KMIKinder Morgan
- Headquarters
- Houston, TX
- CEO
- Kimberly A. Dang
- Next results
- around Jan 20, 2027
13 paragraphs in Risk Factors of the 10-K filed Feb 13, 2026 with nothing like them in the 10-K filed Feb 13, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 19 Energy companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
contract for expiring capacity at favorable rates or otherwise retain existing customers could be impaired. In addition, to the extent that companies pursuing development of carbon capture and sequestration technology are successful, they could compete with us for customers who purchase CO2 for use in enhanced oil recovery operations.
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New or amended laws, policies, regulations and oversight requirements, and compliance complexity resulting from disparities in requirements imposed by federal, state, and local authorities, could adversely impact our earnings, cash flows, and operations.
Our assets and operations are subject to extensive and in some cases overlapping regulation and oversight by federal, state, and local authorities. Changes in the policy priorities of federal, state, and local authorities create a dynamic regulatory landscape—where, for example, federal priorities may ease while state and local requirements become more stringent—resulting in compliance complexity and potential cost increases.
Future administrations, court decisions, or state-level initiatives could reverse or tighten standards or result in enhanced requirements, creating uncertainty and volatility in compliance obligations and costs. For example, with respect to our products pipelines, the FERC resets the ceiling level calculation formula every five years, and the five-year review is typically the
subject of litigation between liquids pipelines, their customers, and industry groups. Changes in the index formula used to calculate ceiling levels would impact the revenues we receive from FERC-jurisdictional service.
While policy shifts under the current U.S. presidential administration have generally emphasized support for domestic energy production and have reduced certain environmental regulatory burdens at the federal level, these changes introduce their own uncertainties. Deregulatory actions at the federal level, such as the EPA’s rescission of its previous endangerment finding relating to GHGs announced on February 12, 2026, are likely to be subject to legal challenges. Also, as the U.S. federal government has taken some steps to relax regulatory requirements, some states have adopted new laws and regulations. Many states have adopted policies related to GHG emission reduction targets. These and other expansion of U.S. state laws and regulations with potentially divergent obligations could require us to incur additional expenditures to comply with disparate obligations related to GHG emission requirements, or other reporting or safety regulations.
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Changes in U.S. trade policy and the impact of tariffs may have a material adverse effect on our business and results of operations.
Our business and results of operations may be adversely affected by uncertainty and changes in U.S. trade policies, including tariffs, trade agreements, or other trade restrictions imposed by the U.S. or other governments. For example, in 2025, the U.S. government announced multiple tariffs on several foreign jurisdictions and imports into the U.S. Several of these tariff announcements have been followed by announcements of limited exemptions and temporary pauses. These actions have caused substantial uncertainty and volatility in financial markets. Additionally, in response to these actions, certain governments have announced retaliatory measures against the U.S. and/or are in the process of negotiating with the U.S on tariff agreements. While the U.S. government has announced various trade deals, many such agreements are preliminary and may be subject to change. Further, any future disagreement between the U.S. government and other countries over the implementation of trade deals or any failure to obtain required governmental approvals or otherwise reach a final agreement could result in prolonged uncertainty regarding the scope and duration of such trade actions by the U.S. government and other countries.
In August 2025, the U.S. Court of Appeals for the Federal Circuit ruled that many of the tariffs imposed under the Trump Administration exceed presidential authority and therefore are invalid, though the decision has been stayed pending U.S. Supreme Court review. This ruling introduces additional uncertainty as to the scope and durability of existing and future tariff measures.
Our business requires access to steel and other materials to construct and maintain our pipelines. Any imposition of or increase in tariffs on imports of steel or other materials, as well as corresponding price increases for such materials available domestically, could increase our construction costs and our costs to maintain our assets. To the extent that we are unable to pass all or any such cost increases on to our customers, such cost increases could adversely affect our returns on investment. Higher materials costs could also diminish our ability to develop new projects at acceptable returns, particularly during times of economic uncertainty, and limit our ability to pursue growth opportunities.
Tariffs or other trade restrictions may lead to continuing uncertainty and volatility in U.S. and global financial and economic conditions and commodity markets, declining consumer confidence, significant inflation, and diminished expectations for the economy, and ultimately reduced demand for our and our customers’ products and services. Such conditions could have a material adverse impact on our business, results of operations, and cash flows. Also, disruptions and volatility in the financial markets may lead to adverse changes in the availability, terms, and cost of capital. Such adverse changes could increase our costs of capital and limit our access to external financing sources to fund acquisitions, capital projects, or refinancing of debt maturities on similar terms, which could in turn reduce our cash flows and limit our ability to pursue growth opportunities.
Similar paragraph at 1 of 19 other Energy companies: FANGChanges in tariffs and trade restrictions can be announced with little or no advance notice. The adoption and expansion of tariffs or other trade restrictions, increasing trade tensions, or other changes in governmental policies related to taxes, tariffs, trade agreements, or policies, are difficult to predict, which makes attendant risks difficult to anticipate and mitigate. If we are unable to navigate further changes in U.S. or international trade policy, it could have a material adverse impact on our business and results of operations.
