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 segment transports 1.7 million barrels per day with 9,000 miles of pipelines and 135 million barrels of storage.

• CO₂ segment includes 1,500 miles of pipelines and a strategic renewable natural gas platform with 6.4 bcf capacity.

Financial performance and shareholder value

• 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 investment-grade ratings.

• $10 billion in committed projects at less than 6x EBITDA build multiple, with over $23 billion returned to shareholders in the past decade.

Cash flow stability and contract structure

• 96% of 2026 budgeted cash flows are take-or-pay, fee-based, or hedged, minimizing commodity price exposure.

• Average remaining contract terms range from 3.3 to 14.7 years across segments, with most tariffs inflation-linked or regulated.