Non-GAAP Financial Measures February 12, 2026 Definitions: Non-GAAP Financial Measures This presentation includes non-GAAP financial measures. This information should not be considered in isolation or as a substitute for related GAAP measures. Additionally, these measures as calculated by the Company may not be comparable to similarly titled measures used by other companies. ADJUSTED EPS OR DILUTED EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS We use diluted earnings per share excluding special items (adjusted ...

Non-GAAP Financial Measures Definitions - The company uses non-GAAP financial measures, but they should not be considered a substitute for GAAP measures[2] - Adjusted EPS excludes special items to evaluate operational performance and compare results across periods[3] - Adjusted operating cash flow excludes special items to evaluate the performance of continuing operations and compare cash flow results[4] - Free cash flow is adjusted operating cash flow minus maintenance capital expenditures, used to assess financial performance and strengthen the balance sheet[5] - Adjusted EBITDA is calculated per the credit agreement, excluding certain charges and credits, to measure financial performance and evaluate debt service ability[6] Q3 2025 vs Q3 2024 Performance - Net income attributable to common stockholders was $117.5 million in Q3 2025, compared to $117.8 million in Q3 2024[7] - Diluted EPS was $0.83 in Q3 2025, compared to $0.81 in Q3 2024[7] - Adjusted EPS was $0.87 in Q3 2025, compared to $0.79 in Q3 2024[7] - Free cash flow was $181.9 million in Q3 2025, compared to $185.0 million in Q3 2024[8] 2025 Financial Outlook - The company expects adjusted EPS to be between $3.80 and $3.90[9] - The company expects net cash provided by operating activities excluding special items to be between $910 million and $950 million[9]

Financial Performance - Adjusted EBITDA for Q1 2025 was $250 million[6], compared to $233559 thousand for Q1 2024[39] - Free Cash Flow for Q1 2025 was $120 million[6], compared to $107511 thousand for Q1 2024[43] - Capital Expenditures for Q1 2025 were $78 million[6] - The company is affirming FY 2025 Adjusted EBITDA guidance of $109 billion to $115 billion[9] - The company is affirming FY 2025 Capital Guidance of $450 million to $540 million[9] Operational Highlights - Average gas processed volumes for Q1 2025 were 180 Bcfpd, a 17% year-over-year increase[14] - Midstream Logistics Adjusted EBITDA for Q1 2025 was $159 million, an 11% year-over-year increase[14] - Pipeline Transportation Adjusted EBITDA for Q1 2025 was $94 million, a 2% year-over-year decrease[14] - Construction of the 220 Mmcfpd Kings Landing Complex is progressing, with commissioning expected to begin in six weeks[9] Strategic Initiatives - The company authorized a $500 million share repurchase program[9] - The company issued $250 million of 6625% sustainability-linked senior notes[9]