Investor Presentation
2022 Guidance
Committed to maintaining a strong balance sheet & returning value to shareholders
Key metrics
Net income
2022 Budget
Variance to
2021 Forecast
$2.5 billion
+$0.7 billion
Adjusted EBITDA
$7.2 billion
-$0.7 billion
Distributable Cash Flow
(DCF)
$4.7 billion
-$0.7 billion
Discretionary capital(a)
$1.3 billion
-$1.0 billion
Dividend share(b)
$1.11
+3%
KINDER MORGAN
Increase due primarily to impairments taken during 2021
~$400mm year over year growth in Adjusted EBITDA and DCF after
normalizing for Uri one-time benefit in 2021, broadly attributable to:
+ Commodity prices
+ Full-year benefit from '21 acquisitions
+ Growth projects in-service
+ Natural gas storage value realizations
+ G&P and refined product volume growth
+ Tariff rate escalations, all more than offsetting
- Unfavorable natural gas re-contracting / lower rates and lower CO2
segment volumes
Due primarily to Stagecoach and Kinetrex acquisitions during 2021
$0.9 billion
$0.8 billion
DCF in excess of discretionary
capital(a) & dividends
Up to $0.8bn available for
opportunistic share repurchases
Year-end Net Debt /
Adj. EBITDA (b)
Note: See Non-GAAP Financial Measures & Reconciliations.
4.3x
+0.3x
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.
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