KINDER MORGAN, INC.

General

As of September 30, 2026, we had $918 million of “Cash and cash equivalents,” an increase of $855 million from December 31, 2025. Additionally, as of September 30, 2026, we had borrowing capacity of approximately $3,490 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 flows from operations, providing a source of funds of $5,041 million and $4,225 million in the first nine months of 2026 and 2025, respectively. The period-to-period 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.

We use interest rate swap agreements to convert a portion of the underlying cash flows related to our long-term fixed-rate debt securities (senior notes) into variable-rate debt in order to achieve our desired mix of fixed and variable rate debt, as detailed below:

(a)Reflects outstanding commercial paper notes.

In March 2026, Moody’s Investor Services upgraded our long-term debt rating from Baa2 with a positive outlook to Baa1 with a stable outlook.

Short-term Liquidity

As of September 30, 2026, our principal sources of short-term liquidity are (i) cash from operations and (ii) our $3.5 billion credit facility, with an available capacity of approximately $3,490 million, and an associated $3.5 billion commercial paper program. The loan commitments under our credit facility can be used for working capital and other general corporate purposes and as a backup to our commercial paper program. Commercial paper borrowings and letters of credit reduce borrowings allowed under our credit facility. We provide for liquidity by maintaining a sizable amount of excess borrowing capacity under our credit facility and, as previously discussed, have consistently generated strong cash flows from operations.

As of September 30, 2026, our $1,726 million of short-term debt consisted primarily of senior notes that mature in the next twelve months. We intend to fund our debt as it becomes due, primarily through credit facility borrowings, commercial paper borrowings, cash flows from operations, and/or issuing new long-term debt. Our short-term debt as of December 31, 2025 was $1,226 million.

We had working capital (defined as current assets less current liabilities) deficits of $1,709 million and $1,568 million as of September 30, 2026 and December 31, 2025, respectively. The overall $141 million unfavorable change from year-end 2025 was primarily due to (i) a $499 million increase in senior notes that mature in the next twelve months; (ii) a $297 million net unfavorable change in our accounts receivables and payables; (iii) a $198 million unfavorable change in the fair value of our short-term derivative contracts assets and liabilities; and (iv) a $170 million increase in legal, environmental, and other expense accruals, partially offset by (i) a $855 million increase in cash and cash equivalents primarily due to unused proceeds from new senior notes issued in August 2026; and (ii) a $169 million decrease in accrued interest. Generally, our working capital varies due to factors such as the timing of scheduled debt payments, timing differences in the collection and payment of receivables and payables, the change in fair value of our derivative contracts, and changes in our cash and cash equivalents as a result of excess cash from operations after payments for investing and financing activities.

Capital Expenditures

We account for our capital expenditures in accordance with GAAP. Additionally, we distinguish between capital expenditures as follows:

Budgeting of maintenance capital expenditures, which we refer to as sustaining capital expenditures, is done annually on a bottom-up basis. For each of our assets, we budget for and make those sustaining capital expenditures that are necessary to maintain safe and efficient operations, meet customer needs, and comply with our operating policies and applicable law. We may budget for and make additional sustaining capital expenditures that we expect to produce economic benefits such as increasing efficiency and/or lowering future expenses. Budgeting and approval of expansion capital expenditures generally occurs periodically throughout the year on a project-by-project basis in response to specific investment opportunities identified by our business segments from which we generally expect to receive sufficient returns to justify the expenditures. Assets comprising expansion capital projects could result in additional sustaining capital expenditures over time. The need for sustaining capital expenditures in respect of newly constructed assets tends to be minimal initially and to increase over time as such assets age and experience wear and tear. Regardless of whether assets result from sustaining or expansion capital expenditures, once completed, the addition of such assets to our depreciable asset base will impact our calculation of depreciation, depletion and amortization over the remaining useful lives of the impacted or resulting assets.

Generally, the determination of whether a capital expenditure is classified as sustaining or as expansion capital expenditures is made on a project level. The classification of our capital expenditures as expansion capital expenditures or as sustaining capital expenditures is made consistent with our accounting policies and is generally a straightforward process, but in certain circumstances can be a matter of management judgment and discretion.

