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 2024 Form 10-K; (ii) our management’s discussion and analysis of financial condition and results of operations included in our 2024 Form 10-K; (iii) “Information Regarding Forward-Looking Statements” at the beginning of this report and in our 2024 Form 10-K; and (iv) “Risk Factors” in this report and in Part I, Item 1 in our 2024 Form 10-K.

Acquisition

The following acquisition was made during the 2025 period. See Note 2. “Acquisitions” to our consolidated financial statements for further information on this transaction.

Event			Description			Business Segment
Outrigger Energy acquisition $648 million (February 2025)			Natural gas gathering and processing system in North Dakota from Outrigger Energy II LLC which includes a 0.27 Bcf/d processing facility and a 104-mile, large-diameter, high-pressure rich gas gathering header pipeline with 0.35 Bcf/d of capacity connecting supplies from the Williston Basin area to high-demand markets.			Natural Gas Pipelines (Midstream)

2025 Dividends and Discretionary Capital

We expect to declare dividends of $1.17 per share for 2025, a 2% increase from the 2024 declared dividends of $1.15 per share. We expect to invest $3.0 billion in expansion projects, acquisitions, and contributions to joint ventures during 2025.

The expectations for 2025 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 (EBDA) (as presented in Note 7 “Reportable Segments”), along with the non-GAAP financial measures of Adjusted Net Income Attributable to Common Stock, in the aggregate and per share, Adjusted Segment EBDA, Adjusted Net Income Attributable to Kinder Morgan, Inc., Adjusted earnings before interest, income taxes, DD&A expenses and amortization of basis differences related to our joint ventures (previously known as amortization of excess cost of equity investments) (EBITDA), and Net Debt.

Effective January 1, 2025, amortization of basis differences related to our joint ventures (previously known as amortization of excess cost of equity investments) is included within “Earnings from equity investments” in our accompanying consolidated statements of income for the three months ended March 31, 2025 and 2024, and therefore is included within Segment EBDA. As a result, Segment EBDA for the three months ended March 31, 2024 has been adjusted to conform to the current presentation in the following MD&A tables. The adjustments were not material.

GAAP Financial Measures

Our Consolidated Earnings Results for the three months ended March 31, 2025 and 2024 present Net income attributable to Kinder Morgan, Inc., as prepared and presented in accordance with GAAP, and Segment EBDA, which is disclosed in Note 7 “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 Adjusted Net Income Attributable to Common Stock” 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 associated with Joint Ventures” below). The following table summarizes our Certain Items for the three months ended March 31, 2025 and 2024, which are also described in more detail in the footnotes to tables included in “—Segment Earnings Results” below.

									Three Months Ended March 31,
															2025						2024
															(In millions)
Certain Items
Change in fair value of derivative contracts(a)															$	84					$	50
Gain on divestiture(b)															—						(29)
Income tax Certain Items(c)															(35)						(9)
Total Certain Items(d)(e)															$	49					$	12

(a)Gains or losses are reflected within non-GAAP financial measures when realized.

(b)2024 amount represents a gain on divestiture of Oklahoma midstream assets.

(c)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.

(d)2025 amount includes the $2 million reported within “Earnings from equity investments” on the accompanying consolidated statement of income of “Change in fair value of derivative contracts.”

(e)2025 and 2024 amounts each include $2 million reported within “Interest, net” on the accompanying consolidated statements of income 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.

Adjusted Segment EBDA

Adjusted Segment EBDA is calculated by adjusting segment earnings before DD&A, 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, amortization of basis differences related to our joint ventures, income tax expense and interest. We also include amounts from joint ventures for income taxes and DD&A (see “—Amounts associated with 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 associated with Joint Ventures

