KMI: 2020 Guidance - Published Budget
Stable, Multi-Year Fee-Based Cash Flow
-96% of 2019B segment cash flow is from take-or-pay and other fee-based contracts or hedged (a)
$5.5
$2.1
66% Fee-Based Take-or-Pay: highly dependable cash flow under multi-year contracts
Entitled to payment regardless of throughput for periods of up to 20+ years
KINDER MORGAN
25% Other Fee-Based: dependable cash flow, volumes largely independent from commodity price
Supported by stable volumes, critical infrastructure between major supply hubs and stable end-user demand
Products Pipelines (10%): competitively advantaged connection between refineries and end markets has
resulted in stable or growing refined products piped volumes (2011-2019E CAGR of 1.4%) (b)
Natural Gas Pipelines (10%): gathering and processing cash flow underpinned by dedications of economically
viable acreage
Terminals / other (5%): 86% of fee-based cash flow associated with high-utilization liquids assets and
requirements contracts for petcoke and steel
5% Hedged: disciplined approach to managing price volatility
CO2 actual oil volumes produced have been within 1.4% of budget over the past 11 years
Substantially hedged near-term exposure
■ CO2 segment hedges as of 9/30/19:
$0.4
$0.4
4% Commodity Based
Oil - WTI
hedges
NGLS
29,350
Remaining
2019
2020
2021
2022
2023
$/bbl $57.55 $56.32 $54.27 $55.28 $53.49
bbl/d 34,400 24,900 13,500 6,100 2,700
$/bbl $27.04 $28.73
bbl/d 2,870 2,221
Mid-Cush $/bbl ($8.08) $0.10
diff
bbl/d 33,850
a) Based on 2019 budgeted Adjusted Segment EBDA plus JV DD&A. See Non-GAAP Financial Measures and Reconciliations.
b) Kinder Morgan refined products volumes transported. Volumes include SFPP, CALNEV, Central Florida, Plantation Pipe Line (KM share).
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