−Removed: In addition to the other information contained in this Annual Report on Form 10-K, the following risk factors should be considered in evaluating our business and future prospects.
+Added: In addition to the other information contained in this Annual Report on Form 10-K, the following risk factors make an investment in us speculative or risky and should be considered in evaluating our business and future prospects.
Note that additional risks not presently known to us or that are currently considered immaterial may also have a negative impact on our business and operations.
−Removed: If any of the events or circumstances described below actually occur, our business, financial condition or results of operations could suffer and the trading price of our common stock could decline.
−Removed: Risks Associated with Natural Gas Production, Midstream and Processing Operations
+Added: If any of the events or circumstances described below actually occur, our business, financial condition or results of operations could suffer and the trading price of EQT common stock or other securities could decline.
+Added: Risks Associated with Natural Gas Upstream, Midstream and Processing Operations
Drilling for, producing, gathering, transmitting, storing and processing natural gas are high-risk and costly activities with many uncertainties.
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The occurrence of an event that is not fully covered by insurance could materially adversely affect our business, results of operations, cash flows and financial position.
−Removed: Additionally, our investment in midstream infrastructure development and maintenance programs is intended, among other items, to connect our wells to other existing gathering and transmission pipelines and can involve significant risks, including those relating to timing, cost overruns and operational efficiency.
+Added: Additionally, our investment in midstream infrastructure development and maintenance programs is intended, among other items, to connect our wells to other existing gathering and transmission pipelines and can involve significant risks, including those relating to timing, cost overruns and operational inefficiency.
Significant portions of our natural gas production are dependent on a small number of key compression and processing stations.
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Significant portions of our transmission and storage systems have been in service for several decades.
−Removed: The age and condition of these systems has contributed to, and could result in, adverse events, or increased maintenance or repair expenditures, and downtime associated with increased maintenance and repair activities, as applicable.
+Added: The age and condition of these systems has contributed to, and could result in, adverse events, or increased maintenance or repair expenditures, and downtime associated with increased maintenance or repair activities, as applicable.
Any such adverse events or any significant increase in maintenance and repair expenditures or downtime, or related loss of revenue, due to the age or condition of our systems could adversely affect our business, financial condition, results of operations, and cash flows.
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• vandalism and acts of sabotage;
−Removed: • the lack of available skilled labor, equipment and materials (or escalating costs in respect thereof, including as a result of inflation and/or tariffs);
+Added: • the lack of available skilled labor, equipment and materials (or escalating costs in respect thereof, including as a result of inflation and/or tariffs, particularly on steel and aluminum);
• issues regarding availability of or access to connecting infrastructure;
• the inability to obtain necessary rights-of-way or approvals and permits from regulatory agencies on a timely basis or at all (and maintain such rights-of-way, approvals and permits once obtained).
−Removed: Risks inherent in the construction of these types of projects, such as unanticipated geological conditions, challenging terrain in certain of our construction areas and severe or continuous adverse weather conditions, have adversely affected, and in the future could adversely affect, project timing, completion and costs, as well as increase the risk of loss of human life, personal injuries, significant damage to property or environmental contamination.
−Removed: Most notably, certain of these risks have been realized in the construction of the MVP, including construction-related risks and adverse weather conditions, and such risks or other risks may be realized in the future which may further adversely affect the timing and/or cost of the MVP and MVP Southgate (defined in Note 11 to the Consolidated Financial Statements).
+Added: Risks inherent in the construction of these types of projects, such as unanticipated geological conditions, challenging terrain in certain of our construction areas and severe or continuous adverse weather conditions, have adversely affected, and in the future could adversely affect, project timing, completion and costs, as well as increase the risk of loss of human life, personal injury, significant damage to property or environmental contamination.
+Added: Most notably, certain of these risks have been realized in the construction of MVP Mainline, including construction-related risks and adverse weather conditions, and such risks or other risks may be realized in the future which may further adversely affect the timing and/or cost of MVP Mainline, MVP Southgate and MVP Boost.
Given such risks and uncertainties, our midstream projects or those of our joint ventures may not be completed on schedule, within budgeted cost or at all.
As a further example, public participation, including by pipeline infrastructure opponents, in the review and permitting process of projects, through litigation or otherwise, has previously introduced, and in the future could introduce, uncertainty and adversely affect project timing, completion and cost.
−Removed: Further, civil protests regarding environmental justice, environmental health and safety, and social issues or challenges in project permitting processes related to such issues, including proposed construction and location of infrastructure associated with fossil fuels, poses an increased risk and may lead to increased litigation, legislative and regulatory initiatives and review at federal, state, tribal and local levels of government or permitting delays that can prevent or delay the construction of such infrastructure and realization of associated revenues.
+Added: Further, civil protests regarding environmental justice, environmental health and safety, and social issues or challenges in project permitting processes related to such issues, including proposed construction and location of infrastructure associated with fossil fuels, poses an increased risk and may lead to increased litigation, legislative and regulatory initiatives and review at federal, state, tribal and local levels of government or permitting delays that could prevent or delay the construction of such infrastructure and realization of associated revenues.
Additionally, construction expenditures on projects generally occur over an extended period, yet we will not receive revenues from, or realize any material increases in cash flow as a result of, the relevant project until it is placed into service.
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A terrorist attack or armed conflict targeting our systems or natural gas infrastructure generally could materially adversely impact our operations.
−Removed: Growing geopolitical instability and armed conflicts (including between Russia and Ukraine and in the Middle East) has resulted in energy infrastructure becoming a more prominent target of attack by terrorists and conflicting countries.
+Added: Growing geopolitical instability and armed conflicts (including in Venezuela, Russia and Ukraine, and the Middle East) has resulted in energy infrastructure becoming a more prominent target of attack by terrorists and conflicting countries.
Natural gas, NGLs and oil related facilities, including those operated by us or our service providers, could be direct targets of physical or cyber-attacks, and, if infrastructure integral to our operations is destroyed or damaged, we may experience a significant disruption in our operations.
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Costs for insurance and other security may increase as a result of increased threats, and certain insurance coverage may become more difficult to obtain, if available at all.
−Removed: Potential physical effects of climate change could disrupt our production, midstream and processing activities, cause us to incur significant costs in preparing for or responding to those effects, or otherwise adversely affect our business.
−Removed: Some scientists have concluded that increasing concentrations of GHGs in the Earth's atmosphere produce climate changes that may have significant physical effects, such as increased frequency and severity of storms, fires, floods, droughts, and other extreme climatic events.
+Added: Potential physical effects of climate change could disrupt our upstream, midstream and processing activities, cause us to incur significant costs in preparing for or responding to those effects, or otherwise adversely affect our business.
+Added: Many scientists have concluded that increasing concentrations of GHGs in the Earth's atmosphere produce climate changes that may have significant physical effects, such as increased frequency and severity of storms, fires, floods, droughts, and other extreme climatic events.
If any such effects were to occur, they have the potential to cause physical damage to our assets or affect the availability of water and thus could have an adverse effect on our operations.
