2 unchanged sentences
or other governments.
−Removed: For example, on March 12, 2025, the U.S.
−Removed: government imposed a 25% tariff on steel imports, and on April 2, 2025, the U.S.
−Removed: government announced a 10% tariff on product imports from almost all countries and individualized higher tariffs on certain other countries.
+Added: Our business and results of operations may be adversely affected by uncertainty and changes in U.S.
+Added: trade policies, including tariffs, trade agreements or other trade restrictions imposed by the U.S.
+Added: or other governments.
+Added: For example, effective on June 4, 2025, the U.S.
+Added: government imposed a 50% tariff on steel and aluminum imports except on imports from the U.K.
Several tariff announcements have been followed by announcements of limited exemptions and temporary pauses.
These actions have caused substantial uncertainty and volatility in financial markets and may result in retaliatory measures on U.S.
−Removed: Retaliatory measures might affect export of oil and gas products and have adverse impact on domestic productions and prices, which might affect our results of operations adversely.
+Added: Retaliatory measures might affect export of oil and gas products and have an adverse impact on domestic production and prices, which might affect our results of operations adversely.
Our business requires access to steel and other materials to construct and maintain our pipelines and other midstream assets.
1 unchanged sentence
To the extent that we are unable to pass all or any such cost increases on to our customers, such cost increases could adversely affect our returns on investment.
−Removed: Higher materials costs could also diminish our ability to develop new projects at acceptable returns, particularly during times of economic uncertainty, and limit our ability to pursue growth opportunities.
+Added: Higher material costs could also diminish our ability to develop new projects at acceptable returns, particularly during times of economic uncertainty, and limit our ability to pursue growth opportunities.
Tariffs or other trade restrictions may lead to continuing uncertainty and volatility in U.S.
7 unchanged sentences
For other risk factors, please refer to Part II, Item 1A — “Risk Factors” in the Company’s Annual Report Form 10-K for the year ended December 31, 2024 filed on March 3, 2025.
−Removed: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
−Removed: There was no unregistered sale of equity securities or repurchase activities during the three month ended March 31, 2025.
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.