Kinder Morgan, Inc. · NYSE:KMI
Kinder Morgan — Investor Day (January 2024)
136 slides from Kinder Morgan's investor day presentation, Jan 24, 2024
Slide 1: 2024 Investor Day
2024 INVESTOR DAY January 24, 2024 Elba Liquefaction
Slide 2: Disclosure
Disclosure Forward-looking Statements / Non-GAAP Financial Measures / Industry & Market Data General – The information contained in this presentation does not purport to be all-inclusive or to contain all information that prospective investors may require. Prospective investors are encouraged to con
Slide 3: Kinder Morgan 2024 Investor Day Agenda & Presenters
Kinder Morgan 2024 Investor Day Agenda & Presenters Investor Perspective Rich Kinder, Executive Chairman 9:00 – 9:10 Outlook Kimberly Dang, CEO 9:10 – 9:30 Fireside Chat with Natural Gas President Sital K. Mody, Natural Gas 9:30 – 10:00 Strategy & Execution Tom Martin, President 10:00 – 10:20 Busine
Slide 4: Investor Perspective
INVESTOR PERSPECTIVE Rich Kinder Tennessee Gas Pipeline
Slide 5: Kinder Morgan Overview
Kinder Morgan Overview LEADER IN U.S. ENERGY INFRASTRUCTURE Economic moat of highly contracted, irreplaceable assets GROWING, NATURAL GAS FOCUSED CASH FLOWS Robust macro backdrop driving tremendous investment opportunities MANAGED FOR SHAREHOLDERS BY SHAREHOLDERS Highly aligned leadership, with long
Slide 6: Midstream Generates Substantial Free Cash Flow
Midstream Generates Substantial Free Cash Flow KMI & Midstream Peers 8% Energy Communication (ex-midstream) Services 6% 2019 – 2023E Median Free Cash Flow Yield Materials Health Care Financials Consumer Consumer 4% Industrials Discretionary Tech Staples 2% Real Estate - Midstream's long-term, fee-ba
Slide 7: Significant Cash Generated and Returned to Shareholders
Significant Cash Generated and Returned to Shareholders $18 Billion Returned to Shareholders; $8 Billion Returned to Debt Holders Actions taken & uses of cash flow since 2016 40% Increased Dividend – Grew the dividend from $0.50 to $1.13 per share – Maintained strong dividend coverage 20% Decreased
Slide 8: Bullish Outlook for U.S. Natural Gas Demand
Bullish Outlook for U.S. Natural Gas Demand U.S. Demand Expected to Grow Nearly 20% by 2030 U.S. NATURAL GAS DEMAND FORECAST bcfd 128.6 +20 bcfd of growth driven by 108.4 +16 bcfd LNG feedgas +3 bcfd exports to Mexico +3 bcfd Industrial 2023 2030 Source: Wood Mackenzie, North America Gas 10-Year Inv
Slide 9: Core Holding in Any Portfolio
Core Holding in Any Portfolio Generating Robust Cash Flow & Returning Significant Value to Shareholders Largest natural gas transporter in the U.S. Extensive network moving ~40% of U.S. natural gas production ~13% owned by management & board Highly aligned management with significant equity interest
Slide 10: Outlook
OUTLOOK Kimberly Dang WIC Diamond Compressor Station
Slide 11: Irreplaceable Infrastructure Portfolio
Irreplaceable Infrastructure Portfolio Largest natural gas transmission network Delivering energy to improve lives & create a better world — ~70,000 miles of natural gas pipelines move ~40% of U.S. natural gas production — Have interest in 702 bcf of working storage capacity, ~15% of U.S. capacity L
Slide 12: How Kinder Morgan Drives Shareholder Value
How Kinder Morgan Drives Shareholder Value ~64% of KM cash flows come from natural gas Natural Gas Focus Transport ~40% of U.S. natural gas production BBB investment grade balance sheet Balance Sheet Strength ~3.9x YE 2024B Net Debt / Adjusted EBITDA High-Returning Growth Projects ~$3 billion of com
Slide 13: Predictions of Extreme Declines Have Not Translated into Reality
Predictions of Extreme Declines Have Not Translated into Reality 1956 SHELL U.S. ENERGY SUPPLY FORECAST 2023 IEA U.S. ENERGY SUPPLY FORECAST Crude Natural Gas Renewables exajoules 40 30 20 10 - 2010 2020 2030 2040 2050 2006 ASPO GLOBAL OIL & GAS PRODUCTION FORECAST Cost, reliability & availability o
Slide 14: Energy Transitions Take Time
Energy Transitions Take Time Our Assets and Services Will Be Needed for a Very Long Time GLOBAL ENERGY MIX BY FUEL PWh Biomass Coal Oil Natural gas Renewables Nuclear 200 % of 2022 – Energy transitions take a long time and consist of adding energy forms, energy mix 180 not eliminating existing forms
Slide 15: The Fuels We Move Will Continue to Be Needed
The Fuels We Move Will Continue to Be Needed GLOBAL ENERGY DEMAND quad btu | 2023, 2030, 2035, 2040 250 23% 28% +11% 2040 4% 200 Energy Mix +15% +75% +4% 22% 23% 150 100 All energy sources 50 +19% will be needed to meet future demand - Crude Natural Gas Coal Nuclear Renewables Source: EIA 2023 Inter
Slide 16: Demand for U.S. Natural Gas Projected to Grow
Demand for U.S. Natural Gas Projected to Grow U.S. NATURAL GAS DEMAND bcfd 130 2023 – 2030 Natural Gas Demand 120 Demand has grown over 30 bcfd since 2015… 110 +19% Increase in total U.S. demand 100 …and is forecasted to increase an additional 20 bcfd by the +98% 90 end of the decade Increase in LNG
Slide 17: Rising Demand Benefitting Our Natural Gas Transportation Business
Rising Demand Benefitting Our Natural Gas Transportation Business INCREASED PIPELINE UTILIZATION(a) Increased demand leading to 73% 87% 2016 5-pipe 2023 5-pipe U.S. NATURAL GAS DEMAND average average bcfd +19% +39% INCREASED CONTRACT TERMS AND/OR RATES EXAMPLES 129 6.7 7.1 years 108 5.3 years 5.8 ye
Slide 18: LNG Exports Drive Natural Gas Demand Growth
TBU LNG Exports Drive Natural Gas Demand Growth U.S. LNG EXPORT CAPACITY in bcfd Existing Under Construction Under Development Growth primarily along the Texas & Louisiana gulf coast with great overlap with KM assets 30 +123% Increase in U.S. LNG 25 exports by 2030 KM has contracts in place to suppl
Slide 19: Growing Intermittency Requires Additional Natural Gas Capacity
Growing Intermittency Requires Additional Natural Gas Capacity ERCOT AVG. POWER GENERATION MIX BY FUEL SOURCE GWh/d Additional natural gas generation will be Coal Nuclear Natural Gas Renewables Peak Load During Year needed to backstop intermittent renewables and cover increased demand 1,800 during s
Slide 20: Natural Gas is Key to Serving Peak Power Demand
Natural Gas is Key to Serving Peak Power Demand Additional Dispatchable Gas-Fired Power Generation & Pipeline Capacity Will Be Needed to Complement Intermittent Renewables AVERAGE AND PEAK DAY NATURAL GAS DEMAND FOR POWER BY OPERATOR in TWh per day Average Peak CALIFORNIA INDEPENDENT MIDCONTINENT EL
Slide 21: Coal-to-Natural Gas Conversions Present an Additional Source of Power Demand
Coal-to-Natural Gas Conversions Present an Additional Source of Power Demand ~230 coal-fired power plants operating in the U.S. today (~200 GW of capacity) ~45 coal-fired power plants slated for retirement are located within 50 miles of our pipelines Converting to natural gas-fired generation could
Slide 22: Forecasting U.S. Refined Product Demand to Remain Persistent
Forecasting U.S. Refined Product Demand to Remain Persistent U.S. REFINED PRODUCT DEMAND mmbbld Kinder Morgan EIA 15 10 5 - 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 KM Forecast to 2040 23% 47% -1% of U.S. vehicle of U.S. new annual decrease Volume dec
Slide 23: Constructive Outlook for Liquid Biofuel Demand in the U.S.
