#1KINDER MORGAN MAY 2022 INVESTOR PRESENTATION Altamont gathering right-of-way, Granite Park, Utah#2Disclosure KINDER MORGAN Forward-looking statements / non-GAAP financial measures / industry & market data General - The information contained in this presentation does not purport to be all-inclusive or to contain all information that prospective investors may require. Prospective investors are encouraged to conduct their own analysis and review of information contained in this presentation as well as important additional information through the Securities and Exchange Commission's ("SEC") EDGAR system at www.sec.gov and on our website at www.kindermorgan.com. Policies and Procedures -This presentation includes descriptions of our vision, mission and values and various policies, standards, procedures, processes, systems, programs, initiatives, assessments, technologies, practices, and similar measures related to our operations and compliance systems ("Policies and Procedures"). References to Policies and Procedures in this presentation do not represent guarantees or promises about their efficacy, or any assurance that such measures will apply in every case, as there may be exigent circumstances, factors, or considerations that may cause implementation of other measures or exceptions in specific instances. Forward-Looking Statements - This presentation includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934 ("Exchange Act"). Forward-looking statements include any statement that does not relate strictly to historical or current facts and include statements accompanied by or using words such as "anticipate,” “believe,” “intend,” “plan,” “projection," "forecast," "strategy," "outlook," "continue," "estimate," "expect," "may," "will," "shall," and "long-term". In particular, statements, express or implied, concerning future actions, conditions or events, including our Policies and Procedures and their efficacy, long term demand for our assets and services, energy-transition related opportunities, including opportunities related to alternative energy sources, future operating results or the ability to generate revenues, income or cash flow or to pay dividends are forward-looking statements. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Because of these uncertainties, you are cautioned not to put undue reliance on any forward-looking statement. We disclaim any obligation, other than as required by applicable law, to publicly update or revise any of our forward-looking statements to reflect future events or developments. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results are beyond our ability to control or predict. These statements are necessarily based upon various assumptions involving judgments with respect to the future, including, among others; commodity prices, including prices for Renewable Identification Numbers under the U.S. Environmental Protection Agency's Renewable Fuel Standard Program; the timing and extent of changes in the supply of and demand for the products we transport and handle; national, international, regional and local economic, competitive, political and regulatory conditions and developments; the timing and success of business development efforts; the timing, cost, and success of expansion projects; technological developments; the condition of capital and credit markets; inflation rates; interest rates; the political and economic stability of oil- producing nations; energy markets; federal, state or local income tax legislation; weather conditions; environmental conditions; business, regulatory and legal decisions; terrorism; cyber-attacks; and other uncertainties. Important factors that could cause actual results to differ materially from those expressed in or implied by forward-looking statements include risks and uncertainties described in this presentation and in our Annual Report on Form 10-K for the year ended December 31, 2021 and our subsequent reports filed with the SEC (under the headings "Risk Factors," "Information Regarding Forward-Looking Statements" and elsewhere). These reports are available through the SEC's EDGAR system at www.sec.gov and on our website at www.kindermorgan.com. GAAP - Unless otherwise stated, all historical and estimated future financial and other information included in this presentation have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Non-GAAP - In addition to using financial measures prescribed by GAAP, we use non-generally accepted accounting principles ("non-GAAP") financial measures in this presentation. Descriptions of our non- GAAP financial measures, as well as reconciliations of historical non-GAAP financial measures to their most directly comparable GAAP measures, can be found in this presentation under "Non-GAAP Financial Measures and Reconciliations". These non-GAAP financial measures do not have any standardized meaning under GAAP and may not be comparable to similarly titled measures presented by other issuers. As such, they should not be considered as alternatives to GAAP financial measures. Industry and Market Data - Certain data included in this presentation has been derived from a variety of sources, including independent industry publications, government publications and other published independent sources. Although we believe that such third-party sources are reliable, we have not independently verified, and take no responsibility for, the accuracy or completeness of such data. 2#3Leader in North American Energy Infrastructure Energy infrastructure, especially natural gas pipelines & storage, has a decades-long time horizon Largest natural gas transmission network ~71,000 miles of natural gas pipelines 700 bcf of working storage capacity ~1,200 miles of natural gas liquids pipelines Largest independent transporter of refined products Transport ~1.7 mmbbld of refined products Pacific KINDER MORGAN Move ~40% of U.S. natural gas consumption & exports Delivering energy to improve lives & create a better world KM Midstream Double H Stagecoach ~6,800 miles of refined products pipelines ~2,700 miles of crude pipelines Largest independent terminal operator 141 terminals & 16 Jones Act vessels Largest CO2 transport capacity of ~1.5 bcfd. ~1,500 miles of CO2 pipelines 4 bcf(a) of RNG production capacity by early 2023 BUSINESS MIX 62% ■Natural gas 16% 13% 9% ■ Products ■ Terminals ■ CO2 Ruby WIC CIG CP NGPL Northern TCGT Calnev Mojave EPNG Cortez KM Midstream FEP TGP Utopia NGPL TGP PPL Elba Express SNG ELC Pacific MEP Sierrita Wink KM Midstream KMLP GLNG FGT PHP GCX Cypress KMCC/ Double Eagle NATURAL GAS PRODUCTS TERMINALS CO2 storage processing A terminals terminals ☐ 16 Jones Act tankers ☑ LNG terminals Note: Volumes per 2022 budget. Business mix based on 2022 budgeted Adjusted Segment EBDA. See Non-GAAP Financial Measures & Reconciliations. a) Annual capacity at KM share. 50% interest in Indy HBTU. 3 facilities in development are 100% owned. CEPL CO2 source fields oil fields operational RNG Plants RNG plants under construction * LNG production & fueling facilities 3#4Strategy Maximize the value of our assets on behalf of shareholders KINDER MORGAN Stable, fee-based assets Invest in a low carbon future Core energy infrastructure Safe & efficient operator Multi-year contracts -94% take-or-pay, hedged, & fee- based cash flows (a) Established Energy Transition Ventures Group $1.7 billion backlog with >65% allocated to low carbon investments Investing in natural gas, RNG, and liquid biofuels infrastructure at attractive returns Financial flexibility 4.3x 2022B expected YE Net Debt / Adjusted EBITDA Long-term target remains around 4.5x Low cost of capital Mid-BBB credit ratings Ample liquidity Reduced net debt by over $11 billion since 1Q 2015 Disciplined capital allocation Conservative assumptions High return thresholds Self-funding 100% of capex & dividends for last six years Enhance shareholder value Maintain strong balance sheet Attractive investments Dividend growth Share repurchases Note: See Non-GAAP Financial Measures & Reconciliations. a) Based on 2022 budgeted Adjusted Segment EBDA. K Natural gas storage wellhead, Houston, Texas 4#56% other Commodity- price based 42% 3% 8% 1% G&P 2% 5% 1% Toll Road Strategy Insulates Cash Flow Through Commodity Cycles Structure long-term contracts that minimize price & volume volatility Natural Gas 2022B Adjusted Segment EBDA: Interstate / LNG TX Intrastate 69% take- or-pay or hedged Volumes & price are contractually fixed 25% fee- based Price is fixed, volumes are variable Avg. remaining contract life Additional cash flow security KINDER MORGAN Primarily acreage dedications for fee-based contracts as of 1/1/2022 6.0/18.7 years Tariffs are FERC-regulated 6.0 years 4.2 years Refined products 1% 9% 1% generally not applicable Products Crude transport 2% 2.4 years Pipeline tariffs are FERC-regulated -2/3 of 2022B Products Segment Adj. Segment EBDA has an annual inflation-linked tariff escalator Crude G&P 2% Liquids terminals 6% 2% 2.5 years Terminals Jones Act tankers 2% 1.3 years ~3/4 of 2022B Terminals Segment Adj. Segment EBDA has annual price escalators (inflation linked or fixed price escalators) Bulk terminals: primarily minimum volume guarantee or requirements Bulk terminals 1% 2% 5.0 years CO2 EOR Oil & Gas CO2 & Transport 5% 2% 1% 1% 7.6 years Commodity-price based contracts are mostly minimum volume committed Note: Numbers may not sum due to rounding. See Non-GAAP Financial Measures & Reconciliations. сл 5#6Core Holding in Any Portfolio Generating significant cash flow & returning value to shareholders >$40 billion market capitalization ~13% owned by management One of the largest energy companies in the S&P500 Highly-aligned management with significant equity interests KINDER MORGAN SP500 FREE CASH FLOW YIELDS y-axis represents # of SP500 tickers within the free cash flow yield range specified on the x-axis 140 120 100 80 60 40 20 At 8.9%, KMI's FCF yield is in the 86th percentile $7.2 billion 2022 budget Adj. EBITDA Over $300mm YoY increase after normalizing for the one-time 2021 benefit from Winter Storm Uri 0% - 2% 2% -4% 4% -6% 6%-8% 8% -10% 10% - 12% >12% SP500 CURRENT DIVIDEND YIELDS y-axis represents # of SP500 tickers within the dividend yield range specified on the x-axis 3% dividend increase budgeted for 2022 Healthy coverage 200 150 100 $2 billion share buyback program Over $1.4 billion of program capacity remaining 50 At 6.1%, KMI has the 3rd highest dividend yield in the SP500 0% 1% 1% - 2% 2% -3% 3% - 4% 4%-5% 5% -6% >6% See Non-GAAP Financial Measures & Reconciliations. Note: Data based on 2022 FCF estimates, current dividend, and market capitalizations from Bloomberg for companies included in the S&P 500 as of 4/29/2022. 6#7Proven History of Cash Flow Generation and Shareholder Returns $ in billions except per share ADJUSTED EBITDA KINDER MORGAN +9% $0.7 $6.6 $7.2 2016 2022B ■EBITDA generated from assets divested 2016-2021 Note: See Non-GAAP Financial Measures & Reconciliations. a) Per Cash Flow Statement. CFFO FREE CASH FLOW CFFO - Capital Expenditures (a) NET DEBT +11% +82% -18% $4.8 $5.3 $1.9 $3.4 $38 $31 DECLARED DIVIDENDS PER SHARE +122% $0.50 $1.11 2016 2022B 2016 2022B 2016 2022B 2016 2022B 7#82022 Budget Summary $ in billions, except per share Key metrics Net income Adjusted EBITDA 2021 2022 Increase 2021 excluding Uri Budget excluding Uri $1.8 $0.9 $2.5 >2.5x $7.9 $6.9 $7.2 5% Distributable Cash Flow $5.5 $4.4 $4.7 8% (DCF) Discretionary capital(a) $2.3 $1.3 Dividend share (b) $1.08 $1.11 Year-end Net Debt / 3.9x Adj. EBITDA (b) 4.3x KINDER MORGAN ~$890 million CFFO - capital expenditures - dividends (c) We expect net income, EBITDA and DCF to be favorable to budget due to stronger than expected commodity prices and favorable operating results from our Natural Gas and CO2 business segments, partially offset by higher costs Note: See Non-GAAP Financial Measures & Reconciliations. a) Includes growth capital & JV contributions for expansion capital, debt repayments & net of partner contributions for our consolidated JVs. b) No share repurchases assumed in 2022 budget. c) Per Statement of Cash Flows. 8#9$1.7 Billion Committed Capital Project Backlog as of 3/31/2022 Expect 46% of backlog capital in service in 2022 and 46% in 2023 KINDER MORGAN $ million Natural Gas Products Terminals Energy Ventures TOTAL LOW-CARBON $ 762 156 204 130 $ 762 49% for end use, 51% for G&P & other 58 RD projects RD & VRU emission reduction projects 150 150 RNG facilities & asset upgrades Subtotal $ 1,273 $ 1,100 EBITDA build multiple ~3.2x ~3.3x CO2 Total $386 $ 1,659 Low-carbon investments represent > 65% of backlog Note: See Non-GAAP Financial Measures & Reconciliations. EBITDA multiple reflects KM share of estimated capital divided by estimated Project EBITDA. 9#10MARKET FUNDAMENTALS TransColorado Pipeline compressor station, Mancos, Colorado#11All Energy Sources Required to Meet Demand Outlook Total energy demand expected to grow >20% GLOBAL TOTAL ENERGY DEMAND BY FUEL Exajoules 2020, 2030, 2040 13% 28% 2020-2040 growth in Exajoules 200 17% 2040 % mix (10) 10 150 100 50 19% 24% Renewables Nat Gas Other Oil products Biofuels Biogas Coal Asia Pacific Africa KINDER MORGAN 30 30 50 50 70 70 Middle East Other Asia Pacific accounts for 55% of total growth Central & S. America Eurasia North America Europe Based on IEA data from the IEA (2021) World Energy Outlook, World Energy Outlook 2021 - Analysis – IEA. All rights reserved; as modified by Kinder Morgan. STEPS (Stated Policies) scenario. Note: Other includes nuclear, modern solid biomass, and traditional biomass. 11#120 1 2 Norway United Kingdom 3 Saudi Arabia SCALING FACTOR 7 U.S. is a Responsible Producer One of the lowest emissions intensity producers in the world & at unmatched scale AVERAGE UPSTREAM METHANE EMISSION INTENSITY 2020 OIL & GAS PRODUCTION mtoe 1,600 6 Only 5 countries have 5 4 lower emission intensity factors than the U.S..... 800 UAE Qatar Kuwait Canada Australia United States Malaysia Brazil China Kazakhstan Oman Mexico Russia Indonesia Angola Egypt Nigeria Algeria Iran Iraq Venezuela Turkmenistan 400 KINDER MORGAN 1,200 & the U.S. produces more than all 5 of them combined Left: Based on IEA data from the IEA (2021) World Energy Model Documentation, World Energy Model - Analysis - IEA. All rights reserved; as modified by Kinder Morgan. Right: Based on IEA data from the IEA (2021) World Energy Outlook, World Energy Outlook 2021 - Analysis - IEA. All rights reserved; as modified by Kinder Morgan. Note: Scaling factors are based on the age of infrastructure and types of operators within each country (international, independent, or national oil companies). The strength of regulation and oversight, incorporating government effectiveness, regulatory quality and the rule of law as given by the World Bank (2020), affects the scaling of all intensities. United States Russia Saudi Arabia Canada China Iran Qatar UAE Iraq Norway Brazil Kuwait Australia Algeria Nigeria Mexico Indonesia Kazakhstan United Kingdom Malaysia Turkmenistan Oman Egypt Angola Venezuela 12#135 110 10 15 20 20 U.S. Helps Meet Increasing Global Demand Reliable trade partner with price-competitive & responsible production U.S. OIL & LIQUIDS mmbbld -Production 25 -Demand KINDER MORGAN U.S. Natural Gas bcfd US EU China Japan -Production Demand 125 103 103 20 100 20 19 100 92 Implied exports 17 Implied exports 81 79 79 78 14 75 13 13 12 2020 2025 2030 2035 2040 Based on IEA data from the IEA (2021) World Energy Outlook, World Energy Outlook 2021 - Analysis - IEA. All rights reserved; as modified by Kinder Morgan. STEPS (Stated Policies) scenario. IEA does not provide a 2025 projection. 2025 data point is an extrapolation of the straight line IEA projection from 2020 to 2030. 25 50 50 $2.00 $4.20 $6.30 $7.90 2020 U.S. is price competitive $2.80 $5.95 $7.45 $8.20 2025 $3.60 $7.70 $8.60 $8.50 $3.70 $7.80 $8.50 $8.60 $3.80 2030 2035 2040 $7.90 $8.50 $8.80 13#14Our Infrastructure is Important to Fueling the Future KINDER MORGAN BENEFITS OF NATURAL GAS LOW EMISSIONS Natural gas is the cleanest burning fossil fuel with significantly lower emissions than coal or fuel oil Switching from coal to natural gas has driven a substantial reduction in U.S. power sector CO2 emissions Helps meet environmental targets ABUNDANT & LOW COST Abundant resources are geographically dispersed, creating a competitive market Cost-effective generation Helps maintain affordability for consumers RELIABLE Provides energy supply when renewable sources are intermittent Can be dispatched quickly ENERGY DENSE & EFFICIENT Less land area required compared to alternative energy sources Helps avoid additional land disturbances Natural gas enables economic growth without sacrificing environmental objectives Our irreplaceable assets are essential to moving the fuels of today & tomorrow 14#15U.S. CO2 Emissions Declined Since 2007 while GDP grew ~45% Primarily due to converting coal power generation to natural gas generation U.S. ELECTRICITY GENERATION MIX % of total generation U.S. CO2 EMISSIONS FROM ENERGY CONSUMPTION billion metric tons 7 KINDER MORGAN -24%, -1.4 billion metric tons 23% 21% 00 6 5 19% 4 7% 22% 49% 41% 19% 2007 ■ Coal ■Natural gas 2020 3 5.0 5.0 5.1 5.2 5.3 5.5 5.3 5.6 5.6 5.7 5.9 5.8 5.8 5.9 6.0 ill Power emissions -40%, nearly -1 billion metric tons 6.0 5.9 6.0 5.8 5.4 5.6 5.4 5.2 5.4 5.4 5.3 5.2 5.1 5.3 5.1 4.6 2 1 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Obama 2025 goal Biden 2030 goal 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ■from coal electric power from natural gas electric power from other electric power ■from other sectors Under the original Paris Agreement, U.S. was to reduce 2005-level CO2 emissions 26-28% by 2025 ■Renewables ■ Other By 2019, over half of that reduction goal was already achieved Source: U.S. EIA Electricity Data Browser (net generation) & Monthly Energy Review (Dec-2021); World Bank, Development Indicators, GDP, U.S.$ current (12/8/2021). 15#16Replacing Coal Could Accelerate Emissions Reductions Goals KINDER MORGAN POTENTIAL FOR LOWER GLOBAL EMISSIONS Mt CO2 2,005 6% of 2020 CO₂ 34,156 2020 CO2 6,217 18% of 2020 CO₂ Potential Net Reduction of 24% 25,934 2020-2050 net change between natural gas & coal potential for additional reduction from natural gas replacing coal potential global CO2 emissions by replacing coal with natural gas 118 EJ of coal supply expected in 2050, providing further opportunity to replace with natural gas Could lead to additional ~6,000 Mt CO2 net reduction Based on IEA data from the IEA (2021) World Energy Outlook, World Energy Outlook 2021 - Analysis - IEA. All rights reserved; as modified by Kinder Morgan. STEPS scenario. 