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 15% of national storage capacity.

• Refined products segment transports 1.7 million barrels per day and manages 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 returns

• 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 year-end 2026, maintaining a BBB+ investment grade balance sheet.

• $9.6 billion in committed growth 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 2026 budgeted cash flows are take-or-pay, fee-based, or hedged, minimizing exposure to commodity price volatility.

• Average remaining contract terms range from 1.7 to 14.7 years across segments, with most tariffs inflation-linked or regulated.