Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

General and Basis of Presentation

The following discussion and analysis should be read in conjunction with our accompanying interim consolidated financial statements and related notes included elsewhere in this report, and in conjunction with (i) our consolidated financial statements and related notes in our 2023 Form 10-K; (ii) our management’s discussion and analysis of financial condition and results of operations included in our 2023 Form 10-K; (iii) “Information Regarding Forward-Looking Statements” at the beginning of this report and in our 2023 Form 10-K; and (iv) “Risk Factors” in Part I, Item 1 in our 2023 Form 10-K.

2024 Dividends and Discretionary Capital

We expect to declare dividends of $1.15 per share for 2024, a 2% increase from the 2023 declared dividends of $1.13 per share. We now expect to invest $2.15 billion in expansion projects, acquisitions, and contributions to joint ventures during 2024.

The expectations for 2024 discussed above involve risks, uncertainties and assumptions, and are not guarantees of performance. Many of the factors that will determine these expectations are beyond our ability to control or predict, and because of these uncertainties, it is advisable not to put undue reliance on any forward-looking statement.

Results of Operations

Overview

As described in further detail below, our management evaluates our performance primarily using Net income attributable to Kinder Morgan, Inc. and Segment earnings before DD&A expenses, including amortization of excess cost of equity investments, (EBDA) (as presented in Note 8 “Reportable Segments”). Management also considers the non-GAAP financial measures of Adjusted Net Income Attributable to Common Stock, and distributable cash flow (DCF), both in the aggregate and per share for each, Adjusted Segment EBDA, Adjusted Net Income Attributable to Kinder Morgan, Inc., Adjusted earnings before interest, income taxes, DD&A expenses, including amortization of excess cost of equity investments, (EBITDA) and Net Debt.

GAAP Financial Measures

The Consolidated Earnings Results for the three months ended March 31, 2024 and 2023 present Net income attributable to Kinder Morgan, Inc., as prepared and presented in accordance with GAAP, and Segment EBDA, which is disclosed in Note 8 “Reportable Segments” pursuant to FASB ASC 280. The composition of Segment EBDA is not addressed nor prescribed by generally accepted accounting principles. Segment EBDA is a useful measure of our operating performance because it measures the operating results of our segments before DD&A and certain expenses that are generally not controllable by our business segment operating managers, such as general and administrative expenses and corporate charges, interest expense, net, and income taxes. Our general and administrative expenses and corporate charges include such items as unallocated employee benefits, insurance, rentals, unallocated litigation and environmental expenses, and shared corporate services including accounting, information technology, human resources and legal services.

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 measures may differ from similarly titled measures used by others. You should not consider these non-GAAP financial measures in isolation or as substitutes for an analysis of our results as reported under GAAP. Management compensates for the limitations of our consolidated non-GAAP financial measures by reviewing our comparable GAAP measures identified in the descriptions of consolidated non-GAAP measures below, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes.

Certain Items

Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in Net income attributable to Kinder Morgan, Inc., but typically either (i) do not have a cash impact (for example, unsettled commodity hedges and asset impairments), or (ii) by their nature are separately identifiable from our normal business

operations and in most cases are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation and casualty losses). (See the tables included in “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc.,” “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to DCF” and “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA” below). We also include adjustments related to joint ventures (see “—Amounts from Joint Ventures” below). The following table summarizes our Certain Items for the three months ended March 31, 2024 and 2023, which are also described in more detail in the footnotes to tables included in “—Segment Earnings Results” below.

									Three Months Ended March 31,
															2024						2023
															(In millions)
Certain Items
Fair value amortization															$	—					$	(4)
Change in fair value of derivative contracts(a)															50						(68)
(Gain) loss on divestitures and impairment, net															(29)						67
Income tax Certain Items(b)															(9)						1
Total Certain Items(c)(d)															$	12					$	(4)

(a)Gains or losses are reflected when realized.

(b)Represents the income tax provision on Certain Items plus discrete income tax items. Includes the impact of KMI’s income tax provision on Certain Items affecting earnings from equity investments and is separate from the related tax provision recognized at the investees by the joint ventures which are also taxable entities.

(c)2023 amount includes the following amounts reported within “Earnings from equity investments” on the accompanying consolidated statements of income: (i) $(2) million included within “Change in fair value of derivative contracts” and (ii) $67 million included within “(Gain) loss on divestitures and impairment, net” for a non-cash impairment related to our investment in Double Eagle Pipeline LLC in our Products Pipelines business segment (see Note 3 “Losses on Impairments*—Impairments*”).

(d)2024 and 2023 amounts include, in the aggregate, $2 million and $(8) million, respectively, included within “Interest, net” on the accompanying consolidated statements of income which consist of (i) $(4) million for the 2023 period only of “Fair value amortization” and (ii) $2 million and $(4) million, respectively, of “Change in fair value of derivative contracts.”

Adjusted Net Income Attributable to Kinder Morgan, Inc.

Adjusted Net Income Attributable to Kinder Morgan, Inc. is calculated by adjusting Net income attributable to Kinder Morgan, Inc. for Certain Items. Adjusted Net Income Attributable to Kinder Morgan, Inc. is used by us, investors and other external users of our financial statements as a supplemental measure that provides decision-useful information regarding our period-over-period performance and ability to generate earnings that are core to our ongoing operations. We believe the GAAP measure most directly comparable to Adjusted Net Income Attributable to Kinder Morgan, Inc. is Net income attributable to Kinder Morgan, Inc. See “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc.” below.

Adjusted Net Income Attributable to Common Stock and Adjusted EPS

Adjusted Net Income Attributable to Common Stock is calculated by adjusting Net income attributable to Kinder Morgan, Inc., the most comparable GAAP measure, for Certain Items, and further for net income allocated to participating securities and adjusted net income in excess of distributions for participating securities. We believe Adjusted Net Income Attributable to Common Stock allows for calculation of adjusted earnings per share (Adjusted EPS) on the most comparable basis with earnings per share, the most comparable GAAP measure to Adjusted EPS. Adjusted EPS is calculated as Adjusted Net Income Attributable to Common Stock divided by our weighted average shares outstanding. Adjusted EPS applies the same two-class method used in arriving at basic earnings per share. Adjusted EPS is used by us, investors and other external users of our financial statements as a per-share supplemental measure that provides decision-useful information regarding our period-over-period performance and ability to generate earnings that are core to our ongoing operations. See “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Common Stock” below.

