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KINDER MORGAN INC

For the period ended Dec 31, 2024. Filed Feb 13, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 13, 2025

KMI$29.96-0.8%Stored close · as of Nov 6, 2026
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

For the fiscal year ended December 31, 2024

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number:001-35081

Kinder Morgan, Inc.

(Exact name of registrant as specified in its charter)

Delaware80-0682103
(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.)

1001 Louisiana Street, Suite 1000, Houston, Texas 77002

(Address of principal executive offices) (zip code)

Registrant’s telephone number, including area code:713-369-9000

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Class P Common StockKMINew York Stock Exchange
2.250% Senior Notes due 2027KMI 27 ANew York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐No ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company☐ Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes☐ No ☑

Aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant, based on closing prices in the daily composite list for transactions on the New York Stock Exchange on June 28, 2024 was approximately $38,478,431,485. As of February 12, 2025, the registrant had 2,221,963,025 shares of Class P common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant’s definitive proxy statement for the 2025 Annual Meeting of Stockholders, which shall be filed no later than April 30, 2025, are incorporated into PART III, as specifically set forth in PART III.

KINDER MORGAN, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
PageNumber
Glossary1
Information Regarding Forward-Looking Statements2
PART I
Items 1. and 2.Business and Properties4
General Development of Business4
Recent Developments4
Narrative Description of Business6
Business Strategy6
Business Segments6
Natural Gas Pipelines7
Products Pipelines10
Terminals12
CO214
Major Customers16
Industry Regulation17
Environmental Matters and Safety Regulation19
Cybersecurity21
Human Capital22
Properties and Rights-of-Way23
Available Information23
Item 1A.Risk Factors23
Item 1B.Unresolved Staff Comments36
Item 1C.Cybersecurity36
Item 3.Legal Proceedings38
Item 4.Mine Safety Disclosures38
PART II
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities39
Item 6.[Reserved]39
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations39
General39
Critical Accounting Estimates40
Results of Operations41
Overview41
Consolidated Earnings Results45
Non-GAAP Financial Measures47
Segment Earnings Results50
Liquidity and Capital Resources56
General56
Short-term Liquidity57
KINDER MORGAN, INC. AND SUBSIDIARIES (continued)
TABLE OF CONTENTS
PageNumber
Long-term Financing58
Capital Expenditures58
Off Balance Sheet Arrangements61
Contractual Obligations and Commercial Commitments61
Cash Flows62
Dividends and Stock Buy-back Program63
Summarized Combined Financial Information for Guarantee of Securities of Subsidiaries64
Recent Accounting Pronouncements65
Item 7A.Quantitative and Qualitative Disclosures About Market Risk65
Energy Commodity Market Risk65
Interest Rate Risk66
Foreign Currency Risk67
Item 8.Financial Statements and Supplementary Data68
Index to Financial Statements68
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure126
Item 9A.Controls and Procedures127
Item 9B.Other Information127
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections127
PART III
Item 10.Directors, Executive Officers and Corporate Governance128
Item 11.Executive Compensation128
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters128
Item 13.Certain Relationships and Related Transactions, and Director Independence128
Item 14.Principal Accounting Fees and Services128
PART IV
Item 15.Exhibits, Financial Statement Schedules129
Signatures133
ContentsView on SEC.gov

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