Kinder Morgan Energy Infrastructure Deck
$3.8bn Committed Growth Capital Project Backlog as of 9/30/2023
Expect 27% of backlog capital in service in 4Q 2023, 39% in 2024, 27% in 2025, and 7% beyond
KINDER MORGAN
$ million
TOTAL
LOWER
CARBON
Natural Gas (excluding G&P)
$2,157
$2,157
79% for end-use, 19% supply-push, 2% CCS
Products (excluding G&P)
47
16
Terminals
147
129
Renewable diesel projects
Renewable feedstocks & VRU emission reduction projects
Energy Transition Ventures
315
315
98% RNG facilities; 2% CCS project
Subtotal
$2,667
$2,617
Contracted, stable cash flows, minimal direct commodity exposure
EBITDA build multiple
~4.7x
~4.7x
Gathering & processing
$621
$575
Volume-based cash flows; 93% natural gas, 7% crude oil
EOR
526
Commodity price & volume-based cash flows
Total backlog
$3,814
$3,193
Lower carbon investments ~84% of backlog
Expect annual growth capital spend of $1-2 billion going forward, higher end of range in the near-term
Note: The EBITDA build multiple reflects KM share of estimated capital divided by estimated Project EBITDA (a non-GAAP measure). See Non-GAAP Financial Measures & Reconciliations. Figures may not sum due to rounding.
Lower carbon includes investments in conventional natural gas, renewable diesel, biofuel feedstocks, VRU conversions, RNG, and CCS.
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