Kinder Morgan

“As contracts expire, we have additional exposure to the longer term trends in supply and demand for natural gas.”

Annual report 2025A · The company itself

“Risks Related to our Business Our businesses are dependent on the supply of and demand for the products we handle. Our pipelines, terminals, and other assets and facilities, including the availability of expansion opportunities, depend in part on continued production of natural gas, crude oil, and other products in the geographic areas that they serve. Without additions to crude oil and gas reserves, production will decline over time as reserves are depleted, and production costs may rise.”

Annual report 2025A · The company itself

“The volatility of crude oil, NGL, and natural gas prices could adversely affect our business. The revenues, cash flows, profitability, and future growth of some of our businesses (and the carrying values of certain of their respective assets, which include related goodwill) depend to a large degree on prevailing crude oil, NGL, and natural gas prices. Prices for crude oil, NGL, and natural gas are subject to large fluctuations in response to relatively minor changes in the supply of and demand for crude oil, NGL, and natural gas, uncertainties within the market and a variety of other factors beyond our control.”

Annual report 2025A · The company itself

“Because the combustion of natural gas produces lower GHG emissions per unit of energy than competing fossil fuels, cap-and-trade legislation or EPA regulatory initiatives to reduce GHGs could stimulate demand for natural gas by increasing the relative cost of competing fuels such as coal and oil. In addition, we anticipate that GHG regulations will increase demand for carbon sequestration technologies, such as the techniques we have successfully demonstrated in our enhanced oil recovery operations within our CO2 business segment.”

Annual report 2025A · The company itself

“However, these potential positive effects on our markets may be offset if these same regulations also cause the cost of natural gas to increase relative to competing non-fossil fuels.”

Annual report 2025A · The company itself

“The rate of production from oil and natural gas properties declines as reserves are depleted. Without successful development activities, the reserves, revenues, and cash flows of the oil and gas producing assets within our CO2 business segment will decline.”

Annual report 2025A · The company itself

“Increased regulation of exploration and production activities, including activity on public lands, could result in reductions or delays in drilling and completing new oil and natural gas wells, as well as reductions in production from existing wells, which could adversely impact the volumes of natural gas transported on our natural gas pipelines and our own oil and gas development and production activities. We gather, process, or transport crude oil, natural gas, or NGL from several areas, including lands that are federally managed.”

Annual report 2025A · The company itself

“Adoption of legislation or regulations restricting these activities in our areas of operations could impose operational delays, increased operating costs and additional regulatory burdens on exploration and production operators, which could reduce their production of crude oil, natural gas, or NGL and, in turn, adversely affect our revenues, cash flows, and results of operations by decreasing the volumes of these commodities that we handle. These laws and regulations may also adversely affect our own oil and gas development and production activities.”

Annual report 2025A · The company itself

“Natural Gas Pipelines Segment Contracts Revenues from our interstate and intrastate natural gas pipelines, related storage facilities, and LNG terminals are primarily received under long-term fixed contracts. To the extent practicable and economically feasible in light of our strategic plans and other factors, we generally attempt to mitigate risk of reduced volumes and prices by negotiating contracts with longer terms, with higher per-unit pricing and for a greater percentage of our available capacity. These long-term contracts are typically structured with a fixed fee reserving the right to transport or store natural gas and specify that we receive the majority of our fee for making the capacity available, whether or not the customer actually chooses to utilize that capacity.”

Annual report 2025A · The company itself

“Our hedging strategy involves entering into a financial position intended to offset our physical position, or anticipated position, in order to minimize the risk of financial loss from an adverse price change. For example, as sellers of crude oil, natural gas, and NGL, we often enter into fixed price swaps and/or futures contracts to guarantee or lock-in the sale price of our crude oil or the margin from the sale and purchase of our natural gas at the time of market delivery, thereby in whole or in part offsetting any change in prices, either positive or negative.”

Annual report 2025A · The company itself

“We are one of the largest energy infrastructure companies in North America. As of December 31, 2025, we owned an interest in or operated approximately 78,000 miles of pipelines, 136 terminals, approximately 706 Bcf of working natural gas storage capacity, and RNG generation capacity of approximately 6.9 Bcf per year of gross production. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2, renewable fuels, and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, jet fuel, chemicals, petroleum coke, metals, and ethanol and other renewable fuels and feedstocks.”

