Energy Transitions and Financial Measures

Strategy Maximize the value of our assets on behalf of shareholders KINDER MORGAN Stable, fee-based assets Core energy infrastructure Safe & efficient operator Multi-year contracts ~93% take-or-pay, hedged, & fee- based cash flows (a) Invest in a lower carbon future Established Energy Transition Ventures Group in 2021 $3.7 billion backlog with 80% allocated to lower carbon investments Investing in natural gas, RNG, liquid biofuels, and CCUS infrastructure at attractive returns Financial flexibility 4.0x 2023B expected YE Net Debt / Adjusted EBITDA Long-term target remains around 4.5x Low cost of capital Mid-BBB credit ratings Ample liquidity Disciplined capital allocation Conservative assumptions High return thresholds Self-funding capex & dividends for last 7 years Reduced net debt by >$11 billion since 1Q 2015 Enhance shareholder value Maintain strong balance sheet Attractive investments 2023B dividend growth; +2% YoY Share repurchases; $330mm YTD Note: Adjusted Segment EBDA and Net Debt/Adjusted EBITDA are non-GAAP measures. See Non-GAAP Financial Measures & Reconciliations. a) Based on 2023 budgeted Adjusted Segment EBDA. K Natural gas storage wellhead, Houston, Texas 4

View entire presentation