[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","r7h0yby016rbl6p08yjgc7eiy","revision",2,"title","Kinder Morgan 2026年前三季度净利润26.07亿美元，同比增长24.4%","originalTitle","KINDER MORGAN, INC. (0001506307) (Filer)","summary","Kinder Morgan 2026年前三季度归属于公司的净利润为26.07亿美元，同比增长24.4%；每股收益1.17美元，同比增长27.2%。运营现金流为50.41亿美元，同比增长19.3%。公司资本支出28.31亿美元，同比增长28.4%。公司面临多项法律与环境风险，包括加州管道运输费率诉讼、Freeport LNG诉讼及养老金计划诉讼。","reason","Kinder Morgan 2026年前三季度净利润同比增长24.4%，运营现金流同比增长19.3%，资本支出同比增加28.4%，面临多项法律与环境风险。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-23T20:18:09.000Z","discoveredAt","2026-10-23T20:25:24.085Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",83,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fRoDh3trrXwc",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","1ffe59e2-f43e-4ebf-bc35-7555055b6442","Kinder Morgan 2026年第三季度财务披露",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

☑ 根据证券交易法第13或15(d)条提交的季度报告

关于证券交易所 1934年法案

截至 2026年9月30日的季度

或

☐ 根据证券交易法第13或15(d)条提交的过渡报告

关于证券交易法1934年法案

从_____到_____的过渡期

委员会文件编号： 001-35081

$\"image0a30a07.gif\"$

金纳摩根公司

（注册人章程中指定的全称）


特拉华州	80-0682103
（州或其他司法管辖区成立或组织）	（美国国税局雇主识别号码）

得克萨斯州休斯顿市路易斯安那街1001号，1000室，邮编77002

（主要执行办公室地址）（邮编）

注册人的电话号码，包括区号： 713-369-9000

根据证券交易法第12(b)条注册的证券：


每类证券的名称	交易代码	每种证券的注册交易所名称
P类普通股	KMI	纽约证券交易所
2.250% 2027年高级债券	KMI 27 A	纽约证券交易所

通过勾选方框表明注册人是否：(1) 在过去12个月（或注册人需提交此类报告的更短期间）内提交了所有根据证券交易法1934年法案第13或15(d)条应提交的报告，以及(2) 在过去90天内一直受此类提交要求的约束。是 þ 否 ☐

通过勾选方框表明注册人是否在前12个月内（或注册人需提交此类文件的更短期间）提交了根据S-T条例第405条（本章第232.405条）应提交的每个交互式数据文件。是 þ 否 ☐

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易所法》第12b-2条中“大型加速提交者”、“加速提交者”、“非加速提交者”、“较小报告公司”和“新兴成长公司”的定义。

大型加速提交者 þ 加速提交者 ☐ 非加速提交者 ☐ 较小报告公司 ☐ 新兴成长公司 ☐

如果为新兴成长公司，请通过勾选方框表明注册人是否选择不使用根据《交易所法》第13(a)条提供的任何新修订的财务会计标准的延长过渡期。 ☐

通过勾选方框表明注册人是否为壳公司（根据《交易所法》第12b-2条定义）。是 ☐ 否 þ

截至2026年10月22日，注册人发行了2,227,715,229股P类普通股。

KINDER MORGAN, INC. 和子公司


			页码
	术语表	2
	关于前瞻性声明的信息	3
	第一部分财务信息
第1项	财务报表（未经审计）
	合并损益表 - 截至2026年9月30日的三个月和九个月以及2025	4
	合并综合收益表 - 截至2026年9月30日的三个月和九个月以及 2025	5
	合并资产负债表 - 截至2026年9月30日和2025	6
	合并现金流量表 - 截至2026年9月30日的九个月以及2025	7
	合并股东权益表 - 截至2026年9月30日的三个月和九个月以及2025	9
	合并财务报表附注	10
	注释1 .	一般事项	10
	注释 2.	收购与出售	11
	注释3.	债务	12
	注释4.	股东权益’	14
	注释5.	风险管理	14
	注释6.	收入确认	19
	注释7.	报告分部	22
	注释8.	所得税	26
	注释9.	诉讼与环境	26
	注释10.	近期会计准则	30
第2项	管理层讨论与分析财务状况和经营成果
	一般事项和编制基础	32
	经营成果	32
	概述	32
	合并收益结果	35
	非GAAP财务指标	38
	分部收益结果	40
	流动性与资本资源	48
	子公司证券担保的汇总合并财务信息	52
第3项	关于市场风险的定量和定性披露	53
第4项	内部控制和程序	53
	第二部分其他信息
第1项	法律诉讼	53
第1A项	风险因素	53
第2项	未注册的股权证券销售和资金使用	53
第3项	高级证券违约	53
第4项	矿山安全披露	53
第5项	其他信息	53
第6项。	附录	55
	签名	56