Annual report 2025A · The company itself

“Within this segment are: (i) approximately 42,000 miles of wholly owned natural gas pipelines and (ii) our equity interests in entities that have approximately 25,000 miles of natural gas pipelines, along with associated storage and supply lines for these transportation networks, which are strategically located throughout the North American natural gas pipeline grid. Our transportation network provides access to the major natural gas supply areas and consumers in the western U.S., Rocky Mountain, Midwest, Texas, Louisiana, Southeastern, and Northeast regions. Our LNG terminal facilities also serve natural gas market areas in the southeast.”

Annual report 2025A · The company itself

“Completed December 2025. $382 million Projects placed in service TGP and SNG Evangeline Pass projects Two-phase 2 Bcf/d project serving Venture Global’s Plaquemines LNG facility (Plaquemines). With the first phase, TGP is providing approximately 0.9 Bcf/d natural gas transportation capacity to Plaquemines. With the second phase, TGP and SNG is jointly providing volumes up to the remaining 1.1 Bcf/d to Plaquemines.”

Annual report 2025A · The company itself

“Our business also depends in part on the levels of demand for natural gas, crude oil, NGL, refined petroleum products, CO2, steel, chemicals, and other products in the geographic areas to which our pipelines, terminals, shipping vessels, and other facilities deliver or provide service, and the ability and willingness of our shippers and other customers to supply such demand.”

Annual report 2025A · The company itself

“Second phase expected in-service date is fourth quarter of 2029. $1,830 million Trident Intrastate pipeline project Project is designed to construct 216-mile pipeline which will provide approximately 2.0 Bcf/d of capacity from Katy, Texas to the LNG and industrial corridor near Port Arthur, Texas. Supported by long-term contracts.”

Annual report 2025A · The company itself

“CO2 Segment Contracts Our CO2 source and transportation business primarily has third-party sales contracts with minimum volume requirements, which as of December 31, 2025 had a remaining average contract life of approximately six years. Our CO2 sales contracts vary from customer to customer and generally provide for a delivered price tied to the price of crude oil, in some cases based on a fixed fee or floor price.”

Annual report 2025A · The company itself

“The revenues we receive from our crude oil, NGL, and RIN sales are affected by the prices we realize from these sales and, over the long term, we tend to receive prices that are driven by the related demand and overall market.”

Annual report 2025A · The company itself

“Risks Related to our Business Our businesses are dependent on the supply of and demand for the products we handle. Our pipelines, terminals, and other assets and facilities, including the availability of expansion opportunities, depend in part on continued production of natural gas, crude oil, and other products in the geographic areas that they serve. Without additions to crude oil and gas reserves, production will decline over time as reserves are depleted, and production costs may rise.”

Annual report 2025A · The company itself

“The volatility of crude oil, NGL, and natural gas prices could adversely affect our business. The revenues, cash flows, profitability, and future growth of some of our businesses (and the carrying values of certain of their respective assets, which include related goodwill) depend to a large degree on prevailing crude oil, NGL, and natural gas prices. Prices for crude oil, NGL, and natural gas are subject to large fluctuations in response to relatively minor changes in the supply of and demand for crude oil, NGL, and natural gas, uncertainties within the market and a variety of other factors beyond our control.”

Annual report 2025A · The company itself

“The rate of production from oil and natural gas properties declines as reserves are depleted. Without successful development activities, the reserves, revenues, and cash flows of the oil and gas producing assets within our CO2 business segment will decline.”

Annual report 2025A · The company itself

“Increased regulation of exploration and production activities, including activity on public lands, could result in reductions or delays in drilling and completing new oil and natural gas wells, as well as reductions in production from existing wells, which could adversely impact the volumes of natural gas transported on our natural gas pipelines and our own oil and gas development and production activities. We gather, process, or transport crude oil, natural gas, or NGL from several areas, including lands that are federally managed.”

Annual report 2025A · The company itself

“Adoption of legislation or regulations restricting these activities in our areas of operations could impose operational delays, increased operating costs and additional regulatory burdens on exploration and production operators, which could reduce their production of crude oil, natural gas, or NGL and, in turn, adversely affect our revenues, cash flows, and results of operations by decreasing the volumes of these commodities that we handle. These laws and regulations may also adversely affect our own oil and gas development and production activities.”

Annual report 2025A · The company itself

“The following summarizes our Terminals business segment assets, as of December 31, 2025: Number Capacity (MMBbl) Liquids terminals 47 78.7 Bulk terminals 24 — Jones Act tankers 16 5.3 Terminals Segment Contracts The factors impacting our Terminals business segment generally differ between liquid and bulk terminals. Our liquids terminals business generally enters into long-term contracts that require the customer to pay our fee regardless of whether they use the capacity. Thus, similar to our natural gas pipelines business, our liquids terminals business is less sensitive to short-term changes in supply and demand.”