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If we cannot preserve a lease, the lease terminates.
−Removed: Approximately 6% of our net undeveloped acres are subject to leases that could expire over the next three years.
+Added: As of December 31, 2025, approximately 5% of our net undeveloped acres are subject to leases that could expire over the next three years.
Lack of access to capital, changes in government regulations, changes in future development plans or commodity prices, reduced drilling activity, or the reduction in the fair value of undeveloped properties in the areas in which we operate could impact our ability to preserve, trade or sell our leases prior to their expiration, resulting in the termination or impairment of leases for properties that we have not developed.
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As has been the case in the past, if we were to be unsuccessful in negotiating or renegotiating rights-of-way or easements, we might have to institute condemnation proceedings on our FERC-regulated assets, the potential for which may have a negative effect on the timing and/or terms of FERC action on a project's certification application and/or the timing of any authorized activities, or relocate our facilities for non-regulated assets.
−Removed: The FERC has announced a policy that would presumptively stay the effectiveness of certain future construction certificates, which may limit when we are able to exercise condemnation authority.
−Removed: It is possible that Congress may amend Section 7 of the NGA to codify the FERC's presumptive stay or otherwise limit, modify, or remove the ability to utilize condemnation.
+Added: It is possible that Congress may amend Section 7 of the NGA to limit, modify or remove the ability to utilize condemnation.
It is also possible that a court may limit, modify or remove an operator's ability to utilize condemnation under Section 7 of the NGA.
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Additionally, a failure to effectively and efficiently operate existing wells may cause our production volume to fall short of our projections.
−Removed: Our drilling and subsequent maintenance of wells can involve significant risks, including those related to timing, cost overruns and operational efficiency, and these risks can be affected by the availability of capital, leases, rigs, equipment, a qualified work force, and adequate capacity for the treatment and recycling or disposal of wastewater generated in our operations, as well as weather conditions, natural gas, NGLs and oil price volatility, regulatory approvals, title and property access problems, geology, equipment failure or accidents and other factors.
+Added: Our drilling and subsequent maintenance of wells can involve significant risks, including those related to timing, cost overruns and operational inefficiency, and these risks can be affected by the availability of capital, leases, rigs, equipment, a qualified work force, and adequate capacity for the treatment and recycling or disposal of wastewater generated in our operations, as well as weather conditions, natural gas, NGLs and oil price volatility, regulatory approvals, title and property access problems, geology, equipment failure or accidents and other factors.
Drilling for natural gas and oil can be unprofitable, not only due to dry wells, but also as a result of productive wells that perform below expectations or that do not produce sufficient revenues to return a profit.
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Consequently, our revenue, profitability, future rate of growth, liquidity and financial position depend upon the market prices for natural gas and, to a lesser extent, NGLs and oil.
−Removed: Because our production and reserves predominantly consist of natural gas (approximately 93% of our equivalent proved developed reserves), changes in natural gas prices have significantly greater impact on our financial results than oil prices.
+Added: Because our production and reserves predominantly consist of natural gas (approximately 93% of our equivalent proved developed reserves as of December 31, 2025), changes in natural gas prices have a significantly greater impact on our financial results than oil prices.
The prices for natural gas, NGLs and oil have historically been volatile and have been particularly volatile in recent years.
−Removed: The daily spot prices for NYMEX Henry Hub natural gas ranged from a high of $3.40 per MMBtu to a low of $1.21 per MMBtu between the period from January 1, 2024 through December 31, 2024, and the daily spot prices for NYMEX West Texas Intermediate oil ranged from a high of $87.69 per barrel to a low of $66.73 per barrel during the same period.
+Added: The daily spot prices for NYMEX Henry Hub natural gas ranged from a high of $9.86 per MMBtu to a low of $2.65 per MMBtu between the period from January 1, 2025 through December 31, 2025, and the daily spot prices for NYMEX WTI oil ranged from a high of $80.73 per barrel to a low of $55.44 per barrel during the same period.
NGLs are made up of ethane, propane, isobutane, normal butane and natural gasoline, all of which have different uses and different pricing characteristics, which adds further volatility to the pricing of NGLs.
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• the cost of exploring for, developing, producing and transporting natural gas, NGLs and oil;
−Removed: • risks associated with drilling, completion and production operations;
+Added: • risks associated with drilling, completion and upstream operations;
• domestic, local and foreign governmental regulations, tariffs and taxes, including environmental and climate change regulation.
−Removed: We use financial models to attempt to project future prices for the hydrocarbons we produce and sell, and we make decisions regarding our production, operations and hedging strategy in part based on such modelling.
+Added: We use financial models to attempt to project future prices for the hydrocarbons we produce and sell, and we make decisions regarding our production, operations and hedging strategy in part based on such modeling.
However, due to the volatility of commodity prices and the multitude of external factors that impact commodity prices, many of which are unknown and unforeseeable, we are unable to predict with certainty future potential movements in the market prices for natural gas, NGLs and oil.
−Removed: The success of our plans and strategies could be negatively affected if our projections of future hydrocarbon prices are significantly different from the ultimate actual price.
+Added: The success of our plans and strategies could be negatively affected if our projections of future hydrocarbon prices are significantly different from the ultimate actual prices.
Natural gas, NGLs and oil price volatility, or a prolonged period of low natural gas, NGLs and oil prices, may have an adverse effect on our revenue, profitability, future rate of growth, liquidity and financial position.
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Reductions in cash flows from lower commodity prices may require us to incur additional debt or reduce our capital spending, which could reduce our production and our reserves, negatively affecting our future rate of growth.
−Removed: Reduced cash flows could also result in us having to make downward adjustments to our financial projections, such as free cash flow, and could cause us to revise our shareholder returns initiatives, including the amount of dividends paid on our common stock, which could negatively impact the price of our common stock and our ability to access the capital markets.
+Added: Reduced cash flows could also result in us having to make downward adjustments to our financial projections, such as free cash flow, and could cause us to revise our shareholder returns initiatives, including the amount of dividends paid on EQT common stock, which could negatively impact the price of EQT common stock and our ability to access the capital markets.
Lower prices for natural gas, NGLs and oil may also adversely affect our credit ratings and result in a reduction in our borrowing capacity and access to other capital.
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Our ability to increase our customer-subscribed pipeline capacity and throughput and resulting revenue is subject to numerous factors beyond our control, including competition from other producers' existing contractual obligations to competitors, the location of our assets relative to those of competitors for existing or potential midstream customers (or such customers' own midstream assets), takeaway capacity constraints out of the Appalachian Basin, commodity prices, producers' optionality in utilizing our (relative to third-party) systems to fill downstream commitments, and the extent to which we have available capacity when and where shippers require it.
−Removed: To the extent that we lack available capacity on our systems for volumes, or we cannot economically increase capacity, we may not be able to compete effectively with third-party systems for additional natural gas production in our areas of operation, and capacity constraints, as well as commodity prices, may, as has occurred in the past, adversely affect the degree to which natural gas production occurs in the Appalachian Basin, and relatedly the degree to which our midstream systems are utilized.