KINDER MORGAN, INC. AND SUBSIDIARIES

术语表

公司缩写

柑橘

柑橘，有限责任公司

KMLT

Kinder Morgan Liquid Terminals, LLC

KMBT

Kinder Morgan Bulk Terminals, Inc.

PPL

产品（SE）管道公司

KMI

Kinder Morgan, Inc.及其大多数拥有和/或控制的子公司

TGP

Tennessee Gas Pipeline Company, L.L.C.

除非上下文另有要求，对“我们”、“我们”、“我们的”或“公司”的引用旨在指Kinder Morgan, Inc.及其大多数拥有和/或控制的子公司。

行业通用术语和其他术语

每天

LNG

液化天然气

Bbl

桶

MBbl

千桶

BBtu

十亿英热单位

MMBbl

百万桶

Bcf

十亿立方英尺

MMtons

百万吨

CERCLA

综合环境响应、赔偿和责任法案

NGL

天然气液体

NYMEX

纽约商品交易所

CO2

二氧化碳或我们的CO2业务部门

OTC

场外交易

DD&A

折旧、折耗和摊销

RIN

可再生标识号

EPA

美国环境保护局

RNG

可再生天然气

FASB

财务会计准则委员会

ROU

使用权

GAAP

美国通用会计准则

U.S.

美利坚合众国

信息技术

WTI

西德克萨斯中质原油

LLC

有限责任公司

关于前瞻性声明的信息

本报告包含前瞻性声明。这些前瞻性声明被标识为任何不严格涉及历史或当前事实的陈述。它们使用诸如“预期”、“相信”、“意图”、“计划”、“预测”、“展望”、“继续”、“估计”、“期望”、“可能”、“将”、“应”等词语，或这些词语的否定形式，或其他变体或类似术语。特别是，关于未来行动、状况或事件的明示或暗示性陈述，未来经营成果或产生收入、收益或现金流的能力，偿还债务或支付股息的能力，均为前瞻性声明。本报告中的前瞻性声明包括但不限于：关于我们资产和服务长期需求的明示或暗示性陈述，我们的业务战略，预期财务结果，股息，维持性和选择性/扩展性资本支出，我们的现金需求以及我们的融资和资本配置战略，诉讼和法律或监管发展的影响，以及我们的资本项目，包括项目监管环境及预期成本、完成时间和项目效益。

可能导致实际结果与本报告中前瞻性声明所表达或暗示的事项有重大差异的重要因素包括：我们运输和处理的产品的供应和需求变化的时间和程度；中东最近武装冲突的后果，包括商品价格波动和对金融和经济状况的潜在不利影响；我们按预期获得待建扩建项目所需许可和批准的能力；贸易政策和关税变化的影响；以及本报告第一部分第2项“管理层讨论与分析财务状况和经营成果”、第一部分第3项“关于市场风险的定量和定性披露”中描述的其他风险和不确定性，以及“关于前瞻性声明的信息”、第一部分第1A项“风险因素”和第二部分第7项“管理层讨论与分析财务状况和经营成果—流动性与资本资源”在我们截至2025年12月31日的年度报告10-K（2025年10-K）中的内容（除非此类信息被后续报告中的信息修改或取代）。

在考虑前瞻性声明时，您应牢记这些风险因素。这些风险因素可能导致我们的实际结果与任何前瞻性声明中包含的内容有重大差异。由于这些风险和不确定性，您不应过度依赖任何前瞻性声明。除适用法律要求外，我们不承担公开更新或修订任何前瞻性声明以反映未来事件或发展的义务。

