Kinder Morgan Inc.

10/23/2026 | Press release | Distributed by Public on 10/23/2026 14:18

Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations.
General and Basis of Presentation
The following discussion and analysis should be read in conjunction with our accompanying interim consolidated financial statements and related notes included elsewhere in this report, and in conjunction with (i) our consolidated financial statements and related notes in our 2025 Form 10-K; (ii) our management's discussion and analysis of financial condition, and results of operations included in our 2025 Form 10-K; (iii) "Information Regarding Forward-Looking Statements" at the beginning of this report, and in our 2025 Form 10-K; and (iv) "Risk Factors" in Part I, Item 1A in our 2025 Form 10-K.
Acquisition and Divestiture
The following divestiture and acquisition were made during the 2026 period. See Note 2 "Acquisitions and Divestiture" to our consolidated financial statements for further information on these transactions.
Event Description Business Segment
Terminals disposition and acquisition of additional equity investment interests
$136 million
(September 2026)
We divested certain terminals and terminal assets located in Florida for mixed consideration of cash and additional interests in an equity investment.
Terminals
(Other)
Monument Pipeline system acquisition
$503 million
(May 2026)
Natural gas pipeline system serving Houston, Texas and the surrounding metropolitan area which includes approximately 225 miles of pipelines and provides transportation and storage services to gas utilities, LNG shippers, and industrial customers.
Natural Gas Pipelines
(Midstream)
2026 Dividends and Discretionary Capital
We expect to declare dividends of $1.19 per share for 2026, a 2% increase from the 2025 declared dividends of $1.17 per share. We expect to invest $4.2 billion in expansion projects, acquisitions, and contributions to joint ventures during 2026.
The expectations for 2026 discussed above involve risks, uncertainties, and assumptions, and are not guarantees of performance. Many of the factors that will determine these expectations are beyond our ability to control or predict, and because of these uncertainties, it is advisable not to put undue reliance on any forward-looking statement.
Results of Operations
Overview
As described in further detail below, our management evaluates our performance primarily using Net income attributable to Kinder Morgan, Inc. and Segment earnings before DD&A expenses (EBDA) (as presented in Note 7 "Reportable Segments"), along with the non-GAAP financial measures of Adjusted Net Income Attributable to Common Stock, in the aggregate and per share, Adjusted Segment EBDA, Adjusted Net Income Attributable to Kinder Morgan, Inc., Adjusted earnings before interest, income taxes, DD&A expenses (EBITDA), and Net Debt.
GAAP Financial Measures
Our Consolidated Earnings Results for the three and nine months ended September 30, 2026 and 2025 present Net income attributable to Kinder Morgan, Inc., as prepared and presented in accordance with GAAP, and Segment EBDA, which is disclosed in Note 7 "Reportable Segments" pursuant to FASB ASC 280. The composition of Segment EBDA is not addressed nor prescribed by generally accepted accounting principles. Segment EBDA is a useful measure of our operating performance because it measures the operating results of our segments before DD&A and certain expenses that are generally not controllable by our business segment operating managers, such as general and administrative expenses and corporate charges, interest expense, net, and income taxes. Our general and administrative expenses and corporate charges include such items as unallocated employee benefits, insurance, rentals, unallocated litigation and environmental expenses, and shared corporate services including accounting, IT, human resources, and legal services.
Non-GAAP Financial Measures
Our non-GAAP financial measures described below should not be considered alternatives to GAAP Net income attributable to Kinder Morgan, Inc. or other GAAP measures and have important limitations as analytical tools. Our computations of these non-GAAP financial measures may differ from similarly titled measures used by others. You should not consider these non-GAAP financial measures in isolation or as substitutes for an analysis of our results as reported under GAAP. Management compensates for the limitations of our consolidated non-GAAP financial measures by reviewing our comparable GAAP measures identified in the descriptions of consolidated non-GAAP measures below, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes.
Certain Items
Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in Net income attributable to Kinder Morgan, Inc., but typically (i) do not have a cash impact (for example, unsettled commodity hedges and asset impairments), (ii) by their nature are separately identifiable from our normal business operations and in most cases are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation, and casualty losses), or (iii) align the timing of cash impacts from natural gas inventory hedges with the future associated physical withdrawals from inventory. (See the tables included in "-Non-GAAP Financial Measures-Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc.," "-Non-GAAP Financial Measures-Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Common Stock," and "-Non-GAAP Financial Measures-Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA" below). We also include adjustments related to joint ventures (see "-Amounts associated with Joint Ventures" below). The following table summarizes our Certain Items for the three and nine months ended September 30, 2026 and 2025, which are also described in more detail in the footnotes to tables included in "-Segment Earnings Results" below.
