KINDER MORGAN INC

Reconciliations from Net Income Attributable to Kinder Morgan, Inc.

(a)See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above.

(b)See “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc.” for a detailed listing.

(c)Net income allocated to common stock and participating securities is based on the amount of dividends paid in the current period plus an allocation of the undistributed earnings or excess distributions over earnings to the extent that each security participates in earnings or excess distributions over earnings, as applicable.

(d)To avoid duplication, adjustments for income tax expense for 2024 and 2023 exclude $(9) million and $1 million, respectively, which amounts are already included within “Certain Items.” See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above.

(e)Associated with our Citrus, NGPL Holdings and Products (SE) Pipe Line equity investments.

(f)Includes the tax provision on Certain Items recognized by the investees that are taxable entities. The impact of KMI’s income tax provision on Certain Items affecting earnings from equity investments is included within “Certain Items.” See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above.

(g)Includes non-cash pension expense, non-cash compensation associated with our restricted stock program and pension contributions.

(h)Includes restricted stock awards that participate in dividends.

(a)See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above.

(b)To avoid duplication, adjustments for income tax expense for 2024 and 2023 exclude $(9) million and $1 million, respectively, which amounts are already included within “Certain Items.” See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above.

(c)To avoid duplication, adjustments for interest, net for 2024 and 2023 exclude $2 million and $(8) million, respectively, which amounts are already included within “Certain Items.” See table included in “—Overview—Non-GAAP Financial Measures—Certain Items,” above.

(d)Includes that tax provision on Certain Items recognized by the investees that are taxable entities associated with our Citrus, NGPL Holdings and Products (SE) Pipe Line equity investments. The impact of KMI’s income tax provision on Certain Items affecting earnings from equity investments is included within “Certain Items” above.

Below is a discussion of significant changes in our Adjusted Net Income Attributable to Kinder Morgan, Inc., DCF and Adjusted EBITDA:

Adjusted Net Income Attributable to Kinder Morgan, Inc. increased $83 million in 2024 compared to 2023. The increase was primarily driven by favorable margins from our Natural Gas Pipelines, Products Pipelines and Terminals business segments, all ofwhich were also primary drivers of the $48 million and $141 incre ases in 2024 compared to 2023 in DCF and Adjusted EBITDA, respectively. The increase in DCF was also unfavorably impacted by an increase in tax payments associated with taxable joint ventures and sustaining capital expenditures.

General and Administrative and Corporate Charges

Compared to 2023, 2024 general and administrative expenses increased $9 million primarily due to higher labor and benefit-related costs and 2024 corporate charges decreased $8 million primarily dueto lower pension costs.

Reconciliation of Segment EBDA to Adjusted Segment EBDA

(a)Includes revenues, earnings from equity investments, operating expenses, gain on divestitures, net, 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.

(b)See “—Overview—Non-GAAP Financial Measures—Certain Items” above.