Fueling the Future: Kinder Morgan's Role in Reducing Emissions and Generating Cash Flow
Joint Venture Treatment in Key Metrics
Example JVs
KM does not control nor consolidate
KM portion referred to as equity investments in
financial statements
SNG (50%), NGPL (37.5%), GCX (26.7%)
Please see Note 7 in our 10K for full list
KM controls & fully consolidates
third party portion referred to as noncontrolling interests in financial statements
Elba Liquefaction (51%), BOSTCO (55%)
KINDER MORGAN
Financial Metrics
Debt
Sustaining Capital
Discretionary Capital
Earnings from Equity Investments
KM share of JV Net Income
Net Income & Segment EBDA
+ Certain Items
KM share
Adjusted Segment EBDA
+ DD&A + Book Taxes
KM share
Adjusted EBITDA
- Cash Taxes - Sustaining Capex
KM share
Distributable Cash Flow (DCF)
No JV debt included
JV's Adjusted EBITDA contribution is after subtracting
interest expense
Consolidated throughout income statement
100% of JV
Net Income
+ DD&A + G&A and Corporate Charges
+ Interest Expense + Book Taxes
100% of JV
Segment EBDA
+ Certain Items
100% of JV
Adjusted Segment EBDA
100% of JV debt included, if any
fully consolidated on balance sheet
Includes KM owned % of JV sustaining capital
Consolidated throughout income statement
100% of JV
Net Income
Net Income Attributable to Noncontrolling Interests
Net Income Attributable to Kinder Morgan, Inc.
+ DD&A + Book Taxes + Interest Expense
+ Certain Items
KM share
Adjusted EBITDA
- Interest Expense - Cash Taxes - Sustaining Capex
KM share
Distributable Cash Flow (DCF)
Includes KM contributions to JVs based on % owned, including for projects & debt repayment
Note: See Non-GAAP Financial Measures & Reconciliations.
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