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025
(In millions)
Certain Items
Legal, environmental, and other accruals $ 138 $ - $ 138 $ -
Risk management activities(a)(b) 3 24 33 13
Gain on divestiture, net(c) (71) - (71) -
Income tax Certain Items(d) (42) (4) (31) (41)
Other - - - 1
Total Certain Items(e)(f) $ 28 $ 20 $ 69 $ (27)
(a)Includes changes in fair value of unsettled derivatives, of which gains or losses are reflected within non-GAAP financial measures when realized.
(b)Includes natural gas inventory hedges of which gains or losses are reflected within non-GAAP financial measures when the associated physical gas is withdrawn from inventory.
(c)Amounts for the three and nine-month periods ended September 30, 2026, reflect a gain recognized on the sale of certain assets in our Terminals business segment.
(d)Represents the income tax provision on Certain Items plus discrete income tax items. Includes the impact of KMI's income tax provision on Certain Items affecting earnings from equity investments and is separate from the related tax provision recognized at the investees by the joint ventures which are also taxable entities.
(e)Amounts for the periods ended September 30, 2026 and 2025 include $(1) million for each of the three-month periods and $(2) million and $(1) million for the nine-month periods, respectively, reported within "Earnings from equity investments" on the accompanying consolidated statement of income of "Risk management activities."
(f)2025 amounts for the three and nine-month periods include $11 million and $12 million, respectively, reported within "Interest, net" on the accompanying consolidated statement of income of "Risk management activities."
Adjusted Net Income Attributable to Kinder Morgan, Inc.
Adjusted Net Income Attributable to Kinder Morgan, Inc. is calculated by adjusting Net income attributable to Kinder Morgan, Inc. for Certain Items. Adjusted Net Income Attributable to Kinder Morgan, Inc. is used by us, investors, and other external users of our financial statements as a supplemental measure that provides decision-useful information regarding our period-over-period performance and ability to generate earnings that are core to our ongoing operations. We believe the GAAP
measure most directly comparable to Adjusted Net Income Attributable to Kinder Morgan, Inc. is Net income attributable to Kinder Morgan, Inc. See "-Non-GAAP Financial Measures-Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc." below.
Adjusted Net Income Attributable to Common Stock and Adjusted EPS
Adjusted Net Income Attributable to Common Stock is calculated by adjusting Net income attributable to Kinder Morgan, Inc., the most comparable GAAP measure, for Certain Items, and further for net income allocated to participating securities and adjusted net income in excess of distributions for participating securities. We believe Adjusted Net Income Attributable to Common Stock allows for calculation of adjusted earnings per share (Adjusted EPS) on the most comparable basis with earnings per share, the most comparable GAAP measure to Adjusted EPS. Adjusted EPS is calculated as Adjusted Net Income Attributable to Common Stock divided by our weighted average shares outstanding. Adjusted EPS applies the same two-class method used in arriving at basic earnings per share. Adjusted EPS is used by us, investors, and other external users of our financial statements as a per-share supplemental measure that provides decision-useful information regarding our period-over-period performance and ability to generate earnings that are core to our ongoing operations. See "-Non-GAAP Financial Measures-Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Common Stock" below.
Adjusted Segment EBDA
Adjusted Segment EBDA is calculated by adjusting segment earnings before DD&A, general and administrative expenses and corporate charges, interest expense, and income taxes (Segment EBDA) for Certain Items attributable to the segment. Adjusted Segment EBDA is used by management in its analysis of segment performance and management of our business. We believe Adjusted Segment EBDA is a useful performance metric because it provides management, investors, and other external users of our financial statements additional insight into performance trends across our business segments, our segments' relative contributions to our consolidated performance, and the ability of our segments to generate earnings on an ongoing basis. Adjusted Segment EBDA is also used as a factor in determining compensation under our annual incentive compensation program for our business segment presidents and other business segment employees. We believe it is useful to investors because it is a measure that management uses to allocate resources to our segments and assess each segment's performance. See "-Segment Earnings Results" below.
Adjusted EBITDA
Adjusted EBITDA is calculated by adjusting Net income attributable to Kinder Morgan, Inc. for Certain Items and further for DD&A, including the amortization of basis differences related to our joint ventures, income tax expense, and interest. We also include amounts from joint ventures for income taxes and DD&A (see "-Amounts associated with Joint Ventures" below). Adjusted EBITDA is used by management, investors, and other external users, in conjunction with our Net Debt (as described further below), to evaluate our leverage. Management and external users also use Adjusted EBITDA as an important metric to compare the valuations of companies across our industry. Our ratio of Net Debt-to-Adjusted EBITDA is used as a supplemental performance target for purposes of our annual incentive compensation program. We believe the GAAP measure most directly comparable to Adjusted EBITDA is Net income attributable to Kinder Morgan, Inc. See "-Non-GAAP Financial Measures-Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA" below.
