2Q 2026 Investor Presentation

2Q 2026 Investor Presentation April 2026

Elba LNG

Irreplaceable Infrastructure Portfolio

NATURAL GAS

Largest U.S. Natural Gas Transmission Network(a)

- ~58,600 miles of transmission, ~6,800 miles of

SFPP

Delivering Energy. Improving Lives.

HXP

67%

gathering, & 1,300 miles of NGL pipelines

• Transport ~40% of U.S. natural gas production

• >700 bcf of working storage capacity, ~15% of

U.S. capacity

WIC

TGP

Stagecoach

REFINED PRODUCTS

Largest U.S. Independent Refined Products Transporter & Terminal Operator

(b)

SFPP

Mojave

Calnev

TCGT

CIG CP

NGPL

NGPL

Utopia

TGP

26%

• Transport ~1.7 mmbbld of refined product volumes

• ~9,000 miles of refined products & crude pipelines

• 136 liquids & bulk terminals; 16 Jones Act tankers

• 135 mmbbl of total liquids storage capacity

  SFPP

  Sierrita

  EPNG

  Cortez

  FEP

  MEP

  SNG

  EEC

  PPL

  ELC

  CO2

  7%

  
  
  

  One of the Largest CO2 Transporters in the U.S.

  • ~1,500 miles of CO2 pipelines with transport capacity of ~1.5 bcfd

  • Produce and transport CO2 for enhanced oil recovery (EOR)

Wink

TX Intra KMLP

KMCC/

Double Eagle

GLNG FGT

BUSINESS MIX

Strategic Renewable Natural Gas Portfolio

(c)

NATURAL GAS REFINED PRODUCTS CO2

Pipelines Pipelines Pipelines

- RNG production capacity of 6.4 bcf

Storage

LNG Facilities

Terminals

16 Jones Act Tankers

CO2 / EOR Fields

RNG / Other Facilities

Note: Volumes per 2026 budget. Business mix based on 2026 budgeted Total Adjusted Segment EBDA, which is a non-GAAP financial measure. See Non-GAAP Financial Measures & Reconciliations.

1. Does not include mileage associated with natural gas gathering assets.

2. Refined Products includes 13% from our Products Pipelines Segment and 13% from our Terminals Segment.

3. Annual capacity at KMI share. 3

Driving Long-Term Shareholder Value

$

Natural Gas Focus

2/3 of cash flows come from midstream natural gas(a)

Transport ~40% of

U.S. natural gas production

Balance Sheet Strength

~3.8x YE 2026B Net

Debt / Adjusted

EBITDA

BBB+

investment grade balance sheet

Attractive Growth Projects

~$10.1 billion of committed projects at

<6x EBITDA

build multiple

Added >$10.3 billion of projects to the backlog since the start of 2024(b)

Predictable & Growing Cash Flows

~70% of cash flows are take-or-pay or hedged(a)

+5% Adj. EPS and

+2.5% Adj. EBITDA

growth budgeted in 2026(c)

Shareholder Returns

Increasing dividend for 9th straight year

Returned nearly

$23 billion to shareholders over the past 10 years(d)

Note: Total Adjusted Segment EBDA, Adjusted EPS, Adjusted EBITDA, Net Debt, and EBITDA build multiple (calculated based on Project EBITDA) are non-GAAP financial measures. See Non-GAAP Financial Measures & Reconciliations.

1. Based on 2026 budgeted Total Adjusted Segment EBDA.

2. We also placed $3.2 billion of projects in service since 2024.

   4

3. The final 2026 budget includes the impact of the EagleHawk divestiture, which closed after our preliminary guidance announcement in December.

4. 2016 - 2025 dividends and share repurchases.