118 exajoules (EJ) of coal demand in 2050 divided by 2020-2050 reduction of coal demand of 38 EJ, and then multiplied by the net change in 2020-2050 CO2 emissions from coal and natural gas of 2,005 Mt CO2 = 6,217 Mt CO2. 16#17Reliable, Long-Duration Storage is Critical in Peak Demand Periods KINDER MORGAN DAILY AVERAGE OF WEEK-OVER-WEEK CHANGES IN U.S. WORKING GAS bcfd ■send-out ■build 20 -20 0 -40 2014 polar vortex ~41 bcfd Uri -60 2018 polar ~48 bcfd vortex ~51 bcfd -80 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2020 Jan-2021 Peak weather events have historically required 40-50 bcfd of natural gas storage send-out DAILY POWER EQUIVALENT TWh per day 6 2050 U.S. SDS forecasts only ~1 TWh of daily battery capacity, which would then have to be recharged the following day - assuming weather conditions permit 1 50 bcfd natural gas storage send-out U.S. 2050 battery capacity under SDS Left: EIA Weekly Underground Natural Gas Storage Report. KM analysis. Right: Based on IEA data from the IEA (2021) World Energy Outlook, World Energy Outlook 2021 - Analysis - IEA. All rights reserved; as modified by Kinder Morgan. SDS scenario. Note: Battery equivalent based on natural gas energy converted terawatt hours (TWh) at 0.29 TWh per day per 1 bcfd; then, energy storage converted into power equivalent using assumed 42% efficiency rate of a natural gas peaker plant. Battery storage capacity assumes 4-hour duration by multiplying capacity by 4. IEA utility-scale battery storage assumptions range from one to eight hours. 17#18Hydrocarbons are Abundant & Geographically Diverse KINDER MORGAN Increased demand for geographically concentrated energy transition minerals may put energy security at risk, worsen human rights issues, and lead to other unintended consequences MARKET SIZE & LEVEL OF GEOGRAPHICAL CONCENTRATION 2019 10 000 Market size (USD billion) Oil 1 000 Coal Natural gas 100 Copper Nickel 10 Rare earth elements Platinum Lithium Cobalt 1 0 1 000 2 000 3 000 4 000 5 000 6 000 Competitive Concentrated Herfindahl-Hirschman Index "Markets for critical minerals are much smaller & more concentrated than those for traditional hydrocarbon resources" - IEA WEO 2021 Minerals EXTRACTION & PROCESSING OF SELECT MINERALS & FOSSIL FUELS BY TOP 3 COUNTRIES IN EACH CATEGORY 2019 Fossil fuels Oil US Natural gas US Copper Chile Nickel Indonesia Cobalt DRC Rare earths China Lithium Australia Extraction 0% 20% 40% 60% 80% 100% Minerals Fossil fuels Processing Oil refining US LNG export Qatar Copper China Nickel China Cobalt China Qatar Indonesia ■DRC ■Philippines ■China ■US Saudi Arabia Russia ■Iran Australia ■Chile ■Japan Myanmar ■Peru Lithium China Finland Belgium Rare earths Argentina China Malaysia Estonia 0% 20% 40% 60% 80% 100% "The world's top 3 producing nations control well over 75% of global output for lithium, cobalt, & rare earth. The level of concentration is even higher for processing operations, with China having a strong presence across the board" - IEA WEO 2021 Left source: IEA (2021) World Energy Outlook, World Energy Outlook 2021 - Analysis - IEA. All rights reserved. Right: IEA (2021) The Role of Critical Minerals in Clean Energy Transitions, The Role of Critical Minerals in Clean Energy Transitions - Analysis - IEA. All rights reserved. 18#19Scenarios that Solve for an End-Result Fail to Consider Feasibility more spend to achieve the same growth 2021-2050 GLOBAL INVESTMENT $ trillions Spend +44% $135 $94 substantial mineral requirements KINDER MORGAN MINERAL REQUIREMENTS FOR CLEAN ENERGY TECHNOLOGIES million tons ■Solar PV Wind Other ren. And nuclear EVs and storage Electricity networks Hydrogen 30 20 22 40 6x higher than today Electricity networks 3% GDP growth Electricity networks EVs and storage 110 EVs and storage Electricity networks 0 2020 STEPS 2050 NZE STEPS NZE NZE heavily dependent on growing governmental incentives and regulations WoodMackenzie estimates that 52 new large-scale lithium, cobalt, and nickel mines will be required by 2030 in order to achieve a certain net zero scenario "Given mine development cycles, producing sufficient volumes of cathode materials [by 2030] appears insurmountable. Even if high prices incentivize new mine supply, the sheer scale and speed of the investment required under our AET-2 scenario is impossible to achieve by 2030" - Wood Mackenzie NZE 2050 requires substantial minerals for storage that may still be inadequate Periods" for reliability considerations see slide "Reliable, Long-Duration Storage is Critical in Peak Demand Based on IEA data from the IEA (2021) World Energy Outlook, World Energy Outlook 2021 - Analysis – IEA. All rights reserved; as modified by Kinder Morgan. NZE = IEA Net Zero Scenario. STEPS = IEA Stated Policies Scenario. WoodMackenzie "COP26 briefing: 13 October 2021" 19#20Positioned for the Future of Energy KINDER MORGAN Our vast network of strategically-located energy infrastructure will continue delivering energy for decades to come Moving fuels of today U.S. is the world's most responsible producer of scale U.S. exports help meet global demand from emerging economies in need of affordable, modern energy Natural gas can rapidly lower emissions from the global power & industrial sectors, which still rely heavily on coal Flexible storage & delivery of natural gas facilitates increased use of renewables while avoiding power outages Our assets facilitate renewable blends with traditional fuels & the future Many emerging renewable fuels can be moved on our assets today Building new infrastructure network can be difficult & costly; existing assets are likely to remain valuable Current pipeline & storage assets can be upgraded or repurposed to handle low carbon fuels We will take a disciplined approach when evaluating new renewables opportunities Essential to a clean, reliable, affordable energy future 20#21VALUABLE NETWORKS Pipe storage yard at the KM Fairless Hills Terminal, Pennsylvania#22Provide High-Value Natural Gas Takeaway in all Major Basins U.S. NATURAL GAS PRODUCTION RELEVANT TO OUR FOOTPRINT bcfd 34 39 Northeast +5 bcfd Ruby 24 Permian +10 bcfd Mojave EPNG 18 Haynesville +7 bcfd 14 11 10 9 66 4 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Sierrita Midstream KINDER MORGAN TGP provides valuable egress for NE producers & may soon offer RSG pooling service WIC NGPL CIG CP TCGT Horizon Stagecoach Utopia KMIP Midstream FEP MEP SNG TGP Elba Express ELC ↓ Midstream KMLP GLNG PHP Cypress FGT • SNG Haynesville takeaway fully contracted LNG Terminals Processing/Treating Plant Gas Storage Rockies, -1 bcfd Mid-Continent, stable 5 Eagle Ford +1 bcfd Fully contracted Permian, potential opportunity for expansions and a new pipeline ~1 bcfd excess capacity on KinderHawk currently Source: Wood Mackenzie, North America Gas Market Strategic Planning Outlook, March 2022. Note: Rockies predominately includes production from the Niobrara, Powder River, Bakken, Three Forks formations. 22#23KINDER MORGAN Strong Gulf Coast Footprint Positioned to serve Demand Growth >95% of demand growth is expected to occur in Texas & Louisiana, driven by exports & industrial U.S. NATURAL GAS DEMAND bcfd 117 Intrastates system directly connects to petchem & industrial facilities all along the Gulf Coast 99 LNG exports 9 Industrial 31 LNG exports 22 Industrial 36 Net Mexican exports 6 Net Mexican exports 7 Residential & Commercial 22 - Transport 0 Residential & Commercial 23 = Transport 1 Power 31 2021 Power 28 2030 Ruby Midstream WIC NGPL CIG CP TCGT Mojave EPNG Sierrita Midstream FEP MEP Horizon Stagecoach Utopia KMIP SNG TGP Midstream KMLP GLNG PHP Cypress FGT Contracted to transport ~4 bcfd to Mexico & evaluating another 1 bcfd . LNG Terminals Processing/Treating Plant Gas Storage Elba Express Elba LNG export ☑ELC Contracted to transport ~6 bcfd across 6 pipes to LNG export facilities & evaluating another 2-6 bcfd Source: WoodMackenzie, North America Gas Market Strategic Planning Outlook, March 2022. Industrial sector includes Wood Mackenzie's "Other" category, comprised of lease and plant fuel and fuel used for liquefaction at export facilities. 