself

“Historically, the state regulatory frameworks in the service area of the Vertically Integrated Utilities reflected specified fuel costs as part of bundled (or, more recently, unbundled) rates or incorporated fuel adjustment clauses in a utility’s rates and tariffs. Fuel adjustment clauses permit periodic adjustments to fuel cost recovery from customers and therefore provide protection against exposure to fuel cost changes.”

Annual report 2025A · The company itself

“Changes in the price of purchased power and commodities, the cost of procuring fuel, emission allowances for criteria pollutants and the costs of transport may increase AEP’s cost of purchasing and producing power, impacting financial performance. (Applies to all Registrants except AEP Texas, AEPTCo and OPCo) AEP is exposed to changes in the price and availability of purchased power and fuel (including the cost to procure coal and gas) and the price and availability to transport fuel. •AEP is exposed to changes in the price and availability of fuel, including coal, natural gas and uranium, as existing contracts for the supply of such fuel end or are not honored.”

Annual report 2025A · The company itself

“I&M Plant Name Units State Fuel Type Net Maximum Capacity (MWs) Year Plant or First Unit Commissioned Rockport (a) Cook 2 MI Steam - Nuclear 2,296 1975 Hydro (Various Plants) Various IN Hydro 7 1904-1913 Hydro (Various Plants) Various MI Hydro 13 1908-1923 Solar (Various Plants) NA IN Solar 31 2016-2021 Solar (Various Plants) NA MI Solar 5 2016 Total MWs 3,662 (a)I&M owns a 50% interest in the Rockport Plant units.”

Annual report 2025A · The company itself

“PSO Plant Name Units State Fuel Type Net Maximum Capacity (MWs) Year Plant or First Unit Commissioned Comanche Green Country Northeastern, Unit 1 Riverside, Units 3 and 4 Southwestern, Units 4 and 5 Weleetka Northeastern, Unit 3 (a) Northeastern, Unit 2 Riverside, Units 1 and 2 Southwestern, Units 1, 2 and 3 Tulsa North Central Wind Energy Facilities (b) NA OK Wind 675 2021-2022 Rock Falls NA OK Wind 155 2017 Flat Ridge IV NA KS Wind 135 2025 Flat Ridge V NA KS Wind 153 2025 Pixley NA KS Solar 189 2025 Total MWs 5,876 (a)Northeastern, Unit 3 operated on coal up through December 2025 and began to operate on natural gas beginning in January 2026.”

Annual report 2025A · The company itself

“Expenses and Other and Income Tax Expense changed between years as follows: •Purchased Electricity, Fuel and Other Consumables Used for Electric Generation expenses increased $184 million primarily due to an increase in recoverable fuel and purchased power costs and an increase in Rockport Plant, Unit 2, merchant generation fuel costs.”

Annual report 2025A · The company itself

“In regulated jurisdictions with an active FAC, fuel cost over-recoveries (the excess of fuel-related revenues over applicable fuel costs incurred) are generally deferred as current regulatory liabilities and under-recoveries (the excess of applicable fuel costs incurred over fuel-related revenues) are generally deferred as current regulatory assets. Fuel cost over-recovery and under-recovery balances are classified as noncurrent when there is an expectation that refunds or recoveries will extend beyond a one year period, based on a company’s filing with a commission or a commission directive. These deferrals are incorporated into the development of future fuel rates billed to or refunded to customers.”

Annual report 2025A · The company itself

“Energy Marketing and Risk Management Activities (Applies to all Registrants except AEPTCo) The Registrants engage in power, capacity, and to a lesser extent, natural gas marketing as major power producers and participants in electricity and natural gas markets. The Registrants also engage in power, capacity, coal, natural gas and, to a lesser extent, heating oil, gasoline and other commodity risk management activities focused on markets where the AEP System owns assets and on adjacent markets.”

Annual report 2025A · The company itself

“GENERATION & MARKETING GENERAL Generation & Marketing focuses primarily on a retail supply business and a wholesale energy trading and marketing business which includes executing transactions and negotiating contracts to maximize value and mitigate pricing and delivery risk in response to evolving customer needs and market conditions.”

Annual report 2025A · The company itself

“(Applies to all Registrants) AEP sells power from its generation facilities into the spot market and other competitive power markets on a contractual basis. AEP also enters into contracts to purchase and sell electricity, natural gas, emission allowances, renewable energy credits and coal as part of its power marketing and energy trading operations.”

Annual report 2025A · The company itself

“The Company’s processing plants are powered principally by electricity, natural gas, and coal.”

Annual report 2025A · The company itself

“The Starches and Sweeteners subsegment results were lower compared to the prior year driven by lower wet mill ethanol and starch margins and higher manufacturing costs.”

Annual report 2025A · The company itself

“The weakness and the uncertainty regarding the stability of the oil and gas markets resulted in a tightening of credit across multiple sectors.”

Annual report 2025A · The company itself

“The power, infrastructure and energy companies in which certain of our funds invest have been and may be negatively impacted by material declines in power and energy related commodity prices and are subject to other risks, including among others, supply and demand risk, operational risk, regulatory risk, depletion risk, reserve risk, reputational risk, severe weather, climate change and catastrophic event risk (including of cyber-attacks). Commodity prices fluctuate for several reasons, including changes in market and economic conditions, the impact of weather on demand, climate initiatives of government entities, levels of domestic production and international production, policies implemented by the Organization of Petroleum Exporting Countries, power and energy conservation, domestic and foreign governmental regulation and taxation and the availability of local, intrastate and interstate transportation systems.”

Annual report 2025A · The company itself

“As of December 31, 2025, approximately 2% of our total AUM was invested in debt and equity investments in the energy sector, including midstream investments, oil and gas exploration, and renewable energy investments.”

Annual report 2025A · The company itself

“We are subject to market risks beyond our control, including (i) commodity price volatility caused by market supply and demand dynamics, counterparty performance, or counterparty creditworthiness and (ii) interest rate risk.”

Annual report 2025A · The company itself

“We are generally insulated from commodity price risk through our purchased gas cost mechanisms. With respect to interest rate risk, increases in interest rates could adversely affect our future financial results to the extent that we do not recover our actual interest expense in our rates.”

Annual report 2025A · The company itself

“Natural gas prices do not directly impact the results of this segment as revenues are derived from the transportation and storage of natural gas. However, natural gas prices and demand for natural gas could influence the level of drilling activity in the supply areas that we serve, which may influence the level of throughput we may be able to transport on our pipelines.”

Annual report 2025A · The company itself

“Commodity Risk Management Activities Our purchased gas cost adjustment mechanisms essentially insulate our distribution segment from commodity price risk; however, our customers are exposed to the effects of volatile natural gas prices. We manage this exposure through a combination of physical storage, fixed-price forward contracts, and financial instruments, primarily over-the-counter swap and option contracts, in an effort to minimize the impact of natural gas price volatility on our customers during the winter heating season.”

Annual report 2025A · The company itself

“Table of Contents Rates established by regulatory authorities often include cost adjustment mechanisms for costs that (i) are subject to significant price fluctuations compared to our other costs, (ii) represent a large component of our cost of service, and (iii) are generally outside our control. Purchased gas cost adjustment mechanisms represent a traditional and common form of cost adjustment mechanism. Purchased gas cost adjustment mechanisms provide a method of recovering purchased gas costs on an ongoing basis without filing a rate case because they provide a dollar-for-dollar offset to increases or decreases in the cost of natural gas.”

Annual report 2025A · The company itself

“Our supply of natural gas is provided by a variety of suppliers, including independent producers, and marketers. The gas is delivered into our systems by various pipeline companies, withdrawals of gas from proprietary and contracted storage assets, and base load and peaking arrangements, as needed. Supply arrangements consist of both base load and peaking quantities and are contracted from our suppliers on a firm basis with various terms at market prices.”

Annual report 2025A · The company itself

“In order to meet our customers’ annual and seasonal natural gas demands, we must obtain a sufficient supply of natural gas, interstate pipeline capacity, and storage capacity. If we are unable to obtain these, either from our suppliers’ inability to deliver the contracted commodity or the inability to secure replacement quantities, our financial condition and results of operations may be adversely affected.”

Annual report 2025A · The company itself

“Increased gas costs could adversely impact our customer base and customer collections and increase our level of indebtedness. Rapid increases in the costs of purchased gas would cause us to experience a significant increase in short-term or long-term debt. We must pay suppliers for gas when it is purchased, which can be significantly in advance of when these costs may be recovered through the collection of monthly customer bills for gas delivered.”

Annual report 2025A · The company itself

“Increases in purchased gas costs also slow our natural gas distribution collections as customers may delay the payment of their gas bills, leading to higher than normal accounts receivable. This could result in higher short-term debt levels, greater collection efforts, and increased bad debt expense.”

Annual report 2025A · The company itself

“Our distribution operations are also affected by the cost of natural gas. We are generally able to pass the cost of gas through to our customers without markup under purchased gas cost adjustment mechanisms; therefore, increases in the cost of gas are offset by a corresponding increase in revenues.”

Annual report 2025A · The company itself

“However, higher gas costs may adversely impact our accounts receivable collections, resulting in higher bad debt expense. This risk is currently mitigated by rate design that allows us to collect from our customers the gas cost portion of our bad debt expense on approximately 89 percent of our residential and commercial revenues.”

Annual report 2025A · The company itself

“Our Mid-Tex Division also maintains a limited number of long-term supply contracts to ensure a reliable source of gas for our customers in its service area which obligate it to purchase specified volumes at market and fixed prices. At September 30, 2025, we were committed to purchase 73.4 Bcf within one year and 114.9 Bcf within two to three years under indexed contracts.”

Annual report 2025A · The company itself

“Purchased gas costs — Rates established by regulatory authorities are adjusted for increases and decreases in our purchased gas costs through purchased gas cost adjustment mechanisms. There is no margin generated through purchased gas cost adjustments, but they provide a dollar-for-dollar offset to increases or decreases in our distribution segment’s gas costs.”

Annual report 2025A · The company itself

“We conduct risk management activities in our distribution and pipeline and storage segments. In our distribution segment, we use a combination of physical storage, fixed-price forward contracts, and financial instruments, primarily over-the-counter swap and option contracts, in an effort to minimize the impact of natural gas price volatility on our customers during the winter heating season.”

Annual report 2025A · The company itself

“Overview and Strategy Atmos Energy Corporation, a natural gas-only distributor, is an S&P 500 company headquartered in Dallas and incorporated in Texas and Virginia. We safely deliver reliable, efficient, and abundant natural gas through regulated sales and transportation arrangements to approximately 3.4 million residential, commercial, public authority, and industrial customers in eight states located primarily in the South.”

Annual report 2025A · The company itself

“APT is one of the largest intrastate pipeline operations in Texas with a heavy concentration in the established natural gas-producing areas of central, northern, and eastern Texas, extending into or near the major producing areas of the Barnett Shale, the Texas Gulf Coast, and the Permian Basin of West Texas. Through its system, APT provides transportation and storage services to our Mid-Tex Division, other third party local distribution companies, industrial and electric generation customers, marketers, and producers.”

Annual report 2025A · The company itself

“Segment Information As of September 30, 2025, we manage and review our consolidated operations through the following two reportable segments: •The distribution segment is comprised of our regulated natural gas distribution and related sales operations in eight states.”

Annual report 2025A · The company itself

“In our pipeline and storage segment, APT has a regulatory mechanism that requires that we share with its tariffed customers 75% of the difference between the total non-tariffed revenues earned during a test period and a revenue benchmark established by the RRC.”

Annual report 2025A · The company itself

“While renewable energy will continue to expand rapidly, oil and natural gas are expected to remain a significant portion of the global energy mix for decades to come. In particular, natural gas will play a central role in providing the scale, reliability, and flexibility required to support economic growth and complement intermittent renewable generation.”

Annual report 2025A · The company itself

“However, the pace and direction of the transition to a lower- carbon economy has become increasingly uncertain and variable across different regions and markets. Recent developments indicate a potential slowdown in energy transition efforts, with sustained or increased demand for traditional oil and gas in certain markets. These shifts may result from various factors, including changes in government policies and priorities, economic pressures, energy security concerns, and evolving consumer and industrial demand patterns.”

Annual report 2025A · The company itself

“Certain geopolitical conflicts, such as between Russia and Ukraine, and instability, such as in the Middle East and the current political situation in Venezuela, have had and may continue to have the effect of heightening many other risks disclosed in our public filings, any of which could materially and adversely affect our business and results of operations. Such risks include, but are not limited to, adverse effects on regional and global macroeconomic conditions; increased volatility in the price and demand of oil and natural gas, increased exposure to cyber-attacks; limitations in our ability to implement and execute our business strategy; risks to employees and contractors that we have in the region; disruptions in global supply chains; exposure to foreign currency fluctuations; potential nationalizations and assets seizures; constraints or disruption in the capital markets and our sources of liquidity; our potential inability to service our remaining performance obligations and potential contractual breaches and litigation.”

Annual report 2025A · The company itself

“Having a concentration of customers in the energy industry may impact our overall exposure to credit risk as our customers may be similarly affected by prolonged changes in economic and industry conditions. Some of our customers may experience extreme financial distress as a result of falling commodity prices and may be forced to seek protection under applicable bankruptcy laws, which may affect our ability to recover any amounts due from such customers. Furthermore, countries that rely heavily upon income from hydrocarbon exports have been and may in the future be negatively and significantly affected by a drop in oil or gas prices, which could affect our ability to collect, timely or at all, from our customers in these countries, particularly national oil companies.”

Annual report 2025A · The company itself

“Our customers' activity levels and spending for our products and services and ability to pay amounts owed us could be impacted by the reduction of their cash flow, financial condition and the ability of our customers to access equity or credit markets. Our customers' access to capital is dependent on their ability to access the funds necessary to develop economically attractive projects based upon their expectations of future energy prices, required investments, and/or resulting returns.”

Annual report 2025A · The company itself

“INDUSTRY AND MARKET RISKS Volatility of oil and natural gas prices can adversely affect demand for our products and services. Prices of oil and gas products are set on a commodity basis. As a result, the volatility in oil and natural gas prices can impact our customers' activity levels and spending for our products and services.”

Annual report 2025A · The company itself

“Oilfield Services & Equipment The OFSE segment designs and manufactures products and provides related services and integrated solutions for onshore and offshore oilfield operations across the life cycle of an asset, ranging from exploration, appraisal, and development to production, rejuvenation, and decommissioning.”

Annual report 2025A · The company itself

“The IET segment consists of five product lines. • Gas Technology Equipment delivers highly efficient mechanical and electric-drive compression and power generation technology for projects across the natural gas value chain. The product line's portfolio includes: •Drivers, which include aero-derivative gas turbines, heavy-duty gas turbines, small- to medium-sized industrial gas turbines, steam turbines, hot gas and turboexpanders, and electric motors. •Driven equipment, which includes synchronous condensers, generators, reciprocating, centrifugal, and integrated compressors, and centrifugal pumps. •Turnkey solutions, which include power generation and gas compression modules, waste heat/energy/pressure recovery, energy storage, modularized small and large liquefaction plants, CO2 compression, and storage/use solutions. •Gas Technology Services provides advanced aftermarket support and uptime availability in critical environments and through every stage of our customers' equipment and plant life cycle.”

Annual report 2025A · The company itself

“Chart is a global leader in the design, engineering and manufacturing of process technologies and equipment for gas and liquid molecule handling across a broad range of industrial and energy end markets.”

Annual report 2025A · The company itself

“Industrial & Energy Technology The IET segment combines a broad array of domain expertise, technologies, software, and services for energy and industrial customers across a broad array of applications including on- and offshore, LNG, pipeline and gas storage, distributed gas, refining, petrochemical, hydrogen, geothermal, CCUS, and power inclusive of integration with renewable energy sources.”

Annual report 2025A · The company itself

“Our products, services, and expertise serve the upstream, midstream/LNG and downstream sectors of the oil and gas industry, new energy markets, power & utilities sector as well as broader chemical and industrial segments across a variety of verticals.”

Annual report 2025A · The company itself

“OFSE customers include large integrated major and super-major oil and natural gas companies; U.S. and international independent oil and natural gas companies; national or state-owned oil and natural gas companies; engineering, procurement, and construction contractors; geothermal and other renewable companies; and other oilfield services companies.”

Annual report 2025A · The company itself

“IET solutions unlock the ability to transform, transfer, and transport energy efficiently, while capturing and reducing emissions, with customers that are industrial, upstream, midstream, and downstream, onshore and offshore, and small-to-large scale operators. Midstream and downstream customers include LNG plants, pipelines, storage facilities, and a wide range of engineering, procurement, and construction companies, as well as industrial sector customers such as data centers, utilities, marine, cement, steel and refinery and petrochemical producers.”

Annual report 2025A · The company itself

“Control of oil and natural gas reserves by national oil companies may impact the demand for our services and products and create additional risks in our operations. Much of the world's oil and natural gas reserves are controlled by national oil companies. National oil companies may require their contractors to meet local content requirements or other local standards, such as conducting our operations through joint ventures with local partners that could be difficult or undesirable for us to meet.”

Annual report 2025A · The company itself

“Our products are used in deepwater, and other harsh environments, and severe service applications.”

Annual report 2025A · The company itself

“The total dollar amount of the Company's RPO as of December 31, 2025 was $35.9 billion.”

Annual report 2025A · The company itself

“Efterfrågan på kylutrustning och värmepumpar baserade på naturliga köldmedier ökar i Norden. Beijer Refs egentillverkning leder utvecklingen i Europa, med stark tillväxt inom dagligvaruhandeln och fastighetssektorn.”

Annual report 2024A · The company itself

“För närvarande täcks de största produktgrupperna och kategorierna inom företaget: HVAC och HVACtillbehör, kylkomponenter och enheter, köldmedier, verktyg och koppar.”

Annual report 2024A · The company itself

“BioMar may experience fluctuations in energy supply and pricing across certain markets due to factors such as increased demand or limited availability. These circumstances have the potential to significantly raise costs and, in some instances, restrict production capacity.”

Annual report 2025A · The company itself

“The Group is exposed to changes in energy prices (mainly gas, oil, electricity and environmental taxes) as energy is consumed in the production of aqua feed. Furthermore, the Group is also indirectly exposed as changes in the energy prices are reflected in the transportation costs.”

Annual report 2025A · The company itself

“For example, periods of economic weakness have contributed and may in the future contribute to a decline in commodity prices and decreased consumer demand for certain goods and services, and/or volatility in the oil and natural gas markets, each of which would have an adverse effect on our energy and consumer investments.”

Annual report 2025A · The company itself

“Power and energy generation facilities in which our funds invest are also subject to risks associated with volatility in the price of fuel sources and the impact of unusual or adverse weather conditions or other natural events, such as droughts, wildfires or hurricanes, as well as the risk of performance below expected levels of output, efficiency or reliability.”

Annual report 2025A · The company itself

“In addition, the performance of the investments made by our credit and equity funds in the energy and natural resources markets are also subject to a high degree of market risk, as such investments are likely to be directly or indirectly substantially dependent upon prevailing prices of oil, natural gas and other commodities. Oil and natural gas prices are subject to wide fluctuation in response to factors beyond the control of us or our funds’ portfolio companies, including relatively minor changes in the supply and demand for oil and natural gas, market uncertainty, the level of consumer product demand, weather conditions, climate change initiatives, governmental regulation (including with respect to trade and economic sanctions), the price and availability of alternative fuels, political and economic conditions in oil producing countries, foreign supply of such commodities and overall domestic and foreign economic conditions.”

Annual report 2025A · The company itself

“The local European market has become increasingly reliant on imported LNG, which is costly and carries a much higher environmental footprint. That position is reflected in recent pricing and gas storage levels in Europe during the colder winter months.”

Annual report 2024A · The company itself

“The Company’s main business is to produce and sell oil and gas, therefore future revenues, cash flow, profitability, financing, and rate of growth depend substantially on prevailing prices of oil and gas. Because oil and gas are globally traded the Company is unable to control or predict the prices it receives for the oil and gas it produces.”

Annual report 2024A · The company itself

“• Hydrocarbons produced from specific fields may also have a premium or discount in relation to benchmark prices, such as Brent, which may vary over time. • The majority of the natural gas produced by the Company is sold at Trading Hub Europe (THE) prices. THE closely follows the Dutch Title Transfer Facility (TTF) price. The Company is more exposed to additional price volatility deriving from proposed responses by the European Commission, as seen with the proposed Market Correcting Mechanism, however, this has not recurred in 2024.”

Annual report 2024A · The company itself

“• Assumptions on which the reserves estimates are determined include geological and engineering estimates (which have inherent uncertainties), historical production, the assumed effects of regulation by governmental agencies and estimates of future commodity prices and operating costs including the cost of CO .”

Annual report 2024A · The company itself

“BlueNord future capital requirements will be determined based on several factors, including production levels, commodity prices, future expenditures that require funding, and the development of the Company’s capital structure. To the extent the Company’s operating cash flow is insufficient to fund the business plan at any time, additional external capital may be required.”

Annual report 2024A · The company itself

“This decline in revenue reflects substantially lower gas prices (down 86.1 percent after hedging) and reduced oil volumes (down 4.9percent).”

Annual report 2024A · The company itself

“These negative factors were partially mitigated by increased gas volumes (up 17.7percent) as the Tyra hub restarted in late 2024, and higher oil prices (up 9.8percent after hedging).”

Annual report 2024A · The company itself

“The volatility in prices has been significant and management is continuously assessing the market to mitigate commodity price volatility. The Company has during 2024 entered into fixed-price swap contracts for additional oil and gas volumes from 2024 to 2026.”

Annual report 2024A · The company itself

“Identified risk Description of risk Potential impacts Potential financial impacts The climate scenario in which the risk is most relevant Time horizon Mitigation strategy Transition to lower emission technology Gas has a role and opportunity in the transition. In the long term, the need for oil and gas will change/ decrease.”

Annual report 2024A · The company itself

“Identified risk Description of risk Potential impacts Potential financial impacts The climate scenario in which the risk is most relevant Time horizon Mitigation strategy Changes in gas demand The transition to a zero-emissions society is expected to decrease the demand for gas in the long run. The speed of transition is uncertain.”

Annual report 2024A · The company itself

“• Declining demand based on new technology. For instance, electric vehicles, heat pumps, an increasingly circular economy and less use of plastic. • Decreased revenues.”

Annual report 2024A · The company itself

“We will seek to lower overall emissions by producing more gas in Europe, for Europe, which will offset carbon-intensive sources of energy such as coal and imported LNG.”

Annual report 2024A · The company itself

“BlueNord can choose to invest in more gasweighted projects or CCS value chain projects depending on how the market is evolving. Currently, the market for gas remains attractive and continues to be a value fuel along with oil.”

Annual report 2024A · The company itself

“BlueNord is providing Europe with the energy it needs today, tomorrow, and in the net zero future 2nd largest Oil and gas producer in Denmark Revenue $702m Net cash flow from operating activities $309m EBITDA $354m (cash and undrawn facilities) $521m Financial highlights BlueNord is a strategically important European oil and gas company, specialising in the production and development of resources that support the energy transition towards net zero.”

Annual report 2024A · The company itself

“Tyra secures energy supplies by producing 2.8 billion cubic metres of gas per year for Denmark and Europe, while reducing emissions by 30 percent compared to old facilities.”

Annual report 2024A · The company itself

“The Company had revenues of USD 702.0million in 2024 (2023: USD 795.0million) mainly related to oil and gas sales from the DUC fields.”

Annual report 2024A · The company itself

“All reported information is relating to BlueNord ASA activities within the extractive industries on the Danish continental shelf. • Total net investments amounted to USD 236.3 million, as specified in the cash flow analysis in the Financial Statements. • Sales income (petroleum revenues) in 2024 amounted to USD 702.0 million, as specified in the Financial Statements. • Total production in 2024 was 9.2 million barrels of oil equivalent.”

Annual report 2024A · The company itself

“Piped oil and gas, with lower emissions intensity than LNG volumes imported from overseas, supports an orderly energy transition. By supplying hydrocarbons with approximately one-third of the carbon footprint of imported LNG, we can displace higher-emissions imported hydrocarbons, contributing to a more sustainable energy future.”

Annual report 2024A · The company itself

“We are subject to fluctuations in agricultural commodity and other raw material prices, energy prices, and other factors outside of our control that could adversely affect our operating results. Prices for agricultural commodities and their by-products, including, among others, soybeans, corn, wheat, sugar and ethanol, like those of other commodities, are often volatile and sensitive to local and international changes in supply and demand caused by factors outside of our control, including farmer planting and selling decisions, currency fluctuations, inflation, government agriculture programs and policies (including tariffs), pandemics, governmental restrictions or mandates, global inventory levels, demand for biofuels, weather and crop conditions, and demand for and supply of competing commodities and substitutes.”

Annual report 2025A · The company itself

“Additionally, our operating costs and the selling prices of certain of our products are sensitive to changes in energy prices. Our industrial operations utilize significant amounts of electricity, natural gas and coal, and our transportation operations are dependent upon diesel fuel and other petroleum-based products.”

Annual report 2025A · The company itself

“Energy Risk We purchase various energy commodities such as electricity, natural gas, and bunker fuel, which are used to operate our manufacturing facilities and ocean freight vessels. These energy commodities are subject to price risk, including inflationary pressures.”

Annual report 2025A · The company itself

“With more than 200 years of experience and operations in more than 50 countries, we are: •a leading global oilseed processor and producer of vegetable oils and protein meal, based on processing capacity and volume; •a leading global grain merchandiser, based on volume; •a leading seller of packaged plant-based oils worldwide, based on sales; and •a leading producer and seller of wheat flours, bakery mixes and related products in South America, based on volume.”

Annual report 2025A · The company itself

“Key Commodities Soybean, Soybean Meal, Soybean Oil Key Regions and Processing Capacity 47% in South America, 25% in North America, 15% in Asia-Pacific, and 13% in Europe Customers Animal feed manufacturers, Livestock producers, Biofuel companies, Other oilseed processors, and a variety of customers that purchase our refined oil products Raw Materials Globally sourced directly from farmers or indirectly through intermediaries.”

Annual report 2025A · The company itself

“These laws and regulations can restrict or impact the Registrants’ business activities in many ways, including, but not limited to: •restricting the way the Registrants can handle or dispose of wastes, including wastewater discharges and air emissions; •limiting or prohibiting construction activities in sensitive areas such as wetlands, coastal regions or areas inhabited by endangered species; •requiring remedial action and monitoring to mitigate environmental conditions caused by the Registrants’ operations or attributable to former operations; •enjoining the operations of facilities with permits issued pursuant to such environmental laws and regulations; and •impacting the demand for the Registrants’ services by directly or indirectly affecting the use or price of fossil fuels, including, but not limited to, natural gas.”

Annual report 2025A · The company itself

“Additionally, a significant disruption, whether through reduced intrastate and interstate pipeline transmission or storage deliveries or other events affecting natural gas supply, including, but not limited to, operational failures, hurricanes, tornadoes, floods, severe winter weather conditions, wildfires, acts of terrorism, human error or cyberattacks or changes in legislative or regulatory requirements, could also have a negative impact on our businesses, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“We are subject to risk associated with changes in the price of natural gas. The regional and other markets in which we purchase natural gas are competitive and can be subject to significant pricing volatility as a result of many factors, including inflation, adverse weather conditions, supply and demand changes, availability of competitively priced alternative energy sources, political and geopolitical instability, commodity production levels and storage capacity, energy and environmental legislation and regulations and economic and financial market conditions.”

Annual report 2025A · The company itself

“Significant increases in natural gas prices, such as those experienced during the February 2021 Winter Storm Event, might affect our ability to collect balances due from customers and could create the potential for uncollectible accounts expense to exceed the recoverable levels built into tariff rates. In addition, a sustained period of high natural gas prices could (i) decrease demand for natural gas in the areas in which we operate, thereby resulting in decreased sales and revenues and (ii) increase the risk that our suppliers or customers fail or are unable to meet their obligations.”

Annual report 2025A · The company itself

“An increase in natural gas prices would also increase working capital requirements by increasing the investment that must be made to maintain natural gas inventory levels.”

Annual report 2025A · The company itself

“Our natural gas businesses must compete with alternate energy sources, which could result in less natural gas delivered and have an adverse impact on our business, financial condition, results of operations and cash flows. Our natural gas businesses compete primarily with alternate energy sources such as electricity and other fuel sources.”

Annual report 2025A · The company itself

“In addition, as a result of federal regulatory changes affecting interstate pipelines, natural gas marketers operating on these pipelines may be able to bypass our facilities and market, sell and/or transport natural gas directly to commercial and industrial customers.”

Annual report 2025A · The company itself

“As a distributor and transporter of natural gas and electricity, and a generator of electricity in Indiana, the Registrants’ revenues, operating costs and capital requirements could be adversely affected as a result of any regulatory action that would require installation of new control technologies or a modification of their operations or that would have the effect of reducing the consumption of natural gas or electricity or prevent the use of certain fuel types.”

Annual report 2025A · The company itself

“Likewise, incentives to conserve energy or use energy sources other than natural gas could result in a 27 decrease in demand for our services.”

Annual report 2025A · The company itself

“Also, certain cities in CenterPoint Energy’s and CERC’s operational footprint have discussed the adoption of initiatives to prohibit the construction of new natural gas facilities that would provide service and focus on electrification. For example, Minneapolis has adopted carbon emission reduction goals in an effort to decrease reliance on fossil natural gas.”

Annual report 2025A · The company itself

“Certain state and local governments have also passed, or are considering, legislation banning the use of natural gas-fired appliances in new homes, which could affect consumer use of natural gas. Should such bans be enacted within CenterPoint Energy’s and CERC’s operational footprint, they could adversely affect consumer demand for natural gas.”

Annual report 2025A · The company itself

“For example, if CERC’s credit rating were to decline, it may have an adverse impact on the cost of borrowings and, in extraordinary market conditions, it may limit the ability to access the debt capital markets. Additionally, CERC might be required to post collateral under its shipping arrangements or to purchase natural gas.”

Annual report 2025A · The company itself

“Customer growth and customer usage are affected by a number of factors outside our control, such as energy efficiency/reduction initiatives, bans on or further regulation of natural gas-fired appliances, demand-side management goals, technological advances (e.g., distributed generation resources, energy storage devices and more energy efficient buildings and products) and economic and demographic conditions, including population changes, job and income growth, housing starts, changes in rate designs, new business formation and the overall level of economic activity.”

Annual report 2025A · The company itself

“Natural Gas (CenterPoint Energy and CERC) Access to natural gas supplies and pipeline transmission and storage capacity are essential components of reliable service for our natural gas business customers. We depend on third-party service providers to maintain an adequate supply of natural gas and for available storage and intrastate and interstate pipeline capacity to satisfy our customers’ needs, all of which are critical to system reliability. Substantially all of our natural gas supply is purchased on intrastate and interstate pipelines. If we are unable to secure an independent natural gas supply of our own or if third-party service providers fail to timely deliver natural gas to meet our requirements, the resulting decrease in natural gas supply in our service territories could have an adverse effect on our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“Categories of market risk include exposure to interest rates, equity prices and commodity prices through non-trading activities. A description of each market risk is set forth below: •Interest rate risk primarily results from exposures to changes in the level of borrowings and changes in interest rates; •Equity price risk results from exposures to changes in prices of individual equity securities (CenterPoint Energy); and 87 •Commodity price risk results from exposures to price volatilities of commodities, such as natural gas, NGLs and other energy commodities (CenterPoint Energy).”

Annual report 2025A · The company itself

“On March 31, 2025, CenterPoint Energy, through its subsidiary CERC Corp., completed the sale of its Louisiana and Mississippi natural gas LDC businesses for approximately $1.2 billion.”

Annual report 2025A · The company itself

“On October 20, 2025, CenterPoint Energy, through its subsidiary CERC Corp., entered into the Ohio Securities Purchase Agreement to sell all of the issued and outstanding equity interests in CEOH for total consideration of approximately $2.62 billion, which is comprised of the following: (i) $1.42 billion in cash payable to CERC Corp. upon closing of the transaction, subject to adjustments as set forth in the Ohio Securities Purchase Agreement, including adjustments based on net working capital, regulatory assets and liabilities and capital expenditures at closing of the transaction; and (ii) a 364-day seller promissory note, in the original principal amount of $1.2 billion, to be issued by NFGC at the closing of the transaction and payable to CERC Corp. as provided by the terms and conditions of the Seller Note Agreement.”

Annual report 2025A · The company itself

“CenterPoint Energy’s and CERC’s natural gas distribution businesses actively engage in commodity price stabilization pursuant to annual gas supply plans presented to and/or filed with each of their state regulatory authorities. These price stabilization activities include use of storage gas and contractually establishing structured prices (e.g., fixed price, costless 7 collars and caps) with CenterPoint Energy’s and CERC’s natural gas distribution business’ physical gas suppliers.”

Annual report 2025A · The company itself

“CenterPoint Energy’s operating subsidiaries own and operate electric transmission, distribution and generation facilities and natural gas distribution systems. As of December 31, 2025, CenterPoint Energy’s indirect, wholly-owned operating subsidiaries included: •Houston Electric, which provides electric transmission service to transmission service customers in the ERCOT region and distribution service to REPs serving the Texas Gulf Coast area that includes the city of Houston. •CERC Corp., which (i) directly owns and operates natural gas distribution systems in Minnesota and Texas, (ii) indirectly, through Indiana Gas and CEOH, owns and operates natural gas distribution systems in Indiana and Ohio, respectively, and (iii) owns and operates permanent pipeline connections through interconnects with various interstate and intrastate pipeline companies through CEIP; and •SIGECO, which provides energy delivery services to electric and natural gas customers located in and near Evansville in southwestern Indiana and owns and operates electric generation assets to serve its electric customers and optimizes those assets in the wholesale power market.”

Annual report 2025A · The company itself

“Natural Gas (CenterPoint Energy and CERC) CenterPoint Energy’s and CERC’s natural gas distribution businesses engage in regulated intrastate natural gas sales to, and natural gas transportation and storage for, residential, commercial, industrial and transportation customers.”

Annual report 2025A · The company itself

“State and Local Regulation – Natural Gas (CenterPoint Energy and CERC) In almost all communities in which CenterPoint Energy’s and CERC’s natural gas distribution businesses provide natural gas distribution services, they operate under franchises, certificates or licenses obtained from state and local authorities.”

Annual report 2025A · The company itself

“As of December 31, 2025, Indiana Electric had 1,228 MW of installed generating capacity, as set forth in the following table: Generation Source Unit No. Location Date in Service Capacity (MW) Coal F.B. Culley (1) 2 Warrick County, Indiana 1966 90 F.B. Culley 3 Warrick County, Indiana 1973 270 Total Coal Capacity 360 Gas Brown (2) 3 Posey County, Indiana 1991 80 Brown 4 Posey County, Indiana 2002 80 Brown 5 Posey County, Indiana 2025 230 Brown 6 Posey County, Indiana 2025 230 Renewable Landfill Gas Pike County, Indiana 2009 3 Total Gas Capacity 623 Solar Oak Hill Evansville, Indiana 2018 2 Volkman Evansville, Indiana 2018 2 Troy Spencer County, Indiana 2021 50 Posey Posey County, Indiana 2025 191 Total Solar Capacity 245 Total Generating Capacity (3) 1,228 (1)While Indiana Electric’s 2025 IRP (similar to previous IRPs) preferred portfolios included the retirement of F.B.”

Annual report 2025A · The company itself

“Our manufacturing facilities have access to abundant, competitively-priced natural gas through a reliable network of pipelines that are connected to major natural gas trading hubs.”

Annual report 2025A · The company itself

“More stringent GHG regulations, if they are enacted, may have a significant impact on us, because our production facilities emit GHGs such as CO2 and nitrous oxide and because natural gas, a fossil fuel that releases methane when extracted from the earth and when transported, is a primary raw material used in our nitrogen production process. Regulation of GHGs may require us to make changes in our operating activities that could increase our operating costs, reduce our efficiency, limit our output, require us to make capital improvements to our facilities, increase our costs for, or limit the availability of, energy, raw materials or transportation, or otherwise materially adversely affect our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“Supply of nitrogen products is affected primarily by available production capacity and operating rates, raw material costs and availability, energy prices, government policies and global trade.”

Annual report 2025A · The company itself

“The price of natural gas in North America has historically been volatile. The price has declined on average due in part to the development of significant natural gas reserves, including shale gas, and the rapid improvement in shale gas extraction techniques, such as hydraulic fracturing and horizontal drilling.”

Annual report 2025A · The company itself

“In recent years, the cost of North American natural gas for the production of nitrogen fertilizers has been significantly lower than the cost of natural gas in other parts of the world where the industry’s marginal nitrogen producers are located.”

Annual report 2025A · The company itself

“Certain of our operating facilities are located near natural gas hubs that have experienced increased natural gas development and have favorable price differences as compared to other North American hubs. Favorable price differences in certain regions may dissipate over time due to increases in natural gas pipeline or storage capacity in those regions.”

Annual report 2025A · The company itself

“Weather conditions or, in certain cases, weather forecasts, can also disrupt our operations and can affect the price of natural gas, the principal raw material used to make our nitrogen products. Colder and/or longer than normal winters and warmer than normal summers increase the demand for natural gas for residential and industrial use and for power generation, which can increase the cost and/or decrease the availability of natural gas. In addition, adverse weather events, such as extreme cold temperatures, storms, hurricanes, tornadoes, or floods, not only can cause loss of power or other impacts to our facilities or damage to or delays in logistics capabilities disrupting our operations, but also can impact the supply of natural gas and utilities and cause prices to rise.”

Annual report 2025A · The company itself

“Decarbonizing our existing network At our Donaldsonville and Yazoo City complexes, our decarbonization projects are leveraging carbon capture and sequestration (CCS) to enable us to convert a portion of our existing ammonia production to low-carbon ammonia production. CCS requires the construction of carbon dioxide (CO2) dehydration and compression units to enable process CO2 captured from the ammonia production process to be transported and sequestered, which prevents approximately 60% of the CO2 generated by ammonia production from being emitted to the atmosphere.”

Annual report 2025A · The company itself

“Nitrogen Product Raw Materials Natural gas is the principal raw material and primary fuel source used in the ammonia production process at our nitrogen manufacturing facilities. In 2025, natural gas accounted for approximately 34% of our total production costs.”

Annual report 2025A · The company itself

“This facility has the capacity to produce 720,000 tons of ammonia annually from natural gas supplied under a contract with The National Gas Company of Trinidad and Tobago Limited (NGC). From time to time, the PLNL joint venture has experienced curtailments in the supply of natural gas from NGC, which has reduced the ammonia production at PLNL.”

Annual report 2025A · The company itself

“Due to the substantial increase in the cost of natural gas in the United Kingdom, in 2022, we closed the Ince facility, and in 2023, we ceased operations of the ammonia plant at the Billingham facility, which was idled in September 2022. Since that time, we have imported ammonia for upgrade into AN and other nitrogen products at the Billingham facility.”