Annual report 2025A · The company itself

“Our hedging strategy involves entering into a financial position intended to offset our physical position, or anticipated position, in order to minimize the risk of financial loss from an adverse price change. For example, as sellers of crude oil, natural gas, and NGL, we often enter into fixed price swaps and/or futures contracts to guarantee or lock-in the sale price of our crude oil or the margin from the sale and purchase of our natural gas at the time of market delivery, thereby in whole or in part offsetting any change in prices, either positive or negative.”

Annual report 2025A · The company itself

“We are one of the largest energy infrastructure companies in North America. As of December 31, 2025, we owned an interest in or operated approximately 78,000 miles of pipelines, 136 terminals, approximately 706 Bcf of working natural gas storage capacity, and RNG generation capacity of approximately 6.9 Bcf per year of gross production. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2, renewable fuels, and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, jet fuel, chemicals, petroleum coke, metals, and ethanol and other renewable fuels and feedstocks.”

Annual report 2025A · The company itself

“Terminals Our Terminals business segment includes the operations of our refined petroleum product, chemical, renewable fuel, and other liquid terminal facilities (other than those included in the Products Pipelines business segment) and all of our bulk terminal facilities, which handle products such as petroleum coke, metal, and ores, among others. Our terminals are located primarily near large U.S. urban centers. We believe the location of our facilities and our ability to provide flexibility to customers help attract new and retain existing customers at our terminals and provide expansion opportunities.”

Annual report 2025A · The company itself

“Our CO2 business segment produces, transports, and markets CO2 for use in enhanced oil recovery projects as a flooding medium for recovering crude oil from mature oil fields. We also own and operate oil and gas producing fields, and RNG, LNG, and landfill GTE facilities.”

Annual report 2025A · The company itself

“Our business also depends in part on the levels of demand for natural gas, crude oil, NGL, refined petroleum products, CO2, steel, chemicals, and other products in the geographic areas to which our pipelines, terminals, shipping vessels, and other facilities deliver or provide service, and the ability and willingness of our shippers and other customers to supply such demand.”

Annual report 2025A · The company itself

“$209 million Financings During 2025, we issued $1,850 million of new senior notes to repay short-term borrowings, to fund maturing debt and for general corporate purposes and repaid a combined $1,500 million of maturing senior notes.”

Annual report 2025A · The company itself

“Our large amount of debt makes us vulnerable to increases in interest rates to the extent we have variable-rate debt and maturing fixed-rate debt. As of December 31, 2025, we had approximately $31.8 billion of consolidated debt (excluding debt fair value adjustments), including $1.1 billion of senior notes maturing within the next 12 months, and approximately $3.5 billion of debt subject to variable interest rates, either as short-term or long-term variable-rate debt obligations, or as long-term fixed-rate debt effectively converted to variable rates through the use of interest rate swaps.”

Annual report 2025A · The company itself

“Interest Rate Risk In order to maintain a cost effective capital structure, it is our policy to borrow funds using a mix of fixed-rate debt and variable-rate debt. Fixed-to-variable interest rate swap agreements are entered into for the purpose of converting a portion of the underlying cash flows related to long-term fixed-rate debt securities into variable-rate debt in order to achieve our desired mix of fixed and variable-rate debt.”

Annual report 2025A · The company itself

“We are one of the largest energy infrastructure companies in North America. As of December 31, 2025, we owned an interest in or operated approximately 78,000 miles of pipelines, 136 terminals, approximately 706 Bcf of working natural gas storage capacity, and RNG generation capacity of approximately 6.9 Bcf per year of gross production. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2, renewable fuels, and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, jet fuel, chemicals, petroleum coke, metals, and ethanol and other renewable fuels and feedstocks.”

Annual report 2025A · The company itself

“Our CO2 business segment produces, transports, and markets CO2 for use in enhanced oil recovery projects as a flooding medium for recovering crude oil from mature oil fields. We also own and operate oil and gas producing fields, and RNG, LNG, and landfill GTE facilities.”

Annual report 2025A · The company itself

“Because of that, we seek to own refined petroleum products pipelines and terminals located in, or that transport to, stable or growing markets and population centers. The transportation rates we charge are generally based on regulated tariffs that are adjusted annually based on changes in the U.S.”

Annual report 2025A · The company itself

“Terminals Our Terminals business segment includes the operations of our refined petroleum product, chemical, renewable fuel, and other liquid terminal facilities (other than those included in the Products Pipelines business segment) and all of our bulk terminal facilities, which handle products such as petroleum coke, metal, and ores, among others. Our terminals are located primarily near large U.S. urban centers. We believe the location of our facilities and our ability to provide flexibility to customers help attract new and retain existing customers at our terminals and provide expansion opportunities.”