第一部分。财务信息

第1项。财务报表。

金纳摩根公司及其子公司

合并利润表

（单位为百万美元，每股金额除外，未经审计）


	截至9月30日的三个月		截至 9月30日的九个月
	2026		2025		2026		2025
收入
服务	$	2,492			$	2,340		$	7,473	$	7,026
商品销售	1,989			1,758			6,212		5,262
其他	50			48			151		141
总收入	4,531			4,146			13,836		12,429

运营成本、费用和其他
销售成本（不包括下面单独列出的项目）	1,566			1,395			4,720		4,082
运营和维护	949			786			2,466		2,270
折旧、摊销和减值	628			609			1,881		1,835
一般及行政费用	190			183			566		558
除所得税外的税项	121			111			355		334

其他收入，净额	(83)			(1)			(102)		(10)
总运营成本、费用和其他	3,371			3,083			9,886		9,069

运营收入	1,160			1,063			3,950		3,360

其他收入（费用）
权益投资收益	231			221			710		647


净利息	(430)			(456)			(1,285)		(1,359)
其他，净额	19			11			59		39
总其他费用	(180)			(224)			(516)		(673)

税前收入	980			839			3,434		2,687

所得税费用	(190)			(185)			(749)		(548)

净利润	790			654			2,685		2,139






归属于非控制性权益的净利润	(26)			(26)			(78)		(79)

归属于Kinder Morgan, Inc.的净利润	$	764			$	628		$	2,607	$	2,060





Class P普通股
基本和稀释每股收益	$	0.34			$	0.28		$	1.17	$	0.92

基本和稀释加权平均流通股数	2,227			2,224			2,226		2,223

附注是这些合并财务报表不可分割的一部分。

KINDER MORGAN, INC. AND SUBSIDIARIES

合并综合收益表

（单位：百万美元，未经审计）


	截至 9月30日的三个月		截至 9月30日的九个月
	2026		2025		2026		2025
净利润	$	790			$	654		$	2,685	$	2,139
其他综合（损失）收入，税后
衍生工具的未实现（损失）收益（税后分别为41美元、7美元、87美元和44美元）	(148)			22			(308)		145
将净衍生工具损失（收益）重新分类至收益（税后分别为11美元、3美元、32美元和19美元）	39			(10)			110		(59)

福利计划调整（税后分别为1美元、1美元、3美元和2美元）	(3)			(2)			(9)		(5)
其他综合（损失）收入总额	(112)			10			(207)		81

综合收益	678			664			2,478		2,220
归属于非控制性权益的综合收益	(26)			(26)			(78)		(79)
归属于KMI的综合收益	$	652			$	638		$	2,400	$	2,141

附注是这些合并财务报表不可分割的一部分。

KINDER MORGAN, INC. AND SUBSIDIARIES

合并资产负债表

（单位：百万美元，除每股金额外，未经审计）


	2026年9月30日		2025年12月31日
资产
流动资产
现金及现金等价物	$	918			$	63
受限存款	25			46
应收账款	1,596			1,714

存货	621			574


其他流动资产	310			357
流动资产合计	3,470			2,754

固定资产、厂房和设备，净额	40,892			39,331
投资	7,836			7,532
商誉	20,075			20,084
其他无形资产，净额	1,822			1,730


递延费用和其他资产	1,302			1,317
总资产	$	75,397			$	72,748

负债和股东权益
流动负债
债务的流动部分	$	1,726			$	1,226
应付账款	1,587			1,408

应计利息	365			534
应计税款	289			256


其他流动负债	1,212			898
流动负债合计	5,179			4,322

长期负债和递延负债
长期债务
未偿付	31,445			30,597

债务公允价值调整	(98)			180
长期债务合计	31,347			30,777
递延所得税负债	3,603			2,891

其他长期负债和递延负债	2,441			2,309

长期负债和递延负债合计	37,391			35,977
总负债	42,570			40,299
承诺和或有事项（注释3和9）
股东权益

Class P 普通股，面值0.01美元，授权发行40亿股，已发行和流通22.27712648亿股和22.2477775亿股	22			22
额外支付资本	41,293			41,276
累计亏损	(9,558)			(10,181)
累计其他综合（损失）/收益	(162)			45
Kinder Morgan, Inc. 的股东权益总额	31,595			31,162
非控制性权益	1,232			1,287
股东权益总额	32,827			32,449
总负债和股东权益	$	75,397			$	72,748

