Kinder Morgan, Inc. · NYSE:KMI
Kinder Morgan — Investor Presentation (January 2026)
64 slides from Kinder Morgan's investor presentation, January 2026
Slide 1: 2026 Annual Business Update
2026 Annual Business Update January 2026 Elba LNG
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: Table of Contents
TransColorado Right-of-Way Table of Contents Executive Summary 1 Irreplaceable Assets. Unrivaled Network. 4 Industry Fundamentals 2 Robust Natural Gas Demand Driving Need for Additional Infrastructure 14 Business Outlook 3 Executing Today. Building for Tomorrow. 23 Financial Overview 4 Delivering Ou
Slide 4: Executive Summary
1 EXECUTIVE SUMMARY Irreplaceable Assets. Unrivaled Network. TGP 327 Compressor Station
Slide 5: Irreplaceable Infrastructure Portfolio
Irreplaceable Infrastructure Portfolio NATURAL GAS Delivering Energy. Improving Lives. (a) Largest U.S. Natural Gas Transmission Network — ~58,600 miles of transmission, ~6,800 miles of SFPP HXP 67% gathering, & 1,300 miles of NGL pipelines — Transport ~40% of U.S. natural gas production TGP — >700
Slide 6: Driving Long-Term Shareholder Value
Driving Long-Term Shareholder Value $ Attractive Predictable Natural Gas Balance Sheet Shareholder Growth & Growing Focus Strength Returns Projects Cash Flows 2/3 of cash flows ~3.8x YE 2026B Net ~$10.0 billion of ~70% of cash flows Increasing dividend come from midstream Debt / Adjusted committed p
Slide 7: Global Natural Gas Demand Poised for Long-Term Growth
Global Natural Gas Demand Poised for Long-Term Growth U.S. LNG Well Positioned to Meet Global Demand GLOBAL NATURAL GAS DEMAND Demand growth largely coming bcfd from countries with limited ~130 bcfd domestic natural resources of Global Demand Growth by 2050 Growth Greater than Total Current U.S. 541
Slide 8: Vast, Low-Cost U.S. Supply Meeting Growing Demand
Vast, Low-Cost U.S. Supply Meeting Growing Demand While Maintaining Reasonable Prices U.S. NATURAL GAS SUPPLY & PRICE Supply Price 120 $8 Russia-Ukraine U.S. Natural Gas War U.S. reserves are $7 100 Supply Has Increased vast and low cost, >70% since 2010 $6 given continued upstream Average Natural G
Slide 9: Highly Contracted, Predictable Cash Flows
Highly Contracted, Predictable Cash Flows CASH FLOW MIX Unhedged 96% Take-or-Pay, Fee-Based, or Hedged Cash Flows Hedged 4% 5% Take-or-Pay 65% • Entitled to payment regardless of throughput • Reservation fee for capacity Fee-Based Fee-Based 26% • Fixed fee collected regardless of commodity price • V
Slide 10: Successfully Achieving Attractive Returns
Successfully Achieving Attractive Returns Demonstrated Project Execution Provides Foundation for Delivering Future Returns INVESTMENT MULTIPLES ACHIEVED 273 projects placed in service 2021-2025, representing nearly $5.4 billion of capital (a) Total Invested Capital / Year 2 EBITDA Original Estimate
Slide 11: $10.0bn Committed Growth Capital Project Backlog
$10.0bn Committed Growth Capital Project Backlog as of 12/31/2025 ~20% of Backlog Capital Going into Service During 2026 $ Billion Total Nearly all serving end-use power, LDC, and Natural Gas (excluding G&P) $8.3 LNG demand ~90% Natural gas portion of backlog Other 0.3 Primarily refined product proj
Slide 12: High-Quality Growth Within Our Core Competency
High-Quality Growth Within Our Core Competency PROJECT BACKLOG COMPOSITION CORE COMPETENCY Projects are primarily extensions off our existing network Total Backlog $10.0 billion Completed $13 billion of natural gas pipelines and storage over the past 10 years(a) Natual Gas Segment Other Segments HIG