DCF

DCF is calculated by adjusting Net income attributable to Kinder Morgan, Inc. for Certain Items, and further for DD&A and amortization of excess cost of equity investments, income tax expense, cash taxes, sustaining capital expenditures and other items. We also adjust amounts from joint ventures for income taxes, DD&A, cash taxes and sustaining capital expenditures (see “—Amounts from Joint Ventures” below). DCF is a significant performance measure used by us, investors and other external users of our financial statements to evaluate our performance and to measure and estimate the ability of our assets to generate economic earnings after paying interest expense, paying cash taxes and expending sustaining capital. DCF provides additional insight into the specific costs associated with our assets in the current period and facilitates period-to-period comparisons of our performance from ongoing business activities. DCF is also used by us, investors, and other external users to compare the performance of companies across our industry. DCF per share serves as the primary financial performance target for purposes of annual bonuses under our annual incentive compensation program and for performance-based vesting of equity compensation grants under our long-term incentive compensation program. DCF should not be used as an alternative to net cash provided by operating activities computed under GAAP. We believe the GAAP measure most directly comparable to DCF is Net income attributable to Kinder Morgan, Inc. DCF per share is DCF divided by average outstanding shares, including restricted stock awards that participate in dividends. See “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to DCF” below.

Adjusted Segment EBDA

Adjusted Segment EBDA is calculated by adjusting segment earnings before DD&A and amortization of excess cost of equity investments, general and administrative expenses and corporate charges, interest expense, and income taxes (Segment EBDA) for Certain Items attributable to the segment. Adjusted Segment EBDA is used by management in its analysis of segment performance and management of our business. We believe Adjusted Segment EBDA is a useful performance metric because it provides management, investors and other external users of our financial statements additional insight into performance trends across our business segments, our segments’ relative contributions to our consolidated performance and the ability of our segments to generate earnings on an ongoing basis. Adjusted Segment EBDA is also used as a factor in determining compensation under our annual incentive compensation program for our business segment presidents and other business segment employees. We believe it is useful to investors because it is a measure that management uses to allocate resources to our segments and assess each segment’s performance. See “—Non-GAAP Financial Measures—Reconciliation of Segment EBDA to Adjusted Segment EBDA” below.

Adjusted EBITDA

Adjusted EBITDA is calculated by adjusting Net income attributable to Kinder Morgan, Inc. for Certain Items and further for DD&A and amortization of excess cost of equity investments, income tax expense and interest. We also include amounts from joint ventures for income taxes and DD&A (see “—Amounts from Joint Ventures” below). Adjusted EBITDA is used by management, investors and other external users, in conjunction with our Net Debt (as described further below), to evaluate our leverage. Management and external users also use Adjusted EBITDA as an important metric to compare the valuations of companies across our industry. Our ratio of Net Debt-to-Adjusted EBITDA is used as a supplemental performance target for purposes of our annual incentive compensation program. We believe the GAAP measure most directly comparable to Adjusted EBITDA is Net income attributable to Kinder Morgan, Inc. See “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA” below*.*

Amounts from Joint Ventures

Certain Items, DCF and Adjusted EBITDA reflect amounts from unconsolidated joint ventures and consolidated joint ventures utilizing the same recognition and measurement methods used to record “Earnings from equity investments” and “Noncontrolling interests,” respectively. The calculations of DCF and Adjusted EBITDA related to our unconsolidated and consolidated joint ventures include the same items (DD&A and income tax expense, and for DCF only, also cash taxes and sustaining capital expenditures) with respect to the joint ventures as those included in the calculations of DCF and Adjusted EBITDA for our wholly-owned consolidated subsidiaries; further, we remove the portion of these adjustments attributable to non-controlling interests. (See “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to DCF” and “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA” below.) Although these amounts related to our unconsolidated joint ventures are included in the calculations of DCF and Adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses or cash flows of such unconsolidated joint ventures.

Net Debt

Net Debt is calculated, based on amounts as of March 31, 2024, by subtracting the following amounts from our debt balance of $32,146 million: (i) cash and cash equivalents of $119 million; (ii) debt fair value adjustments of $100 million; and (iii) the foreign exchange impact on Euro-denominated bonds of $(4) million for which we have entered into currency swaps to convert that debt to U.S. dollars. Net Debt, on its own and in conjunction with our Adjusted EBITDA as part of a ratio of Net Debt-to-Adjusted EBITDA, is a non-GAAP financial measure that is used by management, investors and other external users of our financial information to evaluate our leverage. Our ratio of Net Debt-to-Adjusted EBITDA is also used as a supplemental performance target for purposes of our annual incentive compensation program. We believe the most comparable measure to Net Debt is total debt.

Consolidated Earnings Results

The following tables summarize the key components of our consolidated earnings results.

			Three Months Ended March 31,
			2024						2023						Earnings increase/(decrease)
			(In millions, except percentages)
Revenues			$	3,842					$	3,888					$	(46)					(1)		%
Operating Costs, Expenses and Other
Costs of sales (exclusive of items shown separately below)			(1,107)						(1,215)						108						9		%
Operations and maintenance			(680)						(639)						(41)						(6)		%
DD&A			(587)						(565)						(22)						(4)		%
General and administrative			(175)						(166)						(9)						(5)		%
Taxes, other than income taxes			(111)						(110)						(1)						(1)		%
Gain on divestitures, net			32						—						32						—		%
Other income, net			9						1						8						800		%
Total Operating Costs, Expenses and Other			(2,619)						(2,694)						75						3		%
Operating Income			1,223						1,194						29						2		%
Other Income (Expense)
Earnings from equity investments			243						165						78						47		%
Amortization of excess cost of equity investments			(12)						(17)						5						29		%
Interest, net			(472)						(445)						(27)						(6)		%
Other, net			—						2						(2)						(100)		%
Total Other Expense			(241)						(295)						54						18		%
Income Before Income Taxes			982						899						83						9		%
Income Tax Expense			(209)						(196)						(13)						(7)		%
Net Income			773						703						70						10		%
Net Income Attributable to Noncontrolling Interests			(27)						(24)						(3)						(13)		%
Net Income Attributable to Kinder Morgan, Inc.			$	746					$	679					$	67					10		%
Basic and diluted earnings per share			$	0.33					$	0.30					$	0.03					10		%
Basic and diluted weighted average shares outstanding			2,220						2,247						(27)						(1)		%
Declared dividends per share			$	0.2875					$	0.2825					$	0.005					2		%