Annual report 2025A · The company itself

“Natural gas, a fossil fuel, is a primary raw material used in our nitrogen production process.”

Annual report 2025A · The company itself

“We use raw materials, primarily natural gas, and utilities, such as electricity, in the manufacture of our nitrogen products. We purchase raw materials and utilities from third party suppliers.”

Annual report 2025A · The company itself

“Commodity Prices Our gross margin, cash flows and estimates of future cash flows related to nitrogen-based products are sensitive not only to selling prices of our products, but also to changes in market prices of natural gas and other raw materials. A $1.00 per MMBtu change in the price of natural gas would change the cost to produce a ton of ammonia, granular urea, UAN (assuming a 32% nitrogen content) and AN by approximately $32, $22, $14 and $16, respectively. Natural gas is the largest and most volatile component of the manufacturing cost for nitrogen-based products.”

Annual report 2025A · The company itself

“From time to time, we utilize natural gas derivatives to hedge our financial exposure to the price volatility of natural gas, the principal raw material we use in the production of nitrogen-based products. We may use natural gas futures, swaps and option contracts traded in over-the-counter markets or on exchanges.”

Annual report 2025A · The company itself

“Prices for crude oil, natural gas, liquefied natural gas (LNG), petroleum products and petrochemicals are generally determined by supply and demand.”

Annual report 2025A · The company itself

“Extended periods of low prices or demand for crude oil, natural gas, and natural gas liquids have had, and in the future can have, a material adverse impact on the company’s results of operations, financial condition and liquidity. Among other things, the company’s upstream earnings, cash flows, and capital expenditure programs could be negatively affected, as could its production and proved reserves.”

Annual report 2025A · The company itself

“The scope of Chevron’s business will decline if the company does not successfully develop resources The company is in an extractive business; therefore, if it is not successful in replacing the crude oil and natural gas it produces with good prospects for future organic opportunities or through acquisitions, exploration or technology, the company’s business will decline. Creating and maintaining an inventory of economic projects depends on many factors, including obtaining and renewing rights to explore, develop and produce hydrocarbons; drilling success; reservoir optimization; technology advancements; ability to bring long-lead-time, capital-intensive projects to completion on budget and on schedule; partner alignment, including strategic support; and efficient and profitable operation of mature properties.”

Annual report 2025A · The company itself

“Progress on the Jansz-Io Compression project continued during 2025, with first gas expected in 2028. In 2025, FID was reached on the Gorgon Stage 3 Project to develop additional backfill fields, Geryon and Eurytion, with first gas expected in 2029.”

Annual report 2025A · The company itself

“In early 2025, Chevron acquired the remaining equity of Brightmark RNG Holdings LLC and renamed the company to Chevron RNG Holdings LLC (Chevron RNG). Chevron continues to advance its dairy biomethane activities through Chevron RNG and investments in CalBioGas LLC and CalBioGas Hilmar LLC (collectively, CalBioGas investments).”

Annual report 2025A · The company itself

“Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant.”

Annual report 2025A · The company itself

“The company’s proved reserves at year-end 2025 were approximately 10.6 billion barrels of oil-equivalent (BOE), eight percent higher than 2024. The largest additions were from the acquisition of Hess Corporation (Hess) and extensions and discoveries in shale and tight assets in the Permian Basin, and project approvals in Australia and Guyana.”

Annual report 2025A · The company itself

“Most contracts generally commit the company to sell quantities based on production from specified properties, but some NGLs and natural gas sales contracts specify delivery of fixed and determinable quantities. In the United States, the company is contractually committed to deliver approximately 110 million barrels of NGLs and 830 billion cubic feet of natural gas to third parties and affiliates from 2026 through 2028.”

Annual report 2025A · The company itself

“Chevron has a 36.4 percent shareholding in Angola LNG Limited, which operates an onshore natural gas liquefaction plant in Soyo, Angola. The plant has the capacity to process 1.1 billion cubic feet of natural gas per day.”

Annual report 2025A · The company itself

“Israel Chevron holds a 39.7 percent-owned and operated interest in the Leviathan Field, which operates under a concession that expires in 2044. A third gathering pipeline is under construction and is expected to increase gas production capacity from approximately 1.2 to 1.4 billion cubic feet per day from the Leviathan reservoir.”

Annual report 2025A · The company itself

“U.S. and international sales of NGLs averaged 562,000 and 249,000 barrels per day, respectively, in 2025. During 2025, U.S. and international sales of natural gas averaged 5.7 billion and 5.5 billion cubic feet per day, respectively, which includes the company’s share of equity affiliates’ sales.”

Annual report 2025A · The company itself

“Chevron’s wholly-owned and operated renewable gas assets include 26 anaerobic digester facilities (25 operational, one under construction) in nine U.S. states that capture methane from manure at dairy farms and process it into natural gas. CalBioGas investments have 29 anaerobic digester projects at dairy farms in California producing natural gas or directly supplying electricity.”

Annual report 2025A · The company itself

“Revenues for the upstream segment are derived primarily from the production and sale of crude oil, natural gas and NGLs, as well as the sale of third-party production of natural gas.”

Annual report 2025A · The company itself

“Outside the United States, the company is contractually committed to deliver a total of 3.2 trillion cubic feet of natural gas to third parties and affiliates from 2026 through 2028 mainly from operations in Australia and Israel. The Australia sales contracts contain variable pricing formulas that generally reference the prevailing market price for crude oil, natural gas or other petroleum products at the time of delivery.”

Annual report 2025A · The company itself

“The price of fuel and energy needed to run our vehicles and equipment is unpredictable and fluctuates based on events outside of our control, including geopolitical developments, supply and demand fluctuations for fuel and other energy related products, actions by energy producers, war and unrest in oil producing countries, regional production patterns, limits on refining capacities, natural disasters and environmental concerns including the impact of 14 legislative and regulatory efforts to limit GHG emissions. Increases in fuel and energy costs could adversely affect our consolidated financial condition and consolidated results of operations.”

Annual report 2026A · The company itself

“Marknad Den globala efterfrågan på energi och elektricitet driver investeringar i infrastruktur. De största energikällorna är olja, gas och kol – och runt om i världen planeras och pro - jekteras för en stor mängd anläggningar. Efterfrågan på alternativa och förnyelsebara energi källor ökar stadigt och nya projekt planeras i ett flertal länder, exempelvis inom vindkraft.”

Annual report 2024A · The company itself

“Optronics Technology har efter att ha erhållit sitt FM-godkän - nande sett en försäljningsökning på 113 procent, vilket öppnar upp för fortsatt expansion.”

Annual report 2024A · The company itself

“Optronics Technology, med huvudkontor i Oslo (Norge), är ett tek - nologibolag som utvecklar optiska gasdetektorer för olika industriapplikationer för kunder inom bland annat oljeoch gasmarknaden, marinmarknaden och gruvindustrin.”

Annual report 2024A · The company itself

“Matre Maskin, grundat 1953, är en välrenommerad leverantör av produkter, system och tjänster för den globala sjöfarts- och offshoreindustrin, med fokus på brandbe - kämpningslösningar, kalibreringsutrustning, specialpumpar, reservdelar, service och support.”

Annual report 2024A · The company itself

“Kunder Firenor International riktar sitt erbjudande till företag verksamma inom energisektorn och har kunder inom olje- och gasindustrin, inklusive offshoreindustrin, samt övrig energi- och kraftindustrin.”

Annual report 2024A · The company itself

“CONCEJO INDUSTRIER CONCEJO ÅRSREDOVISNING 2024 9 Optronics Technology Optronics, grundat 2018, är ett norskt bolag som utvecklar optiska gas detektorer för olika industriapplikationer, främst för olje- och gasmarknaden, marinmarknaden och gruvindustrin.”

Annual report 2024A · The company itself

“ACAF marknadsför sitt erbjudande framför allt till kun - der inom energiindustrin, olje- och gasindustrin, flygindustrin, gruvnäringen och till petrokemiska anläggningar. Havsbaserad vindkraft är ett växande applikationsområde där efterfrågan är stor.”

Annual report 2024A · The company itself

“Vidut- eller ombyggnation samt övriga tjänster utgörs kunderna normalt av de som äger eller driver anläggningarna, som oljebolag, gasbolag eller kraft- och energi - bolag.”

Annual report 2024A · The company itself

“Det största applikationsområdet utgörs av havsbaserade anlägg - ningar och större fartyg.”

Annual report 2024A · The company itself

“Risks Related to Our Industry Our operating results, our ability to execute on our strategy and the carrying value of our assets are exposed to the effects of volatile commodity prices or prolonged periods of low commodity prices. Among the most significant factors impacting our revenues, operating results and future rate of growth are the sales prices for crude oil, bitumen, LNG, natural gas and NGLs. These prices are tied to market prices that can fluctuate widely due to factors beyond our control.”

Annual report 2025A · The company itself

“Our earnings and operating cash flows generally correlate with price levels for crude oil and natural gas, which are subject to factors external to the company and over which we have no control.”

Annual report 2025A · The company itself

“Throughout 2025, the price of crude oil has been volatile due to multiple macroeconomic and geopolitical forces which slowed global oil demand growth concurrent with higher oil production from OPEC Plus and other major oil producing countries.”

Annual report 2025A · The company itself

“Commodity Prices Commodity prices and the associated realizations are the most significant factor impacting our profitability and related returns on and of capital to our shareholders.”

Annual report 2025A · The company itself

“Natural gas prices increased due to stronger demand and lower inventory levels relative to 2024.”

Annual report 2025A · The company itself

“If we do not successfully develop resources, the scope of our business will decline, and our financial condition and results of operations may be adversely affected. As we produce crude oil, bitumen, natural gas and NGLs from our existing portfolio, the amount of our remaining reserves declines. If we do not successfully replace the resources we produce with good prospects for future organic development or through acquisitions, our business will decline.”

Annual report 2025A · The company itself

“We explore for, produce, transport and market crude oil, bitumen, natural gas, NGLs and LNG on a worldwide basis.”

Annual report 2025A · The company itself

“Millions of Barrels of Oil Equivalent Net Proved Reserves at December 31 Total crude oil 3,424 3,514 3,121 Natural gas liquids Consolidated operations 1,166 1,147 892 Total natural gas liquids 1,225 1,209 940 Natural gas Total natural gas 2,586 2,606 2,287 Bitumen Total bitumen 402 483 410 Total consolidated operations 6,506 6,665 5,742 Total equity affiliates 1,131 1,147 1,016 Total company Alaska The Alaska segment primarily explores for, produces, transports and markets crude oil, natural gas and NGLs.”

Annual report 2025A · The company itself

“Business Environment and Executive Overview ConocoPhillips is one of the world’s leading E&P companies, based on both production and reserves, with operations and activities in 14 countries. Our diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; global LNG developments; oil sands in Canada; and an inventory of global exploration prospects.”

Annual report 2025A · The company itself

“ConocoPhillips 2025 10-K 40 Results of Operations Table of Contents Alaska 2025 2024 2023 Select financial data by segment before-tax ($MM) Sales and other operating revenues ($MM) $ 5,638 6,553 7,098 Production and operating expenses ($MM) 2,158 1,951 1,829 Depreciation, depletion and amortization ($MM) 1,399 1,299 1,061 Taxes other than income taxes ($MM) 438 470 497 Net income (loss) ($MM) $ 730 1,326 1,778 Total Production (MBOED) Natural gas ($ per MCF) 3.81 3.90 4.47 The Alaska segment primarily explores for, produces, transports and markets crude oil, NGLs and natural gas.”

Annual report 2025A · The company itself

“The Canada segment operations include the Surmont oil sands development in Alberta, the Montney unconventional play in British Columbia and commercial operations.”

Annual report 2025A · The company itself

“•CECONY forecasts an average annual increase in peak demand in its service area at design conditions over the next five years for electricity and gas to be approximately 0.7 percent and 0.2 percent, respectively, and an average annual decrease in steam peak demand in its service area at design weather conditions over the next five years to be approximately 0.9 percent.”

Annual report 2025A · The company itself

“O&R forecasts an average annual increase in electric peak demand in its service area at design conditions over the next five years to be approximately 4.1 percent and an average annual increase in gas peak demand in its service area over the next five years at design conditions to be approximately 1.2 percent.”

Annual report 2025A · The company itself

“The electric rate plan provides for electric rate increases of $222 million, $473 million, and $329 million, effective January 2026, 2027, and 2028, respectively, that will be implemented on a shaped bill impact basis resulting in a consistent total bill impact of 2.80% each year with corresponding base rate increases of $234 million, $410 million and $421 million, respectively. The gas rate plan provides for rate changes of $(46) million, $170 million, and $93 million, effective January 2026, 2027, and 2028, respectively, that will be implemented on a shaped bill impact basis resulting in a consistent total bill impact of 2.01% each year with corresponding base rate increases of $28 million, $69 million and $70 million, respectively.”

Annual report 2025A · The company itself

“As of January 2026, the company forecasts an average annual increase of the gas peak day demand for firm gas customers over the next five years at design conditions of approximately 0.2 percent in its service area.”

Annual report 2025A · The company itself

“The Companies expect distributed energy resources and electric alternatives to gas and steam to increase, and for gas and steam usage to decrease, as the CLCPA and the Climate Mobilization Act continue to be implemented.”

Annual report 2025A · The company itself

“The company generally recovers the cost of the gas that it buys and then sells to its full-service customers.”

Annual report 2025A · The company itself

“Charges from suppliers for the firm purchase of gas, which are based on formulas or indexes or are subject to negotiation, are generally designed to approximate market prices.”

Annual report 2025A · The company itself

“The Utilities are required to pay certain fixed charges under the supply, transportation and storage contracts whether or not the contracted capacity is actually used. These fixed charges amounted to approximately $580.3 million in 2025, including $509.4 million for CECONY.”

Annual report 2025A · The company itself

“CON EDISON ANNUAL REPORT 2025 23 Gas Peak Demand The gas actual peak day demand for firm gas customers in CECONY’s service area occurs during the winter heating season and during the winter of 2025/2026 (through January 31, 2026) occurred on January 30, 2026 when the firm gas customers' demand reached approximately 1,310 MDt.”

Annual report 2025A · The company itself

“Gas CECONY delivers gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens and most of Westchester County.”

Annual report 2025A · The company itself

“Gas O&R delivers gas to over 0.1 million customers in southeastern New York.”

Annual report 2025A · The company itself

“The spot market price of electricity for each hour is generally determined by the marginal cost of supplying the next unit of electricity to the market during that hour. Thus, the market price of power is affected by the market price of the marginal fuel, in particular the price of natural gas, used to generate the electricity unit.”

Annual report 2025A · The company itself

“Risks Related to Market and Financial Factors We are exposed to price volatility associated with both the wholesale and retail power markets and the procurement of nuclear fuel, natural gas, and oil.”

Annual report 2025A · The company itself

“We depend on nuclear fuel, natural gas, and oil to operate most of our generating facilities. The supply markets for nuclear fuel, natural gas, and oil are subject to price fluctuations, availability restrictions, tariffs, counterparty default, and geopolitical risk, which could have a material adverse impact on our results of operations or financial condition.”

Annual report 2025A · The company itself

“CRH is a significant purchaser of certain materials and resources important to its business, including cementitious materials, bitumen, steel, and energy supplies, all of which it acquires at market rates.”

Annual report 2025A · The company itself

“CRH is not dependent on any one source for the supply of these materials and resources, other than in certain jurisdictions with regard to the supply of gas and electricity.”

Annual report 2025A · The company itself

“In addition, CRH may also be negatively impacted by fluctuations in the price of fuel and principal energy-related raw materials, which accounted for approximately 10% of Total revenues in 2025, consistent with 10% in 2024, with no guarantee that the Company will continue to be able to absorb these inflationary pressures.”

Annual report 2025A · The company itself

“Risks Related to Our Industry Volatile Oil, Gas and NGL Prices Significantly Impact Our Business Our financial condition, results of operations and the value of our properties are highly dependent on the general supply and demand for oil, gas and NGLs, which impact the prices we ultimately realize on our sales of these commodities.”

Annual report 2025A · The company itself

“For example, over the last five years, monthly NYMEX WTI oil and NYMEX Henry Hub gas prices ranged from highs of over $120 per Bbl and $9.50 per MMBtu, respectively, to lows of under $50 per Bbl and $1.60 per MMBtu, respectively.”

Annual report 2025A · The company itself

“Our Hedging Activities Limit Participation in Commodity Price Increases and Involve Other Risks We enter into financial derivative instruments with respect to a portion of our production to manage our exposure to oil, gas and NGL price volatility. To the extent that we engage in price risk management activities to protect ourselves from commodity price declines, we will be prevented from fully realizing the benefits of commodity price increases above the prices established by our hedging contracts.”

Annual report 2025A · The company itself

“As detailed below, we sell our production under both long-term (one year or more) and short-term (less than one year) agreements at prices negotiated with third parties. Regardless of the term of the contract, the vast majority of our production is sold at variable, or market-sensitive, prices.”

Annual report 2025A · The company itself

“Revenue Recognition Upstream Revenues Upstream revenues include the sale of oil, gas and NGL production. Oil, gas and NGL sales are recognized when production is sold to a purchaser at a fixed or determinable price, delivery has occurred, control has transferred and collectability of the revenue is probable. Devon’s performance obligations are satisfied at a point in time.”

Annual report 2025A · The company itself

“Natural gas and NGL sales Under Devon’s natural gas processing contracts, natural gas is delivered to a midstream processing entity at the wellhead or the inlet of the midstream processing entity’s system. The midstream processing entity gathers and processes the natural gas and remits proceeds for the resulting sales of NGLs and residue gas. In these scenarios, Devon evaluates whether it is the principal or the agent in the transaction.”

Annual report 2025A · The company itself

“Marketing Revenues Marketing revenues are generated primarily as a result of Devon selling commodities purchased from third parties. Marketing revenues are recognized when performance obligations are satisfied. This occurs at the time contract-specified products are sold to third parties at a contractually fixed or determinable price, delivery occurs at a specified point or performance has occurred, control has transferred and collectability of the revenue is probable.”

Annual report 2025A · The company itself

“Seasonal Nature of Business Generally, demand for oil increases during the summer months and decreases during the winter months while natural gas decreases during the summer months and increases during the winter months. Certain natural gas buyers utilize natural gas storage facilities and purchase some of their anticipated winter requirements during the summer, which can lessen seasonal demand fluctuations.”

Annual report 2025A · The company itself

“Restrictions on emissions of methane or carbon dioxide that may be imposed could adversely impact the demand for, price of, and value of our products and reserves.”

Annual report 2025A · The company itself

“From the beginning of 2023 through the end of 2025, WTI prices ranged from $55.27 to $93.68 per Bbl and the Henry Hub price of natural gas ranged from $1.58 to $5.29 per MMBtu.”

Annual report 2025A · The company itself

“Any of these developments may reduce the demand for products manufactured with (or powered by) hydrocarbons and the demand for, and in turn the prices of, the oil and natural gas that we produce and sell, which would likely have a material adverse impact on us.”

Annual report 2025A · The company itself

“If the prices of oil and natural gas decline, we may be required to further write-down the value of our oil and natural gas properties in the future, which could negatively affect our results of operations.”

Annual report 2025A · The company itself

“Factors that may impact our credit ratings include debt levels, planned asset purchases or sales and near-term and long-term production growth opportunities, liquidity, asset quality, cost structure, product mix and commodity pricing levels. A ratings downgrade could adversely impact our ability to access financings or trade credit and increase our borrowing costs.”

Annual report 2025A · The company itself

“Commodity Price Risk Our major market risk exposure in our exploration and production business is in the pricing applicable to our oil and natural gas production. Realized pricing is primarily driven by the prevailing worldwide price for crude oil and spot market prices applicable to our natural gas production.”

Annual report 2025A · The company itself

“The remainder of our Adjusted Free Cash Flow will be used primarily to reduce debt. •Leverage our experience operating in the Permian Basin. Our executive team, which has significant experience in the Permian Basin, intends to continue to seek ways to maximize hydrocarbon recovery by 2 Table of Contents optimizing and enhancing our drilling and completion techniques.”

Annual report 2025A · The company itself

“•Pursue strategic acquisitions with substantial resource potential. We have a proven history of acquiring leasehold positions in the Permian Basin that have substantial oil-weighted resource potential.”

Annual report 2025A · The company itself

“Beginning with that legislation in 1978 and continuing with the Wellhead Decontrol Act of 1989, federal laws have been enacted which have resulted in the complete removal of all price and non-price controls for sales of domestic natural gas sold in “first sales,” which include all of our sales of our own production.”

Annual report 2025A · The company itself

“We use commodity price derivatives, which have historically included swaps, basis swaps, swaptions, roll hedges, costless collars, puts and basis puts, to reduce price volatility associated with certain of our oil, natural gas and natural gas liquids sales. Currently, we have hedged a portion of our estimated 2026 and 2027 production.”

Annual report 2025A · The company itself

“Table of Contents Our success depends on developing our existing leasehold acreage and finding, developing or acquiring additional reserves. A significant portion of our net leasehold acreage is undeveloped, or acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil and natural gas regardless of whether such acreage contains proved reserves. In addition, many of our oil and natural gas leases require us to drill wells that are commercially productive and to maintain the production in paying quantities, and if we are unsuccessful in drilling such wells and maintaining such production, we could lose our rights under such leases. Our future oil and natural gas reserves and production and, therefore, our future cash flow and income are highly dependent on successfully developing our undeveloped leasehold acreage.”

Annual report 2025A · The company itself

“We make and expect to continue to make substantial capital expenditures in our business and operations for the exploration for and development, production and acquisition of oil and natural gas reserves. In 2025, our total cash capital expenditures were approximately $3.5 billion.”

Annual report 2025A · The company itself

“In addition, approximately 30% of our total estimated proved reserves as of December 31, 2025, were proved undeveloped reserves and may not be ultimately developed or produced. The reserve data included in the reserve reports of our independent petroleum engineers assume that substantial capital expenditures are required to develop such reserves.”

Annual report 2025A · The company itself

“BUSINESS AND PROPERTIES Overview We are an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. This basin, which is one of the major producing basins in the United States, is characterized by an extensive production history, a favorable operating environment, mature infrastructure, long reserve life, multiple producing horizons, enhanced recovery potential and a large number of operators.”

Annual report 2025A · The company itself

“Our activities are primarily focused on horizontal development of the Spraberry and Wolfcamp formations of the Midland Basin and the Wolfcamp and Bone Spring formations of the Delaware Basin, both of which are part of the larger Permian Basin in West Texas and New Mexico. These formations are characterized by a high concentration of oil and liquids rich natural gas, multiple vertical and horizontal target horizons, extensive production history, long-lived reserves and high drilling success rates.”

Annual report 2025A · The company itself

“Just nu pågår de största investeringarna i modern tid på vår marknad. Många av dessa är riktade mot den gröna industriella omställningen, samtidigt som det sker betydande satsningar inom basindustrin, försvaret, nyetableringar av företag och ett växande utbud av stadsnära erbjudanden och tjänster.”

Annual report 2024A · The company itself

“Consumer demand for the Companies’ services may also be impacted by any price increases, including those driven by factors beyond the Companies’ control such as inflation or increased prices in natural gas.”

Annual report 2025A · The company itself

“In addition, purchased power from PJM or others may be from generation sources which emit more emissions than the Companies’ facilities, which could negatively impact Dominion Energy’s ability to meet its commitment to net zero emissions.”

Annual report 2025A · The company itself

“Operation of the Companies’ facilities involves risk, including the risk of potential breakdown or failure of equipment or processes due to aging infrastructure, fuel supply, pipeline integrity or transportation disruptions, accidents, labor disputes or work stoppages by employees, acts of terrorism or sabotage, construction delays or cost overruns, shortages of or delays in obtaining equipment, material and labor, operational restrictions resulting from environmental limitations and governmental policies or interventions, changes to the environment and performance below expected levels.”

Annual report 2025A · The company itself

“The success of Dominion Energy’s contracted generation business depends upon favorable market conditions including the ability to sell power at prices sufficient to cover its operating costs. Dominion Energy operates in active wholesale markets that expose it to price volatility for electricity and nuclear fuel as well as the credit risk of counterparties.”

Annual report 2025A · The company itself

“In many cases, the next unit of electricity supplied would be provided by generating stations that consume fossil fuels, primarily natural gas. Consequently, the open market wholesale price for electricity generally reflects the cost of natural gas plus the cost to convert the fuel to electricity. Therefore, changes in the price of natural gas generally affect the open market wholesale price of electricity.”

Annual report 2025A · The company itself

“DESC’s natural gas system includes approximately 20,000 miles of distribution mains and related service facilities, which are supported by approximately 400 miles of transmission pipeline.”

Annual report 2025A · The company itself

“The continued threat of terrorism and the impact of retaliatory military and other action by the U.S. and its allies may lead to increased political, economic or financial market instability or volatility in prices for commodities including natural gas and oil, which may have material adverse effects in ways the Duke Energy Registrants cannot predict at this time.”

Annual report 2025A · The company itself

“Federal or state policies could be enacted that restrict the availability of, and increase the costs associated with the use of, fuels or generation technologies, such as natural gas or nuclear power, that enable Duke Energy to reduce its carbon emissions. For example, Duke Energy anticipates that its nuclear stations in North Carolina and South Carolina will continue to qualify for significant tax incentives in the form of nuclear production tax credits as allowed under the IRA and OBBBA.”

Annual report 2025A · The company itself

“Factors that could impact sales volumes, generation of electricity and market prices at which the Duke Energy Registrants are able to sell electricity and natural gas include the following: •weather variability such as extreme seasonal conditions, storm-related outages, or drought impacting generation economics; •transmission or transportation constraints, purchased power availability and competitive alternative energy sources; •customer-owned generation, energy efficiency adoption and technological advances reducing demand; and •fuel procurement challenges for coal, natural gas, crude oil and uranium and capacity limitations for transmission services.”

Annual report 2025A · The company itself

“The Duke Energy Registrants purchase almost all of their natural gas supply from interstate sources that must be transported to the applicable service territories. Interstate pipeline companies transport the natural gas to the Duke Energy Registrants' systems under firm service agreements that are designed to meet the requirements of their core markets.”

Annual report 2025A · The company itself

“The reliable and safe operation of our power generating facilities, electric transmission and distribution systems and natural gas infrastructure in our communities continues to be foundational to serving our customers, our financial results and our credibility with stakeholders. Operational excellence is especially critical to successfully navigate effective storm response and to efficiently provide the continuity of service our customers demand, regardless of weather or circumstance.”

Annual report 2025A · The company itself

“Duke Energy is working to meet growing and evolving customer energy needs while balancing reliability, costs and other priorities including the need to modernize its fleet and the regulatory constructs.”

Annual report 2025A · The company itself

“State regulators have approved various mechanisms to stabilize natural gas utility margins, including margin decoupling in North Carolina and rate stabilization in South Carolina.”

Annual report 2025A · The company itself

“Duke Energy’s long-term strategy requires extensive capital investment in generation and transmission facilities.”

Annual report 2025A · The company itself

“DuPont’s operations require the continued availability of energy and raw materials and rely on third-party suppliers, contract manufacturers and service providers. The Company’s supply chains are complex and extend across multiple countries in all regions of the world, and, therefore, are subject to global economic and geopolitical dynamics and risks.”

Annual report 2025A · The company itself

“MARKET RISK EXPOSURES Edison International's and SCE's primary market risks include fluctuations in interest rates, commodity prices and volumes, investment prices, and counterparty credit. Interest Rate Risk Edison International and SCE are exposed to changes in interest rates primarily as a result of financing, investing and borrowing activities used for liquidity purposes, and to fund business operations and capital investments.”

Annual report 2025A · The company itself

“SCE may not be able to hedge its risk for commodities on economic terms or fully recover the costs of hedges through the rates it is allowed to charge its customers, which could materially affect SCE's liquidity and results of operations, see "Market Risk Exposures" in the MD&A.”

Annual report 2025A · The company itself

“Additionally, reducing emissions to near zero in the electric sector relies on developing clean firm resources to replace natural gas. Clean firm resources, such as next-generation geothermal, small modular nuclear reactors, natural gas with carbon capture and storage, and clean hydrogen, produce constant power through any weather condition or season with little or no greenhouse gas emissions.”

Annual report 2025A · The company itself

“Commodity Price Risk SCE and its customers are exposed to the risk of a change in the market price of natural gas, electric power and transmission congestion. Due to regulatory mechanisms, exposure to commodity prices is not expected to impact earnings but may impact timing of cash flows.”

Annual report 2025A · The company itself

“Table of Contents SCE's energy procurement activities are subject to regulatory and market risks, including availability, that could materially affect its financial condition and liquidity. SCE obtains energy, capacity, environmental credits and ancillary services needed to serve its customers from its own generating plants and through contracts with energy producers and sellers. California law and CPUC decisions allow SCE to recover, through the rates it is allowed to charge its customers, reasonable procurement costs incurred in compliance with an approved procurement plan. Nonetheless, SCE's cash flows remain subject to volatility primarily resulting from changes in commodity prices, including as a result of gas supply constraints.”

Annual report 2025A · The company itself

“The overall demand for EMGS’ services is dependent, in large part, on offshore oil and gas E&P budgets. Fleet status and utilisation As per the end of 2024, the Company chartered one vessel, the Atlantic Guardian.”

Annual report 2024A · The company itself

“EMGS’ vision is to make EM an integral part of the E&P workflow and make EM as fully adopted as seismic. By providing EM data integrated with other subsurface measurement, we enable our customers to reduce uncertainty and therefore increase success in their exploration and development programmes.”

Annual report 2024A · The company itself

“Important events in 2024 Multi-client investments The Company’s multi-client business continues to be an important part of the overall business, both in terms of revenues and in terms of marketing value as the Company can more freely commercialize 3D CSEM data with existing and new customers, resulting in longer potential revenue streams through “late sales”. In 2024, revenues from multiclient sales amounted to 94% of total revenues, up from 90% in 2023.”

Annual report 2024A · The company itself

“Our clients see significant benefits in using electromagnetic surveys in addition to seismic surveys, which are based on acoustic wave technology. By combining these datasets, the accuracy and efficiency of oil and gas exploration can be significantly improved.”

Annual report 2024A · The company itself

“Application of EM technology The services offered by EMGS are used in all stages of the offshore exploration and development cycle. Applications of EMGS’ technology include evaluating regional prospectivity, ranking identified prospects and appraisal of discoveries.”

Annual report 2024A · The company itself

“Over the past two decades EMGS has conducted over 900 surveys across most major mature and frontier basins in the world in water depths ranging from 20 to 3,600 metres for more than 150 customers.”

Annual report 2024A · The company itself

“Demand for these services is highly dependent on the strength of the oil and gas and related industrial markets.”

Annual report 2025A · The company itself

“Certain of our businesses, including those within our United States industrial services segment, are exposed to risks associated with the oil and gas industry. These risks, which are not subject to our control, include volatility in the price and production of crude oil, the development of and consumer demand for alternative energy sources, including as a result of a change in consumer preference, or in an effort to reduce greenhouse gas emissions or combat climate change, and legislative and regulatory actions.”

Annual report 2025A · The company itself

“On the other hand, because certain of our construction and service offerings are designed to improve energy efficiency in our clients’ operations, or to assist in the generation of new sources of renewable energy, such as wind, solar, and geothermal generation, decreases in the costs of traditional energy sources such as electricity, oil, and natural gas, including as a result of recessionary pressure and reduced demand, may lower our customers’ demand for efficiency improvements and alternative energy sources, which could have an adverse effect on our financial position, results of operations, and cash flows.”

Annual report 2025A · The company itself

“Our industrial services are primarily provided to customers within the oil, gas, and petrochemical industries and consist of: •Refinery turnaround planning and engineering services; •Specialty welding services; •Overhaul and maintenance of critical process units in refineries and petrochemical plants; •Specialty technical services for refineries and petrochemical plants; •Instrumentation, controls, and electrical services for energy infrastructure; •Electrical panel design, fabrication, and installation; •On-site repairs, maintenance, and service of heat exchangers, towers, vessels, and piping; •Design, manufacturing, repair, and hydro blast cleaning of shell and tube heat exchangers and related equipment; and •Renewable energy services, including large scale solar projects, energy storage, and waste to biogas solutions. Our industrial services business, which generated approximately 7% of our 2025 total revenues, is a recognized leader in the refinery turnaround market and has a presence in the petrochemical and upstream markets.”

Annual report 2025A · The company itself

“In addition, some of our operations, particularly those servicing oil and natural gas refineries, are subject to the risk of accidental release of hazardous materials that have in the past and have the potential to result in injuries or fatalities involving our employees or third parties, property damage, or environmental contamination.”

Annual report 2025A · The company itself

“In 2023 the Texas legislature modified the Texas Utilities Code with regard to how material over- and under-recovered fuel balances are to be addressed and directed that fuel reconciliations must be filed at least once every two years. In July 2025 the PUCT initiated a rulemaking to effectuate the new legislation.”

Annual report 2025A · The company itself

“In 2023 the Texas legislature modified the Texas Utilities Code to permit a utility to seek pre-approval from the PUCT for a purchased power agreement of three years or more if such approval is a precondition to the effectiveness of such agreements, regardless of whether the utility intends to recover costs associated with the purchased power agreement through a purchased power capacity rider. In June 2025 the Texas legislature modified the Texas Utilities Code to establish a capacity cost recovery rider mechanism that would allow for the recovery of costs related to the procurement of capacity through MISO’s annual planning resource auction outside of base rates through a rider that is updated annually.”

Annual report 2025A · The company itself

“Many factors, including wellhead deliverability, storage, pipeline capacity, and demand requirements of end users, influence the availability and price of natural gas supplies for power plants. Demand is primarily tied to weather conditions as well as to the prices and availability of other energy sources.”

Annual report 2025A · The company itself

“To the extent natural gas supplies are disrupted or natural gas prices significantly increase, the Utility operating companies may in some instances use alternate fuels, such as oil when available, or rely to a larger extent on coal, nuclear generation, and purchased power.”

Annual report 2025A · The company itself

“The severe weather event also affected the market for natural gas due to the effects of severe cold on the gas supply system and increased demand for gas to support electricity loads. Natural gas purchases for January 2026 for Entergy were $483 million, including $74 million for Entergy Arkansas, $256 million for Entergy Louisiana, $85 million for Entergy Mississippi, $20 million for Entergy New Orleans, and $48 million for Entergy Texas.”

Annual report 2025A · The company itself

“Fuel and Purchased Power Cost Recovery Entergy Arkansas’s rate schedules include an energy cost recovery rider to recover fuel and purchased power costs in monthly bills. The rider utilizes prior calendar year energy costs and projected energy sales for the twelve-month period commencing on April 1 of each year to develop an energy cost rate, which is redetermined annually and includes a true-up adjustment reflecting the over-recovery or under-recovery, including carrying charges, of the energy cost for the prior calendar year.”

Annual report 2025A · The company itself

“Fuel and Purchased Power Cost Recovery Entergy Texas’s rate schedules include a fixed fuel factor to recover fuel and purchased power costs, including interest, that are not included in base rates. Historically, semi-annual revisions of the fixed fuel factor have been made in March and September based on the market price of natural gas and changes in fuel mix.”

Annual report 2025A · The company itself

“Natural Gas The Utility operating companies have long-term and short-term firm and interruptible gas contracts for both supply and transportation. Over 90% of the Utility operating companies’ power plants maintain some level of long-term firm transportation. Long-term, short-term, and spot-market purchases satisfy gas requirements.”

Annual report 2025A · The company itself

“At times there are also spikes in the price for natural gas and other commodities that increase the liquidity requirements of the Utility operating companies.”

Annual report 2025A · The company itself

“If Entergy’s or the Registrant Subsidiaries’ ratings decline, particularly below investment grade, or if certain counterparties believe Entergy or the Utility operating companies are losing creditworthiness and demand adequate assurance under fuel, gas, and purchased power contracts, the counterparties may require posting of collateral in cash or letters of credit, prepayment for fuel, gas or purchased power or accelerated payment, or counterparties may decline business with Entergy or its subsidiaries.”

Annual report 2025A · The company itself

“Similarly, increased load growth and the natural gas generation required to meet that increased demand is expected to result in an increase in Entergy’s absolute greenhouse gas emissions.”

Annual report 2025A · The company itself

“A significant portion of the nation’s oil and gas infrastructure is located in these areas and susceptible to storm damage that could be aggravated by the physical impacts of climate change, which could give rise to fuel supply interruptions and price spikes.”

Annual report 2025A · The company itself

“To manage near-term and medium-term financial exposure related to commodity price fluctuations, Entergy and its subsidiaries, including the Utility operating companies, may enter into contracts to hedge portions of their purchase and sale commitments, fuel requirements, and inventories of natural gas, uranium and its conversion and enrichment, coal, refined products, and other commodities, within established risk management guidelines.”

Annual report 2025A · The company itself

“The Utility operating companies’ long-term resource strategy (Portfolio Transformation Strategy) calls for the bulk of capacity needs to be met through long-term resources, whether owned or contracted. Over the past decade, the Portfolio Transformation Strategy has resulted in the addition of about 9,430 MW of new long-term resources and the deactivation of about 4,004 MW of legacy generation.”

Annual report 2025A · The company itself

“The West Memphis Solar facility commenced commercial operation in December 2024; •In December 2020, Entergy Texas selected the 1,158 MW self-build alternative, Orange County Advanced Power Station, out of the 2020 Entergy Texas combined cycle, gas turbine RFP. Regulatory approval was received in November 2022 and construction has commenced.”

Annual report 2025A · The company itself

“•In February 2025, Entergy Texas and Tunica Windpower, LLC executed a 15-year ZRC Purchase and Sale Agreement for the purchase of all accredited MISO Zone 10 ZRCs associated with the Delta Wind Facility located in Tunica County, Mississippi; •In November 2025, Entergy Louisiana and Cottonwood Energy Company, LP executed an asset purchase agreement for the 1,263 MW combined-cycle natural gas-fired Cottonwood Generating Station located in Deweyville, Texas, including related assets and interests.”

Annual report 2025A · The company itself

“The RFP process has also resulted in the selection, or confirmation of the economic merits of, long-term purchased power agreements (PPAs), including, among others: •River Bend’s 30% life-of-unit PPA between Entergy Louisiana and Entergy New Orleans for 100 MW related to Entergy Louisiana’s unregulated portion of the River Bend nuclear station, which portion was formerly owned by Cajun; •Entergy Arkansas’s wholesale base load capacity life-of-unit PPAs executed in 2003 totaling approximately 220 MW between Entergy Arkansas and Entergy Louisiana (110 MW) and between Entergy Arkansas and Entergy New Orleans (110 MW) related to the sale of a portion of Entergy Arkansas’s coal and nuclear base load resources (which had not been included in Entergy Arkansas’s retail rates); •In September 2012, Entergy Gulf States Louisiana and Rain CII Carbon LLC executed a 20-year agreement for 28 MW, with the potential to purchase an additional 9 MW when available, from a petroleum coke calcining facility in Sulphur, Louisiana.”