Certain Items 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 calculation of Adjusted EBITDA related to our unconsolidated and consolidated joint ventures include DD&A, amortization of basis differences and income tax expense with respect to the joint ventures as those included in the calculation of 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 Adjusted EBITDA” below.) Although these amounts related to our unconsolidated joint ventures are included in the calculation of 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, 2025, by subtracting the following amounts from our debt balance of $33,009 million: (i) cash and cash equivalents of $80 million; (ii) debt fair value adjustments of $169 million; and (iii) the foreign exchange impact on Euro-denominated bonds of $(2) 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,
			2025						2024						Earnings increase/(decrease)
			(In millions, except percentages)
Revenues			$	4,241					$	3,842					$	399					10		%
Operating Costs, Expenses and Other
Costs of sales (exclusive of items shown separately below)			(1,476)						(1,107)						(369)						(33)		%
Operations and maintenance			(711)						(680)						(31)						(5)		%
DD&A			(610)						(587)						(23)						(4)		%
General and administrative			(187)						(175)						(12)						(7)		%
Taxes, other than income taxes			(112)						(111)						(1)						(1)		%
Other income, net			—						41						(41)						(100)		%
Total Operating Costs, Expenses and Other			(3,096)						(2,619)						(477)						(18)		%
Operating Income			1,145						1,223						(78)						(6)		%
Other Income (Expense)
Earnings from equity investments			220						231						(11)						(5)		%
Interest, net			(451)						(472)						21						4		%
Other, net			15						—						15						—		%
Total Other Expense			(216)						(241)						25						10		%
Income Before Income Taxes			929						982						(53)						(5)		%
Income Tax Expense			(186)						(209)						23						11		%
Net Income			743						773						(30)						(4)		%
Net Income Attributable to Noncontrolling Interests			(26)						(27)						1						4		%
Net Income Attributable to Kinder Morgan, Inc.			$	717					$	746					$	(29)					(4)		%
Basic and diluted earnings per share			$	0.32					$	0.33					$	(0.01)					(3)		%
Basic and diluted weighted average shares outstanding			2,222						2,220						2						—		%
Declared dividends per share			$	0.2925					$	0.2875					$	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 sales revenues include sales of natural gas (includes natural gas and RNG), products (includes NGL, crude oil, CO2 and transmix) and other (includes RINs). Our consolidated sales revenue will fluctuate with commodity prices and volumes, and the costs of sales associated with purchases will usually have a commensurate and offsetting impact, except for the CO2 segment, which produces, instead of purchases, the crude oil, CO2 and RINs 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, 2025 and 2024:

Revenues

Revenues increased $399 million in 2025 compared to 2024. The increase was primarily due to higher sales revenues driven by (i) a $366 million increase in natural gas sales due to higher natural gas commodity prices and (ii) a $22 million increase in other sales driven by higher RIN sales. These increases in sales revenues were partially offset by a $46 million decrease in product sales driven primarily by lower crude oil commodity prices and volumes and by asset divestitures in February and June 2024 partially offset by assets acquired in June 2024. Revenues were further reduced by $22 million for the impacts of derivative contracts used to hedge commodity sales which includes both realized and unrealized gains and losses. Services revenues increased $110 million resulting from higher volumes, including expansion projects, and higher rates. The increase in sales revenues had corresponding increases 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 increased $369 million in 2025 compared to 2024. The increase, which is net of the impact of our divested assets, was primarily due to higher costs of sales for natural gas of $307 million primarily due to higher commodity prices and an increase of $64 million related to derivative contracts used to hedge commodity purchases which includes both realized and unrealized gains and losses.

Operations and Maintenance

Operations and maintenance increased $31 million in 2025 compared to 2024. Increased costs were primarily driven by greater activity levels and inflation, including integrity and labor costs.

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 decreased $21 million in 2025 compared to 2024. The decrease was primarily due to lower interest rates associated with our fixed-to-variable interest rate swap agreements partially offset by higher average long-term debt balances.

Non-GAAP Financial Measures

Reconciliations from Net Income Attributable to Kinder Morgan, Inc.