Highly Contracted, Predictable Cash Flows

96%

Unhedged

Take-or-Pay, Fee-Based, or Hedged Cash Flows

5%

Fee-Based

26%

Take-or-Pay

65%

Hedged 4%

65%

26%

Take-or-Pay

• Entitled to payment regardless of throughput

• Reservation fee for capacity

  Fee-Based

• Fixed fee collected regardless of commodity price

• Volumetric based revenues

• ~40% highly stable, refined product cash flows

  %

  5

  Hedged

  • Disciplined approach to managing price volatility

  • Substantially hedged near-term price exposure

    4%

    Unhedged

  • Commodity price based

Note: Cash flow mix based on 2026 budgeted Total Adjusted Segment EBDA, which is a non-GAAP financial measure. See Non-GAAP Financial Measures & Reconciliations. Includes hedging as of 1/16/2026. 5

Successfully Achieving Attractive Returns

Original Estimate

Actual Multiple or Current Estimate

~0.1x Variance to Original Estimate

2021 - 2025 Projects Completed

Demonstrated Project Execution Provides Foundation for Delivering Future Returns

273 projects placed in service 2021-2025, representing nearly $5.4 billion of capital

Total capex within 0.5% of original estimate, despite a backdrop of 26% cumulative inflation(b)

Vast majority of projects completed

on time and on budget or better

Currently expect project returns(c) to be within 100bps from original expectations and well above our cost of capital

1. Multiple reflects KMI share of invested capital divided by Project EBITDA, a non-GAAP measure (see Non-GAAP Financial Measures & Reconciliations), generated in its second full year of operation. G&P projects are excluded from the

   investment multiple but included in all other statistics. CO2 EOR projects are excluded from all statistics.

2. Based on cumulative U.S. PPI Final Demand inflation between November 2020 - November 2025.

3. Project returns reflect the capital-weighted average IRR for projects placed in service between 2021 - 2025. 6

$10.1bn Committed Growth Capital Project Backlog as of 3/31/2026

~16% of Backlog Capital Going into Service During Remainder of 2026

~92%

Natural gas portion of backlog

1Q 2028

Capital-weighted average project in-service date

>$3 billion

Expected annual growth capex over next few years

Note: Figures may not sum due to rounding. Other includes projects in our Products Pipelines and Terminals Segments. EBITDA build multiple reflects KMI share of estimated capital divided by estimated Project EBITDA (a non-GAAP financial measure). See Non-GAAP Financial Measures & Reconciliations. 7

2026 Budget Highlights

Currently Trending More Than 3% Favorable to the Following Budgeted Adjusted EPS & Adjusted EBITDA

$

$

Adjusted EPS(a)

Adjusted EBITDA(a)

Net Debt / Adj. EBITDA

Discretionary Capital(b)

Cash Returns

$1.36 $8.6bn 3.8x $3.3bn $2.7bn

~5% increase

vs. 2025

~2.5% increase

vs. 2025

Strong balance sheet

with ample capacity

Infrastructure projects

with attractive returns

Dividends expected

in 2026

Note: Adjusted EPS, Adjusted EBITDA, and Net Debt are non-GAAP financial measures. See Non-GAAP Financial Measures & Reconciliations.

1. The final 2026 budget includes the impact of the EagleHawk divestiture, which closed after our preliminary guidance announcement in December.

2. Includes growth capital & JV contributions for expansion capital & net of partner contributions for our consolidated JVs. 8

Growing Earnings While Reducing Leverage

Trend Over the Past Decade

ADJUSTED EPS

8% CAGR

Uri

$0.38

$1.32

NET DEBT / ADJUSTED EBITDA

26% decrease in

leverage

DIVIDENDS PAID & SHARES REPURCHASED(a)

$ Billion

$24 billion returned

to shareholders

COVID

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026B

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026B

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026B

Dividends paid Shares repurchased

Note: Adjusted EPS, Adjusted EBITDA and Net Debt are non-GAAP financial measures. See Non-GAAP Financial Measures & Reconciliations. Individual years may not sum to total due to rounding.

