2022 Budget Sensitivities and Financial Projections
Core 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.
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