KINDER MORGAN, INC.

Natural Gas Pipelines (including reconciliation of Segment EBDA to Adjusted Segment EBDA)

(b)See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above. 2026 and 2025 Certain Items of (i) $79 million and $78 million, respectively, are associated with our Midstream business and (ii)$7 millionand $2 million, respectively, are associated with our East business. See “—Overview—Non-GAAP Financial Measures—Certain Items” above. For more detail of significant Certain Items, see the discussion of changes in Segment EBDA below.

(c)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 three-month periods ended March 31, 2026 and 2025 are explained by the following discussion:

•The$202 million (45%)increase in Midstream was primarily driven by (i) increased sales margin resulting from higher commodity prices and volumes and increased demand for our services due to colder winter weather on our Texas intrastate systems; (ii) higher volumes on KinderHawk Field Services LLC; and (iii) contributions from the acquired Outrigger Energy assets on our Hiland Midstream assets. Overall, Midstream’s revenue changes are partially offset by corresponding changes in costs of sales.

In addition, Midstream includes decreased revenues offset by decreased costs of sales associated with risk management activities related to non-cash changes in fair value of unsettled derivative contracts and realized gains and losses on settled natural gas inventory hedge contracts, all of which we treated as Certain Items.

•The$35 million (5%)increase in East was primarily driven by increased demand for our services due to colder winter weather andcompleted expansion projects.

•The$21 million (8%) increase in West resulted primarily from higher capacity sales on multiple assets.

Products Pipelines (including reconciliation of Segment EBDA to Adjusted Segment EBDA)

(b)See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above. 2026 and 2025 Certain Items of (i) $4 million and $1 million, respectivelyare associated with our Southeast Refined Products business and (ii) $1 million and none, respectively, are associated with our Crude and Condensate business. See “—Overview—Non-GAAP Financial Measures—Certain Items” above. For more detail of significant Certain Items, see the discussion of changes in Segment EBDA below.

(c)Joint venture throughput is reported at our ownership share.

(d)Volumes include ethanol pipeline volumes.

Below are the changes in Products Pipelines Segment EBDA:

The changes in Products Pipelines Segment EBDA in the comparable three-month periods ended March 31, 2026 and 2025 are explained by the following discussion:

•The$24 million (45%) increase in Crude and Condensate was driven by (i) higher margin from our Crude and Condensate business resulting primarily from increased spreads; (ii) a turnaround in the first quarter of 2025 at our KM Condensate Processing facility; and (iii) on our Bakken Crude assets, higher gathering rates and retroactive rate increases partially offset by decreases related to the conversion of the Double H pipeline to NGL service.

•The$14 million (19%) increase in Southeast Refined Products was primarily the result of higher commodity prices at our Transmix processing operations.

Terminals (including reconciliation of Segment EBDA to Adjusted Segment EBDA)

(b)See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above. 2026 Certain Items of $1 millionare associated with our Liquids business. See “—Overview—Non-GAAP Financial Measures—Certain Items” above. For more detail of significant Certain Items, see the discussion of changes in Segment EBDA below.

(c)Volumes for facilities divested, idled and/or held for sale are excluded for all periods presented.

(d)The ratio of our tankage capacity in service to liquids leasable capacity.

Below are the changes in Terminals Segment EBDA:

The changes in Terminals Segment EBDA in the comparable three-month periods ended March 31, 2026 and 2025 are explained by the following discussion:

•The$43 million (27%) increase in Liquids was driven by (i) the recognition of payments to be received in connection with the early termination of certain storage agreements in 2026 related to and partially offset by the effects of a customer’s closure of its Houston refinery in 2025; (ii) contributions from expansion projects; and (iii) higher rates and ancillary fees at our Houston Ship Channel facilities.

•The$7 million (12%)increase in Bulk was primarily the result of higher petroleum coke volumes.

CO 2(including reconciliation of Segment EBDA to Adjusted Segment EBDA)

(b)See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above. The 2026 and 2025 Certain Items are associated with our Oil and Gas Producing activities. See “—Overview—Non-GAAP Financial Measures—Certain Items” above. For more detail of significant Certain Items, see the discussion of changes in Segment EBDA below.

(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 three-month periods ended March 31, 2026 and 2025 are explained by the following discussion:

•The$24 million (21%) decrease in Oil and Gas Producing activities was driven by non-cash mark-to-market sales derivative hedge contracts, which decreased revenues, and which we treated as a Certain Item.

In addition, Oil and Gas Producing activities includes the effects of lower power costs offset by lower realized crude oil prices.

•The $8 million (47%) increase in Energy Transition Ventures includes greater RIN production partially offset by 2025 sales of RINs produced in 2024.

We believe that our existing hedge contracts in place within our CO 2 business segment substantially mitigate commodity price exposure in the near-term and to a lesser extent over the following few years. Below is a summary of our CO 2 business segment hedges outstanding as of March 31, 2026:

(a)Incl udes WTI hedges.