Operating Revenues

Q1 2025: $868M versus Q3 2024: $2,906M (≈70% decline)

A steep drop in operating revenues primarily reflects a seasonal or reporting shift. The current period’s revenue is driven largely by the Gas segment, which has altered the revenue mix compared to prior periods. " "

Operating Income

Q1 2025: $297M versus Q4 2023: $656M (≈55% decrease)

Operating income fell by about $359M showing margin compression. This decline is attributed to cost pressures and changes in segment contributions relative to previous periods, suggesting that lower margins in some units dampened profitability despite previous higher earnings. " "

Net Income

Q1 2025: $445M versus Q4 2023: $419M (≈6% increase)

Net income increased modestly by 6% even with declining operating income; this improvement indicates that non-operating factors such as effective tax rate adjustments or lower interest expense partially offset the operating headwinds observed in prior quarters. " "

Gas Segment Revenue

Q1 2025: Gas Sales at $683M, End User Transportation at $91M, Intermediate Transportation at $31M; Gas Sales rose dramatically from $125M in prior period

The Gas segment dominated Q1 2025 revenue with some sub‐segments experiencing over 400% increases. This dramatic surge is driven by higher gas prices and increased sales volumes, contrasting sharply with previous periods where gas segments contributed much less to overall revenues. " "

Total Equity

Q1 2025: $11,921M versus Q4 2024: $11,699M (≈2% increase)

A modest increase in total equity reflects a stable capital structure, driven by retained earnings from net income improvements even though dividends and minor dilution partially offset the growth. This continuity indicates steady financial management compared to previous quarters. " "

Gas Inventory Equalization

Q1 2025: $121M versus Q1 2024: $90M (≈34% increase)

A significant rise in Gas Inventory Equalization (up $31M or about 34%) is linked to higher gas sales volumes (e.g., an increase from 61 Bcf to 71 Bcf) and cost adjustments. The change suggests adjustments in inventory management practices relative to the lower figures reported in the previous period. " "