Risk Factors Update Summary

• Expanding business by constructing new midstream assets subjects to various risks beyond control.
• Increased focus on ESG and sustainability practices may hinder access to capital and affect demand.
• Added mention of "third-party interstate pipelines" including Transcontinental Gas Pipe Line Company, LLC (Transco). This could impact our ability to ship natural gas efficiently.
• Substantial indebtedness and restrictions may affect operating flexibility, financial condition, and ability to pay dividends.
• Potential penalties of up to $25,000 per day for violations at the Rager Mountain facility.
• Delays in regulatory approval processes for projects like MVP could significantly increase costs and affect operations.
• Increased contracted firm capacity to approximately 97% as of December 31, 2023, up from 71% in 2022.
• Regulatory approval process for new transmission assets significantly challenging, leading to increased costs and delays.
• Uncertainty surrounding future state, national, and international actions on GHG emissions.
• Ongoing investigations and costs related to the Rager Mountain incident in November 2022.
• Exposure to commodity price risk increased with 70% of operating revenues in 2023, up from 64% in 2021.
• Focus on ESG and sustainability practices may adversely affect the company's operations and financial position.
• Increased focus on cybersecurity with potential cyberattacks and noncompliance risks, impacting business operations.
• Volumetric-based services create exposure to commodity price risk, impacting cash flows and customer plans.
• Financing challenges due to market forces driven by climate change concerns may impact future operations.
• Challenges in completing expansion projects due to public opposition and regulatory scrutiny.
• Risks associated with lack of diversification in assets, products, and geographic locations.
• Potential adverse impact from increased competition and policies promoting competition from FERC.