23#24Extensive Storage Capabilities & Premium Service Offerings Provide Valuable Solutions for Variable Demand from Utilities & Exports 700 bcf of storage across NGPL, Intrastates, TGP, Stagecoach, EPNG, CIG, SNG Key to supporting daily & seasonal variability from LDCs & power, LNG facilities, Mexico, and intermittent renewables Many of our storage facilities have high withdrawal capability, providing customers with greater flexibility For power grids with a higher mix of renewables, we offer premium services that help support volatile demand swings Pipe, storage & compression provide for hourly peak demand & duration Pressure guarantees, no-notice takes Economic & physical incentives for adequate contracting / nominations Non-ratable services are priced at a premium due to the more demanding nature of the service Highly utilized CIG serves Colorado Front Range LDC & power demand Ruby Highly utilized NGPL serves Midwest LDC & power demand Midstream WIC NGPL CIG Highly utilized CP TCGT EPNG serves CA & AZ power demand Mojave EPNG Sierrita Highly responsive Intrastate storage critical to serving human needs during Uri Storage supports daily & seasonal variability in exports to Mexico, where minimal storage exists Midstream FEP MEP Horizon KINDER MORGAN Acquired Stagecoach to more flexibly serve NE power demand Utopia KMIP SNG TGP Midstream KMLP GLNG FGT PHP Cypress Stagecoach . LNG Terminals Processing/Treating Plant Gas Storage TGP provides significant seasonal and deliveries to NE markets Elba Express peak day ELC FGT & SNG fully contracted with significant LDC & power demand Storage is key for LNG facilities which face interruptions from cargo scheduling changes, maintenance, & weather 24#25Transporter of Choice for LNG Facilities due to Supply Diversity & 700 bcf of Total Working Gas Storage U.S. LNG EXPORTS & KM TRANSPORT POTENTIAL bcfd Previous WM forecast ......Potential KM contracted transport capacity In active discussions to transport another potential 2-6 bcfd Uplift from March forecast Intrastate NGPL KINDER MORGAN Louisiana MEP SNG KMLP Mississippi TGP 22 22 22 Texas 19 3.7 3.2 3.4 Lake Charles TGP Driftwood 16 1.6 PHP Katy Cameron NGPL Henry Plaquemines Port Arthur 14 Calcasieu Pass 0.8 11 12 13 Sabine Pass Golden Pass 1.3 12 9 Freeport 6 8 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 GCX Corpus Christi Agua Dulcé ~6.2 bcfd delivered in Q1 2022 80% of ~6 bcfd contracted capacity is on NGPL, KMLP, & TGP Remainder is on Intrastates, Elba Express, & EPNG 16 year average remaining contract term for transport capacity Also have 350 mmcfd of Elba liquefaction capacity with 19 years remaining on contract Contracted transport capacity & Elba comprise ~10% of 2022B Natural Gas Adjusted Segment EBDA Note: See Non-GAAP Financial Measures & Reconciliations. Source: Wood Mac North America Gas Market Strategic Planning Outlook, March 2022. (* Rio Grande Califomia Arizona Costa Azul LNG BAJA CALIFORNIA KM Contracted LNG Export Terminals Other Proposed/Existing LNG Export Terminals Elba Liquefaction Project Market Hub Elba Express Georgia South Carolina ELC 25#26KINDER MORGAN Responsibly Sourced Natural Gas Conventional natural gas produced by companies whose operations meet certain ESG standards Standards focus on management practices for methane emissions, water usage, & community relations 21 producers have committed to begin RSG certification process on their production RSG market expected to grow as consumers increasingly desire responsibly produced & transported natural gas In discussions with utilities & LNG customers on opportunities TOTAL NATURAL GAS PRODUCTION REPRESENTED BY RSG-COMMITTED PRODUCERS, INCLUDES NON-RSG- CERTIFIED bcfd 35 includes 22 bcfd ONE Future 19 Recent partnerships on TGP & CIG with producers to 12 15 transport their RSG to utilities Providing new RSG pooling service on TGP ONE OUR NATION'S ENERGY FUTURE producers reported 0.105% (a) 2020 methane emission 2019 2020 2018 # of RSG- committed producers 5 6 10 Sep 2021 21 includes 16 ONE Future intensity, ahead of 0.283% 2025 target Note: RSG-committed producers include members of ONE Future, Project Canary, MiQ, and Equitable Origins in September 2021. a) 2020 rates reported in ONE Future 2021 Methane Emission Intensity Report for 10 member companies at the time. 26#27New RSG Pooling Service on TGP RSG may trade at a premium due to low emissions production certification New RSG pooling service encourages certified producers to move their gas on TGP KINDER MORGAN Sta. 313 RSG Pool Sta. 219- RSG Pool Sta. 319- RSG Pool Stagecoach Working with ICE to establish trading hubs at 5 pooling points Midstream ppla Only gas meeting certain criteria can be aggregated at these 5 pooling points Certification from a qualified third party, i.e. Trustwell and MIQ with acceptable rating levels Methane emissions intensity level <= 0.2% Allows end-users such as LNG facilities, LDCs and power generators to purchase low methane intensity gas & have it transported on a ONE Future pipeline As the RSG market grows, pooling may expand to our other interstate pipelines & supply growth on our systems may increase value of transport Utilities are supportive Map represents Trustwell and MIQ participants as of 2021. Production includes non-RSG certified production. TCGT WIC NGPL CIG CP Production from RSG Participants Proposed RSG Pools Gas Storage Processing Treating Plant LNG Terminals Midstream FEP MEP Horizon KMIP Sta. 313- RSG Pool Sta. 219- RSG Pool Sta. 319- RSG Pool Stagecoach Utopia Sta. 87- RSG Pool TGP SNG Midstream Sta: 40 RSG Pool KIMILE PHP Cypress GCX GLNG Elba Express ELC Sta. 40 RSG Pool 27 -#28Leading the Way Out of the Permian Expansions on PHP & GCX provide near-term takeaway solutions NGPL: 375 mmcfd EPNG: 3 bcfd Permian EPNG Oklahoma Texas PHP: 2 bcfd GCX: 2 bcfd NGPL Intrastates Arkansa KINDER MORGAN Gulf Coast Express (GCX) Permian Highway Pipeline (PHP) Mainline: 450 miles of 42" pipeline 430 miles of 42" pipeline Endpoint: Near Agua Dulce Near Katy KM ownership 34% Capital (100%): $1.75 billion 26.7% ~$2.2 billion Louis Cypress Expansions on PHP and GCX can add incremental capacity of 1.2 bcfd out of the Permian 2 Capital efficient brownfield expansions, with lower risk than a greenfield pipeline Provide speed to market, with in-service dates 18-months from FID Delays need for our third Permian pipeline until late-2025/ 2026 Intrastates KM Intrastates downstream system: 8.3 bcfd Recently announced open season for a ~650 mmcfd expansion of PHP 28#29Products Segment Overview KINDER MORGAN Refined products pipes deliver transportation fuels from refining centers to key demand markets; crude assets in major basins PRODUCTS SEGMENT abe West Coast Terminals Oregon Line North Line San Diego Line Calnev West Line Double H East Line Hiland Crude PPL Condensate Splitter CFPL Double Eagle' KMCC Refined Products Pipelines Camino Real A Refined Products Terminals * Transmix Facilities Crude Pipelines A Crude Terminals Condensate Splitter Note: See Non-GAAP Financial Measures & Reconciliations. a) FERC index published on ferc.gov. Average rate from July 1, 2014 to June 30, 2022. Crude G&P and transport (mbbld) Refined Products (mbbld) Adjusted Segment EBDA ($mm) 2,000 $1,400 1,800 $1,200 1,600 1,400 $1,000 COVID 1,200 $800 1,000 $600 800 600 $400 400 $200 200 2014 2015 2016 2017 2018 2019 2020 2021 long-term steady volumes & cash flow FERC indexing on refined products pipes provides long-term EBDA growth driver Index has averaged ~2% (July 2014 - June 2022(a)) Renewable fuels provide opportunity to sell incremental services 29#30Long Runway for U.S. Refined Products U.S. TOTAL FINAL CONSUMPTION OF LIQUID FUELS IN TRANSPORT SECTOR mmbbld 2020 ■ oil implied biofuels 9.9 10.7 KINDER MORGAN 9.8 9.1 Even in a lower domestic demand scenario, our refined products pipelines remain valuable Can accommodate biofuels Per regulations, able to recover return on cost of service by increasing tariff for lower volumes May evaluate conversion opportunities 2025 2030 2035 Based on IEA data from the IEA (2021) World Energy Outlook, World Energy Outlook 2021 - Analysis – IEA. All rights reserved; as modified by Kinder Morgan. STEPS scenario. Implied biofuels calculated as the difference between total liquids fuels and oil. IEA does not provide a 2025 projection. 2025 data point is an extrapolation of the straight line IEA projection from 2020 to 2030. 2040 30#31Terminals Segment Overview KINDER MORGAN Refined products focused; Providing customers with unmatched scale, service-offerings & market-making connectivity # of capacity ASSET SUMMARY terminals (mmbbls) Terminals segment - Bulk 28 Terminals segment - Liquids 48 79 Products segment 65 55 Total Terminals Jones Act: 141 134 16 tankers Long-term contracts on assets with consistently high utilization 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 2014 2015 2016 2017 2018 2019 2020 2021 Terminals KM Terminals - Liquids KM Products Pipelines KM Terminals - Bulk © Jones Act Tankers 31#32Our Integrated Terminal Network on the Houston Ship Channel KINDER MORGAN Critical assets serving Gulf Coast refining center with significant dock capacity available to meet growing export market Providing customers with flexibility & optionality million barrels total capacity thousand barrels per day of dock export capacity Greens Port & North Docks KM terminals & assets refined products terminals Colonial Explorer Other Destinations local refineries & processing truck racks rail inbound & outbound marine docks Channelview 43 600 31 inbound pipelines Chevron Splitter 18 outbound pipelines Galena Park 16 cross-channel pipelines Galena Park West 11 ship docks KM Export Terminal Pasadena Refining Chevron 39 barge spots Valero Houston Houston Refining LyondellBasell KMCC 35 truck bays 3 unit train facilities Pasadena Dock export capacity available to meet growing demand Note: Asset