Eastern Gas Transmission Files 10-Q, Details BHE Structure

TL;DR

EASTERN GAS TRANSMISSION & STORAGE, INC. is a stable, regulated cog in the massive Berkshire Hathaway Energy machine, but watch for broader BHE risks.

AI Summary

EASTERN GAS TRANSMISSION & STORAGE, INC. (EGTS) filed a 10-Q for the quarter ended September 30, 2025, as an indirect, wholly owned subsidiary of Berkshire Hathaway Energy Company. The filing primarily consists of organizational information and forward-looking statements, without specific financial performance data for EGTS in the provided excerpt. EGTS, a Delaware Corporation, operates within the broader Berkshire Hathaway Energy (BHE) structure, with its common stock held by Eastern Energy Gas Holdings, LLC. The report highlights general risks applicable to BHE and its subsidiaries, including regulatory changes, environmental laws, catastrophic events like wildfires, and market conditions affecting energy prices. While no specific revenue or net income figures for EGTS are available in this excerpt, the filing indicates ongoing compliance with SEC reporting requirements and the use of interactive data files. The strategic outlook for EGTS is implicitly tied to the overall BHE Pipeline Group, which includes BHE GT&S, LLC, Northern Natural Gas Company, and Kern River Gas Transmission Company.

Why It Matters

This filing provides transparency into the corporate structure of EASTERN GAS TRANSMISSION & STORAGE, INC. (EGTS) as a key component of Berkshire Hathaway Energy's extensive utility and energy portfolio. For investors, understanding EGTS's position within the larger Berkshire Hathaway Energy ecosystem is crucial, as its performance and risks are intertwined with the parent company's strategic direction and financial health. Employees benefit from the stability implied by its backing from a major conglomerate. Customers of EGTS's transmission and storage services are assured of regulatory compliance and operational oversight. The broader market gains insight into the operational segments of a significant energy player, especially concerning natural gas infrastructure and its associated risks, including environmental and regulatory challenges.

Risk Assessment

Risk Level: medium — The risk level is medium due to the extensive list of forward-looking statement risks applicable to all Registrants, including EGTS. These risks encompass 'catastrophic and other unforeseen events' such as 'fires, extreme temperature events,' and 'costly litigation,' as well as 'changes in, and compliance with, environmental laws' and 'the outcome of regulatory rate reviews.' While EGTS is part of a larger, stable entity, these inherent industry and operational risks are significant.

Analyst Insight

Investors should monitor Berkshire Hathaway Energy's overall performance and regulatory developments, particularly concerning natural gas infrastructure and environmental policies, as EGTS's financial health is directly tied to its parent company. Given the lack of specific EGTS financial data in this excerpt, direct investment decisions based solely on this filing are not advisable; instead, consider the broader BHE context.

Financial Highlights

revenue

$2,765

cash Position

$2,155

Key Numbers

• 60,101 — Shares of common stock outstanding (For Eastern Gas Transmission and Storage, Inc. as of October 30, 2025)
• $10,000 — Par value per share (For Eastern Gas Transmission and Storage, Inc. common stock)
• 2025-11-03 — Filing Date (Date the 10-Q was filed)
• 001-37591 — Commission File Number (For Eastern Energy Gas Holdings, LLC)
• 333-266049 — Commission File Number (For Eastern Gas Transmission and Storage, Inc.)

Key Players & Entities

• EASTERN GAS TRANSMISSION & STORAGE, INC. (company) — Registrant filing the 10-Q
• Berkshire Hathaway Energy Company (company) — Parent company of Eastern Energy Gas Holdings, LLC, which owns EGTS
• Eastern Energy Gas Holdings, LLC (company) — Direct parent company of Eastern Gas Transmission and Storage, Inc.
• SEC (regulator) — United States Securities and Exchange Commission
• PacifiCorp (company) — Subsidiary of Berkshire Hathaway Energy Company
• MidAmerican Energy Company (company) — Subsidiary of MidAmerican Funding, LLC, which is owned by Berkshire Hathaway Energy Company
• Nevada Power Company (company) — Subsidiary of NV Energy, Inc., which is an indirect subsidiary of Berkshire Hathaway Energy Company
• September 30, 2025 (date) — End of the quarterly period for the 10-Q filing
• October 30, 2025 (date) — Date for outstanding common stock figures
• 60,101 (dollar_amount) — Shares of common stock outstanding for Eastern Gas Transmission and Storage, Inc.