Our consolidated revenues primarily consist of services and sales revenue. Our services revenues include fees for transportation and other midstream services that we perform. Fluctuations in our consolidated services revenue largely reflect changes in volumes and/or in the rates we charge. Our consolidated costs of sales and sales revenues also include purchases and sales of natural gas and products (which means, collectively, NGL, crude oil, CO2 and transmix) and related derivative activity. Our consolidated sales revenue will fluctuate with commodity prices and volumes, and the associated costs of sales

will usually have a commensurate and offsetting impact, except for the CO2 segment, which produces, instead of purchases, the crude oil and CO2 it sells. Additionally, fluctuations in revenues and costs of sales may be further impacted by gains or losses from derivative contracts that we use to manage our commodity price risk.

Below is a discussion of significant changes in our Consolidated Earnings Results for the comparable three-month periods ended March 31, 2024 and 2023:

Revenues

Revenues decreased $46 million in 2024 compared to 2023. The decrease was primarily due to lower natural gas sales of $173 million and lower product sales of $15 million driven primarily by lower commodity prices partially offset by higher volumes. Revenues were further reduced by $77 million for the impacts of derivative contracts used to hedge commodity sales which includes both realized and unrealized gains and losses from derivatives. The decrease in revenues was partially offset by an increase in services revenues of $153 million driven by our acquisition of the STX Midstream assets, expansion projects, rate escalations and higher volumes, The decrease in sales revenues was offset by a corresponding decrease in our costs of sales as described below under “Operating Costs, Expenses and Other—Costs of sales.”

Operating Costs, Expenses and Other

Costs of sales

Costs of sales decreased $108 million in 2024 compared to 2023. The decrease was primarily due to lower costs of sales for natural gas of $168 million and for products of $11 million, which were driven primarily by lower commodity prices partially offset by higher volumes, and unfavorably impacted by an increase to costs of sales of $83 million for the impacts of derivative contracts used to hedge commodity purchases which includes both realized and unrealized gains and losses from derivatives.

Operations and Maintenance

Operations and maintenance increased $41 million in 2024 compared to 2023. The increase was primarily driven by higher labor and other expenses, including integrity costs and services and fuel costs, related to greater activity levels and inflation.

Other Income (Expense)

Interest, net

In the table above, we report our interest expense as “net,” meaning that we have subtracted interest income and capitalized interest from our total interest expense to arrive at one interest amount. Our interest expense, net increased $27 million in 2024 compared to 2023. The increase was primarily due to higher average short-term debt balances and higher interest rates associated with our fixed-to-floating interest rate swaps and long-term debt partially offset by lower average long-term debt and fixed-to-floating hedged debt balances.

Non-GAAP Financial Measures

Reconciliations from Net Income Attributable to Kinder Morgan, Inc.

									Three Months Ended March 31,
															2024						2023
															(In millions, except per share amounts)
Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc.
Net income attributable to Kinder Morgan, Inc.															$	746					$	679
Certain Items(a)
Fair value amortization															—						(4)
Change in fair value of derivative contracts															50						(68)
(Gain) loss on divestitures and impairment, net															(29)						67
Income tax Certain Items															(9)						1
Total Certain Items															12						(4)
Adjusted Net Income Attributable to Kinder Morgan, Inc.															$	758					$	675
Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Common Stock
Net income attributable to Kinder Morgan, Inc.															$	746					$	679
Total Certain Items(b)															12						(4)
Net income allocated to participating securities(c)															(4)						(4)
Adjusted Net Income Attributable to Common Stock															$	754					$	671
Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to DCF
Net income attributable to Kinder Morgan, Inc.															$	746					$	679
Total Certain Items(b)															12						(4)
DD&A															587						565
Amortization of excess cost of equity investments															12						17
Income tax expense(d)															218						195
Cash taxes															2						(1)
Sustaining capital expenditures															(169)						(156)
Amounts from joint ventures
Unconsolidated joint venture DD&A															86						81
Remove consolidated joint venture partners’ DD&A															(16)						(16)
Unconsolidated joint venture income tax expense(e)(f)															22						26
Unconsolidated joint venture cash taxes(e)															(57)						—
Unconsolidated joint venture sustaining capital expenditures															(34)						(29)
Remove consolidated joint venture partners’ sustaining capital expenditures															3						2
Other items(g)															10						15
DCF															$	1,422					$	1,374
Basic weighted average shares outstanding															2,220						2,247
Adjusted EPS															$	0.34					$	0.30
Weighted average shares outstanding for dividends(h)															2,233						2,260
DCF per share															$	0.64					$	0.61
Declared dividends per share															$	0.2875					$	0.2825

(a)See table included in “*—Overview—Non-GAAP Financial Measures—*Certain Items” above.

(b)See “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc.” for a detailed listing.

(c)Net income allocated to common stock and participating securities is based on the amount of dividends paid in the current period plus an allocation of the undistributed earnings or excess distributions over earnings to the extent that each security participates in earnings or excess distributions over earnings, as applicable.

(d)To avoid duplication, adjustments for income tax expense for 2024 and 2023 exclude $(9) million and $1 million, respectively, which amounts are already included within “Certain Items.” See table included in “*—Overview—Non-GAAP Financial Measures—*Certain Items” above.

(e)Associated with our Citrus, NGPL Holdings and Products (SE) Pipe Line equity investments.

(f)Includes the tax provision on Certain Items recognized by the investees that are taxable entities. The impact of KMI’s income tax provision on Certain Items affecting earnings from equity investments is included within “Certain Items.” See table included in “*—Overview—Non-GAAP Financial Measures—*Certain Items” above.

(g)Includes non-cash pension expense, non-cash compensation associated with our restricted stock program and pension contributions.

(h)Includes restricted stock awards that participate in dividends.