metrics include projects currently under construction. Mont Belvieu ExxonMobil Baytown Deepwater Deer Park Refining Shell/Pemex BOSTCO Shell P66 Marathon Exxon Jefferson Street P66 Sweeny Marathon Texas City Marathon Galveston Bay Valero Texas City 32#33CO2 EOR & Transport Consistently Generate Free Cash Flow Low cash cost structure yields healthy margins through commodity price cycles Interest in 5 crude fields with 9.2 billion barrels of Original Oil In Place Interest in 3 CO₂ fields with 37 tcf of Original Gas In Place ~1,500 miles of CO2 pipelines with capacity to move up to 1.5 bcfd Doe Canyon Colorado McElmo Dome New Mexico Cortez Bravo Dome KINDER MORGAN CO2 EOR & TRANSPORT FREE CASH FLOW(a) $ millions CO2 pipelines CO2 source fields oil fields ■FCF Uri Benefit ☐ Capex Acquisitions Adj. Segment EBDA crude pipelines $907 permian basin $746 $707 $685 $652 $185 $397 $186 $138 $259 $349 Denver City Sacroc Tall Cotton $489 $358 $466 $423 $426 Katz 2018 2019 2020 2021 2022B Snyder SIZEABLE MARGIN ON OIL PRODUCTION $ per net barrel ■Cash costs Avg. realized oil price Midland El Paso $80 Wink $61.14 Goldsmith $57.83 Yates $49.49 $53.78 $52.71 $60 McCamey Texas Iraan $40 $20 $- 2018 2019 2020 2021 2022B Note: Cash costs & revenue per net oil barrel, including hedges where applicable. Lower cash costs in 2021 were driven by a benefit from returning power to the grid during Winter Storm Uri. See Non-GAAP Financial Measures & Reconciliations for CO2 EOR & Transport Free Cash Flow. a) 2021 Adjusted Segment EBDA & FCF include $138mm benefit from reduced costs attributable to Winter Storm Uri. b) The net CO2 sales figure is corrected to reflect our budgeted volume of 330 mmcfd (original figure presented in our Investor Day materials was incorrectly shown as 392 mmcfd). 33 Net oil production 2022B: 28 mbbld Net CO2 sales 2022B: 330 mmcfd (b) Cash costs $20 / barrel#342021 Acquisition of Kinetrex Energy Provides Multi-Year Head Start to Participate in Emerging RNG Market ASSETS & VALUATION 2 small-scale LNG facilities - 2 MMdth capacity KINDER MORGAN Michigan U.S. RNG PRODUCTION bcfd Prairie View + 3.5 1 operational landfill-RNG facility with ~0.4 bcf(a) capacity Volumes are expected to Illinois Liberty 3.0 Ohio 3 landfill-RNG facilities operational by 2022 end with total annual capacity of 3.5 bcf grow and premium values could drive significant Twin Bridges operating margin Indy HBTU 2.5 Indiana RNG offtake is contracted with high quality counterparty Expect <6x 2023 Adj. EBITDA based on $310mm purchase price and $146mm development capex Conservative RINS assumptions vs current spot RINS prices FUTURE RNG DEVELOPMENTS Retained Kinetrex management team to pursue new projects and expand RNG platform Mitigate exposure to RIN volatility through fixed price contracts in voluntary market Operational RNG Plants 2.0 RNG Plants Under Construction LNG Production & Fueling Facilities 1.5 Note: See Non-GAAP Financial Measures & Reconciliations. Sources: U.S. RNG production per Wood Mac North America Gas Market Strategic Planning Outlook, March 2022. a) KM share. 50% interest in Indy HBTU. 3 facilities in development are 100% owned. 1.0 0.5 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 Landfill facilities are expected to drive RNG production growth Hundreds of landfills across the U.S. are candidates for RNG <100 sites operational or in development today 2021 2023 2025 2027 2029 34#35ESG LEADER Kinder Morgan Building, Houston, Texas#36KINDER MORGAN ESG Strategy Provide energy services in a safe, efficient, and environmentally responsible manner for the benefit of people, communities, and businesses environmental Invest in low carbon future Grow natural gas business Invest in renewable fuels Leverage CCUS expertise & capabilities Energy Transition Ventures Group explores opportunities beyond our core business Minimize environmental impact from our operations Reduce emissions Restore & protect biodiversity Safety-focused culture social Build & maintain relationships with stakeholders where we operate Foster a diverse, inclusive, and respectful workplace Support employee career development Expect employees & representatives to adhere to our Code of Business Conduct and Ethics and Supplier Code of Conduct governance Risks & opportunities are continually monitored and communicated to leadership Board evaluates long-term business strategy for resilience & adaptability Board committees include EHS (including ESG), Audit, Compensation, and Nominating & Governance Management and employee compensation tied to ESG performance Image of right-of-way on net-zero Ruby pipeline 36#37As Founding ONE Future Member, Encourage Industry Participation due to Proven Results ONE FUTURE METHANE EMISSION INTENSITY Remaining natural gas supply chain ■Transmission & storage 1.44% 0.99% In 2014 ONE Future set a goal for its members to collectively achieve 1% methane emission intensity by 2025, with goal for transmission & storage sector set at 0.3% 1.00% Members are already out- performing the 2025 goal 0.70% 0.42% 0.28% 0.14% 2012 baseline for total natural gas supply chain ONE Future 2025 target 2020 ONE Future results 0.45% 0.30% KINDER MORGAN ONE Future uses science-based technology and methods to reduce emissions across the natural gas supply chain Members, in coordination with EPA, establish best practices for methane management and methane emission reduction Kinder Morgan founded ONE Future alongside 7 other companies in 2014 50 members today represent(a) 19% of U.S. natural gas production 56% of U.S. pipeline mileage 42% of U.S. natural gas storage Note: Methane intensities shown are calculated as total methane emissions divided by gross natural gas production. a) Statistics per 2021 ONE Future report 37#38Industry Effort to Reduce GHG Emissions KINDER MORGAN Partnering with Cheniere and other operators on first-of-its-kind project aiming to better understand emissions Partnering with midstream operators, methane detection technology providers, and leading academic institutions to better understand GHG emissions and develop advanced monitoring technologies and protocols Focus on quantifying, monitoring, reporting and verifying (QMRV) GHG emissions associated with the operation of natural gas gathering, processing, transmission, and storage systems Requires monitoring over at least a six-month period Involves a combination of ground-based, aerial, and drone-based emissions monitoring technologies All data independently verified by the project's academic partners Taking place on select segments and compressor stations on TGP, KMLP, and NGPL serving Cheniere LNG export facilities Supports the end goal of delivering RSG and low- methane-intense natural gas to customers 1000 1000 Quantifying Monitoring Reporting Verifying Collaborative effort to maximize the climate benefits and environmental competitiveness of U.S. natural gas 38#39KINDER MORGAN Reducing CO2 Emissions on Houston Ship Channel Adding 5 Vapor Recovery Units at Galena Park & Pasadena terminals $64 million 3Q 2023 in-service Expect project to reduce Scope 1 & 2 emissions by ~34,000 metric tonnes CO2e per year, or ~38% from 2019(a) Equivalent to CO2 emissions from: 3,860,547 37,920,818 gallons of gasoline consumed pounds of coal burned 6,232 homes' electricity use for one year Potential future opportunities. ~100 VCUs in operation today across Products & Terminals segments 42 VRUS in place today Continue to evaluate economic opportunities for additional VRU installations Tanks at our Pasadena facility Note: CO2 emissions equivalent per EPA GHG calculator. The emission reduction estimate of 34,309 tonnes CO₂e was calculated utilizing the GHG Project Evaluation project tool to include an evaluation of both Scope 1 and Scope 2 emissions. This differs, primarily, from the previously reported estimate of 17,500 tons CO2e because the number of VCU replacements increased in the updated estimate and waste gas was included in the updated estimate. a) Assumes VCUS will be used 25% of the time as backup. 39#40Recognized as an ESG Leader KINDER MORGAN Highly rated by multiple agencies improved MSCI rating to A from BBB & Moody's ranking to #2 from #14 due to enhanced disclosure Sustainalytics #3 of 203 Refiners & Pipelines of 114 Oil & Gas Storage & Transportation MSCI A Oil & Gas Refining, Marketing, Transportation & Storage Industry FTSE #3 tied for #3 in Oil & Gas Pipelines subsector Refinitiv #6 of 214 Oil & Gas Related Equipment and Services Companies AMERICA'S MOST RESPONSIBLE COMPANIES 2022 Newsweek Moody's #2 SSGA top 10% statista of 45 Oil Equipment & Services North America R-Factor in Oil & Gas Midstream sector AMERICA'S MOST RESPONSIBLE COMPANIES 2021 Newsweek statista Featured in several ESG indices FTSE4Good, S&P 500 ESG, JUST Capital Note: Sustainalytics ESG risk ranking as of 12/10/2022. MSCI ESG rating as of December 2021. FTSE ESG rating rank as of 12/20/2021. Refinitiv ESG score rank as of December 2021. Moody's Vigeo Eiris ESG score as of November 2021. SSGA R-Factor as of 12/01/2021. 