									Three Months Ended March 31,
															2025						2024
															(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.															$	717					$	746
Certain Items(a)
Change in fair value of derivative contracts															84						50
Gain on divestiture															—						(29)
Income tax Certain Items															(35)						(9)
Total Certain Items															49						12
Adjusted Net Income Attributable to Kinder Morgan, Inc.															$	766					$	758
Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Common Stock
Net income attributable to Kinder Morgan, Inc.															$	717					$	746
Total Certain Items(b)															49						12
Net income allocated to participating securities															(4)						(4)
Adjusted Net Income Attributable to Common Stock															$	762					$	754
Adjusted EPS															$	0.34					$	0.34
Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA
Net income attributable to Kinder Morgan, Inc.															$	717					$	746
Total Certain Items(b)															49						12
DD&A															610						587
Income tax expense(c)															221						218
Interest, net(d)															449						470
Amounts associated with joint ventures
Unconsolidated joint venture DD&A(e)															100						98
Remove consolidated joint venture partners’ DD&A															(15)						(16)
Unconsolidated joint venture income tax expense(f)															26						22
Adjusted EBITDA															$	2,157					$	2,137

(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)To avoid duplication, adjustments for income tax expense for 2025 and 2024 exclude $(35) million and $(9) million, respectively, which amounts are already included within “Certain Items.” See table included in “*—Overview—Non-GAAP Financial Measu**res—*Certain Items” above.

(d)To avoid duplication, adjustments for interest, net for 2025 and 2024 each exclude $2 million, which amounts are already included within “Certain Items.” See table included in “*—Overview—Non-GAAP Financial Measures—*Certain Items,” above.

(e)Includes amortization of basis differences related to our joint ventures which was previously presented separately as amortization of excess cost of equity investments.

(f)Includes the 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,
															2025						2024
															(In millions)
Adjusted Net Income Attributable to Kinder Morgan, Inc.															$	766					$	758
Adjusted EBITDA															2,157						2,137
Change from prior period															Increase/(Decrease)
Adjusted Net Income Attributable to Kinder Morgan, Inc.															$	8
Adjusted EBITDA															$	20

Adjusted Net Income Attributable to Kinder Morgan, Inc. increased $8 million in 2025 compared to 2024. The increase resulted primarily from favorable earnings in our CO2, Natural Gas Pipelines and Terminals business segments partially offset by unfavorable earnings in our Products Pipelines business segment, which were also primary drivers of the increase in Adjusted EBITDA of $20 million.

General and Administrative and Corporate Charges

									Three Months Ended March 31,
															2025						2024
															(In millions)
General and administrative															$	(187)					$	(175)
Corporate charges															(5)						(5)
General and administrative and corporate charges															$	(192)					$	(180)
Change from prior period															Earnings increase/(decrease)
General and administrative															$	(12)
Corporate charges															—
Total															$	(12)

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

General and administrative expenses increased $12 million, and corporate charges was flat in 2025 compared to 2024. The combined changes primarily include higher labor and benefit-related costs and higher legal costs.

Reconciliation of Segment EBDA to Adjusted Segment EBDA

									Three Months Ended March 31,
															2025						2024
															(In millions)
Segment EBDA(a)
Natural Gas Pipelines Segment EBDA															$	1,453					$	1,506
Certain Items(b)
Change in fair value of derivative contracts															80						39
Gain on divestiture															—						(29)
Natural Gas Pipelines Adjusted Segment EBDA															$	1,533					$	1,516
Products Pipelines Segment EBDA															$	273					$	290
Certain Items(b)
Change in fair value of derivative contracts															1						1
Products Pipelines Adjusted Segment EBDA															$	274					$	291
Terminals Segment EBDA															$	275					$	269
CO2 Segment EBDA															$	181					$	156
Certain Items(b)
Change in fair value of derivative contracts															1						8
CO2 Adjusted Segment EBDA															$	182					$	164

(a)Includes revenues; earnings from equity investments, operating expenses, 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,
															2025						2024
															(In millions, except operating statistics)
Revenues															$	2,754					$	2,336
Costs of sales															(1,145)						(731)
Other operating expenses															(362)						(344)
Other income															1						38
Earnings from equity investments															196						207
Other, net															9						—
Segment EBDA															1,453						1,506
Certain Items:
Change in fair value of derivative contracts															80						39
Gain on divestiture															—						(29)
Certain Items(a)															80						10
Adjusted Segment EBDA															$	1,533					$	1,516
Change from prior period															Increase/(Decrease)
Segment EBDA															$	(53)
Adjusted Segment EBDA															$	17
Volumetric data(b)
Transport volumes (BBtu/d)															45,976						44,541
Sales volumes (BBtu/d)															2,598						2,598
Gathering volumes (BBtu/d)															3,939						4,184
NGLs (MBbl/d)															32						37

