Note 10. Equity Investment

In March 2026, Continental entered into a joint venture with Mercuria Investments US, Inc. (“Mercuria”) pursuant to that certain Contribution Agreement, by and among Mercuria, Continental Pecos Power, LLC, a wholly-owned subsidiary of Continental (“Continental Pecos Power”), and Pecos Intermediate LLC, which serves as the joint venture entity (“Pecos Intermediate”) (the “Contribution Agreement”). The joint venture is building a 452 megawatt gas-fired power generation plant in Pecos, Texas. Pursuant to the Contribution Agreement and as of March 31, 2026, Continental Pecos Power had contributed $142.2 million to Pecos Intermediate to fund construction and development costs incurred to date (the “Initial Contribution”) in exchange for membership interests in Pecos Intermediate representing a 50% economic interest. Continental Pecos Power has board representation and holds a 50% non-controlling equity ownership interest in Pecos Intermediate. Continental is not deemed to be the primary beneficiary of the venture for accounting purposes under U.S. GAAP and thus accounts for its investment under the equity method of accounting within the caption "Investment in unconsolidated affiliates."

Continental Pecos Power has capital commitment obligations to Pecos Intermediate of up to $257.8 million, inclusive of the Initial Contribution. In addition, Pecos Intermediate’s operating agreement requires Continental Pecos Power to provide 50% of the credit support for certain credit support instruments in effect prior to Continental Pecos Power’s entry into the Contribution Agreement and certain third party credit support anticipated to be required in the future. The power generation plant is expected to become operational in 2027.

In connection with its entry into the joint venture, in March 2026 Continental Pecos Power executed a $150 million secured promissory note with Mercuria pursuant to which it borrowed the amount needed to fund the Initial Contribution. The note payable, which is included in the caption "Long-term debt, net of current portion" in the condensed consolidated balance sheet, matures in

December 2035. The note contains customary affirmative and negative covenants and customary events of default. The note is secured by a pledge of Continental Pecos Power’s equity interests in Pecos Intermediate and, subject to limited exceptions, the proceeds of any cash generated by the joint venture and related agreements which is payable to Continental or Continental Pecos Power and is guaranteed by Continental.