40#41APPENDIX Tall Cotton compressor station, Seminole, Texas#42U.S. Production Continues to Recover from Pandemic U.S. NATURAL GAS PRODUCTION bcfd 108 102 96 96 90 90 84 78 2022 production above pre-pandemic level U.S. CRUDE PRODUCTION mmbbld 15 14 13 12 11 10 KINDER MORGAN Recovers to pre-pandemic levels during 2023 72 8 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 Production outlook from WoodMackenzie's North America Gas Market Strategic Planning Outlook (March 2022) & Crude Market Strategic Planning Outlook (March 2022). 42#43Natural Gas Gathering & Processing Assets Across Key Basins Volume recovery ongoing G&P BUSINESS AS % OF 2022B KMI ADJUSTED SEGMENT EBDA 2% Eagle Ford Copano South Texas & EagleHawk JV assets, primarily in LaSalle County 2% Haynesville KinderHawk assets with proximity to Gulf Coast industrial & LNG 2% Bakken gas Hiland system in core Williston acreage, including McKenzie County 1% Other gas Multiple systems in Uinta, Oklahoma, San Juan & other areas NATURAL GAS SEGMENT G&P VOLUMES bbtud 4,000 3,000 KINDER MORGAN SHORT-TERM PRODUCTION OUTLOOK dry gas, bcfd, 2019 - 2023 15 10 2,000 2,817 bbtud in Q1'22 2023 +16% from 2021 trough 3,033 bbtud 2022B 5 1,000 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2023 +41% over pre-COVID levels Eagle Ford Haynesville/CV Note: See Non-GAAP Financial Measures & Reconciliations. Pre-COVID levels are based on 2019 production. Production outlook from Wood Mackenzie's North America Gas Short-Term Outlook (April 2022). 2023 +16% over pre-COVID levels Bakken / Three Forks 43#44Refined Products Volumes Recovering to Pre-Pandemic Levels KINDER MORGAN DIESEL (a) mbbld JET FUEL (a) mbbld -2019 - 2022B 2019 - ⚫ 2022B 1,200 GASOLINE(a) mbbld 2019 - 2022B 1,200 1,200 1,000 800 600 400 200 1,000 800 600 400 200 1,000 800 600 400 200 1Q 2Q Q1'22: 940 mbbld 2022B: 1,037 mbbld 2019: 1,041 mbbld Nearly meets 2019 3Q 4Q 44 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 369 mbbld 242 mbbld 392 mbbld 273 mbbld 368 mbbld Surpasses 2019 307 mbbld Expect to recover throughout the year a) Kinder Morgan Refined Products volumes include SFPP, CALNEV, Central Florida & PPL (KM share). 44#45Products Segment Crude Volume Update Business as % of 2022B KMI Adjusted Segment EBDA: 2% Crude G&P; 3% Crude Transport CRUDE TRANSPORT & G&P VOLUMES mbbld 900 600 300 1Q192Q193Q194Q19 1Q20 2Q20 3Q204Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Crude: 486 mbbld in Q1'22 | 562 mbbld 2022B KINDER MORGAN SHORT-TERM PRODUCTION OUTLOOK 2019-2023 crude, mmbld 1.5 1.0 0.5 2023 +13% from 2021 trough 2023 +13% from 2021 trough Bakken Eagle Ford Note: See Non-GAAP Financial Measures & Reconciliations. Pre-COVID levels are based on 2019 production. Production outlook from Wood Mackenzie's North America Crude Short-Term Outlook (April 2022). 45#46Products Segment's West Coast Renewable Fuels Projects KINDER MORGAN Subsidies & state goals for emissions reductions are driving increased RD volumes Particularly in California where stacked subsidies currently average >$4.00/gal (RIN+LCFS+BTC) Expanding our renewable fuel handling capabilities: Terminal Bradshaw (Sacramento) Carson (Port of LA) Colton (inland) Mission Valley (San Diego) Project description Increasing blend capabilities to 20% & providing 15 mbbld blended diesel capacity at the truck rack Converting 300 mbbl storage capacity to RD Increasing blend capabilities to 20% & providing 15 mbbld blended diesel capacity at the truck rack Providing 3 mbbld R99 capacity at the truck rack Investing $58 million & expect 1Q 2023 in-service Oakland Bradshaw Chico North Line San Jose Nevada California Calnev Los Angeles Colton West Line Indio San Diego Line San Diego Potential for additional expansion opportunities, including RD feedstock logistics Legend Products Pipelines Refined Product Terminals Proposed Renewable Diesel Sites Transmix Facilities Cities/Towns Arizona New Mexic East Line 46#47Terminals Partnering with NESTE on Renewable Fuels Logistics Leading position in fast growing market Modifying 30 tanks & enhancing rail, truck, and marine capabilities at Harvey for renewable feedstock movements HARVEY TERMINAL UTILIZATION KINDER MORGAN 99% 90% $65 million capex 1Q 2023 operational 657 mbbl capacity can expand further 71% 2018 1Q 2022 2024 projected - NESTE project fully in-service Preferred partner for NESTE Our flexible terminaling network improves efficiency & sustainability of NESTE supply chain Network scale can keep pace with NESTE's RD feedstock growth Handle other renewable volumes for NESTE including: Feedstock in Midwest & Northeast SAF at Galena Park SAF to SFO airport Benefitting from New Orleans' large veg oil market 3 mmbbl Harvey Terminal is part of our 5 mmbbl diversified chemical & vegetable oil Lower River hub Increasingly serving growing RD & RD feedstock market in Louisiana as well as international import/export Veg oils & other feedstocks often require heated storage, commanding premium rates 47#48Energy Transition Ventures (ETV) Group KINDER MORGAN The group is evaluating commercial opportunities emerging from the low-carbon energy transition Investable Today RNG, RD, Renewable Power 1-5 Years Carbon Capture & Sequestration 5-10+ Years Hydrogen Opportunities for ETV group are outside of our existing asset base Business segments will continue to pursue their own energy transition opportunities on existing assets Most attractive opportunities likely to be synergistic with our existing infrastructure and expertise Projects will have to compete for capital Remain disciplined and focused on attractive returns exceeding cost of capital Acquired RNG developer Kinetrex Energy in 3Q 2021 48#49RNG Demand Markets Provide Diversification Plan to mitigate exposure to RIN volatility through fixed price contracts in the voluntary market REVENUE EXAMPLE $ per mmbtu KINDER MORGAN (a) RIN value $40.46 D3 RINs can also satisfy D5 & D6 obligations revenues must meet or exceed traditional hurdle rates HH spot price $7.24 transportation market RNG-based CNG & LNG is advantageous for fleets Fleets are interested in RNG to meet emission reduction targets GHG emissions up to 75% less than diesel CNG vehicles are more efficient than electric vehicles for heavy & mid duty fleets looking to decarbonize RIN credits can be earned for RNG volumes used in the transportation market Drives the margin for RNG producers RFS-obligated parties (like refiners) purchase RINs to comply with RFS requirements EPA considering creating eRINs to incentivize RNG used for electricity that charges electric vehicles Could create additional RNG demand and another avenue to capture RIN margin voluntary market LDCs, utilities, universities, industrial All active in the voluntary market today Showing increasing interest in RNG as they look to meet their emission reduction targets Pay premium for RNG Due to absence of subsidy for producers Pricing is lower than current RINS value but terms are generally fixed for 10+ years a) $3.45 D3 RIN price (per Starfuels Brokerage via Bloomberg) multiplied by 11.727 to convert to $/mmbtu. Pricing as of 4/29/2022. 49#50KINDER MORGAN Opportunity to Capture Carbon from Stationary Sources U.S. CO2 EMISSIONS FROM POINT SOURCES million metric tons ■ landfills ■ LNG storage & import/export equipment ■ ethanol ■ ammonia manufacturing ■ hydrogen production ■nat gas processing ■ iron & steel production ■cement production ■ refineries ■nat gas power ■ coal Other facilities - lower potential for carbon capture capture opportunity... - ~1,900 mmtpa, or ~100 bcfd, CO2 emissions associated with facilities that could be candidates for carbon capture Ethanol facilities and natural gas processing/treating facilities may be economic today under current 45Q - Together, these emissions represent ~1.2 bcfd of CO2 potential ...is tempered by - Facilities are spread out geographically; aggregation is challenged CO2 stream purity varies by facility type, impacts economics Power plants are larger scale opportunities but capture requires high uptime factor, problematic for natural gas peakers Additionally, coal power plants could face nearer- term retirement - Source: 2020 EPA GHG Reporting Program's Flight Tool. 50#51KINDER MORGAN Net-Zero Scenarios Require Carbon Capture Infrastructure Buildout U.S. CUMULATIVE CO2 STORAGE CAPACITY MMT 5000 4000 3000 2000 1000 0 2020 2025 2030 2035 2040 2045 2050 CO2 POINT SOURCES & PIPELINE INFRASTRUCTURE IN 2050 CO2 point source type BECCS power and fuels Cement w/ ccs CO2 captured (MMTPA) Trunk lines (capacity in MMTPA) Natural gas power ocs oxyfuel 0.0006449 7.9144 15.8282 23.7419 < 100 100-200 > 200 Princeton's Net-Zero America Report estimates that CO2 storage would need to increase substantially in order to progress toward climate goals, ultimately requiring significant investment & infrastructure CO2 pipeline estimates by 2050 Nearly 70,000 miles Nearly $225 billion cumulative capital deployed CO₂ storage estimates by 2050 >4 GTpa of CO2 storage available $80 billion cumulative capital deployed Source: Princeton University, Net-Zero America Report, October 2021, E-B+ Scenario Note: BECCS = Bio-Energy with Carbon Capture & Storage 51#52CCUS Economics are Improving but Remain Challenged CURRENT ESTIMATED U.S. CARBON CAPTURE COST $/tonne $140 $120 Additional technological