#1KINDER MORGAN AUGUST 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 move ~40% of U.S. natural gas production Own interest in 700 bcf of working storage capacity, >15% of U.S. natural gas storage Largest independent transporter of refined products Pacific KINDER MORGAN Delivering energy to improve lives & create a better world KM Midstream Double H Stagecoach Transport ~1.7 mmbbld (a) of refined products to West and East Coast demand markets Ruby ~10,000 miles of refined products and crude pipelines TGP Utopia Largest independent terminal operator Northern 141 terminals & 16 Jones Act vessels TCGT WIC CIG CP NGPL NGPL TGP Calnev Significant provider of refined products storage along the Houston Ship Channel, near the world's most complex refining center Mojave KM Midstream EPNG PPL Cortez FFP Largest CO₂ transport capacity of ~1.5 bcfd. Pacific ~1,500 miles of CO2 pipelines MEP Sierrita Elba Express SNG ELC Produce CO2 and transport to the Permian where it is used for enhanced oil recovery Wink KM Midstream KMLP GLNG FGT Growing Energy Transition Portfolio PHP GCX Cypress CEPL 7.3 bcf(a) of RNG production capacity by early 2024 BUSINESS MIX KMCC/ Double Eagle 62% ■Natural gas 16% ■ Products 13% 9% ■Terminals ■CO2 NATURAL GAS Storage Processing LNG facilities PRODUCTS ▲ Terminals TERMINALS Terminals 16 Jones Act tanker CO2 CO2 source fields & Oil fields Operational RNG plants RNG plants under construction LNG production & fueling facilities Operational medium BTU plants Note: Volumes per 2022 budget. Business mix based on 2022 budgeted Adjusted Segment EBDA. See Non-GAAP Financial Measures & Reconciliations. a) KM share. 3#4Empty#5Highly-Contracted Cash Flows Generally structure long-term contracts that minimize price & volume volatility CONTRACT MIX OF 2022B ADJUSTED SEGMENT EBDA Take-or-pay 63% Entitled to payment regardless of throughput Reservation fee for capacity Nat gas interstates / LNG 42% Note: See Non-GAAP Financial Measures & Reconciliations. Nat gas intrastates 8% Terminals 7% Ref. prod. pipes, 1% KINDER MORGAN Fee-based 25% Fixed fee collected regardless of commodity price Volumetric-based revenues G&P 6% Terminals 5% Crude pipes, Nat gas intra. CO2 & trans. Refined products pipes 9% Nat gas interstates / LNG 3% 1% 1% Hedged 6% Other 6% Jones Act 2% Crude pipes 2% G&P 1% EOR oil & gas 5% Commodity-price based G&P 1% EOR, CO2 & trans., G&P, ref. prod. pipes 6% Disciplined approach to managing price volatility Substantially hedged near-term price exposure 5#6Proven History of Cash Flow Generation and Shareholder Returns $ in billions except per share ADJUSTED EBITDA CFFO FREE CASH FLOW(a) NET DEBT 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) CFFO Capital Expenditures per Cash Flow Statement. +11% +82% -18% $4.8 $5.3 $3.4 $1.9 $38 I $31 DECLARED DIVIDENDS PER SHARE +122% $0.50 $1.11 2016 2022B 2016 2022B 2016 2022B 2016 2022B 6#7Outperforming 2022 Financial Guidance $ in billions, except per share Key metrics Net income 2022 Updated Budget Guidance $2.5 +5% KINDER MORGAN Adjusted EBITDA $7.2 +5% Stronger than expected commodity prices Favorable renewals in Natural Gas (Intrastates, NGPL, MEP, TGP) Favorable G&P volumes Partially offset by higher costs Distributable Cash Flow (DCF) $4.7 +5% Discretionary capital(a) $1.3 +$0.6 $355mm MAS acquisition and $180mm of added capex (mainly G&P, PHP expansion, and CO2) Dividend share $1.11 Year-end Net Debt/ Adj. EBITDA 4.3x Capacity available for attractive opportunities, including share repurchases 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. 7#8Value Opportunity to Invest in Defensive Cash Flows & Healthy Dividend SP500 FREE CASH FLOW YIELDS y-axis represents # of S&P500 tickers within the free cash flow yield range specified on the x-axis 140 KINDER MORGAN SP500 CURRENT DIVIDEND YIELDS y-axis represents # of S&P500 tickers within the dividend yield range specified on the x-axis 200 120 180 160 140 60 120 80 At 8.5%, KMI's FCF yield is in the 86th percentile 100 60 00 80 100 40 40 20 20 0-2% 2-4% 4-6% 6-8% 8-10% 10-12% >12% 60 40 40 20 20 At 6.2%, KMI has the 5th 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 7/29/2022. 