AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 18/10/2026
Moat50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Operating infrastructure backed by substantial fixed commitments establishes contractual protection. Missing route-level alternatives and replacement economics limit the evidence for a broader structural moat.
durability · 2/4 · Substantial obligations extend into 2028 and thereafter, supporting multiyear visibility. Contract duration detail and renewal outcomes are missing, while actual early terminations demonstrate limits.
customer dependency · 2/4 · Take-or-pay and minimum-volume commitments indicate economic dependency, reinforced indirectly by higher natural gas service demand. Declining product volumes and a customer facility closure prevent a stronger conclusion about enduring customer reliance.
erosion resilience · 2/4 · Natural gas and terminal earnings improved despite some pricing weakness, maintenance costs and a refinery closure. Termination payments provided protection, but volume losses and dependence on weather and volatility show uneven resilience. Generic competitive risks are possibilities, not realized losses.
Pricing power56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Higher Houston Ship Channel rates and average tanker charter rates demonstrate realized pricing gains. Lower East short-term firm pricing and volatility-driven West pricing show mixed, market-sensitive outcomes rather than broad unilateral pricing power.
retention · 2/4 · Assessed indirectly: fixed commitments and higher natural gas demand support continuing customer use, while storage terminations and falling product delivery volumes provide contrary evidence. No renewal or retention rate is inferred.
margin resilience · 3/4 · First-half operating income increased from $2.297 billion to $2.790 billion as revenue increased from $8.283 billion to $9.305 billion. Products Pipelines also increased adjusted segment earnings despite lower delivery volumes. These are strong observed resilience results, although commodity offsets, weather and termination payments limit conclusions about recurring pricing strength.
contractual freedom · 2/4 · Fixed commitments and realized changes in charter, terminal and short-term pipeline rates demonstrate some capacity to contract on differing terms. Index-linked consideration and disclosed tariff regulation constrain discretion; comprehensive repricing rights are absent.
Predictability78
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 15.20
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 4.74
Financial strength5
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 0.00
- netDebtEbitGrade
- 0.00
- interestCoverageGrade
- 20.61
- currentRatioGrade
- 0.00
- Debt / FCF (x)
- 11.07
- Net debt / operating income (x)
- 6.76
- Current ratio (x)
- 0.64
- cashInterestPaid
- 1811.00
- cashInterestCoverage
- 3.27
Capital allocation—
Missing required inputs: sbcRevenue. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 6.99
- 3-year average dilution (%)
- -0.52
- cashConversionGrade
- 100.00
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · 2025 operating cash generation of $5.917 billion exceeded disclosed total capital investments of $3.988 billion, and no shares were issued under the distribution agreement in 2023–2025. Debt nevertheless increased to $32.144 billion by June 2026. Spending and financing are observable, but project returns and acquisition value creation are insufficiently established.
incentive alignment · 3/4 · Actual CEO equity awards, her cash bonus waiver, three-year equity vesting design and DCF-per-share performance targets support meaningful alignment. Dividend equivalents paid on unvested awards, reasonably achievable vesting conditions and committee discretion temper the assessment. Comprehensive ownership amounts and exact performance thresholds are missing.
execution · 3/4 · Completed expansion contributions, improved natural gas results, higher operating cash flow and stronger first-half consolidated earnings demonstrate execution. This assessment uses operating outcomes indirectly; weather, commodity conditions and acquisitions contributed, and on-time or on-budget project performance is not established.
governance · 2/4 · Independent standing committees, an executive hedging prohibition and proxy access establish substantive governance mechanisms. Pledging exceptions and compensation committee discretion qualify those protections. The passages support a mixed assessment of governance design rather than exceptional demonstrated oversight outcomes.
