Q1 2026 Adjusted EBITDA flat as lower pipeline earnings offset by cost discipline

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~1 min read

Key Changes

• high

  Service revenue fell 27% to $93.8M as the company shifted to agent vs. principal accounting on certain gas services, despite 5% volume growth in gathered gas.

  MD&A: Service Revenue verify on EDGAR →
• high

  Equity earnings from pipeline investments (EMI) dropped 11% to $51.2M, driven by lower Breviloba earnings and the October 2025 EPIC divestiture; proportionate EMI EBITDA fell 20% to $70.0M.

  MD&A: Equity Earnings & EMI EBITDA verify on EDGAR →
• medium

  Legal fees surged $9.0M (18% G&A increase), with litigation costs reaching $11.6M vs. $3.0M in Q1 2025—a nearly 4x jump.

  MD&A: G&A Expenses verify on EDGAR →