Constructive Outlook for Liquid Biofuel Demand in the U.S. U.S. BIOFUELS DEMAND OUTLOOK mbbld 2023 VOLUMES mbbld Biodiesel Renewable Diesel SAF Total Terminal and pipeline variance 250 throughput(a) to 2022 +45% ethanol 273 ‒ 200 biodiesel 14 8% 150 renewable +855% diesel 25(b) 150% 100 +53% renewab
Slide 24: Growing Demand for Renewable Natural Gas
Growing Demand for Renewable Natural Gas U.S. RNG PRODUCTION bcfd 4 Lower-carbon energy source that can be used as a direct substitute for natural gas 3 Technology & infrastructure are proven, and projects generate attractive returns 2 Long-term transportation market demand supported by regulatory t
Slide 25: Carbon Capture Will Be Required to Meet Emission Reduction Goals
Carbon Capture Will Be Required to Meet Emission Reduction Goals U.S. ANNUAL CAPTURED CARBON CCS is pivotal in lowering emissions and Mt CO2 potentially achieving carbon neutrality – Lowers emissions associated with continued hydrocarbon use 791 ~47x increase by 2050 – Helps decarbonize energy inten
Slide 26: Committed To Being a Good Steward
Committed To Being a Good Steward Reduce & Investing in Avoid Methane Leak Safety Continued Diversity & Lower Carbon Emissions Detection Culture Improvement Inclusion Fuels 0 $ ~31% 100% 20% B → AA 22% $1.9bn Reduction in methane Of our natural gas Reduction in Employee MSCI score Increase in Budget
Slide 27: How Kinder Morgan Drives Shareholder Value
How Kinder Morgan Drives Shareholder Value Returning Balance High- Predictable Natural Substantial Sheet Returning & Growing Gas Focus Value to Strength Projects Cash Flows Shareholders 27
Slide 28: Fireside Chat with Natural Gas President
Nat Gas Fireside Chat Place Holder FIRESIDE CHAT WITH NATURAL GAS PRESIDENT Sital K. Mody 28 Freer-to-Sinton pipeline construction
Slide 29: Natural Gas Supply Overview: 2023 – 2030
Natural Gas Supply Overview: 2023 – 2030 2023 U.S. Production 104 bcfd Increase in supply by 2030 +19 bcfd 4 Haynesville +9 bcfd of growth 1 Abundant, low-cost, low-nitrogen supply 4 Key to serving Gulf Coast demand markets 4 3 Permian +7 bcfd of associated gas growth 2 Supply grows as oil productio
Slide 30: Natural Gas Demand Overview: 2023 – 2030
Natural Gas Demand Overview: 2023 – 2030 2023 U.S. Demand 108 bcfd Increase in demand by 2030 +20 bcfd LNG Feedgas 1 +16 bcfd of Gulf Coast demand growth 3 Well positioned to grow our deliveries over time 5 3 Mexico Exports 2 3 +3 bcfd of export demand growth We can deliver into Mexico at multiple s
Slide 31: Transporter of Choice for LNG Facilities
Transporter of Choice for LNG Facilities Advantaged Network Offers Supply Diversity, Connectivity, and Storage U.S. LNG FEEDGAS & KM TRANSPORT bcfd U.S. LNG Feedgas KM transport Long-term contracts to move ~7 bcfd to facilities today & ~10 bcfd by the end of 2025 ~13 bcfd of additional opportunities
Slide 32: Extensive Natural Gas Storage Footprint Provides Valuable Supply for Variable Demand
Extensive Natural Gas Storage Footprint Provides Valuable Supply for Variable Demand KM working storage capacity 1 NGPL ~702 bcf Highly contracted storage key for seasonal & Evaluating multiple brownfield peak day power, LDC & industrial demand expansion opportunities 288 bcf, cost-based rates 2 Tex
Slide 33: Spotlight on Texas and Louisiana Natural Gas Market
Spotlight on Texas and Louisiana Natural Gas Market >95% of Demand Growth is Expected to Occur in Texas & Louisiana, Driven by Exports & Industrial LNG Exports 1 ~70% of our $2.2bn Natural Gas Gulf Coast feedgas demand set to grow 16 bcfd by 2030 Extensive network positioned to increase deliveries &
Slide 34: Strategy & Execution
STRATEGY & EXECUTION Tom Martin TransColorado Pipeline Right-of-Way
Slide 35: Strategic Approach
Strategic Approach – Core energy infrastructure Critical Assets – Safe, efficient, and reliable operations – Stable, fee-based assets Commercial Focus – ~68% take-or-pay or hedged cash flows(a) – Long-term contracts – BBB investment grade balance sheet Financial Discipline – Self-fund capital projec
Slide 36: High-Quality, Natural Gas Focused Cash Flows
High-Quality, Natural Gas Focused Cash Flows G&P Natural Gas Transportation & Storage CASH FLOW MIX(a) 11% – 57% of 2024B Total Adj. Segment EBDA Remaining KM – 89% take-or-pay cash flows(a) 36% – Average remaining contract life: Transportation & Storage 89% – ~6 years for transportation – ~4 years
Slide 37: $3.0bn Committed Growth Capital Project Backlog
$3.0bn Committed Growth Capital Project Backlog as of 12/31/2023 Expect 53% of Backlog Capital In Service in 2024, 36% in 2025, and 11% Beyond LOWER $ million TOTAL LOWER CARBON Natural Gas (excluding G&P) $1,613 $1,613 96% for end-use, 2% supply-push, 2% CCS Refined Products (excluding G&P) 158 85
Slide 38: Successfully Achieving Attractive Build Multiples
Successfully Achieving Attractive Build Multiples Established Track Record of Leveraging Our Footprint & Project Management Expertise INVESTMENT MULTIPLES ACHIEVED OVER TIME Total Capital Invested / Year 2 Project EBITDA(a) Competitive Advantages $6.2bn – Expansive asset base ― ability to leverage o
Slide 39: Robust Macro Environment Gives Confidence in High End of Annual Growth Spend