Evidence
Revenue Allocated to Remaining Performance Obligations The following table presents our estimated revenue related to unsatisfied performance obligations representing fixed consideration primarily related to commodity sales or service contracts with take-or-pay or minimum volume commitments that we expect to recognize in future periods: 2026 2027 2028 and thereafter (In billions) Estimated revenue as of December 31, 2025 $ 5 $ 5 $ 26 Based on the practical expedients we elected to apply, the amounts presented in the table above exclude remaining performance obligations for variable consideration related to contracts with index-based pricing or variable volume attributes in which such variable consideration is allocated entirely to a wholly unsatisfied performance obligation.
Revenue recognition / remaining performance obligations at December 31, 2025 · Filed 13/02/2026
109 15. Reportable Segments Our reportable business segments are: •Natural Gas Pipelines—the ownership and operation of (i) major interstate and intrastate natural gas pipeline and storage systems; (ii) natural gas gathering systems and natural gas processing and treating facilities; (iii) NGL fractionation facilities and transportation systems; and (iv) LNG regasification, liquefaction, and storage facilities; •Products Pipelines—the ownership and operation of refined petroleum products, crude oil, and condensate pipelines that primarily deliver, among other products, gasoline, diesel and jet fuel, crude oil, renewable fuels, and condensate to various markets, plus the ownership and/or operation of associated product terminals and petroleum pipeline transmix facilities; •Terminals—the ownership and/or operation of (i) liquids and bulk terminal facilities located throughout the U.S.
Note 15 / operating pipeline, storage and terminal assets · Filed 13/02/2026
39 Below are the changes in Natural Gas Pipelines Segment EBDA: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions) Midstream $ 578 $ 524 $ 1,225 $ 969 East 695 679 1,476 1,425 West 247 233 530 495 Total Natural Gas Pipelines $ 1,520 $ 1,436 $ 3,231 $ 2,889 Change from prior period Increase/(Decrease) Midstream $ 54 $ 256 East $ 16 $ 51 West $ 14 $ 35 The changes in Natural Gas Pipelines Segment EBDA in the comparable three and six-month periods ended June 30, 2026 and 2025 are explained by the following discussion: •The $54 million (10%) and $256 million (26%) increases, respectively, in Midstream were primarily driven by (i) increased sales margin resulting from higher volumes and increased demand for our services on our Texas intrastate systems; (ii) higher volumes on KinderHawk Field Services LLC; and (iii) higher performance from acquired assets on our Hiland Midstream assets.
Natural Gas Pipelines segment results / demand, volumes and acquired asset contributions · Filed 24/07/2026
•The $16 million (2%) and $51 million (4%) increases, respectively, in East were primarily driven by (i) completed expansion projects; (ii) lower pipeline maintenance costs; and (iii) increased demand for our services primarily due to weather partially offset by lower pricing on short-term firm service contracts driven by a decrease in market volatility.
Natural Gas Pipelines East / completed expansions, demand and lower short-term pricing · Filed 24/07/2026
The increase in the six-month period was also driven by the recognition of payments to be received in connection with the early termination of certain storage agreements in 2026 related to the refinery closure partially offset by higher maintenance costs.
Terminals results / early termination payments following refinery closure · Filed 24/07/2026
40 Products Pipelines (including reconciliation of Segment EBDA to Adjusted Segment EBDA) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions, except operating statistics) Revenues $ 902 $ 691 $ 1,589 $ 1,354 Costs of sales (464) (292) (745) (585) Other operating expenses(a) (114) (126) (218) (239) Other income 1 1 1 1 Earnings from equity investments 18 15 36 31 Segment EBDA 343 289 663 562 Certain Items: Risk management activities (4) — 1 1 Certain Items(b) (4) — 1 1 Adjusted Segment EBDA $ 339 $ 289 $ 664 $ 563 Change from prior period Increase/(Decrease) Segment EBDA $ 54 $ 101 Adjusted Segment EBDA $ 50 $ 101 Volumetric data(c) Gasoline(d) 970 1,016 941 975 Diesel fuel 357 369 349 353 Jet fuel 296 325 294 314 Total refined product volumes 1,623 1,710 1,584 1,642 Crude and condensate 421 503 420 490 Total delivery volumes (MBbl/d) 2,044 2,213 2,004 2,132 (a)Other operating expenses include operations and maintenance expenses and taxes, other than income taxes.