1. No share repurchases assumed in 2026 budget. 2017 and 2018 include dividends paid to preferred shareholders. 9

Global Natural Gas Demand Poised for Long-Term Growth

U.S. LNG Well Positioned to Meet Global Demand

~130 bcfd

of Global Demand Growth by 2050 (This is Greater than Total Current U.S. Natural Gas Market)

Demand growth largely coming from countries with limited domestic natural resources

Additional U.S. LNG will be needed to meet growing global demand

2010 2015 2020 2024 2050

Source: IEA (2025) World Energy Outlook Current Policies Scenario, World Energy Outlook 2025 - Analysis - IEA. All rights reserved. 10

Extensive Network Well Positioned to Serve Growing U.S. Natural Gas Demand

140

135

130

KMI Wood Mackenzie

Variance reflects KMI's higher

demand outlook for

LNG

+5 bcfd

&

Power

+2 bcfd

New Infrastructure Will Be Needed to Support Rising Demand

Scale and Connectivity of Our Footprint Will Enable Us to Capture Future Growth

+26 bcfd

+19 bcfd

125

120

115

110

2025 2026 2027 2028 2029 2030

KMI Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9

Source: KMI internal natural gas forecast as of 1Q 2026. Wood Mackenzie North America Gas 10-Year Investment Horizon Outlook, November 2025.

a) Data per recent peer company reports and presentations. Does not include mileage associated with gathering assets. Peers include Berkshire, Boardwalk, ENB CN, EPD, ET, OKE, Tallgrass, TRP CN, and WMB. 11

WoodMac Natural Gas Demand Overview: 2025 - 2030

>85% of Growth is Expected to Occur in Texas & Louisiana, Driven by LNG Exports

Bakken

Powder

2025 U.S. Demand

115 bcfd

Increase in demand by 2030

+19 bcfd

1

LNG Feedgas +13 bcfd

• Rising global demand for U.S. LNG

  Green River

  Uinta-Piceance

  River

  2 DJ

  Utica

  2 4 2

  • Abundant, economic U.S. natural gas supply

  2

  Power +3 bcfd

  • Growth driven by population migration, economic development,

  coal-to-gas conversions, manufacturing re-shoring, & data

  4

  San Juan

  2

  5 4

  2

  Permian

  Anadarko

  2

  Haynesville

  Marcellus

  2

  2

  4 2

  centers

  3

  • New capacity needed to backstop intermittent renewables

    Industrial +2 bcfd

    4

    • Growth primarily along the TX & LA Gulf Coast

      Residential & Commercial stable

      • Steady, primarily weather-driven demand

Gas Storage LNG Terminal

2 4 1 1

3

Eagle Ford

1

5

Mexico Exports stable

5

2 • KMI can deliver into Mexico at multiple strategic points

Storage

• Becoming increasingly important to support variable demand

  • KMI has >700 bcf of working storage capacity

12

Source: Wood Mackenzie North America Gas 10-Year Investment Horizon Outlook, November 2025. Industrial sector includes Wood Mackenzie's "Other" category, comprised of lease and plant fuel. LNG feedgas equals exports plus an assumed

9% increase for plant fuel. This volume would otherwise be included in the Industrial category. 2030 demand growth includes 1 bcfd from Transport and Blue Hydrogen; sectors not broken out above. Numbers may not sum due to rounding.

LNG Exports Driving Natural Gas Demand Growth

KMI-Elba

Island

Georgia

Elba

Express

South Carolina

Mexico

3rd Party

Costa Azul

Mexico

EPNG

California

Mojave

Our Assets Are Well Positioned to Supply Robust LNG Export Growth Along the Texas and Louisiana Gulf Coast

SNG

MEP

KMI has long-term contracts to move 8 bcfd to LNG facilities today & >12 bcfd by the end of 2028