Robust Macro Environment Gives Confidence in the High End of ~$1–$2 Billion of Annual Growth Spend Over the Next Few Years REFINED PRODUCTS NATURAL GAS ‒ Infrastructure for renewable feedstocks & fuels ‒ LNG Exports (Gulf Coast & West Coast) ‒ Supply short Southeast markets ‒ Exports to Mexico (Gulf
Slide 40: Natural Gas Segment Overview
Natural Gas Segment Overview Connecting Key Natural Gas Resources with Major Demand Centers ASSET SUMMARY ASSET SUMMARY Natural gas pipelines: ~70,000 miles NGL pipelines: ~1,200 miles Natural gas transported ~40% (U.S. consumption & exports) Working gas storage capacity: 702 bcf VOLUMES trillion bt
Slide 41: $1.815bn Acquisition of NEP's South Texas Natural Gas Pipelines
$1.815bn Acquisition of NEP’s South Texas Natural Gas Pipelines 462 Miles of Primarily Long-Haul Natural Gas Pipelines with 4.9 bcfd of Transport Capacity KMI acquired NEP’s South Texas assets, STX Midstream – ~8.6x 2024 EBITDA; 7.0-7.5x long-term including commercial synergies(a) – Immediately accr
Slide 42: Products Segment Overview
Products Segment Overview Strategic Footprint Supplying a Diverse Mix of Feedstock & Finished Products Critical to Refining & Transportation Sectors ASSET ASSETSUMMARY SUMMARY 2024B DELIVERY VOLUMES(b) mbbld Pipelines: ~9,500 miles Terminals: 65 terminals 2024 budgeted throughput(a) ~2.2 mmbbld Tank
Slide 43: Refined Products Pipes a Steady Contributor
Refined Products Pipes a Steady Contributor Fee-Based With Stable Volumes and Cash Flow Over the Long-Term REFINED PRODUCTS ADJUSTED SEGMENT EBDA BY REGION(a) AND TOTAL VOLUME(b) West Coast ($mm) Southeast ($mm) Volume (mmbbld) Advantaged Network – Offers unmatched connectivity between major 1.7 1.7
Slide 44: Pivoting Product Segment's West Coast Assets to Handle Renewable Diesel
Pivoting Product Segment’s West Coast Assets to Handle Additional Renewable Diesel Volumes Washington ability to move CURRENT ASSETS & FUTURE OPPORTUNITIES Southern ‒ Providing ~18 mbbld RD capacity at truck rack between Colton & Mission Valley ~57 mbbld California Hub of RD via pipeline ‒ Increasin
Slide 45: Terminals Segment Overview
Terminals Segment Overview Refined Products Focused; Providing Customers with Unmatched Scale, Service-Offerings & Market-Making Connectivity ASSET SUMMARY # of capacity terminals (mmbbls) Terminals segment – Bulk 27 Terminals segment – Liquids 47 79 Products segment 65 56 Total Terminals 139 135 Jo
Slide 46: Liquid Hubs: Strategically Located to Serve Key Markets
Liquid Hubs: Strategically Located to Serve Key Markets Houston Ship Channel 9 terminals providing ~43 million barrels of capacity(a) — Serves the world’s most competitive supply of refined products & petrochemicals New York Harbor Chicago New York Harbor 5 terminals providing ~14 million barrels of
Slide 47: Industry-Leading Renewable Feedstock Storage & Logistics Offering
Industry-Leading Renewable Feedstock Storage & Logistics Offering Leveraging Existing Assets to Grow Our Renewable Feedstock Capabilities New York Harbor Chicago 35 mbbl 160 mbbl One of the largest handlers of renewable feedstocks — Utilizing existing assets towards capital-efficient, attractive-ret
Slide 48: CO2 Segment Overview
CO2 Segment Overview World Class, Fully-Integrated Assets Consistently Generating Robust Free Cash Flow Interest in 5 oil CO2 pipelines CO2 EOR & TRANSPORT FREE CASH FLOW $ millions fields with 9.3 CO2 source fields billion barrels Oil fields FCF Capex Acquisitions Adj. Segment EBDA Crude pipelines
Slide 49: Energy Transition Ventures (ETV) Group
Energy Transition Ventures (ETV) Group The group is evaluating commercial opportunities Renewable Natural Gas emerging from the lower carbon energy transition – Brought 3 facilities online in 2023 and expect a 4th in service by 2H 2024 – Up to 6.4 bcf(a) of RNG production capacity once all facilitie
Slide 50: How Kinder Morgan Drives Shareholder Value
How Kinder Morgan Drives Shareholder Value Natural Gas High-Returning Substantial Focus Projects Shareholder Returns Predictable & Balance Sheet Growing Strength Cash Flows 50
Slide 51: Financial Overview
FINANCIAL OVERVIEW David Michels TransColorado Conn Creek Compressor Station
Slide 52: Capital Allocation Priorities
Capital Allocation Priorities Robust and Secure Cash Flows Natural gas focused, long-term, take-or-pay cash flows Balance Sheet Strength Capacity provides value and flexibility High Threshold for Capital Allocation Investing in high-returning projects well above our cost of capital Significant Free
Slide 53: Growing Earnings, Reducing Leverage, and Returning Value to Shareholders
Growing Earnings, Reducing Leverage, and Returning Meaningful Value to Shareholders ADJUSTED NET DEBT / DIVIDENDS PAID & EPS ADJUSTED EBITDA SHARES REPURCHASED(b) ($ billion) 8% CAGR 26% decrease in $20.3 billion returned leverage to shareholders 1.32 Uri $1.22 5.3x 0.38 $1.16 $0.5 5.1x $0.4 $1.07 C
Slide 54: Base Business Stability Provides Opportunity for Growth
Base Business Stability Provides Opportunity for Growth 2016 ‒ 2022 ADJUSTED EBITDA $billion ~$700 million in divested EBITDA from asset sales related to Canadian assets, SNG, NGPL, and Elba base business impacted by asset sales, Large contract rollovers associated with supply recontracting headwind
Slide 55: 2024 Budget Highlights
