Kinder Morgan (KMI) Investor presentation summary

Infrastructure portfolio and business mix

• Operates the largest U.S. natural gas transmission network, transporting about 40% of U.S. production and holding over 700 bcf of storage capacity.

• Refined products and CO₂ transport are significant segments, with 9,000 miles of refined products pipelines and 1,500 miles of CO₂ pipelines.

• RNG production capacity stands at 6.4 bcf, supporting energy transition initiatives.

Financial performance and shareholder value

• Over two-thirds of cash flows are from midstream natural gas, with 70% of cash flows take-or-pay or hedged.

• Net Debt/Adjusted EBITDA projected at 3.8x for YE 2026, maintaining a BBB+ investment grade rating.

• $10.1 billion in committed projects at less than 6x EBITDA build multiple; over $23 billion returned to shareholders in the past decade.

Cash flow stability and contract strategy

• 96% of cash flows are take-or-pay, fee-based, or hedged, minimizing exposure to commodity price volatility.

• Average remaining contract terms are robust, with inflation-linked escalators in key segments.