+Added: To the extent we lack available capacity on our systems for volumes, or we cannot economically increase capacity, we may not be able to compete effectively with third-party systems for additional natural gas production in our areas of operation, and capacity constraints, as well as commodity prices, may, as has occurred in the past, adversely affect the degree to which natural gas production occurs in the Appalachian Basin, and relatedly the degree to which our midstream systems are utilized.
Our efforts to attract new midstream customers or larger commitments from existing customers may be adversely affected by our desire to provide services pursuant to long-term firm contracts and contracts with MVCs.
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Under FERC policy, a regulated service provider and a customer may mutually agree to a "negotiated rate," and that contract must be filed with and accepted by the FERC.
−Removed: As of December 31, 2024, approximately 99% of the contracted firm transmission capacity on our systems was subscribed under such "negotiated rate" contracts.
+Added: As of December 31, 2025, approximately 95% of our Transmission segment's contracted firm transmission capacity was subscribed under negotiated rate agreements.
Unless the parties to these "negotiated rate" contracts agree otherwise, the contracts generally may not be adjusted to account for increased costs that could be caused by inflation, GHG emission cost (such as carbon taxes, fees, or assessments) or other factors relating to the specific facilities being used to perform the services.
A financial crisis or deterioration in general economic, business or geopolitical conditions could materially adversely affect our operations and financial condition.
−Removed: Concerns over global economic conditions, stock market volatility, energy costs, geopolitical issues (including continued hostilities between Russia and Ukraine as well as other conflicts, including in the Middle East), potential tariffs imposed by the United States or other countries on goods and natural resources, including natural gas and LNG, inflation and U.S.
+Added: Concerns over global economic conditions, stock market volatility, energy costs, geopolitical issues (including in and relating to Venezuela, Russia and Ukraine, and the Middle East), potential tariffs imposed by the United States or other countries on goods and natural resources, including natural gas and LNG, inflation and U.S.
Federal Reserve interest rate adjustments in response thereto, and the availability and cost of credit, have contributed and may continue to contribute to increased economic uncertainty and diminished expectations for the global economy.
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Climate change-related developments may also impact the market prices of, or our access to, raw materials such as energy, iron, sand and water and therefore result in increased costs to our business.
−Removed: Further, there have been efforts to influence the investment community, including investment advisors, insurance companies, and certain sovereign wealth, pension and endowment funds and other groups, by promoting divestment of fossil fuel equities and pressuring lenders to limit funding and insurance underwriters to limit coverages to companies engaged in the extraction of fossil fuel reserves, which if successful, could make it more difficult to secure funding for exploration and production activities or adversely impact the cost of capital for both us and our customers and could thereby adversely affect the demand and price of our securities.
+Added: Further, there have been efforts to influence the investment community, including investment advisors, insurance companies, and certain sovereign wealth, pension and endowment funds and other groups, to divest themselves of fossil fuel equities and limit funding and insurance coverage to companies engaged in the extraction of fossil fuel reserves, which if successful, could adversely affect the demand and price of our securities and make it more difficult or expensive to secure funding for our activities.
Limitation of investments in and financings for energy companies could also result in the restriction, delay or cancellation of infrastructure projects and energy production activities.
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In 2024, we published, and in 2025 we updated, our Debt Retirement Plan.
−Removed: We intend to fund our Debt Retirement Plan through asset monetizations, such as the NEPA Non-Operated Asset Divestitures and the Midstream Joint Venture Transaction, and free cash flow;
+Added: We intend to fund our Debt Retirement Plan through asset monetizations and free cash flow;
however, there can be no assurance that we will be able to generate sufficient monetization proceeds and free cash flow to execute our Debt Retirement Plan on our anticipated timeframe, if at all.
−Removed: Our ability to de-lever and the pace thereof will depend on our future financial and operating performance, which will be affected by the prevailing economic conditions and financial, business, regulatory and other factors, as well as the MVP Joint Venture's (defined in Note 11 to the Consolidated Financial Statements) ability to execute on project-level financing, some of which are beyond our control.
+Added: Our ability to de-lever and the pace thereof will depend on our future financial and operating performance, which will be affected by the prevailing economic conditions and financial, business, regulatory and other factors, as well as the MVP Joint Venture's ability to execute on project-level financing, some of which are beyond our control.
If we are not able to successfully execute our Debt Retirement Plan or otherwise reduce our debt to a level we believe appropriate, our credit ratings may be lowered, we may reduce or delay our planned capital expenditures or investments, and we may revise our shareholder returns strategy or other strategic plans.
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Changes in our credit ratings may affect our access to the capital markets, the cost of short-term debt through interest rates and fees under our lines of credit, the interest rate on our revolving credit facilities and our senior notes with adjustable rates, the rates available on new debt, our pool of investors and funding sources, and the borrowing costs and margin deposit requirements on our OTC derivative instruments and credit assurance requirements, including collateral, in support of our midstream service contracts, joint venture arrangements or construction contracts.
−Removed: As of February 14, 2025, EQT's senior notes were rated "Baa3" with a "Negative" outlook by Moody's Investors Services (Moody's), "BBB–" with a "Stable" outlook by Standard & Poor's Ratings Service (S&P) and "BBB–" with a "Stable" outlook by Fitch Ratings Service (Fitch).
−Removed: As of February 14, 2025, EQM Midstream Partners, LP's (our wholly-owned subsidiary, EQM) senior notes were rated "Ba2" with a "Stable" outlook by Moody's, "BBB–" with a "Stable" outlook by S&P and "BB+" with a "Stable" outlook by Fitch.
−Removed: Although we are not aware of any current plans of Moody's, S&P or Fitch to downgrade its rating of EQT’s or EQM’s senior notes, we cannot be assured that one or more of these rating agencies will not downgrade or withdraw entirely its rating of EQT’s or EQM's senior notes.
+Added: As of February 11, 2026, our senior notes were rated "Baa3" with a "Stable" outlook by Moody's Investors Services (Moody's), "BBB–" with a "Stable" outlook by Standard & Poor's Ratings Service (S&P) and "BBB–" with a "Stable" outlook by Fitch Ratings Service (Fitch).
+Added: Although we are not aware of any current plans of Moody's, S&P or Fitch to downgrade its rating of our senior notes, we cannot be assured that one or more of these rating agencies will not downgrade or withdraw entirely its rating of our senior notes.
Low prices for natural gas, NGLs and oil, an increase in the level of our indebtedness or other factors may result in Moody's, S&P or Fitch downgrading its rating of our senior notes.
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If the payment of the debt is accelerated, our assets may be insufficient to repay such debt in full, and in turn our shareholders could experience a partial or total loss of their investment.
−Removed: EQT's revolving credit facility, Eureka's revolving credit facility, and certain of EQT's and EQM's senior notes each contain a cross default provision that applies to a default related to any other indebtedness the applicable borrower may have with an aggregate principal amount in excess of a specified threshold as set forth in the applicable debt documents
+Added: EQT's revolving credit facility, Eureka Midstream, LLC's (Eureka) revolving credit facility and certain of our senior notes each contain a cross-default provision that applies to a default related to any other indebtedness the applicable borrower may have with an aggregate principal amount in excess of a specified threshold as set forth in the applicable debt documents.
