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KMIKinder Morgan

Energy · Pipelines · NYSE
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The 10-K against last year's

156 changes: 34 added, 30 removed, 92 reworded

10-K Feb 13, 2026 vs Feb 13, 2025
Risk FactorsRedline ↓
18.4%
of the text changed · 11,356 words now
MD&ARedline ↓
26.9%
of the text changed · 9,631 words now
Legal ProceedingsRedline ↓
29.3%
of the text changed · 3,526 words now
Accounting PoliciesRedline ↓
21.1%
of the text changed · 5,500 words now

10-K 0001506307-26-000011 (2026-02-13) vs 10-K 0001506307-25-000008 (2025-02-13)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Legal Proceedings 342 words changed in this paragraph; it is 36% similar to last year's version.
On July 14, 2023, we filed a Petition for Review against the EPA and others in the U.S. Court of Appeals for the District of Columbia Circuit (the DC Circuit) seeking review of the EPA’s final action promulgating the EPA’s final rule known as the “Good Neighbor Plan” (the Plan). The case was styled Kinder Morgan, Inc. v. EPA, et al. and has since been consolidated with other cases and is styled Utah, et al. v, EPA, et al. The Plan was published in the Federal Register as a final rule on June 5, 2023. The Plan is a federal implementation plan to address certain interstate transport requirements of the Clean Air Act for the 2015 8-hour Ozone National Ambient Air Quality Standards (NAAQS). We believe that (NAAQS), known as the Plan is deeply flawed and that numerous and substantial bases for challenging the Plan exist. If the Plan were fully implemented, its emission standards would require installation of more stringent air pollution controls on hundreds of existing internal combustion engines used by our Natural Gas Pipelines business segment. On July 27, 2023, in combination with other parties, we filed a Motion to Stay the Plan Pending Review, and on September 25, 2023, the U.S. Court of Appeals denied the Motion. “Good Neighbor Plan” (the Plan) (Kinder Morgan, Inc., et al. v. EPA, et al. consolidated into Utah, et al. v. EPA, et al.). On October 13, 2023, in combination with other parties, we filed an Emergency Application for Stay of Final Agency Action in the United States Supreme Court. The case was styled Kinder Court (Kinder Morgan, Inc, Inc., et al. v. EPA, et al. and has since been consolidated with other cases and is styled Ohio, et al. v. EPA, et al. The Supreme Court issued an order deferring consideration of the Emergency Application for Stay pending oral argument which took place February 21, 2024. On June 27, 2024, the Supreme Court granted the Emergency Application ruling that enforcement of the Plan shall be stayed pending the disposition of the case on the merits by the U.S. Court of Appeals, and any subsequent petition for writ of certiorari to the Supreme Court, if such writ is timely sought. In reaching its decision to grant the Emergency Application, the Supreme Court found that the parties challenging the Plan are likely to prevail on their argument that the Plan was not reasonably explained, that the EPA failed to supply a satisfactory explanation for its action, and that the EPA ignored an important aspect of the problem it was attempting to solve by promulgating the Plan. into

Source: Item 3, via Note 17 – Litigation and Environmental, 10-K 0001506307-26-000011 vs Item 3, via Note 17 – Litigation and Environmental, 10-K 0001506307-25-000008

Accounting Policies 279 words changed in this paragraph; it is 33% similar to last year's version.
Contract assets and contract liabilities are the result of timing differences between revenue recognition, billings and cash collections. We recognize Our contract assets in those instances where arise when we recognize revenue before billing occurs subsequent to revenue recognition, and our right to invoice the customer payment is conditioned conditional on something factors other than the passage of time. Our contract assets are substantially related time and primarily relate to breakage revenue associated with our under firm service contracts with minimum volume commitment payment obligations where the customer cannot or will not make up deficiency quantities in the specified service period and contracts with increasing fixed rates per volume, where we apply revenue levelization (i.e., contracts with fixed rates per volume that increase and recognize revenue evenly over the life of the contract term. Contract liabilities represent payments received for performance obligations which have not been fulfilled and primarily relate to (i) advanced payments for capital improvements, which we record revenue ratably per unit over the life of the contract based on our performance obligations that are generally unchanged over the life of the contract). Our contract liabilities are substantially related to (i) capital improvements paid for in advance by certain customers generally in our non-regulated businesses, which we subsequently recognize as revenue on a straight-line basis ratably over the initial term of the related customer contracts; contract term; (ii) consideration received from customers payments for temporary deficiency quantities under minimum volume contracts that shortfalls, which we expect will be recognize when the volume shortfalls are made up in a future period, which we subsequently recognize as revenue when the customer makes up the volumes or the likelihood that the customer will exercise its right for deficiency volumes make-up becomes remote (e.g., there is insufficient capacity to make up the volumes, the deficiency makeup period expires); remote; and (iii) contracts with decreasing fixed rates per volume that decrease over the life of the contract volume, where we apply revenue levelization for amounts received for our future performance obligations. We reassess amounts recorded as contract assets or liabilities upon contract modification.

Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001506307-26-000011 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001506307-25-000008

Risk Factors 168 words changed in this paragraph; it is 48% similar to last year's version.
In March 2024, For example, the SEC EPA finalized rules requiring significant new climate-related disclosure methane and volatile organic compound emissions standards in SEC filings, including certain climate-related metrics late 2023 and, although EPA priorities have shifted under the current U.S. presidential administration, several states continue to pursue aggressive climate and GHG emissions data, and third-party attestation requirements. In April 2024, emissions-reduction programs, which could require us to comply with obligations that are more stringent than those imposed by the SEC voluntarily stayed the effectiveness of the new rules, pending judicial review, and on February 11, 2025, the Acting Chairman of the SEC directed the SEC staff to request that the court not schedule the case for argument to provide time for the SEC to deliberate and determine the appropriate next steps in the cases. EPA. The State of California also has enacted legislation requiring climate-related disclosures. disclosures, and the California Air Resources Board (CARB) has begun implementation of such legislation, which requires that certain companies doing business in California submit reporting of GHG emissions. Other U.S. states have announced similar proposed regulations. These types of regulations may expose us to significant additional compliance costs. Some In addition, some customers and other third parties also have begun requesting request disclosures from us related to their own reporting obligations. At this time, we cannot predict the costs of compliance with, or other potential adverse impacts resulting from, these or similar future rules that may be adopted.

Source: Item 1A, 10-K 0001506307-26-000011 vs Item 1A, 10-K 0001506307-25-000008

MD&A 137 words changed in this paragraph; it is 55% similar to last year's version.
We had working capital (defined as current assets less current liabilities) deficits of $2,580 $1,568 million and $4,679 $2,580 million as of December 31, 2024 2025 and 2023, 2024, respectively. The overall $2,099 $1,012 million favorable change from year-end 2023 2024 was primarily due to (i) a $1,658 $425 million decrease in current maturities of senior notes; (ii) a $318 million decrease in commercial paper borrowings resulting partly due to repayments made using proceeds received from refinancing a portion of our short-term borrowings into long-term debt with the issuance of senior notes Eaglehawk divestiture in 2024; (ii) a $400 million decrease in long-term debt maturing in the next twelve months; and 2025; (iii) a $113 million increase in restricted deposits primarily associated with our derivative collateral requirements, partially offset by a $111 $195 million net unfavorable favorable change in our accounts receivables and payables. payables; and (iv) a $140 million favorable change in fair value of our short-term derivative contract assets and liabilities. Generally, our working capital varies due to factors such as the timing of scheduled debt payments, timing differences in the collection and payment of receivables and payables, the change in fair value of our derivative contracts, and changes in our cash and cash equivalents as a result of excess cash from operations after payments for investing and financing activities (discussed below in “—Long-term Financing” and “—Capital Expenditures”).

Source: Item 7, 10-K 0001506307-26-000011 vs Item 7, 10-K 0001506307-25-000008

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of KMI's Risk Factors and MD&A, 10-K 2026-02-13 against 10-K 2025-02-13. Each links to the text at sec.gov.

All 156 Added 34Removed 30Reworded 92Quiet changes 0

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
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.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
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.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
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.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
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

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
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.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
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.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
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.

Read it in 10-K 2026-02-13 at sec.gov ↗

Show the other 59
AddedRisk Factors
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.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
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.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
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.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedRisk Factors
Changes 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.

