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 years ended 2025 and 2024:

Revenues

Revenues increased $1,837 million in 2025 compared to 2024. The increase was primarily due to (i) an increase in natural gas sales of $1,609 million due to higher commodity prices and volumes and (ii) an increase in services revenues of $507 million resulting from higher volumes, primarily driven by increased demand for services and expansion projects placed into service, higher rates, and the Outrigger Energy assets acquired in February 2025. Revenues were further increased by $99 million for the impacts of derivative contracts used to hedge commodity sales. These increases in revenues were partially offset by decreased product sales of $423 million, driven by lower commodity prices partially offset by higher volumes, and asset divestitures in 2024. The increase in sales revenues had a corresponding increase 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$1,192 million in 2025 compared to 2024. The increase, which is net of the impact of our divested assets, was primarily due to higher costs of sales for natural gas of $1,481 million primarily due to higher commodity prices and volumes. The increase was partially offset by (i) lower costs of sales for products of $281 million driven by lower commodity prices partially offset by higher volumes and (ii) a decrease of $51 million related to derivative contracts used to hedge commodity purchases.

Operations and Maintenance

Operations and maintenance increased $85 million in 2025 compared to 2024. Increased costs were primarily driven by greater activity levels, including from expansions, and inflation, including labor costs.

Other Income, net

Other income, net decreased $77 million in 2025 compared to 2024. The decrease was primarily the result of gains on the divestitures of CO 2 assets and 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. Interest, net decreased $43 million in 2025 compared to 2024. The decrease was primarily due to lower interest rates associated with our fixed-to-variable interest rate swap agreements partially offset by higher average balances and interest rates on our long-term debt.

Other, net

Other, net increased $146 million in 2025 compared to 2024. The increase was primarily the result of a gain on the sale of our equity interest in EagleHawk in 2025.