2024 Budget Highlights Adjusted Adjusted Net Debt / Cash EPS EBITDA DCF / Share Adjusted EBITDA Returns $ S $1.22 $8.2bn $2.26 3.9x $2.6bn ~14% increase ~8% increase ~8% increase 0.3x decrease Dividends expected vs. 2023 vs. 2023 vs. 2023 vs. year-end 2023 in 2024 Note: Budget does not assume any sh
Slide 56: 2024 Guidance Reconciliation
2024 Guidance Reconciliation Preliminary Budget(a) Final Budget(a) Key metrics (Dec. 4, 2023) (incl. STX acquisition) Adjusted EPS $1.21 $1.22 Distributable Cash Flow $4.95 billion $5.05 billion Distributable Cash Flow $2.21 $2.26 (DCF) / Share $82/bbl WTI crude sensitivity for final 2024 Budget: ~$
Slide 57: Steady Base Business & Growth From Investments
Steady Base Business & Growth From Investments $ Billions $8.2 $0.4 ($0.1) $0.1 $0.2 $7.6 2023A Crude Volumes & Net Renewals & STX Midstream Growth 2024B Adjusted EBITDA Other Business Rate Escalation Acquisition Projects Adjusted EBITDA Note: Adjusted EBITDA is a non-GAAP measure. See Non-GAAP Fina
Slide 58: 2024B Adjusted EPS & Distributable Cash Flow (DCF)
2024B Adjusted EPS & Distributable Cash Flow (DCF) In Millions, Except Per Share 2024 2023 Change Budget Actual $ % Net income attributable to KMI $ 2,726 $ 2,391 $ 335 14% (a) Net income Allocated to participating securities (18) (14) (4) (29%) Net income attributable to Common Stock 2,708 2,377 33
Slide 59: 2024B Adjusted Segment EBDA and Adjusted EBITDA
2024B Adjusted Segment EBDA and Adjusted EBITDA $ in Millions 2024 Budget 2023 Actual $ Change % Key Drivers Natural Gas Pipelines Adjusted Segment EBDA $ 5,524 $ 5,160 $ 364 7% – Contributions from expansion projects Products Pipelines Adjusted Segment EBDA 1,218 1,128 90 8% Terminals Adjusted Segm
Slide 60: 2024B Capital Expenditures
2024B Capital Expenditures $ in Millions Key Projects 2024 2023 Sustaining Capital Budget Actual Change Sustaining Capital Natural Gas Pipelines $ 707 $ 592 $ 115 – Class changes Products Pipelines 167 150 17 – Pipeline integrity / Mega Rule Terminals 229 224 5 Natural Gas CO2(a) 36 22 14 – Turbine
Slide 61: 2024B Cash Flow from Operations & Free Cash Flow
2024B Cash Flow from Operations (CFFO) & Free Cash Flow (FCF) $ in Millions 2024 2023 Change Budget Actual $ % Net income attributable to KMI $ 2,726 $ 2,391 $ 335 14% Net income attributable to noncontrolling interests 106 95 11 12% DD&A and amortizaiton of excess cost of equity investments 2,411 2
Slide 62: 2024B Sources & Uses
2024B Sources & Uses(a) $ in Millions SOURCES & USES $ in billions 2024 Sources Budget $8.0 CFFO (GAAP) $ 5,843 Other Sources Other Uses Revolver Borrowing/Debt Issuances (b) 1,707 $7.0 Distributions from equity investments in CFFI(c) 366 Additional Borrowing Debt maturities Cash balance as of 12/31
Slide 63: Leverage & Liquidity
Leverage & Liquidity(a) $ in Millions 2024 KMI LONG-TERM DEBT MATURITIES(f) Budget Debt maturities Weighted average interest rate Net Debt (Year End) $ 31,830 Adjusted EBITDA $ 8,156 5.5% Net Debt(b) to Adjusted EBITDA 3.9x (c) 5.0% 4.2% 4.3% 4.0% 3.7% KMI revolver capacity 12/31/2023 Committed revo
Slide 64: 2024B Quarterly Profile
2024B Quarterly Profile ADJUSTED EBITDA in $ billions ADJUSTED EPS DCF PER SHARE 2024 Budget 2023 Actuals 2024 Budget 2023 Actuals 2024 Budget 2023 Actuals $0.70 $2.18 $0.36 $2.16 $0.35 $2.00 $0.61 $1.94 $1.93 $0.60 $1.88 $1.83 $0.30 $1.81 $0.28 $0.52 $0.27 $0.49 $0.25 $0.48 $0.48 $0.25 $0.48 Q1 Q2
Slide 65: How Kinder Morgan Drives Shareholder Value
How Kinder Morgan Drives Shareholder Value Balance High- Predictable Substantial Natural Sheet Returning & Growing Shareholder Gas Focus Strength Projects Cash Flows Returns 65
Slide 66: Appendix
APPENDIX Products Bremen Facility
Slide 67: Natural Gas Segment Presentation
Natural Gas Segment Presentation 67
Slide 68: Natural Gas Segment Overview
Natural Gas Segment Overview Connecting Key Natural Gas Resources with Major Demand Centers ASSET SUMMARY ASSET SUMMARY Natural gas pipelines: ~70,000 miles NGL pipelines: ~1,200 miles Natural gas transported ~40% (U.S. consumption & exports) Working gas storage capacity: 702 bcf VOLUMES trillion bt
Slide 69: Natural Gas Supply Overview: 2023 – 2030
Natural Gas Supply Overview: 2023 – 2030 2023 U.S. Production 104 bcfd Increase in supply by 2030 +19 bcfd 4 Haynesville +9 bcfd of growth 1 Abundant, low-cost, low-nitrogen supply 4 Key to serving Gulf Coast demand markets 4 3 Permian +7 bcfd of associated gas growth 2 Supply grows as oil productio
Slide 70: Natural Gas Demand Overview: 2023 – 2030
Natural Gas Demand Overview: 2023 – 2030 2023 U.S. Demand 108 bcfd Increase in demand by 2030 +20 bcfd LNG Feedgas 1 +16 bcfd of Gulf Coast demand growth 3 Well positioned to grow our deliveries over time 5 3 Mexico Exports 2 3 +3 bcfd of export demand growth We can deliver into Mexico at multiple s
Slide 71: Transporter of Choice for LNG Facilities
Transporter of Choice for LNG Facilities Advantaged Network Offers Supply Diversity, Connectivity, and Storage U.S. LNG FEEDGAS & KM TRANSPORT bcfd U.S. LNG Feedgas KM transport long-term contracts to move ~7 bcfd to facilities today & ~10 bcfd by the end of 2025 ~13 bcfd of additional opportunities
Slide 72: Key Market: Exports to Mexico
Key Market: Exports to Mexico U.S. NATURAL GAS EXPORTS TO MEXICO bcfd U.S. Mexico Exports KM Projected Contracted Transport Capacity 10 8 Exports expected to 6 grow +3 bcfd by 2030 4 In discussion to transport up to an additional 340 mmcfd ~5.3 bcfd KM contracted, ~10-year average remaining term 2 ~