Annual report 2025A · The company itself

“The APSC approved the project and deliveries pursuant to that agreement commenced in June 2018; •In November 2016, Entergy Louisiana and LS Power executed a 10-year agreement for 485 MW from the Carville Energy Center located in St. Gabriel, Louisiana. In November 2019, LS Power sold and transferred the Carville Energy Center and facility to Argo Infrastructure Partners, which included the power purchase agreement.”

Annual report 2025A · The company itself

“During initial negotiations of the proposed PPA, the parties decided to amend the agreement for the Taft Cogeneration facility (discussed above) in lieu of entering into the proposed PPA. Entergy Louisiana expects to file an application with the LPSC in first quarter 2026 seeking regulatory approval to amend the agreement to extend the term by six years.”

Annual report 2025A · The company itself

“In November 2024, Entergy Services, on behalf of Entergy Louisiana, issued a Combined Cycle Combustion Turbine capacity and energy resources RFP which solicits up to 2,000 MW of generation. Entergy Louisiana selected a combination of resources that included self-build alternatives in August 2025.”

Annual report 2025A · The company itself

“In May 2025, Entergy Services, on behalf of Entergy Arkansas, issued a combined cycle combustion turbine RFP which solicits up to 800 MW of generation. The RFP was updated in September 2025 to include provisions for carbon capture and storage capabilities.”

Annual report 2025A · The company itself

“Draft documents were issued in December 2025. Other Procurements From Third Parties The Utility operating companies have also made resource acquisitions outside of the RFP process and have also entered various limited- and long-term contracts in recent years as a result of bilateral negotiations, including among others: •In March 2016, Entergy Arkansas (Power Block 2), Entergy Louisiana (Power Blocks 3 and 4), and Entergy New Orleans (Power Block 1) completed their respective acquisitions of the 1,980 MW (summer rating), natural gas-fired, combined cycle gas turbine Union Power Station power blocks, each rated at 495 MW (summer rating).”

Annual report 2025A · The company itself

“The facility is located in Choctaw County and has been in operation since July 2003; •In November 2020, Entergy Louisiana acquired the Washington Parish Energy Center, a 361 MW natural gas-fired peaking power plant. The facility is located approximately 60 miles north of New Orleans on a site Entergy Louisiana purchased from Calpine in 2019.”

Annual report 2025A · The company itself

“The facility achieved commercial operation in December 2024; •In February 2024, Entergy Louisiana and Magnolia Power executed a 10-year Capacity Credit Purchase Agreement (CCPA) for 290 MW of MISO Zone 9 Zonal Resource Credits (ZRC) associated with the Magnolia Power Generating Station. In December 2024 the LPSC approved the CCPA, with the delivery term set to commence on the first day of the 2025-2026 MISO planning year; and •In May 2024, Entergy Mississippi and Cooperative Energy executed a one-year ZRC Purchase and Sale Agreement for a minimum of 300 MW of MISO Zone 10 ZRCs during the 2025-2026 MISO planning year.”

Annual report 2025A · The company itself

“Other Generation and Transmission Ironwood Power Station In November 2024, Entergy Arkansas filed an application with the APSC seeking a certificate of environmental compatibility and public need for the construction and operation of Ironwood Power Station (formerly Lake Catherine Unit 5), a 446 MW simple cycle natural gas combustion turbine facility to be located at the existing Lake Catherine facility site in Hot Spring County, Arkansas. The facility will primarily be powered by natural gas, and it will also be enabled for future carbon capture and storage and for hydrogen co-firing optionality.”

Annual report 2025A · The company itself

“Jefferson Power Station In August 2025, Entergy Arkansas filed an application with the APSC seeking a certificate of environmental compatibility and public need for the construction and operation of Jefferson Power Station, an approximately 754 MW natural gas-fired combined cycle combustion turbine facility to be located in Jefferson County, Arkansas. The facility will primarily be powered by natural gas, and it will also be enabled for future carbon capture and storage and for hydrogen co-firing optionality.”

Annual report 2025A · The company itself

“In February 2025, Entergy Louisiana filed supplemental testimony with the LPSC stating that the third combined cycle combustion turbine resource presented in the October 2024 application (Waterford 5 Power Station) would be sited at Entergy Louisiana’s Waterford site in Killona, Louisiana, alongside existing Entergy Louisiana generation resources.”

Annual report 2025A · The company itself

“Franklin Farms Power Station Units 1 and 2 are expected to be in service in 2028, and Waterford 5 Power Station is expected to be in service in 2029.”

Annual report 2025A · The company itself

“Cottonwood Power Station In December 2025, Entergy Louisiana filed an application seeking LPSC approval and a certificate of convenience and necessity to acquire the Cottonwood combined cycle combustion turbine facility, a 1,263 MW combined cycle facility in Deweyville, Texas that was originally placed in commercial service in 2003. The filing seeks findings from the LPSC that the costs of the acquisition, including the approximately $1.5 billion purchase price and $309.3 million in capital upgrades and maintenance items needed to bring Cottonwood into alignment with Entergy Louisiana’s fleet standards with respect to operations and safety, are eligible for recovery in customer rates.”

Annual report 2025A · The company itself

“Delta Blues Advanced Power Station In September 2024, Entergy Mississippi announced plans to construct, own, and operate the Delta Blues Advanced Power Station, a 754 MW combined cycle combustion turbine facility, to be located in Washington County, Mississippi. The facility will primarily be powered by natural gas, and it will also be enabled for future carbon capture and storage and for hydrogen co-firing optionality.”

Annual report 2025A · The company itself

“Orange County Advanced Power Station In September 2021, Entergy Texas filed an application seeking PUCT approval to amend Entergy Texas’s certificate of convenience and necessity to construct, own, and operate the Orange County Advanced Power Station, a new 1,215 MW combined cycle combustion turbine facility to be located in Bridge City, Texas at an initially-estimated expected total cost of $1.2 billion inclusive of the estimated costs of the generation facilities, transmission upgrades, contingency, an allowance for funds used during construction, and necessary regulatory expenses, among others. The project includes combustion turbine technology with dual fuel capability, able to co-fire up to 30% hydrogen by volume upon commercial operation and upgradable to support 100% hydrogen operations in the future.”

Annual report 2025A · The company itself

“Construction is in progress, and subject to receipt of required permits, the facility is expected to be in service by mid-2026.”

Annual report 2025A · The company itself

“Legend Power Station and Lone Star Power Station In June 2024, Entergy Texas filed an application seeking PUCT approval to amend Entergy Texas’s certificate of convenience and necessity to construct, own, and operate the Legend Power Station, a 754 MW combined cycle combustion turbine facility, which will be enabled for future carbon capture and storage and for hydrogen co-firing optionality, to be located in Jefferson County, Texas, and the Lone Star Power Station, a 453 MW simple cycle combustion turbine facility, which will be enabled with hydrogen co-firing optionality, to be located in Liberty County, Texas. In its application, Entergy Texas noted that the Legend Power Station was expected to cost an estimated $1.46 billion and the Lone Star Power Station was expected to cost an estimated $735.3 million, in each case inclusive of the estimated costs of the generation facilities, interconnection costs, transmission network upgrades, and an allowance for funds used during construction.”

Annual report 2025A · The company itself

“Construction is underway, and subject to receipt of required permits and other conditions, both facilities are expected to be in service by mid-2028.”

Annual report 2025A · The company itself

“In December 2025, Entergy Texas entered into a build-to-suit lease arrangement for the Legend Power Station as the lessee with a consortium of investors (the Investors). Under the terms of the arrangement, the Investors purchased the in-process Legend Power Station construction project from Entergy Texas at a cost of $359 million and will spend up to $1.45 billion (including the initial purchase price) to construct the Legend Power Station project as designed by Entergy Texas.”

Annual report 2025A · The company itself

“The Delta Blues Advanced Power Station is estimated to cost $1.2 billion.”

Annual report 2025A · The company itself

“The Utility has a diverse power generation portfolio including nuclear, hydroelectric, solar, and highly efficient natural gas.”

Annual report 2025A · The company itself

“In October 2023, Entergy Mississippi proposed implementation of commercial scale, natural gas-fired resilient distributed generation, to be installed in front of the meter at commercial and industrial customer premises. The offering was approved by the MPSC in December 2023 along with an associated rate schedule, the Resiliency as a Service Rider Schedule.”

Annual report 2025A · The company itself

“These generating units consist of steam-turbine generators fueled by natural gas, coal, and pressurized and boiling water nuclear reactors; combustion-turbine generators, combined cycle combustion turbine generators and reciprocating internal combustion engine generators that are fueled by natural gas; and inverter-based resources interconnecting both solar photovoltaic systems and energy storage devices that participate in the MISO wholesale electric market.”

Annual report 2025A · The company itself

“Entergy’s utility business plan over the next several years includes the construction and/or purchase of several natural gas plants and solar facilities.”

Annual report 2025A · The company itself

“Subject to any pending regulatory approvals, certain Utility operating companies are making or are planning to make significant infrastructure investments in new solar projects, natural gas power plants, and other transmission and generation assets to power new large-scale data centers.”

Annual report 2025A · The company itself

“Entergy Louisiana Additional Generation and Transmission Resources In October 2024, Entergy Louisiana filed an application with the LPSC seeking approval of a variety of generation and transmission resources proposed in connection with establishing service to a new data center to be developed by a subsidiary of Meta Platforms, Inc. in north Louisiana, for which an electric service agreement has been executed. The filing requested LPSC certification of three new combined cycle combustion turbine generation resources totaling 2,262 MW, each of which will be enabled for future carbon capture and storage, a new 500 kV transmission line, and 500 kV substation upgrades.”

Annual report 2025A · The company itself

“Fluctuations in average natural gas prices received by EOG for production in the United States resulted in a 48% increase in 2025, a 26% decrease in 2024, and a 63% decrease in 2023, each as compared to the immediately preceding year.”

Annual report 2025A · The company itself

“Lower commodity prices can also reduce the amount of crude oil, NGLs and natural gas that we can produce economically. Substantial and extended declines in the prices of these commodities can render uneconomic a portion of our exploration, development and exploitation projects, resulting in our having to make downward adjustments (“write-downs”) to our estimated reserves and also possibly shut in, or plug and abandon, certain wells.”

Annual report 2025A · The company itself

“If we fail to acquire or find sufficient additional reserves over time, our reserves and production will decline from their current levels. The rate of production from crude oil and natural gas properties generally declines as reserves are produced.”

Annual report 2025A · The company itself

“Further, a majority of our forecasted production for 2026 is subject to fluctuating market prices. To the extent we do not hedge our production volumes for 2026 and beyond, we may be materially and adversely impacted by any declines in commodity prices, which may result in lower net cash provided by our operating activities.”

Annual report 2025A · The company itself

“At December 31, 2025, EOG was committed to deliver to multiple parties aggregate fixed quantities of natural gas of 573 Bcf in 2026, 370 Bcf in 2027, 338 Bcf in 2028, 336 Bcf in 2029, 331 Bcf in 2030 and 3,020 Bcf thereafter, all of which is expected to be sourced from future production of available reserves.”

Annual report 2025A · The company itself

“We use financial derivative instruments (primarily financial basis swap, price swap, option, swaption and collar contracts) and, in certain cases, fixed price physical sales contracts to hedge the impact of fluctuations in crude oil, NGLs and natural gas prices on our results of operations and cash flows. To the extent that we engage in hedging activities to protect ourselves against commodity price declines, we may be prevented from fully realizing the benefits of increases in crude oil, NGLs and natural gas prices above the prices established by our hedging contracts.”

Annual report 2025A · The company itself

“During the years ended December 31, 2025, 2024 and 2023, EOG expended $13.2 billion, $5.6 billion and $6.0 billion, respectively, for exploratory and development drilling, facilities and acquisition of leases and producing properties, including asset retirement costs of $146 million, $(2) million and $257 million, respectively.”

Annual report 2025A · The company itself

“At December 31, 2025, EOG's total estimated net proved reserves were 5,514 million barrels of oil equivalent (MMBoe), of which 1,905 million barrels (MMBbl) were crude oil and condensate reserves, 1,510 MMBbl were NGLs reserves and 12,592 billion cubic feet (Bcf), or 2,099 MMBoe, were natural gas reserves (see "Supplemental Information to Consolidated Financial Statements").”

Annual report 2025A · The company itself

“Properties Oil and Gas Exploration and Production - Properties and Reserves Reserve Information. For estimates and discussions of EOG's net proved reserves of crude oil and condensate, natural gas liquids (NGLs) and natural gas, the qualifications of the preparers of EOG's reserve estimates, EOG's independent petroleum consultants and EOG's processes and controls with respect to its reserve estimates, see "Supplemental Information to Consolidated Financial Statements."”

Annual report 2025A · The company itself

“Risks Related to our Operations Drilling crude oil and natural gas wells is a high-risk activity and subjects us to a variety of risks that we cannot control. Drilling crude oil and natural gas wells involves numerous risks, including the risk that we may not encounter commercially productive crude oil, NGLs and/or natural gas reserves.”

Annual report 2025A · The company itself

“Additionally, EOG sells natural gas to a liquefaction facility near Corpus Christi, Texas, and may receive pricing based on the Platts Japan Korea Marker (or the NYMEX Henry Hub price, at EOG's election); such pricing mechanism is expected to remain the same in 2026.”

Annual report 2025A · The company itself

“Investeringar i smartare energilösningar, fossilfria transporter med både tåg och fartyg, samt mer resurssnåla maskiner och processer, ökar behovet av data för både styrning och kontroll. Den pågående elektrifieringen av samhället och av transporterna medför behov av nysatsningar på förnybar elproduktion, eldistribution och lagring av energi; områden där Ependion har stor potential med sina robusta och energieffektiva produkter för till exempel trådlös datakommunikation.”

Annual report 2024A · The company itself

“Additionally, our operations are capital intensive.”

Annual report unknown yearA · The company itself

“There are many environmental, energy, financial, real property and other regulations that we are required to comply with in the context of conducting our operations; otherwise, we may be exposed to fines, penalties, investigations, litigation or other legal proceedings.”

Annual report unknown yearA · The company itself

“Additionally, negative public perception of us or the natural gas industry, or increasing consumer demand for alternatives to natural gas, could adversely impact our earnings, cash flows and financial position. •Risks Associated with Strategic Transactions.”

Annual report unknown yearA · The company itself

“Advanced planning, a prerequisite to pursuing combo-development, facilitates the delivery of bulk hydraulic fracturing sand and piped fresh and recycled water and provides the ability to continuously meet completions supply needs and the use of environmentally friendly technologies such as electric hydraulic fracturing powered by natural gas.”

Annual report unknown yearA · The company itself

“Our synchronized development plan supports an integrated business model that keeps development costs low and limits our need to hedge future production.”

Annual report unknown yearA · The company itself

“Risks Associated with Natural Gas Upstream, Midstream and Processing Operations Drilling for, producing, gathering, transmitting, storing and processing natural gas are high-risk and costly activities with many uncertainties.”

Annual report unknown yearA · The company itself

“Furthermore, we may construct facilities to capture anticipated future growth in production and/or demand in a region in which such growth does not materialize or is delayed beyond our expectations. As a result, new facilities may not be able to attract enough throughput to achieve our expected investment return.”

Annual report unknown yearA · The company itself

“Our drilling locations are scheduled out over many years, making them susceptible to uncertainties that could materially alter the occurrence or timing of when they are drilled, if at all. Our management team has specifically identified and scheduled certain well locations as an estimation of our future multi-year drilling activities on our existing acreage. These well locations represent a significant part of our business strategy.”

Annual report unknown yearA · The company itself

“Our ability to drill and develop these locations depends on a number of uncertainties, including natural gas, NGLs and oil prices; the availability and cost of capital; drilling and production costs; the availability of drilling services and equipment; drilling results; lease expirations; topography; gathering system and pipeline transportation costs and constraints; access to and availability of sand and water and corresponding materials sourcing and distribution systems, including railroads; coordination with coal mining; regulatory approvals; and other factors.”

Annual report unknown yearA · The company itself

“Because the rate of production from natural gas and oil wells, and associated NGLs, generally declines as reserves are depleted, our future success depends upon our ability to develop additional reserves that are economically recoverable and to optimize existing well production, and our failure to do so may reduce our earnings.”

Annual report unknown yearA · The company itself

“Our drilling and subsequent maintenance of wells can involve significant risks, including those related to timing, cost overruns and operational inefficiency, and these risks can be affected by the availability of capital, leases, rigs, equipment, a qualified work force, and adequate capacity for the treatment and recycling or disposal of wastewater generated in our operations, as well as weather conditions, natural gas, NGLs and oil price volatility, regulatory approvals, title and property access problems, geology, equipment failure or accidents and other factors.”

Annual report unknown yearA · The company itself

“Low natural gas, NGLs and oil prices may further limit the types of reserves that we can develop and produce economically.”

Annual report unknown yearA · The company itself

“Except to the extent that we acquire additional properties containing proved reserves, conduct successful exploration and development activities or, through engineering studies, identify additional behind-pipe zones or secondary recovery reserves, our proved reserves will decline as reserves are produced. Our future natural gas, NGLs and oil production, therefore, is highly dependent upon our level of success in acquiring or finding additional reserves that are economically recoverable.”

Annual report unknown yearA · The company itself

“Table of Contents Our proved reserves are estimates that are based on many assumptions that may prove to be inaccurate. Any significant change in these underlying assumptions will greatly affect the quantities and present value of our reserves.”

Annual report unknown yearA · The company itself

“The prices for natural gas, NGLs and oil have historically been volatile and have been particularly volatile in recent years. The daily spot prices for NYMEX Henry Hub natural gas ranged from a high of $9.86 per MMBtu to a low of $2.65 per MMBtu between the period from January 1, 2025 through December 31, 2025, and the daily spot prices for NYMEX WTI oil ranged from a high of $80.73 per barrel to a low of $55.44 per barrel during the same period.”

Annual report unknown yearA · The company itself

“Additionally, in recent years, volatility in natural gas prices and prolonged periods of high market prices for natural gas have led to calls by certain politicians to impose a windfall profits tax on natural gas producers, limit or prohibit the volume of LNG exports out of the United States and similar restrictive regulations on natural gas development and sales. While no such regulations have been passed in the United States, continued natural gas price volatility or prolonged high natural gas prices could result in the imposition of certain regulations directed at driving down the market price for natural gas.”

Annual report unknown yearA · The company itself

“Quantitative and Qualitative Disclosures About Market Risk Commodity Price Risk and Derivative Instruments Our primary market risk exposure is the volatility of future prices for natural gas and NGLs. Due to the volatility of commodity prices, we are unable to predict future potential movements in the market prices for natural gas and NGLs at our ultimate sales points and, thus, cannot predict the ultimate impact of prices on our operations.”

Annual report unknown yearA · The company itself

“Prolonged low, or significant, extended declines in, natural gas and NGLs prices could adversely affect, among other things, our development plans, which would decrease the pace of development and the level of our proved reserves and, similarly, could adversely affect timing of development of additional reserves and production that is accessible by our pipeline and storage assets and limit growth in, or may reduce the demand for, and usage of, our gathering or transmission and storage services.”

Annual report unknown yearA · The company itself

“Price declines and sustained periods of low natural gas and NGLs prices could also have an adverse effect on the creditworthiness of our gathering, transmission and storage customers and related ability to pay firm reservation fees under long-term contracts.”

Annual report unknown yearA · The company itself

“Increases in natural gas and NGLs prices may be accompanied by, or result in, increased well drilling costs, increased production taxes, increased LOE, increased volatility in seasonal gas price spreads for our storage assets and increased end-user conservation or conversion to alternative fuels.”

Annual report unknown yearA · The company itself

“Strategy Our core business strategy is to be the leading low-cost producer of natural gas with a business model designed to generate durable free cash flow across commodity price cycles.”

Annual report unknown yearA · The company itself

“Our operational strategy centers on the execution of large-scale, multi-pad development projects, which we refer to as combo-development. Combo-development generates value across all levels of the reserves development process by maximizing operational and capital efficiencies.”

Annual report unknown yearA · The company itself

“Combo-development also provides meaningful environmental and social benefits when compared to more fragmented development approaches. Our operational strategy is integrated with our sustainability framework, which emphasizes continuous improvement in emissions performance, data quality and transparency, workforce development and stakeholder engagement. By concentrating development activity, combo-development results in fewer well sites, reduced truck traffic, lower fuel consumption, shorter and fewer periods of surface disturbance and reduced incremental midstream construction, contributing to improved safety performance and reduced environmental and community impacts.”

Annual report unknown yearA · The company itself

“Further, our integrated business model provides resilience across pricing environments. In periods of low commodity prices, our midstream assets support durable free cash flow due to their annuity-like nature of generating stable, predictable, long-term revenue. In periods of high commodity prices, our low-cost structure permits lower levels of financial hedging, thus providing increased exposure to higher natural gas prices.”

Annual report unknown yearA · The company itself

“Correspondingly, we have implemented a robust capital allocation strategy directed at responsibly developing our assets and positioning us for organic growth, while also returning capital to our shareholders through a combination of debt retirements, a base dividend and opportunistic share repurchases.”

Annual report unknown yearA · The company itself

“Additionally, we cannot be certain that we will be able to successfully execute combo-development projects, LNG export initiatives, midstream growth projects, data center development or other strategic projects at the pace and scale that we project, which may delay or reduce our production, reserves, revenues or expected benefits therefrom.”

Annual report unknown yearA · The company itself

“Given that our primary product and source of revenue is the gathering, transmission and sale of natural gas and NGLs, one of our most material risks is the commodity market and the price of natural gas and NGLs, which is often volatile.”

Annual report unknown yearA · The company itself

“Our primary business involves the exploration, production, gathering, transmission and sale of hydrocarbons, and in particular, natural gas. Consequently, our revenue, profitability, future rate of growth, liquidity and financial position depend upon the market prices for natural gas and, to a lesser extent, NGLs and oil.”

Annual report unknown yearA · The company itself

“Our business is capital intensive. We make and expect to continue to make substantial capital expenditures for the development and acquisition of natural gas, NGLs and oil reserves, as well as processing facilities, pipelines and related infrastructure.”

Annual report unknown yearA · The company itself

“As the only large-scale, integrated natural gas producer in the United States, we believe we are well positioned to excel during times of market volatility and to serve growing sources of demand, including power generation, industrial consumption, domestic data center development and LNG exports.”

Annual report unknown yearA · The company itself

“Tilgangen på ny sol- og vindkraftkapasitet, i tillegg til lavere gasspriser, høy fyllingsgrad i vannkraftmagasinene og god tilgang på kjernekraft bidro til å senke prisene.”

Annual report 2024A · The company itself

“Mot slutten av året oppsto det ny usikkerhet knyttet til europeisk gassforsyning, noe som presset EU ETS-prisen oppover.”

Annual report 2024A · The company itself

“Prisene var lavere på både væsker og gass i 2024 enn i 2023, noe som påvirket inntektene tross et stabilt produksjonsnivå og økt salg av naturgass og væsker.”

Annual report 2024A · The company itself

“Salgsinntekter og andre inntekter gikk noe ned fra 2023 til 2024, som følge av lavere salgspriser på gass og olje, både i Europa og Nord-Amerika, noe som ble delvis utlignet av høyere salgsvolumer for olje og gass.”

Annual report 2024A · The company itself

“Vesentlig finansiell risiko og mulighet: Markedseffekter av tiltak for å redusere klimaendringene påvirker verdien av vår olje- og gassvirksomhet Endringer i hvordan verdenssamfunnet agerer for å redusere klimaendringene kan påvirke markedsrepons og verdien av vår olje- og gassvirksomhet. Klimalover, - forskrifter og -politikk, teknologiutvikling, forbrukerpreferanser og rettsprosesser kan direkte eller indirekte påvirke balansen mellom tilbud og etterspørsel av olje, gass og elektrisitet, samt energipriser.”

Annual report 2024A · The company itself

“Olje- og gasspriser som er lavere enn våre prisforutsetninger på middels til lang sikt, kan ha en negativ effekt på vår finansielle posisjon.”

Annual report 2024A · The company itself

“En sammenligning av etterspørselsprognosene for olje og gass i IEA's Announced Pledges Scenario, som er i samsvar med en 1.7°C-utviklingsbane, med forventet produksjon fra eksisterende felt, viser at det vil være et betydelig underskudd av olje og gass, som må dekkes med nye volumer.”

Annual report 2024A · The company itself

“Forurensning av luft og vann fra storulykker Vår kjernevirksomhet innen produksjon og prosessering av olje og gass utgjør en potensiell risiko for storulykker som kan ha betydelig påvirkning på miljøet. En storulykke kan potensielt føre til vesentlig forurensning til luft og potensielt redusere luftkvalitet eller medføre negativ påvirkning på økosystemer, dyreliv og flora. En storulykke til vann, som et oljeutslipp, kan potensielt forurense kystområder eller skade naturlige habitater som resulterer i tap av biologisk mangfold.”

Annual report 2024A · The company itself

“Uplanlagt forurensning av luft, vann og jord Våre operasjoner er avhengig av en rekke aktiviteter gjennom hele vår verdikjede som potensielt kan føre til uplanlagt og indirekte forurensning. Dette kan potensielt føre til negativ påvirkning på luftkvalitet eller flora og fauna i sjø og grunn.”

Annual report 2024A · The company itself

“Våre landanlegg, inkludert tilknyttet infrastruktur, kan føre til jordforsegling og forringelse av landområder.”

Annual report 2024A · The company itself

“Omstillingsplan og ivaretakelse av biologisk mangfold og økosystemer i strategi og forretningsmodell Equinor arbeider kontinuerlig med å forstå og forbedre hvordan forretningsmodell og strategi påvirkes av og innvirker på biologisk mangfold og økosystemer. Sentralt i dette arbeidet er vurdering av påvirkning, risiko og muligheter.”

Annual report 2024A · The company itself

“Vesentlige påvirkninger, risikoer og muligheter og deres samspill med strategi og forretningsmode Sikkerhet er vår viktigste prioritet og er integrert i "Alltid sikker" som en av våre strategiske grunnpillarer, med fokus på å beskytte mennesker, miljøet, anlegg og verdier, og samfunnene vi opererer i. Vi har en visjon om null skade og jobber dedikert for å forebygge ulykker, uønskede hendelser og arbeidsrelatert sykdom. Vi erkjenner imidlertid at det er en iboende risiko for helse- og sikkerhetsrelaterte hendelser i vår bransje, som kan påvirke både mennesker og miljø.”

Annual report 2024A · The company itself

“Svingninger i prisene på olje og naturgass, valutakurser og generelle makroøkonomiske forhold påvirker våre økonomiske resultater.”

Annual report 2024A · The company itself

“En betydelig, eller vedvarende, periode med lave priser kan føre til endringer i produksjon, nedskrivning av eiendeler eller revurdering av lønnsomheten i prosjekter under utvikling og framtidige forretningsmuligheter. Høyere priser kan føre til økte skatter, kostnadsinflasjon eller økte tilgangskostnader for Equinor.”

Annual report 2024A · The company itself

“Ressursgrunnlag for hydrokarboner, fornybar energi og lavkarbonmuligheter Endringer i Equinors anslag på ressursgrunnlag for hydrokarboner, og tilgang til muligheter innen fornybar energi og lavkarbonløsninger, kan påvirke framtidig produksjon, inntekter og utgifter, og også gjennomføringen av vår strategi.”

Annual report 2024A · The company itself

“Equinor benytter finansielle instrumenter som terminkontrakter, opsjoner, unoterte terminkontrakter, bytteavtaler og differansekontrakter knyttet til råolje, petroleumsprodukter, naturgass og elektrisk kraft for å håndtere prisvariasjoner og-volatilitet.”

Annual report 2024A · The company itself

“Vi anser at drivstoff som LNG og LPG vil være viktige i en omstillingsfase og bidra til avkarbonisering av maritim sektor på kort til mellomlang sikt.”

Annual report 2024A · The company itself

“Arbeidskrav - Rammeverk for forebygging av storulykke Rammeverket for forebygging av storulykke definerer en struktur basert på anerkjent bransjepraksis for høyrisikoindustrier og gjelder alle deler av vår virksomhet som påvirker risikoen for storulykker. Rammeverket bygger på tre pillarer som støtter opp om «Alltid sikker»: • Lederskap, kultur og organisatoriske rammebetingelser • forsvarlig sikkerhets- og sikringspraksis og design • Sikkerhets- og sikringsbarrierer Rammeverket for forebygging av storulykker har vært gjeldende siden lanseringen i juli 2022. Ansatte har fått opplæring i rammeverket, og anleggene er blitt evaluert opp mot kravene i rammeverket for å sikre etterlevelse.”

Annual report 2024A · The company itself

“Styring av olje- og gassanlegg i drift Equinor er den største produsenten av olje og gass på norsk sokkel, og en betydelig leverandør av olje og gass i Europa.”

Annual report 2024A · The company itself

“Oppstrømsvirksomheten står for 92 % av selskapets driftsresultat, med en daglig produksjon på 2,067 millioner foe/dag i 2024.”

Annual report 2024A · The company itself

“Omsatte volumer i MMP MMP markedsfører, selger og transporterer til sammen rundt 70 % av all norsk gasseksport, og 60 % av all væskeeksport, som omfatter Equinors egne produkter, egenproduksjonen fra Statens direkte økonomiske engasjement (SDØE) og volumer fra tredjeparter.”

Annual report 2024A · The company itself

“Solide resultater fra gass og kraft i segmentet Markedsføring, midstrøm og prosessering, drevet av handel med egne volumer og tredjepartsvolumer av LNG og geografisk optimalisering, ga et godt bidrag til konsernets resultater.”

Annual report 2024A · The company itself

“Vi er en pållitelig leverandør av energi til omtrent 170 millioner mennesker hver dag. Equinor er først og fremst involvert i produksjon av energi i de regionene vi opererer i.”

Annual report 2024A · The company itself

“Oljeproduksjon fra egen virksomhet MWh 627.045.713 Gassproduksjon fra egen virksomhet MWh 570.710.880 MWh 1.197.756.593 Gass til strøm fra felles kontrollerte ordninger MWh 1.981.193 Ikke-fornybar energiproduksjon fra finansielle investeringer MWh 13.621 Ikke-fornybar energi levert til strømnettet MWh 1.994.814 Fornybar energiproduksjon fra egen virksomhet og felles kontrollerte ordninger MWh 2.801.647 Fornybar energiproduksjon fra finansielle investeringer MWh 2.043.135 Fornybar energi levert til strømnettet MWh 4.844.782 Energiintensitet per nettoinntekt fra våre aktiviteter17 var 370 MWh/million USD i 2024.”

Annual report 2024A · The company itself

“Vi har identifisert boreavfall og forurenset vann som de to største avfallsstrømmene, sammen utgjør de mer enn 90 % av totalt avfall generert.”

Annual report 2024A · The company itself

“Equinor-konsernets virksomhet er å utvikle, produsere og markedsføre ulike former for energi, avledede produkter og tjenester, samt annen virksomhet.”

Annual report 2024A · The company itself

“Fossilbaserad energi ersätts med förnybar energi med hjälp av en metod anpassad för respektive anläggning. Bland annat drivs vår fabrik i Lilla Edet i Sverige på biogas, och i Kawerau på Nya Zeeland används geotermisk ånga. Infrastruktur för att övergå till vätgas har installerats vid vår anläggning i Kostheim i Tyskland, och i ett pilotprojekt har vi utfört koldioxidneutral vätgasbaserad mjukpappersproduktion.”

Annual report 2024A · The company itself

“The Evergy Companies are subject to commodity and other risks associated with energy markets. The Evergy Companies are required to maintain generation capacity that satisfies regulatory mandates and are obligated to provide power when required by the SPP or pursuant to contractual obligations. Although the Evergy Companies generally have regulatory mechanisms that allow them to recover the cost of fuel and purchased power 21 Table of Contents necessary to satisfy these requirements, regulatory or legislative actions could limit, eliminate or delay recovery of these expenses after the expenses have been incurred.”

Annual report 2025A · The company itself

“The Evergy Companies' strategic plan includes adding a significant amount of natural gas and renewable generation. Transmission constraints and delays in the transmission planning and construction processes could impair the ability of the Evergy Companies to sell and transmit electricity generated by these generation facilities, which could have an adverse impact on the results of operations, financial position and cash flows of the Evergy Companies.”

Annual report 2025A · The company itself

“DERIVATIVE INSTRUMENTS Commodity Price Risk The Evergy Companies engage in the wholesale and retail sale of electricity as part of their regulated electric operations. These activities expose the Evergy Companies to market risks associated with the price of electricity, natural gas and other energy-related products. Management has established risk management policies and strategies to reduce the potentially adverse effects that the volatility of the markets may have on the Evergy Companies' operating results.”

Annual report 2025A · The company itself

“Natural Gas Evergy purchases natural gas for use in its generating units primarily through spot market purchases. From time to time, Evergy also may enter into contracts, including the use of derivatives, in an effort to manage the cost of natural gas.”

Annual report 2025A · The company itself

“Commodity price risk is the potential adverse price impact related to the purchase or sale of electricity and energy-related products, including natural gas and coal.”

Annual report 2025A · The company itself

“In October 2024, Evergy announced its plan to construct two combined-cycle natural gas plants located in Kansas. Evergy Kansas Central and Evergy Missouri West will jointly-own each plant and expect each plant to have an initial generating capacity of approximately 705 MWs. The first plant, a combined cycle gas turbine (CCGT) facility located in Sumner County, is expected to begin operations by spring of 2029 and the second plant, a CCGT facility located in Reno County, is expected to begin operations by spring of 2030.”

Annual report 2025A · The company itself

“(b) Combined-cycle natural gas plants currently under construction in Kansas, jointly-owned by Evergy Kansas Central and Evergy Missouri West.”

Annual report 2025A · The company itself

“Fuel Type Estimated 2026 MW Capacity Percent of Total Capacity Coal 5,930 37 % Wind(a) 4,525 29 Natural gas and oil 4,229 27 Uranium 1,106 7 Solar and landfill gas 22 — Total capacity 15,812 100 % (a) MWs are based on nameplate capacity of the wind facility.”

Annual report 2025A · The company itself

“Based on these and other factors, the IRP indicated the addition of new supply side resources, including combined and simple cycle natural gas plants, would be needed. In October 2024, Evergy announced its plan to construct two combined-cycle natural gas plants located in Kansas. Evergy Kansas Central and Evergy Missouri West will jointly-own each plant and expect each plant to have an initial generating capacity of approximately 705 MWs.”

Annual report 2025A · The company itself

“Further, the view of natural gas as an attractive fuel source for heating and power generation may be at risk. Certain environmental activist groups, investors and governmental entities continue to oppose natural gas delivery and infrastructure investments because of perceived environmental impacts associated with the natural gas supply chain and end use.”

Annual report 2025A · The company itself

“For customers who purchase natural gas from NSTAR Gas, EGMA and Yankee Gas, the purchased natural gas commodity cost is passed through to those customers without mark-up. NSTAR Gas, EGMA and Yankee Gas do not earn a return on the cost of purchased gas.”

Annual report 2025A · The company itself

“Sources and Availability of Natural Gas Supply NSTAR Gas and EGMA maintain flexible resource portfolios consisting of natural gas supply contracts, transportation contracts on interstate pipelines, market area storage and peaking services. NSTAR Gas and EGMA purchase transportation, storage, and balancing services from Tennessee Gas Pipeline Company and Algonquin Gas Transmission Company, as well as other upstream pipelines that transport natural gas from major natural gas producing regions in the U.S., including the Gulf Coast, Mid-continent region, and Appalachian Shale (as well as Ontario, Canada specific to EGMA), which supply to the final delivery points in the NSTAR Gas and EGMA service areas.”

Annual report 2025A · The company itself

“NSTAR Gas purchases all of its natural gas supply under a firm, competitively bid annual portfolio management contract. EGMA purchases the majority of its natural gas supply under a number of firm, competitively bid annual portfolio management contracts, and manages a portion of its own portfolio.”

Annual report 2025A · The company itself

“We also depend on third-party suppliers for power and natural gas.”

Annual report 2025A · The company itself

“NSTAR Gas distributes natural gas to approximately 306,000 customers in 59 communities in central and eastern Massachusetts. EGMA distributes natural gas to approximately 335,000 customers in 66 communities throughout Massachusetts. Yankee Gas distributes natural gas to approximately 256,000 customers in 85 cities and towns in Connecticut.”

Annual report 2025A · The company itself

“•A Purchased Gas Adjustment (PGA) clause at Yankee Gas that collects the costs of the procurement of natural gas for its firm and seasonal customers.”

Annual report 2025A · The company itself

“As of December 31, 2025, Yankee Gas owned 28 active gate stations, 189 district regulator stations, and approximately 3,526 miles of natural gas main pipeline. Yankee Gas also owns a liquefaction and vaporization plant and above ground storage tank with a storage capacity equivalent of 1.2 Bcf of natural gas in Waterbury, Connecticut.”

Annual report 2025A · The company itself

“* Revenue, cost of sales, SG&A ** Bank deposits, net trade receivable, marketable securities *** Net asset value per share; total assets – total liabilities divided by number of shares Risk management and internal control Aquila’s activities are dependent on the capital spending budgets of E&P companies in the oil and gas industry. These budgets are, in turn, largely a function of actual and/or expected shifts in oil and gas prices. Consequently, Aquila’s activities, opportunities and profitability are linked to fluctuations in these prices.”

Annual report 2024A · The company itself

“Global demand for oil and gas is forecasted to continue to grow. This will support additional exploration activity, both as it relates to near-eld optimization, but also with respect to new prospects.”

Annual report 2024A · The company itself

“The Group’s multi-client data is targeting near-field exploration, where production infrastructure is in place and where E&P companies need high-quality seismic data to unlock existing and new resources. In these production fields, oil and gas can be developed with lower cost, environmental impact and emissions.”

Annual report 2024A · The company itself

“The seismic multi-client data business model is frequently the preferred way to access seismic data for petroleum exploration and production (E&P) companies. The seismic data is licensed by E&P companies to assist in the discovery and development of petroleum resources.”

Annual report 2024A · The company itself

“Euroopan hyödykemarkkinat Vuonna 2025 maakaasun hinnat laskivat, kun tasainen nesteytetyn maakaasun ja putkikaasun tuonti, leuto sää ja tarjontariskien pieneneminen lievensivät lyhyen aikavälin markkinoiden kireyttä ja alensivat termiinikäyrää.”