Products Pipelines / earnings and delivery volumes · Filed 24/07/2026
Specific factors that could cause actual results to differ from those in our forward-looking statements include: •changes in supply of and demand for natural gas, NGL, refined petroleum products, oil, renewable fuels, CO2, electricity, petroleum coke, steel and other bulk materials and chemicals, and certain agricultural products; •competition from other pipelines, terminals, or other forms of transportation, or from emerging technologies; •changes in our tariff rates required by the FERC, the CPUC, or another regulatory agency; •the timing and success of our commercial and business development efforts, including our ability to renew long-term customer contracts at economically attractive rates; •our ability to safely operate and maintain our existing assets and to access or construct new assets or expand our existing assets, including pipelines, terminals, and gas processing, gas storage, and NGL fractionation capacity; •cost overruns, delays, stoppages, or other issues adversely impacting expansion projects; •regulatory, environmental, political, grass roots opposition, legal, operational, and geological uncertainties that could affect our ability to complete our expansion projects on time and on budget or at all; •changes in commodity prices, including prices for crude oil, natural gas, and NGL, and prices for environmental attributes such as RINs, and our ability to use hedging arrangements to reduce our direct exposure to such price changes; •economic activity, weather, alternative energy sources, conservation, and technological advances that may affect price trends and demand; •our ability to achieve cost savings and revenue growth; •our ability to attract and retain key management and operations personnel; •difficulties or delays experienced by railroads, barges, trucks, ships or pipelines in delivering products to or from our terminals or pipelines; •shut-downs or cutbacks at major refineries, chemical or petrochemical plants, natural gas processing plants, LNG export facilities, ports, utilities, military bases, or other businesses that use our services or provide services or products to us; •changes in crude oil and natural gas production (and the NGL content of natural gas production) from exploration and production areas that we serve, such as the Permian Basin area of West Texas, the shale plays in Louisiana, North Dakota, Ohio, Oklahoma, Pennsylvania, Texas, and the U.S.
Forward-looking risk disclosures / competition, tariffs, renewals and project execution · Filed 13/02/2026
Each of the foregoing supply and demand issues could negatively impact our business directly, as well as our shippers and other customers, which in turn could negatively impact our prospects for new contracts for transportation, terminaling, or other midstream services, or renewals of existing contracts or the ability of our customers and shippers to honor their contractual commitments.
Demand risks / new contracts, renewals and customer commitments · Filed 13/02/2026
Below are the changes in Terminals Segment EBDA: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions) Liquids $ 182 $ 170 $ 383 $ 328 Jones Act tankers 64 59 128 119 Bulk 64 69 128 126 Other — 2 — 2 Total Terminals $ 310 $ 300 $ 639 $ 575 Change from prior period Increase/(Decrease) Liquids $ 12 $ 55 Jones Act tankers $ 5 $ 9 Bulk $ (5) $ 2 Other $ (2) $ (2) The changes in Terminals Segment EBDA in the comparable three and six-month periods ended June 30, 2026 and 2025 are explained by the following discussion: •The $12 million (7%) and $55 million (17%) increases, respectively, in Liquids were driven by contributions from (i) at our Houston Ship Channel facilities, higher rates and ancillaries partially offset by the effects of a customer’s closure of its refinery in 2025; (ii) favorable commodity pricing; and (iii) expansion projects.
Terminals Liquids / higher rates, refinery closure and expansion contributions · Filed 24/07/2026
•The $5 million (8%) and $9 million (8%) increases, respectively, in Jones Act tankers were primarily due to higher average charter rates.