8#9THE WORLD NEEDS ENERGY INCLUSIVITY TransColorado Pipeline compressor station, Mancos, Colorado#10All Energy Sources Required to Meet Demand Outlook Total energy demand expected to grow >20% KINDER MORGAN GLOBAL TOTAL ENERGY DEMAND BY FUEL Exajoules 2020, 2030, 2040 200 150 100 50 Renewables Nat Gas Other Oil products Biofuels Biogas Coal 17% 13% 28% 2040 % mix 19% 24% Energy diversity is critical Diverse energy Diverse power mix reduces mix ensures Strengthens geopolitical grid reliability stability impact of potential cyber-attacks or other supply disruptions 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. 10#110 1 2 3 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 Norway Saudi Arabia United Kingdom UAE Qatar Kuwait Canada Australia United States Malaysia Brazil China Kazakhstan Oman Russia Mexico 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 United States Russia Saudi Arabia Canada China Iran Qatar UAE Iraq Norway Brazil Kuwait Australia Algeria Nigeria Mexico 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. Indonesia Kazakhstan United Kingdom Malaysia Turkmenistan Oman Egypt Angola Venezuela 11#125 10 10 -Production 25 U.S. Helps Meet Increasing Global Demand Reliable trade partner with price-competitive & responsible production U.S. OIL & LIQUIDS mmbbld -Demand KINDER MORGAN U.S. Natural Gas bcfd US EU China Japan -Production Demand 125 103 103 20 100 20 20 20 19 100 92 Implied exports 17 Implied exports 81 79 79 78 14 15 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 $2.80 $5.95 2025 $7.45 U.S. is price competitive $8.20 $3.60 $7.70 $8.60 $8.50 $3.70 $7.80 $8.50 $8.60 $3.80 2030 2035 2040 12 $7.90 $8.50 $8.80#13Energy Production = Security Diversified global production of commodities, like natural gas, is key to strengthening geopolitical stability NATURAL GAS PRODUCTION bcm 2010 2020 2030 KINDER MORGAN 1,200 1,000 U.S. surpassed Russia as world's largest natural gas producer 800 600 400 200 United States Russia Next largest producers are Russia, Iran, China Iran China Once a significant producer, Europe now depends on Russia for >40% of its natural gas Qatar Southeast Asia Canada Australia Saudi Arabia Norway & EU 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. 13#14Energy Transition may Enrich & Empower Adversarial Governments KINDER MORGAN IEA Net Zero Scenario suggests mineral requirements for clean energy technologies would need to grow 6x by 2050 MARKET SIZE & LEVEL OF GEOGRAPHICAL CONCENTRATION 2019 10 000 Oil Hydrocarbons are abundant and geographically diverse Market size (USD billion) 1 000 100 10 10 Natural gas Coal Copper Nickel Energy transition minerals are geographically concentrated Lithium Minerals PROCESSING OF SELECT MINERALS & FOSSIL FUELS BY TOP 3 COUNTRIES IN EACH CATEGORY 2019 Fossil fuels Oil refining US LNG export Qatar Copper China Nickel China Cobalt China Lithium China Rare earths Platinum Rare earth elements Cobalt 1 0 1 000 2 000 3 000 4 000 5 000 6.000 Competitive Concentrated Herfindahl-Hirschman Index China 0% 20% 40% 60% 80% 100% Russia Australia ■Chile ■Japan Indonesia -Finland Belgium Argentina ■Malaysia Estonia China ("the only country with the intent to reshape international order" – Blinken) dominates the world's mineral processing 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. 14#15Electricity Prices are Frequently Higher in Countries with Aggressive Energy Transition Policies WHOLESALE SPOT ELECTRICTY PRICES $/MWh Cost by Country $/MWh $40.00 U.S. $48.50 Germany $167.54 France $199.75 U.K. $211.26 Italy $222.25 Balanced, diversified energy policies help maintain affordable energy while promoting energy transition $230.00 KINDER MORGAN The world needs energy diversity Source: IEA (2022), Real-time Electricity Tracker, IEA, Paris https://www.iea.org/reports/real-time-electricity-tracker. Average wholesale spot price from June 2021 - May 2022. 