Slide 73: Extensive Natural Gas Storage Footprint
Extensive Natural Gas Storage Footprint Provides Valuable Supply for Variable Demand KM working storage capacity 1 NGPL ~702 bcf Highly contracted storage key for seasonal & Evaluating multiple brownfield peak day power, LDC & industrial demand expansion opportunities 288 bcf, cost-based rates 2 Tex
Slide 74: $1.815bn Acquisition of NEP's South Texas Natural Gas Pipelines
$1.815bn Acquisition of NEP’s South Texas Natural Gas Pipelines 462 Miles of Primarily Long-Haul Natural Gas Pipelines with 4.9 bcfd of Transport Capacity KMI acquired NEP’s South Texas assets, STX Midstream – ~8.6x 2024 EBITDA; 7.0-7.5x long-term including commercial synergies(a) – Immediately accr
Slide 75: Spotlight on Texas and Louisiana Natural Gas Market
Spotlight on Texas and Louisiana Natural Gas Market >95% of Demand Growth is Expected to Occur in Texas & Louisiana, Driven by Exports & Industrial LNG Exports 1 ~70% of our $2.2bn Natural Gas Gulf Coast feedgas demand set to grow 16 bcfd by 2030 Extensive network positioned to increase deliveries &
Slide 76: Natural Gas: Interstate Pipelines
Natural Gas: Interstate Pipelines Key Statistics Capacity Storage Avg. Remaining Effective Date of Next Rate Moratorium Ownership Miles (bcfd) (bcf) Contract Term (yrs) Rate Case Through Date 100% KMI-owned: TGP Tennessee Gas Pipeline 100% 11,755 12.4 76 6.1 / 3.7(a) NA 10/31/2022 SC Stagecoach 100%
Slide 77: Natural Gas: Intrastate, G&P and NGL Assets
Natural Gas: Intrastate, G&P and NGL Assets Key Statistics Capacity Storage Avg. Remaining Treating Processing Ownership Miles (bcfd) (bcf) Contract Term (yrs) (GPM) (bcfd) 100% KMI-owned natural gas pipelines: KMTP / Tejas 100% 5,870 9.1 138(a) 6.3 1,680 0.5 North Texas Pipeline 100% 80 0.3 – 9.6 –
Slide 78: Projects Placed Into Service During 2023
Projects Placed Into Service During 2023 $ Million IN-SERVICE DATE: 2023 CAPACITY KM SHARE ASSET PROJECT Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (mDthd) CAPITAL Freer to Sinton 1,880 $231 Texas PHP Compression Expansion 560 159 Intrastates Copano South DK Extension 310 57 East 300 Upgrade 11
Slide 79: Natural Gas Project Backlog
Natural Gas Project Backlog $ Million KM SHARE CAPACITY ASSET PROJECT CAPITAL (mdTHD) IN-SERVICE DATE PROJECT STATUS Evangeline Pass Projects $577 2,000 7/2024, 7/2025 Phase 1 under construction Port Sulphur Dispatch 70 235 11/2024 Under construction TGP Cumberland Project 181 245 8/2025 Prior notic
Slide 80: Products Segment Presentation
Products Segment Presentation 80
Slide 81: Products Segment Overview
Products Segment Overview Strategic Footprint Supplying a Diverse Mix of Feedstock & Finished Products Critical to Refining & Transportation Sectors ASSET ASSETSUMMARY SUMMARY 2024B DELIVERY VOLUMES(b) mbbld Pipelines: ~9,500 miles Terminals: 65 terminals 2024 budgeted throughput(a) ~2.2 mmbbld Tank
Slide 82: Refined Products Pipes a Steady Contributor
Refined Products Pipes a Steady Contributor Fee-Based With Stable Volumes and Cash Flow Over the Long-Term REFINED PRODUCTS ADJUSTED SEGMENT EBDA BY REGION(a) AND TOTAL VOLUME(b) West Coast ($mm) Southeast ($mm) Volume (mmbbld) Advantaged Network – Offers unmatched connectivity between major 1.7 1.7
Slide 83: Growing Refined Products Volumes
Growing Refined Products Volumes GASOLINE mbbld DIESEL mbbld JET FUEL mbbld 2023 2024B 2023 2024B 2023 2024B 1,100 500 300 290 1,000 400 280 270 900 300 260 800 200 250 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2024B: 991 mbbld 391 mbbld 293 mbbld 2023: 980 mbbld 351 mbbld 285 mbbld Gasoline roughly flat
Slide 84: Pivoting Product Segment's West Coast Assets to Handle Renewable Diesel
Pivoting Product Segment’s West Coast Assets to Handle Additional Renewable Diesel Volumes Washington ability to move CURRENT ASSETS & FUTURE OPPORTUNITIES Southern ‒ Providing ~18 mbbld RD capacity at truck rack between Colton & Mission Valley ~57 mbbld California Hub of RD via pipeline ‒ Increasin
Slide 85: Products Segment Crude Volume Update
Products Segment Crude Volume Update Business as % of 2024B KMI Adjusted Segment EBDA: 2% Crude G&P; 2% Crude Transport CRUDE TRANSPORT & GATHERING VOLUMES(a) mbbld SHORT-TERM OIL PRODUCTION OUTLOOK 2021 – 2024 | mmbld 550 1.5 2024 +7% vs 2023 500 2024 stable vs 2023 1.0 450 0.5 400 - 1Q21 2Q21 3Q21
Slide 86: Texas & Bakken Crude Oil Assets
Texas & Bakken Crude Oil Assets Strategically Positioned in Eagle Ford & Bakken Texas crude assets offer connectivity to the Corpus Christi & Hiland is one of the Bakken’s premier gathering systems Houston Ship Channel markets — Backed by dedications from key producers in the basin — Flexibility to
Slide 87: Terminals Segment Presentation
Terminals Segment Presentation 87
Slide 88: Terminals Segment Overview
Terminals Segment Overview Refined Products Focused; Providing Customers with Unmatched Scale, Service-Offerings & Market-Making Connectivity ASSET SUMMARY # of capacity terminals (mmbbls) Terminals segment – Bulk 27 Terminals segment – Liquids 47 79 Products segment 65 56 Total Terminals 139 135 Jo
Slide 89: Terminals Segment Revenue by Product