Slide 13: Building on Momentum into 2026
Building on Momentum into 2026 +13% Adj. EPS & +6% Adj. EBITDA +5% Adj. EPS & +2.5% Adj. EBITDA Year-Over-Year Growth Budgeted Year-Over-Year Growth Generated $5.9 Billion CFFO Forecasting $6.4 Billion CFFO Decreased Leverage 0.2x to 2025 2026B Projecting to End the Year at 3.8x Net Debt / Adj. EBIT
Slide 14: Industry Fundamentals
2 INDUSTRY FUNDAMENTALS Robust Natural Gas Demand Driving Need for Additional Infrastructure TransColorado Right-of-Way
Slide 15: Extensive Network Well Positioned to Serve Growing Demand
Extensive Network Well Positioned to Serve Growing U.S. Natural Gas Demand U.S. NATURAL GAS DEMAND bcfd U.S. NATURAL GAS TRANSMISSION LNG KMI Wood Mackenzie PIPELINE MILEAGE BY OPERATOR (a) 140 +26 bcfd New Infrastructure Will Scale and Connectivity Be Needed to Support 58,600 of Our Footprint Will
Slide 16: WoodMac Natural Gas Demand Overview: 2025–2030
WoodMac Natural Gas Demand Overview: 2025 – 2030 >85% of Growth is Expected to Occur in Texas & Louisiana, Driven by LNG Exports 2025 U.S. Demand 115 bcfd Increase in demand by 2030 LNG +19 bcfd Bakken LNG Feedgas +13 bcfd 1 Powder • Rising global demand for U.S. LNG River Green Utica • Abundant, ec
Slide 17: Rising Need for Natural Gas Amid Growing Market Volatility
Rising Need for Natural Gas Amid Growing Market Volatility LOWER 48 NATURAL GAS DEMAND (a) VS. 165 AVERAGE DAILY TEMPERATURE Natural gas demand for a given 2025 2015 degree day continues to rise LNG 145 Increased demand has magnified at the extremes Weather-driven demand Natural Gas Demand (bcfd)(a)
Slide 18: LNG Exports Driving Natural Gas Demand Growth
LNG Exports Driving Natural Gas Demand Growth Our Assets Are Well Positioned to Supply Robust LNG Export Growth Along the Texas and Louisiana Gulf Coast WOODMAC U.S. LNG FEEDGAS SNG MEP LNG FORECAST bcfd Louisiana Mississippi KMI has long-term contracts to move 8 bcfd to LNG NGPL TGP facilities toda
Slide 19: Growing Power Needs Boosting Demand for Natural Gas
Growing Power Needs Boosting Demand for Natural Gas INCREASING NATURAL GAS FIRED POWER DEMAND DRIVEN BY LNG ~60% of contracted Population Migration Coal-to-Gas Industrial Renewable Data Center $10.0bn project & Economic Growth Conversions Re-shoring Backup Demand backlog directed to power generation
Slide 20: Positioned to Meet Surging Data Center Power Demand
Positioned to Meet Surging Data Center Power Demand (a) ANNOUNCED DATA CENTER CAPACITY SINCE 2023 GW States with KMI Natural Gas Transmission Assets LNG 45 ~210 GW Power demand for U.S. 40 data centers currently 35 Robust Footprint under development Creates Significant (b) 30 Opportunity to Serve ~3
Slide 21: WoodMac Natural Gas Supply Overview: 2025–2030
WoodMac Natural Gas Supply Overview: 2025 – 2030 2025 U.S. Production 108 bcfd Increase in supply by 2030 5 Bakken LNG +20 bcfd Northeast +7 bcfd 11 Powder 5 River Utica Green • Production constrained by egress River despite ample, low-cost supply 5DJ 1 Haynesville +7 bcfd Uinta-Piceance Marcellus •
Slide 22: Premier Network Positioned to Meet Growing Natural Gas Opportunity
Premier Network Positioned to Meet Growing Natural Gas Opportunity Bakken Pursuing >$10bn of Opportunities Beyond LNG Our Current Backlog Northeast TX & LA power & industrial Rockies Marcellus/ Southeast power Utica Midwest Desert Southwest power Front Range Midwest power Gulf Coast LNG exports Dese
