Energy Transitions and Financial Measures
$3.7bn Committed Growth Capital Project Backlog as of 6/30/2023.
Expect 37% of backlog capital in service in 2023, 32% in 2024, and 31% beyond
KINDER MORGAN
$ million
TOTAL
LOWER
CARBON
Natural Gas (excluding G&P)
$2,020
$2,020
73% for end-use, 25% supply-push, 2% CCS
Products (excluding G&P)
68
16
Terminals
177
121
Renewable diesel projects
Renewable feedstocks & VRU emission reduction projects
Energy Transition Ventures
319
319
98% RNG facilities; 2% CCS project
Subtotal
$2,584
$2,477
Contracted, stable cash flows, minimal direct commodity exposure
EBITDA build multiple
~4.2x
~4.3x
Gathering & processing
$570
$539
EOR
595
Volume-based cash flows; 95% natural gas, 5% crude oil
Commodity price & volume-based cash flows
Total backlog
$3,749
$3,016
Lower carbon investments ~80% of backlog
2
Expect annual growth capital spend of $1-2 billion going forward, higher end of range in the near-term
Note: The EBITDA build multiple reflects KM share of estimated capital divided by estimated Project EBITDA (a non-GAAP measure). See Non-GAAP Financial Measures & Reconciliations. Figures may not sum due to rounding.
Lower carbon includes investments in conventional natural gas, renewable diesel, biofuel feedstocks, VRU conversions, RNG, and CCS.
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