附注是这些合并财务报表不可分割的一部分。


KINDER MORGAN, INC. 及其子公司
合并现金流量表
（以百万美元为单位，未经审计）

	截至9月30日的九个月
	2026		2025
经营活动产生的现金流量
净利润	$	2,685			$	2,139
调整项目以将净利润调整为经营活动产生的净现金
折旧、消耗和摊销	1,881			1,835
递延所得税	770			512
衍生品合约公允价值变动	25			14
出售资产净收益（注释2）	(70)			(3)

权益投资收益	(710)			(647)
权益投资收益的分配	575			585
营运资本各组成部分的变化
应收账款	123			75
存货	(46)			(5)
其他流动资产	(17)			13
应付账款	(13)			(30)
应计利息，扣除利率互换	(166)			(181)
应计税款	33			19
其他流动负债	129			(26)


其他，净额	(158)			(75)
经营活动产生的净现金	5,041			4,225

投资活动产生的现金流量
收购资产，扣除已收购现金（注释2）	(503)			(648)
资本支出	(2,831)			(2,206)
出售资产净收益（成本）（注释2）	54			(14)
对投资的投入	(239)			(103)
超过累计收益的权益投资分配	138			269

投资活动使用的净现金	(3,381)			(2,702)

融资活动产生的现金流量
债务发行	6,415			8,434
债务偿还	(5,079)			(7,910)
债务发行费用	(26)			(18)
股息	(1,984)			(1,950)



支付给非控制性权益的款项	(119)			(122)
其他，净额	(33)			(38)
融资活动使用的净现金	(826)			(1,604)


现金、现金等价物和受限存款的净增加（减少）	834			(81)
期初现金、现金等价物和受限存款	109			214
期末现金、现金等价物和受限存款	$	943			$	133


KINDER MORGAN, INC. 及其子公司（续）
合并现金流量表
（以百万美元为单位，未经审计）

	截至9月30日的九个月
	2026		2025
非现金投资和融资活动
确认的ROU资产和经营租赁义务，包括调整	$	91			$	17
从出售资产中收到的权益投资利息（注释2）	55			—
由于应计和承包商保留金导致的固定资产净增加	191
现金流量信息的补充披露
期间支付的利息现金（扣除资本化利息）	1,463			1,538
期间支付（退还）的所得税现金，净额	(11)			43

附注是这些合并财务报表不可分割的组成部分。

KINDER MORGAN, INC. 及其子公司

合并股东权益表

（单位：百万美元，未经审计）


	普通股	额外实收资本		累计亏损		累计其他综合损失		归属于 KMI 的股东权益	非控制性权益		总计
	发行股数	面值
截至2026年6月30日的余额	2,225		$	22			$	41,316		$	(9,657)			$	(50)		$	31,631	$	1,248	$	32,879




股票奖励	3				(23)						(23)					(23)
净利润						764				764			26			790
股息						(665)				(665)					(665)
分配									—			(42)			(42)



其他综合损失								(112)		(112)					(112)
截至2026年9月30日的余额	2,228		$	22			$	41,293		$	(9,558)			$	(162)		$	31,595	$	1,232	$	32,827


	普通股	额外实收资本		累计亏损		累计其他综合损失		归属于 KMI 的股东权益	非控制性权益		总计
	发行股数	面值
截至2025年6月30日的余额	2,222		$	22			$	41,269		$	(10,497)			$	(24)		$	30,770	$	1,311	$	32,081


股票奖励	3				(14)						(14)					(14)
净利润						628				628			26			654
股息						(654)				(654)					(654)
分配									—			(44)			(44)



其他综合收益								10		10					10
截至2025年9月30日的余额	2,225		$	22			$	41,255		$	(10,523)			$	(14)		$	30,740	$	1,293	$	32,033


	普通股	额外实收资本		累计亏损		累计其他综合收益/损失		归属于 KMI 的股东权益	非控制性权益		总计
	发行股数	面值
截至2025年12月31日的余额	2,225		$	22			$	41,276		$	(10,181)			$	45		$	31,162	$	1,287	$	32,449