Slide 23: Business Outlook
3 BUSINESS OUTLOOK Executing Today. Building for Tomorrow. Elba LNG
Slide 24: Natural Gas Segment Overview
Natural Gas Segment Overview Connecting Key Natural Gas Resources with Major Demand Centers Largest Natural Gas Transmission Network in the U.S. (a) HXP(c) KMI Transports ~40% of U.S. Natural Gas Production Stagecoach WIC ~40% ~50% ~45% Utopia NGPL CIG CP of all feedgas of all U.S. natural of all di
Slide 25: Rising Demand Benefitting Our Natural Gas Transmission Business
Rising Demand Benefitting Our Natural Gas Transmission Business INCREASED PIPELINE USAGE FACTOR (a) 2016 5-Pipe 2025 5 -Pipe INCREASED DEMAND LEADING TO Average Average WOODMAC U.S. NATURAL GAS DEMAND 74% 90% bcfd +17% INCREASED TENOR AND/OR RATES EXAMPLES +44% 7.3 7.8 134 6.7 years years 5.8 years
Slide 26: ~$9.1 Billion of Approved Natural Gas Projects
~$9.1 Billion of Approved Natural Gas Projects Capital(a) Capacity In-Service Primary Pursuing >$10 Billion of Major Projects ($bn) (bcfd) Date Driver Additional Opportunities 1 South System Expansion 4 4Q28, Beyond Our Current Backlog $1.8 1.3 Power SNG & EEC 4Q29 10 Bakken Powder 2 Trident (Phase
Slide 27: Products Pipelines Segment & Terminals Segment Overview
Products Pipelines Segment & Terminals Segment Overview Both Segments Principally Refined Products Focused >$11bn of Adjusted Segment EBDA & >$8bn of FCF Generated Over 5 Years Oregon Line Hiland Crude TERMINALS & PRODUCTS PIPELINES ADJUSTED SEGMENT EBDA $ Billions Products Pipelines Segment Termina
Slide 28: Highly Utilized Products & Terminals Assets
Highly Utilized Products & Terminals Assets Steady Volumes with Annual Rate Escalators (a) PRODUCTS PIPELINES SEGMENT VOLUMES TERMINALS SEGMENT LEASED mbbld CAPACITY PERCENTAGE & TONNAGE +2% ~2.1 mmbbld 2026 budgeted Decrease driven +1 % by Houston total throughput Refinery 989 980 980 978 closure 9
Slide 29: CO2 Segment: EOR and Transport Overview
CO2 Segment: EOR and Transport Overview World Class, Fully-Integrated Assets Consistently Generating Robust Free Cash Flow CO 2 EOR & TRANSPORT FREE CASH FLOW Interest in 3 oil CO2 pipelines CO2 source fields (a) $ Billions fields with 8.8 Doe Canyon FCF Capex Acquisitions Adj. Segment EBDA Colorado
Slide 30: CO2 Segment: Energy Transition Ventures Group Overview
CO2 Segment: Energy Transition Ventures (ETV) Group Overview RNG • Established a strategic RNG platform • 6 facilities with 6.4 bcf(a) of RNG production capacity; contracted long term into the transportation market • Focused on optimizing operations; potential for longer-term expansion opportunities
Slide 31: Committed to Being a Good Steward
Committed to Being a Good Steward $ Reduce & Avoid Leak Continuous Employee Investing in Lower Methane Emissions Detection Improvement Development Carbon Fuels ~10% 100% BB → AAA 283 $ 9.1bn Reduction in of our natural gas MSCI score Participants in Natural gas methane emissions compressor stations
Slide 32: Sustainability Ratings Recognition
Sustainability Ratings Recognition Highly Rated By Multiple Agencies MSCI AAA Sustainalytics Top 10% Oil & Gas Refining, out of 87 Oil & Gas Storage & Marketing, Transportation Transportation Companies & & Storage Industry 170 Refiners & Pipelines z Refinitiv #8 S&P Global CSA FTSE #3 of 239 Oil & G
Slide 33: Financial Overview
4 FINANCIAL OVERVIEW Delivering Our Disciplined Growth Strategy TGP Plaquemines Meter Station