Terminals Segment Revenue by Product Liquids-Focused Terminals with a Diverse Product Mix 2024B REVENUE: $1.9 BILLION(a) 72% LIQUIDS — Market-making industry hubs in key refining centers critical to our customers — Complementary & synergistic with renewables & chemicals — Jones Act tankers to meet d
Slide 90: Terminals Segment Services
Terminals Segment Services Offering Unmatched Market Access with Modal Optionality Alongside Value-Added Terminaling Services 2024B ADJUSTED SEGMENT EBDA: $1.1 BILLION — Concentrated in key industry supply & demand Jones Act Tankers market hubs Terminal — Houston Ship Channel assets serving the worl
Slide 91: Liquid Hubs: Strategically Located to Serve Key Markets
Liquid Hubs: Strategically Located to Serve Key Markets Houston Ship Channel 9 terminals providing ~43 million barrels of capacity(a) — Serves the world’s most competitive supply of refined products & petrochemicals New York Harbor Chicago New York Harbor 5 terminals providing ~14 million barrels of
Slide 92: Our Integrated Terminal Network on the Houston Ship Channel
Our Integrated Terminal Network on the Houston Ship Channel Refined Products Focused with an Irreplaceable Collection of Assets, Capabilities & Market-making Connectivity Our unmatched scale & flexibility: KM terminals & assets refined products terminals 43 million barrels total capacity Colonial Ex
Slide 93: Leader in Clearing Advantaged USGC Gasoline & Diesel Production
Leader in Clearing Advantaged USGC Gasoline & Diesel Production Unparalleled Optionality to Cost-Effectively Supply Both Domestic & Export Markets KM HSC REFINED PRODUCT THROUGHPUTS TO KM HSC REFINED PRODUCT EXPORTS(b) mbbld DOMESTIC MARKETS(a) mbbld KM HSC export capacity of 600,000 bpd 1,200 600 1
Slide 94: Tankers Meeting Domestic Maritime Demand
Tankers Meeting Domestic Maritime Demand Largest Jones Act Tanker Fleet and Most Efficient Vessels (c) firm charter renewal option American Petroleum Tankers YE-23 YE-24 YE-25 YE-26 – 16 fuel-efficient Jones Act tankers 2024 2025 2026 – Largest fleet with the most modern vessels; average age of 9.8
Slide 95: Industry-Leading Renewable Feedstock Storage & Logistics Offering
Industry-Leading Renewable Feedstock Storage & Logistics Offering Leveraging Existing Assets to Grow Our Renewable Feedstock Capabilities New York Harbor Chicago 35 mbbl 160 mbbl One of the largest handlers of renewable feedstocks — Utilizing existing assets towards capital-efficient, attractive-ret
Slide 96: Reducing CO2 Emissions on Houston Ship Channel
Reducing CO2 Emissions on Houston Ship Channel Added 5 Vapor Recovery Units at Galena Park & Pasadena terminals — $64 million — Placed into service in 4Q 2023 Expect project to reduce Scope 1 & 2 emissions by ~34,000 metric tonnes CO2e per year, or ~38% from 2019(a) — Equivalent to CO2 emissions fro
Slide 97: Terminals Throughput & Tonnage Statistics
Terminals Throughput & Tonnage Statistics 2023 to 2024B Comparison Liquids Throughput Bulk Tonnage Variance Variance Throughput vs. 2023 Tonnage vs. 2023 MMBbls 2023 2024B MMBbls % tons (millions) 2023 2024B MM Tons % Gasoline 508.2 496.7 (11.5) -2% Ores/Metals (Bulk) 13.3 14.2 0.9 7% Distillate 125
Slide 98: CO2 Segment Presentation
KINDER/MORGAN CO, Segment Presentation 98
Slide 99: CO2 Segment Overview
CO2 Segment Overview World Class, Fully-Integrated Assets | CO2 Source to Crude Oil Production & Takeaway in the Permian Basin CO2 pipelines CO2 source fields Oil fields Interest in 5 oil fields with 9.3 billion Crude pipelines Permian basin barrels of Original Oil In Place Interest in 3 CO2 fields
Slide 100: Enhanced Oil Recovery Process
Enhanced Oil Recovery Process Specializing in the Gas Injection Method of Enhanced Oil Recovery Three phases of oil & gas production PRIMARY SECONDARY TERTIARY RECOVERY RECOVERY (ENHANCED) RECOVERY Reinject CO2 10% 20-40% 30-60% OOIP Cumulative Cumulative recovered OOIP OOIP recovered recovered Natu
Slide 101: Key Factors Driving the Success of Our CO2 Segment
Key Factors Driving the Success of Our CO2 Segment Maximizing Returns Through Financial Discipline & Innovation • Vertically integrated & • Industry-leading • High-return asset base Profit-Focused Advantaged Assets Highly-Skilled Team Permian focused experience in highly specialized business will •
Slide 102: CO2 EOR & Transport Budget and Sensitivities
CO2 EOR & Transport Budget and Sensitivities Potential Impact to Adjusted EBITDA SACROC Yates Other 2024B assumptions Change & DCF (full year) $339 Crude oil & NGL production +/- 5% in net volumes $22.5 million 37 mbbld net $236 $196 CO2 sales +/- 5% mmcfd in net 351 mmcfd net $7.7 million volumes $
Slide 103: CO2 Segment Budgeted Volumes & Highlights
CO2 Segment Budgeted Volumes & Highlights 2024B NET OIL & NGL PRODUCTION 2024B NET CO2 SALES mbbld mmcfd SACROC oil 18.7 SACROC NGL 9.6 SACROC 115 Yates 6.4 Other 1.9 36.6 mbbld 351 mmcfd Third parties 206 Yates 23 Other 7 OIL & GAS CO2 & TRANSPORT — Majority of required takeaway capacity provided b
Slide 104: CO2 Segment 2024 Oil & Gas Major Projects
CO2 Segment 2024 Oil & Gas Major Projects Major Projects Expected to Generate Attractive Returns Asset 2024B capex Commentary Consolidated ATIRR% at WTI Price Scenarios Forward Curve $65 Flat — Diamond M — Platform 7 — East Of Southwest Bank PH II SACROC $196mm — South Shore Extension — Southwest Ce