									Three Months Ended March 31,
															2024						2023
															(In millions)
Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA
Net income attributable to Kinder Morgan, Inc.															$	746					$	679
Certain Items(a)
Fair value amortization															—						(4)
Change in fair value of derivative contracts															50						(68)
(Gain) loss on divestitures and impairment, net															(29)						67
Income tax Certain Items															(9)						1
Total Certain Items															12						(4)
DD&A															587						565
Amortization of excess cost of equity investments															12						17
Income tax expense(b)															218						195
Interest, net(c)															470						453
Amounts from joint ventures
Unconsolidated joint venture DD&A															86						81
Remove consolidated joint venture partners’ DD&A															(16)						(16)
Unconsolidated joint venture income tax expense(d)															22						26
Adjusted EBITDA															$	2,137					$	1,996

(a)See table included in “*—Overview—Non-GAAP Financial Measures—*Certain Items” above.

(b)To avoid duplication, adjustments for income tax expense for 2024 and 2023 exclude $(9) million and $1 million, respectively, which amounts are already included within “Certain Items.” See table included in “*—Overview—Non-GAAP Financial Measures—*Certain Items” above.

(c)To avoid duplication, adjustments for interest, net for 2024 and 2023 exclude $2 million and $(8) million, respectively, which amounts are already included within “Certain Items.” See table included in “*—Overview—Non-GAAP Financial Measures—*Certain Items,” above.

(d)Includes that tax provision on Certain Items recognized by the investees that are taxable entities associated with our Citrus, NGPL Holdings and Products (SE) Pipe Line equity investments. The impact of KMI’s income tax provision on Certain Items affecting earnings from equity investments is included within “Certain Items” above.

Below is a discussion of significant changes in our Adjusted Net Income Attributable to Kinder Morgan, Inc., DCF and Adjusted EBITDA:

									Three Months Ended March 31,
															2024						2023
															(In millions)
Adjusted Net Income Attributable to Kinder Morgan, Inc.															$	758					$	675
DCF															1,422						1,374
Adjusted EBITDA															2,137						1,996
Change from prior period															Increase/(Decrease)
Adjusted Net Income Attributable to Kinder Morgan, Inc.															$	83
DCF															$	48
Adjusted EBITDA															$	141

Adjusted Net Income Attributable to Kinder Morgan, Inc. increased $83 million in 2024 compared to 2023. The increase was primarily driven by favorable margins from our Natural Gas Pipelines, Products Pipelines and Terminals business segments, all of which were also primary drivers of the $48 million and $141 increases in 2024 compared to 2023 in DCF and Adjusted EBITDA, respectively. The increase in DCF was also unfavorably impacted by an increase in tax payments associated with taxable joint ventures and sustaining capital expenditures.

General and Administrative and Corporate Charges

									Three Months Ended March 31,
															2024						2023
															(In millions)
General and administrative															$	(175)					$	(166)
Corporate charges															(5)						(13)
General and administrative and corporate charges															$	(180)					$	(179)
Change from prior period															Earnings increase/(decrease)
General and administrative															$	(9)
Corporate charges															8
Total															$	(1)

Compared to 2023, 2024 general and administrative expenses increased $9 million primarily due to higher labor and benefit-related costs and 2024 corporate charges decreased $8 million primarily due to lower pension costs.

Reconciliation of Segment EBDA to Adjusted Segment EBDA

									Three Months Ended March 31,
															2024						2023
															(In millions)
Segment EBDA(a)
Natural Gas Pipelines Segment EBDA															$	1,514					$	1,495
Certain Items(b)
Change in fair value of derivative contracts															39						(65)
Gain on divestiture															(29)						—
Natural Gas Pipelines Adjusted Segment EBDA															$	1,524					$	1,430
Products Pipelines Segment EBDA															$	292					$	184
Certain Items(b)
Change in fair value of derivative contracts															1						—
Loss on impairment															—						67
Products Pipelines Adjusted Segment EBDA															$	293					$	251
Terminals Segment EBDA															$	269					$	254
CO2 Segment EBDA															$	158					$	172
Certain Items(b)
Change in fair value of derivative contracts															8						1
CO2 Adjusted Segment EBDA															$	166					$	173

(a)Includes revenues, earnings from equity investments, operating expenses, gain on divestitures, net, other income, net, and other, net. Operating expenses include costs of sales, operations and maintenance expenses, and taxes, other than income taxes. See “—Overview—GAAP Financial Measures” above.

(b)See “*—Overview—Non-GAAP Financial Measures—*Certain Items” above.

Segment Earnings Results

Natural Gas Pipelines

									Three Months Ended March 31,
															2024						2023
															(In millions, except operating statistics)
Revenues															$	2,336					$	2,466
Costs of sales															(731)						(865)
Other operating expenses															(344)						(312)
Gain on divestitures, net															29						—
Other income															9						1
Earnings from equity investments															215						200
Other, net															—						5
Segment EBDA															1,514						1,495
Certain Items:
Change in fair value of derivative contracts															39						(65)
Gain on divestiture															(29)						—
Certain Items(a)															10						(65)
Adjusted Segment EBDA															$	1,524					$	1,430
Change from prior period															Increase/(Decrease)
Segment EBDA															$	19
Adjusted Segment EBDA															$	94
Volumetric data(b)
Transport volumes (BBtu/d)															41,432						40,429
Sales volumes (BBtu/d)															2,563						2,117
Gathering volumes (BBtu/d)															3,584						3,069
NGLs (MBbl/d)															37						33

(a)See table included in “*—Overview—Non-GAAP Financial Measures—*Certain Items” above. 2024 and 2023 Certain Items of (i) $10 million and $(63) million, respectively, are associated with our Midstream business and (ii) none and $(2) million, respectively, are associated with our East business. For more detail of significant Certain Items, see the discussion of changes in Segment EBDA below.

(b)Joint venture throughput is reported at our ownership share. Volumes for acquired assets are included for all periods presented, except for volumes associated with NET Mexico, Eagle Ford Transmission, Dos Caminos and Mission Natural Gas which are excluded from both periods. However, EBDA contributions from acquisitions are included only for the periods subsequent to their acquisition. Volumes for assets sold are excluded for all periods presented.

