KMI: 2020 Guidance - Published Budget
Capital Allocation Priorities
Right-sized balance sheet & set dividend target through 2020
a)
Balance
Sheet
Dividend
KINDER MORGAN
Capital
Projects
Share
Repurchase
~$4.1bn of available
liquidity from cash
and KMI credit
facility as of
9/30/2019
Long-term target
Net Debt/Adjusted
EBITDA of ~4.5x
reached(a)
Dividend targets set
through 2020 with
25% growth year-
over-year
2019: $1.00/share
2020: $1.25/share
Return threshold for
new projects well in
excess of cost of
capital
Projects to generate
higher expected
returns than share
repurchases
Re-evaluate as
circumstances
change
Repurchased
$525mm of $2bn
buyback program
Additional share
repurchases can
come from cash in
excess of capital
projects and
dividends
See Non-GAAP Financial Measures and Reconciliations.
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