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Cover and table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
F O R M 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-35081
KINDER MORGAN, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 80-0682103 | ||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
1001 Louisiana Street, Suite 1000, Houston, Texas 77002
(Address of principal executive offices)(zip code)
Registrant’s telephone number, including area code: 713-369-9000
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Class P Common Stock | KMI | New York Stock Exchange | ||||||
| 2.250% Senior Notes due 2027 | KMI 27 A | New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ
As of July 20, 2023, the registrant had 2,228,165,367 shares of Class P common stock outstanding.
KINDER MORGAN, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
KINDER MORGAN, INC. AND SUBSIDIARIES
GLOSSARY
Company Abbreviations
| EPNG | = | El Paso Natural Gas Company, L.L.C. | Ruby | = | Ruby Pipeline Holding Company, L.L.C. | ||||||||||||
| KMBT | = | Kinder Morgan Bulk Terminals, Inc. | SFPP | = | SFPP, L.P. | ||||||||||||
| KMI | = | Kinder Morgan, Inc. and its majority-owned and/or controlled subsidiaries | SNG | = | Southern Natural Gas Company, L.L.C. | ||||||||||||
| TGP | = | Tennessee Gas Pipeline Company, L.L.C. | |||||||||||||||
| KMLT | = | Kinder Morgan Liquid Terminals, LLC | |||||||||||||||
| Unless the context otherwise requires, references to “we,” “us,” “our,” or “the Company” are intended to mean Kinder Morgan, Inc. and its majority-owned and/or controlled subsidiaries. | |||||||||||||||||
| Common Industry and Other Terms | |||||||||||||||||
| /d | = | per day | FERC | = | Federal Energy Regulatory Commission | ||||||||||||
| Bbl | = | barrels | GAAP | = | U.S. Generally Accepted Accounting Principles | ||||||||||||
| BBtu | = | billion British Thermal Units | LLC | = | limited liability company | ||||||||||||
| Bcf | = | billion cubic feet | LIBOR | = | London Interbank Offered Rate | ||||||||||||
| CERCLA | = | Comprehensive Environmental Response, Compensation and Liability Act | MBbl | = | thousand barrels | ||||||||||||
| MMBbl | = | million barrels | |||||||||||||||
| CO2 | = | carbon dioxide or our CO2 business segment | MMtons | = | million tons | ||||||||||||
| DCF | = | distributable cash flow | NGL | = | natural gas liquids | ||||||||||||
| DD&A | = | depreciation, depletion and amortization | NYMEX | = | New York Mercantile Exchange | ||||||||||||
| EBDA | = | earnings before depreciation, depletion and amortization expenses, including amortization of excess cost of equity investments | OTC | = | over-the-counter | ||||||||||||
| PHMSA | = | Pipeline and Hazardous Materials Safety Administration | |||||||||||||||
| EBITDA | = | earnings before interest, income taxes, depreciation, depletion and amortization expenses, and amortization of excess cost of equity investments | RNG | = | Renewable natural gas | ||||||||||||
| ROU | = | Right-of-Use | |||||||||||||||
| EPA | = | U.S. Environmental Protection Agency | U.S. | = | United States of America | ||||||||||||
| FASB | = | Financial Accounting Standards Board | WTI | = | West Texas Intermediate | ||||||||||||
Information Regarding Forward-Looking Statements
This report includes forward-looking statements. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. They use words such as “anticipate,” “believe,” “intend,” “plan,” “projection,” “forecast,” “strategy,” “outlook,” “continue,” “estimate,” “expect,” “may,” “will,” “shall,” or the negative of those terms or other variations of them or comparable terminology. In particular, expressed or implied statements concerning future actions, conditions or events, future operating results or the ability to generate sales, income or cash flow, service debt or pay dividends, are forward-looking statements. Forward-looking statements in this report include, among others, express or implied statements pertaining to: the long-term demand for our assets and services, our anticipated dividends and capital projects, including expected completion timing and benefits of those projects.
Important factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements in this report include: the timing and extent of changes in the supply of and demand for the products we transport and handle; commodity prices; the outcomes of challenges to new regulations; our ability to mitigate the impacts of and recover expenditures made in respect of new regulations; and the other risks and uncertainties described in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” Part I, Item 3. “Quantitative and Qualitative Disclosures About Market Risk” and Part II, Item 1A. “Risk Factors” in this report, as well as “Information Regarding Forward-Looking Statements” and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 (except to the extent such information is modified or superseded by information in subsequent reports).
You should keep these risk factors in mind when considering forward-looking statements. These risk factors could cause our actual results to differ materially from those contained in any forward-looking statement. Because of these risks and uncertainties, you should not place undue reliance on any forward-looking statement. We disclaim any obligation, other than as required by applicable law, to publicly update or revise any of our forward-looking statements to reflect future events or developments.
PART I. FINANCIAL INFORMATION
Next: Item 1. Financial Statements.