(a)See table included in “*—Overview—Non-GAAP Financial Measures—*Certain Items” above. 2025 and 2024 Certain Items of (i) $78 million and $10 million, respectively, are associated with our Midstream business and (ii) $2 million and none, 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. 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 Natural Gas Pipelines Segment EBDA:

									Three Months Ended March 31,
															2025						2024
															(In millions)
Midstream															$	445					$	500
West															262						265
East															746						741
Total Natural Gas Pipelines															$	1,453					$	1,506
Change from prior period															Increase/(Decrease)
Midstream															$	(55)
West															$	(3)
East															$	5

The changes in Natural Gas Pipelines Segment EBDA in the comparable three-month periods ended March 31, 2025 and 2024 are explained by the following discussion:

• The $55 million (11%) decrease in Midstream resulted from the impacts of (i) non-cash mark-to-market derivative contracts used to hedge forecasted commodity sales and purchases, which increased costs of sales partially offset by an increase in revenues; and (ii) in the 2024 period, a gain on sale of assets, all of which we treated as Certain Items.

In addition, Midstream was favorably impacted by increased demand for our services on our Texas intrastate systems. Overall, Midstream’s revenue changes are partially offset by corresponding changes in costs of sales.

• The $5 million (1%) increase in East was impacted by, on TGP, expansion projects that went into service, colder weather in the Northeast and increased demand for services. These increases were partially offset by decreased demand for services on our Stagecoach assets.

Products Pipelines

									Three Months Ended March 31,
															2025						2024
															(In millions, except operating statistics)
Revenues															$	663					$	728
Costs of sales															(293)						(349)
Other operating expenses															(113)						(104)
Earnings from equity investments															16						15
Segment EBDA															273						290
Certain Items:
Change in fair value of derivative contracts															1						1
Certain Items(a)															1						1
Adjusted Segment EBDA															$	274					$	291
Change from prior period															Increase/(Decrease)
Segment EBDA															$	(17)
Adjusted Segment EBDA															$	(17)
Volumetric data(b)
Gasoline(c)															933						920
Diesel fuel															336						336
Jet fuel															302						278
Total refined product volumes															1,571						1,534
Crude and condensate															476						456
Total delivery volumes (MBbl/d)															2,047						1,990

(a)See table included in “*—Overview—Non-GAAP Financial Measures—*Certain Items” above. 2025 and 2024 Certain Items of $1 million for each period are associated with our Southeast Refined Products 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,
															2025						2024
															(In millions)
Crude and Condensate															$	53					$	75
Southeast Refined Products															73						75
West Coast Refined Products															147						140
Total Products Pipelines															$	273					$	290
Change from prior period															Increase (Decrease)
Crude and Condensate															$	(22)
Southeast Refined Products															$	(2)
West Coast Refined Products															$	7

The changes in Products Pipelines Segment EBDA in the comparable three-month periods ended March 31, 2025 and 2024 are explained by the following discussion:

• The $22 million (29%) decrease in Crude and Condensate was driven by a planned ten-year turnaround in first quarter 2025 at our KM Condensate Processing facility and lower average commodity rates on our Bakken Crude assets. Our Crude and Condensate business also had lower revenues with a corresponding decrease in costs of sales, resulting primarily from decreased volumes and prices.

• The $7 million (5%) increase in West Coast Refined Products resulted from higher transportation rates and volumes on our Pacific operations.

