CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited) (excluding footnotes)
TENNESSEE GAS PIPELINE COMPANY, L.L.C.
As of September 30, 2025 and December 31, 2024 and
For the Three and Nine Months Ended September 30, 2025 and 2024
TABLE OF CONTENTS
Consolidated Financial Statements (Unaudited)
Page Number
Consolidated Balance Sheets 2
Consolidated Statements of Income 1
Consolidated Statements of Cash Flows 3
Consolidated Statements of Member's Equity 4
CONSOLIDATED STATEMENTS OF INCOME
(In millions, unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2025 | 2024 | 2025 | 2024 | |
Revenues | $ 505 | $ 462 | $ 1,554 | $ 1,376 |
Operating Costs and Expenses | |||||||
Operations and maintenance | 125 | 122 | 352 | 311 | |||
Depreciation and amortization | 66 | 63 | 196 | 187 | |||
General and administrative | 23 | 22 | 68 | 65 | |||
Taxes, other than income taxes | 29 | 29 | 88 | 84 | |||
Other income | (1) | - | (8) | (2) | |||
Total Operating Costs and Expenses | 242 | 236 | 696 | 645 | |||
Operating Income | 263 | 226 | 858 | 731 | |||
Other Income (Expense) | |||||||
Earnings from equity investment | 1 | 1 | 5 | 5 | |||
Interest, net | (29) | (29) | (85) | (87) | |||
Other, net | 5 | 7 | 17 | 3 | |||
Total Other Expense | (23) | (21) | (63) | (79) | |||
Income Before Income Taxes | 240 | 205 | 795 | 652 | |||
Income Tax Expense | - | - | (1) | (1) | |||
Net Income | $ | 240 | $ | 205 | $ | 794 | $ 651 |
September 30, | December 31, | ||
2025 | 2024 | ||
ASSETS | |||
Current assets | |||
Cash and cash equivalents | $ - | $ - | |
Accounts receivable | 179 | 187 | |
Inventories | 65 | 62 | |
Regulatory assets | 24 | 16 | |
Natural gas imbalance receivable | 7 | 15 | |
Other current assets | 4 | 7 | |
Total current assets | 279 | 287 | |
Property, plant and equipment, net | 6,880 | 6,608 |
Goodwill | 3,250 | 3,250 |
Investment | 83 | 83 |
Regulatory assets | 149 | 153 |
Deferred charges and other assets | 155 | 173 |
Total Assets | $ 10,796 | $ 10,554 |
LIABILITIES AND MEMBER'S EQUITY | ||
Current liabilities | ||
Accounts payable | $ 172 | $ 173 |
Accrued interest | 33 | 28 |
Accrued taxes | 70 | 67 |
Contractual deposits | 21 | 18 |
Other current liabilities | 25 | 38 |
Total current liabilities | 321 | 324 |
Long-term liabilities and deferred credits | |||
Long-term debt | 2,240 | 2,240 | |
Debt fair value adjustments | 113 | 128 | |
Other long-term liabilities and deferred credits | 110 | 114 | |
Total long-term liabilities and deferred credits | 2,463 | 2,482 | |
Total Liabilities | 2,784 | 2,806 | |
Member's Equity | |||
Member's equity | 8,009 | 7,745 | |
Accumulated other comprehensive income | 3 | 3 | |
Total Member's Equity | 8,012 | 7,748 | |
Total Liabilities and Member's Equity | $ 10,796 | $ 10,554 | |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, unaudited)
Nine Months Ended September 30,
2025 | 2024 | |
Cash Flows From Operating Activities | ||
Net income | $ 794 | $ 651 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 196 | 187 |
Earnings from equity investment | (5) | (5) |
Other non-cash items | (16) | (13) |
Distributions from equity investment earnings | 5 | 3 |
Changes in components of working capital: | ||
Accounts receivable | 8 | 8 |
Accounts payable | 10 | 5 |
Accrued interest | 5 | 5 |
Other current assets and liabilities | (10) | (22) |
Other long-term assets and liabilities | (26) | 1 |
Net Cash Provided by Operating Activities | 961 | 820 |
Cash Flows From Investing Activities | ||
Capital expenditures | (432) | (474) |
Net change in note receivable from affiliate | - | 34 |
Other, net | 1 | (24) |
Net Cash Used in Investing Activities | (431) | (464) |
Cash Flows From Financing Activities | ||
Contributions from Member | 297 | 281 |
Distributions to Member | (827) | (637) |
Net Cash Used in Financing Activities | (530) | (356) |
Net Change in Cash and Cash Equivalents | - | - |
Cash and Cash Equivalents, beginning of period | - | - |
Cash and Cash Equivalents, end of period | $ - | $ - |
Non-cash Investing and Financing Activities | ||
Net affiliate receivables settled by reduction of Member's equity | $ - | $ (1) |
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest (net of capitalized interest) 84 85
Nine Months Ended September 30,
2025 | 2024 | |
Beginning Balance | $ 7,748 | $ 7,280 |
Net income | 794 | 651 |
Contributions | 297 | 281 |
Distributions | (827) | (638) |
Ending Balance | $ 8,012 | $ 7,574 |