Below are the changes in Segment EBDA:

			Three Months Ended March 31,
			2024						2023						increase/ (decrease)
			(In millions)
East			$	745					$	696					$	49
West			265						259						6
Midstream			504						540						(36)
Total Natural Gas Pipelines			$	1,514					$	1,495					$	19

The changes in Natural Gas Pipelines Segment EBDA in the comparable three-month periods ended March 31, 2024 and 2023 are explained by the following discussion:

• The $49 million (7%) increase in East was primarily due to (i) higher revenues on our Stagecoach assets as a result of increased demand for its services and favorable pricing and (ii) higher revenues on TGP due to an expansion project that went into service in November 2023 and favorable pricing on services reduced by higher pipeline maintenance costs, partially offset by lower equity earnings from Midcontinent Express Pipeline LLC that were driven by customer contracts negotiated at lower rates.

• The $6 million (2%) increase in West was primarily due to increased earnings from Wyoming Interstate Company, L.L.C., Cheyenne Plains Gas Pipeline Company, L.L.C. and Colorado Interstate Gas Company, L.L.C. driven by increased transportation revenues due in part to favorable services pricing and an insurance settlement received by EPNG in the 2024 period, all of which were partially offset by overall decreased earnings on EPNG resulting from lower gas sales margin.

• The $36 million (7%) decrease in Midstream resulted from the impacts of non-cash mark-to-market derivative contracts used to hedge forecasted commodity sales and purchases, which increased costs of sales and, to a lesser extent, decreased revenues, and partially offset by a gain on sale of assets in the 2024 period, all of which we treated as Certain Items.

In addition, Midstream was favorably impacted by our December 2023 acquisition of the STX Midstream assets and higher earnings on our KinderHawk assets driven by increased volumes partially offset by lower sales margins on our Texas intrastate natural gas pipeline operations largely driven by lower commodity prices that were partly reduced by higher services revenues due to increased volumes.

Overall, Midstream’s revenue changes are partially offset by corresponding changes in costs of sales.

Products Pipelines

									Three Months Ended March 31,
															2024						2023
															(In millions, except operating statistics)
Revenues															$	728					$	668
Costs of sales															(349)						(327)
Other operating expenses															(104)						(113)
Earnings from equity investments															17						(44)
Segment EBDA															292						184
Certain Items:
Change in fair value of derivative contracts															1						—
Loss on impairment															—						67
Certain Items(a)															1						67
Adjusted Segment EBDA															$	293					$	251
Change from prior period															Increase/(Decrease)
Segment EBDA															$	108
Adjusted Segment EBDA															$	42
Volumetric data(b)
Gasoline(c)															924						948
Diesel fuel															335						328
Jet fuel															274						271
Total refined product volumes															1,533						1,547
Crude and condensate															456						460
Total delivery volumes (MBbl/d)															1,989						2,007

(a)See table included in “*—Overview—Non-GAAP Financial Measures—*Certain Items” above. 2024 and 2023 Certain Items of (i) $1 million and none, respectively, are associated with our Southeast Refined Products business and (ii) none and $67 million, respectively, are associated with our Crude and Condensate business. For more detail of significant Certain Items, see the discussion of changes in Segment EBDA below.

(b)Joint venture throughput is reported at our ownership share.

(c)Volumes include ethanol pipeline volumes.

Below are the changes in Products Pipelines Segment EBDA:

			Three Months Ended March 31,
			2024						2023						increase/ (decrease)
			(In millions)
Crude and Condensate			$	75					$	5					$	70
West Coast Refined Products			140						108						32
Southeast Refined Products			77						71						6
Total Products Pipelines			$	292					$	184					$	108

The changes in Products Pipelines Segment EBDA in the comparable three-month periods ended March 31, 2024 and 2023 are explained by the following discussion:

• The $70 million (1,400%) increase in Crude and Condensate resulted from a $67 million non-cash impairment related to our investment in Double Eagle Pipeline LLC, which decreased equity earnings in the 2023 period, and which we treated as a Certain Item.

In addition, Crude and Condensate was favorably impacted by higher earnings from our KM Condensate Processing facility driven by increased revenues from rate escalations and higher volumes, and lower pipeline maintenance costs offset by a decrease in equity earnings, excluding the impairment discussed above, from Double Eagle Pipeline LLC due to recontracting at lower volumes. Our Crude and Condensate business also had higher revenues with a corresponding increase in costs of sales, resulting primarily from increased volumes.

• The $32 million (30%) increase in West Coast Refined Products was impacted by increased earnings from our Pacific operations as a result of higher renewable diesel revenues, higher transportation rates, and lower operating costs driven by favorable net changes in product gains and losses.

• The $6 million (8%) increase in Southeast Refined Products was driven by (i) higher earnings at our Transmix processing operations primarily due to favorable product pricing and (ii) an increase in equity earnings from Products (SE) Pipe Line that primarily benefited from higher rates.

Terminals

									Three Months Ended March 31,
															2024						2023
															(In millions, except operating statistics)
Revenues															$	496					$	461
Costs of sales															(10)						(5)
Other operating expenses															(221)						(205)
Gain on divestitures, net															2						—
Earnings from equity investments															2						2
Other, net															—						1
Segment EBDA															$	269					$	254
Change from prior period															Increase/(Decrease)
Segment EBDA															$	15
Volumetric data(a)
Liquids leasable capacity (MMBbl)															78.6						78.5
Liquids utilization %(b)															93.8		%				92.8		%
Bulk transload tonnage (MMtons)															13.5						13.4

(a)Volumes for facilities divested, idled and/or held for sale are excluded for all periods presented.

(b)The ratio of our tankage capacity in service to liquids leasable capacity.

For purposes of the following tables and related discussions, the results of operations of our terminals held for sale or divested, including any associated gain or loss on sale, are reclassified for all periods presented from the historical business grouping and included within the Other group.

Below are the changes in Terminals Segment EBDA:

			Three Months Ended March 31,
			2024						2023						increase/ (decrease)
			(In millions)
Liquids			$	161					$	149					$	12
Jones Act tankers			45						41						4
Bulk			61						64						(3)
Other			2						—						2
Total Terminals			$	269					$	254					$	15

The changes in Terminals Segment EBDA in the comparable three-month periods ended March 31, 2024 and 2023 are explained by the following discussion:

• The $12 million (8%) increase in Liquids was primarily due to increased revenues associated with contributions from expansion projects, contractual rate escalations, re-contracting at higher rates and increased utilization partially offset by higher maintenance and labor expense.