Read it in 10-K 2026-02-13 at sec.gov ↗

RemovedRisk Factors
Unfavorable conditions such as a general slowdown of the global or U.S. economy, uncertainty and volatility in the financial markets, or inflation and rising interest rates, could materially adversely affect our operating results. For example, the

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
Our and our customers’ access to capital could be affected by evolving financial institutions’ policies concerning businesses linked to fossil fuels.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
Our and our customers’ access to capital could be affected by financial institutions’ evolving policies concerning businesses linked to fossil fuels. Concerns about the potential effects of climate change have caused some to direct their attention towards sources of funding for fossil-fuel energy companies, which has resulted in certain financial institutions, funds and other sources of capital restricting or eliminating their investment in such companies. Ultimately, this could make it more difficult for our customers to secure funding for exploration and production activities or for us to secure funding for growth projects, and consequently could both indirectly affect demand for our services and directly affect our ability to fund construction or other capital projects.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
New laws, policies, regulations, rulemaking and oversight, as well as changes to those currently in effect, could adversely impact our earnings, cash flows and operations.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
Our assets and operations are subject to extensive regulation and oversight by federal, state and local regulatory authorities. Legislative changes, as well as regulatory actions taken by these authorities, have the potential to adversely affect our profitability. Additional regulatory burdens and uncertainties will be created if and to the extent that more stringent energy and environmental and pipeline safety policies are enacted. In recent years, we saw an increase in the efforts of regulatory authorities to issue new regulations and guidance and to interpret existing laws and regulations in ways that promoted the use of renewable energy sources and further protection of the environment, called upon companies to increase monitoring and emissions reduction efforts, and increased investigations and enforcement actions for potential violations of environmental laws. For example, in December 2023, the EPA finalized a rule containing standards of performance for methane and volatile organic compound emissions from crude oil and natural gas sources, including the production, processing, and transmission and storage segments. In addition, a certain degree of regulatory uncertainty is created by the recent change in U.S. presidential administrations. It remains unclear specifically what the new administration may do with respect to future policies and regulations that may affect us.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
These types of rules and others that are currently proposed, if finalized, would affect our assets and operations indirectly, such as by increasing the costs associated with the production of natural gas and liquids that we transport, or directly, such as by increasing significantly our capital and operating costs associated with impacted equipment or subjecting us to the potential for regulatory penalties associated with the inability to comply with the rules in the timeframe allotted.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
The EPA’s final rule known as the “Good Neighbor Plan” (the Plan) was predicated on the EPA’s disapproval of numerous state implementation plans, or SIPs, submitted under the interstate transport (Good Neighbor) provisions of the Clean Air Act for the 2015 Ozone NAAQS and became effective on August 4, 2023. The Plan imposes prescriptive emission standards for several sectors, including new and existing reciprocating internal combustion engines of a certain size used in pipeline transportation of natural gas. The Plan’s emission standards would require installation of more stringent air pollution controls on hundreds of existing internal combustion engines used by our Natural Gas Pipelines business segment by May 1, 2026, except for any compliance schedule extensions granted by the EPA, which would need to be supported by us and approved by the EPA on an engine-by-engine basis. Multiple legal challenges have been filed, including by states seeking review of SIP disapprovals (12 of which have received stays pending review) and by us. On June 27, 2024, the Supreme Court granted a temporary stay of the Plan until a disposition of a review of the Plan by the U.S. Court of Appeals for the D.C. Circuit and any appeal of that decision to the Supreme Court. See Note 17, “Litigation and Environmental—Environmental Matters—Challenge to Federal “Good Neighbor Plan,” to our consolidated financial statements. On February 6, 2025, the EPA filed a motion asking the U.S. Court of Appeals for the D.C. Circuit to hold the cases in abeyance for 60 days to allow the Trump Administration time to familiarize themselves with the Plan, receive briefing from the EPA about the cases and the Plan, and decide what action on the Plan, if any, is necessary. If the Plan were to remain in effect in its current form (including full compliance by a revised compliance deadline accounting for the stays, and assuming failure of all pending challenges to SIP disapprovals and no successful challenge to the Plan), we currently estimate that the Plan would have a material adverse impact on us. See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capital Expenditures—Impact of Regulation.” We are unable to predict whether pending legal challenges will ultimately result in changes to the Plan or how those changes, if any, would impact us.

