Fiscal period ending 2025-12-31 versus 2024-12-31
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The regulatory picture is mixed: federal climate compliance burdens eased materially with the Methane Fee suspension and EPA's GHG endangerment finding rollback, but new tariff and trade restriction disclosures introduce a concrete supply chain and procurement risk not previously flagged. Regulatory uncertainty persists as the pro-energy policy shift adds Oil Pollution Act and NEPA exposure while inviting state-level countermeasures that could offset federal relief.
1 company-specific
· 1 eased/removed
· 1 common-mode
Company-specific changes
Revised
Added Oil Pollution Act, NEPA, and new administration executive orders signaling policy shift favoring energy production but creating regulatory uncertainty and potential state-level countermeasures.
Our operations are subject to federal and state laws and regulations relating to the protection of public health and safety and the environment, which may expose us to significant costs and…
Eased / removed
Revised
Methane Fee program suspended by One Big Beautiful Bill Act (July 2025); EPA eliminated GHG endangerment finding (Feb 2026), reducing near-term regulatory burden and cost risk.
We may face significant costs to comply with the regulation of GHG emissions. GHG emissions in the midstream industry originate primarily from combustion engine and heater exhaust and fugitive…
Also disclosed — common-mode (Tariffs trade policy)
Tariffs trade policy
Revised
New disclosure of tariff and trade restriction risks with specific operational impact on supply chain, lead times, and procurement—a material escalation beyond prior inflation discussion.
Our operating results may be adversely affected by unfavorable economic and market conditions. Uncertainty or adverse changes in economic conditions worldwide, in the United States, or in the…