Reserves and Production - Chevron's proved reserves at year-end 2025 were approximately 10.6 billion barrels of oil-equivalent (BOE), an increase of 8% compared to 2024[29]. - The largest additions to reserves were attributed to the acquisition of Hess Corporation and extensions and discoveries in shale and tight assets in the Permian Basin, along with project approvals in Australia and Guyana[29]. - At December 31, 2025, 43% of Chevron's net proved oil-equivalent reserves were located in the United States, 15% in Australia, and 11% in Kazakhstan[29]. - Total proved reserves of crude oil, condensate, and synthetic oil decreased from 4,777 million barrels in 2023 to 4,369 million barrels in 2025, a decline of approximately 8.5%[30]. - Average worldwide oil-equivalent production is projected to increase by 7% to 10% in 2026 compared to 2025, assuming a Brent crude oil price of $60 per barrel[33]. - Net production of crude oil, natural gas liquids, and natural gas reached 3.7 million barrels per day in 2025, representing a 12% increase from 2024, driven by the acquisition of Hess and record production in the Permian Basin[36]. - The total oil-equivalent production in 2025 included 1,429 thousand barrels per day of crude oil and 7,838 million cubic feet per day of natural gas[37]. - The total consolidated production for 2025 is projected to be 3,185 MBD of oil-equivalent, an increase from 2,925 MBD in 2024[37]. - The company has increased its production in Guyana, with 120 MBD in 2025 compared to no production in 2024[37]. - The company has a total of 472 MBD of production in Australia for 2025, slightly down from 479 MBD in 2024[37]. - The company has a total of 229 MBD of production in Africa for 2025, down from 267 MBD in 2024[37]. Workforce and Culture - Chevron's workforce consisted of 43,039 employees as of December 31, 2025, with 29% female representation[22]. - The company is focused on creating a diverse and inclusive work environment, rejecting quotas and making selection decisions based on merit[24]. - Chevron's total non-service station employees numbered 37,860, with 27% female representation and 73% male representation as of December 31, 2025[22]. - The company emphasizes the importance of operational excellence and employee safety, allowing employees to exercise stop-work authority to address unsafe conditions[25]. - Chevron aims to maintain a strong safety culture and environmental stewardship, with a focus on minimizing the impact of potential spills or leaks[169]. Strategic Direction and Goals - Chevron aims to safely deliver higher returns and lower carbon energy, leveraging its capabilities and partnerships to grow its oil and gas business[17]. - The company’s strategy focuses on delivering lower carbon energy while aiming for higher returns and superior shareholder value[17]. - Chevron's strategic direction includes lowering the carbon intensity of operations and expanding into new energy businesses[17]. - The company is investing in new energy solutions, including hydrogen and carbon capture technologies, to lower carbon intensity and create competitive returns[168]. Financial Overview - Chevron's financial condition and results of operations are discussed in detail in the Management's Discussion and Analysis section of the report[16]. - Chevron's average production cost per oil-equivalent barrel for 2025 is detailed in the financial statements, reflecting operational efficiency[31]. Exploration and Development - Chevron completed 1,059 productive wells in 2025, an increase from 804 in 2024[43]. - The company has a total of 386 wells drilling as of December 31, 2025, with 300 in the United States[43]. - Chevron's acquisition of Hess in 2025 expanded its pipeline infrastructure, enhancing its operational capabilities in the U.S.[158]. - Chevron was the apparent high bidder on 24 exploration blocks in the Gulf of America Big Beautiful Gulf 1 Lease Sale[70]. - Chevron secured nine additional offshore exploration blocks in Brazil, opening a new exploration frontier for the company[77]. - Chevron has a 30% nonoperated interest in the Stabroek Block, covering approximately 6.6 million acres, with an expected production capacity of 1.7 million gross barrels of oil per day by 2030[81]. - The One Guyana FPSO achieved first production in August 2025, with a capacity of approximately 250,000 gross barrels of oil per day, marking the fourth FPSO on the Stabroek Block[81]. - The Uaru development, sanctioned in April 2023, will utilize the Errea Wittu FPSO with a production capacity of approximately 250,000 gross barrels of oil per day, with first production expected in 2026[82]. - In 2025, Chevron was awarded a 90% working interest in exploration Blocks 5B and 6B offshore Guinea-Bissau[102]. Production Facilities and Capacity - Chevron's refining network had