A Compelling Investment Opportunity
KINDER MORGAN
Manageable Natural Gas Re-Contracting Exposure
Analysis of existing contract base (as of YE2018)
EXPECTED ANNUAL NET RE-CONTRACTING EXPOSURE (KM SHARE):
% of $8.4bn 2019B Total Segment EBDA(a)
Interstate pipelines
G&P and Intrastates
2020
2021
-0.7%
-2.3%
-0.2%
-0.3%
Assumptions
ā Negative figures represent unfavorable re-contracting
exposure based on November 2018 market assumptions
Excludes contracted cash flow associated with new growth
projects
Assumes evergreen contracts are renewed at market rates
Interstate transport contracts average remaining term of 6
years 4 months
Total Natural Gas Pipeline Segment
-0.9%
-2.6%
Re-contracting exposure of base business relatively limited and expected to be more than offset by
growth projects underway, continued increases in usage, volume growth and improved storage values
a) 2019 budgeted Segment EBDA before Certain Items plus JV DD&A. See Non-GAAP Financial Measures and Reconciliations.
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