15#16VALUABLE NETWORKS Pipe storage yard at the KM Fairless Hills Terminal, Pennsylvania#17$2.1 Billion Committed Capital Project Backlog as of 6/30/2022 Expect -30% of backlog capital in service in 2022, -50% in 2023, and -20% in 2024 KINDER MORGAN $ million TOTAL LOW CARBON Natural Gas $ 1,201 $ 1,201 48% for end use, 52% for G&P & other Products Terminals 169 69 207 129 Renewable diesel projects Renewable diesel & VRU emission reduction projects Energy Ventures 159 159 RNG facilities Subtotal $ 1,736 $ 1,558 EBITDA build multiple ~3.2x ~3.4x CO₂ $350 Total $ 2,086 Low-carbon investments represent 75% of backlog Expect annual growth capital of $1-2 billion going forward, compared to $2-3 billion historically Note: See Non-GAAP Financial Measures & Reconciliations. EBITDA multiple reflects KM share of estimated capital divided by estimated Project EBITDA. 17#18Provide 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 WIC NGPL CIG CP TCGT KINDER MORGAN TGP provides valuable egress for NE producers & offers PCG pooling service 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, ~0.6 bcfd PHP expansion, and evaluating additional opportunities ~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. 18#19Continue to Serve the Permian's Growing Gas Takeaway Needs KINDER MORGAN NGPL: 375 mmcfd EPNG: 3 bcfd Permian EPNG Oklahoma NGPL Texas bcfd expansion PHP: 2 bcfd + 0.6 Intrastates Expect Permian +10 bcfd by 2030(a) GCX: 2 bcfd Intrastates Arkansa Louis Cypress KM Intrastates system: 8.3 bcfd Own interest in >7 bcfd of existing Permian takeaway capacity Highly utilized capacity with long-term contracts Recently built GCX and PHP to address growing gas supply Advantaged Intrastates network, downstream of GCX and PHP, provides shippers with end-market optionality (Houston power & petchem, LNG exports, Mexico exports) Expanding recently-built PHP by 550 mmcfd ~$150mm (KM share) capex Capital-efficient project primarily adding compression Provides speed to market, with November 1, 2023 target in- service date Evaluating additional Permian opportunities Potential for GCX to expand up to ~570 mmcfd Commercial discussions ongoing on new greenfield pipeline a) Compared to 2021. Wood Mackenzie, North America Gas Market Strategic Planning Outlook, March 2022. 19#20KINDER 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 Ruby Midstream WIC NGPL CIG CP TCGT Mojave EPNG Sierrita Power 28 Contracted to transport ~4 bcfd to Mexico 2030 Midstream FEP MEP Horizon Stagecoach Utopia KMIP SNG TGP Midstream KMLP GLNG PHP Cypress FGT . LNG Terminals Processing/Treating Plant Gas Storage Elba Express Elba LNG export ☑ELC Move ~7 bcfd today across 5 pipes to LNG export facilities & evaluating additional opportunities Source: WoodMackenzie, North America Gas Market Strategic Planning Outlook, March 2022. KM internal analysis Industrial sector includes Wood Mackenzie's "Other" category, comprised of lease and plant fuel and fuel used for liquefaction at export facilities. 20#21Transporter of Choice for LNG Facilities due to Supply Diversity, Network Connectivity, & 700 bcf of Total Working Gas Storage U.S. LNG FEEDGAS & KM TRANSPORT POTENTIAL bcfd KINDER MORGAN MEP Move ~7 bcfd to facilities today & evaluating additional transport opportunities 13 19 28 28 28 25 Texas Intrastate NGPL Louisiana Mississippi TGP SNG KMLP 21 21 24 24 24 Lake Charles TGP Driftwood PHP Katy Cameron NGPL Henry Plaquemines 21 Port Arthur Calcasieu Pass 21 Sabine Pass Golden Pass 18 15 15 15 10 8 8 8 8 8 8 7 7 7 2022 2023 2024 2025 2026 2027 2028 2029 2030 GCX Agua Dulcé Corpus Christi Freeport 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 South Carolina Georgia ELC KM transport ......Addtl contracted volumes, subject to facility FID Potential transport opportunities Source: WoodMackenzie, North America Gas Market Strategic Planning Outlook for 2025-2030 low range, March 2022. Wood Mackenzie, North America Gas Market Short-Term Outlook for 2022-2024, July 2022. KM internal analysis for high range. Note: WoodMackenzie exports are multiplied by 1.09 for an estimated feedgas figure. 21#22Extensive 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 22#23Products 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 $1,000 1,400 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 rate escalator on refined products pipes helps protect rates relative to cost inflation Escalator has averaged ~2% (July 2014 - June 2022(a)) Renewable fuels provide opportunity to sell incremental services 23#24Long 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 24#25Terminals 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 15 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 25#26Our 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 26#27CO2 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 Wink Goldsmith Yates $80 $60 $57.83 $61.14 $49.49 $53.78 $52.71 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). 