股票奖励	3				17						17					17
净利润						2,607				2,607			78			2,685
股息						(1,984)				(1,984)					(1,984)
分配									—			(119)			(119)


其他									—			(14)			(14)
其他综合损失								(207)		(207)					(207)
截至2026年9月30日的余额	2,228		$	22			$	41,293		$	(9,558)			$	(162)		$	31,595	$	1,232	$	32,827


	普通股	额外实收资本		累计亏损		累计其他综合损失		归属于 KMI 的股东权益	非控制性权益		总计
	发行股数	面值
截至2024年12月31日的余额	2,222		$	22			$	41,237		$	(10,633)			$	(95)		$	30,531	$	1,336	$	31,867




股票奖励	3				18						18					18
净利润						2,060				2,060			79			2,139
股息						(1,950)				(1,950)					(1,950)
分配									—			(122)			(122)



其他综合收益								81		81					81
截至2025年9月30日的余额	2,225		$	22			$	41,255		$	(10,523)			$	(14)		$	30,740	$	1,293	$	32,033

附注是这些合并财务报表不可分割的组成部分。

KINDER MORGAN, INC. 及其子公司

合并财务报表附注

（未经审计）

1. 一般情况

组织结构

我们是北美最大的能源基础设施公司之一。我们拥有约78,000英里管道、130多个终端、超过700 Bcf的天然气工作存储容量，以及每年约6.9 Bcf的粗产气量的可再生天然气（RNG）发电能力。我们的管道运输天然气、精炼石油产品、原油、凝析油、CO2、可再生燃料和其他产品，我们的终端储存和处理各种商品，包括汽油、柴油、航空燃料、化学品、金属、石油焦炭以及乙醇和其他可再生燃料和原料。

列报基础

一般

我们编制的未经审计的合并财务报表遵循美国证券交易委员会（SEC）的规则和法规。这些规则和法规符合FASB的会计准则汇编（ASC）中的会计原则，即GAAP的单一来源。根据这些规则和法规，所有重大的内部公司项目已在合并中消除。

我们认为，为公允列报我们的财务状况和中期经营成果，已将所有正常且经常性的调整包括在附带的合并财务报表中，某些前期金额已重新分类以符合当前的列报方式。中期结果不一定代表全年结果；因此，您应将这些合并财务报表与我们包含在2025年10-K表中的合并财务报表和相关附注一起阅读。

附带的未经审计的合并财务报表包括我们的账户以及我们拥有控制权或为主要受益人的子公司的账户。我们评估我们在企业中的财务利益，以确定它们是否代表我们为主要受益人的可变利益实体。如果满足这些标准，我们将这些企业的财务报表与我们自己的财务报表合并。

商誉

除了根据市场条件的变化定期评估长期资产和商誉的减值外，我们每年5月31日对商誉进行减值评估。在2026年5月31日的评估中，我们将业务划分为七个报告单位，如下所示：(i) 管道天然气监管业务；(ii) 管道天然气非监管业务；(iii) CO2；(iv) 产品管道（不包括相关终端）；(v) 产品管道终端（在商誉方面单独评估）；(vi) 终端；以及(vii) 能源转型业务。

我们在商誉减值测试中使用的公允价值估计值包括公允价值层次结构中的第3级输入。这些输入包括估值估计值，这些估计值主要涉及管理层的判断和估计。对于除我们CO2业务部门内的能源转型风险投资报告单位以外的所有报告单位，我们基于市场方法估计公允价值，该方法利用了预测的息税前利润、折旧和摊销费用（EBITDA）以及可比公司的企业价值与估计的EBITDA倍数。每个报告单位的价值是从在计量日市场参与者之间有序交易中的市场参与者的角度确定的。对于截至2026年9月30日商誉余额为1.14亿美元的能源转型风险投资报告单位，我们基于收益法估计公允价值，该方法主要基于生产增长假设、终值和折现率的未来现金流假设。

我们2026年5月31日的年度减值测试结果表明，对于我们的每个报告单位，报告单位的公允价值均超过账面价值（至少高出10%）。在年度商誉减值测试之后，我们未发现任何需要进一步减值分析的触发因素。上述任何一项或多项因素的变化都可能导致报告单位公允价值的变化，这可能导致未来的减值费用。这种潜在的非现金减值可能对我们的经营成果产生重大影响。

