KINDER MORGAN INC

Natural Gas Pipelines

(a)See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above. For the periods ending June 30, 2024 and 2023, Certain Items of (i) $4 million and $(55) million for the three-month periods, respectively, and $14 million and $(118) million for the six-month periods, respectively, are associated with our Midstream business and (ii) $1 million for the 2023 three-month period and $(1) million for the 2023 six-month period 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. 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 Natural Gas Pipelines Segment EBDA:

The changes in Natural Gas Pipelines Segment EBDA in the comparable three and six-month periods ended June 30, 2024 and 2023 are explained by the following discussion:

•The $23 million (4%) decrease and $26 million (2%) increase, respectively, in East were impacted by (i) lower equity earnings from Midcontinent Express Pipeline LLC that was driven by lower contracted rates; (ii) lower firm revenues on our Stagecoach assets as a result of lower rates in the Northeast; (iii) lower revenues on Southern LNG Company, L.L.C. due to timing of revenue recognition associated with a prepaid customer contract; and (iv) on TGP, an increase in legal reserves and higher pipeline maintenance costs offset by higher revenues due to an expansion project that went into service in November 2023. The year-to-date increase was further impacted by increased demand for services on our Stagecoach assets.

•The $3 million (1%) decrease and $3 million (1%) increase, respectively, in West were primarily due to less favorable spreads on EPNG compared to 2023, higher pipeline maintenance costs and, to a greater extent in the six-month period, lower gas sales margin. These decreases were partially offset by increased earnings from Cheyenne Plains Gas Pipeline Company, L.L.C. and Wyoming Interstate Company, L.L.C. driven by increased demand for services. The year-to-date increase was partially the result of an insurance settlement received by EPNG in the 2024 period.

•The $2 million (1%) and $38 million (4%) decreases, respectively, in Midstream resulted from the impacts of non-cash mark-to-market derivative contracts used to hedge forecasted commodity sales and purchases, which primarily increased costs of sales, partially offset by a gain on sale of assets in the 2024 six-month period, all of which we treated as Certain Items.

In addition, Midstream was favorably impacted by (i) an increase in earnings related to our STX Midstream acquired assets partially offset by a reduction in earnings related to divested assets; (ii)higher services revenues driven by increased volumes and rates on our Texas intrastate systems, and in the three-month period, higher gas sales margin due to lower prices on costs of sales; and (iii)higher revenues driven by increased volumes partially offset by higher operating costs on our KinderHawk assets. These increases were partly reduced by lower gas sales margin driven by lower commodity prices and volumes on our Altamont assets . The year-to-date decrease was also impacted by lower sales margins on our Texas intrastate natural gas pipeline operations largely driven by lower commodity prices.

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. For the periods ending June 30, 2024 and 2023, Certain Items of (i) $1 million for the 2023 three-month period, and $1 million for each of the six-month periods, respectively, are associated with our Southeast Refined Products business and (ii) $67 million for the 2023 six-month period is 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 and six-month periods ended June 30, 2024 and 2023 are explained by the following discussion:

•The $15 million (11%) and $47 million (19%) increases, respectively, in West Coast Refined Products as a result of higher transportation rates and higher renewable diesel volumes partially offset by higher pipeline maintenance costs on our Pacific operations. The year-to-date increase was also impacted by lower other operating costs driven by favorable net product gains.

•The $14 million (22%) and $20 million (15%) increases, respectively, in Southeast Refined Products were driven by (i)higher product sales margin as a result of higher butane blending volumes at our South East Terminals; (ii) an increase in equity earnings from Products (SE) Pipe Line that primarily benefited from higher rates; and (iii) favorable product pricing and processing volumes at our Transmix processing operations.

•The $13 million (15%) decrease and $57 million (62%) increase, respectively, in in Crude and Condensate was impacted in the 2023 six-month period only by a $67 million non-cash impairment related to our investment in Double Eagle Pipeline LLC, which decreased equity earnings, and which we treated as a Certain Item.

In addition, Crude and Condensate was unfavorably impacted by a decrease in equity earnings, excluding the impairment discussed above, from Double Eagle Pipeline LLC due to unfavorable recontracting partially offset by higher sales margin on our Bakken Crude assets due to increased marketing activities and an escalated rate on our KM Condensate Processing facility in the six-month period. Our Crude and Condensate business also had lower revenues with a corresponding decrease in costs of sales, resulting primarily from decreased volumes partially offset by higher commodity prices.

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 and six-month periods ended June 30, 2024 and 2023 are explained by the following discussion:

•The $17 million (12%) and $29 million (10%) increases, respectively, in Liquids were primarily due to increased revenues driven by (i) contributions from expansion projects; (ii) higher volumes and associated ancillaries; and (iii) higher rates and utilization, primarily at our New York Harbor hub facilities, partially offset by higher maintenance and labor expenses.

•The $4 million (6%) and $1 million (1%) increases, respectively, in Bulk were primarily due to anincrease in revenues driven by increased volume and related ancillaries for coal and soda ash and, in the three-month period, petroleum coke largely offset by (i) higher labor and maintenance expenses; (ii) demurrage costs incurred at our International Marine Terminal; and, in the six-month period, (iii) refinery turnarounds and unplanned outages associated with our petroleum coke handling activities.

•The $2 million (5%) and $6 million (7%) increases, respectively, in Jones Act tankers were primarily due to higher average charter rates.

CO 2

(a)See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above. The 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. Volumes for assets sold are excluded for all periods presented.

(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 and six-month periods ended June 30, 2024 and 2023 are explained by the following discussion:

•The $10 million (7%) increase and $1 million (—%) decrease, respectively, in Oil and Gas Producing activities resulted from a $41 million gain on sale of oil and gas producing fields and non-cash mark-to-market derivative hedge contracts which increased revenues for the three-month period and decreased revenues for the six-month period, and which we treated as Certain Items.

In addition, Oil and Gas Producing activities was impacted by decreased revenues primarily due to (i) lower crude oil volumes partially related to the timing of the recovery of production at SACROC after an outage in 2023; (ii) lower realized NGL prices and volumes; and (iii) our divested assets offset by an increase in revenues related to our acquired assets.

•The $9 million (23%) and $8 million (9%) increases, respectively, in Source and Transportation activities were primarily due to higher revenues from the Wink Pipeline as a result of a refinery outage in 2023 and lower integrity maintenance costs in 2024 partially offset by lower CO 2 sales volumes partly offset by higher realized prices.

•The $12 million (1,200%) and $10 million (167%) increases, respectively, in Energy Transition Ventures were primarily due to higher RIN sales margin resulting from increased volumes partially offset by 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 June 30, 2024:

(a)Incl udes WTI hedges.