Amounts associated with Joint Ventures
Certain Items and Adjusted EBITDA reflect amounts from unconsolidated joint ventures and consolidated joint ventures utilizing the same recognition and measurement methods used to record "Earnings from equity investments" and "Noncontrolling interests," respectively. The calculation of Adjusted EBITDA related to our unconsolidated and consolidated joint ventures includes the same adjustments (DD&A, including the amortization of basis differences related to joint ventures only, and income tax expense) with respect to the joint ventures as those included in the calculation of Adjusted EBITDA for our wholly-owned consolidated subsidiaries; further, we remove the portion of these adjustments attributable to non-controlling interests. (See "-Non-GAAP Financial Measures-Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA" below.) Although these amounts related to our unconsolidated joint ventures are included in the calculation of Adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses, or cash flows of such unconsolidated joint ventures.
Net Debt
Net Debt is calculated, based on amounts as of September 30, 2026, by subtracting the following amounts from our debt balance of $33,073 million: (i) cash and cash equivalents of $918 million; (ii) debt fair value adjustments of $(98) million; and (iii) the foreign exchange impact on Euro-denominated bonds of $24 million for which we have entered into currency swaps to convert that debt to U.S. dollars. Net Debt, on its own and in conjunction with our Adjusted EBITDA as part of a ratio of Net Debt-to-Adjusted EBITDA, is a non-GAAP financial measure that is used by management, investors, and other external users of our financial information to evaluate our leverage. Our ratio of Net Debt-to-Adjusted EBITDA is also used as a supplemental performance target for purposes of our annual incentive compensation program. We believe the most comparable measure to Net Debt is total debt.
Consolidated Earnings Results
The following tables summarize the key components of our consolidated earnings results.
Three Months Ended
September 30,
2026 2025 Earnings
increase/(decrease)
(In millions, except per share amounts and percentages)
Revenues $ 4,531 $ 4,146 $ 385 9 %
Operating Costs, Expenses and Other
Costs of sales (exclusive of items shown separately below) (1,566) (1,395) (171) (12) %
Operations and maintenance (949) (786) (163) (21) %
DD&A (628) (609) (19) (3) %
General and administrative (190) (183) (7) (4) %
Taxes, other than income taxes (121) (111) (10) (9) %
Other income, net 83 1 82 8,200 %
Total Operating Costs, Expenses and Other (3,371) (3,083) (288) (9) %
Operating Income 1,160 1,063 97 9 %
Other Income (Expense)
Earnings from equity investments 231 221 10 5 %
Interest, net (430) (456) 26 6 %
Other, net 19 11 8 73 %
Total Other Expense (180) (224) 44 20 %
Income Before Income Taxes 980 839 141 17 %
Income Tax Expense (190) (185) (5) (3) %
Net Income 790 654 136 21 %
Net Income Attributable to Noncontrolling Interests (26) (26) - - %
Net Income Attributable to Kinder Morgan, Inc. $ 764 $ 628 $ 136 22 %
Basic and diluted earnings per share $ 0.34 $ 0.28 $ 0.06 21 %
Basic and diluted weighted average shares outstanding 2,227 2,224 3 - %
Declared dividends per share $ 0.2975 $ 0.2925 $ 0.005 2 %
Nine Months Ended
September 30,
2026 2025 Earnings
increase/(decrease)
(In millions, except per share amounts and percentages)
Revenues $ 13,836 $ 12,429 $ 1,407 11 %
Operating Costs, Expenses and Other
Costs of sales (exclusive of items shown separately below) (4,720) (4,082) (638) (16) %
Operations and maintenance (2,466) (2,270) (196) (9) %
DD&A (1,881) (1,835) (46) (3) %
General and administrative (566) (558) (8) (1) %
Taxes, other than income taxes (355) (334) (21) (6) %
Other income, net 102 10 92 920 %
Total Operating Costs, Expenses and Other (9,886) (9,069) (817) (9) %
Operating Income 3,950 3,360 590 18 %
Other Income (Expense)
Earnings from equity investments 710 647 63 10 %
Interest, net (1,285) (1,359) 74 5 %
Other, net 59 39 20 51 %
Total Other Expense (516) (673) 157 23 %
Income Before Income Taxes 3,434 2,687 747 28 %
Income Tax Expense (749) (548) (201) (37) %
Net Income 2,685 2,139 546 26 %
Net Income Attributable to Noncontrolling Interests (78) (79) 1 1 %
Net Income Attributable to Kinder Morgan, Inc. $ 2,607 $ 2,060 $ 547 27 %
Basic and diluted earnings per share $ 1.17 $ 0.92 $ 0.25 27 %
Basic and diluted weighted average shares outstanding 2,226 2,223 3 - %
Declared dividends per share $ 0.8925 $ 0.8775 $ 0.015 2 %
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, CO2, 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 CO2 segment, which produces, instead of purchases, the crude oil, CO2, 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 the three and nine 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 increases 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 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 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 and nine 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.