Terminals

									Three Months Ended March 31,
															2025						2024
															(In millions, except operating statistics)
Revenues															$	518					$	496
Costs of sales															(15)						(10)
Other operating expenses															(229)						(221)
Other (expense) income															(1)						2
Earnings from equity investments															2						2
Segment EBDA															$	275					$	269
Change from prior period															Increase/(Decrease)
Segment EBDA															$	6
Volumetric data(a)
Liquids leasable capacity (MMBbl)															78.8						78.6
Liquids utilization %(b)															94.3		%				93.8		%
Bulk transload tonnage (MMtons)															12.5						13.5

(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 adjusted 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,
															2025						2024
															(In millions)
Jones Act tankers															$	60					$	45
Bulk															57						62
Liquids															158						161
Other															—						1
Total Terminals															$	275					$	269
Change from prior period															Increase/(Decrease)
Jones Act tankers															$	15
Bulk															$	(5)
Liquids															$	(3)
Other															$	(1)

The changes in Terminals Segment EBDA in the comparable three-month periods ended March 31, 2025 and 2024 are explained by the following discussion:

• The $15 million (33%) increase in Jones Act tankers was primarily due to higher average charter rates.

• The $5 million (8%) decrease in Bulk was primarily due to (i) a decrease attributable to higher shortfall payments in 2024 related to our coal handling activities and (ii) higher labor and maintenance expense partially offset by 2024 demurrage costs incurred at our International Marine Terminal.

CO**2

									Three Months Ended March 31,
															2025						2024
															(In millions, except operating statistics)
Revenues															$	312					$	288
Costs of sales															(27)						(21)
Other operating expenses															(110)						(119)
Other income															—						1
Earnings from equity investments															6						7
Segment EBDA															181						156
Certain Items:
Change in fair value of derivative contracts															1						8
Certain Items(a)															1						8
Adjusted Segment EBDA															$	182					$	164
Change from prior period															Increase/(Decrease)
Segment EBDA															$	25
Adjusted Segment EBDA															$	18
Volumetric data(b)
SACROC oil production															19.26						19.11
Yates oil production															5.94						6.25
Other															1.10						1.24
Total oil production, net (MBbl/d)(c)															26.30						26.60
NGL sales volumes, net (MBbl/d)(c)															9.28						8.82
CO2 sales volumes, net (Bcf/d)															0.310						0.335
RNG sales volumes (BBtu/d)															8						7
Realized weighted average oil price ($ per Bbl)															$	68.38					$	68.70
Realized weighted average NGL price ($ per Bbl)															$	35.36					$	28.06

(a)See table included in “*—Overview—Non-GAAP Financial Measures—*Certain Items” above. The 2025 and 2024 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. Volumes for assets sold are excluded for all periods presented.

(c)Net of royalties and outside working interests.

Below are the changes in CO2 Segment EBDA:

									Three Months Ended March 31,
															2025						2024
															(In millions)
Oil and Gas Producing activities															$	117					$	107
Source and Transportation activities															47						47
Subtotal															164						154
Energy Transition Ventures															17						2
Total CO2															$	181					$	156
Change from prior period															Increase/(Decrease)
Oil and Gas Producing activities															$	10
Source and Transportation activities															$	—
Energy Transition Ventures															$	15

The changes in CO2 Segment EBDA in the comparable three-month periods ended March 31, 2025 and 2024 are explained by the following discussion:

• The $10 million (9%) increase in Oil and Gas Producing activities resulted primarily from the impact of non-cash mark-to-market derivative hedge contracts which increased revenues, and which we treated as Certain Items.

In addition, Oil and Gas Producing activities were favorably impacted by higher realized NGL prices and volumes and assets acquired in June 2024. These increases were partially offset by assets divested in June 2024.

• Source and Transportation activities were flat 2025 compared to 2024. The impact of lower realized CO2 sales prices and volumes were offset by higher volumes on our Wink pipeline.

• The $15 million (750%) increase in Energy Transition Ventures was primarily due to higher RIN sales margin from increased volumes partially offset by lower prices.

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, 2025:

			Remaining 2025						2026						2027						2028
Crude Oil(a)
Price ($ per Bbl)			$	67.02					$	65.97					$	65.71					$	64.51
Volume (MBbl/d)			22.95						13.70						8.10						4.00
NGLs
Price ($ per Bbl)			$	47.81
Volume (MBbl/d)			4.61

(a)Includes WTI hedges.