LNG demand

Actively pursuing additional opportunities

25

18

20

23

16

29

>20% of contracted $10.1bn project backlog directed toward serving

Texas

TX Intra

NGPL

Louisiana

TGP KMLP

Mississippi

SNG

TGP

Louisiana LNG

NGPL

Katy

Cameron Calcasieu Pass ★Henry Sabine Pass

Plaquemines

★

TGP

★ Corpus Christi

Port Arthur

Golden Pass

Freeport

Commonwealth

Delfin LNG

KMI Contracted LNG Export Terminals

Other Proposed/Existing LNG Export Terminals

★ Market Hub

Agua Dulce

2025 2026 2027 2028 2029 2030

Rio Grande

Note: Wood Mackenzie North America Gas 10-Year Investment Horizon Outlook, November 2025. LNG feedgas equals exports plus an assumed 9% increase for plant fuel. 13

Growing Power Needs Boosting Demand for Natural Gas

INCREASING NATURAL GAS FIRED POWER DEMAND DRIVEN BY

Population Migration & Economic Growth

Majority of growth likely to occur in the Southern U.S.

Population growth in the Southern U.S. 2x the rest of the country

Growth largely occurring within our geographic footprint

Coal-to-Gas Conversions

Coal accounts for

~17% of U.S. power generation

~45 coal-fired power plants slated for retirement located within 50 miles of our pipelines

Industrial Re-shoring

Re-shoring manufacturing increases the need for consistent, high-capacity power

Renewable Backup

Natural gas is a crucial backup source for renewable energy -providing dispatchable, lower-emission power to balance intermittent renewables

Data Center Demand

Global AI driven capex to average

>$1tn annually through 2030

Dependable natural gas fired power is essential for must-run data centers

Source: Population growth per the U.S. Census Bureau; State Population Totals and Components of Change: 2020-2024. Southern U.S. includes Arizona, New Mexico, Texas, Arkansas, Louisiana, Tennessee, Mississippi, Alabama, South

Carolina, Georgia, and Florida. Coal-fired power plant and 2025 generation data per the EIA. AI driven capex figure per McKinsey. 14

Rising Need for Natural Gas to Support Power Generation

in

Winter Peak: 46 bcfd

45

30

60

15

Summer Peak: 56 bcfd

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Natural gas demand for power generation continues to rise

Increased demand has magnified at the extremes, driven by baseload coal retirements & growing intermittent renewable generation

Data centers and other large loads are emerging as key incremental drivers of demand

Increased pipeline & storage capacity needed to serve growing peak demand

All top 10 natural gas power demand days have occurred since 2023

Source: Point Logic. 15

Positioned to Meet Surging Data Center Power Demand

GW

60

50

40

30

States with KMI Natural Gas Transmission Assets

U.S. Data Center Demand Outlook

~277 GW

Power demand for U.S. data centers currently under development

~42 bcfd(b)

Potential natural gas capacity needed to meet associated peak power demand

Capital Investments

>$700bn

Projected 2026 hyperscaler capex

>$200bn

Expected 2026

U.S. electric utility

capex

20

10

~205 GW

Data center capacity under development in states with KMI gas transmission assets

Robust Footprint Creates Significant Opportunity to Serve Rising Data Center Power Needs

-

TX VA GA UT PA AZ IL NM NV WV OH LA IN WY IA NC MS WI KY MI

Source: Aterio, EEI, Bloomberg. Hyperscalers include AMZN, GOOG, META, MSFT, and ORCL.

1. Capacity data as of March 2026. Includes both announced capacity and capacity under construction. 2023 reflects the beginning of the recent generative-AI-driven data center buildout.

2. Assumes 1 GW = 0.15 bcfd of natural gas. ~42 bcfd represents the upper-range natural gas capacity needed to support the full set of data center projects currently under development across the U.S., regardless of overall usage. 16

Vast, Low-Cost U.S. Supply Meeting Growing Demand While

Maintaining Reasonable Prices

120

100

Natural Gas Supply (bcfd)

80

60

40

20

Supply

Price

$8

U.S. Natural Gas Supply Has Increased

>70% since 2010

Russia-Ukraine War

Prices Have Remained Range-Bound Between $2 ‒ $4

U.S. reserves are

$7 vast and low cost,

Average Natural Gas Price ($/mmbtu)

