2Q 2025 Investor Presentation May Update EPNG Mojave Compressor Station
Irreplaceable Infrastructure Portfolio NATURAL GAS Delivering Energy. Improving Lives. One of the Largest U.S. Natural Gas Transmission Networks 65% 66,000 miles of natural gas pipelines moving 40% of U.S. natural gas production…
Driving Long-Term Shareholder Value Predictable & Natural Gas Balance Sheet High-Returning Returns to Growing Cash Focus Strength Growth Projects Shareholders Flows 2/3 of cash flows 69% of cash flows 3.8x YE 2025B Net…
Highly Contracted, Predictable Cash Flows CASH FLOW MIX 95% Take-or-Pay, Fee-Based, or Hedged Cash Flows Unhedged Hedged 5% 5% Take-or-Pay 64% Entitled to payment regardless of throughput Reservation fee for capacity Fee-Based…
Strong Business Mix Continues to Improve BUSINESS MIX Natural Gas Transmission & Storage Natural Gas G&P CHANGES SINCE 2014 CO2 Refined Products Natural Gas Transmission & 27% Steady 26% Storage increased +16% 9% 19% -10% 6%…
Growing Our Project Backlog While Maintaining Discipline on Returns PROJECT BACKLOG OVER TIME(a) Expansive footprint creates opportunities Billion for differentiated returns Natural Gas Segment Other Segments 8.8 8.1 Natural…
8.8bn Committed Growth Capital Project Backlog as of 3/31/2025 20% of Backlog Capital in Service During Remainder of 2025 million TOTAL Natural Gas (excluding G&P) 7,394 Nearly all serving LNG, Power, and LDC demand Other 137…
2025 Budget Highlights Currently Expect to Exceed Budget by at Least the Contributions from the Outrigger Acquisition Adjusted Adjusted Net Debt / Discretionary Cash EPS EBITDA Adj. EBITDA Capital(a) Returns 1.27 8.3bn 3.8x…
Demand for U.S. Natural Gas Projected to Grow U.S. NATURAL GAS DEMAND bcfd KMI Wood Mackenzie 135 +28 bcfd Demand is forecasted to +22 bcfd 130 increase 22 28 bcfd by the end of the decade 125 120 115 110 105 2024 2025…
WoodMac Natural Gas Demand Overview: 2024 2030 85% of Growth is Expected to Occur in Texas & Louisiana, Driven by LNG Exports & Industrial 2024 U.S. Demand 110 bcfd Increase in demand by 2030 +22 bcfd LNG Feedgas 1 +15 bcfd of Gulf…
LNG Exports Driving Natural Gas Demand Growth Growth Primarily Along the Texas & Louisiana Gulf Coast with Great Overlap with Our Assets WOODMAC U.S. LNG FEEDGAS FORECAST bcfd KMI has long-term contracts to move 7 bcfd to…
Growing Power Needs Boosting Demand for Natural Gas INCREASING NATURAL GAS FIRED POWER DEMAND DRIVEN BY Population Migration Coal-to-Gas Industrial Renewable Data Center & Economic Growth Conversions Reshoring Backup Demand KMI…
Rising Need for Natural Gas Amid Growing Market Volatility Lower 48 Natural Gas Demand(a) vs. Average Daily Temperature Natural gas demand for a given 2024 2019 2014 2009 degree day continues to increase 145 Increasingly variable…
WoodMac Natural Gas Supply Overview: 2024 2030 2024 U.S. Production 103 bcfd Increase in supply by 2030 +22 bcfd 4 Northeast +7 bcfd from the Marcellus/Utica 1 Production constrained despite ample, low-cost supply 4 Limited…
Natural Gas Segment Overview Connecting Key Natural Gas Resources with Major Demand Centers One of the Largest Natural Gas Transmission Networks in the U.S. KMI Transports 40% of U.S. Natural Gas Production 45% 50% 45% of all…
Rising Demand Benefitting Our Natural Gas Transportation Business INCREASED PIPELINE USAGE FACTOR(a) 2016 5-Pipe 2024 5-Pipe Increased Demand Leading To Average Average WOODMAC U.S. NATURAL GAS DEMAND 74% 87% bcfd +20% INCREASED…
8.0 Billion of Approved Natural Gas Projects Major Projects Capital(a) Capacity In-Service Date Status Pursuing substantial additional (bn) (bcfd) opportunities beyond those South System Expansion 4 4Q28, currently in our backlog…