Jones Act tankers / higher average charter rates · Filed 24/07/2026
•The $14 million (6%) and $35 million (7%) increases, respectively, in West resulted primarily from higher park and loan activity due to favorable pricing driven by market volatility, and higher capacity sales partially offset by higher pipeline maintenance costs.
Natural Gas Pipelines West / favorable pricing, capacity sales and maintenance costs · Filed 24/07/2026
AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share amounts, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues Services $ 2,456 $ 2,326 $ 4,981 $ 4,686 Commodity sales 1,978 1,668 4,223 3,504 Other 43 48 101 93 Total Revenues 4,477 4,042 9,305 8,283 Operating Costs, Expenses, and Other Costs of sales (exclusive of items shown separately below) 1,405 1,211 3,154 2,687 Operations and maintenance 806 773 1,517 1,484 Depreciation, depletion, and amortization 620 616 1,253 1,226 General and administrative 192 188 376 375 Taxes, other than income taxes 120 111 234 223 Other income, net (12) (9) (19) (9) Total Operating Costs, Expenses, and Other 3,131 2,890 6,515 5,986 Operating Income 1,346 1,152 2,790 2,297 Other Income (Expense) Earnings from equity investments 225 206 479 426 Interest, net (425) (452) (855) (903) Other, net 20 13 40 28 Total Other Expense (180) (233) (336) (449) Income Before Income Taxes 1,166 919 2,454 1,848 Income Tax Expense (272) (177) (559) (363) Net Income 894 742 1,895 1,485 Net Income Attributable to Noncontrolling Interests (27) (27) (52) (53) Net Income Attributable to Kinder Morgan, Inc.
Unaudited consolidated income statement / first-half 2026 and 2025 operating results · Filed 24/07/2026
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.
Consolidated earnings discussion / commodity revenue and corresponding purchase costs · Filed 24/07/2026
Year Ended December 31, 2025 2024 Changes (In millions) Net Cash Provided by (Used in) Operating Activities $ 5,917 $ 5,635 $ 282 Investing Activities (3,179) (2,629) (550) Financing Activities (2,843) (2,887) 44 Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Deposits — (1) 1 Net (Decrease) Increase in Cash, Cash Equivalents, and Restricted Deposits $ (105) $ 118 $ (223) Operating Activities Net cash provided by operating activities was higher for the comparable years of 2025 and 2024 driven by greater contributions from our Natural Gas Pipelines business segment, partially offset by unfavorable changes due to the timing of trade collections in account receivable.
Cash flows / 2025 and 2024 operating, investing and financing cash flows · Filed 13/02/2026
Our capital investments consist of the following: 2025 Expected 2026(a) (In millions) Sustaining capital investments Capital expenditures for property, plant, and equipment $ 951 $ 944 Sustaining capital expenditures of unconsolidated joint ventures(b) 175 177 Less: Consolidated joint venture partners’ sustaining capital expenditures (9) (9) Less: Insurance reimbursement related to a sustaining capital expenditure (14) — Total sustaining capital investments 1,103 1,112 Expansion capital investments Capital expenditures for property, plant, and equipment 2,030 2,975 Investments in unconsolidated joint ventures(c) 215 376 Less: Consolidated joint venture partners’ expansion capital expenditures (8) (6) Acquisition 648 — Total expansion capital investments 2,885 3,345 Total capital investments $ 3,988 $ 4,457 (a)Excludes capital expenditures from our divested EagleHawk assets, which were included in our preliminary budget but subsequently divested.