$6 given continued upstream

$5 efficiency gains

$4

New supply can

$3 be accessed with minimal upward

$2 pressure on

market price

$1

- -

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Source: Supply data per Wood Mackenzie's North America Gas 10-Year Investment Horizon Outlook, November 2025. Pricing per Bloomberg. 17

WoodMac Natural Gas Supply Overview: 2025 - 2030

2025 U.S. Production

108 bcfd

Green

River

5

5

Powder River

Bakken

Utica

Increase in supply by 2030

+20 bcfd

1

Northeast +7 bcfd 1

• Production constrained by egress

  despite ample, low-cost supply

  Uinta-Piceance

  San Juan

  5DJ

  Anadarko

  Haynesville

  1

  Marcellus

  Haynesville +7 bcfd 2

  • Abundant, low-cost, low-nitrogen supply

  • Key to serving Gulf Coast demand markets

Permian +5 bcfd 3

• Supply grows as oil production increases & gas-oil ratios rise

• Vital to supplying the Desert Southwest, Gulf Coast, and Mexico

  2

  Permian

  3

  Eagle Ford(a) +1 bcfd 4

  • Potential upside to forecast; critical supply link to Gulf Coast

    • Important source of low-nitrogen gas for LNG facilities

Gas Storage

LNG Terminal

Eagle Ford 4

Rockies +0.5 bcfd Bakken/DJ/Powder River 5

• Serves Rockies and West Coast demand

>100 Years of U.S. Natural Gas Supply Remaining at Current Production Rates(b)

Source: Wood Mackenzie North America Gas 10-Year Investment Horizon Outlook, November 2025.

1. Eagle Ford outlook includes production from the Austin Chalk.

2. Total reserves per the Colorado School of Mines Potential Gas Committee. Years of

remaining production calculated based on Wood Mackenzie's 2025 U.S. production forecast. 18

Natural Gas Segment Overview

Connecting Key Natural Gas Resources with Major Demand Centers

HXP(c)

~40%

Mojave

Sierrita

TCGT

EPNG

CIG

WIC

CP NGPL

FEP

MEP

Utopia

TGP

SNG

EEC

Stagecoach

ELC

~40%

of all feedgas deliveries to U.S. LNG facilities

~50%

of all U.S. natural gas exports to Mexico

~45%

of all direct-connect natural gas deliveries to Southern U.S. power plants(b)

Areas with high forecasted natural gas fired power demand growth

Gas Storage LNG Terminal

TX Intra

KMLP

GLNG

6,800 miles

Gathering Pipelines

7,600 miles

Intrastate Transmission Pipelines

FGT

1,300 miles

NGL

Pipelines

1. Does not include mileage associated with natural gas gathering assets.

2. Includes deliveries in Arizona, New Mexico, Texas, Arkansas, Louisiana, Tennessee, Mississippi, Alabama, South Carolina, Georgia, and Florida.

3. Hiland Express is being converted from crude oil service to NGL service, expected to be in service in 2Q 2026. 19

Rising Demand Benefitting Our Natural Gas Transmission Business

90%

74%

INCREASED DEMAND LEADING TO

6.7

years

+44%

+17%

5.4

years

2016 2025

EXAMPLES

2016 2025

5.8

years

7.8

years

2016 2025

SNG TX INTRASTATES(b) EPNG

2016 2025 2030

Source: Wood Mackenzie North America Gas 10-Year Investment Horizon Outlook, November 2025.

1. Represents the capacity weighted average usage factor of TGP, EPNG, NGPL, SNG, and the Texas Intrastates

   collectively. Usage factor is calculated as billed throughput divided by average annual designed pipeline capacity.

2. TX Intrastates average remaining contract life includes term sale portfolio.

3. Total includes ~$0.7bn of natural gas gathering & processing projects.

~$9.3 billion of natural gas projects in our backlog; expect to continue adding projects over time(c)

20

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