
	June 30, 2026				December 31, 2025
	Ownership Interest		Carrying Value		Ownership Interest		Carrying Value
			(Thousands)				(Thousands)
MVP Joint Venture (a):
MVP A	53.2	%	$	3,289,264	49.3	%	$	3,097,754
MVP B	47.2	%	114,086		47.2	%	42,420
MVP C	53.2	%	399,443		49.3	%	374,629
Total MVP Joint Venture			3,802,793				3,514,803

Laurel Mountain Midstream, LLC (b)	31.0	%	46,932		31.0	%	47,037
Other			48,389				35,724
Total			$	3,898,114			$	3,597,564

(a)Mountain Valley Pipeline, LLC (the MVP Joint Venture) is a Delaware series limited liability company formed as a joint venture for the purpose of constructing and owning natural gas assets. The MVP Joint Venture has three series, as follows (with each term defined below): MVP A, which owns MVP Mainline; MVP B, which owns MVP Southgate; and MVP C, which owns certain assets associated with MVP Boost. A wholly owned subsidiary of the Company serves as the operator for each series of the MVP Joint Venture.

(b)Laurel Mountain Midstream, LLC is a midstream company formed as a joint venture among the Company, The Williams Companies, Inc. and certain other energy companies for the purpose of owning and operating gathering and processing assets.

MVP A. Series A of the MVP Joint Venture (MVP A) was formed for the purpose of constructing and owning the Mountain Valley Pipeline (MVP Mainline). As of June 30, 2026, MVP A's members consisted of the Midstream Joint Venture and affiliates of each of NextEra Energy, Inc. (NextEra), AltaGas Ltd. (AltaGas), RGC Resources, Inc. (RGC) and VED NPI IV, LLC (Vega). See "MVP A and MVP C Interest Acquisitions" below for a discussion of changes in ownership interests that occurred during the first quarter of 2026.

MVP Mainline is a 303-mile long, 42-inch diameter natural gas interstate pipeline with a total capacity of 2.0 Bcf per day that spans from the Company's transmission and storage system in Wetzel County, West Virginia to Pittsylvania County, Virginia. MVP Mainline is in service and regulated by the FERC.

MVP B. Series B of the MVP Joint Venture (MVP B) was formed for the purpose of constructing and owning the MVP Southgate project (MVP Southgate). As of June 30, 2026, MVP B's members consisted of the Company and affiliates of NextEra, AltaGas and RGC.

MVP Southgate is an interstate pipeline project that is expected to extend approximately 31 miles from the terminus of MVP Mainline in Pittsylvania County, Virginia to planned new delivery points in Rockingham County, North Carolina using 30-inch diameter pipe, with a projected capacity of 0.55 Bcf per day.

The FERC authorized the MVP Joint Venture to proceed with construction of the MVP Southgate facilities in Virginia on March 23, 2026 and in North Carolina on June 18, 2026. MVP Southgate is expected to be placed into service by mid-2028. MVP Southgate is estimated to have a total cost of approximately $370 million to $430 million, excluding allowance for funds used during construction (AFUDC) and certain costs incurred for the originally certificated project. The Company will fund its proportionate share through capital contributions to MVP B.

Under the MVP Joint Venture's limited liability company agreement (the MVP LLC Agreement), the Company is required to provide performance assurance to fund its proportionate share of the construction budget for MVP Southgate. Under the MVP LLC Agreement, acceptable forms of performance assurance include a guarantee from the Company, a letter of credit or cash collateral. In July 2025, the Company issued a performance guarantee in favor of MVP B in the amount of $14.2 million. As a result of the FERC's March 23, 2026 authorization to proceed with construction of the MVP Southgate facilities in Virginia, the Company's existing performance guarantee was terminated and replaced with a new performance assurance equal to 33% of the Company's proportionate share of the remaining capital commitments under the most recently approved construction budget. Accordingly, in April 2026, the Company issued a new performance guarantee in favor of MVP B in the amount of $38.2 million.

MVP C. Series C of the MVP Joint Venture (MVP C) was formed on November 1, 2025 for the purpose of constructing and owning certain assets associated with the MVP Boost project (MVP Boost). As of June 30, 2026, MVP C's members consisted of the Company and affiliates of NextEra, AltaGas, RGC and Vega. See "MVP A and MVP C Interest Acquisitions" below for a discussion of changes in ownership interests that occurred during the first quarter of 2026.

MVP Boost is a contemplated project to add compression to MVP Mainline. MVP Boost is projected to increase the capacity on MVP Mainline by 0.6 Bcf per day. As designed, MVP Boost would add compression at three existing compressor stations in West Virginia and construct a new compressor station in Montgomery County, Virginia.

On October 23, 2025, the MVP Joint Venture filed an application with the FERC for authorization to construct MVP Boost. Pending receipt of regulatory approvals, MVP Boost is expected to be placed into service by mid-2028. MVP Boost is estimated to have a total cost of approximately $400 million to $540 million, excluding AFUDC. The Company will fund its proportionate share through capital contributions to MVP C.

Under the MVP LLC Agreement, the Company is required to provide performance assurance to fund its proportionate share of the construction budget for MVP Boost. Under the MVP LLC Agreement, acceptable forms of performance assurance include a guarantee from the Company, a letter of credit or cash collateral. In November 2025, the Company issued a performance guarantee in favor of MVP C in the amount of $14.8 million. In April 2026, as a result of the MVP C Interest Acquisition (defined below), the Company amended its existing performance guarantee, increasing the amount to $16.0 million. Following the FERC's initial authorization to proceed with construction of MVP Boost, the Company's existing performance guarantee will be terminated and the Company will be required to provide a new performance assurance equal to 33% of the Company's proportionate share of the remaining capital commitments under the most recently approved construction budget.

MVP A and MVP C Interest Acquisitions. On March 30, 2026, the Company completed its acquisition of an approximately 3.94% interest in MVP A (the MVP A Interest Acquisition) and an approximately 3.94% interest in MVP C (the MVP C Interest Acquisition and, together with the MVP A Interest Acquisition, the MVP A and MVP C Interest Acquisitions) from an affiliate of Con Edison Gas Pipeline and Storage, LLC (ConEd) pursuant to a preferential buy-out right under the MVP LLC Agreement. Total consideration, excluding transaction costs, was $213.9 million, consisting of $198.3 million for the MVP A Interest Acquisition, of which $98.4 million was funded by the BXCI Affiliate (defined in Note 9), and $15.6 million for the MVP C Interest Acquisition. The Company funded its share of the consideration for the MVP A and MVP C Interest Acquisitions with cash on hand. The MVP A and MVP C Interest Acquisitions increased the Company's unamortized basis differences, a portion of which is amortized in the Statements of Condensed Consolidated Operations.

In January 2026, NextEra completed its acquisition of an approximately 2.66% interest in each of MVP A and MVP C from ConEd pursuant to a similar preferential buy-out right under the MVP LLC Agreement. Following these acquisitions, ConEd is no longer a member of MVP A or MVP C.

The Investment Fund. The Company holds an investment in a fund (the Investment Fund) that invests in companies that develop technology and operating solutions for exploration and production companies. As of June 30, 2026 and December 31, 2025, the fair value of the Company's investment in the Investment Fund was approximately $48 million and $33 million, respectively, and is presented in investments in unconsolidated entities in the Condensed Consolidated Balance Sheets. The Company computes the fair value of the Company's investment in the Investment Fund using, as a practical expedient, the net asset value provided in the financial statements received from fund managers.