FAQ

Risk Factors

• Changes in Laws and Regulations [high — regulatory]: Changes in laws and regulations, including environmental laws, could adversely affect the Company's operations, financial condition, and results of operations. This includes potential impacts from climate change initiatives and energy transition policies.
• Catastrophic Events [high — operational]: The Company is exposed to risks from catastrophic events such as wildfires, natural disasters, and pandemics, which could disrupt operations, damage infrastructure, and lead to significant financial losses.
• Market Conditions and Energy Prices [medium — market]: Fluctuations in market conditions, including energy prices, interest rates, and commodity prices, can impact the Company's revenues and profitability. Adverse market trends could negatively affect financial performance.
• Interest Rate Risk [medium — financial]: The Company's financial results are subject to interest rate fluctuations, particularly due to its significant debt obligations. Rising interest rates could increase borrowing costs and negatively impact earnings.
• Cybersecurity Threats [medium — operational]: The Company's operations rely on sophisticated information technology systems, making it vulnerable to cybersecurity threats. A successful cyberattack could disrupt operations, compromise sensitive data, and result in financial and reputational damage.
• Litigation and Legal Proceedings [low — legal]: The Company is subject to various legal proceedings and potential litigation that could result in significant financial liabilities and reputational harm.

Industry Context

Eastern Gas Transmission & Storage, Inc. operates within the regulated natural gas transmission and storage sector, a critical component of the broader energy infrastructure. This industry is characterized by significant capital investment, long-term contracts, and substantial regulatory oversight. Key trends include the ongoing energy transition, increasing demand for natural gas as a bridge fuel, and the need for infrastructure modernization to ensure reliability and environmental compliance.

Regulatory Implications

As a subsidiary of Berkshire Hathaway Energy, EGTS is subject to extensive federal and state regulations governing the transportation and storage of natural gas. Changes in environmental regulations, pipeline safety standards, and rate-setting policies can significantly impact operational costs and profitability. Compliance with these evolving regulations is a continuous and critical aspect of the company's operations.

What Investors Should Do

1. Monitor BHE's consolidated financial performance.
2. Review the 'Risk Factors' section for potential impacts on the energy sector.
3. Look for specific segment data in future filings or parent company reports.

Key Dates

• 2025-11-03: 10-Q Filing Date — Indicates the most recent reporting period for the company's financial and operational status.
• 2025-09-30: Quarter End Date — The period-end for which the financial statements in the 10-Q are reported.
• 2024-12-31: Prior Year End Balance Sheet Date — Provides a comparative point for the current period's balance sheet.
• 2025-10-31: Independent Auditor Report Date — Confirms the date of the auditor's review of the interim financial information.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a comprehensive update on a company's financial performance. (This document is the primary filing analyzed, providing insights into the company's financial condition and operations for the specified quarter.)

Berkshire Hathaway Energy Company

The parent company of Eastern Gas Transmission & Storage, Inc., a major energy holding company. (Provides context for EGTS's ownership structure and its place within a larger corporate entity.)

PCAOB

Public Company Accounting Oversight Board, a nonprofit corporation established by Congress to oversee the audits of public companies. (Indicates the auditing standards under which the financial statements were reviewed, ensuring a level of scrutiny for investors.)

Consolidated Balance Sheets

A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time. (Key financial statement that shows the company's financial position as of September 30, 2025, and December 31, 2024.)

Consolidated Statements of Operations

A financial statement that reports a company's financial performance over a period of time, including revenues, expenses, and net income. (Essential for understanding the company's profitability during the three-month and nine-month periods ended September 30, 2025 and 2024.)

