KMI: 2020 Guidance - Published Budget
KINDER MORGAN
Energy Toll Road
Cash flow security with ~90% from take-or-pay and other fee-based contracts
2019B EBDA % (a)
Asset Mix
(% of Segment EBDA)
Volume Security
Average Remaining
Contract Life
Pricing
Security
Regulatory
Security
Commodity Price
Exposure
Natural Gas Pipelines
61%
76% interstate pipelines (b)
9% intrastate pipelines (b)
15% gathering, processing and treating (G&P)
Interstate & LNG: ~94% take-or-pay(a)
Intrastate: ~76% take-or-pay(a,c)
G&P: -80% fee-based with minimum volume
requirements and/or acreage dedications (a)
Interstate LNG: 6.3/13.4 years
Intrastate: 4.6 years (c)
Gathering: 3.1 years
NGL Pipelines: 6.3 years
Interstate: primarily fixed based on contract
Intrastate primarily fixed margin
G&P: primarily fixed price
Interstate regulated return
Intrastate: essentially market-based
G&P market-based
Interstate: no direct exposure
Intrastate limited exposure
Products Pipelines
15%
60% refined products
40% crude
Refined products: primarily volume-based
Crude: 61% take-or-pay(a)
Refined products: generally not applicable
Crude: 2.4 years
Refined products: annual FERC tariff
escalator (PPI-FG+ 1.23%)
Crude /NGLs: primarily fixed based on
contract
Pipelines: regulated return
Terminals & transmix: not price regulated()
78% liquids
61% terminals
Terminals
14%
17% Jones Act tankers
22% bulk
Liquids & Jones Act: ~80% take-or-pay(a)
Bulk: primarily minimum volume guarantee or
requirements
Liquids: 3.6 years
Jones Act: 1.8 years (d)
Bulk: 5.0 years
Based on contract; typically fixed or tied to PPI
Not price regulated
CO2
10%
62% oil production related
38% CO2 & transport
CO2 & transport: ~83% minimum volume
committed
EOR oil production: volume-based
CO2 & transport: 7.2 years
CO2 & transport: ~80% protected by
contractual price floors (a)
EOR oil production: volumes -79%
hedged(e)
Primarily unregulated
Full-year 2019: ~$6mm in DCF per $1/Bbl
Minimal, limited to transmix business
No direct exposure
change in oil price
G&P limited exposure
Note: All figures as of 1/1/2019, unless otherwise noted.
a) Based on 2019 budgeted Adjusted Segment EBDA plus JV DD&A. See Non-GAAP Financial Measures and Reconciliations.
b) Includes related storage and NGL pipelines.
c) Includes term sale portfolio.
d) Jones Act vessels: average remaining contract term is 1.8 years, or 3.9 years including options to extend.
e) Percentage of Q4 2019 budgeted net crude oil and NGL net equity production.
f) Terminals not FERC-regulated, except portion of CALNEV.
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