Liquidity and Capital Resources

General

As of March 31, 2025, we had $80 million of “Cash and cash equivalents,” a decrease of $8 million from December 31, 2024. Additionally, as of March 31, 2025, we had borrowing capacity of approximately $2.1 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 $1,162 million and $1,189 million in the first three months of 2025 and 2024, respectively. The period-to-period decrease is discussed below in “—Cash Flows—Operating Activities.” We primarily rely on cash provided by operations to fund our operations as well as our debt service, sustaining capital expenditures, dividend payments and our 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, short-term borrowings are used to fund working capital and finance incremental capital investments, if any. Incremental capital investments initially funded through short-term borrowings may periodically be replaced with long-term financing and/or paid 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, 2025 and December 31, 2024, approximately $4,906 million (15%) and $3,621 million (11%), 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, 2025 and December 31, 2024 include $3,500 million and $3,250 million, respectively, of interest rate swap agreements and $1,406 million and $331 million, respectively, of commercial paper notes. The interest rate swap agreements as of both March 31, 2025 and December 31, 2024 are net of $1,500 million of variable-to-fixed interest rate swap agreements which expire December 2025.

Our board of directors declared a quarterly dividend of $0.2925 per share for the first quarter of 2025, a 2% increase over the dividend declared for the first quarter of 2024.

Short-term Liquidity

As of March 31, 2025, 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 $2.1 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 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, 2025, our $3,044 million of short-term debt consisted primarily of commercial paper borrowings and senior notes that mature in the next twelve months. 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, 2024 was $2,009 million.

We had working capital (defined as current assets less current liabilities) deficits of $3,199 million and $2,580 million as of March 31, 2025 and December 31, 2024, respectively. The overall $619 million unfavorable change from year-end 2024 was primarily due to a $1,075 million increase in commercial paper borrowings partly used to fund our Outrigger Energy acquisition, partially offset by (i) a $204 million decrease in accrued interest; (ii) a $119 million net favorable change in our accounts receivables and payables; and (iii) an $89 million increase in restricted deposits, primarily associated with our derivative collateral requirements. 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.

Our capital expenditures for the three months ended March 31, 2025, and the amount we expect to spend for the remainder of 2025 to sustain our assets and expand our business are as follows:

			Three Months Ended March 31, 2025						2025 Remaining						Expected 2025
			(In millions)
Capital expenditures:
Sustaining capital expenditures			$	194					$	744					$	938
Expansion capital expenditures			484						1,698						2,182
Accrued capital expenditures, contractor retainage and other			88						—						—
Capital expenditures			$	766					$	2,442					$	3,120
Add:
Sustaining capital expenditures of unconsolidated joint ventures(a)			$	32					$	152					$	184
Investments in unconsolidated joint ventures(b)			44						122						166
Less: Consolidated joint venture partners’ sustaining capital expenditures			(2)						(8)						(10)
Less: Consolidated joint venture partners’ expansion capital expenditures			(5)						(3)						(8)
Acquisition			648						—						648
Accrued capital expenditures, contractor retainage and other			(88)						—						—
Total capital investments			$	1,395					$	2,705					$	4,100

(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, 2025						2025 Remaining						Expected 2025
						(In millions)
Sustaining capital investments
Capital expenditures for property, plant and equipment						$	194					$	744					$	938
Sustaining capital expenditures of unconsolidated joint ventures(a)						32						152						184
Less: Consolidated joint venture partners’ sustaining capital expenditures						(2)						(8)						(10)
Total sustaining capital investments						224						888						1,112
Expansion capital investments
Capital expenditures for property, plant and equipment						484						1,698						2,182
Investments in unconsolidated joint ventures(b)						44						122						166
Less: Consolidated joint venture partners’ expansion capital expenditures						(5)						(3)						(8)
Acquisition						648						—						648
Total expansion capital investments						1,171						1,817						2,988
Total capital investments						$	1,395					$	2,705					$	4,100

(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.