Our operations have substantial capital requirements, and we may not be able to obtain needed capital or financing on satisfactory terms.
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We are subject to financing and interest rate exposure risks.
−Removed: Our business and operating results can be adversely affected by increases in interest rates or other increases in the cost of capital resulting from a reduction in EQT's or EQM's credit ratings or otherwise.
+Added: Our business and operating results can be adversely affected by increases in interest rates or other increases in the cost of capital resulting from a reduction in our credit ratings or otherwise.
These changes could cause our cost of doing business to increase, limit our ability to pursue acquisition opportunities, reduce cash flows used for operating and capital expenditures and place us at a competitive disadvantage.
−Removed: Disruptions or volatility in the financial markets may lead to a contraction in credit availability impacting our ability to finance our operations.
+Added: Disruptions or volatility in the financial markets may lead to a contraction in credit availability.
A significant reduction in the availability of credit could materially and adversely affect our ability to implement our business strategy and achieve favorable operating results.
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Our operational strategy focuses on developing several multi-well pads in tandem through a process known as combo-development.
−Removed: We have allocated a substantial portion of our financial, human capital and other resources to pursuing this strategy, including investing in new technologies and equipment, restructuring our workforce, building and acquiring new infrastructure, and pursuing various ESG and energy transition initiatives geared towards enhancing our strategy.
−Removed: We may not realize some or any of the anticipated strategic, financial, operational, environmental and other anticipated benefits from our operational strategy and the corresponding investments we have made in pursuing our strategy.
−Removed: Additionally, we cannot be certain that we will be able to successfully execute combo-development projects at the pace and scale that we project, which may delay or reduce our production and our reserves, negatively affecting our associated revenues.
+Added: In addition, we are pursuing opportunities geared at enhancing our core operational strategy, including LNG exports, midstream growth projects, the development of data centers and other energy-adjacent or infrastructure-oriented initiatives, as well as sustainability and energy transition initiatives.
+Added: We have allocated a substantial portion of our financial, human capital and other resources to pursuing our strategy and these initiatives, including investing in new technologies and equipment, restructuring our workforce, building and acquiring new infrastructure, entering into new commercial arrangements, and pursuing projects that may involve new markets, counterparties, regulatory regimes and execution risks.
+Added: We may not realize some or any of the anticipated strategic, financial, operational, environmental and other anticipated benefits from our operational strategy or strategic initiatives and the corresponding investments we have made in pursuing such opportunities.
+Added: Our strategic initiatives may expose us to risks that differ from or exceed those associated with our traditional operations.
+Added: Such projects may be delayed, cost more than expected, fail to reach final investment decisions, fail to achieve commercial operations, or be terminated altogether, and even if completed, may not generate the expected returns or cash flows.
+Added: Additionally, we cannot be certain that we will be able to successfully execute combo-development projects, LNG export initiatives, midstream growth projects, data center development or other strategic projects at the pace and scale that we project, which may delay or reduce our production, reserves, revenues or expected benefits therefrom.
If we fail to identify and successfully execute optimal business strategies, including the appropriate operational strategy and corresponding initiatives, or fail to optimize our capital investments and the use of our other resources in furtherance of optimal business strategies, our financial position and growth may be adversely affected.
−Removed: Moreover, economic or other circumstances may change from those contemplated by our business plan, and our failure to recognize or respond to those changes may limit our ability to achieve our objectives.
+Added: Moreover, economic or other circumstances may change from those contemplated by our business plans, and our failure to recognize or respond to those changes may limit our ability to achieve our objectives.
Cyber incidents targeting our digital work environment or other technologies or energy infrastructure may adversely impact our operations.
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Computers and mobile devices control nearly all of the natural gas, NGLs and oil distribution systems in the U.S., which are necessary to transport our products to market.
−Removed: government has issued public warnings that indicate that energy assets might be specific targets of cyber or other security or physical threats, and the continuing armed conflict between Russia and Ukraine and associated economic sanctions on Russia may have increased the likelihood of such threats.
+Added: government has issued public warnings that indicate that energy assets might be specific targets of cyber or other security or physical threats, and the continuing armed conflict between Russia and Ukraine and associated economic sanctions on Russia, as well as evolving geopolitical unrest in other parts of the world, may have increased the likelihood of such threats.
We can provide no assurance that we will not suffer such attacks in the future.
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Our operations, projects and growth opportunities require us to have strong relationships with various key stakeholders, including our shareholders, employees, suppliers, customers, local communities and others.
−Removed: However, opposition towards oil and natural gas drilling and pipeline construction generally has been growing globally and is particularly pronounced in the U.S.
+Added: However, opposition towards oil and natural gas drilling and pipeline construction generally has been growing globally.
Failure to successfully manage expectations across these varied stakeholder interests could erode our stakeholder trust and thereby affect our reputation.
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If activism against oil and natural gas exploration and development persists or increases, there could be a material adverse effect on our business, financial condition and results of operations.
−Removed: Moreover, while we publish voluntary disclosures regarding ESG matters from time to time, some of the statements in those voluntary disclosures may be based on hypothetical expectations and assumptions that may or may not be representative of current or actual risks or events or forecasts of expected risks or events, including the costs associated therewith.
−Removed: Such expectations and assumptions are necessarily uncertain and may be prone to error or subject to misinterpretation given the long timelines involved and the lack of an established single approach to identifying, measuring and reporting on many ESG matters.
−Removed: In addition, organizations that provide information to investors on corporate governance and related matters have developed ratings processes for evaluating companies on their approach to ESG matters.
+Added: Moreover, while we publish voluntary disclosures regarding ESG and sustainability matters from time to time, some of the statements in those voluntary disclosures may be based on hypothetical expectations and assumptions that may or may not be representative of current or actual risks or events or forecasts of expected risks or events, including the costs associated therewith.
+Added: Such expectations and assumptions are necessarily uncertain and may be prone to error or subject to misinterpretation given the long timelines involved and the lack of an established single approach to identifying, measuring and reporting on many ESG and sustainability matters.
+Added: In addition, organizations that provide information to investors on corporate governance and related matters have developed ratings processes for evaluating companies on their approach to ESG and sustainability matters.
Such ratings are used by some investors to inform their investment and voting decisions.
−Removed: Unfavorable ESG ratings could lead to increased negative investor sentiment towards us and our industry and to the diversion of investment to other industries, which could have a negative impact on our stock price and our access to and cost of capital.
−Removed: In addition, failure or a perception (whether or not valid) of failure to implement our ESG strategy or achieve sustainability goals and targets we have set, could damage our reputation, causing our investors or consumers to lose confidence in our company, and negatively impact our operations.