Annual report 2025A · The company itself

“Kansainvälisillä markkinoilla kaupattavien polttoaineiden, kuten hiilen ja maakaasun, suurin riskitekijä on hintojen epävakaus. Hintoihin vaikuttaa merkittävästi kysynnän ja tarjonnan epätasapaino, jonka voi aiheuttaa esimerkiksi kysynnän kasvu kehittyvissä maissa, luonnonkatastrofit tai toimitusrajoitteet maissa, joissa on poliittista, sosiaalista tai työvoiman levottomuutta.”

Annual report 2025A · The company itself

“Hallituksen toimintakertomus Tilinpäätös Muut 227 Tilintarkastuksen kannalta keskeinen seikka Miten seikka on huomioitu tilintarkastuksessa Hyödykejohdannaisten käypä arvo ja suojauslaskenta Katso liitetieto 4, 7, 15 ja 16 tilinpäätöksessä. • Fortumin liiketoiminta on alttiina hintojen vaihtelulle sekä energian tuotannossa, siirrossa että myynnissä käytettävien hyödykkeiden saatavuudelle. Pääasiallisesti riskit liittyvät sähkön hintaan ja volyymiin, päästöjen hintaan sekä polttoaineiden hintaan että saatavuuteen.”

Annual report 2025A · The company itself

“Polttoaineen ja kaasun hinta- ja volyymiriskit Sähkön- ja lämmöntuotannossa käytetään polttoaineita, jotka ostetaan kansainvälisiltä tai paikallisilta markkinoilta. Fortumin merkittävimmät polttoaineet ovat uraani, jäte, hiili, erilaiset biomassapohjaiset polttoaineet ja maakaasu.”

Annual report 2025A · The company itself

“Fortum käyttää sähkön, lämmön ja höyryntuotannossa useita polttoaineita, kuten uraania 87 prosenttia (2024: 81), hiiltä 5 prosenttia (2024: 6), biomassaa ja biopolttoaineita 3 prosenttia (2024: 3), jätepolttoaineita 2 prosenttia (2024: 6), maakaasua 2 prosenttia (2024: 2) ja muita prosentti.”

Annual report 2025A · The company itself

“9 Materiaalit ja palvelut milj. euroa 2025 2024 Ostot 1) 2 271 2 531 Ostot osakkuus- ja yhteisyrityksiltä 581 626 Muut 49 138 Yhteensä 2 901 3 295 1)Ostot sisältävät uusiutuvan energian sertifikaattien ostoja 45 miljoonaa euroa (2024: 66) ja CO2-päästöoikeuksien ostoja 57 miljoonaa euroa (2024: 67). Ostot koostuvat pääosin sähkön ja kaasun hankinnasta vähittäismyyntiä ja lämmön tuotantoa varten sekä polttoaineista, joita käytetään sähkön ja lämmön tuotannossa.”

Annual report 2025A · The company itself

“Refer to “Operations – Indonesia” below for discussion of PTFI’s plans to transition its existing energy source from coal to natural gas.”

Annual report 2025A · The company itself

“Climax operations receive electrical power through long-term contracts with Xcel Energy and natural gas supply with Spark Energy Gas (with Xcel Energy as the transporter).”

Annual report 2025A · The company itself

“Table of Contents SOURCES AND AVAILABILITY OF ENERGY, NATURAL RESOURCES AND RAW MATERIALS Our copper mining operations require significant amounts of energy, principally diesel, electricity, coal and natural gas, most of which is obtained from third parties under long-term contracts. In 2025, energy represented 15% of our copper mine site operating costs, including purchases of approximately 275 million gallons of diesel fuel; approximately 8,600 gigawatt hours of electricity at our U.S. and South America copper mining operations (we generate all of our power at our Indonesia mining operation); approximately 550 thousand metric tons of coal for our coal power plant in Indonesia; and approximately 3 million MMBtu (million British thermal units) of natural gas at certain of our U.S. mines.”

Annual report 2025A · The company itself

“Prices of consumables used in our operations (such as natural gas, diesel, coal, other sources of energy, ammonium nitrate, chemical reagents, including sulfuric acid, and steel-related products), certain components, equipment, parts and other operating supplies and services can fluctuate in price, impacting the costs of production at our operations and the costs of development projects.”

Annual report 2025A · The company itself

“Our operations require significant energy, much of which is currently from fossil fuel sources and is obtained from third parties under long-term contracts. Energy represented 15% of our copper mine site operating costs in 2025, and based on currently available information and projected operations, is expected to approximate 17% in 2026. The principal sources of energy consumption at our mining operations are: diesel fuel, which powers mine trucks 70 Table of Contents and other transportation equipment; purchased electricity, which powers core facilities and certain on-site metal processing operations; and coal and natural gas, which provide electricity at certain operations.”

Annual report 2025A · The company itself

“PTFI plans to transition its existing energy source from coal to natural gas, which would meaningfully reduce PTFI’s greenhouse gas emissions at the Grasberg minerals district. Following the September 2025 mud rush incident, PTFI’s planned investments for a new gas-fired combined cycle facility have been deferred with start-up and commissioning of the new facility scheduled in the second half of 2029.”

Annual report 2025A · The company itself

“The level of exploration, development, and production activity is directly affected by trends in oil and natural gas prices, which historically have been volatile and are likely to continue to be volatile. Prices for oil and natural gas are subject to large fluctuations in response to relatively minor changes in the supply of and demand for oil and natural gas, market uncertainty, and a variety of other economic factors that are beyond our control.”

Annual report 2025A · The company itself

“Because our business depends on the level of activity in the oil and natural gas industry, existing or future laws, orders, regulations, treaties, or international agreements related to greenhouse gases or climate change, including incentives to conserve energy or use alternative energy sources, may reduce demand for oil and natural gas and could have a negative impact on our business.”

Annual report 2025A · The company itself

“In 2025, global oil and natural gas markets remained impacted by non-OPEC supply growth, slower demand recovery in certain areas around the globe, OPEC+ production, ongoing geopolitical tensions in the Middle East, and the continued impacts of the Russia-Ukraine conflict.”

Annual report 2025A · The company itself

“In the U.S., oil and natural gas production in 2025 remained elevated, despite a generally declining rig count, as a result of the industry's focus on efficiencies and higher service intensity.”

Annual report 2025A · The company itself

“Some of the more significant determinants of current and future spending levels of our customers are oil and natural gas prices, our customers’ expectations about future prices, global oil supply and demand, the impact on natural gas supply and demand in North America of electrification and data centers power requirements, completions intensity, the world economy, the availability of capital, government regulation, and global stability, which together drive worldwide drilling and completions activity.”

Annual report 2025A · The company itself

“We expect international activity to be stable year over year, with revenue to be flat to up modestly, led by Latin America. We anticipate moderate softness in North America and expect revenue to decline year over year compared to 2025.”

Annual report 2025A · The company itself

“This growth includes our strategic collaboration with VoltaGrid, for which we have secured manufacturing capacity for 400 megawatts of modular natural gas power systems for delivery in 2028 to support the development of data centers in the Eastern Hemisphere.”

Annual report 2025A · The company itself

“Description of business and strategy Halliburton Company (Halliburton) is one of the world's largest providers of products and services to the energy industry.”

Annual report 2025A · The company itself

“BUSINESS ENVIRONMENT AND RESULTS OF OPERATIONS We operate in more than 70 countries throughout the world to provide a comprehensive range of services and products to the energy industry. Our revenue is generated from the sale of services and products to major, national, and independent oil and natural gas companies worldwide.”

Annual report 2025A · The company itself

“Halliburton has fostered a culture of unparalleled service to the world's major, national, and independent oil and natural gas producers.”

Annual report 2025A · The company itself

“We have a number of significant customers. While no single customer represented more than 10% of consolidated revenue in any period presented, the loss of one or more significant customers or the consolidation of such customers could have a material adverse effect on our business and our consolidated results of operations.”

Annual report 2025A · The company itself

“Nära 90 procent av HANZAs klimatavtryck tillhör framställning och transporter av insatsmaterial.”

Annual report 2024A · The company itself

“We use many different commodities for our business, including cocoa products, sugar, corn products, dairy products, wheat products, peanuts, almonds, natural gas, and diesel fuel.”

Annual report 2025A · The company itself

“We use futures and options contracts and other commodity derivative instruments in combination with forward purchasing of cocoa products, sugar, corn products, certain dairy products, wheat products, natural gas and diesel fuel primarily to mitigate price volatility and provide visibility to future costs within our supply chain.”

Annual report 2025A · The company itself

“Shaping the future of sustainable heavy-duty trucking We renewed our master service agreement with UPS and received orders totaling NOK 620 million for RNG fuel systems for heavy-duty trucks.”

Annual report 2024A · The company itself

“Alternative fuels are essential to the global energy mix As the world’s energy needs change, we are confident that our solutions will continue solving global energy demand, energy security, energy independence and decarbonization challenges.”

Annual report 2024A · The company itself

“Combined, Hexagon Agility delivered revenues of NOK 4 716 (4 321) million and an EBITDA of NOK 662 (381) million, resulting in a much improved EBITDA margin of 14% (9%).”

Annual report 2024A · The company itself

“The Mobile Pipeline distribution business entered 2024 with a very strong order book and were close to sold out for 2024 already in the first quarter.”

Annual report 2024A · The company itself

“Historically, around two thirds of all heavy-duty trucks in the US have been addressed by diesel only due to range and power requirements, but with the introduction of Cummins’ new X15N natural gas engine, which entered the market in 2024, RNG/CNG will compete head-to-head with diesel on range and power.”

Annual report 2024A · The company itself

“In the fourth quarter of 2024, Hexagon Agility received several smaller orders from 30 leading Class 8 series (heavy-duty) fleet owner of RNG fuel systems of which 40% were new adopters of RNG/ CNG.”

Annual report 2024A · The company itself

“When combined with RNG fuel, this offers a ready-to-deploy and fast-track route to decarbonization for fleets and OEMs.”

Annual report 2024A · The company itself

“Adjusting for these effects, the underlying growth rate was 7%, principally achieved by the Mobile Pipeline distribution business which superseded its record-year of 2023.”

Annual report 2024A · The company itself

“Factors which can impact the competitive position include new players in the industry, pressure on market prices and future demand and supply factors, including the price of natural gas and the relative price of gas compared with diesel.”

Annual report 2024A · The company itself

“Regulations previously targeted at promoting a tailpipe-only approach, tending to favor battery-electric and hydrogen technologies, are being revisited and/or scaled back, expected to be replaced with a technologyneutral approach. Hexagon is actively engaged with legislative and regulatory bodies in the EU and the US to promote a “well- to -wheel” approach to evaluating emissions, which supports the increased deployment of CO2- neutral fuels such as biomethane/renewable natural gas (RNG).”

Annual report 2024A · The company itself

“As both 2015 and 2020 were historically low years for distribution modules, 2025 is expected to have a significant dip in inspection-driven revenues, before restoring to higher levels from the strong development in Mobile Pipeline in subsequent years.”

Annual report 2024A · The company itself

“The full year results are heavily dependent on volumes from the steadily increasing adoption of the new X15N engine. Other factors influencing this trend are: i.) increasingly large order sizes from new adopters of NG, ii.) the start of production of DTNA (Freightliner) trucks with the X15N engine sometime in mid-2025, allowing significantly more trucks to be available to equip with the X15N engine, iii.) expected improvements to freight rates after a historically low market, enabling higher customer capital allocations.”

Annual report 2024A · The company itself

“Hexagon is focused on carbon negative and near-zero emission energy solutions, supported by world-class manufacturing and digitalization, enabling customers to reach their net-zero ambitions. Together with customers and partners, the Company is finding new ways to make alternative energy solutions available and affordable.”

Annual report 2024A · The company itself

“Looking further out towards 2030, and with 3 of 6 major OEMs representing approximately twothirds of the North American heavy-duty truck market equipped with the new engine, the route to 10x growth in heavy duty Truck by 2030 is achievable.”

Annual report 2024A · The company itself

“For 2025, the organization is prepared for a more meagre first-half versus the expectation of exiting the second-half strongly; with guided revenues of NOK 4.9 - 5.3 billion, and EBITDA of NOK 640 – 740 million.”

Annual report 2024A · The company itself

“We are one of the world’s leading manufacturers of high-pressure composite cylinders and fuel systems for alternative fuels.”

Annual report 2024A · The company itself

“Leader in cryogenic tank technology for liquid (renewable) natural gas (LNG) and liquid hydrogen (LH2).”

Annual report 2024A · The company itself

“A leading European supplier of high-pressure cylinders and systems for storage and distribution of compressed gases. structure CONTENTS Hexagon Composites ASA is headquartered in Ålesund, Norway and listed on the Oslo Stock Exchange.”

Annual report 2024A · The company itself

“Hexagon is one of the leading global providers of clean fuel solutions for commercial vehicles.”

Annual report 2024A · The company itself

“Our solutions have the largest transport capacity worldwide and enable the safe transport of compressed (renewable) natural gas (RNG/ CNG), hydrogen or other industrial gases.”

Annual report 2024A · The company itself

“Hexagon Agility is a global provider of SHARE OF GROUP REVENUE 96% natural gas fuel systems for commercial vehicles and gas distribution solutions.”

Annual report 2024A · The company itself

“Operating results from continuing operations For the full year 2024, Hexagon Group reported revenues of NOK 4 877 (4 526) million, including approximately NOK 81 million of positive FX translation effects. Excluding FX, the underlying revenue growth was 6%, predominantly explained by Hexagon Agility’s Mobile Pipeline distribution business which has delivered consistently high volumes throughout the year as a consequence of strong demand for transportation of oil & gas, helium and renewable natural gas (RNG) in the US. The Fuel Systems business of Hexagon Agility had a rather flat revenue development, but improved its profit margins notably, so did also Hexagon Digital Wave.”

Annual report 2024A · The company itself

“The improvement is largely attributed to higher heavy-duty truck volumes, including the NOK ~620 million UPS order for RNG fuel systems in May 2024, as well as significant volumes in the Mobile Pipeline business following the strong order intake in 2023.”

Annual report 2024A · The company itself

“Sustainable Energy Solutions (SES) - 49% ownership SES is a leading European supplier of highpressure cylinders and systems for storage and distribution of compressed natural gas, hydrogen and industrial gases, with production facilities in Austria, Poland and Germany.”

Annual report 2024A · The company itself

“Hexagon’s addressable market for Natural Gas driven heavy-duty trucks increases threefold due to the X15N engine, as it opens the long-haul segment served by diesel engines, while meeting required stringent NOx emissions CONTENTS reductions targets is pushing OEMs to increase their share of NG trucks within their product portfolios.”

Annual report 2024A · The company itself

“Commodity Price Risk: The Company is subject to commodity price risk through grain, lean hog, natural gas, and diesel fuel markets.”

Annual report 2025A · The company itself

“Commodity Derivatives: The Company’s commodity derivatives represent futures, swaps, and options contracts used in its hedging or other programs to offset price fluctuations associated with purchases of grain, natural gas, diesel fuel, lean hogs, and pork, and to minimize the price risk assumed when forward-priced contracts are offered to the Company’s commodity suppliers.”

Annual report 2025A · The company itself

“For example, increases in energy demand and supply disruptions caused by the conflict in Ukraine have resulted in significantly higher energy prices, particularly in Europe. Additionally, the conflict in the Middle East has added to the volatility in energy costs. Persistent high energy prices and the potential for further supply disruptions, may have an adverse impact on our business.”

Annual report 2025A · The company itself

“•The general impact of inflation on our business, including the impact on raw materials costs, elevated interest rates and increased energy costs and our ability to implement and maintain pricing actions that we have taken to cover higher costs and protect our margin profile. •Economic and business conditions in particular industries, markets or geographic regions, as well the potential for macro-economic effects of the U.S. government federal deficit, and continued inflation, a significant economic slowdown, stagflation or recession. •Effects of unfavorable foreign currency exchange rates and the potential use of hedging instruments to hedge the exposure to fluctuating rates of foreign currency exchange on inventory purchases. •Supply chain disruptions and availability, costs and quantity of raw materials, purchased components, energy and freight.”

Annual report 2025A · The company itself

“We have significant exposure to energy costs, in particular gas, electricity and other fuel costs. Energy prices have fluctuated dramatically in the past and may continue to increase and/or fluctuate in the future.”

Annual report 2025A · The company itself

“Input costs were lower, driven by lower recovered fiber and wood costs, partially offset by higher energy and chemical costs.”

Annual report 2025A · The company itself

“Cost of products sold decreased $54 million and was impacted by lower volumes, lower operating costs and lower input costs, primarily for energy costs.”

Annual report 2025A · The company itself

“Åretpräglades av kraftigt stigande inflation, räntor och energipriser, fortsatta störningar i leverantörskedjorna och den pågående pandemin.”

Annual report 2022A · The company itself

“We have in the past been, and may continue to be, adversely affected by changes in national and global macroeconomic conditions, such as inflation, rising interest rates, tax rates, availability of capital markets, consumer spending rates, energy availability and costs, supply chain challenges (including changes in tariffs), labor shortages, geopolitical conflicts, the negative impacts caused by pandemics and public health crises, and growing recession risk.”

Annual report 2026A · The company itself

“In addition, we and our business partners utilize significant quantities of plastic, glass, metal cans, caps, carton board, and corrugate to package our products and natural gas and fuel oil to manufacture, package, and distribute our products.”

Annual report 2026A · The company itself

“Opstrøms og alle egne aktiviteter E1: Modvirkning af klimaændringer Forsyningsselskaberne udleder drivhusgasser, når de producerer og distribuerer varme og elektricitet, som forbruges i Jeudans ejendomme.”

Annual report 2025A · The company itself

“Fra gas til ernvarme: Primo 2025 var tre af Jeudans udlejede ejendomme opvarmet med naturgas. En af disse ejendomme blev konverteret til ernvarme i juli-august, og baseret på forbrugsdata fra 2024 vil dee reducere drivhusgasudledningen med 71 ton COe årligt.”

Annual report 2025A · The company itself

“Varmeforbruget består af 83 % målt forbrug fra Jeudans Energistyringssystem. Elforbruget består af 24 % målt forbrug fra 619 ernaflæste hovedmålere registreret i Jeudans Energistyringssystem, mens de resterende 76 % er baseret på branchenøgletal fra Energistyrelsen, da Jeudan ikke har adgang til kundernes individuelle elaaler.”

Annual report 2025A · The company itself

“Osäkerheten kring framtida energipriser och framtida regleringar gör att energieektiva fastigheter minskar både driskostnader och risk, oavsett politiska beslut.”

Annual report 2024A · The company itself

“Risken kopplad till fastighetskostnader ligger framför allt i ökningar som K2A inte kan kompensera för genom hyreshöjningar, index eller vidarefakturering. Under de senaste åren har förutsättningarna i omvärlden förändrats – hög inflation och volatila energipriser leder till att K2A behöver säkerställa hantering av detta.  Fokus på hyresförhandlingar i syfte att öka marginaler.  Energieffektiva miljöcertifierade fastigheter.  Strukturerat och fokuserat arbete för att effektivisera och minska energianvändning.  Installation av solceller där det är möjligt.  Implementering av individuell mätning av el- och vattenförbrukning vilket möjliggör att kunderna bär faktiska kostnader för användningen.  Underhållsplaner för samtliga fastigheter.”

Annual report 2024A · The company itself

“As contracts expire, we have additional exposure to the longer term trends in supply and demand for natural gas.”

Annual report 2025A · The company itself

“Risks Related to our Business Our businesses are dependent on the supply of and demand for the products we handle. Our pipelines, terminals, and other assets and facilities, including the availability of expansion opportunities, depend in part on continued production of natural gas, crude oil, and other products in the geographic areas that they serve. Without additions to crude oil and gas reserves, production will decline over time as reserves are depleted, and production costs may rise.”

Annual report 2025A · The company itself

“The volatility of crude oil, NGL, and natural gas prices could adversely affect our business. The revenues, cash flows, profitability, and future growth of some of our businesses (and the carrying values of certain of their respective assets, which include related goodwill) depend to a large degree on prevailing crude oil, NGL, and natural gas prices. Prices for crude oil, NGL, and natural gas are subject to large fluctuations in response to relatively minor changes in the supply of and demand for crude oil, NGL, and natural gas, uncertainties within the market and a variety of other factors beyond our control.”

Annual report 2025A · The company itself

“Because the combustion of natural gas produces lower GHG emissions per unit of energy than competing fossil fuels, cap-and-trade legislation or EPA regulatory initiatives to reduce GHGs could stimulate demand for natural gas by increasing the relative cost of competing fuels such as coal and oil. In addition, we anticipate that GHG regulations will increase demand for carbon sequestration technologies, such as the techniques we have successfully demonstrated in our enhanced oil recovery operations within our CO2 business segment.”

Annual report 2025A · The company itself

“However, these potential positive effects on our markets may be offset if these same regulations also cause the cost of natural gas to increase relative to competing non-fossil fuels.”

Annual report 2025A · The company itself

“The rate of production from oil and natural gas properties declines as reserves are depleted. Without successful development activities, the reserves, revenues, and cash flows of the oil and gas producing assets within our CO2 business segment will decline.”

Annual report 2025A · The company itself

“Increased regulation of exploration and production activities, including activity on public lands, could result in reductions or delays in drilling and completing new oil and natural gas wells, as well as reductions in production from existing wells, which could adversely impact the volumes of natural gas transported on our natural gas pipelines and our own oil and gas development and production activities. We gather, process, or transport crude oil, natural gas, or NGL from several areas, including lands that are federally managed.”

Annual report 2025A · The company itself

“Adoption of legislation or regulations restricting these activities in our areas of operations could impose operational delays, increased operating costs and additional regulatory burdens on exploration and production operators, which could reduce their production of crude oil, natural gas, or NGL and, in turn, adversely affect our revenues, cash flows, and results of operations by decreasing the volumes of these commodities that we handle. These laws and regulations may also adversely affect our own oil and gas development and production activities.”

Annual report 2025A · The company itself

“Natural Gas Pipelines Segment Contracts Revenues from our interstate and intrastate natural gas pipelines, related storage facilities, and LNG terminals are primarily received under long-term fixed contracts. To the extent practicable and economically feasible in light of our strategic plans and other factors, we generally attempt to mitigate risk of reduced volumes and prices by negotiating contracts with longer terms, with higher per-unit pricing and for a greater percentage of our available capacity. These long-term contracts are typically structured with a fixed fee reserving the right to transport or store natural gas and specify that we receive the majority of our fee for making the capacity available, whether or not the customer actually chooses to utilize that capacity.”

Annual report 2025A · The company itself

“Our hedging strategy involves entering into a financial position intended to offset our physical position, or anticipated position, in order to minimize the risk of financial loss from an adverse price change. For example, as sellers of crude oil, natural gas, and NGL, we often enter into fixed price swaps and/or futures contracts to guarantee or lock-in the sale price of our crude oil or the margin from the sale and purchase of our natural gas at the time of market delivery, thereby in whole or in part offsetting any change in prices, either positive or negative.”

Annual report 2025A · The company itself

“We are one of the largest energy infrastructure companies in North America. As of December 31, 2025, we owned an interest in or operated approximately 78,000 miles of pipelines, 136 terminals, approximately 706 Bcf of working natural gas storage capacity, and RNG generation capacity of approximately 6.9 Bcf per year of gross production. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2, renewable fuels, and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, jet fuel, chemicals, petroleum coke, metals, and ethanol and other renewable fuels and feedstocks.”

Annual report 2025A · The company itself

“Within this segment are: (i) approximately 42,000 miles of wholly owned natural gas pipelines and (ii) our equity interests in entities that have approximately 25,000 miles of natural gas pipelines, along with associated storage and supply lines for these transportation networks, which are strategically located throughout the North American natural gas pipeline grid. Our transportation network provides access to the major natural gas supply areas and consumers in the western U.S., Rocky Mountain, Midwest, Texas, Louisiana, Southeastern, and Northeast regions. Our LNG terminal facilities also serve natural gas market areas in the southeast.”

Annual report 2025A · The company itself

“Completed December 2025. $382 million Projects placed in service TGP and SNG Evangeline Pass projects Two-phase 2 Bcf/d project serving Venture Global’s Plaquemines LNG facility (Plaquemines). With the first phase, TGP is providing approximately 0.9 Bcf/d natural gas transportation capacity to Plaquemines. With the second phase, TGP and SNG is jointly providing volumes up to the remaining 1.1 Bcf/d to Plaquemines.”

Annual report 2025A · The company itself

“Our business also depends in part on the levels of demand for natural gas, crude oil, NGL, refined petroleum products, CO2, steel, chemicals, and other products in the geographic areas to which our pipelines, terminals, shipping vessels, and other facilities deliver or provide service, and the ability and willingness of our shippers and other customers to supply such demand.”

Annual report 2025A · The company itself

“Second phase expected in-service date is fourth quarter of 2029. $1,830 million Trident Intrastate pipeline project Project is designed to construct 216-mile pipeline which will provide approximately 2.0 Bcf/d of capacity from Katy, Texas to the LNG and industrial corridor near Port Arthur, Texas. Supported by long-term contracts.”

Annual report 2025A · The company itself

“KlaraBos driftkostnader utgörs huvudsakligen av kostnader för el, värme, vatten och renhållning. Förändrade drift- och underhållskostnader kan ge en negativ effekt på koncernens verksamhet, finansiella ställning och resultat.”

Annual report 2024A · The company itself

“Värmekostnader är t.ex. föremål för säsongsvariationer där kostnaderna stiger under vintern, vilket gör att KlaraBo har begränsade möjligheter att kontrollera dessa kostnader. Ökade drift- och underhållskostnader skulle kunna få en negativ effekt på KlaraBos verksamhet, finansiella ställning och resultat.”

Annual report 2024A · The company itself

“Carbon monoxide can be produced by either SMR or ATR of natural gas or other feedstock such as naphtha, a by-product in the petrochemical industry. Most carbon dioxide comes as an industrial by-product, that is sourced from chemical plants, refineries and other processes or is recovered from natural carbon dioxide sources.”

Annual report 2025A · The company itself

“Raw Materials and Energy Costs – Energy is the single largest cost item in the production and distribution of industrial gases. Most of Linde’s energy requirements are in the form of electricity, natural gas and diesel fuel for distribution.”

Annual report 2025A · The company itself

“Most of Linde’s energy requirements are in the form of electricity, natural gas and diesel fuel for distribution. The company mitigates electricity, natural gas, and hydrocarbon price fluctuations contractually through pricing formulas, surcharges, cost pass–through and tolling arrangements.”

Annual report 2025A · The company itself

“Its primary products in its industrial gases business are atmospheric gases (oxygen, nitrogen, argon, and rare gases) and process gases (hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, and acetylene).”

Annual report 2025A · The company itself

“Hydrogen is produced from several different feedstocks using a range of technologies. Today, carbon intensity is used to designate and differentiate between the production processes and the respective feedstocks used to produce the molecule. The majority of conventional hydrogen currently produced by Linde is derived from natural gas or methane, using steam methane reformation (SMR) or auto-thermal reforming (ATR) technology. Linde has a range of technologies to produce low-carbon hydrogen from fossil feedstocks, or renewable hydrogen from renewable energy (non-fossil feedstock).”

Annual report 2025A · The company itself

“PHMSA retains discretion whether to grant or maintain authority for Boardwalk Pipelines to operate its natural gas pipeline assets at higher pressures and, in the event that PHMSA should elect not to allow Boardwalk Pipelines to operate at these higher pressures, it could affect its ability to transport all of its contracted quantities of natural gas on these pipeline assets, and Boardwalk Pipelines could incur significant additional costs to reinstate this authority or to develop alternate ways to meet its contractual obligations.”

Annual report 2025A · The company itself

“Each year, a portion of Boardwalk Pipelines’ firm natural gas transportation contracts expire and need to be replaced or renewed. As a result of market conditions, Boardwalk Pipelines may renew some expiring contracts at lower rates or for shorter terms than in the past.”

Annual report 2025A · The company itself

“The transportation rates Boardwalk Pipelines is able to charge customers are heavily influenced by market trends (both short and longer term), including the continued availability of supply from key supply basins, the competition between producing basins, competition with other pipelines for supply and markets, the demand for gas by end-users such as electric power generators, petrochemical facilities, artificial intelligence data centers and LNG export facilities and the price differentials between the gas supplies and the market demand for the gas (basis differentials).”

Annual report 2025A · The company itself

“Changes in energy prices, including natural gas, oil and NGLs, impact the supply of and demand for those commodities, which impact Boardwalk Pipelines’ business. Boardwalk Pipelines’ customers, especially producers and certain plant operators, are directly impacted by changes in commodity prices.”

Annual report 2025A · The company itself

“The prices of natural gas, oil and NGLs fluctuate in response to changes in both domestic and worldwide supply and demand, market uncertainty and a variety of additional factors, including for natural gas, the realization of potential LNG exports and demand growth within the power generation market, including as a result of increased demand from AI data centers.”

Annual report 2025A · The company itself

“Volatility in the pricing levels of natural gas, oil and NGLs could adversely affect the businesses of certain of Boardwalk Pipelines’ producer customers and could result in defaults or the non-renewal of Boardwalk Pipelines’ contracted capacity when existing contracts expire.”

Annual report 2025A · The company itself

“Boardwalk Pipeline Partners, LP (together with its subsidiaries, “Boardwalk Pipelines”) is engaged in the business of transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (herein referred to together as “NGLs”). Boardwalk Pipelines also provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas.”

Annual report 2025A · The company itself

“Boardwalk Pipelines operates in the midstream portion of the natural gas and NGLs industry, providing transportation and storage for those commodities.”

Annual report 2025A · The company itself

“Boardwalk Pipelines’ principal natural gas and natural gas liquids businesses are described below: Natural Gas Boardwalk Pipelines’ natural gas business, which provides transportation, storage and parking and lending (“PAL”) services for natural gas customers, consists of integrated interstate and intrastate natural gas pipelines and storage facilities. Boardwalk Pipelines owns and operates approximately 13,420 miles of interconnected natural gas pipelines, directly serving customers in thirteen states and indirectly serving customers throughout the northeastern and southeastern U.S. through numerous interconnections with unaffiliated pipelines. In 2025, its natural gas pipeline systems transported approximately 3.9 trillion cubic feet of natural gas. Average daily throughput on Boardwalk Pipelines’ natural gas pipeline systems during 2025 was approximately 10.7 Bcf.”

Annual report 2025A · The company itself

“The NGPSA and HLPSA govern the design, installation, testing, construction, operation, replacement and management of interstate natural gas and NGLs pipeline facilities. Boardwalk Pipelines has authority from PHMSA to operate certain natural gas pipeline assets under issued permits with specific conditions that allow it to operate those pipeline assets at higher than normal operating pressures of up to 0.80 of the pipeline’s Specified Minimum Yield Strength (“SMYS”). Operating at these pressures allows these pipelines to transport all the existing natural gas volumes Boardwalk Pipelines has contracted for on those facilities with its customers.”

Annual report 2025A · The company itself

“Boardwalk Pipelines relies primarily on the revenues generated from its natural gas transportation and storage services.”

Annual report 2025A · The company itself

“Boardwalk Pipelines owns and operates substantial natural gas storage facilities. The market for the storage and PAL services that it offers is impacted by the factors and market conditions discussed above for Boardwalk Pipelines’ transportation services, and is also impacted by natural gas price differentials between time periods, such as winter to summer (time period price spreads), and the volatility in time period price spreads.”

Annual report 2025A · The company itself

“Näihin liittyvät myös Luotean olennaiset siirtymäriskit, jotka ovat viivästykset vähäpäästöisen ja sähkökäyttöisen raskaankaluston teknologisessa kehityksessä ja uusiutuvien polttoaineiden saatavuus ja hinta pitkällä aikavälillä.”

Annual report 2025A · The company itself

“The relatively low cost of natural gas-derived raw materials in the U.S. versus the global cost of crude oil-derived raw materials has had a positive influence on the profitability of our North American operations.”

Annual report 2025A · The company itself

“Our ability to pass on raw material price increases to our customers is dependent on market-driven demand for olefins and polyolefins.”

Annual report 2025A · The company itself

“In addition to changes in the supply and demand for products, changes in energy prices and other worldwide economic conditions can cause volatility.”

Annual report 2025A · The company itself

“For example, we have benefited from the favorable ratio of U.S. crude oil prices to natural gas prices in the past. If the price of crude oil remains lower relative to U.S. natural gas prices or if the demand for natural gas and NGLs increases, this may have a negative impact on our results of operations.”

Annual report 2025A · The company itself

“Additionally, increasing exports of NGLs and crude oil from the U.S. or greater restrictions on hydraulic fracturing could restrict the availability of our raw materials, thereby increasing our costs.”

Annual report 2025A · The company itself

“We purchase large quantities of natural gas, electricity and steam which we use as energy to fuel our facilities and purchase large quantities of natural gas liquids and crude oil derivatives which we use as feedstocks.”

Annual report 2025A · The company itself

“The primary raw materials used in our Americas olefin facilities are natural gas liquids (“NGLs”) and heavy liquids. Heavy liquids include crude oil-based naphtha and other refined products, as well as condensate, a very light crude oil resulting from natural gas production. NGLs include ethane, propane and butane.”

Annual report 2025A · The company itself

“The primary raw material used in our European olefin facilities is naphtha; however, we also have the capability to displace up to half of our European assets’ naphtha needs with other feedstocks, such as liquified petroleum gases.”

Annual report 2025A · The company itself

“Costs and limitations on supply of raw materials and energy may result in increased operating expenses. The costs of raw materials and energy represent a substantial portion of our operating expenses.”

Annual report 2025A · The company itself

“For some of our raw materials and utilities there are a limited number of suppliers, and in some cases, the supplies are specific to the particular geographic region in which a facility is located. It is also common in the chemical industry for a facility to have a sole, dedicated source for its utilities, such as steam, electricity and gas. Having a sole or limited number of suppliers may limit our negotiating power, particularly in the case of rising raw material costs.”

Annual report 2025A · The company itself

“In addition, we have significant obligations under take-or-pay agreements. Even though we may reduce production at facilities, we may be required to continue to purchase or pay for utilities or raw materials under these arrangements.”

Annual report 2025A · The company itself

“Quantitative and Qualitative Disclosures about Market Risk GENERAL We are exposed to market risks related to the volatility of crude oil and refined petroleum products, ethanol, renewable feedstock, renewable products, NGLs, and natural gas prices.”

Annual report 2025A · The company itself

“Midstream NGL and natural gas prices are volatile and are impacted by changes in fundamental supply and demand, as well as market uncertainty, availability of NGL transportation and fractionation capacity and a variety of additional factors that are beyond MPLX’s control. MPLX may at times use a variety of commodity derivative instruments, including futures and options, as part of an overall program to economically hedge commodity price risk.”

Annual report 2025A · The company itself

“Pipeline System or Storage Asset Diameter (inches) Length (miles) Capacity Total crude oil pipeline systems(a)(b) 2" - 42" 5,259 Various Total refined products pipeline systems(a)(b)(c) 4" - 36" 3,787 Various Barge Docks (mbpd) 5,104 Storage assets: (mbbls) Refining Logistics(d) 93,643 Tank Farms 35,456 Caverns 3,632 (a) Includes approximately 16 miles of crude oil pipeline and 2 miles of refined product pipeline leased from third parties. (b) Includes approximately 1,168 miles of inactive crude oil pipeline and 197 miles of inactive refined product pipeline. (c) Includes approximately 87 miles and 17 miles of refined product pipelines in which MPLX has partial ownership of 65 percent and 50 percent, respectively.”

Annual report 2025A · The company itself

“Class of Equipment Number in Class Capacity (mbbls) Inland tank barges 320 8,655 Inland towboats 30 N/A The following tables set forth certain information relating to MPLX’s consolidated and operated joint venture gas processing facilities, fractionation facilities, natural gas gathering systems, NGL pipelines and natural gas pipelines as of and for the year ended December 31, 2025. Gas Processing Complexes Design Throughput Capacity (MMcf/d) Natural Gas Throughput (MMcf/d)(a) Utilization of Design Capacity(a) Marcellus Operations 6,520 6,123 94 % Utica Operations 1,325 961 73 % Southwest Operations(b)(c) 2,745 1,904 69 % Southern Appalachia Operations 425 191 45 % Bakken Operations(d) 185 159 86 % Total 11,200 9,338 83 % (a) Natural gas throughput is the average daily rate based on calendar days, irrespective of days in operation.”

Annual report 2025A · The company itself

“Prices for energy are subject to market forces largely beyond our control and can be volatile.”

Annual report 2025A · The company itself

“The Specialties business is sensitive to changes in domestic steel capacity utilization as well as the absolute price and fluctuation in the cost of natural gas.”

Annual report 2025A · The company itself

“The production process requires the use of natural gas, coal and petroleum coke. Therefore, fluctuations in their pricing directly affect operating results.”

Annual report 2025A · The company itself

“Our businesses require a continued supply of diesel fuel, natural gas, coal, petroleum coke and other energy. Prices and availability for these inputs are influenced by global and regional supply-demand dynamics, refining and generation capacity, weather and other physical risks, transportation and labor constraints, geopolitics and trade policy, regulatory changes and supplier operating issues.”

Annual report 2025A · The company itself

“Utility interruptions or curtailments (electricity, natural gas, or water) can further constrain output or alter our product and geographic mix, particularly at energy-intensive facilities.”

Annual report 2025A · The company itself

“Our Specialties business also requires significant amounts of natural gas, coal and petroleum coke, and financial results are negatively affected by increases in fuel prices or shortages.”

Annual report 2025A · The company itself

“Production costs in the Building Materials business are also sensitive to energy and raw material prices, both directly and indirectly. Diesel fuel, natural gas, coal and other consumables change production costs directly through consumption or indirectly by increased energy-related input costs, such as steel, explosives, tires and conveyor belts.”

Annual report 2025A · The company itself

“Energy Costs Energy costs, including diesel fuel, natural gas, electricity, coal and petroleum coke, represent significant production costs of the Company. The Company may be unable to pass along increases in the costs of energy to customers in the form of price increases for the Company’s products.”

Annual report 2025A · The company itself

“Our operations are dependent on a reliable and uninterrupted supply of electrical power, gas, and water to our manufacturing facilities. Any power shortages, capacity constraints, prolonged outages, or significant or unexpected increases in the cost of power could have a material adverse effect on our business, results of operations, or financial condition.”

Annual report 2025A · The company itself

“Raw Materials and Packaging We purchase and use large quantities of commodities, including cocoa, dairy, wheat, edible oils, sugar and other sweeteners, flavoring agents and nuts. In addition, we purchase and use significant quantities of packaging materials to package our products and natural gas, fuels and electricity for our factories and warehouses.”