Non-GAAP Financial Measures
Reconciliations from Net Income Attributable to Kinder Morgan, Inc.
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025
(In millions, except per share amounts)
Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc.
Net income attributable to Kinder Morgan, Inc. $ 764 $ 628 $ 2,607 $ 2,060
Certain Items(a)
Legal, environmental, and other accruals 138 - 138 -
Risk management activities 3 24 33 13
Gain on divestiture, net (71) - (71) -
Income tax Certain Items (42) (4) (31) (41)
Other - - - 1
Total Certain Items 28 20 69 (27)
Adjusted Net Income Attributable to Kinder Morgan, Inc. $ 792 $ 648 $ 2,676 $ 2,033
Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Common Stock
Net income attributable to Kinder Morgan, Inc. $ 764 $ 628 $ 2,607 $ 2,060
Total Certain Items(b) 28 20 69 (27)
Net income allocated to participating securities and other(c) (4) (4) (13) (11)
Adjusted Net Income Attributable to Common Stock $ 788 $ 644 $ 2,663 $ 2,022
Adjusted EPS $ 0.35 $ 0.29 $ 1.20 $ 0.91
Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA
Net income attributable to Kinder Morgan, Inc. $ 764 $ 628 $ 2,607 $ 2,060
Total Certain Items(b) 28 20 69 (27)
DD&A 628 609 1,881 1,835
Income tax expense(d) 232 189 780 589
Interest, net(e) 430 445 1,285 1,347
Amounts associated with joint ventures
Unconsolidated joint venture DD&A(f) 92 96 275 296
Remove consolidated joint venture partners' DD&A (16) (16) (47) (47)
Unconsolidated joint venture income tax expense(g) 22 20 68 67
Adjusted EBITDA $ 2,180 $ 1,991 $ 6,918 $ 6,120
(a)See table included in "-Overview-Non-GAAP Financial Measures-Certain Items" above.
(b)See "-Non-GAAP Financial Measures-Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc." for a detailed listing.
(c)Other for each of the periods ended September 30, 2026 and 2025 includes Adjusted net income in excess of distributions for participating securities of less than $1 million.
(d)To avoid duplication, adjustments for income tax expense for the periods ended September 30, 2026 and 2025 exclude $(42) million and $(4) million for the three-month periods, respectively, and $(31) million and $(41) million for the nine-month periods, respectively, which amounts are already included within "Certain Items." See table included in "-Overview-Non-GAAP Financial Measures-Certain Items" above.
(e)To avoid duplication, adjustments for interest, net for the three and nine-month periods ended September 30, 2025 exclude $11 million and $12 million, respectively, which amounts are already included within "Certain Items." See table included in "-Overview-Non-GAAP Financial Measures-Certain Items," above.
(f)Includes amortization of basis differences related to our joint ventures.
(g)Includes the tax provision on Certain Items recognized by the investees that are taxable entities associated with our Citrus, NGPL Holdings LLC, and PPL. The impact of KMI's income tax provision on Certain Items affecting earnings from equity investments is included within "Certain Items" above.
Below is a discussion of significant changes in our Adjusted Net Income Attributable to Kinder Morgan, Inc. and Adjusted EBITDA:
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025
(In millions)
Adjusted Net Income Attributable to Kinder Morgan, Inc. $ 792 $ 648 $ 2,676 $ 2,033
Adjusted EBITDA 2,180 1,991 6,918 6,120
Change from prior period Increase/(Decrease)
Adjusted Net Income Attributable to Kinder Morgan, Inc. $ 144 $ 643
Adjusted EBITDA $ 189 $ 798
Adjusted Net Income Attributable to Kinder Morgan, Inc. increased $144 million and $643 million for the three and nine months ended September 30, 2026, respectively, as compared to the respective prior year periods. The increases resulted primarily from favorable contributions across all of our business segments, which were also the primary drivers of the increase in Adjusted EBITDA of $189 million and $798 million, respectively.
General and Administrative and Corporate Charges
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025
(In millions)
General and administrative $ (190) $ (183) $ (566) $ (558)
Corporate benefit (charges) (2) (1) 9 (6)
Certain Items(a) - - - 1
General and administrative and corporate charges $ (192) $ (184) $ (557) $ (563)
Change from prior period Earnings increase/(decrease)
General and administrative $ (7) $ (8)
Corporate charges (1) 15
Total $ (8) $ 7
General and administrative expenses increased $7 million and $8 million, and corporate charges increased $1 million and decreased $15 million for the three and nine months ended September 30, 2026, respectively, when compared with the respective prior year periods. The combined changes for the three and nine-month periods include higher benefit-related and labor costs, which in the nine-month period were more than offset by lower pension, corporate office facility and legal costs.
Segment Earnings Results
Natural Gas Pipelines (including reconciliation of Segment EBDA to Adjusted Segment EBDA)
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025
(In millions, except operating statistics)
Revenues $ 2,899 $ 2,676 $ 8,866 $ 7,966
Costs of sales (1,163) (1,089) (3,500) (3,124)
Other operating expenses(a)
(445) (414) (1,284) (1,184)
Other income - 1 2 8
Earnings from equity investments 201 212 619 593
Other, net 9 5 29 21
Segment EBDA 1,501 1,391 4,732 4,280
Certain Items:
Risk management activities (12) 12 15 3
Certain Items(b)
(12) 12 15 3
Adjusted Segment EBDA $ 1,489 $ 1,403 $ 4,747 $ 4,283
Change from prior period Increase/(Decrease)
Segment EBDA $ 110 $ 452
Adjusted Segment EBDA $ 86 $ 464
Volumetric data(c)
Natural gas transport (BBtu/d)
49,273 47,918 49,032 46,377
Natural gas sales (BBtu/d)
4,131 3,712 3,978 3,051
Gathering (BBtu/d) 4,722 4,129 4,561 3,861
NGL transport (MBbl/d)
58 39 51 37
(a)Other operating expenses include operations and maintenance expenses and taxes, other than income taxes.
(b)For the periods ending September 30, 2026 and 2025, Certain Items of (i) $(10) million and $13 million for the three-month periods, respectively, and $12 million and $4 million for the nine-month periods, respectively, are associated with our Midstream business and (ii) $(2) million and $(1) million for the three-month periods, respectively, and $3 million and $(1) million for the nine-month periods, respectively, are associated with our East business. See table included in "-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:
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025
(In millions)
Midstream $ 548 $ 483 $ 1,773 $ 1,452
West 252 221 782 716
East 701 687 2,177 2,112
Total Natural Gas Pipelines $ 1,501 $ 1,391 $ 4,732 $ 4,280
Change from prior period Increase/(Decrease)
Midstream $ 65 $ 321
West $ 31 $ 66
East $ 14 $ 65
The changes in Natural Gas Pipelines Segment EBDA in the comparable three and nine-month periods ended September 30, 2026 and 2025 are explained by the following discussion:
•The $65 million (13%) and $321 million (22%) increases, respectively, in Midstream were primarily driven by higher volumes on KinderHawk Field Services LLC and, on our Texas intrastate systems, increased demand for our services and contributions from the acquired Monument assets. The increase in the nine-month period was further driven by (i) higher performance from acquired assets on our Hiland Midstream assets; (ii) higher commodity prices and volumes on KM Gas Marketing LLC; and (iii) higher volumes on Kinder Morgan Altamont LLC, partially offset by the divestiture of an equity interest in EagleHawk in 2025. Overall, Midstream's revenue changes are partially offset by corresponding changes in costs of sales.
In addition, Midstream includes favorable and unfavorable effects, for the three and nine-month periods, respectively,
from 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, which we treated as a Certain Item.
•The $31 million (14%) and $66 million (9%) increases, respectively, in West resulted primarily from higher capacity sales, contributions from expansion projects, and higher park and loan activity due to favorable pricing driven by market volatility. The increase in the nine-month period was partially offset by higher pipeline maintenance costs.
•The $14 million (2%) and $65 million (3%) increases, respectively, in East were primarily driven by (i) increased demand for our services primarily due to weather and (ii) completed expansion projects, partially offset by lower pricing on short-term firm service contracts driven by a decrease in market volatility. The increase in the nine-month period was also due to lower pipeline maintenance costs.
Products Pipelines (including reconciliation of Segment EBDA to Adjusted Segment EBDA)
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025
(In millions, except operating statistics)
Revenues $ 772 $ 677 $ 2,361 $ 2,031
Costs of sales (364) (281) (1,109) (866)
Other operating expenses(a)
(256) (121) (474) (360)
Other income - - 1 1
Earnings from equity investments 19 13 55 44
Other, net 1 - 1 -
Segment EBDA 172 288 835 850
Certain Items:
Risk management activities 3 - 4 1
Legal, environmental, and other accruals 138 - 138 -
Certain Items(b)
141 - 142 1
Adjusted Segment EBDA $ 313 $ 288 $ 977 $ 851
Change from prior period Increase/(Decrease)
Segment EBDA $ (116) $ (15)
Adjusted Segment EBDA $ 25 $ 126
Volumetric data(c)
Gasoline(d)
940 978 941 976
Diesel fuel 363 373 354 359
Jet fuel 293 301 294 309
Total refined product volumes 1,596 1,652 1,589 1,644
Crude and condensate 410 459 417 479
Total delivery volumes (MBbl/d) 2,006 2,111 2,006 2,123
(a)Other operating expenses include operations and maintenance expenses and taxes, other than income taxes.
(b)For the periods ending September 30, 2026 and 2025, Certain Items of (i) $138 million for each of the 2026 three-month and nine-month periods is associated with our West Coast Refined Products business and (ii) $3 million and none for the three-month periods, respectively, and $4 million and $1 million for the nine-month periods, respectively, are associated with our Southeast Refined Products business. See table included in "-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:
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025
(In millions)
West Coast Refined Products $ 7 $ 158 $ 326 $ 462
Southeast Refined Products 104 71 307 220
Crude and Condensate 61 59 202 168
Total Products Pipelines $ 172 $ 288 $ 835 $ 850
Change from prior period Increase (Decrease)
West Coast Refined Products $ (151) $ (136)
Southeast Refined Products $ 33 $ 87
Crude and Condensate $ 2 $ 34
The changes in Products Pipelines Segment EBDA in the comparable three and nine-month periods ended September 30, 2026 and 2025 are explained by the following discussion:
•The $(151) million (96%) and $(136) million (29%) decreases, respectively, in West Coast Refined Products were driven by an increase in legal, environmental, and other expense accruals, which we treated as a Certain Item.
In addition, the West Coast Refined Products decreases include lower rates and lower volumes on our Pacific operations and, in the nine-month period was further decreased by net product losses, which was more than offset by lower pipeline maintenance costs and increased butane blending activity on our Pacific operations.
•The $33 million (46%) and $87 million (40%) increases, respectively, in Southeast Refined Products were primarily the result of favorable commodity prices at our Transmix processing operations and higher butane blending activity on our Southeast Terminals. The increase in the nine-month period was further driven by increased product gains on our Southeast Terminals.
•The $34 million (20%) nine-month 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, lower operating costs, and retroactive rate increases, partially offset by lower gathering volumes.
Terminals (including reconciliation of Segment EBDA to Adjusted Segment EBDA)
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025
(In millions, except operating statistics)
Revenues $ 562 $ 518 $ 1,685 $ 1,569
Costs of sales (19) (9) (55) (38)
Other operating expenses(a) (233) (225) (688) (678)
Other income 70 - 69 -
Earnings (loss) from equity investments 4 (10) 11 (6)
Other, net 1 - 2 2
Segment EBDA $ 385 $ 274 $ 1,024 $ 849
Certain Items:
Gain on divestiture, net (71) - (71) -
Certain Items(b) (71) - (71) -
Adjusted Segment EBDA $ 314 $ 274 $ 953 $ 849
Change from prior period Increase/(Decrease)
Segment EBDA $ 111 $ 175
Adjusted Segment EBDA $ 40 $ 104
Volumetric data(c)
Liquids leasable capacity (MMBbl) 78.7 78.7 78.7 78.7
Liquids utilization %(d)
92.6 % 94.6 % 93.0 % 94.4 %
Bulk transload tonnage (MMtons) 13.5 11.5 37.5 34.8
(a)Other operating expenses include operations and maintenance expenses and taxes, other than income taxes.
(b)The 2026 Certain Items are associated with our Other group. See table included in "-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.
For purposes of the following tables and related discussions, the results of operations of our terminals held for sale or divested, including any associated gain or loss on sale, are adjusted for all periods presented from the historical business grouping and included within the Other group.
Below are the changes in Terminals Segment EBDA:
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025
(In millions)
Liquids $ 178 $ 157 $ 561 $ 485
Bulk 66 52 188 172
Jones Act tankers 67 60 195 179
Other 74 5 80 13
Total Terminals $ 385 $ 274 $ 1,024 $ 849
Change from prior period Increase/(Decrease)
Liquids $ 21 $ 76
Bulk $ 14 $ 16
Jones Act tankers $ 7 $ 16
Other $ 69 $ 67
The changes in Terminals Segment EBDA in the comparable three and nine-month periods ended September 30, 2026 and 2025 are explained by the following discussion:
•The $21 million (13%) and $76 million (16%) increases, respectively, in Liquids were driven by (i) an equity investment impairment in 2025; (ii) expansion projects placed into service; and (iii) favorable commodity pricing, partially offset by the effects of a customer's closure of its refinery in 2025 at our Houston Ship Channel facilities. The increase in the nine-month period was also driven by the recognition of payments being received in connection with the early termination of certain storage agreements in 2026 related to the refinery closure, and higher rates and ancillaries at our Houston Ship Channel facilities, partially offset by higher maintenance costs.
•The $14 million (27%) and $16 million (9%) increases, respectively, in Bulk were driven by increased volumes and handling activities for petroleum coke and coal. The increase in the nine-month period was also impacted by higher operating costs.
•The $7 million (12%) and $16 million (9%) increases, respectively, in Jones Act tankers were primarily due to higher average charter rates.
•The $69 million (1380%) and $67 million (515%) increases, respectively, in Other include a $71 million net gain on 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.