−Removed: Our continuing efforts to research, establish, accomplish and accurately report on the implementation of our ESG strategy, including any climate or other ESG goals, may also create additional operational risks and expenses and expose us to reputational, legal and other risks.
−Removed: For example, growing interest on the part of investors and regulators in ESG factors and increased demand for, and scrutiny of, ESG-related disclosure by stakeholders has also increased the risk that companies could be perceived as, or accused of, making inaccurate or misleading statements regarding their ESG-related claims, goals, targets, efforts or initiatives, often referred to as "greenwashing." Such perception or allegation could damage our reputation and result in litigation or regulatory actions.
−Removed: At the state level, California enacted legislation in October 2023 that will ultimately require certain companies that do business in California to publicly disclose their GHG emissions, with third-party assurance of such data, and issue public reports summarizing their climate-related financial risk and related mitigation measures, as well as legislation that requires companies operating in California to disclose information that supports certain climate-related claims.
−Removed: Compliance with these and any other federal, state or local disclosure requirements may cause us to incur additional (and potentially accelerate) compliance and reporting costs, certain of which could be material, including related to monitoring, collecting, analyzing and reporting new metrics and implementing systems and procuring additional necessary attestation.
−Removed: Such costs may adversely affect our future business, financial condition, results of operations, and liquidity.
−Removed: Laws and regulations directed at restricting emissions of methane and other GHGs could result in increased operating costs and reduced demand for the natural gas, NGLs and oil that we produce and our midstream services.
+Added: Unfavorable ESG or sustainability ratings could lead to increased negative investor sentiment towards us and our industry and to the diversion of investment to other industries, which could have a negative impact on our stock price and our access to and cost of capital.
+Added: In addition, failure or a perception (whether or not valid) of failure to implement our sustainability strategy or achieve sustainability goals and targets we have set, could damage our reputation, causing our investors or consumers to lose confidence in our company, and negatively impact our operations.
+Added: Our continuing efforts to research, establish, accomplish and accurately report on the implementation of our sustainability strategy, including any climate or other sustainability goals, may also create additional operational risks and expenses and expose us to reputational, legal and other risks.
+Added: For example, growing interest on the part of investors and regulators in ESG factors and increased demand for, and scrutiny of, ESG and sustainability-related disclosure by stakeholders has also increased the risk that companies could be perceived as, or accused of, making inaccurate or misleading statements regarding their ESG and sustainability-related claims, goals, targets, efforts or initiatives, often referred to as "greenwashing." Such perception or allegation could damage our reputation and result in litigation or regulatory actions.
+Added: In addition, regulations requiring the disclosure of GHG emissions and other climate-related information or information substantiating climate-related claims are being adopted or proposed at the state level (e.g., although subject to ongoing legal challenges and certain requirements are currently enjoined, California has enacted legislation that will ultimately require certain companies that do business in California to disclose certain climate-related information, with third-party assurance of such data, and climate-related financial risks and related mitigation measures).
+Added: If we become subject to such regulations, we may incur additional compliance and reporting costs, which may adversely affect our future business, financial condition, results of operations and liquidity.
+Added: Laws and regulations directed at restricting emissions of methane and other GHGs could result in increased operating costs and reduced demand for the natural gas, NGLs and oil that we produce and our midstream systems service.
In response to findings that emissions of carbon dioxide, methane and other GHGs present an endangerment to public health and the environment, numerous laws and regulations have been adopted, and more are being considered, to regulate the emission of carbon dioxide, methane and other GHGs.
−Removed: In November 2022 at COP27, the United States agreed, in conjunction with the European Union and a number of other partner countries, to develop standards for monitoring and reporting methane emissions to help create a market for low methane-intensity natural gas.
−Removed: In August 2024, the European Union adopted a regulation to track and reduce methane emissions in the energy sector.
−Removed: See Item 1., "Business-Regulation-Climate Change and Regulation of Methane and Other Greenhouse Gas Emissions" for more information.
−Removed: At COP28, nearly 200 countries, including the United States, entered into an agreement that calls for actions towards achieving, at a global scale, a tripling of renewable energy capacity and doubling energy efficiency improvements by 2030.
−Removed: Most recently, at COP29, participants representing 159 countries met and, among other things, agreed on rules to operationalize international carbon markets under Article 6 of the Paris Agreement.
−Removed: However, in January 2025, President Trump issued an executive order directing the immediate notice to the United Nations of the United States’ withdrawal from the Paris Agreement and all other agreements made under the United Nations Framework Convention on Climate Change.
−Removed: The full impact of these actions remains uncertain at this time.
−Removed: In recent years, the EPA has proposed and adopted amendments to existing rules as well as new rules directed at restricting the amount of methane and other GHG emissions from new and existing oil and natural gas production and natural gas processing and transmission facilities.
−Removed: See Item 1., "Business-Regulation-Air Emissions" for more information.
−Removed: These federal rulemakings and regulations could adversely affect our operations and restrict or delay our ability to obtain air permits.
−Removed: federal level, in November 2021, Congress approved the IRA, a $1 trillion legislative infrastructure package that includes a number of climate-focused spending initiatives, including imposing a fee known as a "waste emission charge" on methane emissions from certain natural gas and oil facilities that are in excess of a specified threshold.
−Removed: In November 2024, the EPA finalized a rule implementing the IRA's waste emissions charge.
−Removed: The final rule includes methodologies for calculating the amount by which a facility's reported methane emissions are below or exceed the waste emissions thresholds and certain exemptions created by the IRA.
−Removed: Further, in May 2024, the EPA finalized revisions to expand the scope of emissions events that are reportable under the Greenhouse Gas Reporting Program for petroleum and natural gas systems (Subpart W), which may result in an increase in reported methane and other GHG emissions under Subpart W for many operators, including us.
−Removed: The rule took effect on January 1, 2025.
−Removed: The emissions reported under the Greenhouse Gas Reporting Program will be the basis for any payments under the IRA's waste emissions charge program.
−Removed: However, petitions for reconsideration to the EPA are pending and litigation in the D.C.
−Removed: Circuit has commenced.
−Removed: Additionally, in January 2025, President Trump issued an executive order directing the heads of all federal agencies to identify and begin the processes to suspend, revise or rescind all agency actions that are unduly burdensome on the identification, development or use of domestic energy resources.
−Removed: As a result, future implementation and enforcement of these rules remains uncertain at this time.
+Added: For example, in recent years, the EPA has proposed and adopted amendments to existing rules as well as new rules directed at restricting the amount of methane and other GHG emissions from new and existing oil and natural gas production and natural gas processing and transmission facilities.
Additionally, a number of U.S.
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Regulations requiring the disclosure of GHG emissions and other climate-related information or information substantiating climate-related claims are also increasingly being adopted or proposed at the federal and state level.
−Removed: See Item 1., "Business-Regulation-Climate Change and Regulation of Methane and Other Greenhouse Gas Emissions" for more information.
+Added: However, in February 2026, the EPA issued a pre-publication copy of a final rule to rescind the Endangerment Finding, which has been the foundation for regulating GHG emissions.
