Up in my neck of the woods the regulator is typically mounted per your photo and close to the meter.
What is concerning me is the lines branched afterwards,
Never seen natural gas reduced outside so close to the regulator. Any natural gas reduced line I have seen is reduced inside and within ten feet of the appliance.
Also note the masonry. Masonry must breath.
It should never be painted.
It reduces the products life span by reaming moisture. Same goes for concrete.
Regards.
Chris, I am sure you know you need a more soft lime base mortar. I am always disheartened when I see someone has done tuck-pointing using modern mortar on old stone.
Nice stone!!