# notes_to_financial_statements_122_duration

entity_id: C000598
filing_name: Mars_Oil_Pipeline_Company_LLC_form6_Q4_1775573308
publication_time: 2026-04-07 14:48:28
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_commitments_or_contingent_assets_or_liabilities_text_block:
[cell repeats an earlier one in this file: 200 characters]

disclosure_of_significant_changes_in_operations_during_the_year_text_block:
[cell repeats an earlier one in this file: 200 characters]

disclosure_of_details_on_accounting_for_income_taxes_text_block:
[cell repeats an earlier one in this file: 200 characters]

disclosure_of_accounting_for_the_respondent_s_pensions_and_postretirement_benefits_text_block:
[cell repeats an earlier one in this file: 200 characters]

disclosure_of_significant_rate_or_other_regulatory_matters_text_block:
[cell repeats an earlier one in this file: 200 characters]

disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.</span><span style="color:#000000;font-family:'Aptos',sans-serif;font-size:11pt;font-weight:400;line-height:112%">I</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">n accordance with 18 CFR Part 352, the FERC Uniform System of Accounts (USoA) requires that receivables and payables—including those with affiliated companies—be reported on a gross basis, ensuring that balances are clearly distinguished and accurately presented in the applicable regulatory schedules. Reporting processes are aligned with this end in mind.</span></div>


entity_id: C001302
filing_name: Bridger_Pipeline_LLC_form6_Q4_1775761165
publication_time: 2026-04-09 18:59:25
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_commitments_or_contingent_assets_or_liabilities_text_block: <div><p>2 - None</p></div>
disclosure_of_significant_changes_in_operations_during_the_year_text_block: <div><p>4 - None</p></div>
disclosure_of_accounting_for_the_respondent_s_pensions_and_postretirement_benefits_text_block: <div><p>3 - Not Applicable</p></div>
disclosure_of_significant_rate_or_other_regulatory_matters_text_block: <div><p>6 - None</p></div>
disclosure_of_important_notes_regarding_financial_statements_text_block: <div><p>1 - None</p></div>
disclosure_of_details_on_accounting_for_income_taxes_text_block:
  <div><p class="MsoNoSpacing">5 - Bridger Pipeline is a Limited Liability Company and does not directly pay federal or state income taxes.&#160; State and federal income taxes are paid on Bridger&#8217;s income on the individual partners&#8217; tax returns.</p></div>


entity_id: C010254
filing_name: Beta_Crude_Connector,_Llc_form6_Q4_1776107599
publication_time: 2026-04-13 19:13:19
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_accounting_for_the_respondent_s_pensions_and_postretirement_benefits_text_block: <p>N/A</p>
disclosure_of_significant_commitments_or_contingent_assets_or_liabilities_text_block:
  <p style="text-align: left"><span style="color: rgba(73, 80, 87, 1); font-family: sans-serif; font-size: 14px; font-style: normal; font-weight: 400; text-align: left; text-indent: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); display: inline !important; float: none">SEE NOTES TO FINANCIAL STATEMENTS - &quot;ORGANIZATION AND OPERATIONS&quot;</span><br /></p>

disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div><p style="margin: 0; font-style: normal; font-weight: 400; text-align: left; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif"><b style="font-weight: bolder"><span style="font-family: Arial, sans-serif">ORGANIZATION AND OPERATIONS</span></b></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">Beta Crude Connector, LLC (&quot;BCC&quot; or &quot;the Company&quot;), a Delaware limited liability company, was formed on March 21, 2019, and is a wholly owned subsidiary of Beta Holding Company, LLC (&quot;BHC&quot;). On March 27, 2023, COG Operating, LLC (&quot;COG&quot;), a 50% owner of BHC, acquired the interest of FMS IV, LLC, the remaining 50% owner of BHC.<span><span>&#160;</span></span>After this transaction, BHC became a wholly owned subsidiary of COG.</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">&#160;</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">BCC's business is to design, engineer, install, own and operate midstream facilities for crude petroleum pipeline transportation and terminalling services in the Midland Basin of West Texas. The Company's headquarters is in Houston, TX and began jurisdictional service and commenced common carrier operations on July 1, 2019.</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">&#160;</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">The accompanying financial statements are presented in accordance with the Uniform System of Accounts as prescribed by the Federal Energy Regulatory Commission (&quot;FERC&quot;). The preparation of the financial statements requires use of estimations and assumptions that affect the reported assets and liabilities at the date of the financial statements and the reported amount of revenues and expense during the reporting period.</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">&#160;</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">The Company's activities are subject to significant risks and uncertainties, including decreases in the production of crude oil due to volatility in commodity prices.</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif"><br /></span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-align: left; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif"><b style="font-weight: bolder"><span style="font-family: Arial, sans-serif">COMPARATIVE BALANCE SHEET STATEMENT</span></b></p><p style="margin: 0; font-style: normal; font-weight: 400; text-align: left; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif"><span style="font-family: Arial, sans-serif">CASH</span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-align: left; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif"><span style="font-family: Arial, sans-serif">PAGE 110, LINE 1</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">Cash consists of cash in noninterest-bearing accounts.</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">&#160;</span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-align: left; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif"><span style="font-family: Arial, sans-serif">ACCOUNTS RECEIVABLE</span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-align: left; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif"><span style="font-family: Arial, sans-serif">PAGE 110, LINE 6</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">Accounts receivable represent valid claims against customers. Under the transportation agreements with BCC's third-party shippers, the Company invoices its customers after its performance obligations have been satisfied at which point payment is unconditional. The performance obligation is completed when the Company re-delivers the crude oil to the customer at their specified delivery point. This obligation is satisfied daily, as such, the transportation agreements do not give rise to contract assets or liabilities.</span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">&#160;</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">The Company extends credit terms to certain customers based on historical dealings and to other customers after a review of various credit indicators and generally does not require collateral for credit extended to its customers.<span><span>&#160;</span></span>An allowance for doubtful accounts is provided, when necessary, to cover estimated credit losses. Such an allowance is based upon management's knowledge of customer accounts, economic conditions and aging analysis.<span><span>&#160;</span></span>At December 31, 2025 and 2024, there were no allowances for doubtful accounts. The Company writes off accounts receivable when it deems an account uncollectible.<span><span>&#160;</span></span>There were no write offs of accounts receivable during the three-month periods ended December 31, 2025 and 2024. For the Company's accounts receivable, the carrying value is a reasonable estimate of fair value because of the short-term nature of the instruments.</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif"><br /></span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">PREPAYMENT</span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">PAGE 110, LINE 11</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">At December 31, 2025, the majority of the prepayments balance related to prepaid insurance premiums which are amortized over the term of the policies.</span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif"><span>&#160;</span></span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">OIL INVENTORY, ALLOWANCE FOR OIL REVENUE AND OIL LOSSESS AND SHORTAGES</span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">PAGE 110 - LINE 9, PAGE 301 - LINE 4 AND PAGE 302 - LINE 5</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">The Company does not purchase crude oil but may experience an actual long or short at the end of a period as a result of variances in meter readings and other measurement methods, volume fluctuations within the pipeline due to pressure and temperature changes, evaporation and other factors.<span><span>&#160;</span></span>These actual volumetric gains or losses are valued at the period-end estimated average net realizable value of crude oil (&quot;Net Realizable Value&quot;) and recorded as either increases or decreases to &quot;Oil Inventory&quot; - account 16 and &quot;Oil Losses and Shortages&quot; - account 340.</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif"><br /></span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">Independent of the actual monthly gains or losses and as is common in the pipeline industry, the Company, through its tariff, is provided a pipeline loss allowance (&quot;PLA&quot;) to offset pipeline losses due to evaporation, handling, measurement, and other losses in transit.<span><span>&#160;</span></span>The PLA, which is incurred by the shipper, is valued at the Net Realizable Value and recorded as an increase to &quot;Oil Inventory&quot; - account 16 and &quot;Allowance Oil Revenue&quot; - account 230.<span><span>&#160;</span></span>Occasionally, the Company may sell excess PLA at the current market price and record the difference between the proceeds received from the sale and the associated Net Realizable value in &quot;Allowance Oil Revenue&quot; - account 230.</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif"><br /></span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">TANGIBLE PROPERTY</span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">PAGE 110 - LINE 28</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">At December 31, 2025, the Company had approximately 76 miles of pipeline under FERC jurisdictional service and common carrier operations with three pipeline delivery points (Plains Midland South Facility, Oryx Midland Express BCC Connection and Centurion Pipeline L.P. Mabee Ranch Station) and two 100,000-barrel storage tanks located at its Martin County, TX Breakout Facility.</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">&#160;</span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">PAGE 110 - LINE 29</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">On November 20, 2019, BCC submitted its request for approval of initial property account depreciation rates to be effective July 1, 2019. On January 30, 2020, FERC accepted the proposed depreciation rates, Depreciation Order Docket No. DO20-7-000. BCC applied those rates retroactively to July 1, 2019.</span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-align: left; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif"><br /></p><p style="margin: 0; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><br /></p><p style="margin: 0; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">OTHER NONCURRENT LIABILITIES</span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">PAGE 110 - LINE 61</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify; line-height: 17.44px"><span style="font-family: Arial, sans-serif">At December 31, 2025, the Company had capital lease arrangements and accordingly recorded capital assets and the related lease liabilities based on the present value of the remaining minimum fixed rental payments (which includes payments for the primary lease term as well as renewal options that are probable to be exercised), using a discount rate that the Company would have to pay to borrow on a collateralized basis over a similar term.<span><span>&#160;</span></span>The rentals are prepaid at the beginning of the lease term.</span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify; line-height: 17.44px"><span style="font-size: 10pt; line-height: 14.5333px">&#160;</span></p><p style="margin: 0 0 0 0.5in; font-style: normal; font-weight: 400; text-align: left; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; text-indent: -34.55pt"><b style="font-weight: bolder"><span style="font-size: 12pt; font-family: Arial, sans-serif">INCOME STATEMENT</span></b></p><p style="margin: 0; font-style: normal; font-weight: 400; text-align: left; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif"><span style="font-family: Arial, sans-serif">OPERATING REVENUES</span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-align: left; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif"><span style="font-family: Arial, sans-serif">PAGE 114, LINE 1 AND PAGE 300, LINE 2</span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-align: left; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif"><span style="font-family: Arial, sans-serif"><br /></span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">Revenues generally consist of fee-based activities associated with transporting crude oil on the Company's pipeline transportation system typically based on published tariffs. Pipeline tariff and fee revenues are recognized over time as services are rendered, based on the volumes received into the Pipeline for transportation and re-delivered back to the shipper or its designee. The fee is calculated by multiplying the volume of barrels received into the Pipeline for transportation times the agreed upon tariff or fee per barrel. The Company has multi-year contractual arrangements with all shippers on its Pipeline</span><span style="font-size: 10pt">.</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify; line-height: 17.44px"><span style="font-size: 10pt; line-height: 14.5333px">&#160;</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">As of December 31</span><span style="font-family: Arial, sans-serif">, 2025, BCC had one reportable segment and provides only crude oil transportation services.</span></p><p style="margin: 0 0 0 0.5in; font-style: normal; font-weight: 400; text-align: left; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 10pt; font-family: &quot;Times New Roman&quot;, serif; text-indent: -34.55pt"><span style="font-size: 12pt; font-family: Arial, sans-serif">&#160;</span></p><p style="margin: 0; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><b style="font-weight: bolder"><span style="font-family: Arial, sans-serif">OTHER</span></b></p><p style="margin: 0; font-style: normal; font-weight: 400; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify; text-indent: 9pt"><span style="font-family: Arial, sans-serif">Commitments and Contingencies</span></p><p style="margin: 0 0 0 0.25in; font-style: normal; font-weight: 400; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify"><span style="font-family: Arial, sans-serif">Right of Way (&quot;ROW&quot;) - BCC, as part of its pipeline construction process, must obtain certain ROW agreements from landowners whose property the pipeline will cross. All ROW obtained by BCC are capitalized as part of property, plant and equipment.</span></p><p style="margin: 0 0 0 9pt; font-style: normal; font-weight: 400; white-space: normal; color: rgba(73, 80, 87, 1); background-color: rgba(255, 255, 255, 1); font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; text-align: justify; text-indent: 9pt"><span style="font-family: Arial, sans-serif">&#160;</span></p><p style="margin: 0 0 1rem; font-size: 14px; font-style: normal; font-weight: 400; text-align: left; text-indent: 0; white-space: normal; color: rgba(73, 80, 87, 1); font-family: sans-serif; background-color: rgba(255, 255, 255, 1)"><span style="font-size: 12pt; font-family: Arial, sans-serif">There were no loss contingencies at December 31, 2025 and 2024.</span></p></div>


entity_id: C000599
filing_name: Ship_Shoal_Pipeline_Company_LLC_form6_Q4_1776182209
publication_time: 2026-04-14 15:56:49
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_commitments_or_contingent_assets_or_liabilities_text_block:
[cell repeats an earlier one in this file: 200 characters]

disclosure_of_significant_changes_in_operations_during_the_year_text_block:
[cell repeats an earlier one in this file: 200 characters]

disclosure_of_details_on_accounting_for_income_taxes_text_block:
[cell repeats an earlier one in this file: 200 characters]

disclosure_of_accounting_for_the_respondent_s_pensions_and_postretirement_benefits_text_block:
[cell repeats an earlier one in this file: 200 characters]

disclosure_of_significant_rate_or_other_regulatory_matters_text_block:
[cell repeats an earlier one in this file: 200 characters]

disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">1.In accordance with 18 CFR Part 352, the FERC Uniform System of Accounts (USoA) requires that receivables and payables—including those with affiliated companies—be reported on a gross basis, ensuring that balances are clearly distinguished and accurately presented in the applicable regulatory schedules. Reporting processes are aligned with this end in mind.</span></div>


entity_id: C004514
filing_name: Zydeco_Pipeline_Company_LLC_form6_Q4_1776191935
publication_time: 2026-04-14 18:38:55
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_commitments_or_contingent_assets_or_liabilities_text_block:
  <div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">2) Nothing to report at this time</span></div>

disclosure_of_significant_changes_in_operations_during_the_year_text_block:
  <div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4) Nothing to report at this time</span></div>

disclosure_of_details_on_accounting_for_income_taxes_text_block:
  <div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5) Nothing to report at this time</span></div>

disclosure_of_accounting_for_the_respondent_s_pensions_and_postretirement_benefits_text_block:
  <div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3) Nothing to report at this time</span></div>

disclosure_of_significant_rate_or_other_regulatory_matters_text_block:
  <div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6) Nothing to report at this time</span></div>

disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1) </span><span style="color:#000000;font-family:'Aptos',sans-serif;font-size:11pt;font-weight:400;line-height:120%">I</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">n accordance with 18 CFR Part 352, the FERC Uniform System of Accounts (USoA) requires that receivables and payables—including those with affiliated companies—be reported on a gross basis, ensuring that balances are clearly distinguished and accurately presented in the applicable regulatory schedules. Reporting processes are aligned with this end in mind.</span></div>


entity_id: C001999
filing_name: LOCAP_LLC_form6_Q4_1776199333
publication_time: 2026-04-14 20:42:13
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_events_that_have_a_material_effect_to_respondents_text_block:
  <div><p>1. Adjusted Carrier storage capacity property to Non-Carrier property.</p>
  <p>2. NA</p>
  <p>3. NA</p>
  <p>4. NA</p>
  <p>5. NA</p>
  <p>6. NA</p></div>


entity_id: C002289
filing_name: Western_Refining_Pipeline,_LLC_form6_Q4_1776265369
publication_time: 2026-04-15 15:02:49
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_commitments_or_contingent_assets_or_liabilities_text_block: <div><p>2. None</p></div>
disclosure_of_details_on_accounting_for_income_taxes_text_block: <div><p>5. None</p></div>
disclosure_of_accounting_for_the_respondent_s_pensions_and_postretirement_benefits_text_block: <div><p>3. None</p></div>
disclosure_of_significant_rate_or_other_regulatory_matters_text_block: <div><p>6. None</p></div>
disclosure_of_important_notes_regarding_financial_statements_text_block: <div><p>1. None</p></div>
disclosure_of_significant_changes_in_operations_during_the_year_text_block:
  <div><p>4.&#160;<font style="font-family: Aptos, sans-serif; font-size: 12pt;">On September 1, 2025 Western Refining Pipeline LLC received carrier and non-carrier assets through transfer from WNRL Energy LLC</font></p></div>


entity_id: C003726
filing_name: Andeavor_Gathering_I_LLC_form6_Q4_1776267677
publication_time: 2026-04-15 15:41:17
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_commitments_or_contingent_assets_or_liabilities_text_block: <div><p>2. None</p></div>
disclosure_of_details_on_accounting_for_income_taxes_text_block: <div><p>5. None</p></div>
disclosure_of_accounting_for_the_respondent_s_pensions_and_postretirement_benefits_text_block: <div><p>3. None</p></div>
disclosure_of_significant_rate_or_other_regulatory_matters_text_block: <div><p>6. None</p></div>
disclosure_of_important_notes_regarding_financial_statements_text_block: <div><p>1. None</p></div>
disclosure_of_significant_changes_in_operations_during_the_year_text_block:
  <div><p>4. Effective October 1, 2025, Andeavor&#160;Gathering I, LLC transferred all jurisdictional assets and canceled its FERC tariff, and subsequently ceased to be subject to the jurisdiction of the Federal Energy Regulatory Commission. The entity was later sold and its legal name changed to Harvest Rockies Gathering LLC&#160;prior to December 31, 2025.</p></div>


