American Petroleum & CO2 Segment Overview
2023 Budget Sensitivities
Limited overall commodity exposure
2023B assumptions
Natural gas G&P volumes 3,668 bbtud
Refined products volumes (gasoline, diesel & jet fuel)
1,663 mbbld for Products segment
Change
Potential Impact to Adjusted EBITDA & DCF (full year)
Natural Gas
Products
Terminals
+/- 5%
$40 million
+/- 5%
$37 million
$12 million
Crude oil & condensate volumes (includes Bakken oil G&P)
510 mbbld net
+/- 5%
Crude oil & NGL production volumes 38 mbbld net
+/- 5% in net volumes
$85.00/bbl WTI crude oil price
+/- $1/bbl WTI
$5.50/Dth natural gas price
+/- $0.10/Dth
$15 million
KINDER MORGAN
CO2
Total
$40 million
$49 million
$15 million
$25 million
$25 million
$1.0 million
$1.2 million
$3.6 million
$5.8 million
$1.0 million (a)
$1.0 million (a)
NGL / crude oil price ratio
+/- 1% price ratio
$1.4 million
54% in Natural Gas segment & 45% in CO2 segment
$2.71/RIN D3 RIN price
+/- $0.10/RIN
SOFR rate: 4.72%
$3.5 million
$4.9 million
$3.8 million
$3.8 million
Potential Impact to DCF (balance of year)
+/-10-bp change in SOFR
$6.3 million (b)
Note: These sensitivities are general estimates of anticipated impacts on our business segments & overall business of changes relative to our assumptions; the impact of actual changes may vary significantly depending on the affected asset,
product & contract. Adjusted EBITDA and Distributable Cash Flow (DCF) are non-GAAP measures. See Non-GAAP Financial Measures & Reconciliations at the end of this presentation for additional information.
a) Assumes constant ethane frac spread vs. natural gas prices.
b) As of 12/31/2022, we had $7.5 billion of fixed-to-floating interest rate swaps on our long-term debt and -24% of the principal amount of our debt balance was subject to variable interest rates - either as short- or long-term variable rate
debt obligations or as fixed-rate debt converted to variable rates through the use of interest rate swaps. Taking into account SOFR locks effective on 12/30/2022 (and not included in budget), we have fixed the LIBOR component on $1.25
billion of our floating rate swaps through the end of 2023, and effectively 20% of our debt therefore subject to variable interest rates.
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