27 Net oil production 2022B: 28 mbbld Net CO2 sales 2022B: 330 mmcfd(b) Cash costs $20 / barrel#28KINDER MORGAN 7.7 bcf of RNG reduces emissions by 4.3 million metric tonnes CO2 e per year, equivalent to: 10mm barrels of oil consumed 2021 2023 2025 0.5 0.2 2027 Note: See Non-GAAP Financial Measures and Reconciliations Sources: U.S. RNG production per Wood Mac North America Gas Market Strategic Planning Outlook, March 2022. Emission calculation and equivalencies based on the EPA's Landfill Gas Energy Benefits Calculator. We expect our plants to capture 16.5 bcf/year of feedgas to produce 7.7 bcf/year of RNG. 2029 2031 2033 2035 2037 489mm gallons of gasoline consumed Carbon sequestered by 5.3mm acres of U.S. forest 2039 2041 2043 2045 2047 2049 3.2 2.8 2.5 Hundreds of landfills 2.2 across the U.S. are 2.0 candidates for RNG 1.5 1.5 0.8 1.0 0.4 RNG Portfolio Grows with Mas & NANR Acquisitions Continue to execute on our disciplined growth strategy U.S. RNG PRODUCTION bcfd 3.5 Landfill facilities are 3.0 expected to drive RNG production growth KM LANDFILL-RNG FACILITES 2.2 bcf capacity already operational (1.8 bcf net to KM interest) Recently acquired 1.4 bcf Arlington facility; potential to grow the facility to 2 bcf over the next decade without much capex 5.5 bcf of additional capacity under development 3 Indiana facilities under construction; total annual capacity of 3.5 bcf online by year-end 2023 Converting 4 gas-to-power facilities in Michigan and Kentucky to 2.0 bcf of RNG capacity; operational by early 2024 $331 million development capex for the 7 facilities Expect <6x 2024 Adj. EBITDA based on ~$1.1bn total investment Current RNG offtake is contracted with high-quality counterparties in the transportation market Because the gas is sold into the transportation market, we also generate RINS which are sold to obligated parties (like refiners) FUTURE DEVELOPMENTS RNG-dedicated team is focused on pursuing new projects to expand RNG platform Plan to mitigate exposure to RIN volatility over time through fixed-price contracts as voluntary market develops 28#29ESG LEADER Kinder Morgan Building, Houston, Texas#30KINDER MORGAN ESG Strategy Provide energy transportation & storage 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 transmission, RSG, RNG, and LNG businesses Invest in renewable fuel midstream assets Evaluate CCUS & hydrogen opportunities Energy transition ventures group explores opportunities beyond our core business Work to minimize environmental impact from our operations Work to reduce emissions Restore & protect biodiversity Social Safety-focused culture 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 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 Operations Management System establishes routine risk management activities 30#31As 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 31#32Responsibly 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 24 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 Partnered with producers on TGP & CIG to transport RSG to utilities 13 20 15 KINDER MORGAN 35 includes 22 bcfd ONE Future ONE OUR NATION'S ENERGY FUTURE producers reported 0.105% (a) 2020 methane emission Providing new, first-of- its-kind, RSG pooling service on TGP # of RSG- committed producers 2018 2019 2020 5 6 10 2021 24 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 December 2021. a) 2020 rates reported in ONE Future 2021 Methane Emission Intensity Report for 10 member companies at the time. 32#33New PCG Pooling Service on TGP May attract additional volumes to our system New PCG pooling service encourages certified producers to move their gas on TGP Pooling service is now available at all pooling points across the pipeline PCG must meet ESG standards that focus on management practices for methane emissions, water usage and community relations Certification from a