entity_id: C004254
filing_name: Tallgrass_Pony_Express_Pipeline,_LLC_form6_Q4_1776279950
publication_time: 2026-04-15 19:05:50
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_events_that_have_a_material_effect_to_respondents_text_block:
  <div style="margin-bottom:6pt;margin-top:6pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">9. Subsequent Events </span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Subsequent events, which are events or transactions that occurred after December 31, 2025 through the issuance of the accompanying financial statements, have been evaluated through April 15, 2026.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">LEP Preferred Interests</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 1, 2026, Tallgrass LEP Holdings sold twenty-five percent (25%) of the outstanding preferred units in LEP to Bridger for an aggregate purchase price of $10.0 million following the exercise by Bridger of its option to purchase such preferred units under the limited liability company agreement of LEP. Immediately following the consummation of such sale, each outstanding preferred unit in LEP automatically converted into one common unit in LEP. As a result, Tallgrass LEP Holdings and Bridger now hold 75% and 25% of the membership interests in LEP, respectively.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Resignation and Appointment of President</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective as of April 1, 2026, Dean Dick resigned from his position as President of Pony Express. In connection with Mr. Dick’s resignation, Kyle Quackenbush was appointed as President of Pony Express, effective as of April 1, 2026. As a result of his appointment as President, Mr. Quackenbush will no longer serve as Segment President - Liquids (Crude Oil and CO2) of Pony Express.</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">BP Products North America Inc.</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On March 25, 2026, an affiliate of TEP was served with an action filed by BP Products North America Inc. (“BP”) against several potential affiliates of TEP and Pony Express seeking a declaratory judgment concerning the allocation of liability relating to a release of approximately 14,000 barrels of crude oil associated with a crude oil pipeline in Lincoln County, Kansas that occurred in 1975. The Kansas Department of Health and Environment (“KDHE”) Bureau of Environmental Remediation notified BP that the soil results from the related site exceeded KDHE’s Risk-Based Corrective Action standards and directed BP to address the contamination related to such release through KDHE’s Voluntary Cleanup and Property Redevelopment Program. In its petition, BP seeks a declaration that, among other things (i) Pony Express (as the owner of the related easement) and potential affiliate(s) of TEP (as operators of the related pipeline assets or successors in interest to the related pipeline assets) assumed such liabilities and (ii) Pony Express or potential affiliates of TEP are therefore required to indemnify BP for the cost of remediating the historical spill under a purchase agreement related to the sale of such assets by a predecessor in interest of BP to an affiliate of Kinder Morgan in 1996. Pony Express is currently investigating the claim.</span></div>


entity_id: C010945
filing_name: Seahorse_Pipeline,_LLC_form6_Q4_1776286731
publication_time: 2026-04-15 20:58:51
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_events_that_have_a_material_effect_to_respondents_text_block:
  <div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Subsequent events, which are events or transactions that occurred after December 31, 2025 through the issuance of the accompanying financial statements, have been evaluated through April 15, 2026.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">LEP Preferred Interests</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 1, 2026, Tallgrass LEP Holdings sold twenty-five percent (25%) of the outstanding preferred units in LEP to Bridger for an aggregate purchase price of $10.0 million following the exercise by Bridger of its option to purchase such preferred units under the limited liability company agreement of LEP. Immediately following the consummation of such sale, each outstanding preferred unit in LEP automatically converted into one common unit in LEP. As a result, Tallgrass LEP Holdings and Bridger now hold 75% and 25% of the membership interests in LEP, respectively.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Resignation and Appointment of President</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective as of April 1, 2026, Dean Dick resigned from his position as President of Seahorse Pipeline. In connection with Mr. Dick’s resignation, Kyle Quackenbush was appointed as President of Seahorse Pipeline, effective as of April 1, 2026. As a result of his appointment as President, Mr. Quackenbush will no longer serve as Segment President - Liquids (Crude Oil and CO2) of Seahorse Pipeline.</span></div>


entity_id: C001328
filing_name: Enbridge_Storage_(Patoka)_L.L.C._form6_Q4_1776287170
publication_time: 2026-04-15 21:06:10
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_changes_in_operations_during_the_year_text_block:
  <div><p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><span style="font-family: 'Times New Roman';">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 8pt; font-size: 8pt;"><span style="font-family: Arial;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><span style="font-family: 'Times New Roman';">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><span style="font-family: 'Times New Roman';">&#160;</span></p></div>

disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div><p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">2.</span><span style="font-family: Arial; font-weight: bold;">&#160;</span><span style="font-family: Arial; font-weight: bold;">&#160;</span><span style="font-family: Arial; font-weight: bold;">&#160;</span><span style="font-family: Arial; font-weight: bold;">&#160;</span><span style="font-family: Arial; font-weight: bold;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><span style="font-family: 'Times New Roman';">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 8pt; font-size: 8pt;"><span style="font-family: Arial;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">Basis of Presentation and Use of Estimates</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">The financial statements of the Company are prepared in accordance with accounting requirements of the Federal Energy Regulatory Commission, as set forth in the applicable Uniform System of Accounts and published accounting releases ("FERC USA"), which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America ("US GAAP"). </span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span><span style="font-family: Arial;">Management regularly evaluates these estimates, utilizing historical experience, consultation with experts and other methods considered reasonable in the circumstances.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span><span style="font-family: Arial;">Nevertheless, actual results may differ significantly from these estimates.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span><span style="font-family: Arial;">Any effects on the financial statements resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known.</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">Subsequent Events</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">On January 1, 2026, Enbridge Holdings (U.S.) LLC, sole owner of the Enbridge Storage (Patoka) L.L.C. (the &#8220;Company&#8221;), entered into a Membership Interest Purchase Agreement to sell 100% of the outstanding limited liability company interests of the Company to an unrelated party.</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">Revenue Recognition</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">The Company derives revenues from interstate transportation of crude oil and liquid petroleum under tariffs regulated by the FERC. The Company recognizes revenue upon delivery of products to its customers, when pricing is determinable, and collectability is reasonably assured.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span><span style="font-family: Arial;">The Company generally does not own the crude oil and liquid petroleum that it transports or stores, and therefore, does not assume significant direct commodity price risk</span><span style="font-family: Arial; font-weight: bold;">.</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">Allowance for Doubtful Accounts</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">The Company establishes provisions for losses on accounts receivable if it determines that it will not collect all or part of the outstanding balance.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span><span style="font-family: Arial;">Collectability is reviewed regularly, and an allowance is established or adjusted, as necessary, using the specific identification method.</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">Oil Measurement Gains and Losses</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">Oil measurement gains and losses occur as part of the normal operating conditions associated with the Company's pipelines. The three types of oil measurement losses include:</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">&#160;</span></p>
  <ul style="margin: 0pt; padding-left: 0pt;" type="disc">
  <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><span style="font-family: Arial;">physical, which occur through evaporation, shrinkage, differences in measurement between receipt and delivery locations and other operational </span><span style="font-family: Arial;">incidents;</span></li>
  </ul>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Tahoma;">&#160;</span></p>
  <ul style="margin: 0pt; padding-left: 0pt;" type="disc">
  <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><span style="font-family: Arial;">degradation, which result from mixing at the interface between higher quality light crude oil and lower quality heavy crude oil in pipelines; and</span></li>
  </ul>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">&#160;</span></p>
  <ul style="margin: 0pt; padding-left: 0pt;" type="disc">
  <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><span style="font-family: Arial;">revaluation, which are a function of crude oil prices and the level of the carrier's inventory.</span></li>
  </ul>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">Difficulties are inherent in quantifying oil measurement gains and losses because physical measurements of volumes are not practical, as products continuously move through the pipelines and virtually all the Company&#8217;s pipelines are located underground.</span><span style="font-family: Arial; font-weight: bold; -aw-import: spaces;">&#160; </span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">Capitalization Policies, Depreciation Methods and Impairment of Property, Plant and Equipment</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">The Company capitalizes expenditures related to property, plant and equipment, subject to a minimum rule, that have a useful life greater than one year for (1) assets purchased or constructed; (2) existing assets that are replaced, improved, or the useful lives have been extended; or (3) all land, regardless of cost.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span><span style="font-family: Arial;">Acquisitions of new assets, additions, replacements and improvements (other than land) costing less than the minimum rule, in addition to maintenance and repair costs, are expensed as incurred.</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><span style="font-family: 'Times New Roman';">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">During construction, the Company capitalizes direct costs, such as labor and materials, and other costs, such as direct overhead and interest at its weighted average cost of debt.</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">The Company records property, plant and equipment at its original cost, which is depreciated on a straight-line basis over the lesser of its estimated useful life or the estimated remaining life of the crude oil reserves in the basins the assets serve.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span><span style="font-family: Arial;">Upon disposition of property, plant and equipment, the cost </span><span style="font-family: Arial;">less</span><span style="font-family: Arial;"> net proceeds </span><span style="font-family: Arial;">is</span><span style="font-family: Arial;"> typically charged to accumulated depreciation and no gain or loss on disposal is recognized.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: Arial;">The Company evaluates the recoverability of its property, plant and equipment when events or circumstances such as economic obsolescence, the business climate, legal and other factors indicate it may not recover the carrying amount of the assets.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span><span style="font-family: Arial;">The Company evaluates the asset for recoverability by estimating the undiscounted future cash flows expected to be derived from operating the asset.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span><span style="font-family: Arial;">The Company recognizes an impairment loss when the carrying amount of the asset exceeds its fair value as determined by quoted market prices in active markets or present value techniques if quotes are unavailable.</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="font-family: Arial;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">Income Taxes</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">We are not subject to federal income taxes. Our taxable income or loss is included as part of the taxable income for our single member limited liability company owner.</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">Commitments, Contingencies and Environmental Liabilities</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">The Company expenses or capitalizes, as appropriate, expenditures for ongoing compliance with environmental regulations that relate to past or current operations.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span><span style="font-family: Arial;">Amounts for remediation of existing environmental contamination caused by past operations, which do not benefit future periods by preventing or eliminating future contamination, are expensed. Liabilities are recorded when environmental assessments indicate that remediation efforts are probable, and the costs can be reasonably estimated.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span><span style="font-family: Arial;">These estimates are subject to revision in future periods based on actual costs or new information and are included on the Statements of Financial Position in other current and long-term liabilities at their undiscounted amounts.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">The Company recognizes liabilities for other contingencies when, after fully analyzing the available information, it determines it is either probable that an asset has been impaired or that a liability has been incurred and the amount of impairment or loss can be reasonably estimated.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span><span style="font-family: Arial;">When a range of probable loss can be estimated, the Company accrues the most likely amount, or if no amount is more likely than another, the minimum of the range of probable loss.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span><span style="font-family: Arial;">The Company typically expenses legal costs associated with loss contingencies as such costs are incurred.</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">3. RELATED PARTY TRANSACTIONS</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">Administrative and Workforce Related Services</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">Affiliate companies provide management and administrative, operations and workforce related services to the Company.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span><span style="font-family: Arial;">Enbridge does not record any profit or margin for the services charged to the Company.</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">4. ENVIRONMENTAL LIABILITIES</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">The Company is subject to federal and state laws and regulations relating to the protection of the environment.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span><span style="font-family: Arial;">Environmental risk is inherent to liquid pipeline operations and the Company could, at times, be subject to environmental cleanup and enforcement actions. The Company manages this environmental risk through appropriate environmental policies and practices to minimize any impact.</span><span style="font-family: Arial; -aw-import: spaces;">&#160; </span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">The Company is not aware of any events of non-compliance with respect to environmental matters that would have a material effect on its financial position, results of operations or cash flows.</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">5. COMMITMENTS AND CONTINGENCIES</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">Oil in Custody</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial;">The Company stores crude oil and liquid petroleum owned by its customers for a fee. Virtually all the volume of liquid hydrocarbons in the Company&#8217;s tanks at any one time is owned by the Company&#8217;s customers. Under terms of the Company&#8217;s tariffs, losses of crude oil not resulting from direct negligence of the Company may be apportioned among its customers. In addition, the Company maintains property insurance coverage with respect to crude oil and liquid petroleum in the Company&#8217;s custody.</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><span style="font-family: Arial; font-weight: bold;">&#160;</span></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><span style="font-family: 'Times New Roman';">&#160;</span></p></div>


entity_id: C010202
filing_name: Prg_Pipelines,_Llc_form6_Q4_1776287381
publication_time: 2026-04-15 21:09:41
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_events_that_have_a_material_effect_to_respondents_text_block:
  <div style="margin-bottom:6pt;margin-top:6pt;padding-left:18pt;padding-right:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">8. Subsequent Events </span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Subsequent events, which are events or transactions that occurred after December 31, 2025 through the issuance of the accompanying financial statements, have been evaluated through April 15, 2026.</span></div>


entity_id: C005415
filing_name: Grand_Mesa_Pipeline,_LLC_form6_Q4_1776343666
publication_time: 2026-04-16 12:47:46
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_commitments_or_contingent_assets_or_liabilities_text_block:
[cell repeats an earlier one in this file: 181 characters]

disclosure_of_significant_changes_in_operations_during_the_year_text_block:
[cell repeats an earlier one in this file: 181 characters]

disclosure_of_details_on_accounting_for_income_taxes_text_block:
  <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:112%">5.        Income Taxes</span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">We are treated as a partnership for income tax purposes and therefore we do not pay federal or state income taxes.</span></div>

disclosure_of_accounting_for_the_respondent_s_pensions_and_postretirement_benefits_text_block:
[cell repeats an earlier one in this file: 181 characters]

disclosure_of_significant_rate_or_other_regulatory_matters_text_block:
[cell repeats an earlier one in this file: 181 characters]

disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">1.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:112%">A) Organization and Basis of Presentation</span></div><div style="padding-left:72pt;text-indent:-18pt"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">Unless indicated otherwise, the terms "our", "we", "us", and similar language refer to Grand Mesa Pipeline, LLC. Grand Mesa Pipeline, LLC, a limited liability company, was formed on July 11, 2014, and entered into certain commercial agreements with Saddlehorn Pipeline Company, LLC (“Saddlehorn”) an affiliate of ONEOK, Inc. (“ONEOK”), (formerly, Magellan Midstream Partners, L.P.) on November 17, 2015, to jointly construct and own an approximately 558-mile common carrier pipeline to transport crude oil from the Denver-Julesburg Basin region of Colorado to storage facilities in Cushing, Oklahoma. Our pipeline (“Grand Mesa Pipeline”) commenced operations on November 1, 2016, has operated continuously since then, and is operated by ONEOK, and with some of the origins and connections operated by one of our affiliates. </span></div><div style="padding-left:72pt;text-indent:-18pt"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">We hold a 31.91% interest in an undivided joint interest pipeline (which we refer to as the Grand Mesa Pipeline), which provides us ownership of 150,000 barrels per day of capacity on the pipeline. The remaining 68.09% interest is held by Saddlehorn. The undivided joint interest pipeline begins at a junction near our Lucerne, Colorado, origin terminal.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">We contract with affiliated entities to provide storage and terminal services to us. These services are provided at origin terminals at Lucerne, and Riverside, Colorado, and at the terminus of our pipeline in Cushing, Oklahoma. We also receive administrative support from our corporate parent, NGL Energy Operating LLC. </span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">We do not directly employ any of the persons responsible for managing, operating or providing us with services related to our day-to-day business affairs. The services provided to us by our affiliates are governed by operating and service agreements which allows us to operate more efficiently and cost effectively. </span></div><div style="padding-left:72pt;text-indent:-18pt"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:112%">B) Summary of Significant Accounting Policies</span></div><div style="padding-left:72pt;text-indent:-18pt"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:700;line-height:112%">Use of Estimates</span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">Our financial statements are prepared in conformity with regulations promulgated by the Federal Energy Regulatory Commission ("FERC") and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities that exist at the date of our financial statements, as well as the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">We have modified prior year amounts to conform to current year presentation on our Income Statement on Page 114. Interfacility fee revenue is included as Operating Revenues on line 1. We previously reported Interfacility fee revenue as Income (Net) from Noncarrier property on line 4.</span></div><div style="padding-left:72pt;text-indent:-18pt"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:700;line-height:112%">Cash Equivalents</span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">Cash and cash equivalents include demand and time deposits and other highly marketable securities with original maturities of three months or less when acquired.</span></div><div style="padding-left:72pt;text-indent:-18pt"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:700;line-height:112%">Accounts Receivable and Accumulated Provision for Uncollectible Accounts</span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">Accounts receivable represent valid claims against affiliated and non-affiliated customers and are recognized when products are sold or services are rendered. An allowance for doubtful accounts is established for all or a portion of an account where collections are considered to be at risk and reserves are evaluated no less than quarterly to determine their adequacy. Judgments relative to at-risk accounts include the customers’ current financial condition, the customers’ historical relationship with us and current and projected economic conditions. Receivables are written off when the account is deemed uncollectible.</span></div><div style="padding-left:72pt;text-indent:-18pt"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:700;line-height:112%">Carrier Property</span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">Carrier Property consists primarily of pipeline and pipeline-related equipment and is stated at cost. Assets are depreciated on a straight-line basis over their useful lives. We assign these lives based on reasonable estimates when the asset is placed into service. Subsequent events could cause us to change our estimates, which would impact the future calculation of depreciation expense. Assets with the same useful lives and similar characteristics are depreciated using the same rate. The depreciation rates for our assets are approved and regulated by the FERC. Expenditures to replace existing assets are capitalized and the replaced assets are retired. Expenditures associated with existing assets are capitalized when they improve the productivity or increase the useful life of the asset. Expenditures for maintenance, repairs and minor replacements are charged to operating expense in the period incurred.</span></div><div style="padding-left:72pt;text-indent:-18pt"><span><br/></span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:700;line-height:112%">Noncarrier Property</span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">Noncarrier Property consists primarily of easements and pipeline-related equipment and is stated at cost. Assets are depreciated on a straight-line basis over their useful lives. We assign these lives based on reasonable estimates when the asset is placed into service. Subsequent events could cause us to change our estimates, which would impact the future calculation of depreciation expense. Assets with the same useful lives and similar characteristics are depreciated using the same rate. The depreciation rates for our assets are approved and regulated by the FERC. Expenditures to replace existing assets are capitalized and the replaced assets are retired. Expenditures associated with existing assets are capitalized when they improve the productivity or increase the useful life of the asset. Expenditures for maintenance, repairs and minor replacements are charged to operating expense in the period incurred.</span></div>