Consolidated Statements of Cash Flows

A financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, broken down into operating, investing, and financing activities. (Crucial for assessing the company's liquidity and its ability to generate cash from its operations over the nine-month periods ended September 30, 2025 and 2024.)

Year-Over-Year Comparison

This 10-Q filing for the period ending September 30, 2025, does not provide comparative financial data for EGTS against a prior period within the excerpt. The provided information focuses on organizational structure and general risk factors. The consolidated balance sheet for Berkshire Hathaway Energy Company shows an increase in cash and cash equivalents from $1,392 million as of December 31, 2024, to $2,155 million as of September 30, 2025, suggesting improved liquidity at the parent level.

Key Financial Figures

• $1.00 — 30, 2025, 1,000 shares of common stock, $1.00 stated value, were outstanding. All sh
• $3.75 — 30, 2025, 1,000 shares of common stock, $3.75 par value, were outstanding. All of th
• $10,000 — 0, 2025, 60,101 shares of common stock, $10,000 par value, were outstanding. This comb

Filing Documents

• bhe-20250930.htm (10-Q) — 8668KB
• bhe93025ex31.htm (EX-3.1) — 497KB
• sppc93024ex45.htm (EX-4.5) — 615KB
• sppc93024ex46.htm (EX-4.6) — 168KB
• bhe93025ex151.htm (EX-15.1) — 3KB
• pac93025ex152.htm (EX-15.2) — 3KB
• mec93025ex153.htm (EX-15.3) — 4KB
• npc93025ex154.htm (EX-15.4) — 3KB
• sppc93025ex155.htm (EX-15.5) — 3KB
• eegh93025ex156.htm (EX-15.6) — 3KB
• bhe93025ex311.htm (EX-31.1) — 11KB
• bhe93025ex312.htm (EX-31.2) — 11KB
• pac93025ex313.htm (EX-31.3) — 11KB
• pac93025ex314.htm (EX-31.4) — 11KB
• mec93025ex315.htm (EX-31.5) — 11KB
• mec93025ex316.htm (EX-31.6) — 11KB
• llc93025ex317.htm (EX-31.7) — 11KB
• llc93025ex318.htm (EX-31.8) — 11KB
• npc93025ex319.htm (EX-31.9) — 11KB
• npc93025ex3110.htm (EX-31.10) — 11KB
• sppc93025ex3111.htm (EX-31.11) — 11KB
• sppc93025ex3112.htm (EX-31.12) — 11KB
• eegh93025ex3113.htm (EX-31.13) — 11KB
• eegh93025ex3114.htm (EX-31.14) — 11KB
• egts93025ex3115.htm (EX-31.15) — 11KB
• egts93025ex3116.htm (EX-31.16) — 11KB
• bhe93025ex321.htm (EX-32.1) — 5KB
• bhe93025ex322.htm (EX-32.2) — 5KB
• pac93025ex323.htm (EX-32.3) — 5KB
• pac93025ex324.htm (EX-32.4) — 5KB
• mec93025ex325.htm (EX-32.5) — 5KB
• mec93025ex326.htm (EX-32.6) — 5KB
• llc93025ex327.htm (EX-32.7) — 5KB
• llc93025ex328.htm (EX-32.8) — 5KB
• npc93025ex329.htm (EX-32.9) — 5KB
• npc93025ex3210.htm (EX-32.10) — 5KB
• sppc93025ex3211.htm (EX-32.11) — 5KB
• sppc93025ex3212.htm (EX-32.12) — 5KB
• eegh93025ex3213.htm (EX-32.13) — 5KB
• eegh93025ex3214.htm (EX-32.14) — 5KB
• egts93025ex3215.htm (EX-32.15) — 5KB
• egts93025ex3216.htm (EX-32.16) — 5KB
• pac93025ex95.htm (EX-95) — 32KB
• bhe-20250930_g1.jpg (GRAPHIC) — 113KB
• 0001081316-25-000022.txt ( ) — 41687KB
• bhe-20250930.xsd (EX-101.SCH) — 145KB
• bhe-20250930_cal.xml (EX-101.CAL) — 175KB
• bhe-20250930_def.xml (EX-101.DEF) — 1974KB
• bhe-20250930_lab.xml (EX-101.LAB) — 1049KB
• bhe-20250930_pre.xml (EX-101.PRE) — 2189KB
• bhe-20250930_htm.xml (XML) — 8542KB

Financial Statements

Financial Statements 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 2 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 209 Item 4.

