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 nine-month periods ended September 30, 2026 and 2025:

Revenues

Revenues increased$385 million and$1,407 million for thethree andnine months ended September 30, 2026, respectively, as compared to the respective prior year periods. These increases were primarily due to (i) increases in product sales of $267 million and $655 million, respectively, driven by higher commodity prices, and in the nine-month period, higher volumes; (ii) increases in services revenues of $148 million and $443 million, respectively, resulting from higher volumes, including expansion projects placed into service, primarily in our Natural Gas Pipelines business segment; and (iii) an increase in natural gas sales of $39 million and $426 million, respectively, due to higher volumes, and in the nine-month period, higher commodity prices, partially offset in the three-month period by lower commodity prices. These incre ases in revenues were partially offset by $85 million and $148 million, respectively, for the impacts of derivative contracts used to hedge commodity sales. The increases in sales revenues were partially offset by 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$171 million and$638 million for the three and nine months ended September 30, 2026, respectively, as compared to the respective prior year periods. The increases were primarily due to (i) increases of $158 million and $334 million, respectively, in costs of sales for products driven by higher commodity prices, and in the nine-month period, higher volumes; (ii) an increase in the nine-month period of $66 million related to derivative contracts used to hedge commodity purchases; and (iii) increases of $38 million and $225 million, respectively, in costs of sales for natural gas due to higher volumes partially offset, in the nine-month period, by lower commodity prices. The increase in the three-month period was partially offset by a decrease of $37 million related to derivative contracts used to hedge commodity purchases.

Operations and Maintenance

Operations and maintenance increased $163 million and $196 million for the three and nine months ended September 30, 2026, respectively, as compared to the respective prior year periods. The increases were primarily driven by increased legal, environmental, and other expense accruals which we treated as a Certain Item, along with greater activity, including labor costs, and inflation.

Other Income, net

Other income, net increased $82 million and $92 million forthe three andnine months ended September 30, 2026, respectively, as compared to the respective prior year periods. The increases were primarily due to a $71 million net gain on the sale of certain terminals and terminal assets located in Florida for mixed consideration of cash and additional interests in an equity investment, which we treated as a Certain Item.

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$26 million and $74 million for the three andnine months ended September 30, 2026, respectively, compared to the respective prior year periods. These decreases were primarily due to higher capitalized interest and lower interest rates associated with our fixed-to-variable interest rate swap agreements, partially offset by higher interest rates on our long-term debt.