entity_id: C005518
filing_name: EnLink_Crude_Pipeline,_LLC_form6_Q4_1776348029
publication_time: 2026-04-16 14:00:29
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_respondent_appearing_in_annual_report_to_the_stockholders_text_block:
  <div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">The financial statements of EnLink Crude Pipeline, L.L.C. are prepared in accordance with accounting requirements of the Federal Energy Regulatory Commission, as set forth in the applicable Uniform System of Accounts and published accounting releases ("FERC USA"), which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America ("US GAAP"). Our cash management activities result in cash being swept to and from ONEOK, Inc. (ONEOK), generating affiliate payables and receivables. Our policy is to present the net cash sweep activity in financing activities when the associated affiliate balance is in a payable position, and as investing activities when the affiliate balance is in a receivable position.</span></div><div style="padding-left:36pt"><span><br/></span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">Our accounting for contingencies covers a variety of business activities, including contingencies for legal and environmental exposures. We accrue these contingencies when our assessments indicate that it is probable that a liability has been incurred or an asset will not be recovered, and an amount can be reasonably estimated. We have no contingencies at this time.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">We do not directly employ any of the persons responsible for managing, operating, or providing us with services related to our day-to-day business affairs. We have a service agreement with ONEOK, ONEOK Partners GP, L.L.C., and NBP Services, L.L.C. under which our operations and the operations of ONEOK and its affiliates can combine or share certain common services in order to operate more efficiently and cost effectively.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">None.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">As a limited liability company, we do not directly pay federal income tax. Taxable income or loss is included in the federal income tax returns for each partner.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">None.</span></div>


entity_id: C010176
filing_name: Enlink_Delaware_Crude_Pipeline,_Llc_form6_Q4_1776348230
publication_time: 2026-04-16 14:03:50
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_respondent_appearing_in_annual_report_to_the_stockholders_text_block:
  <div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">The financial statements of EnLink Delaware Crude Pipeline, L.L.C. are prepared in accordance with accounting requirements of the Federal Energy Regulatory Commission, as set forth in the applicable Uniform System of Accounts and published accounting releases ("FERC USA"), which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America ("US GAAP"). Our cash management activities result in cash being swept to and from ONEOK, Inc. (ONEOK), generating affiliate payables and receivables. Our policy is to present the net cash sweep activity in financing activities when the associated affiliate balance is in a payable position, and as investing activities when the affiliate balance is in a receivable position.</span></div><div style="padding-left:36pt"><span><br/></span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">Our accounting for contingencies covers a variety of business activities, including contingencies for legal and environmental exposures. We accrue these contingencies when our assessments indicate that it is probable that a liability has been incurred or an asset will not be recovered, and an amount can be reasonably estimated. We have no contingencies at this time.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">We do not directly employ any of the persons responsible for managing, operating, or providing us with services related to our day-to-day business affairs. We have a service agreement with ONEOK, ONEOK Partners GP, L.L.C., and NBP Services, L.L.C. under which our operations and the operations of ONEOK and its affiliates can combine or share certain common services in order to operate more efficiently and cost effectively.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">None. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">As a limited liability company, we do not directly pay federal income tax. Taxable income or loss is included in the federal income tax returns for each partner.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">None.</span></div>


entity_id: C003520
filing_name: EnLink_NGL_Pipeline,_LP_form6_Q4_1776348443
publication_time: 2026-04-16 14:07:23
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_respondent_appearing_in_annual_report_to_the_stockholders_text_block:
  <div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">The financial statements of EnLink NGL Pipeline, L.P. are prepared in accordance with accounting requirements of the Federal Energy Regulatory Commission, as set forth in the applicable Uniform System of Accounts and published accounting releases ("FERC USA"), which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America ("US GAAP"). Our cash management activities result in cash being swept to and from ONEOK, Inc. (ONEOK), generating affiliate payables and receivables. Our policy is to present the net cash sweep activity in financing activities when the associated affiliate balance is in a payable position, and as investing activities when the affiliate balance is in a receivable position.</span></div><div style="padding-left:36pt"><span><br/></span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">Our accounting for contingencies covers a variety of business activities, including contingencies for legal and environmental exposures. We accrue these contingencies when our assessments indicate that it is probable that a liability has been incurred or an asset will not be recovered, and an amount can be reasonably estimated. We have no contingencies at this time.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">We do not directly employ any of the persons responsible for managing, operating, or providing us with services related to our day-to-day business affairs. We have a service agreement with ONEOK, ONEOK Partners GP, L.L.C., and NBP Services, L.L.C. under which our operations and the operations of ONEOK and its affiliates can combine or share certain common services in order to operate more efficiently and cost effectively.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">None.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">As a limited partnership, we do not directly pay federal income tax. Taxable income or loss is included in the federal income tax returns for each partner.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">None.</span></div>


entity_id: C000632
filing_name: Pembina_Cochin_LLC_form6_Q4_1776349275
publication_time: 2026-04-16 14:21:15
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_commitments_or_contingent_assets_or_liabilities_text_block:
  <div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:204%">Commitments and Contingencies</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:150%">Environmental Matters</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:150%">We capitalize or expense, as appropriate, environmental expenditures. We capitalize certain environmental expenditures required in obtaining rights-of-way, regulatory approvals or permitting as part of the construction of facilities we use in our business operations. We accrue and expense environmental costs that relate to an existing condition caused by past operations, which do not contribute to current or future revenue generation. We generally do not discount environmental liabilities to a net present value, and we record environmental liabilities when environmental assessments and/or remedial efforts are probable and we can reasonably estimate the costs. Generally, our recording of these accruals coincides with our completion of a feasibility study or our commitment to a formal plan of action. We recognize receivables for anticipated associated insurance recoveries when such recoveries are deemed to be probable.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:150%">We routinely conduct reviews of potential environmental issues and claims that could impact our assets or operations. These reviews assist us in identifying environmental issues and estimating the costs and timing of remediation efforts. We also routinely adjust our environmental liabilities to reflect changes in previous estimates. In making environmental liability estimations, we consider the material effect of environmental compliance, pending legal actions against us, and potential third-party liability claims we may have against others. Often, as </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:150%">the remediation evaluation and effort progresses, additional information is obtained, requiring revisions to estimated costs. These revisions are reflected in our income in the period in which they are reasonably determinable.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:150%">We are subject to environmental cleanup and enforcement actions from time to time. In particular, the </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:150%">Comprehensive Environmental Response, Compensation and Liability Act</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:150%"> generally imposes joint and several liability for cleanup and enforcement costs on current and predecessor owners and operators of a site, among others, without regard to fault or the legality of the original conduct, subject to the right of a liable party to establish a “reasonable basis” for apportionment of costs. Our operations are also subject to federal, state and local laws and regulations relating to protection of the environment. Although we believe our operations are in substantial compliance with applicable environmental laws and regulations, risks of additional costs and liabilities are inherent in our operations, and there can be no assurance that we will not incur significant costs and liabilities. Moreover, it is possible that other developments, such as increasingly stringent environmental laws, regulations and enforcement policies under the terms of authority of those laws, and claims for damages to property or persons resulting from our operations, could result in substantial costs and liabilities to us.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:150%">Although it is not possible to predict the ultimate outcomes, we believe that the resolution of the environmental matters, to which we are a party, will not have a material adverse effect on our business, financial position, results of operations or cash flows.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Legal Proceedings</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:150%">We are, or may be, party to various legal, regulatory and other matters arising from the day-to-day operations of our businesses or certain predecessor operations that may result in claims against the Company. Although no assurance can be given, we believe, based on our experiences to date and taking into account established reserves and insurance, that the ultimate resolution of such items will not have a material adverse impact on our business, financial position, results of operations or cash flows. We believe we have meritorious defenses to the matters to which we are a party and intend to vigorously defend the Company. When we determine a loss is probable of occurring and is reasonably estimable, we accrue an undiscounted liability for such contingencies based on our best estimate using information available at that time. If the estimated loss is a range of potential outcomes and there is no better estimate within the range, we accrue the amount at the low end of the range. We disclose contingencies where an adverse outcome may be material, or in the judgment of management, we conclude the matter should otherwise be disclosed.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:150%">There are currently no material legal proceedings against the Company as of December 31, 2025.</span></div>

disclosure_of_significant_changes_in_operations_during_the_year_text_block:
  <div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Changes</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">in</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Operations</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:115%"> </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Company</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">has</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">had</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">no</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">significant</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">changes</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">in</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">operations</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">for</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">the</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">year</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">ended</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">December</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">31,</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">2025.</span></div>

disclosure_of_details_on_accounting_for_income_taxes_text_block:
  <div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Income</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Taxes</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:115%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:150%">For the year ended December 31, 2025, the Company is indirectly wholly-owned by Pembina U.S. Corporation and is considered a disregarded entity for federal and state income tax purposes. Our financial statements do not reflect income taxes and all of our activities are included in the tax returns of Pembina U.S. Corporation, for the applicable periods of ownership. The Corporation is a taxable C-corporation who pays the Company’s share of taxes based on the consolidated taxable income. The Company is subject to Texas Margin Tax. We record the tax expense in FERC Account 670, Income Taxes on Income from Continuing Operations, on the Income Statement.</span></div>

disclosure_of_accounting_for_the_respondent_s_pensions_and_postretirement_benefits_text_block:
  <div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Operating Oil Supply</span></div><div style="padding-left:36pt;text-indent:-18pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:150%">For the year ended December 31, 2025, the base linefill purchased for operational functionality had a value of $9,605,751 (December 31, 2024 - $9,605,751). This amount is included in FERC Account 33, Operating Oil Supply, on the Comparative Balance Sheet.</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Pensions</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">and</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Postretirement</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Benefits</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:150%">The Company has no employees. The persons who serve as officers of and/or provide management services to the Company are employees of Pembina Pipeline Corporation. Associated pension and benefit expense allocated to the company in connection with the management of the Company are included in FERC Account 550, Employee Benefits, on Page 302.</span></div>

disclosure_of_significant_rate_or_other_regulatory_matters_text_block:
  <div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Rate</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">and</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Regulatory</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Matters</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On November 17, 2024, Pembina Cochin LLC filed an application with the FERC requesting that it be granted authorization to set market-based rates</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> </span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Distribution</span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">For the year ended December 31, 2025. the</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Company declared and paid distributions of $66,035,000 to Pembina U.S. Corporation, as the sole member of the Company</span>

disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:9.67pt">Financial</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Statements</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:150%">For the year ended December 31, 2025, there have been no important changes regarding the Balance Sheet, Statement of Income, Statement of Retained Income or Statement of Cash Flows.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Organization</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:150%">Pembina Cochin LLC (“the Company”, “we”, “our”), in conjunction with its Canadian affiliate, PKM Cochin ULC, owns and operates a system of 1,525-miles of condensate pipeline in active service, transporting product via three provinces in Canada and seven states in the U.S. We receive condensate from terminals in Illinois, Iowa, and North Dakota and deliver the condensate to Fort Saskatchewan, Alberta, Canada. We connect with several terminals and pipelines used to store and deliver condensate to oil sands production sites in Alberta, Canada.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:150%">See Page 102 “Control Over Respondent” for details on our ownership structure.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Basis of Presentation</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:150%">We maintain our chart of accounts to comply with the Federal Energy Regulatory Commission’s (FERC) Uniform System of Accounts (USoA) for oil pipelines. Therefore, the amounts contained in this Form 6 may not necessarily reflect or capture all the costs required for analysis using the regulatory methodology set forth in the FERC’s Opinion Nos. 154-B, et al.</span></div>


entity_id: C010136
filing_name: Maverick_Terminals_Corpus,_LLC_form6_Q4_1776349550
publication_time: 2026-04-16 14:25:50
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_commitments_or_contingent_assets_or_liabilities_text_block:
  <div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2.</span></div><div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Litigation</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The activities of MTC are subject to potential claims and litigation in the normal course of operations. Management is not aware of any legal, environmental or other commitments and contingencies that would have a material effect on our financial statements.</span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Debt</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under HEP’s credit agreements, HEP has pledged, as collateral, all their assets and the assets of their material, domestic consolidated subsidiaries, including MTC. All of HEP’s consolidated subsidiaries, including MTC, other than unrestricted subsidiaries, foreign subsidiaries and immaterial subsidiaries are guarantors.</span></div>

disclosure_of_significant_changes_in_operations_during_the_year_text_block:
  <div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">4.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> N/A for MTC as of December 31, 2025.</span></div>

disclosure_of_details_on_accounting_for_income_taxes_text_block:
  <div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5.</span></div><div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Income Taxes</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">MTC is a limited liability company. As a limited liability company, we have elected to be treated as a partnership for income tax purposes and therefore, are not subject to federal income tax and, as a result, do not directly pay federal income tax.</span></div>

disclosure_of_accounting_for_the_respondent_s_pensions_and_postretirement_benefits_text_block:
  <div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">3. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">N/A for MTC.</span></div>

disclosure_of_significant_rate_or_other_regulatory_matters_text_block:
  <div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">N/A for MTC as of December 31, 2025.</span></div>

disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1.</span></div><div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Organization</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Maverick Terminals Corpus, LLC (collectively, “MTC”, the “Company”, “we” or “our”) is a wholly owned subsidiary of Maverick Terminals, LLC (“MT”) which is a wholly owned subsidiary of Howard Midstream Energy Partners, LLC (“HEP”). MTC operates a pipeline and a terminal facility that handles a variety of bulk liquids including refined motor fuels, crude oil and condensate in the Port of Corpus Christi, Texas. This terminal is part of our noncarrier operations.</span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Basis of Presentation</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to regulation by the Federal Energy Regulatory Commission (“FERC”). These financial statements have been prepared in accordance with the accounting requirements of the FERC, as set forth in the applicable Uniform System of Accounts and published accounting releases, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. </span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have evaluated events occurring after the balance sheet date as possible subsequent events through April 16, 2026, the date which these financial statements were filed. Any material subsequent events that occurred during this time have been properly recognized or disclosed in the financial statements.</span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.</span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Carrier and Noncarrier Property</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Carrier and noncarrier property are stated at cost less accumulated depreciation. Upon acquisition, the value of the property and equipment is based on the fair value of the assets acquired. For assets we construct, we capitalize direct costs, such as labor and materials, and indirect costs, such as overhead. Upon completion of construction, assets are transferred to property and equipment and begin depreciating. Expenditures to refurbish assets that either extend the useful life of the asset or prevent environmental contamination are capitalized and depreciated over the remaining useful life of the asset. Expenditures for maintenance and repairs that do not add capacity or extend the useful life of an asset are expensed as incurred. The cost of noncarrier assets sold or retired and the related accumulated depreciation are removed from our balance sheet at the time of disposition and any resulting gain or loss is included in miscellaneous income charges of our income statement. </span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Depreciation is computed on a composite straight-line method at rates based on the expected economic lives of the various asset classes. Carrier property depreciation rates are the same as those authorized by the FERC. Depreciation by carrier property is provided on Pages 216-217 of this filing. Depreciation expense for noncarrier property is stated on page 335 of this filing. </span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We review carrier and noncarrier property for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. If such a review should indicate that the carrying amount of carrier and noncarrier property is not recoverable, we will reduce the carrying amount of such assets to fair value. We did not identify any events or circumstances that would indicate that any impairment of carrier and noncarrier property has occurred, and we have not recorded any impairments to carrier and noncarrier property for the years ended December 31, 2025 or 2024.</span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Asset Retirement Obligations</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We record a liability for asset retirement obligations at the fair value of the estimated costs to retire a tangible long-lived asset at the time we incur that liability, when we have a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the obligation can be made. If a reasonable estimate cannot be made at the time the liability is incurred, we record the liability when sufficient information is available to estimate the fair value.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have asset retirement obligations with respect to certain of our assets due to various legal or regulatory requirements to remove facilities or perform other remediation upon retirement. However, these assets can be used for an extended and indeterminate period of time as long as they are properly maintained or upgraded. Our practice and current intent is to maintain our assets and continue making improvements to those assets based on technological advances. As a result, we believe that our assets have indeterminate lives for purposes of estimating asset retirement obligations because dates or ranges of dates upon which we would retire these assets cannot be reasonably estimated at this time. When a date or range of dates can reasonably be estimated for the retirement of any asset, we will estimate the costs of performing the retirement activities and record a liability for the fair value of these costs.</span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating Revenue Recognition</span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Operating revenue-generating activities</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company derives operating revenues from transportation of products at contractual tariff rates regulated by the FERC and non-tariff rates. Operating revenues are provided through long-term, fee-based agreements that are recognized upon completion of the service. Under these agreements, we are paid a fixed fee based on the volume of product that we transport.</span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Performance Obligations</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our contract contains a single performance obligation. The single performance obligation encompasses multiple activities necessary to fulfill our promise to transfer (or stand ready to transfer) a series of distinct integrated services over a period of time. Operating revenue is recognized over the service period specified in the contract as the services are rendered using a time-based (passage of time) or units-based (units of service transferred) method for measuring provision of the services. Progress towards satisfying our performance obligation is based on the firm of the promised service and the terms and conditions of the contract (such as contracts with or without makeup rights). Payment is generally received from the customer in the month of service or the month following the service. Contracts with customers generally are a combination of month-to-month and multi-year agreements.</span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Transaction Price</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We determine the transaction price based on our right to invoice the customer for the value of services provided to the customer for the applicable period.</span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Allocation of Transaction Price</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We allocate the transaction price to the single performance obligation that exists in the contract with our customer. </span></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Statement of Cash Flow Adjustments</span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2025, the Company has adjusted the following previously reported balances on page 120 of the financial statement:</span></div><div style="margin-bottom:10pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:5.894%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:45.179%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.185%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.734%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.185%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.734%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.189%"/><td style="width:0.1%"/></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Line No.</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Description</span></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Previous Quarter/Year Amount</span></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(a)</span></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(c)</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">As Reported</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Adjustments</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">As Adjusted</span></td></tr><tr><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">10</span></td><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net (Increase) Decrease in Receivables</span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">464,585 </span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(5,089,977)</span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,625,392)</span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14.2</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other non-cash items</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(5,172,431)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,172,431 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> 26</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Gross Additions to Carrier Property</span></td><td colspan="2" style="background-color:#d2eefa;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#d2eefa;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td colspan="2" style="background-color:#d2eefa;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(344)</span></td><td style="background-color:#d2eefa;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td colspan="2" style="background-color:#d2eefa;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(344)</span></td><td style="background-color:#d2eefa;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> 27</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Gross Additions to Noncarrier Property</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(82,110)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(82,110)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="21" style="padding:2px 1pt 2px 14.5pt;text-align:left;text-indent:-13.5pt;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1) As part of the Company’s cash management program, investing cash flows have been adjusted to reflect gross additions to carrier and non-carrier property.</span></td></tr></table></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Supplemental Cash Flow Information</span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-cash investing and financing activities information are as follows:</span></div><div style="margin-bottom:10pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:61.400%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.734%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.715%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.734%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.717%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Year Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2025</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2024</span></td></tr><tr><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-cash investing activities:</span></td><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td colspan="3" style="background-color:#d2eefa;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td colspan="3" style="background-color:#d2eefa;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 28pt;text-align:left;text-indent:-9pt;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accrued capital expenditures-carrier</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">879,934 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt 2px 28pt;text-align:left;text-indent:-9pt;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accrued capital expenditures-noncarrier</span></td><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td style="background-color:#d2eefa;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2eefa;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,000)</span></td><td style="background-color:#d2eefa;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td style="background-color:#d2eefa;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2eefa;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">110,622 </span></td><td style="background-color:#d2eefa;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-cash financing activities:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-cash distributions</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline"> (1)</span></div></td><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td style="background-color:#d2eefa;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2eefa;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6,787,075 </span></td><td style="background-color:#d2eefa;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td style="background-color:#d2eefa;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2eefa;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,089,977 </span></td><td style="background-color:#d2eefa;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="15" style="padding:2px 1pt 2px 14.5pt;text-align:left;text-indent:-13.5pt;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1) Non-cash distributions represent the settlement of the net receivable balance with affiliated accounts.</span></td></tr></table></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Stockholder’s Equity</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Stockholder’s equity on the accompanying balance sheet represents MT’s net interest in MTC. Changes primarily include net income during the year and non-cash distributions to members.</span></div>


entity_id: C010213
filing_name: Gt_Pipeline,_Llc_form6_Q4_1776351890
publication_time: 2026-04-16 15:04:50
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_commitments_or_contingent_assets_or_liabilities_text_block:
  <div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2.</span></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Litigation</span></div><div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The activities of GTP are subject to potential claims and litigation in the normal course of operations. Management is not aware of any legal, environmental or other commitments and contingencies that would have a material effect on our financial statements.</span></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Debt</span></div><div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under HEP’s credit agreements, HEP has pledged, as collateral, all their assets and the assets of their material, domestic consolidated subsidiaries, including GTP. All of HEP’s consolidated subsidiaries, including GTP, other than unrestricted subsidiaries, foreign subsidiaries and immaterial subsidiaries are guarantors.</span></div>

disclosure_of_significant_changes_in_operations_during_the_year_text_block:
  <div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">4. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">N/A for GTP as of December 31, 2025.</span></div>

disclosure_of_details_on_accounting_for_income_taxes_text_block:
  <div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5.</span></div><div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Income Taxes</span></div><div style="margin-top:2pt;padding-right:18pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> GTP is a limited liability company. As a limited liability company, we have elected to be treated as a partnership for income tax purposes and therefore, are not subject to federal income tax and, as a result, do not directly pay federal income tax.</span></div>

disclosure_of_accounting_for_the_respondent_s_pensions_and_postretirement_benefits_text_block:
  <div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">3. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">N/A for GTP.</span></div>

disclosure_of_significant_rate_or_other_regulatory_matters_text_block:
  <div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">N/A for GTP as of December 31, 2025.</span></div>

disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1.</span></div><div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Organization </span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">GT Pipeline, LLC (collectively, “GTP”, the “Company”, “we” or “our”) is a wholly owned subsidiary of GT Logistics, LLC (“GTL”) which is a wholly owned subsidiary of Howard Midstream Energy Partners, LLC (“HEP”). GTP operates two pipelines that transport liquids between GT terminal in Port Arthur, TX and the West Port Arthur Tank Farm and dock facilities.</span></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Basis of Presentation</span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to regulation by the Federal Energy Regulatory Commission (“FERC”). These financial statements have been prepared in accordance with the accounting requirements of the FERC, as set forth in the applicable Uniform System of Accounts and published accounting releases, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. </span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have evaluated events occurring after the balance sheet date as possible subsequent events through April 16, 2026, the date which these financial statements were filed. Any material subsequent events that occurred during this time have been properly recognized or disclosed in the financial statements.</span></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.</span></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Carrier Property</span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Carrier property is stated at cost less accumulated depreciation. Upon acquisition, the value of the carrier property is based on the fair value of the assets acquired. For assets we construct, we capitalize direct costs, such as labor and materials, and indirect costs, such as overhead. Upon completion of construction, assets are transferred to carrier property and begin depreciating. Expenditures to refurbish assets that either extend the useful life of the asset or prevent environmental contamination are capitalized and depreciated over the remaining useful life of the asset. Expenditures for maintenance and repairs that do not add capacity or extend the useful life of an asset are expensed as incurred. </span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Depreciation is computed on a composite straight-line method at rates based on the expected economic lives of the various asset classes. These rates are the same as those authorized by the FERC. Depreciation by carrier property is provided on Pages 216-217 of this filing.</span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We review carrier property for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. If such a review indicates that the carrying amount of long-lived assets is not recoverable, we will reduce the carrying amount of such assets to fair value. We did not identify any events or circumstances that would indicate that any impairment of a long-lived asset has occurred, and we have not recorded any impairments to long-lived assets for each of the years ended December 31, 2025 and 2024.</span></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Asset Retirement Obligations</span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We record a liability for asset retirement obligations at the fair value of the estimated costs to retire a tangible long-lived asset at the time we incur that liability, when we have a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the obligation can be made. If a reasonable estimate cannot be made at the time the liability is incurred, we record the liability when sufficient information is available to estimate the fair value.</span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have asset retirement obligations with respect to certain of our assets due to various legal or regulatory requirements to remove facilities or perform other remediation upon retirement. However, these assets can be used for an extended and indeterminate period of time as long as they are properly maintained or upgraded. Our practice and current intent is to maintain our assets and continue making improvements to those assets based on technological advances. As a result, we believe that our assets have indeterminate lives for purposes of estimating asset retirement obligations because dates or ranges of dates upon which we would retire these assets cannot be reasonably estimated at this time. When a date or range of dates can reasonably be estimated for the retirement of any asset, we will estimate the costs of performing the retirement activities and record a liability for the fair value of these costs.</span></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating Revenue Recognition</span></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Operating revenue-generating activities</span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company derives operating revenues from transportation of products at contractual tariff rates regulated by the FERC. Operating revenues are provided through long-term, fee-based agreements that are recognized upon completion of the service. Under these agreements, we are paid a fixed fee based on the volume of product that we transport.</span></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Performance Obligations</span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our contract contains a single performance obligation. The single performance obligation encompasses multiple activities necessary to fulfill our promise to transfer (or stand ready to transfer) a series of distinct integrated services over a period of time. Operating revenue is recognized over the service period specified in the contract as the services are rendered using a time-based (passage of time) or units-based (units of service transferred) method for measuring provision of the services. Progress towards satisfying our performance obligation is based on the firm of the promised service and the terms and conditions of the contract (such as contracts with or without makeup rights). Payment is generally received from the customer in the month of service or the month following the service. Contracts with customers generally are a combination of month-to-month and multi-year agreements.</span></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Transaction Price</span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We determine the transaction price based on our right to invoice the customer for the value of services provided to the customer for the applicable period.</span></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Allocation of Transaction Price</span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We allocate the transaction price to the single performance obligation that exists in the contract with our customer.</span></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Statement of Cash Flow Adjustments</span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2025, the Company has adjusted the following previously reported balances on page 120 of the financial statement:</span></div><div style="margin-bottom:10pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:5.894%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:45.179%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.185%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.734%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.185%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.734%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.189%"/><td style="width:0.1%"/></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Line No.</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Description</span></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Previous Quarter/Year Amount</span></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(a)</span></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(c)</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">As Reported</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Adjustments</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">As Adjusted</span></td></tr><tr><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">10</span></td><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net (Increase) Decrease in Receivables</span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">354,652 </span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(11,756,115)</span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(11,401,463)</span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net Increase (Decrease) in Payables and Accrued Expenses</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">27,722 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(20,049)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7,673 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14.2</span></td><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other non-cash items</span></td><td colspan="2" style="background-color:#d2eefa;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(12,000,650)</span></td><td style="background-color:#d2eefa;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td colspan="2" style="background-color:#d2eefa;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12,000,650 </span></td><td style="background-color:#d2eefa;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td colspan="2" style="background-color:#d2eefa;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#d2eefa;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> 26</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Gross Additions to Carrier Property</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(224,486)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(224,486)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="21" style="padding:2px 1pt 2px 14.5pt;text-align:left;text-indent:-13.5pt;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1) As part of the Company’s cash management program, investing cash flows have been adjusted to reflect gross additions to carrier property.</span></td></tr></table></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Supplemental Cash Flow Information</span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-cash investing and financing activities information are as follows:</span></div><div style="margin-bottom:10pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.702%"><tr><td style="width:1.0%"/><td style="width:61.586%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.765%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.740%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.768%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Year Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2025</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2024</span></td></tr><tr><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-cash investing activities:</span></td><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td colspan="3" style="background-color:#d2eefa;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td colspan="3" style="background-color:#d2eefa;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 28pt;text-align:left;text-indent:-9pt;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accrued capital expenditures</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">36,537 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-cash financing activities:</span></td><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-cash distributions</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline"> (1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,383,067 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,756,115 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="15" style="padding:2px 1pt 2px 14.5pt;text-align:left;text-indent:-13.5pt;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1) Non-cash distributions represent the settlement of the net receivable balance with affiliated accounts. </span></td></tr></table></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Stockholder’s Equity</span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Stockholder’s equity on the accompanying balance sheet represents GTL’s net interest in GTP. Changes include net income during the year and non-cash distributions to members.</span></div>


entity_id: C008917
filing_name: Stateline_Crude,_LLC_form6_Q4_1776352992
publication_time: 2026-04-16 15:23:12
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_commitments_or_contingent_assets_or_liabilities_text_block:
  <div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2.</span></div><div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Litigation</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The activities of SLC are subject to potential claims and litigation in the normal course of operations. Management is not aware of any legal, environmental or other commitments and contingencies that would have a material effect on our financial statements.</span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Debt</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under Catalyst’s revolving credit facility agreement, Catalyst has pledged, as collateral, all of the assets of its consolidated subsidiaries, including SLC.</span></div>

disclosure_of_significant_changes_in_operations_during_the_year_text_block:
  <div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">4.    </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">N/A for SLC as of December 31, 2025.</span></div>

disclosure_of_details_on_accounting_for_income_taxes_text_block:
  <div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5.</span></div><div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Income Taxes</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">SLC is a limited liability company. As a limited liability company, we have elected to be treated as a partnership for income tax purposes and therefore, are not subject to federal income tax and, as a result, do not directly pay federal income tax.</span></div>

disclosure_of_accounting_for_the_respondent_s_pensions_and_postretirement_benefits_text_block:
  <div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">3.    </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">N/A for SLC.</span></div>

disclosure_of_significant_rate_or_other_regulatory_matters_text_block:
  <div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6.    </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">N/A for SLC as of December 31, 2025.</span></div>

disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1.</span></div><div style="margin-top:2pt;padding-right:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Organization</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Stateline Crude, LLC (collectively, “SLC,” the “Company,” “we” or “our”) is an Oklahoma limited liability company and a wholly-owned subsidiary of Catalyst Midstream Partners, LLC (“Catalyst”). Catalyst is a joint venture between HEP Catalyst InvestCo (“InvestCo”) and WPX Energy, Inc. (“WPX”), a wholly-owned subsidiary of Devon Energy Corporation (“Devon”). SLC owns and operates crude oil gathering and transportation infrastructure. </span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Basis of Presentation</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to regulation by the Federal Energy Regulatory Commission (“FERC”).</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These financial statements have been prepared in accordance with the accounting requirements of the FERC, as set forth in the applicable Uniform System of Accounts and published accounting releases, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. </span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have evaluated events occurring after the balance sheet date as possible subsequent events through April 16, 2026, the date which these financial statements were filed. Any material subsequent events that occurred during this time have been properly recognized or disclosed in the financial statements.</span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.</span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Cash </span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash includes all cash on hand and demand deposits. We place our cash deposits with high-credit-quality financial institutions. At times, our cash may be uninsured or in deposit accounts that exceed or are not covered under the Federal Deposit Insurance Corporation limit. </span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Receivables from Affiliated Companies</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All receivables from affiliated companies are due from subsidiaries of Devon and include trade receivables and nontrade receivables, net of payables to Devon for services rendered under various agreements. Accounts receivable from affiliated companies are presented on the balance sheets at their outstanding balances, net of any allowance for expected credit losses The Company establishes an allowance for expected credit losses on trade receivables based on the expected ultimate recovery of these receivables and considers many factors, including historical customer collection experience, general and specific economic trends, and known specific issues related to individual customers, sectors, and transactions that might impact collectibility. Increases in the allowance are recorded as a component of general and administrative expense; reductions in the allowance are recorded when receivables are subsequently collected or written off. Past-due receivable balances are written off when the Company’s efforts to collect the amounts due have been unsuccessful. There was no allowance for expected credit losses as of December 31, 2025 and 2024.</span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Carrier Property</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Carrier property is stated at cost less accumulated depreciation. Upon acquisition, the value of the carrier property is based on the fair value of the assets acquired. For assets we construct, we capitalize direct costs, such as labor and materials, and indirect costs, such as overhead. Upon completion of construction, assets are transferred to the carrier property and begin depreciating. Expenditures to refurbish assets that either extend the useful life of the asset or prevent environmental contamination are capitalized and depreciated over the remaining useful life of the asset. Expenditures for maintenance and repairs that do not add capacity or extend the useful life of an asset are expensed as incurred. </span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Depreciation is computed on a composite straight-line method at rates based on the expected economic lives of the various asset classes. These rates are the same as those authorized by the FERC. Depreciation by carrier property is provided on Pages 216-217 of this filing. </span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We review carrier property for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. If such a review should indicate that the carrying amount of long-lived assets is not recoverable, we will reduce the carrying amount of such assets to fair value. We did not identify any events or circumstances that would indicate that any impairment of a long-lived asset has occurred, and we have not recorded any impairments to long-lived assets for the years ended December 31, 2025 or 2024.</span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Payables from Affiliated Companies </span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All payables to affiliated companies are due to Howard Midstream Energy Partners and subsidiaries (“HEP”), parent of InvestCo, and include reimbursable expenses incurred on behalf of SLC. Amounts included in payables to affiliated companies are subject to settlement within one year from the date of the balance sheet. </span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Asset Retirement Obligations</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We record a liability for asset retirement obligations at the fair value of the estimated costs to retire a tangible long-lived asset at the time we incur that liability, when we have a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the obligation can be made. If a reasonable estimate cannot be made at the time the liability is incurred, we record the liability when sufficient information is available to estimate the fair value.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have asset retirement obligations with respect to certain of our assets due to various legal or regulatory requirements to remove facilities or perform other remediation upon retirement. However, these assets can be used for an extended and indeterminate period of time as long as they are properly maintained or upgraded. Our practice and current intent is to maintain our assets and continue making improvements to those assets based on technological advances. As a result, we believe that our assets have indeterminate lives for purposes of estimating asset retirement obligations because dates or ranges of dates upon which we would retire these assets cannot be reasonably estimated at this time. When a date or range of dates can reasonably be estimated for the retirement of any asset, we will estimate the costs of performing the retirement activities and record a liability for the fair value of these costs.</span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating Revenue</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company derives revenues from intrastate and interstate transportation of crude oil at contractual tariff rates regulated by the FERC and state agencies. </span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Operating revenue-generating activities</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating revenues for crude transportation services are primarily generated through long-term, fee-based agreements that include acreage dedications and are recognized upon completion of the service. Under these agreements, we are paid a fixed fee based on the volume of crude that we transport. Under our acreage dedication contract, our customer commits all of the crude oil production they own or operate from current and future wells drilled within the acreage dedication during the applicable transportation contract term. </span></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Performance Obligations</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For crude transportation services performed, the performance obligation encompasses multiple activities necessary to fulfill our promise to transfer (or stand ready to transfer) a series of distinct integrated services over a period of time. Revenue is recognized over the service period specified in the contract as the services are rendered using a time-based (passage of time) or units-based (units of service transferred) method for measuring provision of the services. Progress towards satisfying our performance obligation is based on the firm or interruptible nature of the promised service and the terms and conditions of the contract (such as contracts with or without makeup rights). Payment is generally received from the customer in the month of service or the month following the service. Our contracts with customers consist of multi-year agreements.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Concurrent with formation, Catalyst made payments to WPX, on behalf of SLC, associated with the long-term crude dedication and transportation commercial agreement with WPX (the “Commercial Agreement”) and accounted for a return of capital to WPX. The affiliate customer consideration asset is reported within other current assets and miscellaneous other assets in our balance sheets and represents a reduction of the service rates to be charged to WPX and will be recognized over time through reductions of trunk revenues in the income statement as services are provided over the 20-year term associated with the Commercial Agreement. For the years ended December 31, 2025 and 2024, trunk revenues were reduced by approximately $1.9 million and $2.2 million with an equal reduction in miscellaneous other assets, respectively.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">WPX received membership interests in Catalyst, primarily in exchange for dedicated production from its current and future leasehold interest in the Stateline area, which included the value of future cash flows to be received by SLC resulting from the Commercial Agreement.</span><span style="color:#ee2724;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A portion of the amounts to be received from WPX associated with these future cash flows were accounted for as contra-equity by SLC on October 18, 2017 and will be recognized through additional paid-in-capital with corresponding reductions to trunk revenues in the income statements as services are provided over the 20-year term associated with the Commercial Agreement. For the years ended December 31, 2025 and 2024, trunk revenues were reduced by approximately $3.8 million and $4.3 million with corresponding increases in additional paid-in-capital through contributions, respectively.</span></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Statement of Cash Flow Adjustments</span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2025, the Company has adjusted the following previously reported balances on page 120 of the financial statement:</span></div><div style="margin-bottom:10pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:5.894%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:45.179%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.185%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.734%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.185%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.734%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.189%"/><td style="width:0.1%"/></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Line No.</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Description</span></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Previous Quarter/Year Amount</span></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(a)</span></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(c)</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">As Reported</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Adjustments</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">As Adjusted</span></td></tr><tr><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12</span></td><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net Increase (Decrease) in Payables and Accrued Expenses</span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(169,709)</span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,484,651 </span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,314,942 </span></td><td style="background-color:#d2eefa;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14.2</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other non-cash items</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,484,651 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2,484,651)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr></table></div><div style="margin-bottom:10pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Supplemental Cash Flow Information</span></div><div style="margin-bottom:10pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-cash investing and financing activities information are as follows:</span></div><div style="margin-bottom:10pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:61.400%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.734%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.715%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.734%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.717%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Year Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2025</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2024</span></td></tr><tr><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-cash investing activities:</span></td><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td colspan="3" style="background-color:#d2eefa;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td colspan="3" style="background-color:#d2eefa;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 28pt;text-align:left;text-indent:-9pt;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accrued capital expenditures</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">86,360 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">344,480 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-cash financing activities:</span></td><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-cash contributions </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6,587,056 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,484,651 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="background-color:#d2eefa;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accrued contributions</span></td><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td style="background-color:#d2eefa;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2eefa;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">402,059 </span></td><td style="background-color:#d2eefa;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="background-color:#d2eefa;padding:0 1pt"/><td style="background-color:#d2eefa;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2eefa;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">337,944 </span></td><td style="background-color:#d2eefa;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1) Non-cash contributions represent the settlement of the net payable balance with affiliated accounts. </span></td></tr></table></div><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Stockholder’s Equity</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Stockholder’s equity on the accompanying balance sheet represents Catalyst’s net interest in SLC. Changes include net income during the year, non-cash contributions or distributions and cash contributions from or distributions to members.</span></div>


entity_id: C012042
filing_name: Boardwalk_Bayou_Ethane_Pipeline,_LLC_form6_Q4_1776357343
publication_time: 2026-04-16 16:35:43
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_commitments_or_contingent_assets_or_liabilities_text_block:
  <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Boardwalk Bayou Ethane is a party to various potential legal actions arising in the normal course of business. As of December 31, 2025, no contingencies were recorded, and management believes no contingencies existed that would have a material adverse effect upon the financial position or results of operations of Boardwalk Bayou Ethane.</span></div>

disclosure_of_significant_changes_in_operations_during_the_year_text_block:
  <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">None</span></div>

disclosure_of_details_on_accounting_for_income_taxes_text_block:
  <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Boardwalk Bayou Ethane is not a taxable entity for federal income tax purposes. As such, it does not directly pay federal income tax.</span></div>

disclosure_of_accounting_for_the_respondent_s_pensions_and_postretirement_benefits_text_block:
  <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">None</span></div>

disclosure_of_significant_rate_or_other_regulatory_matters_text_block:
  <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">None</span></div>

disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Boardwalk Bayou Ethane Pipeline, LLC (Boardwalk Bayou Ethane) is a wholly owned subsidiary of Boardwalk Resources Company, LLC, a wholly owned subsidiary of Boardwalk Pipelines, LP (Boardwalk Pipelines), which is a wholly owned subsidiary of Boardwalk Pipeline Partners, LP.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Boardwalk Bayou Ethane made advances to or received advances from Boardwalk Pipelines under the cash management program. Any outstanding advance balance is settled through a non-cash capital distribution or contribution to Boardwalk Pipelines on a monthly basis. For the years ended December 31, 2025 and 2024, Boardwalk Pipelines made non-cash contributions to Boardwalk Bayou Ethane of $38.8 million and $33.6 million. For the years ended December 31, 2025 and 2024, Boardwalk Bayou Ethane made non-cash distributions to Boardwalk Pipelines of $23.1 million and $8.6 million.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The financial statements of Boardwalk Bayou Ethane have been prepared in accordance with the accounting requirements of the Federal Energy Regulatory Commission as set forth in its applicable Uniform System of Accounts and published accounting releases, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The only tangible assets owned by Boardwalk Bayou Ethane are the line fill.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Boardwalk Bayou Ethane has a long-term lease agreement with Boardwalk Ethane Pipeline Company, LLC (Boardwalk Ethane Pipeline) where it leases capacity on Boardwalk Ethane Pipeline. The lease fee is based on the Opinion No. 154-B methodology for each segment, with adjustments made for the varying amounts of the leased capacity. Boardwalk Bayou Ethane’s only expense, with some minor exceptions, is the lease fee. Operating Revenue includes revenue and deficiency payments, when applicable, per the tariff of Boardwalk Bayou Ethane.</span></div>


entity_id: C010819
filing_name: Targa_Gulf_Coast_NGL_Pipeline_LLC_form6_Q4_1776365336
publication_time: 2026-04-16 18:48:56
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_important_notes_regarding_financial_statements_text_block:
  <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Company Business</span><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Targa Gulf Coast NGL Pipeline LLC (the “Company” or “TGCPL”) is a Delaware limited liability company engaged in the business of transporting natural gas liquids (“NGLs”) in interstate commerce subject to the jurisdiction of the Federal Energy Regulatory Commission (“FERC”) under the Interstate Commerce Act (“ICA”).</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Effective October 1, 2020, TGCPL leased one hundred percent of the capacity of certain pipelines from Targa NGL Pipeline Company LLC. TGCPL leases an eight-inch diameter pipeline, a 20-inch diameter pipeline, and a 12-inch diameter pipeline that run between Mont Belvieu, Texas, and Galena Park, Texas. Each of these pipelines is regulated under the ICA and is part of an extensive mixed NGL and purity NGL pipeline receipt and delivery system that provides interstate and intrastate transportation of NGLs. TGCPL also leases a 20-inch diameter pipeline that runs between Mont Belvieu, Texas, and Galena Park, Texas and a 12-inch diameter pipeline that runs between Mont Belvieu, Texas and Lake Charles, Louisiana, each of which transport NGLs and that have qualified for a waiver of applicable FERC regulatory requirements under the ICA based on current circumstances. TGCPL also leases pipelines that provide only intrastate service between Mont Belvieu, Texas, and Galena Park, Texas, and intermediate locations.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On October 31, 2005, Targa Resources Corp. acquired Dynegy Midstream Services, Limited Partnership, including its wholly-owned subsidiary, Dynegy NGL Pipeline, LLC. On November 8, 2005, Targa Resources Inc. renamed Dynegy NGL Pipeline Company, LLC, “Targa NGL Pipeline Company LLC”.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">TGCPL is a wholly-owned subsidiary of Targa Downstream LLC, a Delaware limited liability company.</span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Basis of Presentation</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The financial statements and supporting schedules were prepared in accordance with the Uniform System of Accounts as prescribed by the FERC. The FERC-approved tariff establishes rates, terms and conditions under which the Company provides services to its customers. The Uniform System of Accounts is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America (“GAAP”). Financial accounting and reporting differences between FERC and GAAP are principally related to account classifications such as but not limited to: Plant held for sale is a current asset for GAAP and is included in Gas Plant for FERC; costs incurred and revenues collected for future plant retirement costs are classified as a regulatory liability for GAAP and as accumulated provision for depreciation for FERC; and deferred tax assets and liabilities are presented as gross assets and liabilities for FERC purposes but are netted for GAAP.</span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Income Taxes</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company is organized as a limited liability company and is treated as a partnership for U.S. federal and state income tax purposes. As such, the Company is generally not subject to federal or state income taxes. All revenues and expenses of the Company are reportable in the federal and state income tax returns of its members.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">FERC allows adjustments to the financial statements for allowable income taxes. The below table describes the state and federal income tax provision at December 31, 2025 and the related effective tax rate.</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:85.060%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.740%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">TOTAL PROVISION</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Increment/(Reduction) to State Deferred Income Tax</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">658 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Increment/(Reduction) to Federal Deferred Income Tax</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(59,273)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current Provision/(Benefit) - State</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">296,853 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current Provision/(Benefit) - Federal</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,591,517 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total 2025 Provision/(benefit)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5,829,755</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Effective Tax Rate</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">21.88</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">%</span></td></tr></table></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Property, Plant and Equipment</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property, plant and equipment as of December 31, 2025, consists of pipeline assets leased through Targa NGL Pipeline company LLC.</span></div><div><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.684%"><tr><td style="width:1.0%"/><td style="width:49.755%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.940%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.940%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.965%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">December 31, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">December 31, 2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Useful Life</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Capacity Finance Lease, Right-of-use-Assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">29,313,503 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">29,313,503 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">25</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property, Plant and Equipment</span></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">29,313,503</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">29,313,503</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accumulated Depreciation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(6,155,836)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,983,296)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property, Plant and Equipment, net</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">23,157,667</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">24,330,207</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/></tr></table></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">For the years ended December 31, 2025 and December 31, 2024, depreciation expense was $1.2 million and $1.2 million.</span></div>


entity_id: C011154
filing_name: Plains_Oryx_Permian_Basin_Pipeline_LLC_form6_Q4_1776373162
publication_time: 2026-04-16 20:59:22
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div><p>On January 2, 2025, Plains Oryx Permian Basin Pipeline LLC acquired 100% of Medallion Midstream Services, LLC, which included MDE Midstream, LLC, from the Energy &amp; Minerals Group Fund IV, LP, and EMG Fund IV Offshore Holdings, LP for an aggregate purchase price of $161 million, plus purchase price adjustments of approximately $2 million.</p></div>


entity_id: C001151
filing_name: Targa_NGL_Pipeline_Company_LLC_form6_Q4_1776373783
publication_time: 2026-04-16 21:09:43
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div style="padding-left:13.5pt;text-indent:-13.5pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.77pt">Company Business</span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Targa NGL Pipeline Company LLC (the “Company” or “TNGLPL”) is a Delaware limited liability company engaged in the business of transporting natural gas liquids (“NGLs”) in interstate commerce subject to the jurisdiction of the Federal Energy Regulatory Commission (“FERC”) under the Interstate Commerce Act (“ICA”).</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">TNGLPL owns an 8-inch diameter pipeline, a 20-inch diameter pipeline, and a 12-inch diameter pipeline that run between Mont Belvieu, Texas, and Galena Park, Texas. Each of these pipelines is regulated under the ICA and is part of an extensive mixed NGL and purity NGL pipeline receipt and delivery system that provides interstate and intrastate transportation of NGLs. TNGLPL also owns a 20-inch diameter pipeline that runs between Mont Belvieu, Texas, and Galena Park, Texas and a 12-inch diameter pipeline that runs between Mont Belvieu, Texas and Lake Charles, Louisiana, each of which transport NGLs and that have qualified for a waiver of applicable FERC regulatory requirements under the ICA based on current circumstances. TNGLPL also owns pipelines that provide only intrastate service between Mont Belvieu, Texas, and Galena Park, Texas, and intermediate locations.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In the third quarter of 2018, TNGLPL began operating portions of a new pipeline transporting NGLs from Oklahoma to intermediate points in Oklahoma. Additionally, in the third quarter of 2019, TNGLPL began operating additional new pipeline segments and began providing transportation service of NGLs from Oklahoma to Mont Belvieu, Texas. In the fourth quarter of 2020, TNGLPL expanded its Oklahoma operations to the Sooner, Trend, Andarko, Canadian and King Fisher regions of Central Oklahoma and implemented a capacity lease agreement with Targa Gulf Coast NGL Pipeline LLC (“TGC”).</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On October 31, 2005, Targa Resources Corp. acquired Dynegy Midstream Services, Limited Partnership, including its wholly-owned subsidiary, Dynegy NGL Pipeline, LLC. On November 8, 2005, Targa Resources Inc. renamed Dynegy NGL Pipeline Company, LLC, “Targa NGL Pipeline Company LLC”.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">TNGLPL is a wholly-owned subsidiary of Targa Downstream LLC, a Delaware limited liability company.</span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Basis of Presentation</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The financial statements and supporting schedules were prepared in accordance with the Uniform System of Accounts as prescribed by the FERC. The FERC-approved tariff establishes rates, terms and conditions under which the Company provides services to its customers. The Uniform System of Accounts is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America (“GAAP”). Financial accounting and reporting differences between FERC and GAAP are principally related to account classifications such as but not limited to: Plant held for sale is a current asset for GAAP and is included in Gas Plant for FERC; costs incurred and revenues collected for future plant retirement costs are classified as a regulatory liability for GAAP and as accumulated provision for depreciation for FERC; and deferred tax assets and liabilities are presented as gross assets and liabilities for FERC purposes, but are netted for GAAP. </span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Income Taxes</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Income taxes are recorded in accordance with the FERC Policy Statement on Income Tax Allowances permitting the accrual of income taxes on a pass-through entity. Deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which the differences are expected to reverse. Actual income taxes could vary from these estimates due to future changes in income tax law or results from the final review of tax returns by federal or state authorities.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company is organized as a limited liability company and is treated as a partnership for U.S. federal and state income tax purposes. As such, the Company is generally not subject to federal or state income taxes. All revenues and expenses of the Company are reportable in the federal and state income tax returns of its members</span><span style="color:#000000;font-family:'Aptos',sans-serif;font-size:12pt;font-weight:400;line-height:115%">.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">FERC allows adjustments to the financial statements for allowable income taxes. The below table describes the state and federal income tax provision at December 31, 2025 and the related effective tax rate.</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:71.816%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.984%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">TOTAL PROVISION</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Increment/(Reduction) to State Deferred Income Tax</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,455,922 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Increment/(Reduction) to Federal Deferred Income Tax</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9,661,558 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current Provision/(Benefit) - State</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">473,177 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current Provision/(Benefit) - Federal</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,610,887 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total 2025 Provision/(benefit)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">15,201,544</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Effective Tax Rate</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">23.34</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">%</span></td></tr></table></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Property, Plant and Equipment</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Property, plant and equipment as of December 31, 2025 and December 31, 2024, consists of pipeline assets, rights of way and construction in progress for the Pipeline. </span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:92.857%"><tr><td style="width:1.0%"/><td style="width:46.175%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.092%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.451%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.882%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">December 31, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">December 31, 2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;text-indent:1.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%;text-decoration:underline">Useful Life</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.55pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pipeline</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">578,241,416 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">591,292,394 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:2px 1pt;text-align:center;text-indent:1.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">25</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Rights of Way</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">110,536,888 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">110,521,682 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:2px 1pt;text-align:center;text-indent:1.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">25</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other Property, Plant and Equipment</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">24,006,788 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">23,222,411 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:2px 1pt;text-align:center;text-indent:1.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5-25</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:88%">Finance Lease, Right-of-use Assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,397,224 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,513,421 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:2px 1pt;text-align:center;text-indent:1.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:88%">Construction In Progress</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:88%">6,196,117 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:88%">6,269,416 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:22.5pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Property, Plant and Equipment</span></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">723,378,433</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">734,819,324</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:22.5pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:88%">Accumulated Depreciation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:88%">(208,991,293)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:88%">(190,854,282)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:41.4pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:89%">Property, Plant and Equipment, net</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;text-indent:3.3pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:89%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:89%">514,387,140</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:89%"> </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;text-indent:3.3pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:89%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:89%">543,965,042</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:89%"> </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:0 1pt"/></tr></table></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">For the years ended December 31, 2025 and December 31, 2024, depreciation expense was $31.1 million and $31.8 million.</span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our ARO primarily relates to our pipeline assets. The changes in our ARO are as follows:</span></div><div><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.684%"><tr><td style="width:1.0%"/><td style="width:44.778%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.495%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.873%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.454%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">December 31, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">December 31, 2024</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.55pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Beginning Period</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7,367,752 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,892,091 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">614,468 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accretion</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">209,393 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">490,029 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Adjustment</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,371,164 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">End of Period</span></td><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">7,577,145</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$</span></td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">7,367,752</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:0 1pt"/></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr></table></div>