• The $4 million (10%) increase in Jones Act tankers was primarily due to higher average charter rates and lower maintenance expense.

• The $3 million (5%) decrease in Bulk was primarily due to costs incurred related to heavy inbound barge traffic at our

International Marine Terminal, higher labor and maintenance expense and lower revenues from petcoke handling activities resulting from refinery turnarounds and unplanned outages partially offset by an increase in revenues driven by increased handling activities and related ancillaries for coal and soda ash.

CO**2

									Three Months Ended March 31,
															2024						2023
															(In millions, except operating statistics)
Revenues															$	288					$	297
Costs of sales															(21)						(21)
Other operating expenses															(119)						(111)
Gain on divestitures, net															1						—
Earnings from equity investments															9						7
Segment EBDA															158						172
Certain Items:
Change in fair value of derivative contracts															8						1
Certain Items(a)															8						1
Adjusted Segment EBDA															$	166					$	173
Change from prior period															Increase/(Decrease)
Segment EBDA															$	(14)
Adjusted Segment EBDA															$	(7)
Volumetric data(b)
SACROC oil production															19.11						19.26
Yates oil production															6.25						6.74
Other															2.05						2.61
Total oil production, net (MBbl/d)(c)															27.41						28.61
NGL sales volumes, net (MBbl/d)(c)															8.87						8.16
CO2 sales volumes, net (Bcf/d)															0.335						0.362
RNG sales volumes (BBtu/d)															7						5
Realized weighted average oil price ($ per Bbl)															$	68.70					$	67.15
Realized weighted average NGL price ($ per Bbl)															$	28.23					$	34.06

(a)See table included in “*—Overview—Non-GAAP Financial Measures—*Certain Items” above. 2024 and 2023 Certain Items are associated with our Oil and Gas Producing activities. For more detail of significant Certain Items, see the discussion of changes in Segment EBDA below.

(b)Volumes for acquired assets are included for all periods presented, however, EBDA contributions from acquisitions are included only for the periods subsequent to their acquisition.

(c)Net of royalties and outside working interests.

Below are the changes in CO2 Segment EBDA:

			Three Months Ended March 31,
			2024						2023						increase/ (decrease)
			(In millions)
Oil and Gas Producing activities			$	107					$	118					$	(11)
Source and Transportation activities			48						49						(1)
Subtotal			155						167						(12)
Energy Transition Ventures			3						5						(2)
Total CO2			$	158					$	172					$	(14)

The changes in CO2 Segment EBDA in the comparable three-month periods ended March 31, 2024 and 2023 are explained by the following discussion:

• The $11 million (9%) decrease in Oil and Gas Producing activities resulted from non-cash mark-to-market derivative hedge contracts which decreased revenues, and which we treated as Certain Items.

In addition, Oil and Gas Producing activities was impacted by higher power costs.

• The $1 million (2%) decrease in Source and Transportation activities was primarily due to lower revenues related to lower CO2 sales volumes.

• The $2 million (40%) decrease in Energy Transition Ventures was primarily due to higher operating expenses.

We believe that our existing hedge contracts in place within our CO2 business segment substantially mitigate commodity price sensitivities in the near-term and to a lesser extent over the following few years from price exposure. Below is a summary of our CO2 business segment hedges outstanding as of March 31, 2024:

			Remaining 2024						2025						2026						2027						2028
Crude Oil(a)
Price ($ per Bbl)			$	66.16					$	64.52					$	65.35					$	64.67					$	63.18
Volume (MBbl/d)			22.73						14.05						9.20						4.70						0.30
NGLs
Price ($ per Bbl)			$	47.77					$	34.26
Volume (MBbl/d)			3.84						0.08

(a)Includes WTI hedges.

Liquidity and Capital Resources

General

As of March 31, 2024, we had $119 million of “Cash and cash equivalents,” an increase of $36 million from December 31, 2023. Additionally, as of March 31, 2024, we had borrowing capacity of approximately $2.9 billion under our credit facility (discussed below in “—Short-term Liquidity”). As discussed further below, we believe our cash flows from operating activities, cash position and remaining borrowing capacity on our credit facility is more than adequate to allow us to manage our day-to-day cash requirements and anticipated obligations.

We have consistently generated substantial cash flows from operations, providing a source of funds of $1,189 million and $1,333 million in the first three months of 2024 and 2023, respectively. The period-to-period decrease is discussed below in “—Cash Flows—Operating Activities.” We primarily rely on cash flow provided by operations to fund our operations as well as our debt service, sustaining capital expenditures, dividend payments and our expansion capital expenditures; however, we may access the debt capital markets from time to time to refinance our maturing long-term debt and finance incremental

investments, if any. From time to time, our short-term debt borrowings are used to finance our expansion capital expenditures, which we may periodically replace with long-term financing and/or pay down using retained cash from operations.

We use interest rate swap agreements to convert a portion of the underlying cash flows related to our long-term fixed rate debt securities (senior notes) into variable rate debt in order to achieve our desired mix of fixed and variable rate debt. As of March 31, 2024 and December 31, 2023, approximately $6,539 million (20%) and $8,253 million (26%), respectively, of the principal amount of our debt balances were subject to variable interest rates—either as short-term or long-term variable-rate debt obligations or as fixed-rate debt converted to variable rates through the use of interest rate swaps. The amounts at March 31, 2024 and December 31, 2023 include $525 million and $1,989 million of commercial paper notes, respectively. For more information on our interest rate swaps, see Note 6 “Risk Management—Interest Rate Risk Management” to our consolidated financial statements.

Our board of directors declared a quarterly dividend of $0.2875 per share for the first quarter of 2024, a 2% increase over the dividend declared for the first quarter of 2023.

On February 1, 2024, we issued in a registered offering, two series of senior notes consisting of $1,250 million aggregate principal amount of 5.00% senior notes due 2029 and $1,000 million aggregate principal amount of 5.40% senior notes due 2034 for combined net proceeds of $2,230 million, which were used to repay short-term borrowings, fund maturing debt and for general corporate purposes.