Similar paragraph at 1 of 19 other Energy companies: FANGRead in the 10-K ↗
Public attention with respect to climate matters has resulted in an overall increase in climate focused activities in recent years by interested stakeholders, including government authorities and private interest groups. These include efforts to implement new laws, regulations, and policies focused on enhanced disclosures related to climate matters. The commitment to such climate focused initiatives has varied over time, including with changes in U.S. presidential administrations and public priorities. At various times, the federal government, states, and groups of states have adopted or proposed climate related laws, regulations, or policies that could subject us to substantial compliance costs. For example, the SEC finalized rules requiring significant new climate-related disclosure in SEC filings, including certain climate-related metrics and GHG emissions data, and third-party attestation requirements. Although the SEC voluntarily stayed the effectiveness of such rules and has advised the U.S. Court of Appeals for the Eighth Circuit that it does not intend to reconsider or defend the rules, such rules or similar rules could be pursued in the future by the SEC or another government authority. See “New or amended laws, policies, regulations and oversight requirements, and compliance complexity resulting from disparities in requirements imposed by federal, state, and local authorities, could adversely impact our earnings, cash flows, and operations.” above for discussion of other state climate disclosure regulations that could subject us to substantial compliance costs.
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New in the latest 10-Q
17 paragraphs in the 10-Q filed Oct 23, 2026 with nothing like them in the 10-Q filed Jul 24, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
KINDER MORGAN, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions, unaudited) Nine Months Ended September 30, 2026 2025 Cash Flows From Operating Activities Net income $ 2,685 $ 2,139 Adjustments to reconcile net income to net cash provided by operating activities Depreciation, depletion, and amortization 1,881 1,835 Deferred income taxes 770 512 Change in fair value of derivative contracts 25 14 Gain on divestitures, net (Note 2) (70) (3) Earnings from equity investments (710) (647) Distributions of equity investment earnings 575 585 Changes in components of working capital Accounts receivable 123 75 Inventories (46) (5) Other current assets (17) 13 Accounts payable (13) (30) Accrued interest, net of interest rate swaps (166) (181) Accrued taxes 33 19 Other current liabilities 129 (26) Other, net (158) (75) Net Cash Provided by Operating Activities 5,041 4,225 Cash Flows From Investing Activities Acquisition of assets, net of cash acquired (Note 2) (503) (648) Capital expenditures (2,831) (2,206) Net proceeds (cost of removal) from sales of assets (Note 2) 54 (14) Contributions to investments (239) (103) Distributions from equity investments in excess of cumulative earnings 138 269 Net Cash Used in Investing Activities (3,381) (2,702) Cash Flows From Financing Activities Issuances of debt 6,415 8,434 Payments of debt (5,079) (7,910) Debt issue costs (26) (18) Dividends (1,984) (1,950) Distributions to noncontrolling interests (119) (122) Other, net (33) (38) Net Cash Used in Financing Activities (826) (1,604) Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Deposits 834 (81) Cash, Cash Equivalents, and Restricted Deposits, beginning of period 109 214 Cash, Cash Equivalents, and Restricted Deposits, end of period $ 943 $ 133
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On September 1, 2026, in our Terminals business segment, we divested certain terminals and terminal assets located in the Tampa, Florida area in exchange for net consideration of $ 136 million, after working capital adjustments, consisting of (i) $ 81 million of cash proceeds, which is reflected as an investing activity within “Net proceeds (cost of removal) from sales of assets” on our consolidated statement of cash flows, and (ii) $ 55 million additional interests in an equity investment. In conjunction with this transaction, we recorded a net gain of $ 71 million, reported within “Other income, net” on our consolidated statement of income, which includes a $ 9 million reduction to goodwill.
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On August 6, 2026, we issued in a registered offering, two series of senior notes consisting of $ 1,150 million aggregate principal amount of 5.55 % senior notes due 2036 and $ 600 million aggregate principal amount of 6.15 % senior notes due 2056 and received combined net proceeds of $ 1,730 million.
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SFPP submitted five applications at the CPUC over the period covering 2021 through 2026 seeking to increase SFPP’s intrastate pipeline transportation rates. Shippers protested each of SFPP’s applications on the basis of their assertion that the requested rate increases are not just and reasonable. SFPP’s first four rate applications were consolidated (A.24-01-020) in August 2024, and an evidentiary hearing on the consolidated applications was held in June 2025. On July 10, 2026, the presiding administrative law judge issued an interim proposed decision concluding that SFPP’s connected destination terminals are subject to CPUC jurisdiction but made no finding as to how those terminals should be considered when evaluating SFPP’s
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pipeline rates. If adopted by the CPUC, the interim proposed decision would require SFPP to provide supplemental testimony with respect to the consolidated applications to address the revenues and costs associated with all CPUC-jurisdictional assets, including the connected destination terminals. SFPP disagrees with the interim proposed decision and intends to continue to vigorously defend its position. The interim proposed decision remains subject to review and approval by the CPUC. If and to the extent that the shippers prevail in these proceedings, SFPP may be required to provide refunds and could be required to reduce certain rates prospectively. Although the ultimate outcome of these matters is uncertain, including whether any refunds or prospective rate adjustments may be required, it is not expected to have a material impact to our financial position, cash flows, or operating results.
