Kinder Morgan : 2Q 2025 Investor Presentation – May Update
KMI
Published on 05/12/2025 at 07:11
EPNG Mojave Compressor Station
Irreplaceable Infrastructure Portfolio
NATURAL GAS
One of the Largest U.S. Natural Gas Transmission Networks
Delivering Energy. Improving Lives.
65%
~66,000 miles of natural gas pipelines moving ~40% of
U.S. natural gas production
Interest in over 700 bcf of working storage capacity,
~15% of U.S. capacity
REFINED PRODUCTS
Largest U.S. Independent Refined Products Transporter & Terminal Operator
(a)
26%
CO2
9%
Transport ~1.7 mmbbld of refined product volumes
~9,500 miles of refined products & crude pipelines
139 liquids & bulk terminals; 16 Jones Act vessels
135 mmbbl of total liquids storage capacity
One of the Largest CO2Transporters in the U.S.
~1,500 miles of CO2pipelines with transport capacity of ~1.5 bcfd
Produce and transport CO2for enhanced oil recovery
Growing Energy Transition Portfolio
NATURAL GAS REFINED PRODUCTS CO2
BUSINESS MIX
RNG production capacity of 6.4 bcf
(b)
Storage Processing LNG Facilities
CO2Source Fields
Oil Fields RNG Plants
Other RNG Facilities
Note: Volumes per 2025 budget. Business mix based on 2025 budgeted Total Adjusted Segment EBDA, which is a non-GAAP financial measure. See Non-GAAP Financial Measures & Reconciliations.
Refined Products includes 13% from our Products Segment and 13% from our Terminals Segment.
Annual capacity at KMI share. 3
Driving Long-Term Shareholder Value
Natural Gas Focus
Balance Sheet Strength
High-Returning Growth Projects
Predictable & Growing Cash Flows
Returns to Shareholders
~2/3 of cash flows come from midstream natural gas(a)
Transport ~40% of
U.S. natural gas production
~3.8x YE 2025B Net
Debt / Adjusted EBITDA
BBB investment grade balance sheet
~$8.8 billion of committed projects at<6x EBITDA
build multiple
~69% of cash flows are take-or-pay or hedged(a)
+10% Adj. EPS and
+4% Adj. EBITDA
growth budgeted in 2025
Increasing dividend for 8th straight year
~35% of market cap value returned to shareholders since 2016(b)
Note: Total Adjusted Segment EBDA, Adjusted EPS, Adjusted EBITDA, Net Debt, and EBITDA build multiple (calculated based on Project EBITDA) are non-GAAP financial measures. See Non-GAAP Financial Measures & Reconciliations.
Based on 2025 budgeted Total Adjusted Segment EBDA.
Market capitalization as of 4/11/2025. Returns via dividends paid and share repurchases. 4
Highly Contracted, Predictable Cash Flows
CASH FLOW MIX
Unhedged
95%
Take-or-Pay, Fee-Based, or Hedged Cash Flows
Hedged 5%
5%
Fee-Based
26%
%
5
Take-or-Pay
64%
26%
Entitled to payment regardless of throughput Reservation fee for capacity
Fee-Based
Fixed fee collected regardless of commodity price Volumetric based revenues
Over 40% highly stable refined product cash flows
64%
Hedged
Disciplined approach to managing price volatility Substantially hedged near-term price exposure
5%
Unhedged
Commodity price based
Note: Cash flow mix based on 2025 budgeted Total Adjusted Segment EBDA, which is a non-GAAP financial measure. See Non-GAAP Financial Measures & Reconciliations. 5
Disclaimer
Kinder Morgan Inc. published this content on May 12, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2025 at 11:10 UTC.