Products Segment & Terminals Segment Overview Both Segments Principally Refined Products Focused Nearly 11bn of Adjusted Segment EBDA & 8bn of FCF Generated Over 5 Years (a) TERMINALS & PRODUCTS PIPELINES ADJUSTED SEGMENT EBDA…
CO2 Segment: EOR and CO2 Transport Overview World Class, Fully-Integrated Assets Consistently Generating Robust Free Cash Flow CO2 EOR & TRANSPORT FREE CASH FLOW Interest in 3 oil CO2 pipelines Millions fields with 8.8 CO2 source…
CO2 Segment: Energy Transition Ventures (ETV) Group Overview Pursuing Commercial Opportunities Emerging from the Lower Carbon Energy Evolution Future RNG CCS Opportunities Established a growing RNG platform Evaluating commercial…
Committed to Being a Good Steward Reduce & Leak Safety Continuous Diversity & Investing in Lower Avoid Methane Detection Culture Improvement Inclusion Carbon Fuels Emissions 8% 100% 42% BB AAA 33% 8.0bn Reduction in Of our…
Highly Rated by Sustainability Ratings Agencies Upgrade by MSCI to AAA in 2024 MSCI AAA Sustainalytics Top 15% SSGA Top 10% Oil & Gas Refining, out of 105 Oil & Gas R-Factor in Marketing, Transportation Storage and Transportation…
APPENDIX EPNG McClellan Creek Crossing
Contract Strategy Insulates Cash Flows Through Commodity Cycles Structure Long-Term Contracts That Minimize Price & Volume Volatility Take-or-Pay or Hedged Fee-Based Commodity- Avg. remaining Volumes & price are Price is fixed,…
High-Quality, Natural Gas Focused Cash Flows G&P 9% Natural Gas Transportation & Storage CASH FLOW MIX(a) Accounts for 59% of 2025B KMI Adjusted Segment EBDA Remaining KM 35% 88% take-or-pay cash flows(a) Transportation &…
Net Income, Adjusted Net Income Attributable to KMI, and DCF in Millions 2025 2024 Change Q1 2025 Budget Actual % Actual Net income attributable to KMI 2,829 2,613 216 8% 717 Certain Items Change in fair value of derivative contracts…
2014 and 2025B Reconciliation of Segment EBDA to Adjusted Segment EBDA in Millions 2025 2014 2025 2014 (a) (a) Segment EBDA Budget Actual Segment EBDA Budget Actual Natural Gas Pipelines Segment EBDA 5,636 4,288 CO2 Segment EBDA 755…
2024 Reconciliation of Recasted Adjusted Segment EBDA in Millions 2024 2024 (a) (b) Segment EBDA Actual Adjustment Recasted Natural Gas Pipelines Segment EBDA 5,427 (34) 5,393 Certain Items (c) - Change in fair value of derivative…
Reconciliation of Adjusted Net Income Attributable to Common Stock and Adjusted EPS in Millions 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025B Net income attributable to KMI 708 183 1,609 2,190 119 1,784 2,548 2,391 2,613 2,829 NCI…
Reconciliations of KMI FCF and CO2 EOR & Transport FCF in Millions Reconciliation of KMI FCF 2020 2021 2022 2023 2024 2025B CFFO (GAAP) 4,550 5,708 4,967 6,491 5,635 5,899 Capital expenditures (GAAP)(a) (1,707) (1,281) (1,621) (2,317)…
Reconciliations of Terminals FCF and Products Pipelines FCF in Millions Reconciliation of Terminals FCF 2020 2021 2022 2023 2024 2025B EBDA for Terminals (b) 1,045 908 975 1,039 1,099 1,103 Certain items: Loss (gain) on impairments,…
Reconciliation of Adjusted EBITDA, Normalized for Divestitures in Millions Reconciliation of Adjusted EBITDA, Normalized for Divestitures 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025B Net income attributable to KMI 708 183 1,609…
Reconciliation of Net Debt in Millions Reconciliation of Net Debt 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025B Current portion of debt 2,696 2,828 3,388 2,377 2,558 2,646 3,385 4,049 2,009 1,209 Total long-term debt 37,354 35,015…
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