Slide 105: Extending Productive Life of Mature Fields
Extending Productive Life of Mature Fields Innovation & Teamwork Continue to Push Out SACROC Decline Significant amounts of recoverable oil in place SACROC NET OIL PRODUCTION FORECASTS bopd — SACROC is estimated at 2.8 billion barrels of Actual 2014B 2018B 2020B 2024B original oil in place (OOIP) 35
Slide 106: EOR & CO2 Transport Long-Term Growth Outlook
EOR & CO2 Transport Long-Term Growth Outlook Projected Adjusted Segment EBDA, Net Production & Development Plan EBDA(a) NET PRODUCTION 10 YEAR DEVELOPMENT PLAN $ millions incl. NGL (mboed) 2023 – 2032 $800 70 CO2 & Transport $25 $700 60 Yates $220 $600 50 KM Share Capex $ millions $500 40 SACROC $63
Slide 107: CO2 EOR & Transport Consistently Generates Free Cash Flow
CO2 EOR & Transport Consistently Generates Free Cash Flow Low Cash Cost Structure Yields Healthy Margins Through Commodity Price Cycles OIL & GAS CASH OPERATING COSTS & AVG. PRICE CO2 EOR & TRANSPORT FREE CASH FLOW $ millions $ per net barrel FCF Capex Acquisitions Adj. Segment EBDA Cash costs Avg.
Slide 108: Predictable Volumes & Hedged Commodity Price
Predictable Volumes & Hedged Commodity Price Mitigating Uncertainties Where Possible | EOR Oil & Gas Production Represents ~6% of KMI Business Mix NET OIL PRODUCTION: ACTUALS VS. BUDGET mbbld Actual Budget 50 HEDGED VOLUMES as of 12/31/2023 40 2024 2025 2026 2027 2028 Crude oil - West Texas Intermed
Slide 109: ETV Group Segment Presentation
ETV Group Segment Presentation 109
Slide 110: Energy Transition Ventures (ETV) Group
Energy Transition Ventures (ETV) Group The group is evaluating commercial opportunities ETV Group focused on opportunities emerging from the lower carbon energy transition outside of our existing asset base Other business segments will continue to pursue their own energy transition opportunities on
Slide 111: RNG Market Opportunity
RNG Market Opportunity U.S. RNG PRODUCTION bcfd TRANSPORTATION MARKET 3.7 – RNG is a low carbon, cost effective alternative to diesel – RNG can be delivered as Compressed Natural Gas (CNG) or Liquefied Natural Gas 3.2 – More than 175,000 natural gas vehicles in United States, approximately 23 millio
Slide 112: Growing RNG Portfolio
Growing RNG Portfolio LANDFILL-RNG ANNUAL Primarily contracted in transportation market today: PRODUCTION CAPACITY net to KM − Long-term contracts in transportation/RIN market − Recent EPA rule changes provide stability & liquidity to 5.6 bcf operational (6.1 bcf gross) the transportation market − L
Slide 113: Vertical Integration Drives Value and Growth
Vertical Integration Drives Value and Growth RNG Value Chain — Vertical integration allows KM to Transportation retain a higher margin Landfill Owner Kinder Morgan RNG Customer — Higher margins lead to more opportunities Transportation HBTU Plant HBTU Physical Customer Transportation Transportation
Slide 114: Growing Opportunities in CCUS Market
Growing Opportunities in CCUS Market IRA Improved CCS Economics U.S. CO2 EMISSIONS FROM POINT SOURCES IRA INCREASES CCUS OPPORTUNITIES coal 854 MMTPA, 44 bcfd KEY IRA CHANGES MARKET IMPACT nat gas power 688 MMTPA, 36 bcfd Increase in 45Q credit value Increases number of economic refineries 162 MMTPA
Slide 115: Net-Zero Scenarios Require Carbon Capture Infrastructure Buildout
Net-Zero Scenarios Require Carbon Capture Infrastructure Buildout U.S. CUMULATIVE CO2 STORAGE CAPACITY MMT CO2 POINT SOURCES & PIPELINE INFRASTRUCTURE IN 2050 5000 FIND 4000 3000 2000 1000 0 2020 2025 2030 2035 2040 2045 2050 CO2 pipeline estimates by 2050 CO2 storage estimates by 2050 Princeton’s N
Slide 116: CCUS Value Chain
CCUS Value Chain Emission Sources Capture Transport EOR / Sequestration — In discussions with emissions — Evaluate opportunities to — One of the largest CO2 — Substantial EOR experience sources throughout North invest, construct, and/or pipeline owners in North America on CCUS solutions operate Amer
Slide 117: West Texas CCUS
West Texas CCUS Utilizing KM’s Assets and Expertise to Enable Accretive CCS Projects Red Cedar CO2 pipelines Oil fields — Red Cedar Gathering (RCG) is a natural gas midstream joint-venture between Southern Ute Indian Tribe Growth Fund (51%) and Kinder Morgan (49%) in southern Colorado Red Cedar Faci
Slide 118: Midstream Opportunities in a Growing Clean Hydrogen Economy
Midstream Opportunities in a Growing Clean Hydrogen Economy The Clean Hydrogen Market Remains Nascent, Yet Infrastructure Buildout Will be Crucial to its Growth — Meaningful market growth likely to require significant government subsidies and U.S. RENEWABLE HYDROGEN POTENTIAL AND EXISTING INFRASTRUC
Slide 119: Corporate Items
CORPORATE ITEMS Pig Launcher on EPNG, Flagstaff, Arizona
Slide 120: Business Mix
Business Mix Leading Infrastructure Provider Across Multiple Critical Energy Products Note: Business mix based on 2024 budgeted Total Adjusted Segment EBDA (a non-GAAP measure). See Non-GAAP Financial Measures & Reconciliations. 120
Slide 121: Contract Strategy Insulates Cash Flow Through Commodity Cycles
Contract Strategy Insulates Cash Flow Through Commodity Cycles Structure Long-Term Contracts That Minimize Price & Volume Volatility Take-or-pay or hedged Fee-based Commodity- Avg. remaining 2024B Total Adjusted Volumes & price are Price is fixed, contract life Segment EBDA: contractually fixed volu