每股收益（EPS）

下表列示了按两种分类方法计算的归属于普通股股东的净收入和每股收益：


	截至 9月30日		截至 9月30日
	2026		2025		2026		2025
	（以百万美元为单位，每股金额除外）
归属于股东的净收入	$	764			$	628		$	2,607	$	2,060
减：归属于参与性证券的净收入(a)	(4)			(4)			(13)		(11)
归属于普通股股东的净收入	$	760			$	624		$	2,594	$	2,049

基本和稀释加权平均股份数	2,227			2,224			2,226		2,223
基本和稀释每股收益	$	0.34			$	0.28		$	1.17	$	0.92

(a)参与性证券包括授予员工和非员工董事的未归属股票奖励。这些奖励获得股息对价，但不参与净损失或超过收益的分配。

我们潜在的普通股等价物，包括未归属的股票奖励和可转换信托优先证券，在上述所有期间的稀释每股收益计算中被排除在外，因为其包含在内将产生反稀释效果。

2. 收购和出售

截至2026年9月30日，我们的收购中购买价格的分配如下所示：


					购买价格分配
参考	日期	收购	购买价格		流动资产		固定资产		其他长期资产	流动负债		长期负债			产生的商誉
			（以百万美元为单位）
(1)	5/26	Monument Pipeline	$	503			$	10		$	264		$	236			$	(7)	$	—	$	—
(2)	2/25	Outrigger Energy	648			16			497		160		(5)			(20)			—

(1) Monument Pipeline System Acquisition

2026年5月1日，我们以5.03亿美元的价格从ARM Energy Holdings收购了Monument Pipeline，这是一条为德克萨斯州休斯顿及周边大都会地区服务的天然气管道系统，包括为营运资金进行的购买价格调整。初步购买价格分配中的其他长期资产包括特许经营权，其加权平均摊销期约为14年。此次收购包括约225英里的管道，并为天然气公用事业公司、液化天然气托运人和工业客户提供运输和储存服务。所收购的资产包含在我们的天然气管道业务部门中。

(2) Outrigger Energy收购

2025年2月18日，我们以6.48亿美元的价格从Outrigger Energy II LLC收购了北达科他州的一套天然气集输和加工系统，包括为营运资金进行的购买价格调整。购买价格分配中的其他长期资产包括一项客户关系无形资产，其加权平均摊销期约为15年。此次收购包括一个0.27 Bcf/d的加工设施和一条104英里长、高压的富气集输主管道，其容量为0.35 Bcf/d，将威利斯顿盆地地区的供应连接到高需求市场。所收购的资产包含在我们的天然气管道业务部门中。

编制后信息

由于将上述收购视为在每次交易前一年的1月1日发生时的编制后合并损益表信息与我们附带的合并损益表信息不会产生重大差异，因此未予列示。

出售

码头出售

2026年9月1日，在我们的码头业务部门中，我们以净对价1.36亿美元出售了位于佛罗里达州坦帕地区的某些码头和码头资产，该对价在营运资金调整后，包括(i)8100万美元的现金收入，该收入在我们的合并现金流量表的“出售资产的净收益（拆除成本）”中作为投资活动列示，以及(ii)5500万美元的股权投资额外权益。在此交易的同时，我们确认了7100万美元的净收益，该收益在我们的合并损益表的“其他收入，净额”中报告，其中包括900万美元的商誉减少。

3. 债务

下表提供了我们未偿还债务余额的本金金额信息：


	2026年9月30日		2025年12月31日
	（以百万美元为单位，除非另有说明）
债务的当期部分
35亿美元信用额度，将于2031年5月21日到期	$	—			$	—
商业票据（a）	—			13
高级债券的当期部分
4.15%，将于2026年8月到期	—			375
1.75%，将于2026年11月到期	500			500
7.50%，将于2026年11月到期	200			200
6.70%，将于2027年2月到期	7			—
2.25%，将于2027年3月到期（b）	567			—
7.00%，将于2027年3月到期	300			—
Trust I优先证券，4.75%，将于2028年3月到期（c）	111			111
其他债务的当期部分	41			27
债务的当期部分总额	1,726			1,226