Annual report 2025A · The company itself

“We are exposed to commodity price and implied volatility risk as a result of market-making activities in commodity products related primarily to electricity, natural gas, oil and precious metals. Commodity exposures are subject to periods of high price volatility as a result of changes in supply and demand. These changes can be caused by weather conditions, physical production and transportation, or geopolitical and other events that affect the available supply and level of demand for these commodities.”

Annual report 2025A · The company itself

“We make markets in various commodity products related primarily to electricity, natural gas, oil and metals. These activities are primarily recorded in Trading revenues.”

Annual report 2025A · The company itself

“We purchase additional ammonia from world markets and thus are subject to significant volatility in our purchase price of ammonia. Our ammonia supply agreements provide us with a supply of a substantial volume of ammonia at prices based on the price of natural gas.”

Annual report 2025A · The company itself

“Ammonia We use ammonia together with P2O5 to produce DAP, MAP and MicroEssentials®. We consumed approximately 0.9 million tonnes of ammonia during 2025.”

Annual report 2025A · The company itself

“We purchase approximately one-third of our ammonia from various suppliers in the spot market with the remaining two-thirds either purchased through supply agreements or produced internally at our Faustina, Louisiana location. Our Florida ammonia needs are currently supplied under multi-year contracts with both domestic and offshore producers.”

Annual report 2025A · The company itself

“Natural Gas for Phosphate Natural gas is the primary raw material used to manufacture ammonia. At our Faustina facility, ammonia is manufactured on site. The majority of natural gas is purchased through firm delivery contracts based on published index-based prices and is 6 Table of Content sourced from Texas and Louisiana via pipelines interconnected to the Henry Hub.”

Annual report 2025A · The company itself

“Natural Gas Natural gas is used at our Belle Plaine solution mine as a fuel to produce steam and to dry potash products. The steam is used to generate electricity and provide thermal energy to the evaporation, crystallization and solution mining processes. The Belle Plaine solution mine typically accounts for approximately 80% of our Potash segment’s total natural gas requirements for potash production.”

Annual report 2025A · The company itself

“Ammonia We use ammonia, together with phosphoric acid, to produce MAP, and to a lesser extent for SSP production. We consumed approximately 103,390 tonnes of ammonia during 2025.”

Annual report 2025A · The company itself

“We produce ammonia at our Faustina, Louisiana concentrates plant in quantities sufficient to meet approximately one third of our total ammonia needs in North America. We do not have ammonia production capacity within Florida to serve our Florida operations, but we have capacity to supply a portion of our requirements by transporting produced ammonia from Louisiana to Florida.”

Annual report 2025A · The company itself

“Our production costs have increased due to higher prices for raw materials, including purchased nitrogen, sulfur and ammonia, as well as supply chain challenges, including increased costs and delays caused by transportation and labor shortages.”

Annual report 2025A · The company itself

“Key inputs for the production of our finished goods, including fertilizer, sulfur and ammonia, and energy used in our businesses in the past have been and may in the future be the subject of volatile pricing and availability. Changes in the price or availability of these key inputs for production of finished goods have had, and could again have, a material adverse impact on our businesses.”

Annual report 2025A · The company itself

“Natural gas, ammonia and sulfur are key raw materials used in the manufacture of phosphate crop nutrient products. Natural gas is used as both a chemical feedstock and a fuel to produce anhydrous ammonia, which is a raw material used in the production of concentrated phosphate products. Natural gas is also a significant energy source used in the potash solution mining process.”

Annual report 2025A · The company itself

“For example, oil refineries that supply sulfur to us may suspend operations as a result of a hurricane, and incoming shipments of ammonia can be delayed, disrupting production at our Florida or Louisiana facilities and delivery of our products.”

Annual report 2025A · The company itself

“NEE invests in natural gas and oil production assets which are exposed to fluctuating market prices of natural gas, natural gas liquids, oil and other energy commodities. A prolonged period of low natural gas and oil prices, disrupted production or unsuccessful drilling efforts could impact NEER’s natural gas and oil production operations and cause NEER to delay or cancel certain natural gas and oil production projects and could result in certain assets becoming impaired, which could materially adversely affect NEE's business, financial condition, results of operations and prospects.”

Annual report 2025A · The company itself

“Natural gas and oil prices are affected by supply and demand, both globally and regionally. Factors that influence supply and demand include operational issues, natural disasters, weather, political instability, conflicts, new discoveries, technological advances, economic conditions and actions by major oil-producing countries.”

Annual report 2025A · The company itself

“Due to the potential for significant volatility in market prices for fuel, electricity, transmission rights and environmental and other energy-related commodities, NEE's inability or failure to manage properly or hedge effectively the commodity risks within its portfolio could materially adversely affect NEE's business, financial condition, results of operations and prospects. There can be significant volatility in market prices for fuel, electricity, transmission rights and environmental and other energy-related commodities, both in general and across geographies.”

Annual report 2025A · The company itself

“If power transmission or natural gas, nuclear fuel or other commodity transportation operations are unavailable or disrupted, the ability for subsidiaries of NEE, including FPL, to sell and deliver power or natural gas may be limited.”

Annual report 2025A · The company itself

“As of December 31, 2025, FPL had the following significant fuel and transportation contracts in place: •firm transportation contracts with ten different transportation suppliers for natural gas pipeline capacity for an aggregate maximum delivery quantity of 2,836,000 MMBtu/day with expiration dates through 2042 (see Note 15 – Contracts); •several contracts for the supply of uranium and the conversion, enrichment and fabrication of nuclear fuel with expiration dates through 2039; and •short- and medium-term natural gas supply contracts, with expiration dates through 2028, to provide a portion of FPL's anticipated needs for natural gas, with the remainder of FPL's natural gas requirements being purchased in the spot market.”

Annual report 2025A · The company itself

“If supply costs necessary to provide NEER's full energy and capacity requirements services are not favorable, operating costs could increase and materially adversely affect NEE's business, financial condition, results of operations and prospects. NEER provides full energy and capacity requirements services primarily to distribution utilities, which include load-following services and various ancillary services, to satisfy all or a portion of such utilities' power supply obligations to their customers.”

Annual report 2025A · The company itself

“FPL owned and operated 44 units with generating capacity of 24,314 MW that primarily use natural gas and 108 solar generation facilities with generating capacity totaling 7,932 MW.”

Annual report 2025A · The company itself

“In addition, as of December 31, 2025, the NEER segment also has ownership interests in regulated natural gas pipelines primarily located in the U.S. NEER's regulated gas transmission business has approximately 3.8 Bcf per day gross pipeline capacity and consists of equity method investments totaling approximately $1.5 billion as of December 31, 2025.”

Annual report 2025A · The company itself

“Natural Gas and Other Energy Assets As of December 31, 2025, NEER’s portfolio included natural gas generation facilities with a net generating capacity of approximately 1,584 MW.”

Annual report 2025A · The company itself

“Table of Contents Other Operations Customer Supply – NEER provides commodities-related products to customers, including municipal utilities and cooperatives, engages in energy-related commodity marketing and trading activities and includes the operations of a retail electricity provider and ownership interests in natural gas and oil shale formations located primarily in the South region of the U.S.”

Annual report 2025A · The company itself

“Through NextEra Energy Resources' subsidiary, NextEra Energy Marketing, LLC, NEER: •manages risk associated with fluctuating commodity prices and optimizes the value of NEER's power generation and natural gas and oil production assets through the use of swaps, options, futures and forwards; •sells output from NEER's plants that is not sold under long-term contracts and procures fuel for use by NEER's generation fleet; •provides full energy and capacity requirements to customers; and •markets and trades energy-related commodity products, including power and fuel, as well as marketing and trading services to customers.”

Annual report 2025A · The company itself

“In January 2026, a wholly owned subsidiary of NextEra Energy Resources acquired Symmetry Energy Solutions, a commercial and industrial natural gas business.”

Annual report 2025A · The company itself

“1www.iea.org/events/ 2www.iea.org/reports/ Takten i omställningen beror på ett  • Energiprisernas utveckling – framförallt utvecklingen avprisskillnadenmellanelektricitetochfossila bränslensomoljaochnaturgas. • Politiskastyrmedel–delsdirektaekonomiskastödoch subventionerföromställningochenergiskatter,dels indirektastödsompåverkarkostnadernaförny-eller ombyggnationer • Myndighetskravpåprodukter–blandannat Eco-designdirektivet,somangerminimikravpåenergiprestandahosprodukterpåEU-marknaden.Avsikten ärattförbättraprodukternasmiljöprestandaunder helaproduktenslivscykeln. • Begränsningavinstallationavgaspannorvidutbyte avvärmekällaochförbudmotgasanslutningvid nybyggnation. • Utbyggnadenavfossilfriinfrastrukturförklimatisering ochtappvarmvatten. • ”Smartbuildings”–medförökadefterfråganpåbättre energiprestandaochstyrningavbådeenfamiljsbostädersochkommersiellafastighetersklimatsystem. • Fastighets-ochbyggmarknadensutveckling,där nybyggnationochrenoveringoftainnebärinstallation avhållbaraenergilösningar. • Kostnadenförslutkonsumentenäravgörandeför investeringochdriftskostnad,beroendepåenergislag. • Rådandekonjunkturläge–vilkettillfälligtkanminska konsumentersköpkraftmenocksåmedföraen uppdämdefterfrågannärkonjunkturenvänder. · 34 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB > NIBE CLIMATE SOLUTIONS 2024 202320222021 2020 -17 Måluppfyllelse 2024202320222021 2020 Måluppfyllelse 17,8 16,1 15,0 16,6 Måluppfyllelse Lorem ipsum 9,3* *Exkl Jämförelsestörande poster Tillväxtmål  Under2024varnedgångentotalt-17,0%(+20,3%)varav-21,2%(+14,4%)var organisk.Detinnebärattdenorganiskatillväxtenvar35,6procentenheter lägreän2023.Tillväxtenharigenomsnittvarit9,6%underdesenastefem åren.”

Annual report 2024A · The company itself

“NIBE Group förvärvade bolaget 2017. · 38 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB > NIBE CLIMATE SOLUTIONS > NIBE CLIMATE SOLUTIONS > ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB · 39 ·  INNOVATIONSCENTER ÄR EN VIKTIG DEL I UTVECKLINGEN FRAMÅT - center med fokus på utveckling av värmepumpar och system för inomhuskomfort   Utveckling för att uppfylla klimatmålen Hållbarhetsperspektivet är viktigt i hela produktlivscykeln. Den proaktiva marknadsanpassade produktutvecklingen har ett antal målkriterier.Våraprodukterskavararesurseffektivaisåvälproduktionsomdriftochdärmedbidratillminskadklimatpåverkan.Även omviredansedanlängeblandannatanvänderdetnaturligaköldmedietR290 med ett GWP-värdepåendast3 i ett flertalavvåra värmepumpar,medfördetavEUinfördaF-gasdirektivetettfortsatt intensivtarbetemedattställaomhelaproduktsortimentettilldetta miljövänliga köldmedium där alltid höga kravpå energieffektivitet ochkvalitetstårifokus.”

Annual report 2024A · The company itself

“3 Scope 1 och 2 Vårt klimatarbete har basen i energieffektivisering, att sänka energiåtgången samt koldioxidutsläppen och hushålla med våra gemensamma resurser. Utöver våra mål avseende kontinuerligtminskadenergianvändningochreduktionavkoldioxidutsläpparbetarviaktivt med att eliminerafossilt bränsle föruppvärmningideproduktionsenheterdärviägerbyggnaderna.Förverksamheterdärvihyrbyggnadernaförviendialog med respektive fastighetsägare om installation av fossilfria alternativ.  Med kravpåkvalitets-ochmiljöcertifiering i alla bolag säkerställervi ettkontinuerligtarbeteförgodkvalitetochminskad miljöpåverkansamtidigtsomvibyggerbortriskeriarbetsmiljön.”

Annual report 2024A · The company itself

“I Storbritannien, Irland och Nederländerna samt i Nordamerika finnsdetenstarktraditionattanvändagaspågrundavettvälutbyggt gasledningsnät, vilket gör att brasvärmeprodukterför gaseldning är populära.”

Annual report 2024A · The company itself

“We continue to be a well-positioned competitor in the energy markets in which we operate due to customer preference for natural gas. Additionally, we are subject to seasonal fluctuations in sales. Revenues from our gas distribution operations are more significant during the heating season, which is from October through May. Please refer to Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Results and Discussion of Operations - Columbia Operations," for additional information.”

Annual report 2025A · The company itself

“Due to open access and the deregulation of natural gas supplies, our LDC customers can purchase gas directly from producers and marketers in an open, competitive market. Certain of our subsidiaries are involved in programs that provide our residential and commercial customers the opportunity to purchase their natural gas requirements from third parties and use our subsidiaries for transportation services.”

Annual report 2025A · The company itself

“Similar to the Columbia Operations segment, NIPSCO Gas operates in an open and competitive market which allows retail customers to purchase gas directly from producers and marketers. As of December 31, 2025, 6.8% of our residential customers and 18.5% of our commercial customers participated in such programs.”

Annual report 2025A · The company itself

“Natural gas may cease to be viewed as an economically and environmentally attractive fuel. Certain environmental activist groups, investors and governmental entities continue to oppose natural gas delivery and infrastructure investments because of perceived environmental impacts associated with the natural gas supply chain and end use. Energy conservation, energy efficiency, distributed generation, energy storage, policies favoring electric heat over gas heat and other factors may reduce demand for natural gas and electricity.”

Annual report 2025A · The company itself

“In addition, compliance with PHMSA regulations, including the expected final ruling around leak detection and repair requirements could subject our gas utilities to higher operating costs and divert business resources from other activities in order to remain compliant.”

Annual report 2025A · The company itself

“Schahfer Wheatfield, IN Steam - Coal 722 Michigan City Michigan City, IN Steam - Coal 455 Sugar Creek West Terre Haute, IN CCGT 665 R.M. Schahfer Wheatfield, IN Natural Gas 155 Oakdale Carroll County, IN Hydro 9 Norway White County, IN Hydro 7 Rosewater(2) White County, IN Wind 102 Indiana Crossroads Wind(2) White County, IN Wind 302 Dunns Bridge I(2) Jasper County, IN Solar 265 Indiana Crossroads Solar(2) White County, IN Solar 200 Cavalry Solar and Storage(3) White County, IN Solar and Storage 200 Dunns Bridge II(3) Jasper County, IN Solar and Storage 435 Fairbanks Solar Sullivan County, IN Solar 250 Gibson Solar Gibson County, IN Solar 200 Total MW Capacity 3,967 (1)Represents current net generating capability of each fossil fuel and hydro generating facility.”

Annual report 2025A · The company itself

“The 2024 Plan maintains the retirement decisions and capacity additions identified in the 2018 and 2021 Integrated Resource Plans and calls for additional generation resources through 2029 to support capacity requirements, along with new gas-fired resources and other capacity resources to support new data center load.”

Annual report 2025A · The company itself

“Fluctuations in the price of energy commodities or their related transportation costs, or an inability to obtain an adequate, reliable and cost- effective fuel supply may impact our ability to meet customer demand. Our current electric generating depends on coal and natural gas for fuel, and our gas distribution operations purchase and resell a portion of the natural gas we deliver to our customers. These energy commodities are subject to price fluctuations and fluctuations in associated transportation costs.”

Annual report 2025A · The company itself

“Under the ADS Contract, which is pending IURC approval, NIPSCO will provide electric service to ADS pursuant to a capacity commitment beginning in 2027 and increasing annually to 2,400 MW by the end of 2032 and will construct up to 3,000 MW of dispatchable generation to provide such electric service.”

Annual report 2025A · The company itself

“Favorable (Unfavorable) Changes in Operating Revenues (in millions) 2025 vs 2024 New rates from base rate proceedings and regulatory capital programs $ 178.9 The effects of weather in 2025 compared to 2024 53.9 The effects of customer growth 5.8 The effects of customer usage (7.5) Other 1.4 Change in operating revenues (before cost of energy and other tracked items) $ 232.5 Operating revenues offset in operating expense Higher cost of energy billed to customers 305.2 Higher tracker recoveries within operation and maintenance, depreciation, and tax 89.6 Total change in operating revenues $ 627.3 Weather In general, we calculate the weather-related revenue variance based on changing customer demand driven by weather variance from normal heating degree days, net of weather and revenue normalization mechanisms.”

Annual report 2025A · The company itself

“Commodity Price Impact Cost of energy for the NIPSCO Operations segment's electric activities is principally comprised of the cost of coal, natural gas purchased for internal generation of electricity, transportation of coal and natural gas, and the cost of power purchased from generators of electricity for its generation and transmission activities.”

Annual report 2025A · The company itself

“Following approval by the IURC in October 2024, the construction of a new 400 MW natural gas peaking generation facility is underway, which is expected to support the planned retirement of the existing vintage gas peaking facilities by the end of 2028.”

Annual report 2025A · The company itself

“In addition, we plan to advance other low- or zero-emission energy resources and technologies, such as hydrogen and renewable natural gas.”

Annual report 2025A · The company itself

“Our natural gas business model depends on widespread utilization of natural gas for space heating as a core driver of revenues. Alternative energy sources, new technologies or alternatives to natural gas space heating, including cold climate heat pumps and/or efficiency of other products, and potential competition supported by changes in laws or regulations, including potential natural gas bans or restrictions, such as the Department of Energy's furnace rule banning non-condensing gas furnaces, could reduce demand and increase customer attrition, which could impact our ability to recover on our investments in our gas distribution assets.”

Annual report 2025A · The company itself

“We are unable to forecast the future of commodity markets. Some of our generation is dependent on natural gas and coal, and we pass through the costs for these energy sources to our customers. In addition, in our gas distribution business, we procure natural gas on behalf of certain customers, and we pass through the actual cost of the gas consumed.”

Annual report 2025A · The company itself

“Hydros oppstrømsvirksomhet er i hovedsak long alumina, aluminium og produktpremier, og short energi (kraft, gass og kull), kaustisk soda, petroleumskoks, bek, BRL og NOK. Mens råvareprisene er pålydende i USD og EUR, er den underliggende eksponeringen primært mot faktorene som driver kostnadskurven ved den relevante prispersentilen i de respektive markedene.”

Annual report 2024A · The company itself

“Norske Skog’s energy intensive manufacturing processes in all mills require substantial energy sources.”

Annual report 2024A · The company itself

“Pollution of air from boilers Impact, negative x x x x All Norske Skog mills emit various pollutants, including volatile organic compounds (VOCs), sulphur dioxide (SO2), nitrogen oxides (NOx), and particulate matter (PM), during operations linked to production of heat with company owned boilers.”

Annual report 2024A · The company itself

“The Norske Skog Golbey mill in France is undergoing a conversion from natural gas to heat based on certified biomass.”

Annual report 2024A · The company itself

“The rates charged to retail customers may be impacted by fluctuations in total power prices and market dynamics, such as the price of natural gas, transmission constraints, competitor actions, and changes in market heat rates.”

Annual report 2025A · The company itself

“Conversely, should natural gas prices rise to consistently exceed coal prices, NRG’s demand for coal generation may exceed the near-term ability of coal suppliers or rail transporters to meet it, causing the Company to lose generation sales opportunities and/or realize higher retail energy supply costs.”

Annual report 2025A · The company itself

“The Company typically enters into hedging agreements, including contracts to purchase or sell commodities at future dates and at fixed prices, to manage the commodity price risks inherent in its business. The Company’s risk management policies and hedging procedures may not mitigate risk as planned, and the Company may fail to fully or effectively hedge its commodity supply and price risk.”

Annual report 2025A · The company itself

“NRG does not typically hedge the entire exposure of its operations against commodity price volatility. To the extent it does not hedge against commodity price volatility, the Company's results of operations and financial position may be improved or diminished based upon movement in commodity prices.”

Annual report 2025A · The company itself

“Market Dynamics — The price of natural gas plays an important role in setting the price of electricity in many of the regions where NRG operates. Natural gas prices are driven by variables including demand from the industrial, residential, and electric sectors, productivity across natural gas supply basins, costs of natural gas production, changes in pipeline infrastructure, global liquified natural gas demand, exports of natural gas, and the financial and hedging profile of natural gas customers and producers. In 2025, the average natural gas price at Henry Hub was $3.43 per MMBtu compared to $2.27 per MMBtu in 2024, representing an increase of 51%. NRG may experience impacts to gross margins due to significant, rapid changes in current natural gas prices, the impact those prices have on power prices, and the lag in its ability to make a corresponding adjustment to the retail rates it charges customers on term and month to month contracts.”

Annual report 2025A · The company itself

“NRG's primary fuel requirements consist of the following: Natural Gas — NRG operates a fleet of mid-merit and peaking natural gas plants. Fuel needs are managed by the natural gas commercial group, generally on a spot basis, as the Company does not believe it is prudent to forward purchase natural gas for these types of units as the dispatch is highly unpredictable.”

Annual report 2025A · The company itself

“Natural Gas The natural gas commercial group is responsible for costing, logistics and supply for all of NRG's residential, commercial and industrial, and wholesale customers. NRG has contractual rights to natural gas transportation and storage assets across its footprint that allow for optimal supply economics in support of its various businesses.”

Annual report 2025A · The company itself

“NRG's costs, results of operations, financial condition and cash flows could be adversely impacted by disruption of its fuel supplies. NRG relies on natural gas, coal and oil to fuel a majority of its power generation facilities.”

Annual report 2025A · The company itself

“Many of the forward power sales contracts do not allow the Company to pass through changes in fuel costs or discharge the power sale obligations in the case of a disruption in fuel supply due to force majeure events or the default of a fuel supplier or transporter. Disruptions in the Company's fuel supplies or power supply arrangements may therefore require it to supply replacement power either by running its other, higher cost power plants or by obtaining power from third-party sources at market prices that could substantially exceed the contract price, or to pay damages to counterparties for failure to deliver power or sell electricity or natural gas as contracted.”

Annual report 2025A · The company itself

“NRG also buys energy and fuel on a short-term or spot market basis. Prices sometimes rise or fall significantly over a relatively short period of time. The price NRG can obtain for the sale of energy may not rise at the same rate, or may not rise at all, to match a rise in fuel or delivery costs.”

Annual report 2025A · The company itself

“NRG relies on storage, transportation assets and suppliers, which it does not own or control, to deliver natural gas. The Company depends on natural gas pipelines and other transportation and storage facilities owned and operated by third parties to deliver natural gas to wholesale and retail markets and to provide retail energy services to customers.”

Annual report 2025A · The company itself

“Commodity Price Risk Commodity price risks result from exposures to changes in spot prices, forward prices, volatilities, and correlations between various commodities, such as natural gas, electricity, coal, oil, and emissions credits. NRG manages the commodity price risk of the Company's load servicing obligations and merchant generation operations by entering into various derivative or non-derivative instruments to hedge the variability in future cash flows from forecasted sales and purchases of power and fuel.”

Annual report 2025A · The company itself

“From the current 2014 base year through 2025, the Company's directly controlled CO2e emissions decreased from 57 million metric tons to 30 million metric tons, representing a cumulative 47% reduction. The decrease is attributed to reductions in fleet-wide annual net generation and an overall market-driven shift away from coal as a primary fuel to natural gas.”

Annual report 2025A · The company itself

“Long-Term Incentive Plan), assumed by NRG pursuant to merger between NRG and Vivint Winter Storm Uri A major winter and ice storm that had widespread impacts across North America occurring in February 2021 6 PART I Item 1 — Business General NRG Energy, Inc., or NRG or the Company, serves electricity, natural gas, and smart-home technology solutions to approximately 8 million residential customers (comprised of 6 million retail energy and 2 million smart home), in addition to large commercial and industrial, data center, and wholesale customers.”

Annual report 2025A · The company itself

“NRG sold 154 TWhs of electricity and 1,857 MMDth of natural gas in 2025, making it one of the largest competitive energy retailers in the U.S.”

Annual report 2025A · The company itself

“The following table summarizes NRG's generation portfolio as of December 31, 2025: (In MW)(a) Type Texas East West/Other(b) Total Natural gas 5,069 80 113 5,262 Coal 4,202 1,538 605 6,345 Oil — 455 — 455 Utility Scale Solar — — 214 214 Total generation capacity 9,271 2,073 932 12,276 (a)Utility Scale Solar is described in MW on an alternating current basis.”

Annual report 2025A · The company itself

“NRG may engage in trading activities, including the trading of power, natural gas, fuel, emissions allowances, environmental attributes and credits, weather, and other physical and financial commodity related products that are not directly related to the operation of the Company's generation facilities or the management of related risks.”

Annual report 2025A · The company itself

“The Company may sell fixed price gas as a proxy for power.”

Annual report 2025A · The company itself

“The Company is exposed to market risks through its retail and wholesale operations, which involve the purchase of electricity and natural gas for resale, the sale of energy, capacity and related products, and the purchase and sale of fuel, transmission services and emission allowances.”

Annual report 2025A · The company itself

“Nucor’s access to a long-term, low-cost supply of natural gas is a component in the execution of Nucor’s raw material strategy. Natural gas produced by Nucor’s production operations is sold to third parties to partially offset our exposure to changes in the price of natural gas consumed by our DRI plant in Louisiana and our steel mills in the United States.”

Annual report 2025A · The company itself

“Our steelmaking operations utilize EAFs for 100% of their production. The total energy consumed by Nucor includes electricity, natural gas, and other carbon raw material inputs. For the scrap melting process, electricity is the primary energy source, with natural gas combustion serving as the fuel for reheat furnaces and other pre-heating operations. Our DRI facilities in Trinidad and Louisiana are also large consumers of natural gas.”

Annual report 2025A · The company itself

“Nucor enters into contracts for the purchase of scrap and scrap substitutes, iron ore, electricity, natural gas, and other raw materials and related services.”

Annual report 2025A · The company itself

“Commodity Price Risk – In the ordinary course of business, Nucor is exposed to market risk for price fluctuations of raw materials and energy, principally scrap, steel, other ferrous and non-ferrous metals, alloys and natural gas.”

Annual report 2025A · The company itself

“With the completion of the OxyChem Transaction, the Company’s business is more exposed to fluctuations in the markets for oil, NGL and natural gas.”

Annual report 2025A · The company itself

“The Waha-to-Gulf-Coast gas spreads have increased to an average of $2.21 per MMbtu in 2025 from an average of $1.49 per MMbtu in 2024.”

Annual report 2025A · The company itself

“Prices for oil, NGL and natural gas fluctuate widely. Historically, the markets for oil, NGL and natural gas and refined products have been volatile and may continue to be volatile in the future.”

Annual report 2025A · The company itself

“CAPITAL INVESTMENT In 2025, the Company invested $5.6 billion in high-return oil and gas assets to generate long-term free cash flow throughout the commodity cycle.”

Annual report 2025A · The company itself

“The Company ranks among the largest oil and gas producers in the U.S., holding leading positions in the Permian and DJ Basins as well as offshore Gulf of America, and is the largest independent oil producer in Oman.”

Annual report 2025A · The company itself

“STRATEGY The Company is focused on delivering a unique shareholder value proposition with its portfolio of oil and gas and midstream and marketing assets, as well as its ongoing development of carbon management and storage solutions and GHG emissions reduction efforts.”

Annual report 2025A · The company itself

“BUSINESS REVIEW MARKETING The marketing group markets substantially all of the Company’s oil, NGL and natural gas production and optimizes its transportation and storage capacity.”

Annual report 2025A · The company itself

“PIPELINE The Company’s pipeline business mainly consists of its 24.5% ownership interest in DEL. DEL owns and operates a 230-mile-long, 48-inch-diameter natural gas pipeline, known as the Dolphin Pipeline, which transports dry natural gas from Qatar to the UAE and Oman.”

Annual report 2025A · The company itself

“GAS PROCESSING, GATHERING AND CO2 The Company processes its own and third-party domestic wet gas to extract NGL and other gas byproducts, including CO2, and delivers dry gas to pipelines.”

Annual report 2025A · The company itself

“Risk review Operational and industrial risk factors The Group provides services primarily for the oil and gas industry, which historically has been cyclical in its nature. The focus on alternative energy sources and the transition to greener energy is expected to impact the energy market in the coming decades.”

Annual report 2024A · The company itself

“The energy transition is key to the future of all, but there is a gap between the supply of renewable energy and demand. Oil and gas is therefore expected to remain a vital part of the energy mix in the foreseeable future, with the key word being "transition".”

Annual report 2024A · The company itself

“Across all our Business Areas, we see growth potential in the decommissioning market, as infrastructure comes to the end of its operational life. More than 2,000 wells in the UK alone are likely to be permanently abandoned over the next decade and P&A represents a significant proportion of decommissioning spend.”

Annual report 2024A · The company itself

“Additionally, our involvement in geothermal and lithium well projects has contributed to increasing green revenues, aligned with Odfjell Technology’s vision to support the energy transition.”

Annual report 2024A · The company itself

“The Group is organised into three main Business Areas: ▪Well Services ▪Operations ▪Projects & Engineering Corporate Strategy The mission of Odfjell Technology is to safely deliver services and technology which reduce time, costs, and carbon emissions.”

Annual report 2024A · The company itself

“RISK FACTORS RELATED TO OUR BUSINESS AND INDUSTRY If the level of drilling in the regions in which we operate declines substantially near our assets, our volumes and revenues could decline. Our gathering and transportation pipeline systems are dependent upon production from natural gas and crude oil wells, which naturally decline over time. As a result, our cash flows associated with these wells may also decline over time.”

Annual report 2025A · The company itself

“In order to maintain or increase throughput levels on our gathering and transportation pipeline systems and the asset utilization rates at our processing and fractionation facilities, we must continually obtain new supplies. Our ability to maintain or expand our businesses depends largely on the level of drilling and production by third parties in the regions in which we operate. Our natural gas, NGL and crude supply volumes may be impacted if producers curtail or redirect drilling and production activities.”

Annual report 2025A · The company itself

“Commodity prices are subject to significant volatility. Drilling and production activity levels may vary across our geographic areas; however, a prolonged period of low commodity prices may reduce drilling and production activities across all areas.”

Annual report 2025A · The company itself

“Table of Contents The volatility of natural gas, NGL, Refined Products and crude oil prices could adversely affect our earnings and cash flows. Lower commodity prices could reduce crude oil, natural gas and NGL production, which could decrease the demand for our services.”

Annual report 2025A · The company itself

“Reduced volatility in energy prices or new government regulations could discourage our storage customers from holding positions in Refined Products, crude oil and natural gas, which could adversely affect our business. The demand for our storage services has resulted in part from customers’ desire to have the ability to take advantage of profit opportunities created by the volatility in prices of Refined Products, crude oil and natural gas. Periods of prolonged stability or declines in these commodity prices could reduce demand for our storage services.”

Annual report 2025A · The company itself

“Continued development of supply sources outside of our operating regions could impact demand for our services. Production areas outside of our operating regions may compete with natural gas, NGL, Refined Products and crude oil supply originating in production areas connected to our systems, which may cause products in supply areas connected to our systems to be diverted to markets other than our traditional market areas and may affect capacity utilization adversely on our pipeline systems and our ability to renew or replace existing contracts.”

Annual report 2025A · The company itself

“We do not hedge fully against commodity price risk or interest rate risk, including commodity price changes, seasonal price differentials, product price differentials or location price differentials. This could result in decreased revenues, increased costs and lower margins, adversely affecting our results of operations.”

Annual report 2025A · The company itself

“Certain of our businesses are exposed to market risk and the impact of market fluctuations in natural gas, NGL, Refined Products and crude oil prices. Market risk refers to the risk of loss of future cash flows and earnings arising from adverse changes in commodity prices. Our primary commodity price exposures arise from: •the value of the commodities sold under fee with POP contracts of which we retain a portion of the sales proceeds; •product price differentials; •location price differentials; •seasonal price differentials; •the price risk related to electricity costs to operate our facilities; and •the fuel costs and the value of the retained fuel in-kind in our natural gas pipelines and storage operations.”

Annual report 2025A · The company itself

“These changes could reduce the demand for our services, impacting our business, results of operations, financial position and cash flows.”

Annual report 2025A · The company itself

“Table of Contents We face competition for supply and, as a result, we may have significant levels of excess capacity on our pipeline, processing, fractionation, terminal and storage assets. Our pipeline, processing, fractionation, terminal and storage assets compete with other similar assets for natural gas, NGLs, Refined Products and crude oil supply delivered to the markets we serve.”

Annual report 2025A · The company itself

“Crude oil and natural gas extracted from these sources frequently requires hydraulic fracturing, which involves the pressurized injection of water, sand and chemicals into a geologic formation to stimulate crude oil and natural gas production. Legislation or regulations placing restrictions on exploration and production activities, including hydraulic fracturing and disposal of wastewater, or curtailment of water use for industrial or mineral development activities, could result in operational delays, increased operating costs and additional regulatory burdens on exploration and production operators. Any of these factors could reduce their production of crude oil and unprocessed natural gas and, in turn, adversely affect our revenues and results of operations by decreasing the volumes of crude oil, natural gas and NGLs gathered, treated, processed, fractionated, stored and transported on our or our joint ventures’ assets.”

Annual report 2025A · The company itself

“We depend on producers, gathering systems, refineries and pipelines owned and operated by others to supply our assets, and any closures, interruptions or reduced activity levels at these facilities may adversely affect our business, results of operations, financial position and cash flows. We depend on crude oil production and on connections with gathering systems, refineries and pipelines owned and operated by third parties to supply our assets.”

Annual report 2025A · The company itself

“Additionally, a portion of our revenues are derived from the sale of commodities that are received or purchased in conjunction with our gathering, processing, fractionation, transportation and storage services. As commodity prices decline, we could be paid less for our commodities thereby reducing our cash flows.”

Annual report 2025A · The company itself

“Energy at our packaging mills is obtained through self-generated or purchased fuels and electricity. Fuel sources include by-products of the containerboard manufacturing and pulping process (including black liquor and wood waste), natural gas, purchased wood waste, and other purchased fuels.”

Annual report 2025A · The company itself

“In 2025, our packaging mills consumed about 89 million MMBTUs of fuel to produce both steam and electricity. Of the 89 million MMBTUs consumed, about 62% was from mill-generated biogenic fuels that are by-products of our containerboard manufacturing and pulping process and 38% was from purchased fuels. Of the purchased fuels, 76% was from natural gas, 23% was from purchased wood waste and 1% was from other purchased fuels.”

Annual report 2025A · The company itself

“We have the ability to use various types of purchased fuels in our manufacturing operations, including natural gas, and wood waste. Fuel prices, in particular prices for oil and natural gas, have fluctuated in the past.”

Annual report 2025A · The company itself

“A $0.10 per million MMBTU increase in natural gas prices would result in approximately $3 million of additional expense, based on 2025 usage.”

Annual report 2025A · The company itself

“Fuel, electricity and natural gas are also important commodities for our businesses due to their use in our and our business partners’ 4 Table of Contents facilities and the vehicles delivering our products.”

Annual report 2025A · The company itself

“These commodity derivatives include agricultural products, energy and metals. Commodity derivatives that do not qualify for hedge accounting treatment are marked to market each period with the resulting gains and losses recorded in corporate unallocated expenses as either cost of sales or selling, general and administrative expenses, depending on the underlying commodity.”

Annual report 2025A · The company itself

“Our revenues and cash flows can also increase or decrease as the price of natural gas and NGL fluctuates because of certain contractual arrangements whereby natural gas is purchased for an agreed percentage of proceeds from the sale of the residue gas and/or NGL resulting from processing activities.”

Annual report 2025A · The company itself

“In order to maintain or increase throughput levels on our natural gas gathering and transportation pipeline systems and NGL pipelines and the asset utilization rates at our natural gas processing plants, we must continually obtain new supplies. The level of successful drilling activity and prices of, and demand for, natural gas and crude oil, as well as producers’ desire and ability to obtain necessary permits are some of the factors that may affect new supplies of natural gas and NGLs.”

Annual report 2025A · The company itself

“If legislative and regulatory initiatives cause a material decrease in the drilling of new wells and related servicing activities, it may reduce crude oil, natural gas and NGL supplies, negatively affecting the volume of products available to our Midstream segment and increasing feedstock prices for our Chemicals and Refining segments, resulting in a material adverse effect on our financial position, results of operations and cash flows.”

Annual report 2025A · The company itself

“QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Financial Instrument Market Risk We and certain of our subsidiaries are exposed to market risks produced by changes in the prices of crude oil, refined petroleum products, NGL, natural gas, renewable feedstocks and renewable fuels, and electric power, as well as fluctuations in interest rates and foreign currency exchange rates.”

Annual report 2025A · The company itself

“•The level and success of producers’ drilling plans and the amount and quality of production volumes around our midstream assets. •Our ability to timely obtain or maintain permits, including those necessary for capital projects. •Our ability to comply with government regulations or make capital expenditures required to maintain compliance. •Our ability to realize sustained savings and cost reductions from the company’s business transformation initiatives. •Changes to government policies relating to renewable fuels, climate change and GHG emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels. •Domestic and international economic and political developments including armed hostilities, such as the war in Eastern Europe, instability in the financial services and banking sector, excess inflation, expropriation of assets and changes in fiscal policy, including interest rates.”

Annual report 2025A · The company itself

“Similar to other companies in the industries in which we operate, our financial results are largely affected by the relationship, or margin, between the prices at which we sell refined petroleum, petrochemical, plastics and renewable fuels products and the prices for crude oil, natural gas, NGL, renewable feedstocks and other feedstocks used in manufacturing these products.”

Annual report 2025A · The company itself

“Lower commodity prices also affect our Chemicals segment, which uses feedstocks that are derivatively produced in the processing of natural gas and refining of crude oil. Those feedstock prices can fluctuate widely for a variety of reasons, including changes in worldwide energy prices and the supply and availability of feedstocks.”

Annual report 2025A · The company itself

“Operating Segments Our businesses are organized into five operating segments: 1)Midstream—Provides crude oil and refined petroleum product transportation, terminaling and storage services, as well as natural gas and natural gas liquids (NGL) gathering, processing, transportation, fractionation, storage and marketing services in the United States.”

Annual report 2025A · The company itself

“This method of determining supply and pricing creates a situation where natural gas prices often have a major influence on the price that generators will receive for their output, especially in periods of relatively strong or weak demand. Therefore, changes in the price of natural gas will often translate into changes in the wholesale price of electricity and will continue to have a strong influence on the price of electricity in the markets in which we operate.”

Annual report unknown yearA · The company itself

“Regional Energy Access (REA) Expansion Project — In September 2024, the United States Circuit Court for the District of Columbia Circuit vacated FERC approval of the REA Expansion Project, which involves a natural gas pipeline running through New Jersey and several other states, and in which PSEG Energy Resources & Trade, LLC, the provider of gas supplies to satisfy PSE&G’s BGSS customers, is a customer. The court found that FERC failed to properly consider the environmental consequences of the project, and the alleged lack of market demand for additional natural gas capacity in New Jersey.”