During the three months ended March 31, 2024, upon maturity, we repaid our 4.15% senior notes.

Short-term Liquidity

As of March 31, 2024, our principal sources of short-term liquidity are (i) cash from operations; and (ii) our $3.5 billion credit facility with an available capacity of approximately $2.9 billion and an associated $3.5 billion commercial paper program. The loan commitments under our credit facility can be used for working capital and other general corporate purposes and as a backup to our commercial paper program. Commercial paper borrowings and letters of credit reduce borrowings allowed under our $3.5 billion credit facility. We provide for liquidity by maintaining a sizable amount of excess borrowing capacity under our credit facility and, as previously discussed, have consistently generated strong cash flows from operations.

As of March 31, 2024, our $1,975 million of short-term debt consisted primarily of senior notes that mature in the next twelve months and outstanding commercial paper borrowings. We intend to fund our debt as it becomes due, primarily through credit facility borrowings, commercial paper borrowings, cash flows from operations and/or issuing new long-term debt. Our short-term debt as of December 31, 2023 was $4,049 million.

We had working capital (defined as current assets less current liabilities) deficits of $2,268 million and $4,679 million as of March 31, 2024 and December 31, 2023, respectively. The overall $2,411 million favorable change from year-end 2023 was primarily due to (i) a $1,464 million decrease in commercial paper borrowings resulting from refinancing of a portion of our short-term borrowings into long-term debt with the issuance of senior notes in 2024; (ii) a $650 million decrease in senior notes that mature in the next twelve months; (iii) a $148 million decrease in accrued interest; (iv) a $121 million decrease in other current liabilities, primarily related to reductions in bonus accruals and cash margins; and (v) a $108 million net favorable change in our accounts receivables and payables, partially offset by unfavorable net short-term fair value adjustments of $136 million on derivative contract assets and liabilities in 2024. Generally, our working capital varies due to factors such as the timing of scheduled debt payments, timing differences in the collection and payment of receivables and payables, the change in fair value of our derivative contracts and changes in our cash and cash equivalents as a result of excess cash from operations after payments for investing and financing activities.

Capital Expenditures

We account for our capital expenditures in accordance with GAAP. Additionally, we distinguish between capital expenditures as follows:

Type of Expenditure						Physical Determination of Expenditure
Sustaining capital expenditures						•Investments to maintain the operational integrity and extend the useful life of our assets
Expansion capital expenditures (discretionary capital expenditures)						•Investments to expand throughput or capacity from that which existed immediately prior to the making or acquisition of additions or improvements

Budgeting of maintenance capital expenditures, which we refer to as sustaining capital expenditures, is done annually on a bottom-up basis. For each of our assets, we budget for and make those sustaining capital expenditures that are necessary to maintain safe and efficient operations, meet customer needs and comply with our operating policies and applicable law. We may budget for and make additional sustaining capital expenditures that we expect to produce economic benefits such as increasing efficiency and/or lowering future expenses. Budgeting and approval of expansion capital expenditures generally occurs periodically throughout the year on a project-by-project basis in response to specific investment opportunities identified by our business segments from which we generally expect to receive sufficient returns to justify the expenditures. Assets comprising expansion capital projects could result in additional sustaining capital expenditures over time. The need for sustaining capital expenditures in respect of newly constructed assets tends to be minimal but tends to increase over time as such assets age and experience wear and tear. Regardless of whether assets result from sustaining or expansion capital expenditures, once completed, the addition of such assets to our depreciable asset base will impact our calculation of depreciation, depletion and amortization over the remaining useful lives of the impacted or resulting assets.

Generally, the determination of whether a capital expenditure is classified as sustaining or as expansion capital expenditures is made on a project level. The classification of our capital expenditures as expansion capital expenditures or as sustaining capital expenditures is made consistent with our accounting policies and is generally a straightforward process, but in certain circumstances can be a matter of management judgment and discretion. The classification has an impact on DCF because capital expenditures that are classified as expansion capital expenditures are not deducted in calculating DCF, while those classified as sustaining capital expenditures are.

Our capital expenditures for the three months ended March 31, 2024, and the amount we expect to spend for the remainder of 2024 to sustain our assets and expand our business are as follows:

			Three Months Ended March 31, 2024						2024 Remaining						Total 2024
			(In millions)
Capital expenditures:
Sustaining capital expenditures			$	169					$	814					$	983
Expansion capital expenditures			358						1,657						2,015
Accrued capital expenditures, contractor retainage and other			92						—						—
Capital expenditures			$	619					$	2,471					$	2,998
Add:
Sustaining capital expenditures of unconsolidated joint ventures(a)			$	34					$	164					$	198
Investments in unconsolidated joint ventures(b)			21						139						160
Less: Consolidated joint venture partners’ sustaining capital expenditures			(3)						(9)						(12)
Less: Consolidated joint venture partners’ expansion capital expenditures			(5)						(19)						(24)
Accrued capital expenditures, contractor retainage and other			(92)						—						—
Total capital investments			$	574					$	2,746					$	3,320

(a)Sustaining capital expenditures by our joint ventures generally do not require cash outlays by us.

(b)Reflects cash contributions to unconsolidated joint ventures. Also includes contributions to an unconsolidated joint venture that are netted within the amount the joint venture declares as a distribution to us.

Our capital investments consist of the following:

						Three Months Ended March 31, 2024						2024 Remaining						Total 2024
						(In millions)
Sustaining capital investments
Capital expenditures for property, plant and equipment						$	169					$	814					$	983
Sustaining capital expenditures of unconsolidated joint ventures(a)						34						164						198
Less: Consolidated joint venture partners’ sustaining capital expenditures						(3)						(9)						(12)
Total sustaining capital investments						200						969						1,169
Expansion capital investments
Capital expenditures for property, plant and equipment						358						1,657						2,015
Investments in unconsolidated joint ventures(b)						21						139						160
Less: Consolidated joint venture partners’ expansion capital expenditures						(5)						(19)						(24)
Total expansion capital investments						374						1,777						2,151
Total capital investments						$	574					$	2,746					$	3,320

(a)Sustaining capital expenditures by our joint ventures generally do not require cash outlays by us.

(b)Reflects cash contributions to unconsolidated joint ventures. Also includes contributions to an unconsolidated joint venture that are netted within the amount the joint venture declares as a distribution to us.

