KINDER MORGAN, INC.

As of December 31, 2025, we had $63 million of “Cash and cash equivalents,” a decrease of $25 million from December 31, 2024. Additionally, as of December 31, 2025, we had borrowing capacity of approximately $3,477 million under our credit facility (discussed below in “—Short-term Liquidity”). As discussed further below, we believe our cash flows from operating activities, cash position, and remaining borrowing capacity on our credit facility is more than adequate to allow us to manage our day-to-day cash requirements and anticipated obligations.

We have consistently generated substantial cash flow from operations, providing a source of funds of $5,917 million and $5,635 million in 2025 and 2024, respectively. The year-to-year increase is discussed below in “—Cash Flows—Operating Activities.” We primarily rely on cash provided by operations to fund our operations as well as our debt service, sustaining capital expenditures, dividend payments, and our growth capital expenditures; however, we may access the debt capital markets from time to time to refinance our maturing long-term debt and finance incremental investments, if any. From time to time, short-term borrowings are used to fund working capital and finance incremental capital investments, if any. Incremental capital investments initially funded through short-term borrowings may periodically be replaced with long-term financing and/or paid down using retained cash from operations. In aggregate, we repaid $1,500 million and issued $1,850 million of senior notes in 2025.

Our board of directors declared a quarterly dividend of $0.2925 per share for the fourth quarter of 2025, consistent with previous quarters in 2025. The total of the dividends declared for 2025 of $1.17 represents a 2% increase over total dividends declared for 2024.

For additional information about our outstanding senior notes and debt-related transactions in 2025, see Note 8 “Debt” to our consolidated financial statements. For information about our interest rate risk, see Note 13 “Risk Management—Interest Rate Risk Management” to our consolidated financial statements and Item 7A. “Quantitative and Qualitative Disclosures About Market Risk—Interest Rate Risk.”