Capital investments / actual 2025 spending and expected 2026 spending · Filed 13/02/2026
11 3. Debt The following table provides information on the principal amount of our outstanding debt balances: June 30, 2026 December 31, 2025 (In millions, unless otherwise stated) Current portion of debt $3.5 billion credit facility due May 21, 2031 $ — $ — Commercial paper notes(a) 338 13 Current portion of senior notes 4.15%, due August 2026 375 375 1.75%, due November 2026 500 500 7.50%, due November 2026 200 200 6.70%, due February 2027 7 — 2.25%, due March 2027(b) 571 — 7.00%, due March 2027 300 — Trust I preferred securities, 4.75%, due March 2028(c) 111 111 Current portion of other debt 41 27 Total current portion of debt 2,443 1,226 Long-term debt (excluding current portion) Senior notes 29,171 30,065 EPC Building, LLC, promissory note, 3.967%, due 2026 through 2035 257 268 Trust I preferred securities, 4.75%, due March 2028 109 110 Other 164 154 Total long-term debt 29,701 30,597 Total debt(d) $ 32,144 $ 31,823 (a)Weighted average interest rate on borrowings at June 30, 2026 and December 31, 2025 was 3.92% and 3.85%, respectively.
Note 3 / June 30, 2026 and December 31, 2025 debt balances · Filed 24/07/2026
During the years ended December 31, 2025, 2024, and 2023 we did not issue any shares under this agreement.
Stockholders' equity / no issuance under equity distribution agreement in 2023–2025 · Filed 13/02/2026
To accomplish the foregoing, we use a combination of: •base salary (non-performance based cash compensation) that is generally below market; •an annual bonus opportunity (performance-based cash compensation) that is tied to the attainment of our annual financial performance targets established at the beginning of the year by the Compensation Committee, with consideration also given to our EHS and operational performance, other financial measures and the individual performance of each executive; and •long-term incentive compensation (performance-based equity awards) that is generally awarded annually in the form of restricted stock units (RSUs) with cliff-vesting at the end of a three-year performance period and subject to a reasonably achievable performance-based vesting condition.
Executive compensation / annual incentives and three-year equity award structure · Filed 02/04/2026
Dang has waived her participation in our annual cash bonus program beginning in 2023 when she was elected to serve as our CEO and continuing for future years.
Executive compensation / CEO cash bonus waiver beginning in 2023 · Filed 02/04/2026
Dang 2025 $ 11,560,782 $ 106,205 $ 190,642 $ 1,872,804 $ 13,730,433 Ms.
Pay versus performance / CEO's actual 2025 equity award values and dividend equivalents · Filed 02/04/2026
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.
Compensation performance measures / DCF per share incentive and vesting target · Filed 02/04/2026
Our committees are exclusively composed of members of the Board who meet the independence requirements of the NYSE and our Governance Guidelines.
Corporate governance / independent standing committee membership · Filed 02/04/2026
Our securities trading policy provides that directors and executive officers, as well as persons residing in their households, are prohibited from: purchasing any financial instrument (including prepaid variable forward contracts, equity swaps, collars and exchange funds) that is designed to hedge or offset any decrease in the market value of KMI securities; or placing standing or limit orders for KMI securities (except for intra-day orders or pursuant to pre-approved 10b5-1 plans).
Securities trading policy / prohibition on executive and director hedging · Filed 02/04/2026
However, this prohibition does not extend to KMI securities owned by a director or executive officer in excess of the applicable minimum ownership guidelines or any securities with respect to which such person does not have a pecuniary interest.
Pledging policy / exception for securities above minimum ownership guidelines · Filed 02/04/2026
Proxy Access Nominations Under our proxy access bylaw provision, a stockholder or a group of up to 20 stockholders, owning at least 3% of our stock continuously for at least three years and complying with the other requirements set forth in our bylaws, may nominate up to two persons, or 20% of the Board, whichever is greater, for election as a director at an annual meeting and have those persons included in our proxy statement.
Corporate governance / proxy access bylaw · Filed 02/04/2026
The Compensation Committee retains sole discretion to determine funding and payout levels under the annual incentive awards, and vesting of the executive long-term incentive awards is subject to the committee’s confirmation of achievement of the required performance goals.
Compensation oversight / discretionary payouts and confirmation of vesting goals · Filed 02/04/2026