+Added: Without the Endangerment Finding, the EPA may assert that it lacks authority under the CAA to prescribe emissions standards.
+Added: The potential impact of the final rule, potential subsequent revisions to existing emission standards, and outcome of related litigation remain uncertain.
+Added: See Item 1., "Business – Regulation – Environmental, Health and Safety Regulations-Climate Change and Regulation of Methane and Other Greenhouse Gas Emissions" for more information regarding laws and regulations relating to emissions of methane and other GHGs.
+Added: At the international level, in December 2015, the 21st Conference of the Parties of the United Nations Framework Convention on Climate Change resulted in nearly 200 countries, including the United States, coming together to develop the Paris Agreement, which calls for the signatories to the agreement to undertake "ambitious efforts" to limit increases in the average global temperature.
+Added: Although the agreement does not create any binding obligations for nations to limit their GHG emissions, it does require pledges to voluntarily limit or reduce future emissions.
+Added: In January 2026, the United States withdrew from the Paris Agreement and announced that it will be withdrawing from the United Nations Framework Convention on Climate Change.
+Added: Nonetheless, various state and local governments have publicly committed to furthering the goals of the Paris Agreement and many of these initiatives are expected to continue.
+Added: The full impact of these actions and initiatives remains uncertain at this time.
+Added: See Item 1., "Business – Regulation – Environmental, Health and Safety Regulations-Climate Change and Regulation of Methane and Other Greenhouse Gas Emissions" for more information.
It is not possible at this time to predict how legislation or regulations that may be adopted to reduce or restrict methane and other GHG emissions would impact our business.
−Removed: However, any legislation or regulatory programs at the international, federal, state or city levels designed to reduce methane or other GHG emissions could increase the cost of consuming, and thereby reduce demand for, the natural gas, NGLs and oil we produce and our midstream services.
+Added: However, any legislation or regulatory programs at the international, federal, state or city levels designed to reduce methane or other GHG emissions could increase the cost of consuming, and thereby reduce demand for, the natural gas, NGLs and oil we produce and our midstream systems service.
Existing laws and regulations and any future laws and regulations of this nature, including those imposing reporting obligations, or imposing a tax or fee or otherwise limiting emissions of methane or other GHGs from our equipment and operations could require us to incur costs to comply with such regulations, including costs to monitor and report on GHG emissions, install new equipment to reduce emissions of GHGs associated with our operations, acquire emissions allowances or comply with new regulatory requirements.
−Removed: Substantial limitations or taxes or fees on methane or other GHG emissions, as well as other regulatory incentives or requirements to conserve energy, use alternative sources or reduce GHG emissions in product supply chains, could also adversely affect demand for the natural gas, NGLs and oil we produce and our midstream services, stimulate demand for alternative forms of energy that do not rely on combustion of fossil fuels, and lower the value of our reserves.
+Added: Substantial limitations or taxes or fees on methane or other GHG emissions, as well as other regulatory incentives or requirements to conserve energy, use alternative sources or reduce GHG emissions in product supply chains, could also adversely affect demand for the natural gas, NGLs and oil we produce and our midstream systems service, stimulate demand for alternative forms of energy that do not rely on combustion of fossil fuels, and lower the value of our reserves.
We may also face increased litigation risks arising from climate-related disclosures required by regulations.
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Consequently, legislation and regulatory programs addressing climate change or methane and other GHG emissions could have an adverse effect on our business, financial condition and results of operations.
−Removed: The regulatory approval process for the construction of new transmission assets is very challenging, and, as demonstrated with the MVP, has resulted in significantly increased costs and delayed targeted in-service dates, and decisions by regulatory and/or judicial authorities in pending or potential proceedings relevant to the development of midstream assets, such as regarding the MVP Southgate project and/or expansions or extensions of the MVP, are likely to impact our or the MVP Joint Venture's ability to obtain or maintain in effect all approvals and authorizations, including as may be necessary to complete certain projects in a timely manner or at all, or our ability to achieve the expected investment returns on the projects.
+Added: The regulatory approval process for the construction of new transmission assets is very challenging, and, as demonstrated with MVP Mainline, has resulted in significantly increased costs and delayed targeted in-service dates, and decisions by regulatory and/or judicial authorities in pending or potential proceedings relevant to the development of midstream assets, such as regarding MVP Southgate, MVP Boost and/or other expansions or extensions of MVP Mainline, are likely to impact our or the MVP Joint Venture's ability to obtain or maintain in effect all approvals and authorizations, including as may be necessary to complete certain projects in a timely manner or at all, or our ability to achieve the expected investment returns on the projects.
Certain of our projects require regulatory approval from federal, state and/or local authorities prior to and/or in the course of construction, including any extensions from, expansions of or additions to our and the MVP Joint Venture's gathering, transmission and storage systems, as applicable.
−Removed: The approval process for certain projects has become increasingly slower and more difficult, due in part to federal, state and local concerns related to exploration and production, transmission and gathering activities and associated environmental impacts, and the increasingly negative public perception regarding, and opposition to, the oil and gas industry, including major pipeline projects like the MVP and MVP Southgate.
+Added: The approval process for certain projects has become increasingly slower and more difficult, due in part to federal, state and local concerns related to exploration and production, transmission and gathering activities and associated environmental impacts, and the increasingly negative public perception regarding, and opposition to, the oil and gas industry, including major pipeline projects like MVP Mainline, MVP Southgate and MVP Boost.
Further, regulatory approvals and authorizations, even when obtained, have increasingly been subject to judicial challenge by activists requesting that issued approvals and authorizations be stayed and vacated.
−Removed: Accordingly, authorizations needed for our or the MVP Joint Venture's projects, including any expansion of the MVP and the MVP Southgate project or other extensions, may not be granted or, if granted, such authorizations may include burdensome or expensive conditions or may later be stayed or revoked or vacated, as was repeatedly the case with the construction of the MVP.
−Removed: Significant delays in the regulatory approval process for projects, as well as stays and losses of critical authorizations and permits, should they be experienced, have the potential to significantly increase costs, delay targeted in-service dates and/or affect operations for projects (among other adverse effects), as has happened with the MVP and the originally certificated MVP Southgate project and could occur in the future in the case of authorizations required for our or the MVP Joint Venture's current or future projects, including in respect of developing expansions or extensions, such as expansion of the MVP and the MVP Southgate project.
+Added: Accordingly, authorizations needed for our or the MVP Joint Venture's projects, including any expansion of MVP Mainline, MVP Southgate, MVP Boost or other extensions, may not be granted or, if granted, such authorizations may include burdensome or expensive conditions or may later be stayed or revoked or vacated, as was repeatedly the case with the construction of MVP Mainline.
+Added: Significant delays in the regulatory approval process for projects, as well as stays and losses of critical authorizations and permits, should they be experienced, have the potential to significantly increase costs, delay targeted in-service dates and/or affect operations for projects (among other adverse effects), as has happened with MVP Mainline and the originally certificated MVP Southgate project, and could occur in the future in the case of authorizations required for our or the MVP Joint Venture's current or future projects, including in respect of developing expansions or extensions, such as expansion of MVP Mainline, MVP Southgate and MVP Boost.