Slide 34: Strong Growth and Execution in 2025
Strong Growth and Execution in 2025 FINANCIAL PERFORMANCE 2025 HIGHLIGHTS vs 2024 vs 2025 Budget Generated $8.4 Billion of Adjusted EBITDA +6% +1% Reported Adjusted EPS of $1.30 +13% +2% Ended Year at 3.8x Net Debt / Adj. EBITDA Upgraded by Fitch to BBB+ -0.2x Returned >$2.6 Billion to Shareholders
Slide 35: Capital Allocation Priorities
Capital Allocation Priorities High-Quality and Secure Cash Flows Natural gas focused, long-term, take-or-pay cash flows Balance Sheet Strength Capacity provides value and flexibility Significant Cash Flow Generation Ability to internally fund nearly $3 billion of growth capex annually Disciplined Ca
Slide 36: Robust Funding Capability
Robust Funding Capability CASH FLOW GENERATION BALANCE SHEET STRENGTH Exited 2025 & Expect to End 2026 at ~$3 Billion ~3.8x Below the mid-point of of internally generated cash our 3.5x – 4.5x leverage target flow available to cover growth Net Debt / Adj. EBITDA range capex annually Committed $10.0 b
Slide 37: Growing Earnings While Reducing Leverage
Growing Earnings While Reducing Leverage Trend Over the Past Decade ADJUSTED NET DEBT / DIVIDENDS PAID & EPS ADJUSTED EBITDA SHARES REPURCHASED(a) $ Billion 8% CAGR 26% decrease in $24 billion returned leverage to shareholders $1.32 $1.36 $1.30 Uri $0.38 $1.16 $1.15 $0.5 5.1x $0.4 $1.07 $2.6 $2.6 $2
Slide 38: 2026 Budget Reconciliation
2026 Budget Reconciliation Preliminary Final Budget Budget Excludes Contributions from Key Metrics Released December 8, 2025 Divested EagleHawk G&P Assets Adjusted EPS $1.37 $1.36 Adjusted EBITDA $8.65 billion $8.60 billion Discretionary Capital(a) $3.36 billion $3.35 billion Year-End Net Debt / 3.8
Slide 39: 2026 Budget Highlights
2026 Budget Highlights $ $ Adjusted Adjusted Net Debt / Discretionary Cash EPS(a) EBITDA(a) Adj. EBITDA Capital(b) Returns $1.36 $8.6bn 3.8x $3.3bn $2.7bn ~5% increase ~2.5% increase Strong balance sheet Infrastructure projects Dividends expected vs. 2025 vs. 2025 with ample capacity with attractive
Slide 40: 2026B Adjusted Segment EBDA, Adjusted EBITDA, and Adjusted Net Income
2026B Adjusted Segment EBDA, Adjusted EBITDA, and Adjusted Net Income Attributable to KMI $ in Millions 2026 2025 Change Budget Actual $ % 2026B KEY DRIVERS Natural Gas Pipelines Adjusted Segment EBDA $ 6,100 $ 5,914 $ 186 3% – Contributions from expansion projects Products Pipelines Adjusted Segmen
Slide 41: 2026B Adjusted EPS
2026B Adjusted EPS $ in Millions, Except Per Share 2026 2025 Change Budget Actual $ % Net income attributable to KMI $ 3,066 $ 3,056 $ 10 0% Total Certain Items (a) (23) (157) 134 85% Adjusted Net Income Attributable to KMI 3,043 2,899 144 5% Net income allocated to participating securities and othe
Slide 42: 2026B Discretionary Capital Expenditures
2026B Discretionary Capital Expenditures $ in Millions 2026 2025 Discretionary Capital Budget Actual 2026B KEY GROWTH PROJECTS Natural Gas Pipelines (a) $ 2,955 $ 2,465 – TX Intrastate Trident Products Pipelines 32 74 Terminals 146 74 – TGP Mississippi Crossing Natural Gas CO2 - Source & Transport/O
Slide 43: 2026B Sources & Uses
2026B Sources & Uses(a) $ in Millions SOURCES & USES 2026 $ Billions Sources Budget $9.0 CFFO (GAAP) $ 6,382 Other Sources Revolver borrowing/debt issuances 1,653 $8.0 Other Uses Other sources (b) 159 Additional Total sources $ 8,194 $7.0 Borrowing Debt Maturities $6.0 2026 Uses Budget Dividends $5.