advancements & government policy could advance CCUS economics for other facilities $100 $80 $60 $40 $20 Given 45Q credits, CCUS could be economic for ethanol production, natural gas processing, and natural gas treating facilities ethanol production facility large natural gas processing & treating facilities 45Q tax credits small natural gas processing & treating facilities coal fired ammonia power plant production facility cement hydrogen production production facility facility natural gas fired power plant Source: KM analysis, National Energy Technology Laboratory. Note: Estimated costs are based on 20% BFIT IRR at capture unit tailgate, no tax credits, and at pressure ready for pipeline. KINDER MORGAN 45Q TAX CREDITS Capturer controls the tax credit Industry still contemplating economics across the value chain Proposed direct pay option could be a catalyst for CCUS SEQUESTRATION $50/tonne deductible tax credit starting in 2027 ($85/tonne proposed in Build Back Better) Lengthy EPA permitting process; only 3 permits ever issued States considering regulatory primacy to shorten permitting process, including Texas EOR $35/tonne tax credit (beginning in 2027) is lower than for sequestration, but can be a quicker solution for a transaction today or a potential bridge ($60/tonne proposed in Build Back Better) Our 1.5 bcfd Cortez pipeline delivers ~80% of the CO2 used for Permian EOR 52#532022 Budget Sensitivities Limited overall commodity exposure 2022B assumptions Change KINDER MORGAN Potential Impact to Adjusted EBITDA & DCF (full year) Natural gas G&P volumes 3,033 Bbtu/d Natural Gas +/- 5% $33 million Products Terminals Refined products volumes (gasoline, diesel & jet fuel) 1,701 mbbld for Products segment +/- 5% $36 million $10 million CO2 Total $33 million $46 million Crude oil & condensate volumes (includes Bakken oil G&P) 562 mbbld net +/- 5% $17 million $17 million Crude oil production volumes 28 mbbld net (40.5 mbbld gross) +/- 5% in net volumes $36 million $36 million $72.5/bbl WTI crude oil price +/- $1/bbl WTI $1.0 million $1.2 million $5.1 million $7.3 million $4.25/Dth natural gas price +/- $0.10/Dth $0.4 million (a) $0.4 million (a) NGL / crude oil price ratio +/- 1% price ratio $0.1 million $2.6 million $2.7 million 64% in Natural Gas segment & 58% in CO2 segment LIBOR rates: 0.45% 1M / 0.56% 3M / SOFR rate: 0.30% Potential Impact to DCF (balance of year) +/-10-bp change in LIBOR $1.4 million (b) Updated firm-wide WTI crude sensitivity for the last 9 months of 2022: ~$4mm per $1/bbl change Note: These sensitivities are general estimates of anticipated impacts on our business segments & overall business of changes relative to our assumptions; the impact of actual changes may vary significantly depending on the affected asset, product & contract. See Non-GAAP Financial Measures & Reconciliations at the end of this presentation for additional information. a) Assumes constant ethane frac spread vs. natural gas prices b) As of 12/31/2021, we had ~$7.1 billion of fixed-to-floating interest rate swaps on our long-term debt and -21% of the principal amount of our debt balance was subject to variable interest rates - either as short- or long-term variable rate debt obligations or as fixed-rate debt converted to variable rates through the use of interest rate swaps. Taking into account additional LIBOR locks effective on 1/4/2022, we have fixed the LIBOR component on $5.1 billion of our floating rate swaps through the end of 2022, and effectively -6% of our debt therefore subject to variable interest rates. 53#54NON-GAAP FINANCIAL MEASURES & RECONCILIATIONS Pipe storage yard at the KM Fairless Hills Terminal, Pennsylvania#55Use of Non-GAAP Financial Measures KINDER MORGAN The non-GAAP financial measures of Adjusted Earnings and distributable cash flow (DCF), both in the aggregate and per share for each; segment earnings before depreciation, depletion, amortization (DD&A), amortization of excess cost of equity investments and Certain Items (Adjusted Segment EBDA); net income before interest expense, income taxes, DD&A, amortization of excess cost of equity investments and Certain Items (Adjusted EBITDA); Net Debt; Net Debt to Adjusted EBITDA; Project EBITDA; Free Cash Flow; and CO2 EOR & Transport Free Cash Flow are presented herein. Our non-GAAP financial measures described further 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 these non-GAAP financial measures by reviewing our comparable GAAP measures, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes. We do not provide (i) budgeted revenue (the GAAP financial measure closest to net revenue) due to impracticality of predicting certain items required by GAAP, including projected commodity prices at the multiple purchase and sale points across certain intrastate pipeline systems. Instead, we are able to project the net revenue received for transportation services based on contractual agreements and historical operational experience; or (ii) budgeted CO2 Segment EBDA (the GAAP financial measure most directly comparable to 2020 budgeted CO2 EOR & Transport Free Cash Flow) due to the inherent difficulty and impracticability of predicting certain amounts required by GAAP, such as potential changes in estimates for certain contingent liabilities and unrealized gains and losses on derivatives marked to market. 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 either (i) do not have a cash impact (for example, unsettled commodity hedges and asset impairments), or (ii) by their nature are separately identifiable from our normal business operations and in our view are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation and casualty losses). We also include adjustments related to joint ventures (see “Amounts from Joint Ventures" below). Adjusted Earnings is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items. Adjusted Earnings is used by us and certain external users of our financial statements to assess the earnings of our business excluding Certain Items as another reflection of our business's ability to generate earnings. We believe the GAAP measure most directly comparable to Adjusted Earnings is net income attributable to Kinder Morgan, Inc. Adjusted Earnings per share uses Adjusted Earnings and applies the same two-class method used in arriving at basic earnings per share. DCF is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items (or Adjusted Earnings, as defined above), and further by DD&A and amortization of excess cost of equity investments, income tax expense, cash taxes, sustaining capital expenditures and other items. We also include amounts from joint ventures for income taxes, DD&A and sustaining capital expenditures (see “Amounts from Joint Ventures" below). DCF is a significant performance measure useful to management and external users of our financial statements in evaluating our performance and in measuring and estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could be used for discretionary purposes such as dividends, stock repurchases, retirement of debt, or expansion capital expenditures. DCF should not be used as an alternative to net cash provided by operating activities computed under GAAP. We believe the GAAP measure most directly comparable to DCF is net income attributable to Kinder Morgan, Inc. DCF per share is DCF divided by average outstanding shares, including restricted stock awards that participate in dividends. 55#56Use of Non-GAAP Financial Measures (Continued) KINDER MORGAN Adjusted Segment EBDA is calculated by adjusting segment earnings before DD&A and amortization of excess cost of equity investments (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. General and administrative expenses and certain corporate charges are generally not under the control of our segment operating managers, and therefore, are not included when we measure business segment operating performance. We believe Adjusted Segment EBDA is a useful performance metric because it provides management and external users of our financial statements additional insight into the ability of our segments to generate cash earnings on an ongoing basis. 