Energy Transitions and Financial Measures

Highly-Contracted Cash Flows Stable cash flows with ~67% take-or-pay or hedged earnings CONTRACT MIX OF 2023B ADJUSTED SEGMENT EBDA Take-or-pay 61% Entitled to payment regardless of throughput Reservation fee for capacity Nat gas interstates / LNG 40% Nat gas intrastates 9% Terminals 6% Jones Act 2% Crude pipes 2% Refined products pipes, 1% CO2 & transport 1% Note: Adjusted Segment EBDA is a non-GAAP measure. See Non-GAAP Financial Measures & Reconciliations. Fee-based 26% KINDER MORGAN Fixed fee collected regardless of commodity price Volumetric-based revenues G&P 7% Terminals 4% Crude pipes, CO2 & Refined products pipes 9% Nat gas interstates / LNG 3% Nat gas intra. trans. Other 7% 2% 1% Hedged 6% Commodity-price based EOR, CO2 & trans., ETV, G&P, ref. prod. pipes 7% EOR oil & gas 5% G&P 1% Disciplined approach to managing price volatility Substantially hedged near-term price exposure 6

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