Read it in 10-K 2025-02-13 at sec.gov ↗

RewordedRisk Factors
Negative impacts from a compromised reputation or changes in public opinion (including with respect to the production, transportation transportation, and use of hydrocarbons generally) could include increased regulatory oversight and costs, difficulty obtaining rights-of-way and delays in obtaining, or challenges to, regulatory approvals with respect to growth projects, blockades, project cancellations, difficulty securing financing, revenue loss, reduction in customer base, and decreased value of our securities and our business.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
(vi) (v) the costs of raw materials, such as steel, which may be affected by tariffs (such as those proposed by discussed under “—Changes in U.S. trade policy and the new U.S. presidential administration) impact of tariffs may have a material adverse effect on our business and results of operations.”) or otherwise;

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
The majority of compliance costs relate to pipeline integrity management regulations, which include enhanced assessment and repair requirements in HCAs, HCAs (pursuant to PHMSA’s integrity management regulations) and compliance with recently issued regulations which impose additional assessment and repair criteria for gas pipelines in MCAs.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
PHMSA is also working on a final rulemaking rule regarding requirements for pipelines located in coastal ecological unusually sensitive areas, as well as areas and a final rule rulemaking that updates requirements for responding seeks to changes in class location for update the repair criteria applicable to hazardous liquid and gas pipelines.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
Existing Although the EPA recently announced its intention to reconsider certain findings underlying the agency’s regulation of GHGs, as well as mandatory GHG reporting requirements, the EPA’s current regulations require us to report GHG emissions in the U.S. from sources such as our larger natural gas compressor stations, fractionated NGL, and production of naturally occurring CO2 (for example, from our McElmo Dome CO2 field), even when such production is not emitted to the atmosphere.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
Federal Reserve raised interest rates over the period from March 2022 to July 2023 before in response to increasing inflation, then reduced rates beginning rate reductions in September 2024 due to slowing inflation. as inflation slowed and the labor market weakened.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
If capacity on our assets remains unused, our ability to re-contract for expiring capacity at favorable rates or otherwise retain existing customers could be impaired. re-

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
More recently, we may see increasing market uncertainty and volatility due to possible shifts in U.S. and foreign trade, economic economic, and other policies following the recent change in U.S. presidential administration. policies.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
Our reputation and public opinion could also be impacted by the actions and activities of other companies operating in the energy industry, particularly other energy infrastructure providers, over which we have no control.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedRisk Factors
Sharp declines in the prices of crude oil, NGL NGL, or natural gas, or a prolonged unfavorable price environment, may result in a commensurate reduction in our revenues, income income, and cash flows from our businesses that produce, process, or purchase and sell crude oil, NGL, or natural gas, and could have a material adverse effect on the carrying value (which includes assigned goodwill) of our CO2 business segment’s proved reserves, and to a lesser extent, certain assets in certain midstream businesses within our Natural Gas Pipelines business segment, segment and certain assets within our Products Pipelines business segment.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
In addition to our annual goodwill impairment testing, we evaluate our goodwill, long-lived assets, and equity method investments for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Management applies judgment in assessing whether such triggering events have occurred.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
Although we did not identify any triggering events during 2025, we may identify factors in the future that require further evaluation, which could lead to future impairment charges that could have a significant effect on our results of operations.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
Pension Benefits OPEB Net benefit cost (credit) Funded status Net benefit cost (credit) Funded status(a) (In millions) One percent increase in: Discount rates $ (1) $ 118 $ $ 9 Expected return on plan assets (16) — (3) — Rate of compensation increase 2 (10) — — One percent decrease in: Discount rates 9 (136) — (10) Expected return on plan assets 16 — 3 — Rate of compensation increase (2) 9 — —

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
Effective January 1, 2025, amortization of basis differences related to our joint ventures (previously known as amortization of excess cost of equity investments) is included within “Earnings from equity investments” in our accompanying consolidated statements of income for the years ended December 31, 2025, 2024, and 2023, and therefore is included within Segment

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
EBDA. As a result, Segment EBDA for the year ended December 31, 2024 has been adjusted to conform to the current presentation in the following MD&A tables. The adjustments were not material.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
Certain Items and Adjusted EBITDA reflect amounts from unconsolidated joint ventures and consolidated joint ventures utilizing the same recognition and measurement methods used to record “Earnings from equity investments” and

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
Other income, net decreased $77 million in 2025 compared to 2024. The decrease was primarily the result of gains on the divestitures of CO2 assets and of Oklahoma midstream assets in 2024.

Read it in 10-K 2026-02-13 at sec.gov ↗

AddedMD&A
(f)Includes amortization of basis differences related to our joint ventures which was previously presented separately as amortization of excess cost of equity investments.