Annual report unknown yearA · The company itself

“Macroeconomic considerations, including inflationary levels, gas and electric supply prices that are passed through to customers and other pressures could factor into our regulators’ assessment in approving the size, duration and timing of cost recovery of certain of these programs.”

Annual report unknown yearA · The company itself

“Climate change may drive change to existing or additional legislation and regulation that may impact our business and shape our customers’ energy preference and sustainability goals, including impacts of potential changes in use of natural gas and electricity due to electrification over the long-term and the impact on need for additional generation to meet those electric needs. These factors could impact the need to invest in our electric and gas T&D systems and, therefore, our growth rate.”

Annual report unknown yearA · The company itself

“In the competitive markets where we operate, participants are not guaranteed any specific rate of return on their capital investments and natural gas prices have a major impact on the price that generators receive for their output. The natural gas market and energy markets have been, and may continue to be, volatile due to higher domestic demand, increased natural gas exports and impacts from the global liquefied natural gas market, weather and other factors.”

Annual report unknown yearA · The company itself

“Lower natural gas prices often result in lower electricity prices, which could reduce our margins where our nuclear generation costs may not have declined similarly.”

Annual report unknown yearA · The company itself

“Because the obligations under most of these forward sale agreements are not contingent on a unit being available to generate power, PSEG Power’s results of operations and cash flows are at risk even in the event of a plant outage, or a reduction in the available capacity of the unit. To the extent that PSEG Power does not meet its expected nuclear generation output, PSEG Power would be required to pay the difference between the market price and the contract price on its financial contracts without receiving the physical spot energy revenue or be required to purchase energy at higher prices to cover its shortfall.”

Annual report unknown yearA · The company itself

“PSE&G earns revenues from its regulated rate tariffs under which it provides electric transmission and electric and natural gas distribution to residential, commercial and industrial (C&I) customers in its service territory.”

Annual report unknown yearA · The company itself

“PSEG Power Products and Services As a nuclear generation owner and operator, our revenue has been derived primarily from energy, capacity and ancillary services sold to PJM in the spot markets. These products and services may also be hedged through exchange markets or bilaterally.”

Annual report unknown yearA · The company itself

“PSEG Power sells wholesale natural gas, primarily through a full-requirements BGSS contract with PSE&G to meet the needs of PSE&G’s default gas supply service customers.”

Annual report unknown yearA · The company itself

“These risks, which are not subject to our control, include the volatility of commodity prices and production volumes, the development of and consumer demand for alternative energy sources, and legislative and regulatory actions, as well as public opinion, regarding the impact of fossil fuels on the climate and environment.”

Annual report 2025A · The company itself

“In recent years, customers in our industries have faced heightened regulatory requirements and increased regulatory enforcement, as well as private legal challenges related to regulatory requirements, which have resulted in delays, reductions in scope and cancellations of projects, in particular larger pipeline and transmission projects.”

Annual report 2025A · The company itself

“Regulatory requirements focused on concerns about climate-change related issues, including any new or changed requirements concerning the reduction, production or consumption of fossil fuels, could negatively impact the hydrocarbon production volumes of our customers, which could in turn negatively impact demand for certain of our services.”

Annual report 2025A · The company itself

“Negative economic conditions in the electric power, energy or communications industries can also result in reduced spending by, or the loss of, one or more of our customers, including as a result of, among other things, consolidation, competition, capital constraints, concerns regarding the affordability of electricity to end consumers or a decrease in demand for electric power required by large load facilities.”

Annual report 2025A · The company itself

“We have seen an unstable and volatile macro- environment in 2024/25 affecting the global economy, with inflationary effects on raw materials, energy prices and logistics costs.”

Annual report 2025A · The company itself

“Fuel consumption from natural gas (MWh) 1,512,422”

Annual report 2025A · The company itself

“In 2025, the business faced continued challenges, including high interest rates and broader economic uncertainty. In Europe and North America, limited expansion in the vegetable market and declines in the cannabis market led to a revenue decline.”

Annual report 2025A · The company itself

“ We work with approx. 9,200 registered and active suppliers  85% of sales do not cross customs borders  400 km is the average transport distance for insulation in Europe Energy and natural capital  2,185 kt of primary raw materials (sand, stone, cement) consumed in 2025  5,155 GWh of energy consumed in 2025 Human and intellectual capital  More than 13,000 people employed, with 48% in Western Europe, 31% in Eastern Europe and Russia, 11% in North America, and 10% in Asia and others  R&D based on inhouse experts and engineers Manufacturing capital  40 factories  Board approval for five additional factories (France, India, Sweden, United States, United Kingdom)”

Annual report 2025A · The company itself

“For økonomien i Rogaland er energipriser og investeringer knyttet til olje, gass og elektrisitet en viktig økonomisk faktor. Satsinger innen energioptimalisering sammen med oljeskattepakken gyldig ut 2025 medfører et høyere aktivitetsnivå enn normalt for mange bedrifter tilknyttet olje- og gassnæringen.”

Annual report 2024A · The company itself

“In addition, various state, regional and foreign government or regulatory agencies have enacted, or may enact, environmental regulations or policies, such as requiring the use of low sulfur fuels (e.g., IMO Sulfur Limit) or the carbon intensity indicator regulation ("CII"), that have or could increase our direct cost to operate in certain markets, increase our cost of fuel, limit the supply of compliant fuel, cause us to incur significant expenses to purchase and/or develop new equipment and adversely impact the cruise vacation industry. If enacted, these regulations may individually or collectively have a material adverse effect on our business and results of operations due to increased costs associated with compliance and modified itineraries in the affected regions.”

Annual report 2025A · The company itself

“As we further develop our Newbuild program, we continue to utilize each vessel as an opportunity to pilot new technology towards Destination Net Zero.”

Annual report 2025A · The company itself

“Business and Operational Risks Demand for our products and services is substantially dependent on the levels of expenditures by our customers, which can change based on many factors, including fluctuations in oil and gas prices. Oil and gas industry downturns have resulted in reduced demand for oilfield products and services and lower expenditures by our customers, which has in the past had, and may in the future have, a material adverse effect on our financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“Demand for our products and services depends substantially on expenditures by our customers for the exploration, development and production of oil and gas reserves. These expenditures are generally dependent on our customers’ views of future demand for oil and gas and future oil and gas prices, as well as our customers’ ability to access capital.”

Annual report 2025A · The company itself

“In addition, the transition of the global energy sector from a primarily fossil fuel-based system to a diverse system which includes renewable energy sources could affect our customers’ levels of expenditures.”

Annual report 2025A · The company itself

“Actual and anticipated declines in oil and gas prices have in the past resulted in, and may in the future result in, lower capital expenditures, project modifications, delays or cancellations, general business disruptions, and delays in payment of, or nonpayment of, amounts that are owed to us.”

Annual report 2025A · The company itself

“The oil and gas industry has historically experienced periodic downturns, which have been characterized by diminished demand for our products and services and downward pressure on the prices that we are able to charge. Sustained market uncertainty can also result in lower demand and pricing for our products and services.”

Annual report 2025A · The company itself

“Actions to address these concerns or negative perceptions of our industry or fossil fuel products and their relationship to the environment have led to initiatives to conserve energy and promote the use of alternative energy sources, which may reduce the demand for and production of oil and gas in areas of the world where our customers operate, and thus reduce future demand for our products and services.”

Annual report 2025A · The company itself

“As economics remain challenged, production and recovery activity is becoming a strategic priority for our customers to unlock incremental barrels at the lowest cost. This is translating into higher demand particularly for intervention services, artificial lift, production chemicals and SLB OneSubsea.”

Annual report 2025A · The company itself

“Corporate Strategy With a balanced energy transition in mind, our strategy is focused on three engines of growth: Core, Digital, and New Horizons of Growth. Core Consisting of our Reservoir Performance, WeIl Construction and Production Systems Divisions, Core remains SLB’s largest engine of growth. Building on decades of technological advancement, we will continue innovating new products, services and technologies that make the exploration, drilling, production and recovery of oil and gas assets more cost effective and efficient, with lower carbon emissions.”

Annual report 2025A · The company itself

“Reservoir Performance – Consists of reservoir-centric technologies and services that are critical to optimizing reservoir productivity and performance. Reservoir Performance develops and deploys innovative technologies and services to evaluate, intervene, and stimulate reservoirs providing customers with greater insights into their assets and maximizing their return on investment.”

Annual report 2025A · The company itself

“Well Construction – Combines the full portfolio of products and services to optimize well placement and performance, maximize drilling efficiency, and improve wellbore assurance. Well Construction provides operators and drilling rig manufacturers with services and products related to the design and construction of a well.”

Annual report 2025A · The company itself

“The primary offerings comprising this Division are: • Subsea Production Systems: Through its SLB OneSubsea™ joint venture, offers integrated solutions, products, systems, and services for the subsea market, including wellheads, subsea trees, manifolds, flowline connectors, control systems to maximize reservoir recovery and extending field life.”

Annual report 2025A · The company itself

“Surface Production Systems: Designs and manufactures a portfolio of wellhead systems, valves, chokes, actuators, surface trees, and provides fracturing and flowback services. • Process Technologies and Solutions: Delivers processing modules covering oil and gas and treatment packages for produced water and seawater. Also provides fit-for-purpose integrated production facilities that accelerate first production, as well as a broad portfolio of emissions management solutions. • Production Chemical Technologies: Supplies chemistry technologies and solutions that optimize production and processing, support asset integrity, and extend asset life.”

Annual report 2025A · The company itself

“Combines SLB’s services and products with drilling rig management and specialized engineering and project management expertise, to provide a complete solution from well construction to production improvement. As of December 31, 2025, SLB’s Asset Performance Solutions portfolio primarily consisted of three field production projects in Ecuador. • Data Center Solutions: Designs and manufactures critical infrastructure components — such as modular data center enclosures, cooling systems, and other hardware — for hyperscalers and enterprises.”

Annual report 2025A · The company itself

“ChampionX Transaction During 2025, SLB acquired ChampionX Corporation ("ChampionX") in an all-stock transaction. ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. The acquisition strengthens SLB's leadership in the production and recovery space.”

Annual report 2025A · The company itself

“Customers SLB’s primary customers are national oil companies, large integrated oil companies, and independent operators.”

Annual report 2025A · The company itself

“One of the larger drivers of natural gas demand is electric generation. Natural gas-fired electric generation within Southern California (and demand for natural gas supplied to such plants) competes with electric power generated throughout the western U.S.”

Annual report 2025A · The company itself

“In general, depressed natural gas and LNG prices in the markets intended to be served by any of our projects, including as a result of global oil prices and their associated current and forward projections or other factors, could reduce the pricing and cost advantages of exporting natural gas and LNG produced in North America, which could lead to decreased demand from our projects.”

Annual report 2025A · The company itself

“Although demand for natural gas is currently strong due to increased focus on energy security and climate aims, a reduction in natural gas demand could also occur from higher penetration of alternative fuels in new power generation, reduced economic activity in general, or as a result of calls by some to limit or eliminate global reliance on natural gas.”

Annual report 2025A · The company itself

“Because changes in SDG&E’s and SoCalGas’ cost of natural gas and/or electricity are recovered in rates, changes in these costs are offset in the changes in revenues and therefore do not impact earnings, other than potential impacts related to the GCIM for SoCalGas that we describe below.”

Annual report 2025A · The company itself

“SDG&E procures natural gas under short-term contracts for its owned generation facilities and for certain tolling contracts associated with PPAs. Purchases from various southwestern U.S. suppliers are primarily priced based on published monthly bid-week indices, which can be subject to volatility.”

Annual report 2025A · The company itself

“SoCalGas purchases natural gas under short-term and long-term contracts and on the spot market for SDG&E’s and SoCalGas’ core customers. SoCalGas purchases natural gas from various producing regions, including from Canada, the U.S. Rockies and the southwestern regions of the U.S. Purchases of natural gas are primarily priced based on published indices, which can be subject to volatility.”

Annual report 2025A · The company itself

“In December 2025, we entered into an agreement to sell Ecogas, a natural gas regulated distribution utility that we describe below, to Gas Natural del Noroeste S.A. de C.V. for 9.0 billion Mexican pesos (approximately $500 million U.S. dollar-equivalent at December 31, 2025), subject to adjustments. We expect to complete the sale in the second or third quarter of 2026, subject to closing conditions.”

Annual report 2025A · The company itself

“BUSINESS OVERVIEW We are a holding company whose principal businesses are regulated utilities in California and Texas. Our businesses invest in and operate electric and gas utilities and other energy infrastructure that provide energy services to customers.”

Annual report 2025A · The company itself

“SoCalGas and SDG&E sell, distribute and transport natural gas. SoCalGas purchases and stores natural gas for its core customers in its territory and SDG&E’s territory on a combined portfolio basis. SoCalGas also offers natural gas transportation and storage services for others.”

Annual report 2025A · The company itself

“These recent tariffs, along with other U.S. trade actions, have triggered retaliatory actions by certain affected countries, including China’s announcement of a tariff on U.S. LNG.”

Annual report 2025A · The company itself

“Sempra has the following three reportable segments which reflect how the CODM oversees operational and financial performance: ▪Sempra California ▪Sempra Texas Utilities ▪Sempra Infrastructure SDG&E and SoCalGas each have one reportable segment.”

Annual report 2025A · The company itself

“SI Partners’ ability to secure new or maintain or extend existing long-term sales or capacity agreements for its natural gas pipeline operations depends on, among other factors, demand for and supply of LNG and/or natural gas from its transportation customers, which may include our LNG facilities.”

Annual report 2025A · The company itself

“We incur energy costs in our mill operations and the cost of natural gas, oil, electricity and purchased biomass fuel is subject to fluctuations. In our recycled mills, we primarily use natural gas and electricity, supplemented at certain mills with fuel oil. In our virgin fiber mills, we primarily use biomass and natural gas, supplemented at times with fuel oil, and, at a limited number of facilities, coal, to generate steam used in the pulping and paper making processes and to generate some or all the electricity used on site.”

Annual report 2025A · The company itself

“Price fluctuations in, or shortages in the availability of, energy, transportation and raw materials could adversely affect our business.”

Annual report 2025A · The company itself

“Other climate-related business risks that we face include risks related to the transition to a lower-carbon economy, such as increased prices for certain fuels, including natural gas; the introduction of a carbon tax or government mandates to reduce greenhouse gas emissions; and more stringent and/or complex environmental and other legal requirements.”

Annual report 2025A · The company itself

“Smurfit Westrock’s production processes are energy-intensive, making production costs also sensitive to the price of energy (primarily gas and electricity), which have historically been volatile.”

Annual report 2025A · The company itself

“Natural Gas Natural gas remains a volatile commodity. Slight supply and demand imbalances can quickly result in significant price moves both up and down. These price movements may be short-lived, but the impacts can be pronounced.”

Annual report 2025A · The company itself

“Natural gas supplies have continued to grow; however, this growth has been accompanied by LNG export growth. Forward curves project prices will remain in the mid- to high-$3 per mmBtu range through 2030; however, short-term price volatility is expected and future prices could be materially impacted by various factors, including unexpected geopolitical events as well as government policies related to natural gas and energy, including infrastructure development, production, and exports.”

Annual report 2025A · The company itself

“Natural gas supplies have continued to grow; however, this growth has been accompanied by LNG export growth. Forward curves project prices will remain in the mid- to high-$3 per mmBtu range through 2030; however, short-term price volatility is expected and future prices could be materially impacted by various factors, including unexpected geopolitical events, increased demand for natural gas, including to fuel electric generation to serve data centers and other large load customers, and government policies related to natural gas and energy, including infrastructure development, production, and exports.”

Annual report 2025A · The company itself

“Southern Company Gas has various regulatory and other mechanisms, such as weather and revenue normalization mechanisms, that limit its exposure to changes in customer consumption, including weather changes within typical ranges in its natural gas distribution utilities' service territories.”

Annual report 2025A · The company itself

“FINANCIAL, ECONOMIC, AND MARKET RISKS The electric generation and energy marketing operations of the traditional electric operating companies and Southern Power and the natural gas operations of Southern Company Gas are subject to changes in energy prices and fuel costs. The generation, energy marketing, and natural gas operations of the Southern Company system are subject to changes in energy prices and fuel costs, which could increase the cost of producing power, decrease the amount received from the sale of energy, and/or make electric generating facilities and natural gas distribution systems less competitive.”

Annual report 2025A · The company itself

“Gas pipeline investments primarily consists of joint ventures in natural gas pipeline investments including a 50% interest in SNG and a 50% joint ownership interest in the Dalton Pipeline. These natural gas pipelines enable the provision of diverse sources of natural gas supplies to the customers of Southern Company Gas.”

Annual report 2025A · The company itself

“Fuel Supply Electric The traditional electric operating companies' and SEGCO's supply of electricity is primarily fueled by natural gas and coal, as well as nuclear for Alabama Power and Georgia Power.”

Annual report 2025A · The company itself

“SCS, acting on behalf of the traditional electric operating companies and Southern Power Company, has agreements in place for the natural gas burn requirements of the Southern Company system. For 2026, SCS has contracted for 644 Bcf of natural gas supply under agreements with remaining terms up to nine years.”

Annual report 2025A · The company itself

“Southern Power and the traditional electric operating companies purchase natural gas as a fuel source for their power generation needs and the natural gas distribution utilities purchase natural gas for sale to their customers. Accordingly, the price of natural gas affects, among other things, Southern Power's and the traditional electric operating companies' costs of generation and the natural gas distribution utilities' cost of natural gas.”

Annual report 2025A · The company itself

“The traditional electric operating companies and Southern Power each engage in a long-term planning process to estimate the optimal mix and timing of new generation assets required to serve future load obligations. Southern Company Gas engages in a long-term planning process to estimate the optimal mix and timing of building new pipelines, replacing existing pipelines, and entering new markets and/or expanding in existing markets.”

Annual report 2025A · The company itself

“•Installation of environmental controls and natural gas co-firing at Plant Bowen Units 1 through 4 (3,160 MWs), Plant Scherer Units 1 and 2 (137 MWs based on 8.4% ownership), and Plant Scherer Unit 3 for compliance with both ELG supplemental rules and GHG rules. •Upgrades to Plant McIntosh Units 10 and 11 (1,319 MWs) for a projected 194 MWs of incremental capacity by 2028 and Plant McIntosh Units 1 through 8 (640 MWs) for a projected 74 MWs of incremental capacity by 2033. •Upgrades to Plant Vogtle Units 1 and 2 (1,060 MWs based on 45.7% ownership) for a projected 54 MWs of incremental capacity, some of which could be available as early as 2028. •Investments related to the continued reliable operations of four hydro facilities, as well as the authority to spend up to $25 million to undertake engineering studies related to two additional hydro facilities.”

Annual report 2025A · The company itself

“Southern Power's electricity sales from natural gas generating facilities are primarily through long-term, fixed-price capacity PPAs with unaffiliated wholesale purchasers as well as with the traditional electric operating companies and consist of two types of agreements.”

Annual report 2025A · The company itself

“Gas distribution operations, the largest segment of Southern Company Gas' business, operates, constructs, and maintains approximately 77,900 miles of natural gas pipelines and 14 storage facilities, with total capacity of 157 Bcf, to provide natural gas to residential, commercial, and industrial customers.”

Annual report 2025A · The company itself

“•Southern Company Gas is an energy services holding company whose primary business is the distribution of natural gas in four states – Illinois, Georgia, Virginia, and Tennessee – through the natural gas distribution utilities.”

Annual report 2025A · The company itself

“OVERVIEW Business Activities Southern Company is a holding company that owns all of the common stock of three traditional electric operating companies, Southern Power, and Southern Company Gas and owns other direct and indirect subsidiaries. The primary businesses of the Southern Company system are electricity sales by the traditional electric operating companies and Southern Power and the distribution of natural gas by Southern Company Gas. Southern Company's reportable segments are the sale of electricity by the traditional electric operating companies, the sale of electricity in the competitive wholesale market by Southern Power, and the distribution of natural gas and other complementary products and services by Southern Company Gas.”

Annual report 2025A · The company itself

“Gas distribution operations serves approximately 4.4 million customers across Illinois, Georgia, Virginia, and Tennessee.”

Annual report 2025A · The company itself

“Gas marketing services is comprised of SouthStar, which serves approximately 677,000 natural gas commodity customers, markets gas to residential, commercial, and industrial customers and offers energy-related products that provide natural gas price stability and utility bill management in competitive markets or markets that provide for customer choice.”

Annual report 2025A · The company itself

“These agencies approve natural gas rates designed to provide Southern Company Gas with the opportunity to generate revenues to recover the cost of natural gas delivered to its customers and its fixed and variable costs, including depreciation, interest expense, operations and maintenance, taxes, and overhead costs, and to earn a reasonable return on its investments.”

Annual report 2025A · The company itself

“The cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions. We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process.”

Annual report 2025A · The company itself

“Thereafter ​ ​ 2,650,147 ​ ​ 4.7 ​ ​ - ​ ​ ​ ​ ​ Total debt outstanding ​ $ 4,253,448 ​ ​ 4.2% ​ $ 33,162 ​ ​ 5.5% ​ ​ Fair value ​ $ 4,108,867 ​ ​ ​ ​ $ 33,162 ​ ​ ​ ​ ​ Commodity Risk In the normal course of business, we are exposed to the market risk and price fluctuations related to the sale of our products and to the purchase of raw materials used in our operations, such as metallic raw materials, electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes.”

Annual report 2025A · The company itself

“Stolt-Nielsen Gas’ share of losses in Avenir and Higas was $19.0 million in 2024, compared to $9.9 million in 2023. This was the result of the challenging LNG market and a $6.0 million impairment of investment in and advance to Higas.”

Annual report 2024A · The company itself

“Ships are required to use marine fuels with a sulphur content of no more than 0.50% against the previous limit of 3.50%. Stolt Tankers is taking a multifaceted approach to lowsulphur fuel.”

Annual report 2024A · The company itself

“In February 2025, SNG purchased all the shares of Avenir owned by Golar and Aequitas Limited (46.9% ownership interest), and an additional 1.9% of Avenir shares, increasing its total shareholding from 47.0% to 95.8%. Avenir is an industry leader in small-scale LNG supply and is focused on supporting the marine energy transition through one of the largest fleets of small-scale LNG vessels.”

Annual report 2024A · The company itself

“Fuel consumption from crude oil and petroleum products (MWh) 1,717* 545 3. Fuel consumption from natural gas (MWh) 245,130 252,327 4.”

Annual report 2025A · The company itself

“Kraftigt stigande drivmedelspriser, orsakat av geopolitiska oroligheter, störningar i leveranskedjor eller andra globala händelser, är ytterligare exempel på kortsiktiga finansiella risker.”

Annual report 2024A · The company itself

“Risker U+E Svedbergs Group står inför en finansiell risk kopplad till högre energipriser på grund av konflikter och inflation i Europa. Oroligheterna i regionen kan leda till störningar i energileveranser och -produktion, vilket får energipriserna att öka. Det kan påverka driften, eftersom högre energikostnader påverkar koncernens lönsamhet och driftskostnader.”

Annual report 2024A · The company itself

“Energi Negativ påverkan U E I vissa av länderna där Svedbergs Group gör inköp och säljer produkter används fortfarande naturgas för uppvärmning. Naturgas orsakar mer utsläpp än många andra typer av uppvärmning.”

Annual report 2024A · The company itself

“Activity in the shale resource plays underlying our gathering assets is driven by the economics of oil, NGL, gas and condensate production from the particular reservoirs in each play impacting the volumes of natural gas and crude oil available to us for gathering, processing and/or purchase and sale on our systems. Producers continue to focus drilling activity on their most attractive acreage, especially in the Permian Basin where we have a large, well-positioned and interconnected footprint, benefiting from rig activity in and around our systems.”

Annual report 2025A · The company itself

“These risks include the adverse impact of changes in natural gas, NGL and condensate/crude oil prices, the supply of, or demand for, these commodities, and our inability to access sufficient additional supplies to replace natural declines in production.”

Annual report 2025A · The company itself

“Sales of Natural Gas, NGLs and Crude Oil The price at which we buy and sell natural gas, NGLs and crude oil is currently not subject to federal rate regulation and, for the most part, is not subject to state rate regulation.”

Annual report 2025A · The company itself

“Our intrastate natural gas pipelines located in Texas are regulated by the Railroad Commission of Texas (the “RRC”) and may be required to have tariffs on file with the RRC.”

Annual report 2025A · The company itself

“Summary Risk Factors Risks Related to our Results of Operations • Our cash flow is affected by supply and demand for natural gas, NGL products and crude oil and by natural gas, NGL, crude oil and condensate prices, and decreases in commodity prices and/or activity levels could adversely affect our results of operations and financial condition. • A reduction in demand for NGL products by the petrochemical, refinery or other industries or by the fuel or export markets, or a significant increase in NGL product supply relative to this demand, could materially adversely affect our business, results of operations and financial condition.”

Annual report 2025A · The company itself

“The natural decline in production in our operating regions and in other regions from which we source NGL supplies means our long-term success depends on our ability to obtain new sources of supplies of natural gas, NGLs and crude oil, which depends on certain factors beyond our control.”

Annual report 2025A · The company itself

“The prices of natural gas, NGLs and crude oil have been historically volatile, and we expect this volatility to continue which impacts production activity levels.”

Annual report 2025A · The company itself

“To maintain or increase throughput levels on our gathering systems and the utilization rate at our processing plants and our treating and fractionation facilities, we must continually obtain new natural gas, NGL and crude oil supplies. A material decrease in natural gas or crude oil production from producing areas on which we rely, as a result of depressed commodity prices or otherwise, could result in a decline in the volume of natural gas or crude oil that we gather and process, NGLs that we transport or NGL products delivered to our fractionation facilities.”

Annual report 2025A · The company itself

“Fluctuations in energy prices can greatly affect production rates and investments by third parties in the development of new oil and natural gas reserves.”

Annual report 2025A · The company itself

“In response to depressed commodity prices, operators may engage in curtailment or shut-ins or substantially reduce their estimated capital expenditures, rig count and completion crews.”

Annual report 2025A · The company itself

“Many of our customers may experience financial problems that could have a significant effect on their creditworthiness, especially in a depressed commodity price environment. A decline in natural gas, NGL and crude oil prices may adversely affect the business, financial condition, results of operations, creditworthiness, cash flows and prospects of some of our customers.”

Annual report 2025A · The company itself

“Global oil and natural gas commodity prices, particularly crude oil, remain volatile. Decreases in commodity prices have previously had, and could continue to have, a negative impact on the demand for our services and our market capitalization.”

Annual report 2025A · The company itself

“Quantitative and Qualitative Disclosures About Market Risk Our principal market risks are our exposure to changes in commodity prices, particularly to the prices of natural gas, NGLs and crude oil, changes in interest rates, as well as nonperformance by our risk management counterparties and customers.”

Annual report 2025A · The company itself

“Commodity Price Risk A portion of our revenues are derived from percent-of-proceeds contracts under which we receive a portion of the proceeds from the sale of commodities as payment for services. The prices of natural gas, NGLs and crude oil are subject to fluctuations in response to changes in supply, demand, market uncertainty and a variety of additional factors beyond our control.”

Annual report 2025A · The company itself

“If we fail to balance our purchases and sales of the commodities we handle, our exposure to commodity price risk will increase. We may not be successful in balancing our purchases and sales of the commodities we handle. In addition, a producer could fail to deliver promised volumes to us or deliver in excess of contracted volumes, or a purchaser could purchase less than contracted volumes.”

Annual report 2025A · The company itself

“We continually seek new supplies of natural gas and crude oil, both to offset the natural decline in production from connected wells and to increase throughput volumes. We obtain additional natural gas and crude oil supply in our operating areas by contracting for production from new wells or by capturing existing production currently gathered by others.”

Annual report 2025A · The company itself

“We have hedged the commodity price risk associated with a portion of our expected natural gas, NGL and condensate equity volumes, future commodity purchases and sales, and transportation basis risk by entering into financially settled derivative transactions. We have intentionally tailored our hedges to approximate specific NGL products and to approximate our actual NGL and residue natural gas delivery points. Although the degree of hedging will vary, we intend to continue to manage some of our exposure to commodity prices by entering into hedge transactions.”

Annual report 2025A · The company itself

“Contracts for our assets in the Downstream Business are predominantly fee-based (based on volumes and contracted rates). Our contract mix, along with our commodity hedging program, serves to mitigate the impact of commodity price movements on cash flow.”

Annual report 2025A · The company itself

“Our Gathering and Processing segment contract mix has increasing components of fee-based margin driven by: (i) fees added to percent-of-proceeds contracts for natural gas treating and compression, (ii) new/amended contracts with a combination of percent-of-proceeds and fee-based components, including fee floors, and (iii) fee-based gas gathering and processing and crude oil gathering contracts.”

Annual report 2025A · The company itself

“Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. We own, operate, acquire, and develop a diversified portfolio of complementary domestic infrastructure assets. Our Operations We are engaged primarily in the business of: • gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; • transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and • gathering, storing, terminaling, and purchasing and selling crude oil.”

Annual report 2025A · The company itself

“Our Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil.”

Annual report 2025A · The company itself

“The processing of natural gas consists of the extraction of embedded NGLs and the removal of water vapor and other contaminants to form (i) a stream of marketable natural gas, commonly referred to as residue gas, and (ii) a stream of mixed NGLs.”

Annual report 2025A · The company itself

“Key factors impacting the results of our refinery services business include production volumes, prices of propane and butanes, as well as our ability to perform receipt, delivery and transportation services in order to meet refinery demand.”

Annual report 2025A · The company itself

“Natural Gas Marketing We also market natural gas available to us from the Gathering and Processing segment, purchase and resell natural gas in selected U.S. markets and manage the scheduling and logistics for these activities.”

Annual report 2025A · The company itself

“The primary purpose of our commodity risk management activities is to hedge some of the exposure to commodity price risk and reduce fluctuations in our operating cash flow due to fluctuations in commodity prices. In an effort to reduce the variability of our cash flows, as of December 31, 2025, we have hedged the commodity price associated with a portion of our expected (i) natural gas, NGL, and condensate equity volumes in our Gathering and Processing operations that result from our percent-of-proceeds processing arrangements, (ii) future commodity purchases and sales in our Logistics and Transportation segment and (iii) natural gas transportation basis risk in our Logistics and Transportation segment.”

Annual report 2025A · The company itself

“Rather, our oil and gas revenue is derived from our oil and gas royalty interests. Thus, in addition to being subject to fluctuations in response to the market prices for oil and gas, our oil and gas royalties are also subject to decisions made by the owners and operators of the oil and gas wells to which our royalty interests relate as to investments in and production from those wells.”

Annual report 2025A · The company itself

“Table of Contents There are a number of oil and gas wells in which we have royalty interests that have been permitted but are still awaiting drilling and completion activity. In addition, we have also identified oil and gas wells in which we have a royalty interest that have been drilled but are not yet completed (“DUC”). These permitted and DUC wells represent potential near-term candidates for further development by operators towards ultimately being placed into production. As of December 31, 2025, our royalty acreage had an estimated 5.6 net well permits, 9.8 net DUC wells, and 4.0 net completed but not producing wells (“CUPs”), totaling 19.5 net wells.”

Annual report 2025A · The company itself

“Risks Related to Our Business Our oil and gas royalties are dependent upon the market prices of oil and gas which fluctuate. The oil and gas royalties that we receive are dependent upon the market prices for oil and gas, and decreases in such prices for oil and gas negatively impact the revenue realized on our oil and gas royalties.”

Annual report 2025A · The company itself

“Reductions in market prices for oil and gas could also lead to decreased exploration and development activity by the operators of the properties on which we own oil and gas royalty interests, which could reduce our revenue potential with respect to such interests.”

Annual report 2025A · The company itself

“Demand for TPWR’s products and services is substantially dependent on demand and expenditures by our customers for the exploration, development and production of oil and gas reserves. These expenditures are generally dependent on our customers’ overall financial position, capital allocation priorities, and views of future oil and gas prices. Declines, as well as anticipated declines, in oil and gas prices have in the past resulted, and may in the future result, in lower capital expenditures, project modifications, delays or cancellations, general business disruptions, and delays in payment, or nonpayment, of amounts that are owed to us, which could in the future, adversely affect our earnings, cash flow and financial condition.”

Annual report 2025A · The company itself

“Table of Contents The oil and gas royalties which we receive are dependent upon the market prices for oil and gas, and locational and contractual price differences. The market prices for oil and gas are subject to national and international economic and political conditions and subject to significant price fluctuations.”

Annual report 2025A · The company itself

“Strategic Objectives 25% These objectives were established based on key strategic priorities to ensure long-term success, such as safety and environmental performance, increasing use of TPL’s land, SLEM, and water services, leveraging TPL’s land to explore other non-oil and gas revenue streams, increased operational enhancements through integrated technology solutions, and generating an appropriate return on new capital spend.”

Annual report 2025A · The company itself

“Capital Returns: For minerals/royalties, achieve 12% pre-tax cash flow yield for acquired minerals and royalties portfolio; For surface and water assets, achieve 8% ROIC for acquisitions closed since 2023. Royalties/minerals portfolio generated 16% pre-tax cash flow yield for 2025.”

Annual report 2025A · The company itself

“Our surface and royalty ownership provide revenue opportunities throughout the oil and gas development value chain. While we are not an oil and gas producer, we benefit from various revenue sources throughout the life cycle of a well.”

Annual report 2025A · The company itself

“During the production phase, we receive revenue from our oil and gas royalty interests and revenue related to saltwater disposal on our land.”

Annual report 2025A · The company itself

“The revenue streams of this segment consist primarily of royalties from oil and gas, revenues from easements, commercial leases and renewables, and land and material sales.”

Annual report 2025A · The company itself

“Water Sales Water sales revenue encompasses the sale and delivery of sourced, produced and treated water to operators and other customers, royalties received related to areas of mutual interest (“AMI”), and royalties received pursuant to legacy agreements with operators.”

Annual report 2025A · The company itself

“Produced Water Royalties Produced water royalties represent revenue from the transfer and disposal of saltwater from producing oil and gas wells on our land. Revenue is recognized when the water is transported across or injected into our land.”

Annual report 2025A · The company itself

“Easements and Other Surface-Related Income Easement contracts represent contracts which permit companies to install pipelines, electric lines and other equipment on land owned by TPL. When TPL receives a signed contract and payment, we make available the respective parcel of land to the grantee.”

Annual report 2025A · The company itself

“The revenue streams of this segment principally consist of revenue from sales of sourced and treated water as well as revenue from produced water royalties. Energy businesses use water for their oil and gas projects, including new drilling and completion operations, while service businesses (i.e., water management service companies) operate water facilities to sell water to, and dispose of produced water of, energy businesses.”

Annual report 2025A · The company itself

“Table of Contents Major Customers The chart below depicts our total revenues and revenues from customers representing 10% or more of our 2025 consolidated revenues: While approximately 40% of our 2025 revenue was derived from only three customers, each of these customers are investment-grade rated and are among the largest companies in the world based on market capitalization. We believe each of them is a strong and reliable operator. Given their major presence in the Permian Basin and our significant surface lands in the same area, the high concentration of business with these three customers is expected. Further, the choice of with whom we do business largely depends on location of mineral royalties and surface rights on or near our assets and consists of a limited universe of oil and gas companies that operate in the Permian Basin.”

Annual report 2025A · The company itself

“With approximately 30 percent of our revenues linked to production activities we have improved our resilience. However, exploration remains important for our business and mid- to longer term we expect increased investments in exploration to replace existing reserves and meet future energy demand.”

Annual report 2024A · The company itself

“License rounds serve as important sales triggers for our multi-client library and guide long-term investment decisions for new 2D and 3D data. The geographical diversity and unique positioning of our global multi-client library enables us to benefit from license rounds around the world.”

Annual report 2024A · The company itself

“The OBN market showed robust performance in 2024, with a significant increase in activity and utilization in the second half of the year. Streamer contract activity remained at a flat level compared to the average in 2023.”

Annual report 2024A · The company itself

“2828 Board of DirectorsBoard of Directors Board of Directors | Board of Directors’ reportBoard of Directors | Board of Directors’ report Risk management and internal control TGS’ activities are heavily dependent on the capital spending budgets of E&P companies in the oil and gas industry. These budgets are, in turn, largely a function of actual and/or expected shifts in oil and gas prices. Consequently, TGS’ activities, opportunities and profitability are linked to the fluctuations in these prices.”

Annual report 2024A · The company itself

“As global economic growth continues, energy demand is projected to rise in the coming decades. However, the adoption of alternative energy sources is not progressing quickly enough to achieve ambitious transition goals. As a result, oil and gas will remain a significant component of the global energy mix for the foreseeable future.”

Annual report 2024A · The company itself

“The swift decline of existing oil and gas reserves, coupled with challenges such as high costs, significant environmental concerns, and political and regulatory risks tied to undeveloped reserves in many regions, highlights the ongoing need for exploration efforts in both established and emerging basins. High-quality subsurface data is crucial for enhanced production from existing fields and for carrying out successful exploration campaigns in both mature and unexplored regions.”

Annual report 2024A · The company itself

“We initiate, acquire, process, market and sell energy data to multiple customers on a non-exclusive basis (multiclient). We either own or have exclusive licensing rights to the data and sell these to customers under license agreements.”

Annual report 2024A · The company itself

“We are a leading integrated energy data and services provider, offering advanced technology and solutions across the energy value chain. With a global, diverse data library and acquisition capabilities, TGS empowers clients to make informed decisions, supporting energy exploration and production worldwide.”

Annual report 2024A · The company itself

“TGS’ business is organized in the following segments: • Contract: Acquires proprietary OBN and towed streamer data for clients with leading edge acquisition technologies and stateof-the-art equipment. • Multi-client: Initiates, acquires, markets and sells energy data to multiple customers on a non-exclusive basis (multi-client).”

Annual report 2024A · The company itself

“Nearly all of TGS’ OBN activities and around 40 percent of its streamer acquisition contracts are focused on enhancing existing oil and gas production (4D) or facilitating potential tiebacks from nearby fields.”

Annual report 2024A · The company itself

“Our business activities are organized in the following segments: Imaging Contract Through our Contract business segment, we acquire and deliver proprietary seismic data to energy companies for their exclusive ownership and use. We meet the customers’ requirements for efficient acquisition and cost-effective delivery of high-quality energy data, while maintaining safe and environmentally sound operations.”

Annual report 2024A · The company itself

“TGS MultiBeam and SeaSeep TGS 2D Cubed TGS MC2D The world’s largest Global Data Library Our primary business provides energy data and intelligence to companies and investors across energy markets.”

Annual report 2024A · The company itself

“TGS ASA and its subsidiaries (“TGS” or the “Group”) provide advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions.”

Annual report 2024A · The company itself

“Integrated air and ground network costs increased $327 million as we continued to align our global network with shifting volume patterns. These cost increases were primarily due to unfavorable currency movements, increased aircraft maintenance expenses, and higher charter utilization associated with network disruptions and capacity constraints.”

