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. Other includes Adjusted net income in excess of distributions for participating securities of $1 million and none for 2024 and 2023, respectively.

(d)To avoid duplication, adjustments for income tax expense for 2024 and 2023 exclude $(52) million and $33 million, which amounts are already included within “Certain Items.” See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above.

(e)To avoid duplication, adjustments for interest, net for 2024 and 2023 exclude $(5) million and $(7) million, respectively, which amounts are already included within “Certain Items.” See table included in “—Overview—Non-GAAP Financial Measures—Certain Items,” above.

(f)Includes the 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. and Adjusted EBITDA:

Adjusted Net Income Attributable to Kinder Morgan, Inc. increased$161 million in 2024 compared to 2023. The increase resulted primarily from favorable earnings in our Natural Gas Pipelines, Terminals and Products Pipelines business segments, which were also primary drivers of the increase in Adjusted EBITDA of$377 million, partially offset by an increase in DD&A expenses.

General and Administrative and Corporate Charges

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

General and administrative expenses increased $44 million and corporate charges decreased $67 million in 2024 compared to 2023. The combined changes include $41 million consisting of higher labor and benefit-related costs, higher legal costs and higher corporate development costs, offset by lower pension costs of $30 million. In addition, the combined changes described above include $7 million of costs in 2024 and the impact of increased pension costs of $45 million in 2023 related to settlements made by our pension plans, which we treated as Certain Items.

Reconciliation of Segment EBDA to Adjusted Segment EBDA

(a)Includes revenues, earnings from equity investments, operating expenses, 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.