qualified third party, i.e. Trustwell, MIQ, EO, and Xpansiv 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 As the PCG market grows, pooling may expand to our other interstate pipelines & supply growth on our systems may increase value of transport Supply expected to grow as PCG becomes the fuel of choice among customers Map represents Trustwell and MIQ participants as of 2021. Production includes non-PCG certified production. CP NGPL Horizon KINDER MORGAN Sta. 55649 Sta. 55650 -PCG -PCG Sta. 55653 Sta. 55648 Pool Sta. -PCG Pool Sta. 55600 PCG Pool Pool 55581- PCG Pool Stagecoach Pool Sta. 55654 - PCG Pool Sta. 55651 PCG Pool PCG KMIP Utopia Sta. 55646 - PCG Pool 8 TGP Sta. 55579 Sta. 55647 PCG Pool Midstream - PCG Pool FER MEP Midstream KMLP PHP Sta. 55639 -PCG Pool Cypress SNG Sta. 55645 PCG Pool GLNG FGT Elba Express ELC Production from PCG Participants PCG Pools Gas Storage Processing Treating Plant LNG Terminals 33#34KINDER 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. 34#35Recognized 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 199 Refiners & Pipelines of 113 Oil & Gas Storage & Transportation MSCI A Oil & Gas Refining, Marketing, Transportation & Storage Industry Refinitiv #2 of 234 Oil & Gas Related Equipment and Services Companies FTSE #3 of Oil & Gas Pipelines subsector AMERICA'S MOST AMERICA'S MOST RESPONSIBLE COMPANIES 2022 Newsweek statista☑ SSGA top 10% Moody's #2 of 46 Oil Equipment & Services North America R-Factor in Oil & Gas Midstream sector Note: Sustainalytics ESG risk ranking, MSCI ESG rating, FTSE ESG rating rank, Refinitiv ESG score rank, Moody's Vigeo Eiris ESG score, and SSGA R-Factor as of July 2022. RESPONSIBLE COMPANIES 2021 Newsweek statista Featured in several ESG indices FTSE4Good, S&P 500 ESG, JUST Capital 35#36APPENDIX Tall Cotton compressor station, Seminole, Texas#37U.S. Production Continues to Recover from Pandemic U.S. NATURAL GAS PRODUCTION bcfd 108 102 96 90 90 84 2022 production above pre-pandemic level 78 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 Short-Term Outlook (July 2022) & S&P Global Commodity Insights U.S. Oil Production Monitor (July 2022). 37#38Natural 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 2,000 2,997 bbtud in Q2'22 3,033 bbtud 2022B 1,000 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 KINDER MORGAN SHORT-TERM PRODUCTION OUTLOOK dry gas, bcfd, 2019 - 2024 15 10 2024 +25% from 2021 trough 5 2024 +56% 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 WoodMackenzie's North America Gas Short-Term Outlook (July 2022). 2024 +34% over pre-COVID levels Bakken / Three Forks 38#39Refined Products Volumes Recovering to Pre-Pandemic Levels GASOLINE(a) mbbld 1,200 1,000 800 600 400 200 KINDER MORGAN DIESEL (a) mbbld JET FUEL(a) mbbld 2019 - 2022B 2022 2019 - 2022B 2022 1,200 ⚫2019 - 2022B 2022 1,200 1,000 800 600 400 200 1,000 800 600 400 200 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2022 YTD: 976 mbbld 373 mbbld 255 mbbld 2022B: 1,037 mbbld. 2019: 1,041 mbbld 392 mbbld 273 mbbld 368 mbbld 307 mbbld Slightly below 2019 Exceeding 2019 Expect to recover throughout the year a) Kinder Morgan Refined Products volumes include SFPP, CALNEV, Central Florida & PPL (KM share). 39#40KINDER MORGAN Products 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 SHORT-TERM PRODUCTION OUTLOOK 2019-2024 900 600 300 2Q21 Crude: 482 mbbld YTD | 562 mbbld 2022B crude, mmbld 2024 +36% from 2021 trough 2024 +35% from 2021 trough 1.5 1.0 0.5 Bakken Eagle Ford Note: See Non-GAAP Financial Measures & Reconciliations. Production outlook from S&P Global Commodity Insights U.S. Oil Production Monitor (July 2022). 40#41Products Segment's West Coast Renewable Fuels Projects 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) Oakland Bradshaw Chico North Line San Jose Nevada KINDER MORGAN Legend Products Pipelines Refined Product Terminals Proposed Renewable Diesel Sites Transmix Facilities Cities/Towns 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 $69 million & expect 1Q 2023 in-service California Calnev Los Angeles Colton West Line Indio San Diego Line San Diego Potential for additional expansion opportunities, including RD feedstock logistics Arizona New Mexic East Line 41#42Terminals 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% 89% $65 million capex 1Q 2023 operational 657 mbbl capacity can expand further 71% 2018 2Q 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 42#43Energy 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 assets 43#44KINDER 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. 