KINDER MORGAN, INC.

The following tables summarize the key components of our consolidated earnings results.

Our consolidated revenues primarily consist of services and sales revenue. Our services revenues include fees for transportation and other midstream services that we perform. Fluctuations in our consolidated services revenue largely reflect changes in volumes and/or in the rates we charge. Our consolidated sales revenues include sales of natural gas (includes natural gas and RNG), products (includes NGL, crude oil, CO 2 and transmix) and other (includes RINs). Our consolidated sales revenue will fluctuate with commodity prices and volumes, and the costs of sales associated with purchases will usually have a commensurate and offsetting impact, except for the CO 2 segment, which produces, instead of purchases, the crude oil, CO 2 and RINs it sells. Additionally, fluctuations in revenues and costs of sales may be further impacted by gains or losses from derivative contracts that we use to manage our commodity price risk.

Below is a discussion of significant changes in our Consolidated Earnings Results for the comparable three and six-month periods ended June 30, 2025 and 2024:

Revenues

Revenues increased$470 million and$869 million for the three and six months ended June 30, 2025, respectively, as compared to the respective prior year periods.

The increases were primarily due to (i) increases in natural gas sales of$415 millionand $781 million, respectively, due to higher natural gas commodity prices and volumes; (ii) increases in services revenues of$119 million and $229 million, respectively, resulting from higher volumes, primarily driven by increased demand for services and expansion projects placed into service, higher rates and assets acquired in February 2025; and (iii) an increase in other sales for the six-month period of $24 million driven by higher RIN sales. Revenues were further increased by$48 million and $26 million, respectively, for the impacts of derivative contracts used to hedge commodity sales. These increases in revenues were partially offset by lower product sales of$143 million and $189 million, respectively, driven primarily by lower crude oil prices and volumes and by asset divestitures in 2024 partially offset by assets acquired in 2024. The increase in sales revenues had corresponding increases in our costs of sales as described below under “Operating Costs, Expenses and Other—Costs of sales.”

Operating Costs, Expenses and Other

Costs of sales

Costs of sales increased$244 million and $613 million for the three and six months ended June 30, 2025, respectively, as compared to the respective prior year periods. The increases, which are net of the impact of our divested assets for the six-month period, were primarily due to higher costs of sales for natural gas of $417 million and $724 million, respectively, primarily due to higher commodity prices and volumes. These increases were partially offset by lower costs of sales for products of$93 million and$104 million, respectively, driven by lower commodity prices, to a greater extent in the three-month period, and volumes, to a greater extent in the six-month period, and decreases in costs of sales of $83 million and $20 million, respectively, related to derivative contracts used to hedge commodity purchases.

Operations and Maintenance

Operations and maintenance increased$32 million and$63 million for the three and six months ended June 30,2025, respectively, as compared to the respective prior year periods. The increases were primarily driven by greater activity levels, including from expansions, and inflation, including labor and fuel costs. The increase in the six-month period was also driven by higher integrity costs.

Other Income, net

Other Income, net decreased$37 million and $78 million for the three and six months ended June 30, 2025, respectively, as compared to the respective prior year periods. The decreases were primarily the result of a gain on the divestiture of CO 2 assets during 2024. The decrease in the six-month period was also driven by a gain on the divestiture of Oklahoma midstream assets in 2024.

Other Income (Expense)

Interest, net

In the table above, we report our interest expense as “net,” meaning that we have subtracted interest income and capitalized interest from our total interest expense to arrive at one interest amount. Our interest expense, net decreased $12 million and $33 million for the three and six months ended June 30, 2025, respectively, compared to the respective prior year periods. The decreases were primarily due to lower interest rates associated with our fixed-to-variable interest rate swap agreements partially offset by higher average long-term debt balances.