KMI: 2020 Guidance - Published Budget
Distributable Cash Flow (DCF) versus Net Income
Largest differences easily explainable and more reflective of cash earnings
DEPRECIATION EXPENSE VS. SUSTAINING CAPEX (a)
$ billions
BOOK TAX EXPENSE VS. CASH TAXES
$ billions
$1.3
$1.2
$1.7
$2.4
$2.2
$2.8
$2.8
$2.7
$2.7
$2.6
KINDER MORGAN
$0.7
$0.7
$1.0
$1.0
$1.0
$0.8
سلاااس
$0.7
$0.6
$0.5
$0.4
$0.4
$0.4
$0.3
$0.2
$0.2
$0.7
$0.7
$0.6
$0.6
$0.5
$0.5
$0.4
$0.4
$0.0
$0.2
$0.2
$0.1
$0.1
$0.1
$0.1
2010
2011
2012
2013 2014 2015
■ DD&A
2016 2017
■Sustaining Capital
2018 2019B
2010 2011 2012
2013 2014 2015 2016
Book Taxes ■Cash Taxes
2017
2018 2019B
■ Our sustaining capex budget is built bottom up by operations
based on need and long-term plans
■ Exemplary safety record demonstrates our spending level on
sustaining capex is appropriate
■ We do not expect to be a significant U.S. cash tax payer until
beyond 2026
Note: 2010-2018 as presented on the distributable cash flow reconciliation to net income available to common stockholders in Forms 10-K, which includes KM's share of unconsolidated JV amounts.
a) Represents depletion, depreciation and amortization expense (DD&A), including amortization of excess cost of equity investments and JV DD&A. See Non-GAAP Financial Measures and Reconciliations.
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