44#45KINDER 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 45#46CCUS 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 Given 45Q credits, CCUS could be economical for ethanol production, natural $60 gas processing, and natural gas treating facilities $40 $20 ethanol production facility large natural gas processing & treating facilities Current $50/tonne 45Q tax credit for sequestration Current $35/tonne 45Q tax credit for EOR 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 Inflation Reduction Act) Lengthy EPA permitting process; only 5 Class VI well permits issued States are applying for 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 Inflation Reduction Act) Our 1.5 bcfd Cortez pipeline delivers -80% of the CO2 used for Permian EOR 46#47RNG Demand Markets Provide Diversification Plan to mitigate exposure to RIN volatility through fixed price contracts as the voluntary market develops REVENUE EXAMPLE $ per mmbtu KINDER MORGAN RIN value $32.84" HH spot price $8.23 D3 RINs can also satisfy D5 & D6 obligations revenues must meet or exceed traditional hurdle rates 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) $2.80 D3 RIN price (per Starfuels Brokerage via Bloomberg) multiplied by 11.727 to convert to $/mmbtu. Pricing as of 7/29/2022. 47#48KINDER MORGAN 42% 3% 8% 1% G&P 2% 5% Contract 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 25% fee- hedged Volumes & price are contractually fixed based Price is fixed, volumes are variable Avg. remaining contract life Additional cash flow security Primarily acreage dedications for fee-based contracts 6% other Commodity- price based as of 1/1/2022 6.0/18.7 years Tariffs are FERC-regulated 6.0 years 1% 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. 48#492022 Budget Sensitivities Limited overall commodity exposure 2022B assumptions Change Potential Impact to Adjusted EBITDA & DCF (full year) KINDER MORGAN 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. 49#50NON-GAAP FINANCIAL MEASURES & RECONCILIATIONS Gulf Coast Express KOMATSU 50#51Use 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. 51#52Use 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. 52#53GAAP 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 Budget 2021 Actual Change $ % $ 2,480 $ 1,784 $ (10) 1,220 696 (1,230) 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. 53#54GAAP 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 $ 54#55Reconciliations 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 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 (1,276) (1,774) (2,163) (2,362) $ 137 $ 365 $ 315 $ 4,427 (2,443) 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 CO2 EOR & Transport FCF (21) $ 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 55#56Reconciliation of Adjusted EBITDA, Normalized for Divestitures KINDER MORGAN $ in millions Reconciliation of Adjusted EBITDA, Normalized for Divestitures Net income attributable to Kinder Morgan, Inc. (GAAP) Noncontrolling interests certain item s(a) KML noncontrolling interests (a Total Certain Items DD&A and amortization of excess cost of equity investments (a) Income tax expense JV DD&A and income tax expense (a,b) Interest, net (a) Adjusted EBITDA Divested adjusted EBITDA (a) As normalized for divestitures Note: See Non-GAAP Financial Measures and Reconciliations. a) Amounts are adjusted for Certain items. b) Represents JV DD&A and income tax expense. 2016 2017 2018 2019 2020 2021 708 $ 183 $ 1,609 $ 2,190 $ 119 $ 1,784 (8) 28 58 33 933 1,445 501 (29) 1,892 1,220 2,268 2,322 2,392 2,494 2,304 2,213 899 853 645 627 588 860 443 496 472 487 449 351 1,999 1,871 1,891 1,816 1,610 1,518 $ 7,242 $ 7,198 $ 7,568 $ 7,618 $ 6,962 $ 7,946 (660) (499) (497) (360) (55) (9) $ 6,582 $ 6,699 $ 7,071 $ 7,258 $ 6,908 $ 7,938 56#57Reconciliation 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 57