Summary of Significant Accounting Policies	6 Months Ended
Jun. 30, 2026
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies There have been no changes to the Company’s significant accounting policies as described in the Company’s annual financial statements included in its 2025 Form 10-K. New Accounting Pronouncements Income Statement –Expense Disaggregation Disclosures. In November 2024, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update which requires disaggregated disclosures of income statement expenses for public business entities. The guidance will require companies to disclose disaggregated information about specific natural expense categories underlying certain income statement expense line items that are considered relevant because they include one or more of the five natural expense categories, as applicable: (1) purchase of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization and (5) depreciation, depletion and amortization (“DD&A”) recognized as part of oil and gas producing activities or other depletion expenses. The new guidance is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance on the Company’s financial disclosures. Adoption of the update is not expected to impact the Company’s financial position, results of operations or liquidity. Interim Reporting - Narrow Scope Improvements. In December 2025, the FASB issued an accounting standard update which clarifies the scope and presentation requirements for interim GAAP financial statements and consolidates interim disclosure requirements. The guidance requires entities to disclose events or changes that have occurred since the end of the previous annual reporting period and have a material impact on the entity. The new guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption allowed. The Company is currently evaluating the effect the updated guidance will have on the Company’s financial statements and related disclosures. Environmental Credits and Environmental Credit Obligations. In May 2026, the FASB issued an accounting standard update which provides recognition, measurement, presentation and disclosure requirements for (1) environmental credits and (2) compliance obligations that may be settled by using environmental credits. The guidance is effective for annual periods (and interim reporting periods within those annual periods) beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance on the Company’s financial presentation and disclosures. Other accounting standards that have been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

There have been no changes to the Company’s significant accounting policies as described in the Company’s annual financial statements included in its 2025 Form 10-K.

New Accounting Pronouncements

Income Statement –Expense Disaggregation Disclosures. In November 2024, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update which requires disaggregated disclosures of income statement expenses for public business entities. The guidance will require companies to disclose disaggregated information about specific natural expense categories underlying certain income statement expense line items that are considered relevant because they include one or more of the five natural expense categories, as applicable: (1) purchase of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization and (5) depreciation, depletion and amortization (“DD&A”) recognized as part of oil and gas producing activities or other depletion expenses. The new guidance is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance on the Company’s financial disclosures. Adoption of the update is not expected to impact the Company’s financial position, results of operations or liquidity.

Interim Reporting - Narrow Scope Improvements. In December 2025, the FASB issued an accounting standard update which clarifies the scope and presentation requirements for interim GAAP financial statements and consolidates interim disclosure requirements. The guidance requires entities to disclose events or changes that have occurred since the end of the previous annual reporting period and have a material impact on the entity. The new guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption allowed. The Company is currently evaluating the effect the updated guidance will have on the Company’s financial statements and related disclosures.

Environmental Credits and Environmental Credit Obligations. In May 2026, the FASB issued an accounting standard update which provides recognition, measurement, presentation and disclosure requirements for (1) environmental credits and (2) compliance obligations that may be settled by using environmental credits. The guidance is effective for annual periods (and interim reporting periods within those annual periods) beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance on the Company’s financial presentation and disclosures.

Other accounting standards that have been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.