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. We believe the GAAP measure most directly comparable to Adjusted Segment EBDA is Segment EBDA. Adjusted EBITDA is calculated by adjusting net income attributable to Kinder Morgan, Inc. before interest expense, income taxes, DD&A, and amortization of excess cost of equity investments (EBITDA) for Certain Items. We also include amounts from joint ventures for income taxes and DD&A (see "Amounts from Joint Ventures" below). Adjusted EBITDA is used by management and external users, in conjunction with our Net Debt (as described further below), to evaluate certain leverage metrics. Therefore, we believe Adjusted EBITDA is useful to investors. We believe the GAAP measure most directly comparable to Adjusted EBITDA is net income attributable to Kinder Morgan, Inc. Amounts from Joint Ventures - Certain Items, DCF and Adjusted EBITDA reflect amounts from unconsolidated joint ventures (JVs) and consolidated JVs utilizing the same recognition and measurement methods used to record "Earnings from equity investments" and "Noncontrolling interests (NCI)," respectively. The calculations of DCF and Adjusted EBITDA related to our unconsolidated and consolidated JVs include the same items (DD&A and income tax expense, and for DCF only, also cash taxes and sustaining capital expenditures) with respect to the JVs as those included in the calculations of DCF and Adjusted EBITDA for our wholly-owned consolidated subsidiaries. Although these amounts related to our unconsolidated JVs are included in the calculations of DCF and 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 JVs. DCF and Adjusted EBITDA are further adjusted for certain KML activities attributable to our NCI in KML for the periods presented through KML's sale on December 16, 2019. Net Debt is calculated by subtracting from debt (i) cash and cash equivalents, (ii) the preferred interest in the general partner of Kinder Morgan Energy Partners L.P. (which was redeemed in January 2020), (iii) debt fair value adjustments, and (iv) the foreign exchange impact on Euro-denominated bonds for which we have entered into currency swaps. Net Debt is a non-GAAP financial measure that management believes is useful to investors and other users of our financial information in evaluating our leverage. We believe the most comparable measure to Net Debt is debt net of cash and cash equivalents. Project EBITDA is calculated for an individual capital project as earnings before interest expense, taxes, DD&A and general and administrative expenses attributable to such project, or for JV projects, consistent with the methods described above under "Amounts from Joint Ventures." Management uses Project EBITDA to evaluate our return on investment for capital projects before expenses that are generally not controllable by operating managers in our business segments. We believe the GAAP measure most directly comparable to Project EBITDA is the portion of net income attributable to a capital project. Free Cash Flow is calculated by adjusting cash flow from operations for capital expenditures. Free Cash Flows is used by external users as an additional leverage metric. Therefore, we believe Free Cash Flow is useful to our investors. We believe the GAAP measure most directly comparable to Free Cash Flow is cash flow from operations. CO2 EOR & Transport Free Cash Flow is calculated by reducing EBDA (GAAP) for our CO2 EOR & Transport assets by Certain Items, capital expenditures (sustaining and expansion) and acquisitions attributable to the EOR & Transport assets. Management uses CO2 EOR & Transport Free Cash Flow as an additional performance measure for our CO2 EOR & Transport assets. We believe the GAAP measure most directly comparable to CO2 EOR & Transport Free Cash Flow is EBDA (GAAP) for our CO2 EOR & Transport assets. 56#57GAAP Reconciliations $ in millions 2021 Certain Items in Segment Adjusted Adjusted EBDA Segment Segment Reconciliation of Adjusted Segment EBDA (GAAP) EBDA EBDA Certain Items 2021 Natural Gas Pipelines $3,815 $1,648 $5,463 Fair value amortization $ (19) Products Pipelines 1,064 53 1,117 Terminals 908 42 950 Legal, environmental and taxes other than income tax reserves Change in fair value of derivative contracts (a) 160 19 CO2 Total Reconciliation of Net Debt Outstanding long-term debt 760 $6,547 (6) 754 Loss on impairments, divestitures and other write-downs, net (b) 1,535 $1,737 $8,284 Income tax Certain Items (491) Other 16 2021 Total Certain Items $ 1,220 Current portion of debt Foreign exchange impact on hedges for Euro Debt outstanding Less: cash & cash equivalents Net Debt Adjusted EBITDA Net Debt to Adjusted EBITDA $ 29,772 2,646 (64) (1,140) $ 31,214 $ 7,946 3.9X KINDER MORGAN a) Gains or losses are reflected in our DCF when realized. b) Includes (i) a pre-tax non-cash impairment loss of $1,600 million related to our South Texas gathering and processing assets within our Natural Gas Pipelines business segment resulting from lower expectations regarding the volumes and rates associated with re-contracting, (ii) a write-down of $117 million on a long-term subordinated note receivable from an equity investee, Ruby Pipeline Holding Company, L.L.C., and (iii) a pre-tax non-cash impairment of $20 million related to our Wilmington terminal resulting from certain commercial contract terminations and lower expectations regarding the volumes and rates associated with re-contracting, partially offset by a pre-tax gain of $206 million associated with the sale of a partial interest in our equity investment in NGPL Holdings LLC. Net income attributable to Kinder Morgan, Inc. (GAAP) Total Certain Items DD&A and amortization of excess cost of equity investments Income tax expense (a) JV DD&A and income tax expense (a,b) Interest, net (a) 2022 2021 Change Budget $ 2,480 $ (10) Actual 1,784 $ 1,220 (1,230) $ % 696 39% (101%) 2,185 2,213 (28) (1%) 710 860 (150) (17%) 343 351 (2%) 1,476 1,518 (42) (3%) $ 7,184 $ 7,946 $ (762) (10%) Adjusted EBITDA Note: See Non-GAAP Financial Measures and Reconciliations. a) Amounts are adjusted for Certain items. b) Includes or represents DD&A, income tax expense, cash taxes and/or sustaining capital expenditures (as applicable for each item) from JVs. 57#58GAAP Reconciliations $ in millions Reconciliation of DD&A and amortization of excess cost of equity investments for DCF Depreciation, depletion and amortization (GAAP) Amortization of excess cost of equity investments (GAAP) DD&A and amortization of excess cost of equity investments JV DD&A DD&A and amortization of excess cost of equity investments for DCF Reconciliation of general and administrative and corporate charges General and administrative (GAAP) Corporate charges Certain Items General and administrative and corporate charges (a) Reconciliation of interest, net Interest, net (GAAP) Certain Items Interest, net(a) a) Amounts are adjusted for Certain items. b) Amounts are associated with our Citrus, NGPL and Products (SE) Pipe Line equity investments. KINDER MORGAN GA Reconciliation of income tax expense for DCF Income tax expense (GAAP) 2021 (2,135) (78) Certain Items (2,213) (268) (2,481) (655) 32 (623) (1,492) (26) $ (1,518) Income tax expense (a) Unconsolidated JV income tax expense (a,b) Income tax expense for DCF (a) Reconciliation of additional JV information Unconsolidated JV DD&A Less: Consolidated JV partners' DD&A JV DD&A Unconsolidated JV income tax expense (a,b) JV DD&A and income tax expense (a Unconsolidated JV cash taxes (b) Unconsolidated JV sustaining capital expenditures Less: Consolidated JV partners' sustaining capital expenditures JV sustaining capital expenditures LEA 2021 (369) (491) (860) (83) (943) $ (312) (44) (268) (83) (351) (60) SSS $ $ (116) (9) (107) EA $ 58#59Reconciliations of KMI FCF & CO2 Segment FCF $ in millions Reconciliation of KMI FCF CFFO (GAAP) Capital expenditures (GAAP)(a) FCF Dividends paid (GAAP)(b) FCF after dividends 2017 2018 2019 $ 137 $ 365 2020 2021 $ 4,601 $ 5,043 $ 4,748 $ 4,550 $ 5,708 (3,188) (2,904) (2,270) (1,707) (1,281) 1,413 2,139 2,478 2,843 4,427 (1,276) (1,774) (2,163) (2,362) (2,443) $ 315 $ 481 $ 1,984 Reconciliation of CO2 EOR & Transport FCF EBDA for CO2 EOR & Transport (GAAP) 847 759 $ 681 $ (292) $ 752 Certain items: Loss (gain) on non-cash impairments, project write-offs and divestitures 79 75 Derivatives and other 40 90 (49) 950 (6) (10) 4 Severance tax refund (21) Adjusted EBDA for CO2 EOR & Transport 887 907 707 652 746 Capital expenditures (GAAP) (a) (436) (397) (349) (186) (185) Acquisitions (21) CO2 EOR & Transport FCF $ 451 $ 489 $ 358 $ 466 EA $ 561 a) Includes sustaining and expansion capital expenditures. b) Includes dividends paid for the preferred shares for the years ended 2017 and 2018. KINDER MORGAN 59#60Reconciliation of DCF and Adjusted EBITDA Excluding Uri $ in millions Reconciliation of KMI DCF Excluding Uri Net income attributable to Kinder Morgan, Inc. Total Certain Items Adjusted Earnings (a) DD&A and amortization of excess cost of equity investments for DCF (b) Income tax expense for DCF (a,b) Cash taxes (c) Sustaining capital expenditures (d) Other items (e) DCF Reconciliation of KMI Adjusted EBITDA Excluding Uri Net income attributable to Kinder Morgan, Inc. Total Certain Items DD&A and amortization of excess cost of equity investments Income tax expense (a) JV DD&A and income tax expense (a,b) Interest, net (a) Adjusted EBITDA 2021 2021 Actual Actual Excluding Uri $ 1,784 $ 932 1,220 1,220 3,004 2,152 2,481 2,481 943 703 (69) (69) (864) (859) (35) (35) $ 5,460 $ 4,373 1,784 $ 932 1,220 1,220 2,213 2,213 860 620 351 351 1,518 1,518 $ 7,946 $ 6,854 Note: See Non-GAAP Financial Measures and Reconciliations. a) Amounts are adjusted for Certain Items. b) Includes or represents DD&A and/or income tax expense (as applicalbe for each item) from JVs. c) Includes cash taxes from JVs of $66 million and $60 million in 2022 and 2021, respectively. d) Includes sustaining capital expenditures from JVs of $116 million and $107 million in 2022 and 2021, respectively. e) Includes pension contributions, non-cash pension expense and non-cash compensation associated with our restricted stock program. KINDER MORGAN 60