2022 Budget Sensitivities and Financial Projections
CO2 EOR & Transport Consistently Generate Free Cash Flow
Low cash cost structure yields healthy margins through commodity price cycles
Interest in 5 crude
fields with 9.2 billion
barrels of Original Oil
In Place
Interest in 3 CO₂
fields with 37 tcf of
Original Gas In Place
~1,500 miles of CO2
pipelines with
capacity to move up
to 1.5 bcfd
Doe Canyon
Colorado
McElmo Dome
New Mexico
Cortez
Bravo Dome
KINDER MORGAN
CO2 EOR & TRANSPORT FREE CASH
FLOW(a) $ millions
CO2 pipelines
CO2 source fields
oil fields
■FCF Uri Benefit ☐ Capex Acquisitions
Adj. Segment EBDA
crude pipelines
$907
permian basin
$746
$707
$685
$652
$185
$397
$186
$138
$259
$349
Denver
City
Sacroc
Tall Cotton
$489
$358
$466
$423
$426
Katz
2018
2019
2020
2021
2022B
Snyder
SIZEABLE MARGIN ON OIL PRODUCTION
$ per net barrel
■Cash costs Avg. realized oil price
Midland
El Paso
$80
Wink
$61.14
Goldsmith
$57.83
Yates
$49.49
$53.78 $52.71
$60
McCamey
Texas
Iraan
$40
$20
$-
2018
2019
2020
2021
2022B
Note: Cash costs & revenue per net oil barrel, including hedges where applicable. Lower cash costs in 2021 were driven by a benefit from returning power to the grid during Winter Storm Uri. See Non-GAAP Financial Measures &
Reconciliations for CO2 EOR & Transport Free Cash Flow.
a) 2021 Adjusted Segment EBDA & FCF include $138mm benefit from reduced costs attributable to Winter Storm Uri.
b) The net CO2 sales figure is corrected to reflect our budgeted volume of 330 mmcfd (original figure presented in our Investor Day materials was incorrectly shown as 392 mmcfd).
33
Net oil production 2022B: 28 mbbld
Net CO2 sales 2022B: 330 mmcfd (b)
Cash costs $20 / barrelView entire presentation