a capacity of 1.8 million barrels per day, with an average crude unit distillation capacity utilization of 92.9%[139]. - The expansion of the Pasadena Refinery became fully operational in 2025, increasing light crude oil throughput capacity to 125,000 barrels per day[141]. - Chevron's Gorgon LNG facility has a capacity of 15.6 million metric tons per year, with first gas from the Jansz-Io Compression project expected in 2028[128]. - In 2025, Chevron's Wheatstone LNG facility marked its 1,000th shipment since its commencement in 2017, with a capacity of 8.9 million metric tons per year[129]. - Chevron's Escravos Gas Plant in Nigeria has a total processing capacity of 680 million cubic feet per day of natural gas[109]. Environmental and Technological Initiatives - Chevron's Technology, Projects and Execution (TPE) organization focuses on innovation and operational excellence, supporting the delivery of cleaner energy solutions and holding over 4,000 patents[161][164]. - Chevron's marine fleet upgrades in 2025 included enhancements to four LNG vessels aimed at reducing emissions[160]. - Chevron's collaboration with startups and universities through Chevron Technology Ventures has supported over 140 startups in energy innovation[165]. - Chevron Phillips Chemical Company (CPChem) is constructing two major integrated polymer projects, with expected start-up in the first half of 2027, including the Golden Triangle Polymers Project in Texas and the Ras Laffan Petrochemical Project in Qatar[156]. - CPChem completed the Low Viscosity Poly Alpha Olefin Expansion Project in Belgium in 2025, enhancing its production capabilities[156].

J.B. HUNT TRANSPORT SERVICES, INC. (Exact name of registrant as specified in its charter) For the fiscal year ended December 31, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OR FORM 10-K ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 0-11757 (State or other jurisdiction of (I ...

Financial Performance - Net income available to common shareholders for 2025 was $30.4 million, a 95.53% increase from $15.5 million in 2024, with diluted EPS rising to $3.72 from $1.91[285][288] - Noninterest income for 2025 was $13.1 million, an increase of $997,000 or 8.2% from $12.1 million in 2024, primarily due to higher mortgage banking income and service fees on deposit accounts[329] - Total noninterest expenses for 2025 were $75.5 million, a $2.2 million increase from $73.3 million in 2024, mainly due to a $1.3 million rise in compensation and benefits[332] - Income tax expense for 2025 was $9.2 million, with an effective tax rate of 23.3%, compared to $4.4 million and 22.0% in 2024[336] - Total shareholders' equity increased to $368.7 million in 2025, up from $330.4 million in 2024, primarily due to net income of $30.4 million[380] Asset and Liability Management - Total assets increased to $4.40 billion as of December 31, 2025, up from $4.09 billion in 2024, representing a growth of 7.73%[283] - Total deposits rose to $3.72 billion in 2025, an increase of 8.18% from $3.44 billion in 2024[288] - The loan-to-deposit ratio was 103% as of December 31, 2025, down from 106% in 2024[367] - Cash and cash equivalents amounted to $269.6 million, or 6.1% of total assets, as of December 31, 2025[374] - The bank has unused borrowing capacity from the FHLB of $836.5 million as of December 31, 2025[376] Loan and Credit Quality - Total loans outstanding increased to $3.85 billion as of December 31, 2025, from $3.63 billion in 2024, reflecting a growth of $213.4 million[345] - The allowance for credit losses was $42.3 million as of December 31, 2025, with a ratio of allowance for credit losses to total loans at 1.10%[288] - Nonperforming assets to total loans increased to 0.37% in 2025 from 0.30% in 2024, indicating a slight deterioration in asset quality[288] - The provision for credit losses for 2025 was $3.0 million, compared to $125,000 in 2024 and $1.3 million in 2023, reflecting a $213.4 million increase in loan growth[320] - Nonaccrual loans were 0.36% of gross loans as of December 31, 2025, compared to 0.30% in 2024, with total nonaccrual loans increasing by $3.0 million during the year[354] Interest Income and Expense - Net interest income for 2025 reached $105.0 million, a 29.2% increase from $81.2 million in 2024, driven by a decrease in interest expense and an increase in interest income[301] - Interest income for 2025 was $211.5 million, an increase from $201.2 million in 2024 and $177.6 million in 2023, with 93.7% of this income derived from loans[302] - Interest expense decreased to $106.5 million in 2025 from $120.0 million in 2024, primarily due to repricing of the deposit portfolio in response to declining market interest rates[303] - The net interest margin improved to 2.57% in 2025, compared to 2.06% in 2024, reflecting better management of