Read it in 10-K 2026-02-13 at sec.gov ↗

RemovedMD&A
North McElroy Unit acquisition We acquired AVAD Energy Partners’ interest in the North McElroy Unit (NMU). NMU is an existing waterflood that currently produces approximately 1,250 Bbl/d of crude oil. Our analysis suggests that NMU could be a candidate for CO2 flooding. CO2

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
CO2 assets divestiture We sold our interests in the Katz Unit, Goldsmith Landreth San Andres Unit, Tall Cotton Field and Reinecke Unit, along with certain shallow interests in the Diamond M Field, all located in the Permian Basin, and received a leasehold interest in an undeveloped leasehold directly adjacent to the SACROC unit. CO2

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
customers. Initially, we plan to fund the transaction with short-term borrowings and cash on hand. Subject to customary closing conditions and regulatory approval, this transaction is expected to close in the first quarter of 2025.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
Year Ended December 31, 2024 2023 (In millions) Segment EBDA(a) Natural Gas Pipelines Segment EBDA $ 5,427 $5,282 Certain Items(b) Change in fair value of derivative contracts 75 (122) Gain on divestiture (29) — Natural Gas Pipelines Adjusted Segment EBDA $ 5,473 $5,160 Products Pipelines Segment EBDA $ 1,173 $1,062 Certain Items(b) Change in fair value of derivative contracts — (1) Loss on impairment — 67 Products Pipelines Adjusted Segment EBDA $ 1,173 $1,128 Terminals Segment EBDA $ 1,099 $1,040 CO2 Segment EBDA $ 692 $689 Certain Items(b) Change in fair value of derivative contracts 2 4 Gain on divestitures (40) — CO2 Adjusted Segment EBDA $ 654 $693

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
(a)Includes revenues, earnings from equity investments, operating expenses, other income, net, and other, net. Operating expenses include costs of sales, operations and maintenance expenses, and taxes, other than income taxes. See “—Overview—GAAP Financial Measures” above.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
•The $2 million (—%) increase in West was primarily due to increased demand for services on CPGPL and WIC, and an insurance settlement received by EPNG in the 2024 period. These increases were largely offset by lower gas sales margin and higher operating and maintenance costs on EPNG.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
In addition, Crude and Condensate was unfavorably impacted by a decrease in equity earnings from Double Eagle Pipeline LLC, excluding the impairment discussed above, due to unfavorable recontracting and, on Bakken Crude assets, lower gathering volumes partially offset by higher transportation rates. Our Crude and Condensate business also had lower revenues with a corresponding decrease in costs of sales, resulting primarily from decreased sales volumes.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
We use interest rate swap agreements to convert a portion of the underlying cash flows related to our long-term fixed-rate debt securities (senior notes) into variable-rate debt in order to achieve our desired mix of fixed and variable rate debt. As of December 31, 2024 and 2023, $3,621 million (11%) and $8,253 million (26%), respectively, of the principal amount of our debt balances were subject to variable interest rates—either as short-term or long-term variable-rate debt obligations or as fixed-rate debt converted to variable rates through the use of interest rate swaps. The amounts at December 31, 2024 and 2023 include $3,250 million and $6,200 million, respectively, of interest rate swap agreements and $331 million and $1,989 million, respectively, of commercial paper notes. The interest rate swap agreements as of December 31, 2024 are net of $1,500 million of variable-to-fixed interest rate swap agreements which expire December 2025.