Slide 122: Customers Are Primarily End-Users of the Products We Handle
Customers Are Primarily End-Users of the Products We Handle Net Revenues Underpinned by Investment Grade Counterparties & Credit Support | Ratings as of January 9, 2024 CUSTOMER TYPE CREDIT RATING End-user IG or substantial credit support Producer - IG or substantial credit support BB+ to B Producer
Slide 123: 2024 Budget Sensitivities
2024 Budget Sensitivities Limited Overall Commodity Exposure 2024B assumptions Change Potential Impact to Adjusted EBITDA & DCF (full year) Natural Gas Products Terminals CO2 Total Natural gas G&P volumes 3,934 bbtud +/- 5% $34 million $34 million Refined products volumes (gasoline, diesel & jet fue
Slide 124: Cash Taxes: Do Not Expect to Be a Material Cash Taxpayer Until 2026
Cash Taxes: Do Not Expect to Be a Material Cash Taxpayer Until 2026 PROJECTED EFFECTIVE FEDERAL CASH TAX RATE 15% Do not expect to be a material taxpayer under the Minimum Book Tax in 2024 or 2025 10% $299 million of General Business Credits(a) that can be used to offset up to 75% of MBT annually 5%
Slide 125: Sustainability Ratings Recognition
Sustainability Ratings Recognition Highly rated by multiple agencies improved ratings by publishing EEO-1 report and responding to CDP questionnaire FTSE #2 MSCI AA Sustainalytics #5 of Oil & Gas Oil & Gas Refining, of 117 Oil & Gas Pipelines subsector Marketing, Transportation Storage & Transportat
Slide 126: Joint Venture Treatment in Key Metrics
Joint Venture Treatment in Key Metrics KM does not control nor consolidate KM controls & fully consolidates KM portion referred to as equity investments in third party portion referred to as noncontrolling interests in financial statements financial statements SNG (50%), NGPL (37.5%), GCX (34%) Exam
Slide 127: Non-GAAP Financial Measures & Reconciliations
Non-GAAP Financial Measures & Reconciliations Defined Terms Reconciliations for the historical periods 127
Slide 128: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures Our non-GAAP financial measures described below should not be considered alternatives to GAAP net income attributable to Kinder Morgan, Inc. or other GAAP measures and have important limitations as analytical tools. Our computations of these non-GAAP financial meas
Slide 129: Use of Non-GAAP Financial Measures (Continued)
Use of Non-GAAP Financial Measures (Continued) Adjusted EBITDA is calculated by adjusting net income attributable to Kinder Morgan, Inc. before interest expense, income taxes, DD&A, and amortization of excess cost of equity investments (EBITDA) for Certain Items. For periods from 2017 to 2019, Adjus
Slide 130: Net Income, Adjusted Net Income Attributable to KMI, and DCF
Net Income, Adjusted Net Income Attributable to KMI, and DCF $ in millions 2024 2023 Change Budget Actual $ % Net income attributable to KMI $ 2,726 $ 2,391 $ 335 14% Certain Items Change in fair value of derivative contracts - (126) 126 100% Loss on impairment - 67 (67) (100%) Income tax Certain It
Slide 131: Reconciliation of Segment EBDA to Adjusted Segment EBDA
Reconciliation of Segment EBDA to Adjusted Segment EBDA $ in millions 2024 2023 (a) Segment EBDA Budget Actual Natural Gas Pipelines Segment EBDA 5,524 5,282 Certain Items (b) Change in fair value of derivative contracts - (122) Other - - Certain Items - (122) Natural Gas Pipelines Adjusted Segment
Slide 132: Reconciliations of KMI FCF and CO2 EOR & Transport FCF
Reconciliations of KMI FCF and CO2 EOR & Transport FCF $ in millions Reconciliation of KMI FCF 2019 2020 2021 2022 2023 CFFO (GAAP) $ 4,748 $ 4,550 $ 5,708 $ 4,967 $ 6,491 Capital expenditures (GAAP)(a) (2,270) (1,707) (1,281) (1,621) (2,317) FCF 2,478 2,843 4,427 3,346 4,174 Dividends paid (GAAP) (
Slide 133: Reconciliation of Adjusted EBITDA, Normalized for Divestitures
Reconciliation of Adjusted EBITDA, Normalized for Divestitures $ in millions Reconciliation of Adjusted EBITDA, Normalized for Divestitures 2016 2017 2018 2019 2020 2021 2022 2023 Net income attributable to KMI $ 708 $ 183 $ 1,609 $ 2,190 $ 119 $ 1,784 $ 2,548 $ 2,391 NCI associated with Certain Ite
Slide 134: Reconciliation of Net Debt
Reconciliation of Net Debt $ in millions Reconciliation of Net Debt 2016 2017 2018 2019 2020 2021 2022 2023 2024B Current portion of debt $ 2,696 $ 2,828 $ 3,388 $ 2,377 $ 2,558 $ 2,646 $ 3,385 $ 4,049 $ 1,749 Total long-term debt 37,354 35,015 33,936 31,915 32,131 30,674 28,403 28,067 30,081 Debt f
Slide 135: Reconciliation of Adjusted Net Income and Adjusted EBITDA Excluding Uri
Reconciliation of Adjusted Net Income Attributable to KMI and Adjusted EBITDA Excluding Uri $ in millions 2021 2021 Actual Reconciliation of Adjusted Net income attributable to KMI and Adjusted EBITDA Excluding Uri Actual Excluding Uri Net income attributable to KMI $ 1,784 $ 932 Certain Items Fair
Slide 136: Computation of Refined Products Contributions to Products Pipelines Adjusted Segment EBDA
Computation of the Refined Products Contributions to the Products Pipelines Adjusted Segment EBDA $ in millions Computation of the Refined Products Contributions to the Products Pipelines Adjusted Segment EBDA 2015 2016 2017 2018 2019 2020 2021 2022 2023 Products Pipelines Segment EBDA (GAAP) $ 1,10