entity_id: C007599
filing_name: Targa_San_Andres_Crude_Pipeline_LLC_form6_Q4_1776375159
publication_time: 2026-04-16 21:32:39
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In the year 2025, the Respondent placed into service less than 1 mile of gathering pipelines in Texas.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Respondent is a single member LLC. For tax purposes, the Respondent is classified as a Disregarded Entity.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Respondent received an updated FERC Tariff No. 1.9.0 effective July 1, 2023.</span></div>


entity_id: C008892
filing_name: Grand_Prix_Pipeline_LLC_form6_Q4_1776377211
publication_time: 2026-04-16 22:06:51
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Company Business</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Grand Prix Pipeline LLC (“Company”) is a limited liability company formed in August 2017 to design, construct and own natural gas liquids (“NGLs”) pipelines (the “Pipelines”) to transport NGL volumes from the Permian Basin to the NGL market hub at Mont Belvieu, Texas. The Pipelines began partial operations within the Permian Basin starting in April 2018 and began full operations in 2019.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company expanded the Pipelines’ capacity with the Daytona NGL Pipeline during the third quarter of 2024.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In February 2025, the Company announced an intra-Delaware Basin extension of the Pipelines in the Permian Delaware. The expansion is expected to begin operations in the third quarter of 2026. As part of the expansion, in Q2 2025, Targa Downstream LLC transferred certain gas pipelines to the Company in exchange for an increase in ownership equity.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In September 2025, the Company announced plans to construct the Speedway NGL Pipeline (“Speedway”) to increase the Pipelines’ capacity, which will transport NGLs from existing assets and future plant additions in the Permian Basin to the Targa Resources fractionation and storage complex in Mont Belvieu, Texas. The Speedway project consists of approximately 500 miles of 30-inch diameter pipeline and associated infrastructure with an initial capacity of approximately 500 MBbl/d, expandable to 1,000 MBbl/d. Speedway is expected to begin operations in the third quarter of 2027. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Regulation of Operations</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Pipelines operate predominately as intrastate pipelines with a portion considered to be interstate pipelines. As intrastate NGL pipelines located in Texas, they are regulated by the Railroad Commission of Texas. As interstate NGL pipelines, they are considered a common carrier pipeline subject to regulation by Federal Energy Regulatory Commission under the Interstate Commerce Act.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Basis of Presentation</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The financial statements and supporting schedules were prepared in accordance with the Uniform System of Accounts as prescribed by the Federal Energy Regulatory Commission (“FERC”). The FERC-approved tariff establishes rates, terms and conditions under which the Company provides services to its customers. The Uniform System of Accounts is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America (“GAAP”). Financial accounting and reporting differences between FERC and GAAP are principally related to account classifications such as but not limited to: Plant held for sale is a current asset for GAAP and is included in Gas Plant for FERC; costs incurred and revenues collected for future plant retirement costs are classified as a regulatory liability for GAAP and as accumulated provision for depreciation for FERC; and deferred tax assets and liabilities are presented as gross assets and liabilities for FERC purposes, but are netted for GAAP.</span></div><div><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Income Taxes</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Income taxes are recorded in accordance with the FERC Policy Statement on Income Tax Allowances permitting the accrual of income taxes on a pass-through entity. Deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which the differences are expected to reverse. Actual income taxes could vary from these estimates due to future changes in income tax law or results from the final review of tax returns by federal or state authorities.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company is organized as a limited liability company and is treated as a partnership for U.S. federal and state income tax purposes. As such, the Company is generally not subject to federal or state income taxes. All revenues and expenses of the Company are reportable in the federal and state income tax returns of its members.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">FERC allows adjustments to the financial statements for allowable income taxes. The below table describes the state and federal income tax provision at December 31, 2025 and the related effective tax rate.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:71.816%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.984%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">TOTAL PROVISION</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Increment to State Deferred Income Tax</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,442,795 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Increment to Federal Deferred Income Tax</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(5,655,568)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current Provision/(Benefit) - State</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,204,436 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current Provision/(Benefit) - Federal</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">233,877,858 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total 2025 Provision/(benefit)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">237,869,521</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Effective Tax Rate</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">21.70</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">%</span></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Property, Plant and Equipment </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Property, plant and equipment as of December 31, 2025 and December 31, 2024, consists of pipeline assets, rights of way and construction in progress for the Pipeline. </span></div><div><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:34.700%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.191%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.705%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.730%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.035%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.039%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">December 31, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">December 31, 2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;text-indent:1.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%;text-decoration:underline">Useful Life</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.55pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pipeline</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,290,160,125 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,148,492,870 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:2px 1pt;text-align:center;text-indent:1.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">25</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Rights of Way</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">358,727,819 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">350,693,186 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:2px 1pt;text-align:center;text-indent:1.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">25</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other Property, Plant and Equipment</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7,909,427 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6,631,939 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:2px 1pt;text-align:center;text-indent:1.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5 - 20</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Construction in Progress</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">420,148,451 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">44,462,614 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:88%">Finance Lease, Right-of-use Assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:88%">4,376,238 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:88%">4,051,469 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:88%">5</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:22.5pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Property, Plant and Equipment</span></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">3,081,322,060</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:112%">2,554,332,078</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:22.5pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:88%">Accumulated Depreciation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:88%">(512,640,291)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:88%">(396,951,400)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:41.4pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:89%">Property, Plant and Equipment, net</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:89%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:89%">2,568,681,769</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:89%"> </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:89%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:89%">2,157,380,678</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:89%"> </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr></table></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">For the years ended December 31, 2025 and December 31, 2025, depreciation expense was $104.5 million and $84.2 million.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Asset Retirement Obligations</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Our ARO primarily relates to our pipeline assets. </span><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The changes in our ARO are as follows:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:80.803%"><tr><td style="width:1.0%"/><td style="width:53.227%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.104%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.369%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">December 31, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">December 31, 2024</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.55pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Beginning Period</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">37,835,087 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13,594,668 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">235,421 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">22,200,752 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accretion</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,114,579 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,039,667 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:3.6pt;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">End of Period</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:89%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:89%">40,185,087</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:89%"> </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:89%">$</span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:89%">37,835,087</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:89%"> </span></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/></tr></table></div>


entity_id: C000957
filing_name: Plains_Pipeline,_L.P._form6_Q4_1776440297
publication_time: 2026-04-17 15:38:17
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div><p><font style="text-decoration: underline; font-family: calibri; font-size: 12pt;">The following is a summary of significant items impacting the referenced financial statements:</font></p>
  <p><font style="text-decoration: underline; font-family: calibri; font-size: 12pt;"><strong>Description of Business and Basis of Presentation</strong></font></p>
  <p><font style="font-family: calibri; font-size: 12pt;">Plains Pipeline, L.P. (&#8220;Plains&#8221; or the &#8220;Company&#8221;) owns and operates an extensive network of crude oil pipeline assets in key crude oil basins and transportation corridors and at major market hubs in the United States.</font></p>
  <p><font style="font-family: calibri; font-size: 12pt;">The accompanying consolidated financial statements are presented in accordance with the Uniform System of Accounts prescribed by the Federal Energy Regulatory Commission &#8220;FERC&#8221;.</font></p>
  <p><font style="font-family: calibri; font-size: 12pt;">The preparation of financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</font></p>
  <p><font style="text-decoration: underline; font-family: calibri; font-size: 12pt;"><strong>Formation of Plains Marketing CA LLC</strong></font></p>
  <p><font style="font-family: calibri; font-size: 12pt;">Effective January 1, 2025, all of the California assets of Plains Pipeline, L.P. were vested in a new holding company, Plains Marketing CA LLC. In accordance with 18 CFR 352.3&#8208;10(b), since this transfer of carrier property was between affiliates, the transfer was recorded at</font></p>
  <p><font style="font-family: calibri; font-size: 12pt;">carrying value.</font></p>
  <p><font style="text-decoration: underline; font-family: calibri; font-size: 12pt;"><strong>Gain on Investment in Cheyenne</strong></font></p>
  <p><font style="font-family: calibri; font-size: 12pt;">On February 28, 2025, Plains acquired the remaining 50% membership interest in Cheyenne Pipeline LLC (&#8220;Cheyenne&#8221;) from a subsidiary of HF Sinclair Corporation (&#8220;Holly&#8221;). In exchange for the interest, Plains early terminated Holly&#8217;s existing Capacity lease agreement and Minimum Volume Commitment which were set to expire in 2026 and 2032, respectively (the "Transaction"). Following the Transaction, Plains is the sole owner of Cheyenne, holding a 100% ownership interest. In addition to the change in ownership, there were changes in governance which led to a change in control. Although Plains only acquired the remaining 50% interest in Cheyenne, the change of control necessitated the valuation of the entire business, which had a total fair value of $73 million, resulting in a gain of $34 million. This gain was recorded to Account 640, Miscellaneous Income.</font></p>
  <p class="MsoNormal" style="text-align: justify; mso-pagination: widow-orphan;"><font style="font-family: calibri; font-size: 12pt;"><strong><u>Acquisition of EPIC Crude Holdings, LP</u></strong></font></p>
  <p class="MsoNormal" style="margin-bottom: 0in; line-height: normal; mso-layout-grid-align: none; text-autospace: none;"><font style="font-family: calibri;"><font style="font-size: 12pt;">On October 31, 2025, Plains purchased an aggregate 55% equity interest in EPIC Crude Holdings, LP (which we now refer to as &#8220;Cactus III Pipeline&#8221;), from subsidiaries of Diamondback Energy, Inc. and</font> Kinetik Holdings Inc., for approximately $1.568 billion, subject to certain adjustments and inclusive of approximately $613 million of debt assumed. In a separate transaction, effective November 1, 2025, Plains acquired the remaining 45% equity interest in EPIC Crude Holdings, LP from a portfolio company of Ares Private Equity funds for approximately $1.327 billion, subject to certain adjustments and inclusive of approximately $501 million of debt assumed.</font></p>
  <p class="MsoNormal" style="margin-bottom: 0in; line-height: normal; mso-layout-grid-align: none; text-autospace: none;"><font style="font-family: calibri; font-size: 12pt;">Subsequent to these two transactions, Plains now owns 100% of EPIC Crude Holdings, LP and is the operator of record for the Cactus III Pipeline.</font></p>
  <p><font style="font-family: calibri; font-size: 12pt;">&#160;<strong style="text-align: justify;"><u>Other Matters</u></strong></font></p>
  <p class="MsoNormal" style="text-align: justify; mso-pagination: widow-orphan;"><font style="font-family: calibri; font-size: 12pt;"><em>Specific Incidents</em></font></p>
  <p class="MsoNormal"><font style="font-family: calibri; font-size: 12pt;">For the purposes of this footnote, references to &#8220;we&#8221;, &#8220;us&#8221;, &#8220;our&#8221;, &#8220;PAA&#8221; and &#8220;PAGP&#8221; refer to Plains Pipeline, L.P. or its parent entities or affiliated entities.&#160; Disclosures are included for events through the end of the applicable quarter covered by this filing.</font></p>
  <p class="MsoBodyText" style="margin-top: 0.65pt; text-indent: 13.5pt;"><font style="font-family: calibri; font-size: 12pt;"><em>Line 901 Incident</em>. In May 2015, we experienced a release of crude oil from our Las Flores to Gaviota Pipeline (Line&#160;901) in Santa Barbara County, California. Effective as of December 31, 2025, we estimate that the aggregate total costs we have incurred or will incur with respect to the Line 901 incident will be approximately $870 million, which includes actual emergency response and clean-up costs, natural resource damage assessments, fines and penalties incurred, certain third-party claims settlements, and estimated costs associated with our remaining Line 901 lawsuits and claims as described below, as well as estimates for certain legal fees and statutory interest where applicable. We accrue such estimates of aggregate total costs to &#8220;Unusual or Infrequent Items&#8221; in our Statements of Operations. This estimate considers our prior experience in environmental investigation and remediation matters and available data from, and in consultation with, our environmental and other specialists, as well as currently available facts and presently enacted laws and regulations. We have made assumptions for (i) the resolution of certain third-party claims and lawsuits, but excluding claims and lawsuits with respect to which losses are not probable and reasonably estimable, and (ii) the nature, extent and cost of legal services that will be required in connection with all lawsuits, claims and other matters requiring legal or expert advice associated with the Line 901 incident. Our estimate does not include any lost revenue associated with the shutdown of Line 901 or 903 and does not include any liabilities or costs that are not reasonably estimable at this time or that relate to contingencies where we currently regard the likelihood of loss as being only reasonably possible or remote. We believe we have accrued adequate amounts for all probable and reasonably estimable costs; however, this estimate is subject to uncertainties associated with the assumptions that we have made. For example, with respect to potential losses that we regard as only reasonably possible or remote, we have made assumptions regarding the strength of our legal position based on our assessment of the relevant facts and applicable law and precedent; if our assumptions regarding such matters turn out to be inaccurate (i.e., we are found to be liable under circumstances where we regard the likelihood of loss as being only reasonably possible or remote), we could be responsible for significant costs and expenses that are not currently included in our estimates and accruals. In addition, for any potential losses that we regard as probable and for which we have accrued an estimate of the potential losses, our estimates regarding damages, legal fees, court costs and interest could turn out to be inaccurate and the actual losses we incur could be significantly higher than the amounts included in our estimates and accruals. Also, the amount of time it takes for us to resolve all of the current and future lawsuits and claims that relate to the Line 901 incident could turn out to be significantly longer than we have assumed, and as a result the costs we incur for legal services could be significantly higher than we have estimated. Accordingly, our assumptions and estimates may turn out to be inaccurate and our total costs could turn out to be materially higher; therefore, we can provide no assurance that we will not have to accrue significant additional costs in the future with respect to the Line 901 incident.&#160;</font></p>
  <p class="MsoBodyText" style="margin-top: 0.65pt; text-indent: 13.5pt;"><font style="font-size: 12pt; font-family: calibri;">During the year ended December 31, 2025, we did not recognize any costs related to the Line 901 incident. During the years ended December 31, 2024 and 2023, we recognized costs, net of amounts probable of recovery from insurance (as applicable) of $345 million and $10 million, respectively. As of December 31, 2025 and 2024, we had a remaining undiscounted gross liability of approximately $22 million and $5 million, respectively, related to the Line 901 incident, which aggregate amounts are reflected in &#8220;Other current liabilities&#8221; on our Balance Sheet.</font></p>
  <p class="MsoBodyText" style="margin-top: 0.65pt; text-indent: 13.5pt;"><font style="font-size: 12pt; font-family: calibri;">We maintain insurance coverage, which is subject to certain exclusions and deductibles, in the event of such liabilities. To date, we have collected approximately $295 million of the $500 million available under our 2015 insurance program and we do not have any amounts recorded as receivables that are recognized on our Balance Sheets as of December 31, 2025 and 2024.</font></p>
  <p class="MsoBodyText" style="margin-top: 0.65pt; text-indent: 13.5pt;"><font style="font-size: 12pt; font-family: calibri;">We have completed the required clean-up and remediation work with respect to the Line 901 incident; however, we expect to make payments for additional legal and professional costs during future periods. During the second quarter of 2025, we agreed to confidential settlement terms for various lawsuits filed in California Superior Court in Santa Barbara County by companies and individuals who provided labor, goods, or services associated with oil production activities they claim were disrupted following the Line 901 incident, the agreed aggregate settlement amount has been factored into our Line 901 total cost estimate. The only other remaining Line 901 lawsuit is pending in California Superior Court in Santa Barbara County, in which a landowner on an adjacent pipeline is alleging property damage from the &#8220;stigma&#8221; of the Line 901 incident. We are vigorously defending this remaining lawsuit, which has not yet been set for trial, and believe we have strong defenses. Taking into account the costs that we have included in our total estimate of costs for the Line 901 incident and considering what we regard as very strong defenses to the claims made in our remaining Line 901 lawsuits, we do not believe the ultimate resolution of such remaining lawsuit will have a material adverse effect on our consolidated financial condition, results of operations or cash flows.</font></p></div>