Any such adverse developments and uncertainties could adversely affect our ability, and/or, as applicable, the ability for the MVP Joint Venture and its owners, including us, to achieve expected investment returns, adversely affect our willingness or ability and/or that of our joint venture partners to continue to pursue projects, and/or cause impairments, including to our equity investment in the MVP Joint Venture.
We have experienced and may further experience increased opposition with respect to our and the MVP Joint Venture's projects from activists in the form of lawsuits, intervention in regulatory proceedings and otherwise, which could result in adverse impacts to our business, financial condition, results of operations and cash flows.
−Removed: In particular, opponents were successful in past challenges with respect to the MVP.
−Removed: Opposition is ongoing regarding the MVP Southgate project and is expected for future projects, including any expansions of the MVP.
+Added: In particular, opponents were successful in past challenges with respect to MVP Mainline.
+Added: Opposition is ongoing regarding MVP Southgate and is expected for future projects, including any expansions of MVP Mainline.
If ongoing or future challenges are successful, it could result in significant, adverse impacts to our business, financial condition, results of operations and cash flows.
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Further, such opposition and/or adverse court rulings and regulatory determinations may have the effect of increasing the timeframe on necessary agency action to address actual or perceived concerns in prior adverse court rulings, or may have the effect of increasing the risk that at a future point joint venture partners may elect not to continue to pursue or fund a project, which could, absent additional project sponsors, significantly imperil the ability to complete the project.
−Removed: See also Item 1A., "Risk Factors – We have entered into joint ventures, and may in the future enter into additional or modify existing joint ventures, that might restrict our operational and corporate flexibility and divert our management's time and our resources.
−Removed: In addition, we exercise no control over joint venture partners and it may be difficult or impossible for us to cause these joint ventures or partners to take actions that we believe would be in our or the joint venture's best interests and these joint ventures are subject to many of the same risks to which we are subject." Challenges to our projects could adversely affect our business (including by increasing the possibility of investor activism), financial condition, results of operations, and cash flows.
+Added: See also Item 1A., "Risk Factors-Risks Associated with Strategic Transactions – We have entered into joint ventures, and may in the future enter into additional or modify existing joint ventures, that might restrict our operational and corporate flexibility and divert our management's time and our resources.
+Added: In addition, we exercise no control over joint venture partners and it may be difficult or impossible for us to cause these joint ventures or partners to take actions that we believe would be in our or the joint venture's best interests and these joint ventures are subject to many of the same risks to which we are subject.
+Added: " Challenges to our projects could adversely affect our business (including by increasing the possibility of investor activism), financial condition, results of operations, and cash flows.
We are subject to complex federal, state, local and other laws and regulations that could adversely affect the cost, manner or feasibility of conducting our operations or expose us to significant liabilities.
−Removed: Our exploration and production operations are subject to various types of federal, state and local laws and regulations, including regulations related to the location of wells;
+Added: Our upstream operations are subject to various types of federal, state and local laws and regulations, including regulations related to the location of wells;
the method of drilling, well construction, well stimulation, hydraulic fracturing and casing design;
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Maintaining compliance with the laws, regulations and other legal requirements applicable to our business and any delays in obtaining related authorizations may affect the costs and timing of developing our natural gas, NGLs and oil resources.
−Removed: These requirements could also subject us to claims for personal injuries, property damage and other damages.
+Added: These requirements could also subject us to claims for personal injury, property damage and other damages.
In addition, our costs of compliance may increase if existing laws and regulations are revised or reinterpreted, or if new laws and regulations become applicable to our operations.
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Our and the MVP Joint Venture's significant construction projects generally require review by multiple governmental agencies, including state and local agencies, whose cooperation is important in completing the regulatory process on schedule.
−Removed: Any agency's delay in the issuance of, or refusal to issue, authorizations or permits, issuance of such authorizations or permits with unanticipated conditions, or the loss of a previously-issued authorization or permit, for one or more of these projects may mean that we will not be able to pursue these projects or that they will be constructed in a manner or with capital requirements that we did not anticipate (as was the case with MVP).
−Removed: Such delays, refusals, losses of permits, or resulting modifications to projects, certain of which was experienced with respect to the MVP project and the originally certificated MVP Southgate project, could materially and negatively impact the revenues and costs expected from these projects or cause us or our joint venture partners to abandon planned projects.
+Added: Any agency's delay in the issuance of, or refusal to issue, authorizations or permits, issuance of such authorizations or permits with unanticipated conditions, or the loss of a previously-issued authorization or permit, for one or more of these projects may mean that we will not be able to pursue these projects or that they will be constructed in a manner or with capital requirements that we did not anticipate (as was the case with MVP Mainline).
+Added: Such delays, refusals, losses of permits, or resulting modifications to projects, certain of which was experienced with respect to MVP Mainline and the originally certificated MVP Southgate, could materially and negatively impact the revenues and costs expected from these projects or cause us or our joint venture partners to abandon planned projects.
Failure to comply with applicable provisions of the NGA, the NGPA, federal pipeline safety laws and certain other laws, as well as with the regulations, rules, orders, restrictions and conditions associated with these laws, could result in the imposition of administrative and criminal remedies and civil penalties.
−Removed: For example, the FERC is authorized to impose civil penalties of up to approximately $1.6 million (adjusted periodically for inflation) per violation, per day for violations of the NGA, the NGPA or the rules, regulations, restrictions, conditions and orders promulgated under those statutes.
+Added: For example, the FERC is authorized to impose civil penalties of up to approximately $1.6 million (as of February 11, 2026 and adjusted periodically for inflation) per violation, per day for violations of the NGA, the NGPA or the rules, regulations, restrictions, conditions and orders promulgated under those statutes.
In addition, future federal, state or local legislation or regulations under which we or the MVP Joint Venture operate may have a material adverse effect on our business, financial condition, results of operations, and cash flows.
We and our joint ventures may incur significant costs and liabilities as a result of performance of our pipeline and storage integrity management programs and compliance with increasingly stringent safety regulation.
−Removed: Department of Transportation, acting through PHMSA, and certain state agencies certificated by PHMSA, have adopted regulations requiring pipeline operators to develop an integrity management program for transmission pipelines located where a leak or rupture could impact high population sensitive areas (also known as High Consequence Areas) and newly defined Moderate Consequence Areas, and an integrity management program for storage wells, unless the operator effectively demonstrates by a prescriptive risk assessment that these operational assets have mitigated risks that could affect these predefined areas, as applicable.
+Added: Department of Transportation, acting through the PHMSA, and certain state agencies certificated by the PHMSA, have adopted regulations requiring pipeline operators to develop an integrity management program for transmission pipelines located where a leak or rupture could impact high population sensitive areas (also known as High Consequence Areas) and newly defined Moderate Consequence Areas, and an integrity management program for storage wells, unless the operator effectively demonstrates by a prescriptive risk assessment that these operational assets have mitigated risks that could affect these predefined areas, as applicable.