Annual report 2025A · The company itself

“For example, the ReFuelEU Aviation initiative, a European regulation, mandates jet fuel suppliers in Europe supply a target percentage of sustainable aviation fuel ("SAF") at airports inside the European Union. The SAF target percentage started at 2% in 2025 and increases to 70% by 2050. The cost of SAF can be higher than conventional jet fuel, and SAF suppliers can pass this cost along to purchasers, which can increase our operating costs, potentially significantly.”

Annual report 2025A · The company itself

“Fuel Surcharges We apply a fuel surcharge on our domestic air and ground products that is adjusted weekly. Our air fuel surcharge is based on the U.S. Department of Energy's ("DOE") Gulf Coast spot price for a gallon of kerosene-type fuel, and our ground fuel surcharge is based on the DOE's On-Highway Diesel Fuel price.”

Annual report 2025A · The company itself

“Market prices and the manner in which we purchase fuel influence our costs. The majority of our fuel purchases utilize index-based pricing formulas plus or minus a fixed locational/supplier differential. While many of the indices are correlated, each index may respond differently to changes in underlying prices, which in turn can drive variability in our costs.”

Annual report 2025A · The company itself

“Trends in oil and natural gas prices have in the past adversely affected, and could again in the future adversely affect, the level of exploration, development and production activity of certain of our customers and the demand for our services and products. Demand for our services and products is sensitive to the level of exploration, development and production activity of, and the corresponding capital spending by, oil and natural gas companies, including national oil companies, regional exploration and production providers, and related service providers.”

Annual report 2025A · The company itself

“The level of exploration, development and production activity is directly affected by trends in oil and natural gas prices, which historically have been volatile and are likely to continue to be volatile. Prices for oil and natural gas are subject to potentially large fluctuations in response to relatively minor changes in the supply of and demand for oil and natural gas, market uncertainty, and a variety of other economic factors that are beyond our control.”

Annual report 2025A · The company itself

“Det geopolitiska läget med krig i våra närområden har inte nämnvärt påverkat resebenägenheten på våra huvudmarknader, men har bidragit till en kontinuerlig osäkerhet avseende energipriserna.”

Annual report 2024A · The company itself

“För den europeiska sjöfarten innebär förordningen i praktiken att en blandning av biobaserade eller alternativa bränslen och fossila bränslen kommer att användas. Priset och tillgängligheten på alternativa och förnyelsebara bränslen kommer att vara nyckelfrågor i framtiden.”

Annual report 2024A · The company itself

“De främsta omställningsriskerna med direkta inverkningar för Företagets finansiella ställning är, på alla tidshorisonter, högre priser på växthusgasutsläpp samt på lång sikt ökade kostnader för bränsleskifte och omställning till teknik med lägre utsläpp.”

Annual report 2024A · The company itself

“Commodity Price Risk and Oversight Our business is subject to the inherent risks of market fluctuations in the price of commodities for energy-related products we market or purchase in futures markets including electricity, natural gas, uranium, coal, environmental credits and other energy commodities in competitive wholesale markets. Factors that influence these market fluctuations are dependent upon many factors outside of our control including seasonal changes in supply and demand, weather conditions, market liquidity, governmental, regulatory, and environmental policies.”

Annual report 2025A · The company itself

“Maturity dates of unrealized commodity contract net liability as of December 31, 2025 Source of Fair Value Less than 1 year 1-3 years 4-5 years Excess of 5 years Total (in millions) Prices actively quoted $ (556) $ (332) $ (11) $ 1 $ (898) Prices provided by other external sources (194) (214) (1) — (409) Prices based on models (163) (536) (287) (283) (1,269) Total $ (913) $ (1,082) $ (299) $ (282) $ (2,576) We have engaged in natural gas hedging activities to mitigate the risk of higher or lower wholesale electricity prices that have corresponded to increases or declines in natural gas prices.”

Annual report 2025A · The company itself

“We purchase natural gas, coal, fuel oil, and nuclear fuel for our generation facilities, and higher than expected fuel costs, volatility, or disruption in these fuel markets may have an adverse impact on our costs, revenues, results of operations, financial condition and cash flows. We rely on natural gas, coal, fuel oil, and nuclear fuel for the majority of our power generation facilities.”

Annual report 2025A · The company itself

“Additionally, extreme weather has resulted, and may in the future result, in (i) unexpected increases in customer load, requiring our retail operation to procure additional electricity supplies at wholesale prices in excess of customer sales prices for electricity, (ii) the failure of equipment at our generation facilities, (iii) a decrease in the availability of, or increases in the cost of, fuel sources, including natural gas, diesel and coal, or (iv) unpredictable curtailment of customer load by the applicable ISO/RTO in order to maintain grid reliability, resulting in the realization of lower wholesale prices or retail customer sales.”

Annual report 2025A · The company itself

“We conduct integrated power generation and retail electricity activities, focusing on power generation, wholesale electricity sales and purchases, retail sales of electricity and natural gas to end users and commodity risk management.”

Annual report 2025A · The company itself

“Disciplined capital allocation. •Executed disciplined capital allocation through targeted natural gas expansion, including the development of an 860 MW facility in West Texas and the acquisition of 2,600 MW of natural gas generation capacity from Lotus.”

Annual report 2025A · The company itself

“Our natural gas utilities operate under GCRMs as approved by their respective state regulator. Generally, the GCRMs allow for a dollar-for-dollar recovery of prudently incurred natural gas costs.”

Annual report 2025A · The company itself

“We also cannot predict the effect that development of alternative energy sources or new technology may have on our natural gas operations, including whether subsidies of alternative energy sources by local, state, and federal governments might be expanded, or what impact this might have on the supply of or the demand for natural gas. If these technologies become cost competitive and achieve economies of scale, our market share could be eroded, and the value of our generating facilities and natural gas distribution systems could be reduced.”

Annual report 2025A · The company itself

“Lower wholesale market prices for electricity may adversely affect the financial results for certain of our renewable projects, depending on the structure of the related PPA.”

Annual report 2025A · The company itself

“In addition, lower prices for other energy sources may reduce the demand for wind and solar energy development, which could adversely affect our growth prospects and financial condition. Wind and solar energy demand is affected by the price and availability of other fuels, including nuclear, coal, natural gas and oil, as well as other sources of renewable energy.”

Annual report 2025A · The company itself

“The cost of natural gas may increase because of disruptions in the supply of natural gas due to a curtailment in production or distribution, international market conditions, the demand for natural gas, and the availability of shale gas and potential regulations and/or other government action affecting its accessibility.”

Annual report 2025A · The company itself

“Minnesota Natural gas utilities in the state of Minnesota do not have exclusive franchise service territories and, as a matter of law and policy, natural gas utilities may compete for new customers. However, natural gas utilities have customarily avoided competing for existing customers of other utilities, as there would be duplicative utility facilities and/or increased costs to customers.”

Annual report 2025A · The company itself

“Embedded within our utilities' rates are amounts to recover fuel, natural gas, and purchased power costs. Our utilities have recovery mechanisms in place that generally allow them to recover or refund all or a portion of the changes in prudently incurred fuel, natural gas, and purchased power costs from rate case-approved amounts.”

Annual report 2025A · The company itself

“Additionally, an extreme weather event could also cause the cost of natural gas purchased for our natural gas utility customers and for the use of fuel at our generation facilities to be temporarily driven significantly higher than our normal winter weather expectations.”

Annual report 2025A · The company itself

“Our counterparties may fail to meet their obligations, including obligations under power purchase, natural gas supply, natural gas pipeline capacity, and transportation agreements. We are exposed to the risk that counterparties to various arrangements who owe us money, electricity, natural gas, or other commodities or services will not be able to perform their obligations. Should the counterparties to these arrangements fail to perform or if capacity is inadequate, we may be required to replace the underlying commitment at current market prices or we may be unable to meet all of our customers' electric and natural gas requirements unless or until alternative supply arrangements are put in place.”

Annual report 2025A · The company itself

“Our operating and liquidity requirements are impacted by changes in the forward and current market prices of natural gas, coal, electricity, renewable energy credits, and ancillary services. Our electric utilities burn natural gas in several of their electric generation plants and as a supplemental fuel at several coal-fired plants. In many instances the cost of purchased power is tied to the cost of natural gas.”

Annual report 2025A · The company itself

“Other Significant Cash Requirements Our utility and non-utility operations have purchase obligations under various contracts for the procurement of fuel, power, and gas supply, as well as the related storage and transportation. These costs are a significant component of funding our ongoing operations.”

Annual report 2025A · The company itself

“Commodity Costs In the normal course of providing energy, we are subject to market fluctuations in the costs of coal, natural gas, purchased power, and fuel oil used in the delivery of coal. We manage our fuel and natural gas supply costs through a portfolio of short and long-term procurement contracts with various suppliers for the purchase of coal, natural gas, and fuel oil.”

Annual report 2025A · The company itself

“In February 2025, the ICC issued an order setting expectations for PGL's prospective operations. The ICC directed us to focus on retiring all cast and ductile iron pipe that has a diameter under 36 inches by January 1, 2035.”

Annual report 2025A · The company itself

“REGULATED Electric Facilities The following table summarizes information on our electric generation facilities, including owned and jointly owned facilities, as of December 31, 2025: Name Location Fuel Number of Generating Units Capacity In MW (1) Natural gas-fired plants PWGS Port Washington, WI Natural Gas 2 1,210 (3) Fox Energy Center Wrightstown, WI Natural Gas 3 579 Concord Generating Station Watertown, WI Natural Gas/Oil 4 367 Paris Union Grove, WI Natural Gas/Oil 4 360 VAPP Milwaukee, WI Natural Gas 2 278 Germantown Power Plant Germantown, WI Natural Gas/Oil 5 261 Whitewater Whitewater, WI Natural Gas/Oil 1 234 West Riverside Beloit, WI Natural Gas 1 190 (2) De Pere Energy Center De Pere, WI Natural Gas/Oil 1 170 West Marinette Power Plant Marinette, WI Natural Gas 3 149 Weston Rothschild, WI Natural Gas 7 130 F.D. Kuester Generating Station Negaunee, MI Natural Gas 7 128 Pulliam Green Bay, WI Natural Gas 1 82 A.J.”

Annual report 2025A · The company itself

“Natural Gas Utility Industry We offer natural gas transportation services to our customers that elect to purchase natural gas directly from a third-party supplier. Since these transportation customers continue to use our distribution systems to transport natural gas to their facilities, we earn distribution revenues from them.”

Annual report 2025A · The company itself

“Wisconsin Our Wisconsin utilities offer both natural gas transportation service and interruptible natural gas sales to enable customers to better manage their energy costs.”

Annual report 2025A · The company itself

“Due to the PSCW's previous proceedings on natural gas industry regulation in a competitive environment, the PSCW currently provides all Wisconsin customer classes with competitive markets the option to choose a third-party natural gas supplier. All of our Wisconsin non-residential customer classes have competitive market choices and, therefore, can purchase natural gas directly from either a third-party supplier or their local natural gas utility.”

Annual report 2025A · The company itself

“MERC has provided its commercial and industrial customers with the option to choose a third-party natural gas supplier since 2006.”

Annual report 2025A · The company itself

“Michigan The option to choose a third-party natural gas supplier has been provided to UMERC’s natural gas customers (formerly WPS’s Michigan natural gas customers) since the late 1990s and MGU's customers since 2005.”

Annual report 2025A · The company itself

“Williams’ revenues, operating results, future rate of growth, and the value of certain components of its business depend primarily upon the prices of natural gas, NGLs, oil, LNG, or other commodities, and the differences between prices of these commodities, and could be materially adversely affected by an extended period of low commodity prices or a decline in commodity prices.”

Annual report 2025A · The company itself

“Significant prolonged changes in natural gas prices could affect supply and demand for Transco and NWP and cause a reduction in or termination of their long-term transportation and storage contracts or throughput on their systems. Higher natural gas prices over the long term could result in a decline in the demand for natural gas and, therefore, in Transco’s and NWP’s long-term transportation and storage contracts or throughput on their systems. Also, lower natural gas prices over the long term could result in a decline in the production of natural gas, resulting in reduced contracts or throughput on their systems.”

Annual report 2025A · The company itself

“In a low commodity price environment, certain customers have been or could be negatively impacted, causing them significant economic stress resulting, in some cases, in a customer bankruptcy filing or an effort to renegotiate contracts. To the extent one or more of Williams’, Transco’s, or NWP’s key customers commences bankruptcy proceedings, the contracts with such customers may be subject to rejection under applicable provisions of the United States Bankruptcy Code or may be renegotiated.”

Annual report 2025A · The company itself

“Williams, Transco, and NWP may not be able to replace, extend, or add additional customer contracts or contracted volumes on favorable terms, or at all, as applicable, which could affect Williams’, Transco’s, and NWP’s financial condition and ability to grow, as well as the amount of cash available to Williams to pay dividends.”

Annual report 2025A · The company itself

“Williams, Transco, and NWP rely on a limited number of customers and producers for a significant portion of revenues and supply of natural gas and NGLs, as applicable. Although many of Williams’, Transco’s, and NWP’s customers and suppliers are subject to long-term contracts, if Williams, Transco, and NWP are unable to replace or extend such contracts, add additional customers, or otherwise increase the contracted volumes of natural gas provided to it by current producers, in each case on favorable terms, if at all, Williams’, Transco’s, and NWP’s businesses, financial condition, results of operations, and cash flows, as well as Williams’ growth plans and the amount of cash available to pay dividends could be materially adversely affected.”

Annual report 2025A · The company itself

“Higher prices for energy commodities related to Williams’ businesses could result in a decline in the demand for those commodities and, therefore, in customer contracts or throughput on the pipeline systems. Lower energy commodity prices could negatively impact the ability to maintain or achieve favorable contractual terms, including pricing, and could also result in a decline in the production of energy commodities resulting in reduced customer contracts, supply contracts, and throughput on the pipeline systems.”

Annual report 2025A · The company itself

“Williams, Transco and NWP have experienced and could experience in the future unexpected leaks or ruptures on their regulated natural gas pipeline systems or storage facilities. Either as a preventative measure or in response to a leak or another issue, Williams, Transco and NWP could be required by regulatory authorities to test or undertake modifications to their regulated systems.”

Annual report 2025A · The company itself

“Williams’, Transco’s, and NWP’s operations are subject to operational risks and hazards that might result in accidents and unforeseen interruptions. There are operational risks and hazards associated with the gathering, transporting, storage, processing, and treating of natural gas, the fractionation, transportation, and storage of NGLs, and crude oil transportation and production handling, including: •Aging infrastructure and mechanical problems; •Damages to pipelines and pipeline blockages or other pipeline interruptions; •Uncontrolled releases of natural gas (including sour gas), NGLs, crude oil, or other products; •Collapse or failure of storage facilities or caverns, as applicable; •Operator error; •Damage caused by third-party activity, such as operation of construction equipment; •Pollution and other environmental risks; •Fires, explosions, craterings, and blowouts; •Security risks, including cybersecurity; •Operating in a marine environment, as applicable.”

Annual report 2025A · The company itself

“Risk Factors Risks Related to Business The business, operating results, and financial condition of Williams’, Transco’s, and NWP’s natural gas transportation and midstream businesses are dependent on the continued availability of natural gas supplies in the supply basins and demand for those supplies in the markets that they serve. The ability of Williams, Transco, and NWP to maintain and expand their natural gas transportation and midstream businesses depends on the level of drilling and production, predominantly by third parties, in the supply basins near Williams’, Transco’s, and NWP’s pipelines and gathering systems.”

Annual report 2025A · The company itself

“Yara optimizes its business model by seeking exposure to fertilizer market prices for own-produced products.  High Exposure to natural gas price markets Securing access to, and stable supply of, favorably priced natural gas is imperative to the company’s operations and competitiveness.”

Annual report 2024A · The company itself

“Ensuring access to stable and competitively priced natural gas is essential for operational efficiency and maintaining a competitive edge. Sudden shifts in the supply-demand balance can significantly impact natural gas prices. Various factors, including geopolitical changes, increased polarization and protectionism, and fluctuations in weather and climate patterns, may trigger these shifts.”

Annual report 2024A · The company itself

“Historically, Yara has sourced NPK, nitrates, phosphate, potash, and ammonia from Russia and has relied on significant volumes of natural gas for its European production. Since 2022, Yara has ceased sourcing from suppliers affected by sanctions in certain jurisdictions and has leveraged its global sourcing, production, and distribution capabilities to maintain customer supply and ensure continuity in food supply chains.”

Annual report 2024A · The company itself

“The hydrogen is produced with electrolysis of water and renewable energy, replacing natural gas as feedstock, cutting 41,000 tonnes of CO emissions from the site annually.”

Annual report 2024A · The company itself

“A purified biogas made from sugarcane waste, biomethane can seamlessly replace fossil natural gas and reduce greenhouse gas (GHG) emissions from production by up to 75 percent.”

Annual report 2024A · The company itself

“Yara’s three main raw materials – natural gas, phosphate and potash – are finite resources. Natural gas serves as a feedstock for ammonia production and, to a lesser extent, provides process heat and energy.”

Annual report 2024A · The company itself

“The Company depends on various components, compounds, raw materials, and energy (including oil and natural gas and their derivatives) supplied by others for the manufacturing of its products.”

Annual report 2025A · The company itself

“There are also a number of foreign, federal, state and local governments adopting laws, regulations and codes in response to climate change that will require a mandatory transition to non-fossil fuel based sources of space and water heating equipment in the building sector.”

Annual report 2025A · The company itself

“We also recently introduced our internally designed and manufactured gas tankless water heaters in North America.”

Annual report 2025A · The company itself

“Natural gas is the fastest-growing fossil fuel at over 20% of the global energy mix, with the incentives it can offer as a ‘transition’ fuel as the lowest emitter of greenhouse gases compared to oil and coal.”

Annual report 2024A · The company itself

“As a result, the demand for global LNG is projected to continue to grow. ABL has stayed ahead of this market growth, by supporting as MWS on a number of the world’s most significant LNG developments, including Ichthys, Gorgon and LNG Canada.”

Annual report 2024A · The company itself

“Alex Harrison Group MD Energy Services a Word from the Director “ABL Energy Services saw growth in instructions in all service areas in 2024, with a noticeable rise in marine assurance and risk, as well as our consultancy and engineering services for dynamic positioning (DP) and critical systems. Although analyst predictions suggest a flat trend in upstream spending year on year in 2025, ABL continued to win a significant share of the large project development contracts with approaching USD 20 million of marine warranty survey (MWS) projects in oil & gas in the second half of the year alone.”

Annual report 2024A · The company itself

“Offshore spending is expected to increase in Brazil, the Middle East (excluding Saudi Arabia), Sub-Saharan Africa, and parts of Asia. National Oil Companies (NOCs) continue to lead investment growth, while International Oil Companies (IOCs) are trending lower.”

Annual report 2024A · The company itself

“Ole Rygg Group Managing Director - Wells a Word from the Director “2024 saw the strategic expansion of our wells and reservoir expertise with the acquisition of Ross Offshore – now merging into AGR. This move significantly expanded our core service offering in well management, engineering and decommissioning, reservoir management, operations geology and resourcing, whilst also diversifying our portfolio with marine operations and survey management.”

Annual report 2024A · The company itself

“Though ABL Group is active in some support activities related to petroleum and natural gas extraction, we are not active in the fossil fuel (coal, oil and gas) sector; this is to say we do not derive revenues from exploration, mining, extraction, production, processing, storage, refining or distribution, including transportation, storage and trade of fossil fuels as defined in Article 2, point (62), of Regulation (EU)2018/199 of the European Parliament and the Council.”

Annual report 2024A · The company itself

“ABL Group is a leading independent global consultancy delivering energy, marine, engineering & software solutions to drive safety and THE ABL GROUP FAMILY ABL Group ASA – A global brand family combining the deepest pool of expertise across energy, marine, engineering and digital disciplines to drive safety and sustainability in energy and oceans throughout the life-cycle of a project of asset. Key Services Marine warranty survey (MWS) and Marine Assurance & Risk Energy & marine operations support Maritime services Key Services Wells & Reservoir Consulting Resource Solutions Software Marine Operations Key Services Renewables Consulting Owner's Engineering Technical Due Diligence Key Services Offshore Wind Design & Engineering Ship Design & Engineering Facilities & Subsea Engineering Marine Operations Engineering Global, independent energy, marine and engineering consultant working to de-risk and drive sustainability across projects and assets in Renewables, Maritime and Oil & Gas.”

Annual report 2024A · The company itself

“The Group is the market leader in marine warranty survey (MWS) on offshore T&I operations for upstream infrastructure, with a long track-record in providing technical support to some of the world’s most high-profile and complex production platforms and floating infrastructures.”

Annual report 2024A · The company itself

“Via our engineering consultancy and design house, Longitude, the Group has extensive experience in both design and conversion engineering of FPSOs and other floating structures, and marine operations engineering relating to floating structures. ABL’s track record in floating structures also extends beyond T&I into asset integrity management and OPEX-services.”

Annual report 2024A · The company itself

“Midstream ABL Group’s oil & gas specialists have been at the forefront of offshore midstream development for over 20 years. Our teams of marine and engineering consultants include specialists in subsea pipeline engineering and SURF technology, with project experience covering some of the world’s most high-profile and complex subsea pipeline installation projects.”

Annual report 2024A · The company itself

“World-leaders in marine warranty survey for pipeline installation, we have an in-depth practical and theoretical understanding of key challenges in pipeline projects and we are able to provide comprehensive risk-mitigation strategies. We also offer a range of other marine assurance and risk services, engineering and consulting, to support pipeline work at different project stages, including with removal operations at decommissioning.”

Annual report 2024A · The company itself

“AGR’s services include consultancy in well construction, drilling engineering, procurement, supply chain management, and operational supervision of the drilling.”

Annual report 2024A · The company itself

“ABL Group serves three main industries oil and gas, along with renewables and maritime - industries which experience volatile business cycles.”

Annual report 2024A · The company itself

“Turnover The revenues (based mainly on externally invoiced data) related to “environmentally sustainable economic activities towards climate change mitigation” was deduced to be $3.6m . The projects that constituted this include: Research and evaluation challenges for carbon dioxide flow in pipelines when compared to Oil & Gas Numerous research and development projects in our renewables segment, that were performed, funded by national. international and multinational research funding bodies towards mitigation.”

Annual report 2024A · The company itself

“Whilst a significant number of recent projects have been for the construction of LNG export facilities, we have also provided our services to petrochemical, mining and power projects, and for major civil infrastructure projects such as bridges, ports and harbour complexes.”

Annual report 2024A · The company itself

“Aker Solutions økte driftsinntektene med 47 prosent til 53 milliarder kroner i 2024 og EBITDA-marginen ekskl. spesielle poster steg fra 3,6 til 8,7 prosent. I 2024 betalte Aker Solutions 11 milliarder kroner i utbytte til sine aksjonærer, delvis som følge av Subsea-transaksjonen i 2023.”

Annual report 2024A · The company itself

“Energisikkerhet, -effektivitet og -omstilling Verdens totale energiforbruk øke r, noe som krever sikre og kostnadseffektive energikilder. Følgelig forventes olje og gass å forbli primære energikilder globalt de kommende årene.”

Annual report 2024A · The company itself

“En hovedprioritet er å skape verdier ved å levere på porteføljen av feltutviklingsprosjekter innenfor budsjett og på en sikker måte.”

Annual report 2024A · The company itself

“Akers investeringer er delt inn i to rapporteringssegmenter; Industrielle investeringer og Finansielle investeringer : Industrielle investeringer Den industrielle porteføljen omfatter Akers langsiktige investeringer og bestod ved utgangen av 2024 av eierskapet i ti selskaper. De fem børsnoterte selskapene var Aker BP, Aker Solutions, Aker BioMarine, Aker Horizons og Solstad Offshore, og de fem unoterte selskapene var Cognite, Solstad Maritime, Aker Qrill Company, SalMar Aker Ocean og Aize.”

Annual report 2024A · The company itself

“Aker BP leverte produksjon på i gjennomsnitt 439 000 fat oljeekvivalenter per dag i 2024, med størst bidrag fra Johan Sverdrup-feltet.”

Annual report 2024A · The company itself

“Aker BP Beløp i USD millioner 2023 2024 Net Production Volume (mboepd) 457 439 Driftsinntekter 13 670 12 379 EBITDAX 12 552 11 409 EBITDAX margin 91,8 % 92,2 % Resultat fra videreført virksomhet 1 336 1 828 Aksjekurs (NOK per aksje) 295,50 221,70 Aksjonæravkastning, inkl. utbytte 4,8 % (16,2 %) Aker BP er det største privateide lete- og produksjonsselskapet innen olje og gass på norsk kontinentalsokkel og et av de største uavhengige olje- og gasselskapene i Europa målt i produksjon.”

Annual report 2024A · The company itself

“Aker Solutions Beløp i millioner kroner 2023 2024 Driftsinntekter 36 262 53 201 EBITDA 1 166 4 568 EBITDA margin 3,2 % 8,6 % Resultat fra videreført virksomhet (15) 2 665 Aksjekurs (NOK per aksje) 42,02 31,10 Aksjonæravkastning, inkl. utbytte 15,0 % 28,7 % Aker Solutions er leverandør av integrerte løsninger, produkter og ingeniørtjenester til den globale energiindustrien.”

Annual report 2024A · The company itself

“Dette inkluderer å skape verdi ved å levere på selskapets betydelige ordrereserve, som inkluderer store feltutviklingsprosjekter, på tid og budsjett.”

Annual report 2024A · The company itself

“Solstad Offshore and Solstad Maritime Solstad Offshore Beløp i millioner kroner 2023 2024 Driftsinntekter 6 979 2 791 EBITDA 3 324 1 444 EBITDA margin 47,6 % 51,8 % Resultat fra videreført virksomhet 288 1 283 Aksjekurs (NOK per aksje) 46,00 40,02 Aksjonæravkastning, inkl. utbytte 4,8 % 8,2 % Solstad Maritime Beløp i millioner kroner 2023 2024 Driftsinntekter 5 096 5 980 EBITDA 2 383 2 960 EBITDA margin 46,8 % 49,5 % Resultat fra videreført virksomhet 427 2 637 Solstad består av to skipseiende strukturer, Solstad Offshore ASA (Solstad Offshore) og Solstad Maritime Holding AS (omtalt som Solstad Maritime og sammen med Solstad Offshore ASA referert til som Solstad-selskapene). Solstad-selskapene leverer avanserte fartøy til globale offshore energimarkeder, med fokus på Brasil, Nordsjøen, Sørøst-Asia, Australia og Vest -Afrika.”

Annual report 2024A · The company itself

“Akers eierskapsagenda fokuserer på å videreutvikle Solstadselskapene som ledende leverandører av fartøy til globale offshore energimarkeder.”

Annual report 2024A · The company itself

“Selskapets hovedprodukt, Cognite Data Fusion (CDF), samler, strukturerer og modellerer industriell data gjennom hele verdikjeden, og gjør det mulig for brukere å dele data sømløst mellom partnere og leverandører i sanntid. Med avansert datamodellering og kunstig intelligens (KI) kan CDF transformere rådata til handlingsrettet innsikt, noe som gir kunder muligheten til å optimalisere driften og ta datadrevne beslutninger.”

Annual report 2024A · The company itself

“2024 var et gjennombruddsår for Aize, med vekst i årlige abonnementsbaserte inntekter (ARR) på 240 prosent og signering av globale avtaler med BP og ExxonMobil.”

Annual report 2024A · The company itself

“Försäljningen av LNG-lastbilar, den främsta bidragsgivaren till tillväxten inom det tunga segmentet, avtog.”

Annual report 2024A · The company itself

“Ur marknadsinförandeperspektiv såg vi hur LNG återkom som bränsle på grund av dess tillgänglighet och prisdynamik jämfört med fossilfria gröna bränslen, där det finns en utmaning relaterad till både kostnad och tillgänglighet på kort sikt.”

Annual report 2024A · The company itself

“Under 2024 levererade vi våra första ammoniakleveranssystem och våra första LNGbränslepumpar, och vi har nu utökat vår installerade bas och orderstock till över etthundra försörjningssystem för alternativa bränslen.”

Annual report 2024A · The company itself

“Fuel consumption from crude oil and petroleum products, Fuel consumption from natural gas”

Annual report 2025B · From the report

“3 procent och drivs av utvecklingen inom olje- och gasindustrin, medan flertalet andra kundsegment utvecklades svagare.”

Annual report 2024A · The company itself

“Avmattningen i efterfrågan på marknaden fortsatte under perioden och var relaterad till flertalet kundsegment förutom olja och gas i Norge och offentlig verksamhet i Sverige som hade en fortsatt bra utveckling.”

Annual report 2024A · The company itself

“Nettoomsättningen i Norge ökade med 2,3 procent och uppgick till 2 670 MSEK (2 611). Försäljningen var positivt påverkad av utvecklingen inom olje- och gasindustrin och förvärvad tillväxt om cirka 2 procent.”

Annual report 2024A · The company itself

“Achievement of these targets is dependent on many factors, including the pace and extent of development and deployment of low- to zero-carbon energy technologies and carbon capture technologies, the cost of those technologies, and support of such technologies by regulators; natural gas and energy prices; operational performance of low- to zero-carbon resources; new transmission infrastructure; the ability to maintain system reliability; customer demand for energy including carbon-free energy; and constructive energy and economic policies, including those that address investment in energy infrastructure, global climate-related risks, incentives for clean energy technologies, and environmental regulations.”

Annual report 2025A · The company itself

“In addition, rising energy and capacity prices, which are largely outside of our control, could impact customer affordability and satisfaction.”

Annual report 2025A · The company itself

“We expect to make significant capital expenditures to maintain and improve our electric and natural gas utility infrastructure and to comply with existing environmental regulations. We estimate that we will invest up to $33.1 billion (Ameren Missouri – up to $22.2 billion; Ameren Illinois – up to $8.3 billion; ATXI – up to $2.6 billion) of capital expenditures from 2026 through 2030.”

Annual report 2025A · The company itself

“Our electric generation and electric and natural gas transmission and distribution facilities, including natural gas storage facilities, are subject to operational risks. Our financial performance depends on the successful operation of electric generation and electric and natural gas transmission and distribution facilities, including natural gas storage facilities.”

Annual report 2025A · The company itself

“Efforts to regulate greenhouse gas emissions, the use of fossil fuels or requirements to use alternative fuel to power energy resources that serve our data centers or the generators we use in our emerging markets to deliver primary power to our customers may have direct or indirect effects on our business by increasing the cost of compliance.”

Annual report 2025A · The company itself

“•The performance of the investments of the funds we manage in the commodities markets is substantially dependent upon prevailing prices of oil and natural gas. •The investments of the funds we manage in companies in the financial services and finance sectors, including consumer, are subject to government regulations, disclosure requirements, limits on fees, increasing borrowing costs or limits on the terms or availability of credit to such portfolio companies, and other regulatory requirements each of which may impact the conduct of such portfolio companies. •The real estate and infrastructure investments of the funds we manage are exposed to rising mortgage interest rates, increasing consumer debt and a low level of consumer confidence in the economy and/or the residential real estate market.”

Annual report 2025A · The company itself

“GHG emissions are generated in the operations of all businesses and the value chain Upstream, own activities, downstream, crosscutting activities Transition risk (Policy & regulatory changes), short-term Low availability of renewable fuels and the cost impacts of low-emission solutions affect competitiveness and revenue.”

Annual report 2025A · The company itself

“A total of 39,969 MWh of energy (natural gas and electricity) was consumed to power offices, data centers and for car charging.”

Annual report 2024A · The company itself

“In March, Zahroof Valves Inc., a USA reciprocating compression valve company, was acquired. The company designs, services and assembles reciprocating compression valve technology. The valve technology provided by the company is today mainly used to reduce emissions and increase energy efficiency for customers in the oil and gas and petrochemical industry by avoiding unplanned interruptions.”

Annual report 2024A · The company itself

“Gas and process compressors and expanders are supplied to various process industries, such as carbon capture, hydrogen, air separation plants, power utilities, chemical and petrochemical plants, and LNG applications.”

Annual report 2024A · The company itself

“Our business is directly related to LVP in the global market and by our customers, and automotive sales and LVP are the most important drivers for our sales Automotive sales and production are highly cyclical and can be affected by general or regional economic or industry conditions, the level of consumer demand, recalls and other safety issues, labor relations issues, technological changes, fuel prices and availability, vehicle safety regulations and other regulatory requirements, governmental initiatives, trade agreements, political volatility (especially in energy producing countries and growth markets), changes in interest rate levels and credit availability, and other factors.”

Annual report 2024A · The company itself

“Our current manufacturing processes rely partly on energy sources that originate from fossil fuels”

Annual report 2025A · The company itself

“The availability of raw materials is adequate, but costs are impacted by petro-chemical and natural gas price changes.”

Annual report unknown yearA · The company itself

“OxyChem’s primary feedstocks are ethylene, ethane, natural gas and salt, which are generally obtainable from several sources and suppliers.”

Annual report unknown yearA · The company itself

“Union Tank Car Company (“UTLX”) is the largest component of the Rail & Leasing group and is a leading designer, builder and full-service lessor of railroad tank cars and other specialized railcars. Together, with its Canadian affiliate Procor, UTLX owns a fleet of approximately 118,000 railcars for lease to customers in chemical, petrochemical, energy and agricultural/food industries.”

Annual report unknown yearA · The company itself

“På grund av Rysslands invasion av Ukraina råder det fortfarande instabilitet på den europeiska gasmarknaden.”

Annual report 2024A · The company itself

“On the positive side, spot prices decreased in 2024 for both natural gas and electricity. Reduced energy prices also had a positive impact on several raw materials and chemicals.”

Annual report 2024A · The company itself

“For Equinor har Bouvet blant annet fått jobbet med løsninger innen oljeog gassutvinning og innen energiforsyning.”

Annual report 2024A · The company itself

“För att minska sina koldioxidutsläpp och nå sina hållbarhetsmål behövde Mekoprint en ny lösning för att ersätta företagets befintliga gasuppvärmningssystem. Bravida inledde arbetet med att analysera företagets energianvändning.”

Annual report 2024A · The company itself

“Energy | Strategic principles BW Energy | Strategic principles A key component of BW Energy’s sustainability strategy is a long-term focus on gas development. The company aims to efficiently develop both greenfield and brownfield gas opportunities.”

Annual report 2024A · The company itself

“In 2024, processing of the ~5,000 square kilometres 3D seismic survey over the Kudu licence was completed, set to further enhance the depositional model and identify potential upside targets in the licence.”

Annual report 2024A · The company itself

“BW Energy progressed identification of the targets for appraisal drilling and began securing long-lead items and a rig for appraisal of the Kharas target in the second half of 2025.”

Annual report 2024A · The company itself

“This repurposed facility will streamline the project timeline and substantially decrease capital investments in comparison to previous development approaches. Board approval was secured in 2024 to drill up to two appraisal wells for which long lead items have been procured.”

Annual report 2024A · The company itself

“For brownfield projects, BW Energy plans to acquire fields with existing oil production and transition them into sustainable, long-term gas production. This approach generates cash flow, which is reinvested to unlock additional value through gas sales and downstream power generation.”

Annual report 2024A · The company itself

“As climate change drives shifts in the energy landscape, we see emerging opportunities to diversify our asset portfolio, including energy transition fuels such as floating liquid natural gas plants and renewable technologies.”

Annual report 2024A · The company itself

“Additionally, we are actively pursuing mediumto long-term opportunities in low-emission energy production in other segments, including carbon transport and storage, gas-topower, floating production of clean fuels, and desalination.”

Annual report 2024A · The company itself

“The wind energy market is influenced by the price and availability of other energy sources, including nuclear, coal, natural gas and oil, as well as other sources of renewable energy. To the extent that renewable energy, and in particular wind energy, becomes less cost-competitive due to reduced government targets, increased costs, new regulations or incentives favoring alternative renewable energy, or the availability of cheaper, more efficient or otherwise more attractive alternatives, demand for wind energy and other forms of renewable energy could decrease.”

Annual report 2025A · The company itself

“Cost-competitive carbon capture for gas turbines CapsolGT® is an energy-efficient carbon capture solution for gas turbines, designed to operate without the need for external steam supply. By utilizing waste heat from the turbine exhaust, CapsolGT® generates its own process energy, making it a cost-competitive option for low-carbon gas power generation.”

Annual report 2024A · The company itself

“For example, the recent conflict in Iran has resulted in increased fuel prices which may lead to increased costs for products that we source, manufacture, or distribute, and may also cause supply chain or manufacturing disruptions, impacting our ability to meet demand.”

Annual report 2026A · The company itself

“Prices of oil and gas also affect our distribution and transportation costs.”

Annual report 2026A · The company itself

“•Oil and Gas – Sales increased in turbines and turbine-related services.”

Annual report 2025A · The company itself

“The Resource Industries product portfolio includes the following machines and related parts, services and worktools: · electric rope shovels · large wheel loaders · draglines · off-highway trucks · hydraulic shovels · wide-body trucks · rotary drills · articulated trucks · hard rock vehicles · wheel tractor scrapers · large track-type tractors · wheel dozers · large mining trucks · landfill and soil compactors 2 Table of Contents Power & Energy Our Power & Energy segment supports customers in oil and gas, power generation, marine, rail and industrial applications, including Caterpillar machines.”

Annual report 2025A · The company itself

“The increased costs of energy in 2021 and 2022, which are a fundamental factor in the business of some tenants, and are paid by CeMat and then re-invoiced, may also be a risk in 2026 should the tenants become insolvent.”

Annual report 2025A · The company itself

“CeMat '70 engages in the letting of premises and land, and the provision of utilities, including power, water and natural gas, and facility services etc. to its tenants.”

Annual report 2025A · The company itself

“Natural gas prices in particular have been historically volatile.”

Annual report 2025A · The company itself

“CMS Energy and Consumers might not be able to obtain an adequate supply of natural gas or coal, which could limit their ability to operate electric generation facilities or serve Consumers’ natural gas customers.”

Annual report 2025A · The company itself

“CMS Energy and Consumers have contracts in place for the supply and transportation of the natural gas, coal, and other fuel sources they require for their electric generating capacity. Consumers also has interstate transportation and supply agreements in place to facilitate delivery of natural gas to its customers.”

Annual report 2025A · The company itself

“CMS Energy and Consumers have interests in fossil-fuel-fired power plants, other types of power plants, and natural gas systems that emit greenhouse gases.”

Annual report 2025A · The company itself

“We, however, have experienced, and expect to continue to experience, risks related to the impact of the war in Ukraine, including increases in the cost and, in certain cases, limitations on the availability of certain raw and packaging materials and commodities (including oil and natural gas), supply chain and logistics challenges, import restrictions, foreign currency volatility and reputational concerns.”