entity_id: C012931
filing_name: Targa_Badlands_LLC_form6_Q4_1776451237
publication_time: 2026-04-17 18:40:37
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Company Business</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Our Badlands operations are located in the Bakken and Three Forks Shale plays of the Williston Basin in North Dakota. Targa Badlands includes approximately 500 miles of carrier crude oil pipelines, 120 MBbl of operational crude oil storage capacity at the Johnson's Corner Terminal, 30 MBbl of operational crude oil storage capacity at the Alexander Terminal, 30 MBbl of operational crude oil storage capacity at New Town and 25 MBbl of operational crude oil storage capacity at Stanley. Our Targa Badlands assets also include approximately 300 miles of non carrier natural gas gathering pipelines and the Little Missouri I-III natural gas processing plants, which have a processing capacity of 90 MMcf/d. </span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Basis of Presentation</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The financial statements and supporting schedules were prepared in accordance with the Uniform System of Accounts as prescribed by the FERC. The FERC-approved tariff establishes rates, terms and conditions under which the Company provides services to its customers. The Uniform System of Accounts is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America (“GAAP”). Financial accounting and reporting differences between FERC and GAAP are principally related to account classifications such as but not limited to: Plant held for sale is a current asset for GAAP and is included in Gas Plant for FERC; costs incurred and revenues collected for future plant retirement costs are classified as a regulatory liability for GAAP and as accumulated provision for depreciation for FERC; and deferred tax assets and liabilities are presented as gross assets and liabilities for FERC purposes, but are netted for GAAP. </span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Income Taxes</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Income taxes are recorded in accordance with the FERC Policy Statement on Income Tax Allowances permitting the accrual of income taxes on a pass-through entity. Deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which the differences are expected to reverse. Actual income taxes could vary from these estimates due to future changes in income tax law or results from the final review of tax returns by federal or state authorities.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company is organized as a limited liability company and is treated as a partnership for U.S. federal and state income tax purposes. As such, the Company is generally not subject to federal or state income taxes. All revenues and expenses of the Company are reportable in the federal and state income tax returns of its members</span><span style="color:#000000;font-family:'Aptos',sans-serif;font-size:12pt;font-weight:400;line-height:115%">.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:115%">FERC allows adjustments to the financial statements for allowable income taxes. The below table describes the state and federal income tax provision at December 31, 2025 and the related effective tax rate.</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:71.816%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.984%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">TOTAL PROVISION</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Increment/(Reduction) to State Deferred Income Tax</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">695,419 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Increment/(Reduction) to Federal Deferred Income Tax</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,242,313 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current Provision/(Benefit) - State</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">452,500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current Provision/(Benefit) - Federal</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,109,733 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total 2025 Provision/(benefit)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6,499,965</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Effective Tax Rate</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">24.40</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">%</span></td></tr></table></div>


entity_id: C010100
filing_name: San_Mateo_Black_River_Oil_Pipeline,_LLC_form6_Q4_1776455771
publication_time: 2026-04-17 19:56:11
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_commitments_or_contingent_assets_or_liabilities_text_block:
[cell repeats an earlier one in this file: 300 characters]

disclosure_of_significant_changes_in_operations_during_the_year_text_block:
  <div style="margin-top:2pt;padding-left:36pt;padding-right:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">Use this space to paste the disclosure required by instruction 4 of Page 122.</span></div>

disclosure_of_details_on_accounting_for_income_taxes_text_block:
[cell repeats an earlier one in this file: 300 characters]

disclosure_of_accounting_for_the_respondent_s_pensions_and_postretirement_benefits_text_block:
[cell repeats an earlier one in this file: 300 characters]

disclosure_of_significant_rate_or_other_regulatory_matters_text_block:
[cell repeats an earlier one in this file: 300 characters]

disclosure_of_important_notes_regarding_financial_statements_text_block:
[cell repeats an earlier one in this file: 300 characters]


entity_id: C000842
filing_name: Trans_Mountain_Pipeline_(Puget_Sound)_LLC_form6_Q4_1776463675
publication_time: 2026-04-17 22:07:55
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div>
  <div style="font-family: 'calibri';font-size: 11pt;margin-bottom: 0;margin-top: 0;"><div style="color: #000000;font-family: 'calibri';font-size: 11pt;font-style: ;font-weight: ;;display:inline;">Yearly Notes:</div></div><div style="font-family: 'calibri';font-size: 11pt;margin-bottom: 0;margin-top: 0;"><div style="color: #000000;font-family: 'calibri';font-size: 11pt;font-style: ;font-weight: ;;display:inline;">1.NA</div></div><div style="font-family: 'calibri';font-size: 11pt;margin-bottom: 0;margin-top: 0;"><div style="color: #000000;font-family: 'calibri';font-size: 11pt;font-style: ;font-weight: ;;display:inline;">2.NA</div></div><div style="font-family: 'calibri';font-size: 11pt;margin-bottom: 0;margin-top: 0;"><div style="color: #000000;font-family: 'calibri';font-size: 11pt;font-style: ;font-weight: ;;display:inline;">3.NA</div></div><div style="font-family: 'calibri';font-size: 11pt;margin-bottom: 0;margin-top: 0;"><div style="color: #000000;font-family: 'calibri';font-size: 11pt;font-style: ;font-weight: ;;display:inline;">4.NA</div></div><div style="font-family: 'calibri';font-size: 11pt;margin-bottom: 0;margin-top: 0;"><div style="color: #000000;font-family: 'calibri';font-size: 11pt;font-style: ;font-weight: ;;display:inline;">5.NA</div></div><div style="font-family: 'calibri';font-size: 11pt;margin-bottom: 0;margin-top: 0;"><div style="color: #000000;font-family: 'calibri';font-size: 11pt;font-style: ;font-weight: ;;display:inline;">6.NA</div></div>
  </div>


entity_id: C000418
filing_name: Olympic_Pipe_Line_Company_LLC_form6_Q4_1776694371
publication_time: 2026-04-20 14:12:51
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_commitments_or_contingent_assets_or_liabilities_text_block:
[cell repeats an earlier one in this file: 343 characters]

disclosure_of_significant_changes_in_operations_during_the_year_text_block:
[cell repeats an earlier one in this file: 343 characters]

disclosure_of_details_on_accounting_for_income_taxes_text_block:
[cell repeats an earlier one in this file: 343 characters]

disclosure_of_accounting_for_the_respondent_s_pensions_and_postretirement_benefits_text_block:
[cell repeats an earlier one in this file: 343 characters]

disclosure_of_significant_rate_or_other_regulatory_matters_text_block:
[cell repeats an earlier one in this file: 343 characters]

disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div style="margin-top:2pt;padding-left:36pt;padding-right:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">None</span></div>


entity_id: C000840
filing_name: Express_Pipeline_LLC_form6_Q4_1776697467
publication_time: 2026-04-20 15:04:27
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_commitments_or_contingent_assets_or_liabilities_text_block:
  <div>
  		<div>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-indent:18pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">3.</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-weight:bold">SIGNIFICANT COMMITMENTS OR CONTINGENT ASSETS OR LIABILITIES</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Long term Transportation Service Agreements</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">Express Pipeline entered into long term Transportation Service Agreement&#x2019;s (&#x201C;TSA&#x201D;) with a number of</span><span style="font-family:Arial"> shippers. Under these TSA&#x2019;s, the Express Pipeline is committed to provide crude oil transportation capacity at agreed tariffs.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:Arial; font-size:10pt; font-weight:bold">Oil</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-size:10pt; font-weight:bold">in</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-size:10pt; font-weight:bold">Custody</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">Express U.S. transports crude oil and liquid petroleum owned by its customers for a fee. Virtually all the volume of liquid hydrocarbons in the Company's pipeline system at any one time is owned by the Express U.S.' customers. Under terms of the Express U.S.' tariffs, losses of crude oil not resulting from direct negligence of the Company may be apportioned among its customers. In addition, Express U.S. maintains property insurance coverage with respect to crude oil and liquid petroleum in its custody.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Rights-of-Way</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">Express U.S., as part of its pipeline construction process, must obtain certain right-of-way agreements from landowners whose property the pipeline will cross. Right-of-way agreements that Express U.S. buys</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">are capitalized as part of property, plant and equipment. Right-of-way agreements that are leased from a third party are expensed.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'">&#160;</span>
  			</p>
  			<p style="margin-top:12pt; margin-bottom:12pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  		</div>
  	</div>

disclosure_of_details_on_accounting_for_income_taxes_text_block:
  <div>
  		<div>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">5.</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-weight:bold">ACCOUNTING FOR INCOME TAX</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:Arial; font-size:10pt">Express US is not taxable entity for federal and state income tax purposes. Accordingly, no recognition is given to</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">income taxes for financial reporting purposes. The parent of the Company is a corporation and thereby subject to</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">income</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">tax.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'">&#160;</span>
  			</p>
  			<p style="margin-top:12pt; margin-bottom:12pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  		</div>
  	</div>

disclosure_of_accounting_for_the_respondent_s_pensions_and_postretirement_benefits_text_block:
  <div>
  		<div>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">4. ACCOUNTING FOR PENSION AND POSTRETIREMENT BENEFITS</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">Express U.S. has no direct employees but has direct costs relating to Enbridge Inc. employee expenses that relate directly to the Company&#x2019;s operations. All Enbridge Inc. employees that directly work on Express U.S. have their salaries, wages, benefits, and pension costs being allocated to the Company. Express U.S. has no pension liability.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'">&#160;</span>
  			</p>
  			<p style="margin-top:12pt; margin-bottom:12pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  		</div>
  	</div>

disclosure_of_significant_rate_or_other_regulatory_matters_text_block:
  <div>
  		<div>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">6.</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-weight:bold">ENVIRONMENTAL LIABILITIES</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">Express U.S. is subject to federal and state laws and regulations relating to the protection of the environment. Environmental risk is inherent to liquid pipeline operations and the Company could, at times, be subject to environmental cleanup and enforcement actions. Express U.S. manages this environmental risk through appropriate environmental policies and practices to minimize any impact. To the extent that we are unable to recover environmental liabilities through insurance or other potentially responsib</span><span style="font-family:Arial">le parties, we will be responsible for payment of liabilities arising from environmental incidents associated with the operating activities of its pipeline business.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'">&#160;</span>
  			</p>
  			<p style="margin-top:12pt; margin-bottom:12pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  		</div>
  	</div>

disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div>
  		<div>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-indent:18pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">2.</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-weight:bold">&#160;</span><span style="font-family:Arial; font-weight:bold">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Basis of Presentation and Use of Estimates</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">The financial statements of Express U.S. have been prepared in accordance with accounting requirements of the FERC, as set forth in the applicable Uniform System of Accounts and published accounting releases (&#x201C;FERC USA&#x201D;), which is a comprehensive basis of accounting other than accounting principles generally accepted int the United States of America (&#x201C;US GAAP&#x201D;)</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">These financial statements have been prepared solely for the purpose of reporting prescribed by the FERC and exclude any purchase price adjustments as a result of Spectra Energy&#x2019;s acquisition of the Express U.S. or Spectra Energy&#x2019;s amalgamation with Enbridge.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and the disclosure of contingent assets and liabilities. Management of the Company regularly evaluates these estimates, utilizing historical experience, consultation with experts and other methods considered reasonable in the circumstances. Nevertheless, actual results may differ significantly from these estimates. Any effects on the f</span><span style="font-family:Arial">inancial statements resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Cash</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:Arial; font-size:10pt">Cash is held in major banks in the United States of America, which from time to time may exceed federally insured</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">limits. Management periodically assesses the financial condition of the financial institution and believes that any</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">possible</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">credit</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">loss is</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">minimal.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Property, Plant and Equipment</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:Arial; font-size:10pt">Property, plant and equipment, including pipelines, tanks, buildings and other equipment, are stated at cost less</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">accumulated depreciation. Cost includes all direct expenditures for system expansion, betterments and replacements,</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">and</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">capitalized</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">interest.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:Arial; font-size:10pt">Depreciation of regulated assets is recorded on a straight-line basis over their useful lives.</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">Depreciation rates for</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">regulated assets are approved by the regulator.</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">The average depreciation period is approximately 30 years.</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">Assets</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">under</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">construction</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">are</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">not</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">depreciated</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">until</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">they</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">are</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">placed</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">in</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">service.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:Arial; font-size:10pt">The cost of depreciable property retired, together with removal costs less salvage, is</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">charged to accumulated</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">depreciation.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:Arial; font-size:10pt">The</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">carrying</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">value</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">of</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">an</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">item</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">of</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">property,</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">plant</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">and</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">equipment</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">is</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">tested</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">for</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">recoverability</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">whenever</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">events</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">or</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">changes</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">in circumstances indicate that the carrying amount may not be recoverable.</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">An impairment loss is recognized when</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">the</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">carrying</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">amount</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">is not</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">recoverable</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">and</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">exceeds its fair</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">value.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Asset Retirement Obligation</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">Express U.S. recognizes the fair value of a future asset retirement obligation, if determinable, as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets which results from the acquisition, construction, development, and/or normal use of the assets. Express U.S. concurrently recognizes a corresponding increase in the carrying amount of the related long-lived asset that is depreciated over the life of the asset. The fair value of the asse</span><span style="font-family:Arial">t retirement obligation is estimated using the expected cash flow approach that reflects a range of possible outcomes discounted at a credit-adjusted risk-free interest rate. Subsequent to the initial measurement, the asset retirement obligation is adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation. Changes in the obligation due to the passage of time are recognized in income as an operating expense using the interest me</span><span style="font-family:Arial">thod. Changes in the obligation due to changes in estimated cash flows are recognized as an adjustment of the carrying amount of the related long-lived asset that is depreciated over the remaining life of the asset.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">As the fair value of future removal and site restoration costs for the Express System&#x2019;s pipeline systems is not currently determinable, Express U.S. has not recognized an asset retirement obligation as at December 31, 202</span><span style="font-family:Arial">5</span><span style="font-family:Arial"> and 202</span><span style="font-family:Arial">4</span><span style="font-family:Arial">.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Financial Instruments</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:12pt">
  				<span style="font-family:Arial; font-size:11pt">(i)</span><span style="font-family:'Times New Roman'; font-size:7pt; -aw-import:spaces">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family:Arial; font-size:10pt">Initial</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">measurement:</span>
  			</p>
  			<p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:Arial; font-size:10pt">Financial instruments are measured at fair value on origination or acquisition, adjusted by, in the case of financial</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">instruments that will not be subsequently measured at fair value, financing fees and transaction costs.</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">All other</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">transaction</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">costs are</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">recognized</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">in</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">net</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">earnings</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">in</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">the</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">period</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">incurred.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:12pt">
  				<span style="font-family:Arial; font-size:11pt">(ii)</span><span style="font-family:'Times New Roman'; font-size:7pt; -aw-import:spaces">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family:Arial; font-size:10pt">Subsequent</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">to</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">initial</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">recognition:</span>
  			</p>
  			<p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:Arial; font-size:10pt">Subsequent to initial recognition,</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">financial assets and liabilities held-to-maturity, are measured at amortized cost.</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">All</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">other financial assets and liabilities are initially measured at fair value, and are not re-measured subsequently to fair</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">value</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">because</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">their</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">initial</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">carrying</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">values</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">approximate</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">their</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">fair</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">values</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">due</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">to</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">the</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">short-term</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">nature</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">of</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">the</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">instruments.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:11pt">
  				<span style="font-family:Arial">(iii)</span><span style="font-family:'Times New Roman'; font-size:7pt; -aw-import:spaces">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family:Arial; font-size:10pt">Impairment:</span>
  			</p>
  			<p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; text-align:justify; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">At year-end Express U.S. assesses whether there are any indications that a financial asset may be impaired. For purposes of impairment testing, each individually significant asset is assessed individually. When there is an indication of impairment, Express U.S. determines whether a significant adverse change has occurred during the period in the expected timing or amount of future cash flows from the financial asset. When there has been a significant adverse change, the carrying value of the asset reduced t</span><span style="font-family:Arial">o the highest of:</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-indent:18pt; text-align:justify; font-size:12pt">
  				<span style="font-family:Arial; font-size:10pt">(a.) The</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">present</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">value</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">of</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">expected</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">cash</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">flows,</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">and</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-indent:18pt; text-align:justify; font-size:12pt">
  				<span style="font-family:Arial; font-size:10pt">(b.) The</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">amount</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">that</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">could</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">be</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">realized</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">by</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">selling</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">the</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">asset,</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-indent:18pt; text-align:justify; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:Arial; font-size:10pt">When the extent of impairment decreases and the decrease can be related to an event occurring after the impairment</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">was recognized,</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">the</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">impairment</span><span style="font-family:Arial">&#160;</span><span style="font-family:Arial; font-size:10pt">is reversed.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Related Party Transactions</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">Monetary related party transactions and non-monetary related party transactions that have commercial substance are measured at the exchange amount. Where a transaction is not in the normal course of operations, it is measured at the exchange amount when there is a substantive change in the ownership of the item transferred and there is independent evidence of the exchange amount. All other related party transactions are measured at the carrying amount.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Revenue Recognition</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">Express U.S. derives revenues from interstate transportation of crude oil and liquid petroleum under tariffs regulated by the FERC. Express U.S. recognizes revenue upon delivery of products to its customers, when pricing is determinable and collectability is reasonably assured. Express U.S. generally does not own the crude oil and liquid petroleum that it transports or stores, and therefore, does not assume significant direct commodity price risk.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:13.5pt">
  				<span style="font-family:Arial">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt">
  				<span style="font-family:Arial">Some long-term take-or-pay contracts contain make-up rights. Make-up rights are earned by shippers when minimum volume commitments are not utilized during the period but under certain circumstances can be used to offset overages in future periods, subject to expiration periods. We recognize revenue associated with make-up rights at the earlier of when the make-up volume is shipped, the make-up right expires, or when it is determined that the likelihood that the shipper will utilize the make-up right is remo</span><span style="font-family:Arial">te.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'">&#160;</span>
  			</p>
  			<p style="margin-top:12pt; margin-bottom:12pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  		</div>
  	</div>


