KINDER MORGAN INC

The following table summarizes our net cash flows provided by (used in) operating, investing and financing activities between 2024 and 2023.

Operating Activities

$856 million less cash provided by operating activities in the comparable years of 2024 and 2023 is explained by the following discussion.

•an $843 million decrease in cash related to a prepayment received of certain fixed reservation charges under long-term transportation and terminaling contracts in 2023. See Note 14 “Revenue Recognition” to our consolidated financial statements for further information regarding this prepayment; and

•a $359 million decrease in cash associated with net changes in working capital items and other non-current assets and liabilities, excluding the customer prepayment discussed above. The decrease was primarily driven by (i) the decrease in the weighted-average cost of gas in underground storage inventory in 2023; and (ii) a decrease in cash margin deposits posted by our counterparties as collateral; partially offset by

•a $346 million increase in cash after adjusting the $234 million increase in net income by the combined effects of the period-to-period net changes in non-cash items. See “—Results of Operations” for a discussion of items impacting net income.

Investing Activities

$1,546 million less cash used in investing activities in the comparable years of 2024 and 2023 is explained by the following discussion.

•a $1,780 million decrease in expenditures for the acquisition of assets and investments, net of cash acquired, primarily driven by $1,829 million of net cash used for the acquisition of STX Midstream in 2023. See Note 3 “Acquisitions and Divestitures” to our consolidated financial statements for further information regarding this acquisition; and

•a $91 million decrease in cash used for contributions to equity investees driven primarily by lower contributions to PHP and Greenholly Gathering Pipeline LLC, partially offset by higher contributions to SNG in the 2024 period compared to the 2023 period; partially offset by

•a $312 million increase in capital expenditures primarily driven by expansion projects in our Natural Gas Pipelines business segment.

Financing Activities

$127 million less cash used in financing activities in the comparable years of 2024 and 2023 is explained by the following discussion.

•a $515 million decrease in cash used for share repurchases under our share buy-back program; partially offset by

•a $363 million net increase in cash used related to debt activity as a result of net debt reduction in 2024 compared to net issuances in 2023.