Read it in 10-K 2025-02-13 at sec.gov ↗

RewordedMD&A
Year Ended December 31, 2025 2024 2023 Earnings increase/(decrease) (In millions, except per share amounts and percentages) Revenues $ 16,937 $ 15,100 $ 15,334 $ (234) (2)% 1,837 12% Operating Costs, Expenses Expenses, and Other Costs of sales (exclusive of items shown separately below) (5,529) (4,337) (4,938) 601 12% (1,192) (27)% Operations and maintenance (3,057) (2,972) (2,807) (165) (6)% (85) (3)% DD&A (2,453) (2,354) (2,250) (104) (5)% (99) (4)% General and administrative (744) (712) (668) (44) (7)% (32) (4)% Taxes, other than income taxes (445) (433) (421) (12) (3)% Other income, net 15 92 13 79 608% (77) (84)% Total Operating Costs, Expenses Expenses, and Other (12,213) (10,716) (11,071) 355 3% (1,497) (14)% Operating Income 4,724 4,384 4,263 121 3% 340 8% Other Income (Expense) Earnings from equity investments 890 838 52 6% Amortization of excess cost of equity investments (50) (66) 16 24% 896 840 56 7% Interest, net (1,801) (1,844) (1,797) (47) (3)% 43 2% Other, net 173 27 (37) 64 173% 146 541% Total Other Expense (732) (977) (1,062) 85 8% 245 25% Income Before Income Taxes 3,992 3,407 3,201 206 6% 585 17% Income Tax Expense (832) (687) (715) 28 4% (145) (21)% Net Income 3,160 2,720 2,486 234 9% 440 16% Net Income Attributable to Noncontrolling Interests (104) (107) (95) (12) (13)% 3 3% Net Income Attributable to Kinder Morgan, Inc. $ 3,056 $ 2,613 $ 2,391 $ 222 9% 443 17% Basic and diluted earnings per share $ 1.37 $ 1.17 $ 1.06 $ 0.11 10% 0.20 17% Basic and diluted weighted average shares outstanding 2,223 2,220 2,234 (14) (1)% 3 —% Declared dividends per share $ 1.17 $ 1.15 $ 1.13 $ 0.02 2%

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Net income attributable to Kinder Morgan, Inc. $ 3,056 $ 2,613 $ 2,391 Certain Items(a) Change in fair value of derivative contracts Risk management activities (29) 72 (126) (Gain) loss Gain on divestitures and impairment, net (123) (69) 67 Income tax Certain Items (2) (52) 33 Other (3) 7 45 Total Certain Items (157) (42) 19 Adjusted Net Income Attributable to Kinder Morgan, Inc. $ 2,899 $ 2,571 $ 2,410 Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Common Stock Net income attributable to Kinder Morgan, Inc. $ 3,056 $ 2,613 $ 2,391 Total Certain Items(b) (157) (42) 19 Net income allocated to participating securities and other(c) (14) (15) (14) Adjusted Net Income Attributable to Common Stock $ 2,884 $ 2,557 $ 2,396 Adjusted EPS $ 1.30 $ 1.15 $ 1.07 Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA Net income attributable to Kinder Morgan, Inc. $ 3,056 $ 2,613 $ 2,391 Total Certain Items(b) (157) (42) 19 DD&A 2,453 2,354 2,250 Amortization of excess cost of equity investments 50 66 Income tax expense(d) 834 739 682 Interest, net(e) 1,788 1,849 1,804 Amounts from associated with joint ventures Unconsolidated joint venture DD&A 359 323 DD&A(f) 391 409 Remove consolidated joint venture partners’ DD&A (63) (62) (63) Unconsolidated joint venture income tax expense(f) expense(g) 89 78 89 Adjusted EBITDA $ 8,391 $ 7,938 $ 7,561

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
As described in further detail below, our management evaluates our performance primarily using Net income attributable to Kinder Morgan, Inc. and Segment earnings before DD&A expenses including amortization of excess cost of equity investments (EBDA) (as presented in Note 15 “Reportable Segments”), along with the non-GAAP financial measures of Adjusted Net Income Attributable to Common Stock, in the aggregate and per share, Adjusted Segment EBDA, Adjusted Net Income Attributable to Kinder Morgan, Inc., Adjusted earnings before interest, income taxes, DD&A expenses, and amortization of basis differences related to our joint ventures (previously known as amortization of excess cost of equity investments) (EBITDA), and Net Debt.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
The decrease, which includes the impact of our divested assets, increase was primarily due to partially offset by (i) lower costs of sales for (i) natural gas products of $447 $281 million primarily due to driven by lower commodity prices partially offset by higher volumes; volumes and (ii) products a decrease of $269 million driven primarily by lower volumes partially offset by an increase of $145 $51 million related to derivative contracts used to hedge commodity purchases which includes both realized and unrealized gains and losses from derivatives. purchases.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Change in fair value of derivative contracts Risk management activities (4) 2 4 Gain of on divestitures — (40) — Certain Items(a) Items(b) (4) (38) 4 Adjusted Segment EBDA $ 654 608 $ 693 647 Change from prior period Increase/(Decrease) Segment EBDA $ 3 (73) Adjusted Segment EBDA $ (39) Volumetric data(b) data(c) SACROC oil production 18.70 19.01 20.22 Yates oil production 5.95 6.13 6.63 Other 1.02 1.08 1.11 1.17 Total oil production, net (MBbl/d)(c) 26.16 27.93 (MBbl/d)(d) 25.76 26.31 NGL sales volumes, net (MBbl/d)(c) 8.57 (MBbl/d)(d) 8.97 8.56 CO2 sales volumes, net (Bcf/d) 0.297 0.322 0.336 RNG sales volumes (BBtu/d) 11 9 6 Realized weighted average oil price ($ per Bbl) $ 67.51 $ 68.46 $ 67.42 Realized weighted average NGL price ($ per Bbl) $ 32.43 $ 30.83 $ 30.84

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Change in fair value of derivative contracts Risk management activities (39) 75 (122) Gain on divestiture divestitures (123) (29) Other (4) — Certain Items(a) Items(b) (166) 46 (122) Adjusted Segment EBDA $ 5,473 5,914 $ 5,160 5,439 Change from prior period Increase/(Decrease) Segment EBDA $ 145 687 Adjusted Segment EBDA $ 313 475 Volumetric data(b) data(c) Natural Gas Transport volumes (BBtu/d) 46,603 44,252 44,132 Natural Gas Sales volumes (BBtu/d) 2,576 2,346 3,302 2,627 Gathering volumes (BBtu/d) 3,922 3,710 4,025 3,862 NGL Transport (MBbl/d) 38 34 38

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Change in fair value of derivative contracts Risk management activities 1 — (1) Loss on impairment Certain Items(b) 1 — 67 Certain Items(a) — 66 Adjusted Segment EBDA $ 1,173 1,158 $ 1,128 1,164 Change from prior period Increase/(Decrease) Segment EBDA $ 111 (7) Adjusted Segment EBDA $ 45 (6) Volumetric data(b) Gasoline(c) 977 data(c) Gasoline(d) 970 980 Diesel fuel 361 351 359 352 Jet fuel 294 285 307 300 Total refined product volumes 1,636 1,632 1,616 Crude and condensate 465 471 483 Total delivery volumes (MBbl/d) 2,101 2,103 2,099

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Year Ended December 31, 2025 2024 2023 (In millions, except operating statistics) Revenues $ 2,104 $ 2,022 $ 1,917 Costs of sales (50) (42) (33) Other operating expenses expenses(a) (915) (904) (863) Other income 4 5 2 Earnings (Loss) earnings from equity investments (2) 8 9 Other, net 2 10 8 Segment EBDA $ 1,143 $ 1,099 $ 1,040 Change from prior period Increase/(Decrease) Segment EBDA $ 59 44 Volumetric data(a) data(b) Liquids leasable capacity (MMBbl) 78.7 78.6 78.7 Liquids utilization %(b) %(c) 94.1 % 94.6 % 93.6 % Bulk transload tonnage (MMtons) 49.5 53.7 53.3

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Year Ended December 31, 2025 2024 2023 (In millions) Certain Items Change in fair value of derivative contracts(a) Risk management activities(a)(b) $ (29) $ 72 $ (126) (Gain) loss Gain on divestitures and impairment, net(b) divestitures(c) (123) (69) 67 Income tax Certain Items(c) Items(d) (2) (52) 33 Other(d) Other (3) 7 45 Total Certain Items(e) $ (157) $ (42) $ 19

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Year Ended December 31, 2025 2024 2023 increase/(decrease) Increase/(Decrease) (In millions) Crude and Condensate $ 236 $ 280 $ (44) West Coast Refined Products $ 628 604 $ 519 $ 85 Crude and Condensate 280 265 15 24 Southeast Refined Products 289 278 11 293 280 13 Total Products Pipelines $ 1,173 1,157 $ 1,062 1,164 $ 111 (7)

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
Fair value calculated for the purpose of Impairment testing our long-lived assets, including intangible assets, goodwill and equity method investments, for impairment requires estimating fair value, which involves the use of significant estimates and assumptions regarding the timing and amounts of future cash inflows and outflows, commodity prices, discount rates, market prices multiples, and asset lives, among other items. items and as applicable.

Read it in 10-K 2026-02-13 at sec.gov ↗

RewordedMD&A
We primarily rely on cash provided by operations to fund our operations as well as our debt service, sustaining capital expenditures, dividend payments, and our growth capital expenditures; however, we may access the debt capital markets from time to time to refinance our maturing long-term debt and finance incremental investments, if any.

Read it in 10-K 2026-02-13 at sec.gov ↗

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