Annual report 2025A · The company itself

“Because of that, we seek to own refined petroleum products pipelines and terminals located in, or that transport to, stable or growing markets and population centers. The transportation rates we charge are generally based on regulated tariffs that are adjusted annually based on changes in the U.S.”

Annual report 2025A · The company itself

“The acquisition of additional businesses and assets is part of our growth strategy. We may experience difficulties completing acquisitions or integrating new businesses and properties, and we may be unable to achieve the benefits we expect from any future acquisitions.”

Annual report 2025A · The company itself

“In addition, weather-related events, including hurricanes, may impact our facilities and access to them and, thus, the profitability of certain terminals for limited periods of time or, in relatively rare cases of severe damage to facilities, for longer periods.”

Annual report 2025A · The company itself

“Hurricanes, earthquakes, flooding, and other natural disasters, as well as subsidence and coastal erosion and climate-related physical risks, could have an adverse effect on our business, financial condition, and results of operations. Some of our pipelines, terminals, and other assets are located in, and our shipping vessels operate in, areas that are susceptible to hurricanes, earthquakes, flooding, and other natural disasters or could be impacted by subsidence and coastal 28 erosion.”

Annual report 2025A · The company itself

“Many climate models indicate that global warming is likely to result in rising sea levels, increased frequency and severity of weather events such as winter storms, hurricanes and tropical storms, extreme precipitation, and flooding. These climate-related changes could result in damage to our physical assets, especially operations located in low-lying areas near coasts and river banks, and facilities situated in hurricane-prone and rain-susceptible regions.”

Annual report 2025A · The company itself

“A breach of information security or the failure of one or more key IT or operational (OT) systems, or those of third parties, may adversely affect our business, results of operations, or business reputation. Our business is dependent upon our operational systems to process a large amount of data and complex transactions.”

Annual report 2025A · The company itself

“We are subject to the Jones Act, which generally restricts U.S. point-to-point maritime shipping to vessels operating under the U.S. flag, built in the U.S., owned and operated by U.S.-organized companies that are controlled and at least 75% owned by U.S. citizens and crewed by predominately U.S. citizens. Our business would be adversely affected if we fail to comply with the Jones Act provisions on coastwise trade.”

Annual report 2025A · The company itself

“Our business requires access to steel and other materials to construct and maintain our pipelines. Any imposition of or increase in tariffs on imports of steel or other materials, as well as corresponding price increases for such materials available domestically, could increase our construction costs and our costs to maintain our assets.”

Annual report 2025A · The company itself

“Pursuant to the NGA, the FERC also has authority over the rates charged and terms and conditions of services offered by interstate natural gas pipeline and storage companies. The FERC’s regulatory authority extends to establishing minimum and maximum rates for services and allows operators to discount or negotiate rates on a non-discriminatory basis. The rates, terms and conditions of service are set forth in posted tariffs approved by the FERC for each of our interstate natural gas pipeline and storage companies.”

Annual report 2025A · The company itself

“FERC regulations also include a comprehensive framework for market transparency and nondiscrimination, as well as the FERC’s prohibition against market manipulation. Under the Energy Policy Act and related regulations, it is unlawful for any entity, directly or indirectly in connection with the purchase or sale of natural gas subject to the jurisdiction of the FERC, or the purchase or sale of transportation services subject to the jurisdiction of the FERC, to engage in fraudulent conduct.”

Annual report 2025A · The company itself

“The FERC has authority to impose civil penalties of nearly $1.6 million per day per violation. If we fail to comply with all applicable statutes, rules, regulations, and orders administered by the FERC, we could be subject to substantial civil penalties and fines.”

Annual report 2025A · The company itself

“In addition, our business requires the retention and recruitment of a skilled workforce, including engineers, technical personnel, and other professionals. We and our affiliates compete with other companies in the energy industry for this skilled workforce.”

Annual report 2025A · The company itself

“In addition, many of our current employees are retirement eligible and have significant institutional knowledge that must be transferred to other employees. If we are unable to (i) retain current employees; (ii) successfully complete the knowledge transfer; and/or (iii) recruit new employees of comparable knowledge and experience, our business could be negatively impacted.”

Annual report 2025A · The company itself

“We employed 11,028 full-time personnel at December 31, 2025, including approximately 867 full-time hourly personnel at certain terminals and pipelines covered by collective bargaining agreements that expire between 2026 and 2029.”