earning assets[288] - The net interest spread improved to 1.76% in 2025, compared to 1.16% in 2024, reflecting a 60 basis point increase driven by a decrease in the cost of interest-bearing liabilities[314] Capital and Risk Management - The total risk-based capital ratio was 12.89% as of December 31, 2025, indicating a strong capital position relative to risk-weighted assets[288] - Tier 1 capital ratio was 11.61% as of December 31, 2025, exceeding the minimum requirement of 8%[386] - The bank maintained a total capital ratio of 12.85% as of December 31, 2025, above the required 10%[386] - The company actively manages interest rate risk through asset/liability management to minimize adverse impacts on earnings from market interest rate changes[395] - Market risk primarily arises from interest rate risk, with minimal exposure to foreign currency exchange rate risk and commodity price risk[394] Deposits and Funding - Retail deposits reached $3.16 billion, accounting for 85.1% of total deposits, while brokered deposits were $552.9 million, or 14.9% of total deposits[367] - Total deposits increased to $3.57 billion in 2025, up 2.68% from $3.44 billion in 2024[369] - Core deposits were $2.88 billion, $2.66 billion, and $2.81 billion at December 31 for 2025, 2024, and 2023, respectively[369] - Average transaction account balances rose by $81.2 million, or 3.2%, while average time deposit balances increased by $48.2 million, or 5.4%[369] - Commitments under letters of credit were $20.4 million as of December 31, 2025, up from $16.2 million in 2024[392]

Financial Performance Risks - The company reported a significant increase in credit losses in its loan portfolios, which may adversely affect earnings [26] - The company may experience increased funding costs due to potential future reductions in credit ratings [26] - The company anticipates fluctuations in market interest rates could negatively impact performance due to changes in the yield curve [25] Operational Risks - The company is exposed to risks from operational failures, including cyber-attacks, which could affect customer experience and financial performance [27] - The company is subject to various operational risks, including fraud or theft, which may adversely affect business results [31] Competitive Landscape - The company faces competition from decentralized finance platforms and cryptocurrencies, which could disrupt its business model [29] Regulatory Environment - The company is subject to extensive governmental regulation, which may adversely impact operations and business model [36] Geographic Concentration - The company is concentrated in the South, Midwest, and Texas, making it vulnerable to adverse economic changes in these regions [29] Acquisition Risks - The company may not be able to complete future acquisitions or realize benefits from completed acquisitions [37] Risk Management - The company relies on the mortgage secondary market to manage various risks associated with its loan portfolio [27]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ The Williams Companies, Inc. Transcontinental Gas Pipe Line Company, LLC Northwest Pipeline LLC (Exact Name of Registrant as Specifi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) For the transition period from to Commission File No. 1-13079 RYMAN HOSPITALITY PROPERTIES, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) One Gaylord Drive, Nashville, Tennessee 37214 (Address of Principal Executive Offices) (Zip Code) Delaware 73-0664379 (I.R.S. Employer Identification No.) Registrant's Telephone Number, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number - 1-11353 LABCORP HOLDINGS INC. (Exact name of registrant as specified in its charter) | Delaware | 99-2588107 | | --- | --- | | (Stat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K Commission File Number: 001-36002 Clearway Energy, Inc. (Exact name of registrant as specified in its charter) Delaware 46-1777204 (State or other jurisdiction of incorporation or organization) 300 Carnegie Center, Suite 300 Princeton New Jersey 08540 (Address of principal executive of ices) (Zip Code) | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | Class A Common S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K Commission File Number: 001-36002 Clearway Energy, Inc. (Exact name of registrant as specified in its charter) Delaware 46-1777204 (State or other jurisdiction of incorporation or organization) 300 Carnegie Center, Suite 300 Princeton New Jersey 08540 (Address of principal executive of ices) (Zip Code) (609) 608-1525 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act ...

Table of Contents TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ transition period from to Commission file number 001-13908 Invesco Ltd. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorpora ...