KINDER MORGAN INC

Natural Gas Pipelines

(a)See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above. 2024 and 2023 Certain Items of (i) $10 million and $(63) million, respectively, are associated with our Midstream business and (ii) none and $(2) million, respectively, are associated with our East business. For more detail of significant Certain Items, see the discussion of changes in Segment EBDA below.

(b)Joint venture throughput is reported at our ownership share. Volumes for acquired assets are included for all periods presented, except for volumes associated with NET Mexico, Eagle Ford Transmission, Dos Caminos and Mission Natural Gas which are excluded from both periods. However, EBDA contributions from acquisitions are included only for the periods subsequent to their acquisition. Volumes for assets sold are excluded for all periods presented.

Below are the changes in Segment EBDA:

The changes in Natural Gas Pipelines Segment EBDA in the comparable three-month periods ended March 31, 2024 and 2023 are explained by the following discussion:

•The $49 million (7%) increase in East was primarily due to (i) higher revenues on our Stagecoach assets as a result of increased demand for its services and favorable pricing and (ii) higher revenues on TGP due to an expansion project that went into service in November 2023 and favorable pricing on services reduced by higher pipeline maintenance costs, partially offset by lower equity earnings from Midcontinent Express Pipeline LLC that were driven by customer contracts negotiated at lower rates.

•The $6 million (2%) increase in West was primarily dueto increased earnings from Wyoming Interstate Company, L.L.C., Cheyenne Plains Gas Pipeline Company, L.L.C. and Colorado Interstate Gas Company, L.L.C. driven by increased transportation revenues due in part to favorable services pricing and an insurance settlement received by EPNG in the 2024 period, all of which were partially offset by overall decreased earnings on EPNG resulting from lower gas sales margin.

•The $36 million (7%) decreasein Midstream resulted from the impacts of non-cash mark-to-market derivative contracts used to hedge forecasted commodity sales and purchases, which increased costs of sales and, to a lesser extent, decreased revenues, and partially offset by a gain on sale of assets in the 2024 period, all of which we treated as Certain Items.

In addition, Midstream was favorably impacted by our December 2023 acquisition of the STX Midstream assets and higher earnings on our KinderHawk assets driven by increased volumes partially offset by lower sales margins on our Texas intrastate natural gas pipeline operations largely driven by lower commodity prices that were partly reduced by higher services revenues due to increased volumes.

Overall, Midstream’s revenue changes are partially offset by corresponding changes in costs of sales.

Products Pipelines

(a)See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above. 2024 and 2023 Certain Items of (i) $1 million and none, respectively, are associated with our Southeast Refined Products business and (ii) none and $67 million, respectively, are associated with our Crude and Condensate business. For more detail of significant Certain Items, see the discussion of changes in Segment EBDA below.

(b)Joint venture throughput is reported at our ownership share.

(c)Volumes include ethanol pipeline volumes.

Below are the changes in Products Pipelines Segment EBDA:

The changes in Products Pipelines Segment EBDA in the comparable three-month periods ended March 31, 2024 and 2023 are explained by the following discussion:

•The $70 million (1,400%) increase in Crude and Condensate resulted from a $67 million non-cash impairment related to our investment in Double Eagle Pipeline LLC, which decreased equity earnings in the 2023 period, and which wetreated as a Certain Item.

In addition, Crude and Condensate was favorably impacted by higher earnings from our KM Condensate Processing facility driven by increased revenues from rate escalations and higher volumes, and lower pipeline maintenance costs offset by a decrease in equity earnings, excluding the impairment discussed above, from Double Eagle Pipeline LLC due to recontracting at lower volumes. Our Crude and Condensate business also had higher revenues with a corresponding increase in costs of sales, resulting primarily from increased volumes.

•The $32 million (30%) increase in West Coast Refined Products was impacted by increased earnings from our Pacific operations as a result of higher renewable diesel revenues, higher transportation rates, and lower operating costs driven by favorable net changes in product gains and losses.

•The $6 million (8%) increase in Southeast Refined Productswas driven by (i) higher earnings at our Transmix processing operations primarily due to favorable product pricing and (ii) an increase in equity earnings from Products (SE) Pipe Line that primarily benefited from higher rates.

Terminals

(a)Volumes for facilities divested, idled and/or held for sale are excluded for all periods presented.

(b)The ratio of our tankage capacity in service to liquids leasable capacity.

For purposes of the following tables and related discussions, the results of operations of our terminals held for sale or divested, including any associated gain or loss on sale, are reclassified for all periods presented from the historical business grouping and included within the Other group.

Below are the changes in Terminals Segment EBDA:

The changes in Terminals Segment EBDA in the comparable three-month periods ended March 31, 2024 and 2023 are explained by the following discussion:

•The $12 million (8%) increase in Liquids was primarily due to increased revenues associated with contributions from expansion projects, contractual rate escalations, re-contracting at higher rates and increased utilization partially offset by higher maintenance and labor expense.

•The $4 million (10%) increase in Jones Act tankers was primarily due to higher average charter rates and lower maintenance expense.

•The $3 million (5%) decrease in Bulk was primarily due to costs incurred related to heavy inbound barge traffic at our

International Marine Terminal, higher labor and maintenance expense and lower revenues from petcoke handling activities resulting from refinery turnarounds and unplanned outages partially offset by an increase in revenues driven by increased handling activities and related ancillaries for coal and soda ash.

CO 2

(a)See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above. 2024 and 2023 Certain Items are associated with our Oil and Gas Producing activities. For more detail of significant Certain Items, see the discussion of changes in Segment EBDA below.

(b)Volumes for acquired assets are included for all periods presented, however, EBDA contributions from acquisitions are included only for the periods subsequent to their acquisition.

(c)Net of royalties and outside working interests.

Below are the changes in CO 2 Segment EBDA:

The changes in CO 2 Segment EBDA in the comparable three-month periods ended March 31, 2024 and 2023 are explained by the following discussion:

•The $11 million (9%) decrease in Oil and Gas Producing activities resulted from non-cash mark-to-market derivative hedge contracts which decreased revenues, and which we treated as Certain Items.

In addition, Oil and Gas Producing activities was impacted by higher power costs.

•The $1 million (2%) decrease in Source and Transportation activities was primarily due to lower revenues related to lower CO 2 sales volumes.

•The $2 million (40%) decrease in Energy Transition Ventures was primarily due to higher operating expenses.

We believe that our existing hedge contracts in place within our CO 2 business segment substantially mitigate commodity price sensitivities in the near-term and to a lesser extent over the following few years from price exposure. Below is a summary of our CO 2 business segment hedges outstanding as of March 31, 2024:

(a)Incl udes WTI hedges.