Annual report 2025A · The company itself

“Our business and results of operations may be adversely affected by uncertainty and changes in U.S. trade policies, including tariffs, trade agreements, or other trade restrictions imposed by the U.S. or other governments. For example, in 2025, the U.S. government announced multiple tariffs on several foreign jurisdictions and imports into the U.S.”

Annual report 2025A · The company itself

“Tariffs or other trade restrictions may lead to continuing uncertainty and volatility in U.S. and global financial and economic conditions and commodity markets, declining consumer confidence, significant inflation, and diminished expectations for the economy, and ultimately reduced demand for our and our customers’ products and services. Such conditions could have a material adverse impact on our business, results of operations, and cash flows.”

Annual report 2025A · The company itself

“In addition, we have experienced increasing costs for construction materials, including cost increases associated with increased tariffs (such as those discussed under “—Changes in U.S. trade policy and the impact of tariffs may have a material adverse effect on our business and results of operations.”) and may continue to experience such cost impacts.”

Annual report 2025A · The company itself

“We are subject to reputational risks and risks relating to public opinion. Our business, operations, or financial condition generally may be negatively impacted as a result of negative public opinion towards our industry sector, the products we handle, or us specifically.”

Annual report 2025A · The company itself

“These factors include, among other things (i) weather conditions and events such as hurricanes in the U.S.; (ii) domestic and global economic conditions; (iii) the activities of the OPEC and other countries that are significant producers of crude oil (OPEC+); (iv) governmental regulation; (v) armed conflict or political instability in crude oil and natural gas producing countries; (vi) the foreign supply of and demand for crude oil and natural gas; (vii) the price of foreign imports; (viii) the proximity and availability of storage and transportation infrastructure and processing and treating facilities; and (ix) the availability and prices of alternative fuel sources.”

Annual report 2025A · The company itself

“Petroleum products and crude oil pipelines may change their rates within prescribed ceiling levels that are calculated using an inflation index formula determined by the FERC in rulemaking proceedings that occur every five years. Shippers may protest rate increases made within the ceiling levels calculated using this inflation index, but such protests must show that the portion of the rate increase resulting from application of the index is substantially in excess of the pipeline’s increase in costs from the previous year.”

Annual report 2025A · The company itself

“Tariffs or other trade restrictions may lead to continuing uncertainty and volatility in U.S. and global financial and economic conditions and commodity markets, declining consumer confidence, significant inflation, and diminished expectations for the economy, and ultimately reduced demand for our and our customers’ products and services. Such conditions could have a material adverse impact on our business, results of operations, and cash flows.”

Annual report 2025A · The company itself

“Also, sustained lower demand for hydrocarbons, or changes in the regulatory environment or applicable government policies and priorities, including in relation to climate change or other environmental concerns, may have a negative impact on the supply of crude oil and other products. In recent years, public concern about the potential risks posed by climate change has resulted in increased demand for energy efficiency and a transition to energy provided from renewable energy sources rather than fossil fuels, fuel-efficient alternatives such as hybrid and electric vehicles, and pursuit of other technologies to reduce GHG emissions, such as carbon capture and sequestration.”

Annual report 2025A · The company itself

“Also, sustained lower demand for hydrocarbons, or changes in the regulatory environment or applicable government policies and priorities, including in relation to climate change or other environmental concerns, may have a negative impact on the supply of crude oil and other products. In recent years, public concern about the potential risks posed by climate change has resulted in increased demand for energy efficiency and a transition to energy provided from renewable energy sources rather than fossil fuels, fuel-efficient alternatives such as hybrid and electric vehicles, and pursuit of other technologies to reduce GHG emissions, such as carbon capture and sequestration.”

Annual report 2025A · The company itself

“Our insurance policies do not cover all losses, costs or liabilities that we may experience, and insurance companies that currently insure companies in the energy industry may cease to do so or substantially increase premiums. Our insurance program may not cover all operational risks and costs and may not provide sufficient coverage in the event of a claim.”

Annual report 2025A · The company itself

“A variety of factors outside of our control, such as difficulties in obtaining rights-of-way and permits or other regulatory approvals, have caused, and may continue to cause, delays in or cancellations of our construction projects.”

Annual report 2025A · The company itself

“Marine Operations The operation of tankers and marine equipment is subject to maritime obligations involving property, personnel and cargo under General Maritime Law and involves a variety of risks, including, among other things, the risk of collision or allision, which may result in claims for personal injury, cargo, contract, pollution, third-party claims and property damages to vessels and facilities. We are subject to the Jones Act and other federal laws that restrict maritime transportation (between U.S. departure and destination points) to vessels built and registered in the U.S. and owned and crewed by U.S. citizens.”

Annual report 2025A · The company itself