Slide 44: 2026B Leverage & Liquidity
2026B Leverage & Liquidity(a) $ in Millions KMI LONG -TERM DEBT MATURITIES (e) 2026 Debt maturities Weighted average interest rate Budget Net Debt (Year End) $ 32,322 Adjusted EBITDA $ 8,598 5.5% 5.0% 5.0% 5.0% Net Debt(b) to Adjusted EBITDA 3.8x(c) 4.5% 3.7% KMI revolver capacity 12/31/2025 Committ
Slide 45: 2026B Quarterly Profile
2026B Quarterly Profile ADJUSTED EBITDA ADJUSTED EPS $ Billions 2026 Budget 2025 Actuals 2026 Budget 2025 Actuals $2.30 $2.27 $2.22 $0.40 $2.16 $0.39 $2.06 $2.01 $0.36 $1.99 $1.97 $0.34 $0.31 $0.29 $0.29 $0.28 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Note: Adjusted EBITDA and Adjusted EPS are non-GAAP financial meas
Slide 46: Cash Taxes: Not a Material Cash Taxpayer Until Beyond 2028
Cash Taxes: Do Not Expect to Be a Material Cash Taxpayer Until Beyond 2028 KMI PROJECTED EFFECTIVE FEDERAL CASH TAX RATE 20% Recent federal tax policy changes have Do Not positively impacted 15% Expect KMI our future cash tax to Be a Material position Federal Income 10% Taxpayer in 2026, 2027, or 20
Slide 47: Appendix
5 APPENDIX Pig Launcher on EPNG
Slide 48: Contract Strategy Insulates Cash Flows Through Commodity Cycles
Contract Strategy Insulates Cash Flows Through Commodity Cycles Long-Term, Secure Cash Flows Minimize Price & Volume Volatility Take-or-Pay or Hedged Fee-Based Commodity- Avg. remaining Volumes & price are Price is fixed, contract term contractually fixed volumes are variable Price Based as of 12/31
Slide 49: 2026B Supplemental Financial Detail
2026B Supplemental Financial Detail SUSTAINING CAPEX MAJOR COMMODITY PRICE $ Millions SENSITIVITIES 2026 2025 Sustaining Capital Budget Actual Change Potential Full Year Natural Gas Pipelines(a) $ 635 $ 625 $ 10 Price Impact to Products Pipelines 149 161 (12) 2026B Assumptions Change Adj. EBITDA Ter
Slide 50: 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 and Credit Support CUSTOMER TYPE CREDIT RATING End-user IG or substantial credit support Producer - IG or substantial credit support BB+ to B Producer - non-IG or not rated 3% B- o
Slide 51: Tankers Meeting Domestic Maritime Demand
Tankers Meeting Domestic Maritime Demand Largest Jones Act Tanker Fleet and Most Efficient Vessels American Petroleum Tankers (APT) Firm Charter Likely Option (c) – 16 fuel-efficient Jones Act tankers 12/31/2025 12/31/2026 12/31/2027 12/30/2028 2026 2027 2028 – Largest fleet with the most modern ves
Slide 52: CO2 EOR & Transport Budget Highlights
CO2 EOR & Transport Budget Highlights 2026B NET OIL & NGL PRODUCTION 2026B NET OIL & NGL PRODUCTION SACROC Other EOR CO2 & Transport AND CO 2 SALES McElroy/Other 1.0 $263 Yates – Majority of required 5.8 takeaway capacity 2026B Net Oil & provided by KMI-owned NGL Production Wink pipeline $169 $134 3
Slide 53: 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 54: Non-GAAP Financial Measures & Reconciliations
NON-GAAP FINANCIAL MEASURES & RECONCILIATIONS Carteret Terminal
Slide 55: 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 56: Use of Non-GAAP Financial Measures (Continued)