Off Balance Sheet Arrangements

There have been no material changes in our obligations with respect to other entities that are not consolidated in our financial statements that would affect the disclosures presented as of December 31, 2023 in our 2023 Form 10-K.

Commitments for the purchase of property, plant and equipment as of March 31, 2024 and December 31, 2023 were $525 million and $469 million, respectively. The increase of $56 million was primarily driven by capital commitments related to our Terminals, Natural Gas Pipelines and CO2 business segments.

Cash Flows

The following table summarizes our net cash flows provided by (used in) operating, investing and financing activities between 2024 and 2023.

						Three Months Ended March 31,
						2024						2023						Changes
						(In millions)
Net Cash Provided by (Used in)
Operating activities						$	1,189					$	1,333					$	(144)
Investing activities						(572)						(508)						(64)
Financing activities						(570)						(1,181)						611
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Deposits						$	47					$	(356)					$	403

Operating Activities

$144 million less cash provided by operating activities in the comparable three-month periods ended March 31, 2024 and 2023 is explained by the following discussion:

• a $245 million decrease in cash associated with net changes in working capital items and other non-current assets and liabilities. The decrease was primarily driven by (i) net unfavorable changes related to the timing of accounts

receivable collections and trade payable payments, largely in our Natural Gas Pipelines business segment; and (ii) settlements associated with commodity hedges in the 2023 period related to gas in underground storage.

Investing Activities

$64 million more cash used in investing activities in the comparable three-month periods ended March 31, 2024 and 2023 is explained by the following discussion:

• a $112 million increase in capital expenditures primarily driven by expansion projects in our Natural Gas Pipelines business segment; partially offset by

• a $47 million increase in cash in Other, net, primarily driven by net proceeds received from a sale of assets in our Natural Gas Pipelines business segment in the 2024 period.

Financing Activities

$611 million less cash used in financing activities in the comparable three-month periods ended March 31, 2024 and 2023 is explained by the following discussion:

• a $507 million decrease in cash used related to debt activity as a result of net issuances in the 2024 period compared to net payments in the 2023 period; and

• a $106 million decrease in cash used for share repurchases under our share buy-back program.

Dividends

We expect to declare dividends of $1.15 per share on our stock for 2024. The table below reflects our 2024 dividends declared:

Three months ended						Total quarterly dividend per share for the period						Date of declaration						Date of record						Date of dividend
March 31, 2024						$	0.2875					April 17, 2024						April 30, 2024						May 15, 2024

The actual amount of dividends to be paid on our capital stock will depend on many factors, including our financial condition and results of operations, liquidity requirements, business prospects, capital requirements, legal, regulatory and contractual constraints, tax laws, Delaware laws and other factors. See Item 1A. “Risk Factors—Risks Related to Ownership of Our Capital Stock—The guidance we provide for our anticipated dividends is based on estimates. Circumstances may arise that lead to conflicts between using funds to pay anticipated dividends or to invest in our business.” of our 2023 Form 10-K. All of these matters will be taken into consideration by our board of directors when declaring dividends.

Our dividends are not cumulative. Consequently, if dividends on our stock are not paid at the intended levels, our stockholders are not entitled to receive those payments in the future. Our dividends generally will be paid on or about the 15th day of each February, May, August and November.

Summarized Combined Financial Information for Guarantee of Securities of Subsidiaries

KMI and certain subsidiaries (Subsidiary Issuers) are issuers of certain debt securities. KMI and substantially all of KMI’s wholly owned domestic subsidiaries (Subsidiary Guarantors), are parties to a cross guarantee agreement whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of specified indebtedness of each other party to the agreement. Accordingly, with the exception of certain subsidiaries identified as subsidiary non-guarantors (Subsidiary Non-Guarantors), the parent issuer, Subsidiary Issuers and Subsidiary Guarantors (the “Obligated Group”) are all guarantors of each series of our guaranteed debt (Guaranteed Notes). As a result of the cross guarantee agreement, a holder of any of the Guaranteed Notes issued by KMI or a Subsidiary Issuer is in the same position with respect to the net assets, and income of KMI and the Subsidiary Issuers and Guarantors. The only amounts that are not available to the holders of each of the Guaranteed Notes to satisfy the repayment of such securities are the net assets, and income of the Subsidiary Non-Guarantors.

In lieu of providing separate financial statements for the Obligated Group, we have presented the accompanying supplemental summarized combined income statement and balance sheet information for the Obligated Group based on Rule 13-01 of the SEC’s Regulation S-X. Also, see Exhibit 10.1 to this Report “Cross Guarantee Agreement, dated as of November 26, 2014, among KMI and certain of its subsidiaries, with schedules updated as of March 31, 2024.”

All significant intercompany items among the Obligated Group have been eliminated in the supplemental summarized combined financial information. The Obligated Group’s investment balances in Subsidiary Non-Guarantors have been excluded from the supplemental summarized combined financial information. Significant intercompany balances and activity for the Obligated Group with other related parties, including Subsidiary Non-Guarantors, (referred to as “affiliates”) are presented separately in the accompanying supplemental summarized combined financial information.

Excluding fair value adjustments, as of March 31, 2024 and December 31, 2023, the Obligated Group had $31,291 million and $31,167 million, respectively, of Guaranteed Notes outstanding.

Summarized combined balance sheet and income statement information for the Obligated Group follows:

Summarized Combined Balance Sheet Information			March 31, 2024						December 31, 2023
			(In millions)
Current assets			$	2,004					$	2,246
Current assets - affiliates			799						760
Noncurrent assets			62,764						62,877
Noncurrent assets - affiliates			848						903
Total Assets			$	66,415					$	66,786
Current liabilities			$	4,227					6,907
Current liabilities - affiliates			834						734
Noncurrent liabilities			34,044						31,681
Noncurrent liabilities - affiliates			1,366						1,306
Total Liabilities			40,471						40,628
Kinder Morgan, Inc.’s stockholders’ equity			25,944						26,158
Total Liabilities and Stockholders’ Equity			$	66,415					$	66,786

Summarized Combined Income Statement Information			Three Months Ended March 31, 2024
			(In millions)
Revenues			$	3,500
Operating income			1,087
Net income			630