Our capital expenditures for the nine months ended September 30, 2026, and the amount we expect to spend for the remainder of 2026 to sustain our assets and expand our business are as follows:

(a)Sustaining capital expenditures by our joint ventures generally do not require cash outlays by us.

(b)Reflects cash contributions to unconsolidated joint ventures. Also includes contributions to an unconsolidated joint venture that are netted within the amount the joint venture declares as a distribution to us.

Our capital investments consist of the following:

(a)Sustaining capital expenditures by our joint ventures generally do not require cash outlays by us.

(b)Reflects cash contributions to unconsolidated joint ventures. Also includes contributions to an unconsolidated joint venture that are netted within the amount the joint venture declares as a distribution to us.

Off Balance Sheet Arrangements

There have been no material changes in our obligations with respect to other entities that are not consolidated in our financial statements that would affect the disclosures presented as of December 31, 2025 in our 2025 Form 10-K.

Commitments for the purchase of property, plant, and equipment as of September 30, 2026 and December 31, 2025 were $1,471 million and $2,020 million, respectively, a decrease of $549 million primarily related to projects advancing in our Natural Gas Pipelines business segment.

Cash Flows

The following table summarizes our net cash flows provided by (used in) operating, investing, and financing activities between 2026 and 2025:

Operating Activities

Net cash provided by operating activities was higher for the comparable nine-month periods ended September 30, 2026 and 2025 primarily driven by greater contributions from our Natural Gas Pipelines, Terminals, and CO 2 business segments.

Investing Activities

$679 million more cash used in investing activities in the comparable nine-month periods ended September 30, 2026 and 2025 is explained by the following discussion.

•a $625 million increase in capital expenditures primarily driven by expansion projects in our Natural Gas Pipelines business segment, partially offset by decreases in our Products Pipelines and CO 2 business segments;

•a $136 million increase in cash used for contributions to equity investees driven primarily by higher contributions to Southern Natural Gas Company, L.L.C. (SNG) for our proportional share of expansion project contributions; and

•a $131 million decrease in distribution from equity investments in excess of cumulative earnings primarily due to the receipt in 2025 of our proportional share of SNG’s debt refinancing;

The above increased uses of cash were partially offset by:

•a $145 million reduction in cash used for acquisitions of assets, net of cash acquired, driven by $503 million of net cash used for the acquisition of the Monument Pipeline system in the 2026 period, compared with $648 million of net cash used for the Outrigger Energy acquisition in the 2025 period; See Note 2 “Acquisitions and Divestiture” to our consolidated financial statements for further information regarding these two acquisitions; and

•a $68 million increase in cash related to asset sales primarily driven by proceeds received from our terminals divestiture in the 2026 period. See Note 2 “Acquisitions and Divestiture” to our consolidated financial statements for further information regarding this divestiture.

Financing Activities

$778 million less cash used in financing activities in the comparable nine-month periods ended September 30, 2026 and 2025 primarily driven by a net increase in cash related to debt activity.

Dividends

We expect to declare dividends of $1.19 per share on our stock for 2026. The table below reflects our 2026 dividends declared:

The actual amount of dividends to be paid on our capital stock will depend on many factors, including our financial condition and results of operations, liquidity requirements, business prospects, capital requirements, legal, regulatory and contractual constraints, tax laws, Delaware laws, and other factors. See Item 1A. “Risk Factors—Risks Related to Ownership of Our Capital Stock—The guidance we provide for our anticipated dividends is based on estimates. Circumstances may arise that lead to conflicts between using funds to pay anticipated dividends or to invest in our business.” of our 2025 Form 10-K. All of these matters will be taken into consideration by our board of directors when declaring dividends.

Our dividends are not cumulative. Consequently, if dividends on our stock are not paid at the intended levels, our stockholders are not entitled to receive those payments in the future. Our dividends generally will be paid on or about the 15th day of each February, May, August, and November.