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reformed and amended in a manner generally consistent with the scope of relief sought by the plaintiffs and further ordered and enjoined defendants to enforce the plans as reformed by the Court’s order. We disagree respectfully and strongly with the Court’s order to reform and amend a common legacy plan benefit formula that was determined previously by the Court to comply with ERISA. We believe that the Court’s equitable remedy departs significantly from governing precedent and have filed a notice of appeal to the U.S. Court of Appeals for the 5th Circuit and a motion to stay the decision pending appeal. To the extent an adverse judgment or settlement results in an increase in plan liabilities, we may elect as the sponsor of the plans to address them in accordance with applicable ERISA provisions, including provisions that allow for contributions to the plans over multiple years.
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Terminals disposition and acquisition of additional equity investment interests We divested certain terminals and terminal assets located in Florida for mixed consideration of cash and additional interests in an equity investment. Terminals
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(c) Amounts for the three and nine-month periods ended September 30, 2026, reflect a gain recognized on the sale of certain assets in our Terminals business segment.
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September 30, September 30, 2026 2025 2026 2025 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── (In millions, except per share amounts) Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc. Net income attributable to Kinder Morgan, Inc. $ 764 $ 628 $ 2,607 $ 2,060 Certain Items(a) Legal, environmental, and other accruals 138 — 138 — Risk management activities 3 24 33 13 Gain on divestiture, net (71) — (71) — Income tax Certain Items (42) (4) (31) (41) Other — — — 1 Total Certain Items 28 20 69 (27) Adjusted Net Income Attributable to Kinder Morgan, Inc. $ 792 $ 648 $ 2,676 $ 2,033 Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Common Stock Net income attributable to Kinder Morgan, Inc. $ 764 $ 628 $ 2,607 $ 2,060 Total Certain Items(b) 28 20 69 (27) Net income allocated to participating securities and other(c) (4) (4) (13) (11) Adjusted Net Income Attributable to Common Stock $ 788 $ 644 $ 2,663 $ 2,022 Adjusted EPS $ 0.35 $ 0.29 $ 1.20 $ 0.91 Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA Net income attributable to Kinder Morgan, Inc. $ 764 $ 628 $ 2,607 $ 2,060 Total Certain Items(b) 28 20 69 (27) DD&A 628 609 1,881 1,835 Income tax expense(d) 232 189 780 589 Interest, net(e) 430 445 1,285 1,347 Amounts associated with joint ventures Unconsolidated joint venture DD&A(f) 92 96 275 296 Remove consolidated joint venture partners’ DD&A (16) (16) (47) (47) Unconsolidated joint venture income tax expense(g) 22 20 68 67 Adjusted EBITDA $ 2,180 $ 1,991 $ 6,918 $ 6,120
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In addition, Midstream includes favorable and unfavorable effects, for the three and nine-month periods, respectively,
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• The $(151) million (96%) and $(136) million (29%) decreases, respectively, in West Coast Refined Products were driven by an increase in legal, environmental, and other expense accruals, which we treated as a Certain Item.
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• The $69 million (1380%) and $67 million (515%) increases, respectively, in Other include a $71 million net gain on sale of certain terminals and terminal assets located in Florida for mixed consideration of cash and additional interests in an equity investment, which we treated as a Certain Item.
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• a $131 million decrease in distribution from equity investments in excess of cumulative earnings primarily due to the receipt in 2025 of our proportional share of SNG’s debt refinancing;
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Other information
On July 30, 2026, John Schlosser, Vice President (President, Terminals) of KMI, adopted a trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) providing for the sale of up to 74,400 shares of KMI common stock. The expiration date for Mr. Schlosser’s plan is October 6, 2027.
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On August 26, 2026, Sital Mody, Vice President (President, Natural Gas Pipelines) of KMI, adopted a trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) providing for the sale of up to (i) 70,196 shares of KMI common
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stock and (ii) all shares delivered, after tax withholding, upon vesting of an aggregate 59,289 of restricted stock units. The expiration date for Mr. Mody’s plan is November 30, 2028.
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Item 6
4.1 Certificate of the Vice President and Treasurer and the Vice President and Chief Financial Officer of KMI establishing the terms of the 5.550% Senior Notes due 2036 and the 6.150% Senior Notes due 2056.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 23, 2026 against Item 1A of the 10-K filed Feb 13, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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There have been no material changes in the risk factors disclosed in Part I, Item 1A in our 2025 Form 10-K.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
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