Impact of Regulation

As previously disclosed in our 2024 Form 10-K, we have experienced a long-term trend toward increasingly stringent regulations, including the EPA’s final rule known as the “Good Neighbor Plan” (the Plan), which became effective on August 4, 2023 and has been stayed by the U.S. Supreme Court pending judicial review as described in Note 9. “Litigation and Environmental—Environmental Matters—Challenge to Federal “Good Neighbor Plan,” to our consolidated financial statements.

Oral argument on the merits of the Plan was scheduled in front of the U.S. Court of Appeals for the District of Columbia Circuit (the DC Circuit) on April 25, 2025. However, on March 10, 2025, the EPA filed a motion asking the court to remand the Plan to the EPA for voluntary reconsideration, explaining that the “EPA has identified specific issues with the Rule that make reconsideration appropriate, including issues raised by Petitioners in this litigation.” On April 14, 2025, the U.S. Court of Appeals held the case in abeyance pending further order of the court, cancelled the oral argument and ordered the parties to file periodic status reports until the EPA completes its review of the Plan.

Based on the Supreme Court’s stay, the EPA’s motion and the DC Circuit’s April 14, 2025 order, we do not expect that the Plan will take effect in its current form.

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, 2024 in our 2024 Form 10-K.

Commitments for the purchase of property, plant and equipment as of March 31, 2025 and December 31, 2024 were $1,191 million and $809 million, respectively. The increase of $382 million was primarily driven by an increase of capital commitments related to our Natural Gas Pipelines business segment.

Cash Flows

The following table summarizes our net cash flows provided by (used in) operating, investing and financing activities between 2025 and 2024.

						Three Months Ended March 31,
						2025						2024						Changes
						(In millions)
Net Cash Provided by (Used in)
Operating activities						$	1,162					$	1,189					$	(27)
Investing activities						(1,414)						(572)						(842)
Financing activities						333						(570)						903
Net Increase in Cash, Cash Equivalents and Restricted Deposits						$	81					$	47					$	34

Operating Activities

Net cash provided by operating activities was relatively flat for the comparable three-month periods ended March 31, 2025 and 2024.

Investing Activities

$842 million more cash used in investing activities in the comparable three-month periods ended March 31, 2025 and 2024 is explained by the following discussion:

• $648 million in cash used for the Outrigger Energy acquisition in the 2025 period: and

• a $147 million increase in capital expenditures primarily driven by expansion projects in our Natural Gas Pipelines business segment.

Financing Activities

$903 million more cash provided by financing activities in the comparable three-month periods ended March 31, 2025 and 2024 is explained by the following discussion:

• a $918 million increase in cash related to debt activity as a result of higher net issuances in the 2025 period compared to the 2024 period.

Dividends

We expect to declare dividends of $1.17 per share on our stock for 2025. The table below reflects our 2025 dividends declared:

Three months ended						Total quarterly dividend per share for the period						Date of declaration						Date of record						Date of dividend
March 31, 2025						0.2925						April 16, 2025						April 30, 2025						May 15, 2025

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 2024 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, 2025.”

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, 2025 and December 31, 2024, the Obligated Group had $32,150 million and $31,052 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, 2025						December 31, 2024
			(In millions)
Current assets			$	2,268					$	2,216
Current assets - affiliates			800						735
Noncurrent assets			64,151						63,267
Noncurrent assets - affiliates			806						813
Total Assets			$	68,025					$	67,031
Current liabilities			$	5,456					$	4,737
Current liabilities - affiliates			775						758
Noncurrent liabilities			34,223						34,052
Noncurrent liabilities - affiliates			1,614						1,561
Total Liabilities			42,068						41,108
Kinder Morgan, Inc.’s stockholders’ equity			25,957						25,923
Total Liabilities and Stockholders’ Equity			$	68,025					$	67,031

Summarized Combined Income Statement Information									Three Months Ended March 31, 2025
						(In millions)
Revenues									$	3,904
Operating income									1,023
Net income									614