Annual report 2025A · The company itself

“We may be impacted by increases in global energy prices or reduced supply, particularly for crude oil and natural gas, including as a result of geopolitical events and tensions, wars, and military conflicts, including the conflict in the Middle East.”

Annual report 2026A · The company itself

“Our production facilities also use electricity, natural gas, and diesel fuel in addition to renewable energy sources in their operations.”

Annual report 2026A · The company itself

“The increased cost of product sold is primarily due to (i) $58.3 million in tariffs, largely on aluminum imports under Section 232, (ii) $58.2 million of unfavorable fixed cost absorption related to decreased production levels as compared to Fiscal 2025, and (iii) a $14.6 million increase in brewery costs, including maintenance and utilities.”

Annual report 2026A · The company itself

“Companies that provide utilities, water, transportation, natural gas and other resources and services across our supply chain, are critical to our manufacturing operations and are vulnerable to cyber-attacks.”

Annual report 2025A · The company itself

“Bolaget ska enligt investeringsstrategin undvika förvärv av bolag verksamma inom olja, gas, kol, tobak, alkohol, betting, avancerad bioteknik, gruvor eller företag vars värde till stor del är beroende av råvarupriser eller andra exogena makrofaktorer och inte heller bolag som är utsatta för betydande politisk eller regulatorisk risk.”

Annual report 2024A · The company itself

“Over time, changing dynamics in the U.S. and global energy markets, including the impacts of regulation and alternative fuel sources, have resulted in lower energy production from coal-fired power plants in CSX's service territory.”

Annual report 2025A · The company itself

“Changes in natural gas prices, or other factors impacting demand for electricity, could impact future power generation at coal-fired plants, which would affect the Company's coal volumes and revenues.”

Annual report 2025A · The company itself

“Table of Contents Engine Segment Engine segment sales and EBITDA as a percentage of consolidated results were: Years ended December 31, 2025 2024 2023 Percent of consolidated net sales (1) 26 % 28 % 28 % Percent of consolidated EBITDA (1) 26 % 33 % 32 % (1) Measured before intersegment eliminations The Engine segment manufactures and markets a broad range of diesel, natural gas and gasoline-powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy-duty truck, medium-duty truck and bus, light-duty automotive and off-highway markets.”

Annual report 2025A · The company itself

“Our performance obligations vary by contract, but may include advanced diesel, natural gas, electric and hybrid powertrains and powertrain-related components including aftertreatment, turbochargers, fuel systems, valvetrain technologies, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, electrified power systems with innovative components and subsystems including battery, electric power technologies and parts, construction related projects, maintenance services, commissioning and installation services and extended warranty coverage.”

Annual report 2025A · The company itself

“• Changes to bunker prices, both overall and between products. • Changes to carbon allowance prices in relation to EU ETS. • Changes to alternative fuel prices in relation to FuelEU Maritime. • Changes to foreign exchange levels. • Changes to interest rates. • Breach of covenants. • Inability to make payments. • Loss of outstandings related to ongoing and completed voyages. • Loss of market values related to chartered-out vessels or cargoes.”

Annual report 2025A · The company itself

“Other market risks are subject to our risk framework: • bunker risk, including bunkers onboard, redelivery commitments and commitments related to future cargoes are hedged to the extent possible using physical contracts and derivatives.”

Annual report 2025A · The company itself

“Prices of oil and gas also affect the Company’s costs for freight and utilities and have an indirect impact on the cost of other purchased materials.”

Annual report 2025A · The company itself

“In addition, if gasoline, natural gas, electricity, and other energy costs remain at the current elevated levels or increase further, and credit card, home mortgage, and other borrowing costs increase with rising interest rates, our guests may have lower disposable income and reduce the frequency of their dining occasions, may spend less on each dining occasion or may choose more inexpensive food options.”

Annual report 2026A · The company itself

“Our restaurants’ operating margins are also affected by fluctuations in the price of utilities such as electricity and natural gas, whether as a result of inflation or otherwise, on which the restaurants depend for their energy supply.”

Annual report 2026A · The company itself

“For example, prolonged or escalating conflicts in the Middle East could disrupt our supply chain and increase energy, transportation, and commodity costs, as well as cause shipping delays.”

Annual report 2026A · The company itself

“Utilities that serve our data centers may be dependent on, and sensitive to price increases for, a particular type of fuel, such as natural gas, coal or nuclear. In addition, the price of these fuels and the total cost of delivered electricity could increase as a result of: grid modernization charges, ratepayer surcharges related to recovering the cost of extreme weather events and natural disasters, increased demand from utilities from credit support and other obligations, minimum demand charges, geopolitical conflicts, military conflicts, energy market structure and/or regulatory changes, the adoption of modified and/or new energy tariffs, regulations intended to regulate carbon emissions and other pollutants, renewable energy adoption, and other obligations, as well as by the addition of other charges borne by ratepayers.”

Annual report 2025A · The company itself

“E1-5 Energy consumption and mix Energy consumption and mix 1 Fuel consumption from coal and coal products (MWh) 2 Fuel consumption from crude oil and petroleum products (MWh) 3 Fuel consumption from natural gas (MWh) 4 Fuel consumption from other fossil sources (MWh) 5 Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources (MWh) 6 Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5) Share of fossil sources in total energy consumption (%) 7 Consumption from nuclear sources (MWh) Share of consumption from nuclear sources in total energy consumption (MWh) 8 Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen etc) (MWh) 9 Consumption of purchased or acquired electricity, heat steam and cooling from renewable sources (MWh) 10 The consumption of self-generated non-fuel renewable energy (MWh) 11.”

Annual report 2024A · The company itself

“Our Clean Energy & Fueling segment provides components, equipment, software solutions and services enabling safe and reliable storage, transport, dispensing, and remote monitoring of traditional and clean fuels (including liquefied natural gas, hydrogen, and electric vehicle charging), cryogenic gases, and other hazardous substances along the supply chain, and safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments.”

Annual report 2025A · The company itself

“•Our Imaging & Identification segment supplies precision marking and coding, product traceability, brand protection and digital textile printing equipment, as well as related consumables, software and services to the global packaged and consumer goods, pharmaceutical, industrial manufacturing, textile and other end-markets. •Our Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid transfer connectors, highly engineered precision components, instruments and digital controls for rotating and reciprocating machines, polymer processing equipment, measurement, inspection, and control technologies, serving single-use biopharmaceutical production, diversified industrial manufacturing applications, chemical production, plastics and polymer processing, midstream and downstream oil and gas, clean energy markets, thermal management, wire and cable, food and beverage, semiconductor production and medical applications and other end-markets. •Our Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components, solutions, services and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment end-markets.”

Annual report 2025A · The company itself

“The organic revenue growth was primarily driven by single-use biopharma components, thermal connectors used in liquid cooling of data centers, as well as precision components and digital controls for midstream natural gas compression and power generation, partially offset by expected declines in our polymer processing equipment business as customers shift focus to optimizing the significant capacity investments made over the last several years.”

Annual report 2025A · The company itself

“•Dow continued its collaboration with Hanseatic Energy Hub GmbH ("HEH") as a minority stakeholder and is working with HEH's current members to advance Germany's capabilities to import supplies of liquified natural gas, bio-liquified natural gas and synthetic natural gas through the construction of an import terminal. The HEH consortium plans to build, own, and operate an import terminal for liquified gases onsite at Dow's Stade, Germany, industrial park.”

Annual report 2025A · The company itself

“The Company purchases natural gas, primarily to generate electricity, and purchases electric power to supplement internal generation.”

Annual report 2025A · The company itself

“Recently, the war and energy crisis in Europe have resulted in a more challenging macroeconomic environment with significantly impacted costs and demand.”

Annual report 2025A · The company itself

“The company develops silicones, silicon products and carbon solutions by combining natural raw materials, renewable energy and human ingenuity.”

Annual report 2024A · The company itself

“Lämmön tai jäähdytyksen ja sähkön tehokas yhteistuotanto fossiilisista, kaasumaisista polttoaineista Yhtiön sähkö- ja kaukolämpöenergiaa pääasiallisesti maakaasusta tuottavien kombivoimalaitosten paikalliskäyttöön liittyvät toiminnot on arvioitu luokitusjärjestelmäkelpoisiksi. Lisäksi laitoksissa on maakaasulla tai kevyellä polttoöljyllä toimivat apukattilat, joita käytetään lähinnä kaasuturbiinien ylösajojen yhteydessä sekä huoltoseisokkien aikana. Vuonna 2025 kyseisillä laitoksilla käytettiin maakaasun lisäksi kevyttä polttoöljyä.”

Annual report 2025A · The company itself

“2024 var vårt första hela år med 100 procent fjärrvärme i Strömsund, vilket minskade vår värmeanvändning med 48 procent.”

Annual report 2024A · The company itself

“Energy consumption mix Energy consumption and energy mix, MWh 2023 incl. structural changes 2024 incl. structural changes 2024 Fuel consumption from coal and coal products (MWh) - - - Fuel consumption from crude oil and petroleum products (MWh) - - - Fuel consumption from natural gas (MWh) 319 293 292 Fuel consumption from other fossil sources (MWh) - 296 296 Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) - - - Total fossil energy consumption (MWh) 319 589 589 Share of fossil sources in total energy consumption (%) Consumption from nuclear sources (MWh) - - - Share of consumption from nuclear sources in total energy consumption (%) - - - Fuel consumption from renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)”

Annual report 2024A · The company itself

“Fastpartner har gjort bedömningen att dessa värderingsinstitut ger de bästa långsiktiga förutsättningarna för rättvisande och trovärdiga bedömningar av fastigheternas marknadsvärden. l l l EXPONERING MOT DRIFT KOSTNADS- FÖRÄNDRING En stor kostnadspost för Fastpartner är driftkostnaderna i form av bland annat el, värme, kyla och vatten. Stigande priser på el- och uppvärmningskostnader ger ökade kostnader för Fastpartner.”

Annual report 2024A · The company itself

“En stor del av driftkostnaderna debiteras hyresgästerna direkt eller vidaredebiteras av Fastpartner till självkostnadspris. Fastpartners exponering mot driftkostnadsförändringar är således relativt begränsad.”

Annual report 2024A · The company itself

“Fjärrvärme och fjärrkyla ska vara allokerad, klimatkompenserad eller miljövänlig.”

Annual report 2024A · The company itself

“Certain of our key raw material purchase contracts include variable pricing terms, which are driven by underlying indices for certain commodities, including aluminum, steel, and natural gas, among others. Fluctuations in such underlying commodity indices may increase our raw material costs.”

Annual report 2025A · The company itself

“Additionally, on October 1, 2025, MP and PE filed their integrated resource plan with the WVPSC proposing, among other things, the addition of 70 MWs of solar generation by 2028, and 1,200 MWs of natural gas combined cycle generation by 2031, which are expected to require an estimated capital investment of approximately $2.5 billion, as detailed in the filing.”

Annual report 2025A · The company itself

“To ensure that MP and PE can meet their PJM adequacy requirements, the plan proposes, among other things, near-term market capacity purchases, and the addition of 70 MWs of solar generation by 2028 and 1,200 MWs of natural gas combined cycle generation by 2031.”

Annual report 2025A · The company itself

“The proposed increase is driven primarily by an under-recovery balance as of June 30, 2025, and higher costs for fuel and reagents.”

Annual report 2025A · The company itself

“On October 1, 2025, MP and PE filed their integrated resource plan with the WVPSC, which contemplated the addition of 70 MWs of solar generation by 2028, and 1,200 MWs of natural gas combined cycle generation by 2031 and on February 13, 2026, MP and PE filed a request for a CPCN with the WVPSC to construct and operate the same.”

Annual report 2025A · The company itself

“The Integrated segment distributes electricity to approximately 2 million customers in New Jersey, West Virginia and Maryland across its distribution footprint; provides transmission infrastructure in New Jersey, West Virginia, Maryland and Virginia to transmit electricity and operates 3,610 MWs of regulated generation capacity located primarily in West Virginia and Virginia, which includes three solar generation sites, representing 30 MWs of generation capacity.”

Annual report 2025A · The company itself

“On February 13, 2026, MP and PE filed a CPCN to construct and operate a 1,200 MW combined cycle gas turbine plant and 70 MWs of solar generation capacity for an estimated capital investment totaling approximately $2.7 billion as of the date of the filing.”

Annual report 2025A · The company itself

“WEST VIRGINIA MP and PE provide electric service to all customers through traditional cost-based, regulated utility ratemaking and operate under WVPSC-approved rates that became effective March 27, 2024. MP and PE recover net power supply costs, including fuel costs, purchased power costs and related expenses, net of related market sales revenue through the ENEC.”

Annual report 2025A · The company itself

“Prices of oil and gas affect our costs for freight and utilities.”

Annual report 2025A · The company itself

“Brændstofforbrug fra naturgas MWh 1240”

Annual report 2025A · The company itself

“Emissionsreduktioner relateret til egne aktiviteter, scope 1 og 2 Drivhusgasemissioner fra Gabriels egne aktiviteter, scope 1 og 2, relaterer sig til brug af elektricitet og varme (fjernvarme og gas), hvoraf det største forbrug og de væsentligste emissioner kan henføres til produktionsog lagerfaciliteter og hovedkontoret samt brændstof til biler i koncernen.”

Annual report 2025A · The company itself

“Gas Power - offers a wide spectrum of heavy-duty and aeroderivative gas turbines for utilities, independent power producers, and numerous industrial applications, ranging from small, mobile power to utility scale power plants.”

Annual report 2025A · The company itself

“We have also been leveraging our leading position in the growing market for natural gas fueled generators, which we believe represents a cleaner fuel compared to diesel, to develop solutions for applications beyond standby power, allowing us to participate in multi-purpose microgrid projects for C&I customers.”

Annual report 2025A · The company itself

“We believe natural gas will continue to be an important and cleaner transition fuel of the future, compared to diesel, as the world continues to shift towards lower emission power generation sources.”

Annual report 2025A · The company itself

“We have one of the broadest offerings of stationary, portable, and mobile power generators with single-engine outputs ranging between 800W and 3,250kW.”

Annual report 2025A · The company itself

“In recent years, we have seen interest in utilizing our gaseous-fueled generators in "beyond standby" applications, including distributed generation and microgrid projects, and have developed purpose-built products for these applications that have grid-connected capability.”

Annual report 2025A · The company itself

“In addition, our natural gas C&I stationary generators have grid-connection capabilities, enabling our customers to generate an incremental return-on-investment by connecting and enrolling their generator as a DER in grid services applications where available.”

Annual report 2025A · The company itself

“We utilize derivatives to manage price risk for some of our principal ingredient and energy costs, including grains (oats, wheat, and corn), oils (principally soybean), dairy products, natural gas, and diesel fuel.”

Annual report 2026A · The company itself

“Unntatt fra risikoappetitten er utvinning av gass, olje og kull (brun energi). Med utvinning menes produksjon av brun energi, inkludert raffinering og fremstilling av sekundære fossile energiprodukter (dekningsområder som eiendom, driftstap og ansvar).”

Annual report 2024A · The company itself

“As part of its science-based targets, Glaston intends to gradually phase out natural gas and other fossil energy sources in its own operations in the long term and further significantly increase the share of renewable energy.”

Annual report 2025A · The company itself

“In 2025, Glunz & Jensen continued a project to outline how Glunz & Jensen as a company can become independent of gas as the long-term as the supply security of electricity appears to higher than that of gas.”

Annual report 2025A · The company itself

“Glunz & Jensen will seek to maintain the kWh 2026 consumption in line with the 2025 consumption even though the Company continues to substitute gas heating with electrically driven heat pumps.”

Annual report 2025A · The company itself

“We make investments in and finance entities that engage in the production, storage and transportation of numerous commodities, including many of the commodities referenced above.”

Annual report 2025A · The company itself

“Natural gas MWh 298,311”

Annual report 2025A · The company itself

“The surge in European natural gas price led to a widening gas premium over oil products, causing fuel switching from natural gas to oil products for power generation in Europe, leading to increased oil consumption.”

Annual report 2022A · The company itself

“An FPSO receives fluids from a subsea reservoir through risers, separates the fluids into crude oil, natural gas, water and impurities, stores the products and then offloads the products onto shuttle tankers to go to market or for further refining onshore.”

Annual report 2024A · The company itself

“Samassa kuussa alkoivat GALFABin uudistettujen, rungon päälle asennettavien AFOR-vaijerilaitteiden toimitukset asiakkaille Yhdysvaltain markkinoilla. AFOR-laitteet on suunniteltu paineistettua maakaasua (CNG) käyttäviin ja sähkökäyttöisiin kuorma-autoihin, jolloin alustan sivut jäävät vapaiksi akuille, työkalulaatikoille ja kaasusäiliöille.”

Annual report 2025A · The company itself

“HMS NETWORKS ÅRSREDOVISNING 2024 5 HMS mission "We enable valuable data and insights from industrial equipment allowing our customers to increase productivity and sustainability."”

Annual report 2024A · The company itself

“Bartek S Candell Senior Vice President  HÅLLBAR INDUSTRI, INNOVATIONER OCH INFRASTRUKTUR HMS bidrag till Agenda 2030 - mål 9    Varumärken: Anybus Embedded, Anybus Gateway/ Wireless, Ixxat Safety ÖKAD AUTOMATION DRIVANDE TRENDER: NÄTVERKSSÄKERHET AI DIGITALISERING 32 % av HMS intäkter* 6 % Marknads -tillväxt   HMS bistår med:  Nätverksuppkoppling för automationsprodukter      Nätverksgateways  -  Trådlöst i industrin    Uppkoppling till säkerhetsnätverk    HMS NETWORKS ÅRSREDOVISNING 2024 15 New Industries HÅLLBARA STÄDER OCH SAMHÄLLEN HMS bidrag till Agenda 2030 - mål 11     Building Automation        DRIVANDE TRENDER: DATAANALYS DRIFTSÄKERHETHÅLLBARHETENERGIEFFEKTIVITET Industriell kommunikation för nischade applikationer i växande branscher.”

Annual report 2024A · The company itself

“PM52 är den pappersmaskin som har marknadens lägsta klimatavtryck Resultatkommentar El är fortsatt dyrt i Europa till följd av höga priser på fossil kraft. Trots det var elpriserna i norra Sverige 30 procent lägre än snittet de senaste tjugo åren, bland annat till följd av ovanligt höga vatten flöden .”

Annual report 2024A · The company itself

“Net sales $ 3,134 $ 2,644 19 % $ 2,586 2 % Cost of products and services sold 1,873 1,562 1,599 Selling, general and administrative and other expenses 569 467 418 Segment profit $ 692 $ 615 13 % $ 569 8 % Factors Contributing to Year-Over-Year Change Net Sales Segment Profit Net Sales Segment Profit Reported percent change 19 % 13 % 2 % 8 % Less: Impact of divestitures to the prior period — % — % — % — % Reported percent change, adjusted for impact of divestitures % 1 % — % — % Less: Acquisitions 20 % 31 % 2 % 5 % Less: Other — % — % — % — % Organic percent change (1) % (19) % — % 3 % 2025 compared with 2024 Sales increased $490 million due to inorganic sales growth from the acquisitions of LNG and Sundyne.”

Annual report 2025A · The company itself

“Howmet sells many products to industries that are cyclical, such as the aerospace and commercial transportation industries, and the demand for our products is sensitive to, and quickly impacted by, demand for the finished goods manufactured by our customers in these industries, which may change as a result of changes in regional or worldwide economies, currency exchange rates, interest rates, inflation, energy prices or other factors beyond our control.”

Annual report 2025A · The company itself

“Geopolitical tensions, conflicts, and wars have impacted, and may in the future impact, global energy markets, leading to high volatility and increasing prices for crude oil, natural gas, and other energy supplies. Energy costs impact operating expenses at our manufacturing facilities, the expense of shipping raw materials to our facilities, and the expense of shipping products to our customers.”

Annual report 2025A · The company itself

“Additionally, Howmet and its customers and suppliers utilize natural gas, electricity and other fuels to operate their facilities. Significant increased energy costs and/or costs to transition to renewable energy sources, as a result of new laws, such as carbon pricing or product energy efficiency requirements, or as a result of customer requirements, could be passed along to the Company and its suppliers.”

Annual report 2025A · The company itself

“The acquisition will enable Ingersoll Rand to combine several technologies like low pressure compressors with SSI’s aeration offerings to provide a comprehensive, end-to-end solution. •In July 2025, the Company completed the acquisition of Termomeccanica Industrial Compressors S.p.A. (“TMIC”) and its subsidiary Adicomp S.p.A. (“Adicomp”) (collectively “TMIC/Adicomp”) for cash consideration of $193.2 million. TMIC is an international leader in the design and production of air and gas compressors and its subsidiary Adicomp provides engineered-to-order solutions in the renewable natural gas industry.”

Annual report 2025A · The company itself

“Our vacuum pumps and compressors are used in many power generation, mining, oil and gas refining and processing, chemical processing and general industrial applications including flare gas and vapor recovery, geothermal gas removal, vacuum deaeration, water extraction in mining and paper, and chlorine compression in petrochemical operations.”

Annual report 2025A · The company itself

“Our engineered loading systems and fluid transfer equipment ensure the safe handling and transfer of crude oil, liquefied natural gas, compressed natural gas, chemicals, and bulk materials.”

Annual report 2025A · The company itself

“Instalco erbjuder tekniska helhetslösningar inom el, VS, ventilation, industri, automation och teknikkonsult för den nordeuropeiska marknaden. Vi kombinerar det lokala företagets närhet till kunden med eektivt samarbete och moget ledarskap.”

Annual report 2024A · The company itself

“•Policy intervention to address high energy prices. Various legislative proposals in the EU have been adopted to address high energy prices and impact ICE Endex, the primary European exchange for the benchmark European gas contract, and ICE Clear Europe, which clears ICE Endex contracts. These policy interventions include a temporary price cap on certain Dutch Title Transfer Facility, or TTF, derivatives traded on ICE Endex, which expired on January 31, 2025.”

Annual report 2025A · The company itself

“Beginning in 2022, the Russia-Ukraine conflict has been a catalyst for an energy crisis in Europe. Government interventions related to the energy crisis resulting from the Russia-Ukraine conflict, such as the Market Correction Mechanism (price cap), sanctions, or interventions that may be proposed in the future related to the Russia-Ukraine conflict or the conflict in the Middle East have had and could in the future have a negative impact on our business.”

Annual report 2025A · The company itself

“EU policymakers continue to adopt and propose changes to regulatory intervention related to energy markets, including pricing-limiting mechanisms on exchange-traded gas products and strengthening the EU’s market abuse framework for wholesale energy markets. Trading volumes on ICE Endex, the primary European exchange for the benchmark European gas contract, and ICE Clear Europe, which clears ICE Endex contracts, could be impacted.”

Annual report 2025A · The company itself

“Key asset classes include: •Energy Futures and Options: We offer a range of futures and options products that are designed to enable our customers to manage their risk across global energy markets. Our flagship Brent crude oil contract serves as the cornerstone of a global oil network that today includes over 800 related crude and refined oil products including locational and refined spreads. In addition, as natural gas and Liquefied Natural Gas, or LNG, continue to globalize, we offer one of the broadest footprints of regional and global natural gas benchmarks, which spans North America, Europe and Asia.”

Annual report 2025A · The company itself

“These markets serve issuers, investors and other market participants across five cash equity and two options markets. •OTC and Other: Our over-the-counter, or OTC, markets include bilateral energy markets that offer electronic trading of contracts based on physically-settled natural gas, power and refined oil contracts and other trade confirmation services.”

Annual report 2025A · The company itself

“We purchase certain commodities, such as natural gas, electricity, petroleum-based products and certain crop related items. We generally purchase these commodities based upon market prices that are established with the vendor as part of the purchase process.”

Annual report 2025A · The company itself

“Our manufacturing operations utilize electricity, natural gas and petroleum-based fuels. To help ensure we use energy efficiently and cost-effectively, we maintain energy efficiency improvement programs at our manufacturing sites. Our contracts with energy suppliers vary as to price, payment terms, quantities and duration.”

Annual report 2025A · The company itself

“Markedsveksten for Kongsberg Maritime vil være drevet av offshoremarkedet og da først og fremst olje og gass på kort sikt. På mellomlang og lang sikt vil dette være supplert med havvind i tillegg til tankbåter, fritidsreiser og militære fartøy.”

Annual report 2024A · The company itself

“Connecting the district heating networks creates synergies in heat production, reduces the need for fossil-fuel-based backup power and increases renewable electricity production through more stable heat generation.”

Annual report 2025A · The company itself

“From the perspective of renewable energy and energy efficiency, Koskisen is committed to promoting the abandonment of fossil energy sources and raw materials and implementing energy efficiency and energy saving measures in its own production plants. Biofuels are produced from felling waste and by-products of wood processing and used as fuel for Koskisen’s plants and nearby district heating plants.”

Annual report 2025A · The company itself

“In addition, we purchase and use significant quantities of plastics, resin, cardboard, glass, paper and metal to package our products, and we use other inputs, such as electricity, natural gas, and water, to operate our facilities.”

Annual report 2025A · The company itself

“In addition, we purchase and use significant quantities of plastics, resin, cardboard, glass, paper and metal to package our products, and we use electricity, diesel fuel, and natural gas in the manufacturing and distribution of our products.”

Annual report 2025A · The company itself

“Nuclear was phased out in 2023 and coal is planned phased out by 2030.”

Annual report 2024A · The company itself

“In addition, the prices of crude oil, natural gas, propylene and certain petroleum by-products can impact our costs and results of operations in this segment.”

Annual report 2025A · The company itself

“We use resins, other petroleum-based materials and pulp as raw materials in some of our products, and the prices of oil and gas also significantly affect our costs for freight and utilities.”

Annual report 2026A · The company itself

“The escalation of the Middle East conflict could cause oil and natural gas prices to rise.”

Annual report 2025A · The company itself

“Fluctuations in the prices of electricity, natural gas, and chemicals, or problems with availability, could reduce profitability.”

Annual report 2025A · The company itself

“The EU Council has been working to expand renewable energy use, reduce consumption, and diversify energy sources due to reduced Russian energy supplies as a result of the war between Ukraine and Russia. This may impact energy availability and costs in Europe and could impact our European manufacturing operations and demand for our products in Europe.”

Annual report 2025A · The company itself

“In addition, we also purchase and use a significant amount of diesel fuel, natural gas, electricity and carbon dioxide in our operations.”

Annual report 2025A · The company itself

“Fokus ligger på kritiska funktioner inom industriprocesser och samhällsviktig infrastruktur, där medier som ånga, gas och vatten spelar en central roll.”

Annual report 2024A · The company itself

“Nettoomsättning per land, 2024  Sverige, 82% Danmark, 9% Finland, 4% Norge, 3% Övriga länder, 2% Nettoomsättning per kundsegment, 2024 󰐆 Metall och gruva, 14% Papper och massa, såg, 13% El- och värmeproduktion, 13% Övrig tillverkning, 9% Fordon, 9% Vatten och avlopp, 4% Läkemedel och medicin teknik, 4% Livsmedel, 3% Andra industrisegment, 23% Övriga sektorer, 8% Nettoomsättning per produktområde, 2024 󰍭 Lager, 15% Ventiler, 14% Tekniska tätningar och industrigummi, 10% Hydraulik och pneumatik, 8% Pumpar, elmotorer och växlar, 8% Transmission, 7% Mätteknik, 5% Filter, rengöring och rörsystem, 4% Maskiner och system, 3% Smörjning och kemikalier, 3% Andra komponenter, 9% Reparationer och renovering, 11% Relaterade tjänster, t ex utbildning, installation och kalibrering, 3% Värdeskapande återförsäljare ~75% Service, reparation och underhåll ~15% Lokal tillverkning, montering, egna varumärken ~10% Eftermarknad ~90% OEM ~10% Kundfördelning 1) Momentum Groups erbjudande 1) Tillverkare Värdeskapande återförsäljare Våra kunder Affärsöversikt”

Annual report 2024A · The company itself

“Natural gas, electricity and, to a lesser extent, oil are the primary sources of energy for our manufacturing operations. In addition, rare earth minerals and other commodities are used in our manufacturing operations.”

Annual report 2025A · The company itself

“Increases in the cost of commodities used in our manufacturing operations and any difficulty in obtaining any of the aforementioned resources could negatively affect our financial results.”

Annual report 2025A · The company itself

“In the Feed business area (including the plant in Norway and the one in Scotland), the intensity of GHG emissions (scope 1 and 2, market-based) increased from 33 to 35 kg CO2e/tonne feed produced (7% increase).”

Annual report 2024A · The company itself

“We are exploring alternatives to these products, focusing on increasing energy efficiency and reducing emissions. •Natural Gas: Consumption from natural gas was 141 997 MWh. As a cleaner-burning fossil fuel, natural gas forms a transitional component in our journey towards a more sustainable energy mix. We are optimizing our natural gas consumption to balance energy needs and environmental concerns.”

Annual report 2024A · The company itself

“The newbuilding activity is also impacting the environmental profile, with 43% of all container vessels ordered set to be built with a DF-LNG engine. Another 24% will have methanol DF engines.‌ 11 8 Alphaliner, Weekly Container Shipping Newsletters, January 2025.”

Annual report 2024A · The company itself

“Scope 1-udledninger stammer primært fra forbrug af diesel, biodiesel, benzin og olie til køretøjer. En mindre andel kommer fra anvendelse af fyringsolie og naturgas til opvarmning af bygninger.”

Annual report 2025A · The company itself

“In jurisdictions that rely on purchased hydroelectric power, such as in Ghana and Peru, extreme drought and extended dry seasons may impact the electric utility’s water supplies needed to generate hydroelectric power purchased by the mine to run operations, which would result in higher costs and/or limit energy availability for continuity of operations as well as impact our environmental systems and processes.”

Annual report 2025A · The company itself

“A variety of factors, including higher energy usage in emerging market economies, actual and proposed taxation of carbon emissions as well as concerns surrounding global conflicts, could result in increased demand or limited supply of energy and/or sharply escalating diesel fuel, natural gas and other energy prices.”

Annual report 2025A · The company itself

“Our mining operations and development projects require significant amounts of energy.”

Annual report 2025A · The company itself

“•Dow Jones Energy. Dow Jones Energy provides pricing data, news, analysis, consulting, software and events relating to energy commodities, including crude oil, refined products, petrochemicals, natural gas liquids, coal, metals, renewables, Renewable Identification Numbers and carbon credits, as well as electric vehicle charging station data and pricing data, insights, analysis and forecasting for key base chemicals. •Factiva.”

Annual report 2026A · The company itself

“NKT continued phasing out natural gas in factories to move closer to zero emissions in some of the company's operations.”

Annual report 2025A · The company itself

“Systemic challenges in switching to sustainable fuels The main challenge in reaching the Scope 1 and 2 target relates to the high cost of switching to sustainable fuels such as hydrotreated vegetable oil (HVO) and e-methanol for cable-laying vessels. In addition to NKT Victoria, NKT is investing in sustainable fuel capabilities for its second cable-laying vessel, NKT Eleonora.”

Annual report 2025A · The company itself

“Last August, we launched the world’s smallest and most energy-efficient cellular module – the nRF9151.”

Annual report 2024A · The company itself

“Natural gas, electricity, and other fuels are our primary energy sources.”

Annual report 2025A · The company itself

“Total scope 1 emissions increased by 41% from 2024 to 2025 primarily due to an overall increased use of fossil natural gas”

Annual report 2025B · From the report

“Natural gas MWh 328,464 332,205”

Annual report 2025A · The company itself

“As a pure biology player, our production is solely rooted in fermentation.”

Annual report 2025A · The company itself

“NP3s fastighetskostnader utgörs framför allt av taxebundna kostnader, fastighetsskötsel, reparationer och planerat underhåll. Taxebundna kostnader, som exempelvis kostnader för el, värme och vatten, samt fastighetsskatt ingår vanligen som hyrestillägg i NP3s hyresintäkter och vidarefaktureras helt eller delvis till hyresgästerna.”

Annual report 2024A · The company itself

“However, Orion continued its reduction efforts by switching the liquefied gas used for heating at one site to biogas and by replacing the auxiliary fuel used in steam production from a fossil fuel to a biofuel.”

Annual report 2025A · The company itself

“Fuel consumption from coal and coal products (MWh) Fuel consumption from crude oil and petroleum products (MWh) 1,421 1,476 Fuel consumption from natural gas (MWh) 17,540 19,150 Fuel consumption from other fossil sources (MWh) Consumption of purchased or acquired electricity, heat, steam, or cooling from fossil sources (MWh) 17,948 17,600 Total fossil energy consumption (MWh) 36,909 38,226 Share of fossil sources in total energy consumption (%) 25% 24% Consumption from nuclear sources (MWh) 79,927 78,586 Share of consumption from nuclear sources in total energy consumption (%) 54% 50% Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biofuels, biogas, renewable hydrogen, etc.)”

Annual report 2025A · The company itself

“Outokumpu manages energy price risk centrally and mitigates the risks by guidance from the Energy Procurement policy. Energy price risk is hedged with long-term agreements, fixed price supply contracts, partial ownerships in power utilities and derivatives.”

Annual report 2025A · The company itself

“Operations in South Africa ER 376 (Application Phase) (Panoro 100% WI) Progress continued on Panoro’s application for the ER 376 license, where an approved environmental impact assessment now allows for field activity planning. The area is prospective for natural gas and helium, situated near producing analogues such as the Virginia field in block PR 07 to the south west.”

Annual report 2024A · The company itself

“The Energy division focuses primarily on exploration for and production of oil and gas.”

Annual report 2024A · The company itself

“Petrolia is the largest shareholder (49.9%) of Petrolia NOCO AS ("PNO"), an independent E&P company on the Norwegian Continental Shelf ("NCS"). The company is a Licence Partner and Operator and is registered on NOTC. PNO has various licence shares and has made one commercial discovery.”

Annual report 2024A · The company itself

“The Energy Service division has since 2007 primarily focused on well services for oil and gas drilling, mainly through the global Independent Oil Tools AS Group ("IOT"). Well services are also provided for thermo and salt drilling.”

Annual report 2024A · The company itself

“The Group owns one landrig, drills and performs workover on land wells as a drilling contractor with this rig and hired in rigs whenever drilling contracts are secured.”

Annual report 2024A · The company itself

“APS also plans to add up to 2,000 MW of flexible natural gas generation to its portfolio, designed to help meet the growing around-the-clock energy needs in Arizona.”

Annual report 2025A · The company itself

“APS is exposed to the impact of market fluctuations in the price and transportation costs of electricity, natural gas, and coal to the extent that unhedged positions exist. We have established procedures to manage risks associated with these market fluctuations by utilizing various commodity derivatives, including exchange traded futures and over-the-counter (“OTC”) forwards, options, and swaps.”

Annual report 2025A · The company itself

“Prices for certain of our raw materials typically fluctuate with energy prices and global supply and demand changes; however, pricing may be impacted by the fact that the manufacture of our raw materials is several steps downstream from crude oil, natural gas, and other key feedstocks.”

Annual report unknown yearA · The company itself

“(PPL and LG&E) We are subject to regulatory and other risks regarding natural gas supply infrastructure. The PHMSA enforces regulations that govern the design, construction, operation and maintenance of pipeline facilities.”

Annual report 2025A · The company itself

“The PHMSA enforces regulations that govern the design, construction, operation and maintenance of pipeline facilities. Failure to comply with these regulations could result in the assessment of fines or penalties against RIE.”

Annual report 2025A · The company itself

“During 2025, LG&E's and KU's power plants generated the following amounts of electricity: GWh Fuel Source LG&E KU Coal 10,331 14,738 Gas 1,613 4,899 Hydro 220 105 Solar 8 12 Total (a) 12,172 19,754 (a)This generation represents an increase for LG&E of 3% and an increase for KU of 5% from 2024 output.”

Annual report 2025A · The company itself

“To enhance the reliability of natural gas supply, LG&E and KU have secured firm long-term pipeline transport capacity services with contracts of various durations through 2056 on the interstate pipeline serving Cane Run Unit 7, six simple cycle combustion turbines at the Trimble County site, and the future Mill Creek Unit 5. This pipeline also serves the two simple cycle units at the Paddy's Run site.”

Annual report 2025A · The company itself

“LG&E and KU have firm contracts for a portion of the natural gas fuel for Cane Run Unit 7 through 2027. The bulk of the natural gas fuel is expected to be purchased on the spot market.”

Annual report 2025A · The company itself

“LG&E purchases natural gas supply transportation services from two pipelines. LG&E has a set of contracts with one pipeline that are subject to termination by LG&E between 2028 and 2031. Total winter season capacity under these contracts is 184,900 MMBtu/day and summer season capacity is 60,000 MMBtu/day.”

Annual report 2025A · The company itself

“Natural Gas Distribution Supply To meet the projected annual gas supply requirements of approximately 35 Bcf, RIE has a portfolio of gas supply arrangements of varying contractual terms and durations to provide service to its customers. These natural gas supply arrangements include contracts with natural gas producers and marketers that reflect market price signals. RIE also has firm pipeline and underground storage capacity contracts to support the delivery of natural gas supplies to its customers.”

Annual report 2025A · The company itself

“The RIE gas supply portfolio includes contracts for firm transportation service with eleven interstate pipeline companies and natural gas storage operators. These contracts have various termination dates with certain contracts being subject to evergreen renewal provisions providing RIE with flexibility in managing its upstream resource portfolio.”

Annual report 2025A · The company itself

“We purchase from a variety of suppliers energy, capacity, fuel, natural gas, transmission service and certain commodities used in the physical operation of our businesses, as well as goods or services, including information technology rights and services, used in the administration of our businesses.”

Annual report 2025A · The company itself

“Table of Contents On November 6, 2023, the KPSC issued an order approving LG&E's and KU's December 15, 2022 CPCN requests (i) to construct a 645 MW net summer rating NGCC combustion turbine at LG&E's Mill Creek Generating Station in Jefferson County, Kentucky, (ii) to construct a 120 MWac solar photovoltaic electric generating facility in Mercer County, Kentucky, (iii) to acquire a 120 MWac solar facility to be built by a third-party solar developer in Marion County, Kentucky and (iv) to construct a 125 MW, 4-hour battery energy storage system facility at KU's E.W. Brown Generating Station.”

Annual report 2025A · The company itself

“Table of Contents (PPL and LG&E) Natural Gas Distribution Supply Four underground natural gas storage fields in service, with a current working natural gas capacity of approximately 11 Bcf, are used to provide natural gas service to LG&E's firm sales customers. Natural gas is stored during the summer season for withdrawal during the following winter heating season. Without this storage capacity, LG&E would need to purchase additional natural gas and pipeline transportation services during winter months when customer demand increases, and the cost of natural gas supply and pipeline transportation services are expected to be higher.”

Annual report 2025A · The company itself