The regulations require operators, including us, to perform ongoing assessments of pipeline and storage integrity;
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and implement preventive and mitigating actions.
−Removed: In addition to population sensitive areas, PHMSA has adopted regulations extending existing design, operation and maintenance, and reporting requirements to onshore gathering pipelines in rural areas.
+Added: In addition to population sensitive areas, the PHMSA has adopted regulations extending existing design, operation and maintenance, and reporting requirements to onshore gathering pipelines in rural areas.
Finally, new PHMSA regulations require operators of certain transmission pipelines to assess their integrity management and maintenance practices, comply with enhanced corrosion control and mitigation timelines, and follow new requirements for pipeline inspections following an extreme weather event or natural disaster.
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Lastly, our tax returns are subject to audit by taxing authorities, and there is no assurance that tax authorities or courts will agree with the positions that we have reflected in our tax filings.
−Removed: Disagreements with tax authorities or courts could result in additional tax liabilities recorded by us or interest and penalties imposed on us, which could adversely impact our earnings, cash flow and financial position.
+Added: Disagreements with tax authorities or courts could result in additional tax liabilities or interest and penalties imposed on us, which could adversely impact our earnings, cash flow and financial position.
Our hedging activities are subject to numerous and evolving financial laws and regulations which could inhibit our ability to effectively hedge our production against commodity price risk or increase our cost of compliance.
We use financial derivative instruments to hedge the impact of fluctuations in natural gas, NGLs and oil prices on our results of operations and cash flows.
−Removed: As disclosed in Item 1., "Business-Regulation," the Dodd-Frank Act, the rules adopted thereunder and various other foreign regulations could increase the cost of our derivative contracts, alter the terms of our derivative contracts, reduce the availability of derivatives to protect against the price risks we encounter, reduce our ability to monetize or restructure our existing derivative contracts, and lessen the number of available counterparties and, in turn, increase our exposure to less creditworthy counterparties.
+Added: As disclosed in Item 1., "Business – Regulation – Regulation of Our Operations," the Dodd-Frank Act, the rules adopted thereunder and various other foreign regulations could increase the cost of our derivative contracts, alter the terms of our derivative contracts, reduce the availability of derivatives to protect against the price risks we encounter, reduce our ability to monetize or restructure our existing derivative contracts, and lessen the number of available counterparties and, in turn, increase our exposure to less creditworthy counterparties.
If our use of derivatives is reduced as a result of the Dodd-Frank Act, related regulations or such foreign regulations, our results of operations may become more volatile, and our cash flows may be less predictable, which could adversely affect our ability to plan for, and fund, our capital expenditure requirements.
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Our operations may be exposed to significant delays, costs and liabilities as a result of environmental and occupational health and safety requirements applicable to our business activities.
−Removed: We may incur significant delays, costs and liabilities as a result of environmental and occupational health and safety requirements applicable to our exploration, production and midstream activities.
+Added: We may incur significant delays, costs and liabilities as a result of environmental and occupational health and safety requirements applicable to our upstream and midstream activities.
These delays, costs and liabilities could arise under a wide range of federal, state and local laws and regulations relating to protection of the environment and occupational health and workplace safety, including regulations and enforcement policies that have tended to become increasingly strict over time, resulting in longer waiting periods to receive permits and other regulatory approvals.
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In addition, new or additional laws and regulations, new interpretations of existing requirements or changes in enforcement policies could impose unforeseen liabilities, significantly increase compliance costs or result in delays of, or denial of rights to conduct, our development programs.
−Removed: For example, see Item 1., "Business-Regulation-Water Discharges" for information related to ongoing interpretation disputes under the CWA.
+Added: For example, see Item 1., "Business – Regulation – Environmental, Health and Safety Regulations-Water Discharges" for information related to ongoing interpretation disputes under the CWA.
To the extent a new rule or further litigation expands the scope of the CWA's jurisdiction, we could face increased costs and delays with respect to obtaining permits for dredge and fill activities in wetland areas.
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Our operations can be adversely affected by regulations designed to protect various wildlife, including threatened and endangered species and their critical habitat.
−Removed: The implementation of measures to protect wildlife or the designation of previously unprotected species as threatened or endangered in areas where underlying property operations are conducted could cause us to incur increased costs arising from species protection measures or could result in constraints on our exploration, production and midstream activities.
−Removed: This limits our ability to operate in those areas and can intensify competition during those months for drilling rigs, oilfield equipment, services, supplies and qualified personnel, which may lead to periodic shortages.
+Added: The implementation of measures to protect wildlife or the designation of previously unprotected species as threatened or endangered in areas where underlying property operations are conducted could cause us to incur increased costs arising from species protection measures or could result in constraints on our upstream and midstream activities.
+Added: This limits our ability to operate in those areas and can intensify competition for drilling rigs, oilfield equipment, services, supplies and qualified personnel, which may lead to periodic shortages.
These constraints and the resulting shortages or high costs could delay our operations and materially increase our operating and capital costs.
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the assumption of, or retaining, potential environmental or other liabilities;
−Removed: and our ability to realize the benefits and synergies expected from such transactions within our projected timeframe or at all, including with respect to the recently completed Equitrans Midstream Merger.
+Added: and our ability to realize the benefits and synergies expected from such transactions within our projected timeframe or at all.
Various factors, including prevailing market conditions, could negatively impact the benefits and synergies we expect to receive from these transactions.
−Removed: There can be no assurance that we will be able to successfully integrate companies and assets that we acquire, including Equitrans Midstream Corporation (Equitrans Midstream) and its subsidiaries, and the anticipated benefits of such strategic transactions may not be realized fully or at all or may take longer than expected.
+Added: There can be no assurance that we will be able to successfully integrate companies and assets that we acquire, and the anticipated benefits of such strategic transactions may not be realized fully or at all or may take longer than expected.
With respect to dispositions, various factors could materially affect our ability to dispose of assets if and when we decide to do so, including the availability of purchasers willing to purchase the assets at prices acceptable to us, particularly in times of reduced and volatile commodity prices.
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In addition, we exercise no control over joint venture partners, and it may be difficult or impossible for us to cause these joint ventures or partners to take actions that we believe would be in our or the joint venture's best interests and these joint ventures are subject to many of the same risks to which we are subject.
−Removed: We have entered into several joint ventures primarily pertaining to the construction and operation of certain midstream infrastructure, including the MVP Joint Venture, Eureka Midstream Holdings, LLC (Eureka Midstream Holdings) and the Midstream Joint Venture, and may in the future enter into additional joint venture arrangements with third parties.
+Added: We have entered into several joint ventures primarily pertaining to the construction and operation of certain midstream infrastructure, including the MVP Joint Venture, Eureka Midstream Holdings, LLC (Eureka Holdings) and the Midstream Joint Venture (defined in Note 9 to the Consolidated Financial Statements), and may in the future enter into additional joint venture arrangements with third parties.
Joint venture arrangements may restrict our operational and corporate flexibility.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.