Kinder Morgan, Inc.

“Natural Gas PipelinesProducts PipelinesTerminalsCO2 Corporate and EliminationsTotal”

“Our revenue is derived from a wide customer base.”

“Our revenues from leasing services are comprised of operating leases whereby we convey the right to control the use of an identified asset to a customer, including tanks, treating facilities, marine vessels, and gas equipment and pipelines with separate control locations.”

“Total revenues$11,009 $2,686 $2,104 $1,170 $(32)$16,937”

“Our CO2 source and transportation business primarily has third-party sales contracts with minimum volume requirements, which as of December 31, 2025 had a remaining average contract life of approximately six years.”

“Crude Oil(a) Price ($ per Bbl)$64.34 $64.13 $64.51 Volume (MBbl/d)21.60 12.20 4.00”

“Outrigger Energy acquisition $648 million (February 2025) Natural gas gathering and processing system in North Dakota from Outrigger Energy II LLC which includes a 0.27 Bcf/d processing facility and a 104-mile, large-diameter, high-pressure rich gas gathering header pipeline with 0.35 Bcf/d of capacity connecting supplies from the Williston Basin area to high-demand markets.”

“we also expect to invest almost $3.3 billion in expansion projects and contributions to joint ventures, or discretionary capital expenditures, during 2026.”

“Our primary competitors for the sale of CO2 include suppliers that have an ownership interest in McElmo Dome, Bravo Dome, and Sheep Mountain CO2 resources.”

“changes in crude oil and natural gas production (and the NGL content of natural gas production) from exploration and production areas that we serve, such as the Permian Basin area of West Texas, the shale plays in Louisiana, North Dakota, Ohio, Oklahoma, Pennsylvania, Texas, and the U.S. Rocky Mountains”

“EagleHawk divestiture $382 million (December 2025) We sold our 25% equity interest in EagleHawk.Natural Gas Pipelines (Midstream)”

“As of December 31, 2025, we had approximately $31.8 billion of consolidated debt (excluding debt fair value adjustments), including $1.1 billion of senior notes maturing within the next 12 months, and approximately $3.5 billion of debt subject to variable interest rates”

“We had working capital (defined as current assets less current liabilities) deficits of $1,568 million and $2,580 million as of December 31, 2025 and 2024, respectively.”

“We expect to declare dividends of $1.19 per share for 2026, a 2% increase from the 2025 declared dividends of $1.17 per share.”

“Deregulatory actions at the federal level, such as the EPA’s rescission of its previous endangerment finding relating to GHGs announced on February 12, 2026, are likely to be subject to legal challenges.”

“In aggregate, we repaid $1,500 million and issued $1,850 million of senior notes in 2025.”

“The FERC has authority to impose civil penalties of nearly $1.6 million per day per violation.”

“Petroleum products and crude oil pipelines may change their rates within prescribed ceiling levels that are calculated using an inflation index formula determined by the FERC in rulemaking proceedings that occur every five years.”

“The intrastate common carrier operations of our refined products pipelines in California are subject to regulation by the CPUC under a “depreciated book plant” methodology”

“The State of California has enacted legislation requiring climate-related disclosures, and the California Air Resources Board (CARB) has begun implementation of such legislation”

“Our pipelines, terminals, and other assets and facilities, including the availability of expansion opportunities, depend in part on continued production of natural gas, crude oil, and other products in the geographic areas that they serve.”

“The revenues, cash flows, profitability, and future growth of some of our businesses (and the carrying values of certain of their respective assets, which include related goodwill) depend to a large degree on prevailing crude oil, NGL, and natural gas prices.”

“to the extent that companies pursuing development of carbon capture and sequestration technology are successful, they could compete with us for customers who purchase CO2 for use in enhanced oil recovery operations.”

“we have experienced increasing costs for construction materials, including cost increases associated with increased tariffs”

“Some of the agreements governing our debt generally require us to comply with various affirmative and negative covenants, including the maintenance of certain financial ratios and restrictions on (i) incurring additional debt; (ii) entering into mergers, consolidations and sales of assets; (iii) granting liens; and (iv) entering into sale-leaseback transactions.”

“Further, the FERC has initiated and may continue to initiate investigations to determine whether our interstate natural gas pipeline rates are just and reasonable.”

“public concern about the potential risks posed by climate change has resulted in increased demand for energy efficiency and a transition to energy provided from renewable energy sources rather than fossil fuels, fuel-efficient alternatives such as hybrid and electric vehicles”

“we estimate that if our credit rating were downgraded one or two notches, we would not be required to post additional collateral.”

“changes in technologies, possibly introducing new cybersecurity risks and other new risks inherent in the use, either by us or our counterparties, of new technologies in the developmental stage including, without limitation, generative artificial intelligence”

“Changes in U.S. trade policy and the impact of tariffs may have a material adverse effect on our business and results of operations.”