CO2 (including reconciliation of Segment EBDA to Adjusted Segment EBDA)
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025
(In millions, except operating statistics)
Revenues $ 307 $ 282 $ 950 $ 884
Costs of sales (26) (22) (78) (70)
Other operating expenses(a)
(129) (131) (361) (365)
Other income 14 - 31 1
Earnings from equity investments 6 6 24 16
Segment EBDA 172 135 566 466
Certain Items:
Risk management activities 12 1 14 (3)
Certain Items(b)
12 1 14 (3)
Adjusted Segment EBDA $ 184 $ 136 $ 580 $ 463
Change from prior period Increase/(Decrease)
Segment EBDA $ 37 $ 100
Adjusted Segment EBDA $ 48 $ 117
Volumetric data
SACROC oil production
20.05 18.01 20.47 18.56
Yates oil production 6.00 5.90 5.85 5.95
Other 1.02 1.13 1.04 1.11
Total oil production, net (MBbl/d)(c) 27.07 25.04 27.36 25.62
NGL sales volumes, net (MBbl/d)(c) 9.88 9.03 9.81 9.11
CO2 sales volumes, net (Bcf/d)
0.267 0.274 0.295 0.292
RNG sales volumes (BBtu/d) 13 11 13 10
Realized weighted average oil price ($ per Bbl) $ 68.65 $ 67.74 $ 69.35 $ 67.91
Realized weighted average NGL price ($ per Bbl) $ 34.48 $ 31.09 $ 32.65 $ 32.85
(a)Other operating expenses include operations and maintenance expenses and taxes, other than income taxes.
(b)The 2026 and 2025 Certain Items are associated with our Oil and Gas Producing activities. See table included in "-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 CO2 Segment EBDA:
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025
(In millions)
Source and Transportation activities $ 48 $ 36 $ 152 $ 121
Oil and Gas Producing activities 100 92 340 314
Subtotal 148 128 492 435
Energy Transition Ventures 24 7 74 31
Total CO2
$ 172 $ 135 $ 566 $ 466
Change from prior period Increase/(Decrease)
Source and Transportation activities $ 12 $ 31
Oil and Gas Producing activities $ 8 $ 26
Energy Transition Ventures $ 17 $ 43
The changes in CO2 Segment EBDA in the comparable three and nine-month periods ended September 30, 2026 and 2025 are explained by the following discussion:
•The $12 million (33%) and $31 million (26%) increases, respectively, in Source and Transportation activities were primarily due to higher realized CO2 sales prices.
•The $8 million (9%) and $26 million (8%) increases, respectively, in Oil and Gas Producing activities were driven by higher crude oil volumes and lower power costs, primarily resulting from lower prices. The increase in the nine-month period was also due to higher realized crude oil prices offset by higher other operating costs.
In addition, Oil and Gas Producing activities includes decreased revenues associated with non-cash mark-to-market sales derivative hedge contracts, which we treated as a Certain Item.
•The $17 million (243%) and $43 million (139%) increases, respectively, in Energy Transition Ventures include greater RNG production. The increase in the nine-month period also includes higher RIN sales.
We believe that our existing hedge contracts in place within our CO2 business segment substantially mitigate commodity price exposure in the near-term and to a lesser extent over the following few years. Below is a summary of our CO2 business segment hedges outstanding as of September 30, 2026:
Remaining 2026 2027 2028
Crude Oil(a)
Price ($ per Bbl) $ 64.54 $ 64.73 $ 67.72
Volume (MBbl/d) 23.15 19.22 13.30
NGLs
Price ($ per Bbl) $ 43.40 $ 48.48
Volume (MBbl/d) 3.88 2.06
(a)Includes WTI hedges.
