2022 Budget Sensitivities and Financial Projections

Hydrocarbons are Abundant & Geographically Diverse KINDER MORGAN Increased demand for geographically concentrated energy transition minerals may put energy security at risk, worsen human rights issues, and lead to other unintended consequences MARKET SIZE & LEVEL OF GEOGRAPHICAL CONCENTRATION 2019 10 000 Market size (USD billion) Oil 1 000 Coal Natural gas 100 Copper Nickel 10 Rare earth elements Platinum Lithium Cobalt 1 0 1 000 2 000 3 000 4 000 5 000 6 000 Competitive Concentrated Herfindahl-Hirschman Index "Markets for critical minerals are much smaller & more concentrated than those for traditional hydrocarbon resources" - IEA WEO 2021 Minerals EXTRACTION & PROCESSING OF SELECT MINERALS & FOSSIL FUELS BY TOP 3 COUNTRIES IN EACH CATEGORY 2019 Fossil fuels Oil US Natural gas US Copper Chile Nickel Indonesia Cobalt DRC Rare earths China Lithium Australia Extraction 0% 20% 40% 60% 80% 100% Minerals Fossil fuels Processing Oil refining US LNG export Qatar Copper China Nickel China Cobalt China Qatar Indonesia ■DRC ■Philippines ■China ■US Saudi Arabia Russia ■Iran Australia ■Chile ■Japan Myanmar ■Peru Lithium China Finland Belgium Rare earths Argentina China Malaysia Estonia 0% 20% 40% 60% 80% 100% "The world's top 3 producing nations control well over 75% of global output for lithium, cobalt, & rare earth. The level of concentration is even higher for processing operations, with China having a strong presence across the board" - IEA WEO 2021 Left source: IEA (2021) World Energy Outlook, World Energy Outlook 2021 - Analysis - IEA. All rights reserved. Right: IEA (2021) The Role of Critical Minerals in Clean Energy Transitions, The Role of Critical Minerals in Clean Energy Transitions - Analysis - IEA. All rights reserved. 18

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