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 $46 million and $(122) million, respectively, are associated with our Midstream 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 years of 2024 and 2023 are explained by the following discussion:

•The $102 million (6%) increase in Midstream was favorably impacted by (i) our STX Midstream acquired assets partially offset by our divested assets; (ii) increased demand and rates for our services on our Texas intrastate systems and increased sales margin driven by lower prices on costs of sales and higher volumes, partially offset by higher operating expenses; and (iii) higher equity earnings from PHP driven by an expansion project that went into service in November 2023. These increases were partially offset by (i) lower sales margin on our Altamont assets driven by higher prices on NGL purchases and higher natural gas purchase volumes related to contract re-negotiations; (ii) lower sales margin on our South Texas assets due to lower volumes partially offset by higher NGL prices; and (iii) lower natural gas sales margin on our Hiland Midstream assets as a result of lower prices and a reduction in gathering revenues from lower volumes partially offset by higher rates.

In addition, Midstream was affected by (i) non-cash mark-to-market derivative contracts used to hedge forecasted commodity sales and purchases, which increased costs of sales and decreased revenues; and (ii) a gain on sale of assets in 2024, all of which we treated as Certain Items.

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

•The $41 million (2%) increase in East was impacted by (i) expansion projects on TGP that went into service in July 2024 and November 2023 partly offset by its higher operating costs and an increase in legal reserves; and (ii) increased demand for services on our Stagecoach assets. These increases were also partially offset by (i) lower equity earnings from MEP driven by lower contracted rates; and (ii) timing of revenue recognition associated with a prepaid customer contract on SLNG.

•The$2 million (—%) increase in West was primarily due to increased demand for services on CPGPL and WIC, and an insurance settlement received by EPNG in the 2024 period. These increases were largely offset by lower gas sales margin and higher operating and maintenance costs on EPNG.

Products Pipelines

(a)See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above. 2023 Certain Items of (i) $(1) million is associated with our Southeast Refined Products business and (ii) $67 million 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 years of 2024 and 2023 are explained by the following discussion:

•The $85 million (16%)increase in West Coast Refined Products resulted from higher transportation rates and volumes and increased renewable diesel terminal activity on our Pacific operations.

•The $15 million (6%) increase in Crude and Condensate was impacted by an increase of $67 million to equity earnings for a non-cash impairment in the 2023 period related to our investment in Double Eagle Pipeline LLC, which wetreated as a Certain Item.

In addition, Crude and Condensate was unfavorably impacted by a decrease in equity earnings from Double Eagle Pipeline LLC, excluding the impairment discussed above, due to unfavorable recontracting and, on Bakken Crude assets, lower gathering volumes partially offset by higher transportation rates. Our Crude and Condensate business also had lower revenues with a corresponding decrease in costs of sales, resulting primarily from decreased sales volumes.

•The$11 million (4%) increase in Southeast Refined Productswas driven by an increase in equity earnings from Products (SE) Pipe Line primarily due to higher rates and higher butane blending sales volumes at our South East Terminals.

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 years of 2024 and 2023 are explained by the following discussion:

•The $32 million (5%) increase in Liquids was primarily driven by (i) contributions from expansion projects; (ii) higher throughput and ancillary fees primarily at our Houston Ship Channel hub facilities; and (iii) higher rates and utilization, primarily at our New York Harbor hub facilities, partially offset by higher labor and maintenance expenses.

•The $18 million (10%) increase in Jones Act tankers was primarily due tohigher average charter rates and lower operating costs.

•The $11 million (4%) increase in Bulk was primarily due to increased volume and related handling and ancillary charges for petroleum coke, coal, soda ash and fertilizer. These increases were partially offset by higher labor and maintenance expenses and demurrage costs incurred at our International Marine Terminal.

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. 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 years of 2024 and 2023 are explained by the following discussion:

•The$26 million (5%) decrease in Oil and Gas Producing activities resulted primarily from (i) lower crude oil volumes; (ii) our divested assets; and (iii) higher power costs. These decreases were partially offset by our acquired assets and higher realized crude oil prices.

In addition, Oil and Gas Producing activities was favorably impacted by (i) a $40 million gain on sale of oil and gas producing fields; and (ii) non-cash mark-to-market derivative hedge contracts, which increased revenues, all of which we treated as Certain Items.

•The$8 million (4%) increase in Source and Transportation activities was primarily due to higher volumes in 2024, resulting from a refinery outage in 2023 on our Wink pipeline, and lower integrity maintenance costs in 2024. These increases were partially offset by lower CO 2 sales volumes and realized prices.

•The$21 million (72%) increase in Energy Transition Ventures activities was 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 lesser extent over the following few years from price exposure. Below is a summary of our CO 2 business segment hedges outstanding as of December 31, 2024.

(a)Includes WTI.