Energy Infrastructure & Transition Overview

KINDER MORGAN CO2 Segment Consistently Generates Free Cash Flow Low cash cost structure yields healthy margins through multiple commodity price cycles OIL & GAS CASH OPERATING COSTS & AVG. PRICE $ per net barrel ■Cash costs Avg. realized oil price CO2 SEGMENT FREE CASH FLOW $ millions ■FCF Capex ☐ Acquisitions Adj. Segment EBDA $70 $62 $58 $58 $60 $50 $40 $30 $20 $10 $919 $907 $887 $276 $54 $436 $397 $49 $49 $707 $652 $349 $186 $643 $504 $165 $489 $451 $466 $358 $339 Cash costs $20 / barrel 2016 2017 2018 2019 2020 2021B 2016 2017 2018 2019 2020 2021B Note: Cash costs & revenue per net oil barrel, including hedges where applicable. See Non-GAAP Financial Measures & Reconciliations for CO2 Free Cash Flow. 31

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