Fourth Quarter 2023 Earnings Review and Business Update

FFO to Debt Calculation Piedmont Natural Gas (in millions) Year Ended December 31, 2023 Cash From Operations Adjust for Working Capital (1) Include Capitalized Interest as cost Lease-imputed FFO adjustment (D&A) Funds From Operations Notes payable to affiliated companies Current maturities of LT Debt LT debt Underfunded pension Actual 762 (140) (8) 1 615 538 40 3,628 2 Lease imputed debt 10 Total Balance Sheet Debt (Including ST) 4,218 (1) Working capital detail, excluding MTM Receivables Receivables from affiliates Inventory Other current assets Accounts payable Accounts payable to affiliates Taxes accrued Other current liabilities FFO / Debt 127 1 58 (46) (45) 3 15 27 140 15%

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