Use of Non-GAAP Financial Measures (Continued) Amounts associated with Joint Ventures – Certain Items, DCF and Adjusted EBITDA reflect amounts from unconsolidated joint ventures (JVs) and consolidated JVs utilizing the same recognition and measurement methods used to record “Earnings from equity inv
Slide 57: Net Income, Adjusted Net Income Attributable to KMI, and DCF
Net Income, Adjusted Net Income Attributable to KMI, and DCF $ in Millions 2026 2025 Change Budget Actual $ % Net income attributable to KMI $ 3,066 $ 3,056 $ 10 0% Certain Items(a) Risk management activities - (29) 29 100% Gain on divestitures - (123) 123 100% Estimated gain on miscellaneous land s
Slide 58: Reconciliation of Adjusted Net Income and Adjusted EPS
Reconciliation of Adjusted Net Income Attributable to Common Stock and Adjusted EPS $ in Millions 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net income attributable to KMI $ 183 $ 1,609 $ 2,190 $ 119 $ 1,784 $ 2,548 $ 2,391 $ 2,613 $ 3,056 NCI associated with Certain Items - - - - - - - - - Certai
Slide 59: Reconciliations of Natural Gas and CO2 Adjusted Segment EBDA
Reconciliations of Natural Gas Adjusted Segment EBDA and CO2 Adjusted Segment EBDA $ in Millions 2026 2025 (a) Segment EBDA Budget Actual Natural Gas Pipelines Segment EBDA $ 6,100 $ 6,080 Certain Items (b) Risk management activities - (39) Gain on divestiture - (123) Other - (4) Certain Items - (16
Slide 60: Reconciliations of Terminals FCF and Products Pipelines FCF
Reconciliations of Terminals FCF and Products Pipelines FCF $ in Millions Reconciliation of Terminals FCF 2022 2023 2024 2025 2026B EBDA for Terminals (a) $ 975 $ 1,039 $ 1,099 $ 1,143 $ 1,172 Certain items (b) Loss (gain) on impairments, divestitures and other write-downs, net - - - - (29) Other -
Slide 61: Reconciliations of CO2 EOR & Transport FCF
Reconciliations of CO2 EOR & Transport FCF $ in Millions Reconciliation of CO2 EOR & Transport FCF 2022 2023 2024 2025 2026B EBDA for CO2 EOR & Transport (a) $ 798 $ 658 $ 640 $ 569 $ 490 Certain items (b) Risk management activities (11) 4 2 (4) - Loss (gain) on impairments, divestitures and other w
Slide 62: Reconciliation of Adjusted EBITDA, Normalized for Divestitures
Reconciliation of Adjusted EBITDA, Normalized for Divestitures $ in Millions Reconciliation of Adjusted EBITDA, Normalized for Divestitures 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026B Net income attributable to KMI $ 183 $ 1,609 $ 2,190 $ 119 $ 1,784 $ 2,548 $ 2,391 $ 2,613 $ 3,056 $ 3,066 NC
Slide 63: Reconciliation of Net Debt
Reconciliation of Net Debt $ in Millions Reconciliation of Net Debt 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026B Current portion of debt $ 2,828 $ 3,388 $ 2,377 $ 2,558 $ 2,646 $ 3,385 $ 4,049 $ 2,009 $ 1,226 $ 1,337 Total long-term debt 35,015 33,936 31,915 32,131 30,674 28,403 28,067 29,881
Slide 64: Reconciliation of Adjusted Net Income Excluding Uri
Reconciliation of Adjusted Net Income Attributable to KMI Excluding Uri $ in Millions 2021 2021 Actual Reconciliation of Adjusted Net Income Attributable to KM Actual Excluding Uri Net income attributable to KMI $ 1,784 $ 932 Certain Items (a) Fair value amortization (19) (19) Legal, environmental a