Liquidity and Capital Resources
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:
September 30, 2026 December 31, 2025
(In millions)
Variable rate debt(a)
$ - $ 13
Notional principal amount of fixed-to-variable interest rate swap agreements 4,500 3,500
Debt balances subject to variable interest rates
$ 4,500 $ 3,513
(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:
Type of Expenditure Physical Determination of Expenditure
Sustaining capital expenditures
•Investments to maintain the operational integrity and extend the useful life of our assets
Expansion capital expenditures (discretionary capital expenditures)
•Investments to expand throughput or capacity from that which existed immediately prior to the making or acquisition of additions or improvements
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:
Nine Months Ended
September 30, 2026
2026 Remaining
Expected 2026
(In millions)
Capital expenditures:
Sustaining capital expenditures $ 630 $ 307 $ 937
Expansion capital expenditures 2,414 831 3,245
Accrued capital expenditures, contractor retainage, and other (213) - -
Capital expenditures $ 2,831 $ 1,138 $ 4,182
Add:
Sustaining capital expenditures of unconsolidated joint ventures(a) $ 122 $ 61 $ 183
Investments in unconsolidated joint ventures(b) 326 175 501
Less: Consolidated joint venture partners' sustaining capital expenditures (5) (3) (8)
Less: Consolidated joint venture partners' expansion capital expenditures (6) - (6)
Less: Insurance reimbursement related to a sustaining capital expenditure (17) - (17)
Acquisition 505 - 505
Accrued capital expenditures, contractor retainage, and other 213 - -
Total capital investments $ 3,969 $ 1,371 $ 5,340
(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:
Nine Months Ended
September 30, 2026
2026 Remaining
Expected 2026
(In millions)
Sustaining capital investments
Capital expenditures for property, plant, and equipment
$ 630 $ 307 $ 937
Sustaining capital expenditures of unconsolidated joint ventures(a) 122 61 183
Less: Consolidated joint venture partners' sustaining capital expenditures (5) (3) (8)
Less: Insurance reimbursement related to a sustaining capital expenditure (17) - (17)
Total sustaining capital investments 730 365 1,095
Expansion capital investments
Capital expenditures for property, plant, and equipment
2,414 831 3,245
Investments in unconsolidated joint ventures(b) 326 175 501
Less: Consolidated joint venture partners' expansion capital expenditures (6) - (6)
Acquisition 505 - 505
Total expansion capital investments 3,239 1,006 4,245
Total capital investments $ 3,969 $ 1,371 $ 5,340
(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:
Nine Months Ended
September 30,
2026 2025 Changes
(In millions)
Net Cash Provided by (Used in)
Operating activities $ 5,041 $ 4,225 $ 816
Investing activities (3,381) (2,702) (679)
Financing activities (826) (1,604) 778
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Deposits $ 834 $ (81) $ 915
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 CO2 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 CO2 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:
Three months ended Total quarterly dividend per share for the period Date of declaration Date of record Date of dividend
March 31, 2026 $ 0.2975 April 22, 2026 May 4, 2026 May 15, 2026
June 30, 2026 0.2975 July 22, 2026 August 3, 2026 August 17, 2026
September 30, 2026 0.2975 October 21, 2026 November 2, 2026 November 16, 2026
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.
Summarized Combined Financial Information for Guarantee of Securities of Subsidiaries
KMI and certain subsidiaries (Subsidiary Issuers) are issuers of certain debt securities. KMI and substantially all of KMI's wholly owned domestic subsidiaries (Subsidiary Guarantors), are parties to a cross guarantee agreement whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of specified indebtedness of each other party to the agreement. Accordingly, with the exception of certain subsidiaries identified as subsidiary non-guarantors (Subsidiary Non-Guarantors), the parent issuer, Subsidiary Issuers, and Subsidiary Guarantors (the "Obligated Group") are all guarantors of each series of our guaranteed debt (Guaranteed Notes). As a result of the cross guarantee agreement, holders of any of the Guaranteed Notes issued by KMI or a Subsidiary Issuer are in the same position with respect to the net assets and income of KMI and the Subsidiary Issuers and Guarantors.
In lieu of providing separate financial statements for the Obligated Group, we have presented the accompanying supplemental summarized combined income statement and balance sheet information for the Obligated Group based on Rule 13-01 of the SEC's Regulation S-X. Also, see Exhibit 10.1 to this report "Cross Guarantee Agreement, dated as of November 26, 2014, among KMI and certain of its subsidiaries, with schedules updated as of September 30, 2026."
All significant intercompany items among the Obligated Group have been eliminated in the supplemental summarized combined financial information. The Obligated Group's investment balances in Subsidiary Non-Guarantors have been excluded from the supplemental summarized combined financial information. Significant intercompany balances and activity for the Obligated Group with other related parties, including Subsidiary Non-Guarantors (referred to as "affiliates"), are presented separately in the accompanying supplemental summarized combined financial information.
Excluding fair value adjustments, as of September 30, 2026 and December 31, 2025, the Obligated Group had $32,494 million and $31,153 million, respectively, of Guaranteed Notes outstanding.
Summarized combined balance sheet and income statement information for the Obligated Group follows:
Summarized Combined Balance Sheet Information September 30, 2026 December 31, 2025
(In millions)
Current assets $ 3,175 $ 2,460
Current assets - affiliates 912 779
Noncurrent assets 66,132 64,470
Noncurrent assets - affiliates 757 782
Total Assets $ 70,976 $ 68,491
Current liabilities $ 4,653 $ 4,015
Current liabilities - affiliates 883 766
Noncurrent liabilities 37,032 35,589
Noncurrent liabilities - affiliates 2,033 1,807
Total Liabilities 44,601 42,177
Kinder Morgan, Inc.'s stockholders' equity 26,375 26,314
Total Liabilities and Stockholders' Equity $ 70,976 $ 68,491
Summarized Combined Income Statement Information Three Months Ended
September 30, 2026 		Nine Months Ended
September 30, 2026
(In millions)
Revenues $ 4,123 $ 12,687
Operating income 1,163 3,659
Net income 784 2,373
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