Controls and Procedures

Controls and Procedures 209 PART II Item 1.

Legal Proceedings

Legal Proceedings 210 Item 1A.

Risk Factors

Risk Factors 218 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 219 Item 3. Defaults Upon Senior Securities 219 Item 4. Mine Safety Disclosures 219 Item 5. Other Information 219 Item 6. Exhibits 219

Signatures

Signatures 224 i Definition of Abbreviations and Industry Terms When used in Forward-Looking Statements, Part I - Items 2 through 3, and Part II - Items 1 through 6, the following terms have the definitions indicated. Berkshire Hathaway Energy Company and Related Entities BHE Berkshire Hathaway Energy Company Berkshire Hathaway Berkshire Hathaway Inc. Berkshire Hathaway Energy or the Company Berkshire Hathaway Energy Company and its subsidiaries PacifiCorp PacifiCorp and its subsidiaries MidAmerican Funding MidAmerican Funding, LLC and its subsidiaries MidAmerican Energy MidAmerican Energy Company NV Energy NV Energy, Inc. and its subsidiaries Nevada Power Nevada Power Company and its subsidiaries Sierra Pacific Sierra Pacific Power Company and its subsidiaries Nevada Utilities Nevada Power Company and its subsidiaries and Sierra Pacific Power Company and its subsidiaries Eastern Energy Gas Eastern Energy Gas Holdings, LLC and its subsidiaries EGTS Eastern Gas Transmission and Storage, Inc. and its subsidiaries Registrants Berkshire Hathaway Energy Company, PacifiCorp and its subsidiaries, MidAmerican Funding, LLC and its subsidiaries, MidAmerican Energy Company, Nevada Power Company and its subsidiaries, Sierra Pacific Power Company and its subsidiaries, Eastern Energy Gas Holdings, LLC and its subsidiaries and Eastern Gas Transmission and Storage, Inc. and its subsidiaries Northern Powergrid Northern Powergrid Holdings Company and its subsidiaries BHE Pipeline Group BHE GT&S, LLC, Northern Natural Gas Company and Kern River Gas Transmission Company BHE GT&S BHE GT&S, LLC and its subsidiaries Northern Natural Gas Northern Natural Gas Company Kern River Kern River Gas Transmission Company BHE Transmission BHE Canada Holdings Corporation and BHE U.S. Transmission, LLC BHE Canada BHE Canada Holdings Corporation and its subsidiaries AltaLink AltaLink, L.P. and its subsidiaries BHE U.S. Transmission BHE U.S. Transmission, LLC and its subs

Forward-Looking Statements

Forward-Looking Statements This report contains statements that do not directly or exclusively relate to historical facts. These statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by the use of forward-looking words, such as "will," "may," "could," "project," "believe," "anticipate," "expect," "estimate," "continue," "intend," "potential," "plan," "forecast" and similar terms. These statements are based upon the relevant Registrant's current intentions, estimates, assumptions, expectations and beliefs and are subject to risks, uncertainties and other important factors. Many of these factors are outside the control of each Registrant and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, among others: general economic, political and business conditions, as well as changes in, and compliance with, laws and regulations, including tariffs and income tax reform, initiatives regarding deregulation and restructuring of the utility industry and reliability and safety standards, affecting the respective Registrant's operations or related industries; changes in, and compliance with, environmental laws, regulations, decisions and policies, whether directed towards protection of environmental resources, present and future climate considerations or social justice concerns that could, among other items, increase operating and capital costs, reduce facility output, accelerate facility retirements or delay facility construction or acquisition; the outcome of regulatory rate reviews and other proceedings conducted by regulatory agencies or other governmental and legal bodies and the respective Registrant's ability to recover costs through rates in a timely manner; changes in economic, industry, compet

