Energy Infrastructure & Transition Overview
2021 Budget
Committed to maintaining a strong balance sheet & returning value to shareholders
Key metrics
Net income
2021 Budget
Variance to
2020
$2.1 billion
~$2 billion
Increase due primarily to impairments taken during 2020
Adjusted EBITDA
$6.8 billion
(2)%
Distributable Cash Flow
$4.4 billion
(3)%
(DCF)
Discretionary capital(a)
$0.8 billion
Dividend/share(b)
$1.08
3%
Year-end Net Debt /
4.6x
Adj. EBITDA (b)
KINDER MORGAN
Lower re-contracting rates (mainly Ruby & FEP, as noted for the last couple of years),
lower oil volumes, lower realized oil prices & lower capitalized overhead
Partially offset by projects placed in service, increased refined product volumes & a
corporate-wide organizational efficiency & effectiveness project
Also impacting DCF is higher anticipated sustaining capex & lower interest expense
$1.2 billion
DCF in excess of
discretionary capital (a)
& dividends
Up to $450mm
$450 million available for share
repurchases
Note: See Non-GAAP Financial Measures & Reconciliations.
a) Includes growth capital & JV contributions for expansion capital, debt repayments & net of partner contributions for our consolidated JVs.
b) No share repurchases assumed in 2021 budget.
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