entity_id: C000940
filing_name: Enbridge_Pipelines_(Toledo)_Inc._form6_Q4_1776697671
publication_time: 2026-04-20 15:07:51
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div>
  		<div>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; font-weight:bold">1. COMPANY ORGANIZATION AND NATURE OF OPERATIONS</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">General</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">Enbridge Pipelines (Toledo), Inc. (the &#x201C;Company&#x201D;) is a Delaware corporation and a wholly-owned subsidiary of Enbridge (U.S.) Inc. (&#x201C;Enbridge&#x201D;). The Company is engaged in the transportation of crude oil and liquid petroleum through a common carrier pipeline system that extends through the states of Michigan and Ohio. </span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Regulation</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">The Company's crude oil and liquid petroleum transportation activities are subject to regulation by the Federal Energy Regulatory Commission (&#x201C;FERC&#x201D;) and various state authorities. Regulatory bodies exercise statutory authority over matters such as rates and underlying accounting practices, and ratemaking agreements with customers.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; font-weight:bold">2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Basis of Presentation and Use of Estimates</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">The financial statements of the Company are prepared in accordance with accounting requirements of the Federal Energy Regulatory Commission, as set forth in the applicable Uniform System of Accounts and published accounting releases ("FERC USA"), which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America ("US GAAP"). </span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. Management regularly evaluates these estimates, utilizing historical experience, consultation with experts and other methods considered reasonable in the circumstances. Nevertheless, actual results may differ significantly from these estimates. Any effects on the consolidated financial statements resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Revenue Recognition</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-indent:20.15pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">The Company derives revenues from interstate transportation of crude oil and liquid petroleum under tariffs regulated by the FERC. The Company recognizes revenue upon delivery of products to its customers, when pricing is determinable and collectability is reasonably assured. The Company generally does not own the crude oil and liquid petroleum that it transports or stores, and therefore, does not assume significant direct commodity price risk.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Allowance for Doubtful Accounts</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">The Company establishes provisions for losses on accounts receivable if it determines that it will not collect all or part of the outstanding balance. Collectability is reviewed regularly and an allowance is established or adjusted, as necessary, using the specific identification method.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Inventory</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">Inventory includes product inventory and materials and supplies inventory. Product inventory, which consists of crude oil and liquid petroleum, are recorded at the lower of cost, as determined on a weighted average basis, or market. Upon disposition, product inventory is recorded to operating and administrative expense at the weighted average cost of inventory, including any adjustments recorded to reduce the product inventory to market value. Materials and supplies inventory is either used during operations and charged to operating expense as incurred, or used for capital projects and new construction, and capitalized to property, plant and equipment.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Oil Measurement Gains and Losses</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">Oil measurement gains and losses occur as part of the normal operating conditions associated with the Company's pipelines. The three types of oil measurement losses include:</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; text-align:justify; padding-left:31pt; font-size:12pt">
  				<span style="font-family:Arial; font-size:11pt">a.</span><span style="font-family:'Times New Roman'">physical, which occur through evaporation, shrinkage, differences in measurement between receipt and delivery locations and other operational incidents;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; text-align:justify; padding-left:31pt; font-size:12pt">
  				<span style="font-family:Arial; font-size:11pt">a.</span><span style="font-family:'Times New Roman'">degradation, which result from mixing at the interface between higher quality light crude oil and lower quality heavy crude oil in pipelines; and</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; text-align:justify; padding-left:31pt; font-size:12pt">
  				<span style="font-family:Arial; font-size:11pt">a.</span><span style="font-family:'Times New Roman'">revaluation, which are a function of crude oil prices and the level of the carrier's inventory.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-indent:20.15pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">Difficulties are inherent in quantifying oil measurement gains and losses because physical measurements of volumes are not practical, as products continuously move through the pipelines and virtually all of the Company&#x2019;s pipelines are located underground. </span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Capitalization Policies, Depreciation Methods and Impairment of Property, Plant and Equipment</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">The Company capitalizes expenditures related to property, plant and equipment, subject to a minimum rule, that have a useful life greater than one year for (1) assets purchased or constructed; (2) existing assets that are replaced, improved, or the useful lives have been extended; or (3) all land, regardless of cost. Acquisitions of new assets, additions, replacements and improvements (other than land) costing less than the minimum rule, in addition to maintenance and repair costs, are expensed as incurred.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">During construction, the Company capitalizes direct costs, such as labor and materials, and other costs, such as direct overhead and interest at its weighted average cost of debt.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">The Company records property, plant and equipment at its original cost, which is depreciated on a straight-line basis over the lesser of its estimated useful life or the estimated remaining life of the crude oil reserves in the basins the assets serve. Upon disposition of property, plant and equipment, the cost less net proceeds is typically charged to accumulated depreciation and no gain or loss on disposal is recognized. </span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">The Company evaluates the recoverability of its property, plant and equipment when events or circumstances such as economic obsolescence, the business climate, legal and other factors indicate it may not recover the carrying amount of the assets. The Company evaluates the asset for recoverability by estimating the undiscounted future cash flows expected to be derived from operating the asset. The Company recognizes an impairment loss when the carrying amount of the asset exceeds its fair value as determined by quoted market prices in active markets or present value techniques if quotes are unavailable. </span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Income Taxes</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">The Company uses the liability method of accounting for income taxes. Deferred income tax assets and liabilities are recognized based on temporary differences between the financial statement carrying amounts and the tax bases of existing assets. Deferred income tax assets and liabilities are measured using the tax rate that is expected to apply when the temporary differences reverse. </span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Commitments, Contingencies and Environmental Liabilities </span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-indent:20pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">The Company expenses or capitalizes, as appropriate, expenditures for ongoing compliance with environmental regulations that relate to past or current operations. Amounts for remediation of existing environmental contamination caused by past operations, which do not benefit future periods by preventing or eliminating future contamination, are expensed. Liabilities are recorded when environmental assessments indicate that remediation efforts are probable, and the costs can be reasonably estimated. These estimates are subject to revision in future periods based on actual costs or new information and are included on the Consolidated Statements of Financial Position in other current and long-term liabilities at their undiscounted amounts. </span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">The Company recognizes liabilities for other contingencies when, after fully analyzing the available information, it determines it is either probable that an asset has been impaired or that a liability has been incurred and the amount of impairment or loss can be reasonably estimated. When a range of probable loss can be estimated, the Company accrues the most likely amount, or if no amount is more likely than another, the minimum of the range of probable loss. The Company typically expenses legal costs associated with loss contingencies as such costs are incurred.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; font-weight:bold">3. RELATED PARTY TRANSACTIONS</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Administrative and Workforce Related Services</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">Affiliate companies provide management and administrative, operations and workforce related services to the Company. Enbridge does not record any profit or margin for the services charged to the Company.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; font-weight:bold">4. ENVIRONMENTAL LIABILITIES</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">The Company is subject to federal and state laws and regulations relating to the protection of the environment. Environmental risk is inherent to liquid pipeline operations and the Company could, at times, be subject to environmental cleanup and enforcement actions. The Company manages this environmental risk through appropriate environmental policies and practices to minimize any impact. </span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">The Company is not aware of any events of non-compliance with respect to environmental matters that would have a material effect on its financial position, results of operations or cash flows.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; font-weight:bold">5. COMMITMENTS AND CONTINGENCIES</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Oil in Custody</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:12pt">
  				<span style="font-family:'Times New Roman'">The Company transports crude oil and liquid petroleum owned by its customers for a fee. Virtually all the volume of liquid hydrocarbons in the Company&#x2019;s pipeline system at any one time is owned by the Company&#x2019;s customers. Under terms of the Company&#x2019;s tariffs, losses of crude oil not resulting from direct negligence of the Company may be apportioned among its customers. In addition, the Company maintains property insurance coverage with respect to crude oil and liquid petroleum in the Company&#x2019;s custody.</span>
  			</p>
  			<p style="margin-top:12pt; margin-bottom:12pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  		</div>
  	</div>


entity_id: C010328
filing_name: Gray_Oak_Pipeline,_Llc_form6_Q4_1776698026
publication_time: 2026-04-20 15:13:46
start_date: 2025-01-01
end_date: 2025-12-31
disclosure_of_significant_commitments_or_contingent_assets_or_liabilities_text_block:
  <div>
  		<div>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; padding-right:18pt; padding-left:31pt; font-size:10pt">
  				<span style="font-family:Arial">Use this space to paste the disclosure required by instruction 2 of Page 122.</span>
  			</p>
  			<p style="margin-top:12pt; margin-bottom:12pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  		</div>
  	</div>

disclosure_of_significant_changes_in_operations_during_the_year_text_block:
  <div>
  		<div>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; padding-right:18pt; padding-left:31pt; font-size:10pt">
  				<span style="font-family:Arial">Use this space to paste the disclosure required by instruction 4 of Page 122.</span>
  			</p>
  			<p style="margin-top:12pt; margin-bottom:12pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  		</div>
  	</div>

disclosure_of_details_on_accounting_for_income_taxes_text_block:
  <div>
  		<div>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; padding-right:18pt; padding-left:31pt; font-size:10pt">
  				<span style="font-family:Arial">Use this space to paste the disclosure required by instruction 5 of Page 122.</span>
  			</p>
  			<p style="margin-top:12pt; margin-bottom:12pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  		</div>
  	</div>

disclosure_of_accounting_for_the_respondent_s_pensions_and_postretirement_benefits_text_block:
  <div>
  		<div>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; padding-right:18pt; padding-left:31pt; font-size:10pt">
  				<span style="font-family:Arial">Use this space to paste the disclosure required by instruction 3 of Page 122.</span>
  			</p>
  			<p style="margin-top:12pt; margin-bottom:12pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  		</div>
  	</div>

disclosure_of_significant_rate_or_other_regulatory_matters_text_block:
  <div>
  		<div>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; padding-right:18pt; padding-left:31pt; font-size:10pt">
  				<span style="font-family:Arial">Use this space to paste the disclosure required by instruction 6 of Page 122.</span>
  			</p>
  			<p style="margin-top:12pt; margin-bottom:12pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  		</div>
  	</div>

disclosure_of_important_notes_regarding_financial_statements_text_block:
  <div>
  		<div>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">As at December 31, 2022, DCP Midstream, LLC (DCP), Gateway Holdings LLC (Gateway), and Rattler Midstream Operating LLC (Rattler) held 65%, 25%, and 10% interests in Gray Oak, respectively. DCP is owned 10% by Phillips 66 Partners Holdings LLC, an indirect, consolidated subsidiary of Enbridge Inc. (Enbridge). </span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">On Jan 9, 2023, Spectra acquired Rattler&#x2019;s 10% interest in Gray Oak. As at December 31, 2023, DCP, Gateway and Spectra held 65%, 25% and 10% interests in Gray Oak, respectively.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">Effective Apr 1, 2023, Gray Oak&#x2019;s operator transitioned from Phillips 66 Pipeline LLC to Enbridge.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">Gray Oak Pipeline LLC has no employees.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Summary of Significant Accounting Policies</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Revenue Recognition</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">Revenues from the transportation of crude oil are recognized when products are delivered and the service has been performed, the amount of revenue can be reliably measured and collectability is reasonably assured. Revenues related to these services provided but not yet billed are estimated each month. These estimates are generally based on contract data, and preliminary throughput and allocation measurements. Final bills for the current month are billed and collected in the following month. </span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">Long-term transportation service agreements may contain make-up rights. Make-up rights are earned by</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">shippers when minimum volume commitments are not utilized during the period but under certain</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">circumstances can be used to offset overages in future periods, subject to expiry. We recognize revenues</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">associated with make-up rights at the earlier of when the make-up volume is shipped, the make-up right</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">expires or when it is determined that the likelihood that the shipper will utilize the make-up right is remote.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Transaction Costs</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">Transaction costs are incremental costs directly related to the acquisition of a financial asset or the issuance</span><span style="font-family:Arial"> </span><span style="font-family:Arial">of a financial liability. We incur transaction costs primarily from the issuance of debt and account for these</span><span style="font-family:Arial"> </span><span style="font-family:Arial">costs as a deduction from Long-term debt in the Statements of Financial Position. These costs are amortized</span><span style="font-family:Arial"> </span><span style="font-family:Arial">using the effective interest rate method over the term of the related debt instrument and are recorded in</span><span style="font-family:Arial"> </span><span style="font-family:Arial">Interest expense in the Statements of Earnings.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Income Taxes</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">We are not subject to federal income taxes. Our taxable income or loss is included as part of the taxable income for each of the members. Our income tax expense reflects our state tax obligations under the Revised Texas Franchise Tax. Deferred income tax assets and liabilities are recognized for temporary differences between our assets and liabilities for financial reporting and tax purposes.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Cash</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">Cash includes amounts deposited in accounts with a US bank and is recorded at cost which approximates fair value.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Receivables and Current Expected Credit Losses</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">Accounts receivable are measured at cost. A loss allowance matrix is utilized to measure lifetime expected credit losses. The matrix contemplates historical credit losses by age of receivables, adjusted for any forward-looking information and management expectations.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Inventory</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">Inventory consists mainly of materials and supplies, which are recorded at the lower of average cost of net realizable value.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Property, Plant and Equipment</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">Property, plant and equipment is recorded at historical cost. Expenditures for construction, expansion, major renewals and betterments are capitalized. Maintenance and repair costs are expensed as incurred. Expenditures for project development are capitalized if they are expected to have future benefit. Depreciation is generally provided on a straight-line basis over the estimated useful lives of the assets commencing when the asset is placed in service. For pipeline, utilities, and similar entities, the pool method of accounting for property, plant and equipment is followed whereby similar assets are grouped and depreciated as a pool. When group assets are retired or otherwise disposed of, gains and losses are generally not reflected in earnings but are booked as an adjustment to accumulated depreciation.</span>
  			</p>
  			<p style="margin-top:15pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Impairment</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">We review the carrying values of our long-lived assets as events or changes in circumstances warrant. If it is determined that the carrying value of an asset exceeds its expected undiscounted cash flows, we will calculate fair value based on the discounted cash flows and write the asset down to the extent that the carrying value exceeds the fair value.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Asset Retirement Obligations</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">Asset retirement obligations (ARO) associated with the retirement of long-lived assets are recognized and measured at fair value in the period which they can be reasonably determined. The fair value approximates the cost a third party would charge in performing the tasks necessary to retire such assets and is recognized at the present value of expected future cash flows. The ARO is depreciated on a basis consistent with depreciation of the underlying assets. The corresponding liability is accreted over time through charges to earnings and is reduced by actual costs of decommissioning and reclamation. Our estimates of retirement costs could change as a result of changes in cost estimates and regulatory requirements.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">Currently, for the majority of the our assets, it is not possible to make a reasonable estimate of ARO due to the indeterminate timing and scope of the asset retirements. These assets include pipelines whose retirement dates will depend mostly on the various diluent supply sources that connect to our systems and the ongoing demand for diluent usage in the markets we serve. We expect these supply sources and market demands to continue for the foreseeable future, therefore we are unable to estimate retirement dates that would result in ARO liabilities.</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial; font-weight:bold">Commitments, Contingencies and Environmental Liabilities </span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">We expense or capitalize, as appropriate, expenditures for ongoing compliance with environmental</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">regulations that relate to past or current operations. We expense costs incurred for remediation of existing</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt">
  				<span style="font-family:Arial">environmental contamination caused by past operations that do not benefit future periods by preventing or</span><span style="font-family:Arial"> </span><span style="font-family:Arial">eliminating future contamination. We record liabilities for environmental matters when assessments indicate</span><span style="font-family:Arial"> </span><span style="font-family:Arial">that remediation efforts are probable and the costs can be reasonably estimated. Estimates of environmental</span><span style="font-family:Arial"> </span><span style="font-family:Arial">liabilities are based on currently available facts, existing technology and presently enacted laws and</span><span style="font-family:Arial"> </span><span style="font-family:Arial">regulations taking into consideration the likely effects of inflation and other factors. These amounts also</span><span style="font-family:Arial"> </span><span style="font-family:Arial">consider prior experience in remediating contaminated sites, other companies&#x2019; clean-up experience and data</span><span style="font-family:Arial"> </span><span style="font-family:Arial">released by government organizations. Liabilities for other commitments and</span><span style="font-family:Arial"> </span><span style="font-family:Arial">contingencies are recognized when, after fully analyzing available</span><span style="font-family:Arial"> </span><span style="font-family:Arial">information, we determine it is either probable that an asset has been impaired, or a liability has been</span><span style="font-family:Arial"> </span><span style="font-family:Arial">incurred, and the amount of the impairment or loss can be reasonably estimated. When a range of probable</span><span style="font-family:Arial"> </span><span style="font-family:Arial">loss can be estimated, we recognize the most likely amount, or if no amount is more likely than another, the</span><span style="font-family:Arial"> </span><span style="font-family:Arial">minimum of the range of probable loss is accrued. We expense legal costs associated with loss</span><span style="font-family:Arial"> </span><span style="font-family:Arial">contingencies as such costs are incurred.</span><span style="font-family:Arial; font-weight:bold"> </span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:12pt; margin-bottom:12pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  			<p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt">
  				<span style="font-family:'Times New Roman'; ">&#160;</span>
  			</p>
  		</div>
  	</div>