Financial Statements

Item 1. Financial Statements Berkshire Hathaway Energy Company and its subsidiaries Report of Independent Registered Public Accounting Firm 4 Consolidated Balance Sheets 5 Consolidated Statements of Operations 7 Consolidated Statements of Comprehensive Income 8 Consolidated Statements of Changes in Equity 9 Consolidated Statements of Cash Flows 10

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 11 PacifiCorp and its subsidiaries Report of Independent Registered Public Accounting Firm 58 Consolidated Balance Sheets 59 Consolidated Statements of Operations 61 Consolidated Statements of Changes in Shareholders' Equity 62 Consolidated Statements of Cash Flows 63

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 64 MidAmerican Energy Company Report of Independent Registered Public Accounting Firm 91 Balance Sheets 92 94 95 96

Notes to Financial Statements

Notes to Financial Statements 97 MidAmerican Funding, LLC and its subsidiaries Report of Independent Registered Public Accounting Firm 106 Consolidated Balance Sheets 107 Consolidated Statements of Operations 109 Consolidated Statements of Changes in Member's Equity 110 Consolidated Statements of Cash Flows 111

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 112 Nevada Power Company and its subsidiaries Report of Independent Registered Public Accounting Firm 127 Consolidated Balance Sheets 128 Consolidated Statements of Operations 129 Consolidated Statements of Changes in Shareholder's Equity 130 Consolidated Statements of Cash Flows 131

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 132 Sierra Pacific Power Company and its subsidiaries Report of Independent Registered Public Accounting Firm 149 Consolidated Balance Sheets 150 Consolidated Statements of Operations 151 Consolidated Statements of Changes in Shareholder's Equity 152 Consolidated Statements of Cash Flows 153

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 154 Eastern Energy Gas Holdings, LLC and its subsidiaries Report of Independent Registered Public Accounting Firm 173 Consolidated Balance Sheets 174 Consolidated Statements of Operations 176 Consolidated Statements of Comprehensive Income 177 Consolidated Statements of Changes in Equity 178 Consolidated Statements of Cash Flows 179

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 180 Eastern Gas Transmission and Storage, Inc. and its subsidiaries Report of Independent Registered Public Accounting Firm 193 Consolidated Balance Sheets 194 Consolidated Statements of Operations 196 Consolidated Statements of Changes in Shareholder's Equity 198 Consolidated Statements of Cash Flows 199

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 200 1

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Berkshire Hathaway Energy Company and its subsidiaries 33 PacifiCorp and its subsidiaries 80 MidAmerican Funding, LLC and its subsidiaries and MidAmerican Energy Company 117 Nevada Power Company and its subsidiaries 140 Sierra Pacific Power Company and its subsidiaries 164 Eastern Energy Gas Holdings, LLC and its subsidiaries 188 Eastern Gas Transmission and Storage, Inc. and its subsidiaries 206 2 Berkshire Hathaway Energy Company and its subsidiaries Consolidated Financial Section 3 PART I

Financial Statements

Item 1. Financial Statements REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of Berkshire Hathaway Energy Company Results of Review of Interim Financial Information We have reviewed the accompanying consolidated balance sheet of Berkshire Hathaway Energy Company and subsidiaries ("the Company") as of September 30, 2025, the related consolidated statements of operations, comprehensive income, and changes in equity for the three-month and nine-month periods ended September 30, 2025 and 2024, and of cash flows for the nine-month periods ended September 30, 2025 and 2024, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America. We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2024, and the related consolidated statements of operations, comprehensive income, changes in equity, and cash flows for the year then ended (not presented herein); and in our report dated February 21, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. Basis for Review Results This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicabl

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