长期债务（不包括流动部分）
高级票据	30,921			30,065
EPC Building, LLC，期票，3.967%，2026年至2035年到期	251			268

Trust I优先证券，4.75%，2028年3月到期	109			110
其他	164			154
长期债务总额	31,445			30,597
总债务（d）	$	33,171			$	31,823

(a)截至2025年12月31日，借款的加权平均利率为3.85%。

(b)包括以欧元计价的高级票据，这些票据已转换为美元，并分别按照2026年9月30日的汇率1欧元兑1.1330美元和2025年12月31日的汇率1欧元兑1.1746美元报告。截至2026年9月30日和2025年12月31日，自发行以来美元对欧元汇率的累计变化分别导致增加了2400万美元和4400万美元。截至2026年9月30日，我们有未到期的相关交叉货币掉期协议，这些协议被指定为现金流量对冲。

(c)反映了如果截至报告期末所有未偿还证券均由持有人转换，应付现金对价的部分。

(d)不包括我们的“债务公允价值调整”，截至2026年9月30日，这些调整使我们的总债务余额减少了9800万美元，而截至2025年12月31日，这些调整使我们的总债务余额增加了1.8亿美元。

我们以及我们几乎所有完全拥有的国内子公司都是交叉担保协议的当事人，根据该协议，协议的每一方无条件地就其他协议方的指定债务进行联合和各自担保。此外，我们几乎所有完全拥有的国内子公司根据与我们的信贷设施相关的担保协议，担保我们在信贷设施下的义务。

2026年8月6日，我们通过注册发行，发行了两系列高级票据，包括总额为11.5亿美元的5.55%高级票据，2036年到期，以及总额为6亿美元的6.15%高级票据，2056年到期，并获得了合计17.3亿美元的净收益。

信贷设施和限制性条款

2026年5月21日，我们作为借款人，与巴克莱银行 plc（作为管理人）“巴克莱”以及该修订和重述的循环信贷协议签名页上列出的贷款人，签订了修订和重述的循环信贷协议（“修订后的信贷设施”），修订和重述了公司2021年8月20日的35亿美元循环信贷协议（此前已修订，“现有信贷设施”）。

修订后的信贷设施修订了现有信贷设施的某些条款，除其他事项外，（i）将到期日从2026年8月20日延长至2031年5月21日，并（ii）将可用于循环贷款的设施金额从5000万美元增加至4亿美元。我们几乎所有完全拥有的国内子公司根据担保协议，担保我们在修订后的信贷设施下的义务。

根据贷款请求的类型，我们根据修订后的信用额度协议的借款利率为以下情况中的最高者：(i) (1) 联邦基金利率加0.5%；(2) 贷款基准利率；或(3) 一个月期期限SOFR加1%，或(ii) 期限SOFR或(iii) 每日简单SOFR，且在每种情况下，适用的利差范围为每年0.000%至1.500%，具体取决于我们的信用评级。对于信用额度协议未使用部分的备用费用将按0.075%至0.200%的费率计算。

修订后的信用额度协议包含适用于我们及其子公司的财务和其他各种条款，这些条款在类似协议中很常见，包括 Consolidated Net Indebtedness 与 Consolidated EBITDA（根据修订后的信用额度协议定义，经修订）的最高比率不得超过 5.50:1.00，适用于任何四个财政季度期间。其他负面条款包括限制我们及某些子公司的债务承担、设立抵押权、进行重大变更或与关联方进行某些交易的能力，或者在某些重要子公司的情况下，限制股息、分配或向我们或任何担保人进行贷款的支付或提前偿还。如果已发生并持续存在或可能发生并持续存在的违约事件（根据修订后的信用额度协议定义），修订后的信用额度协议还限制我们进行某些受限支付的能力。

截至2026年9月30日，我们在信用额度协议下没有未偿还的借款，在商业票据计划下也没有未偿还的借款，另有1000万美元的信用证。截至2026年9月30日，我们在信用额度协议下的可用额度约为34.9亿美元。截至2026年9月30日和2025年9月30日的期间，我们遵守了所有要求的条款。

金融工具的公允价值

我们未偿还债务余额的账面价值和估计公允价值如下所示：


	2026年9月30日		2025年12月31日
	账面价值		估计公允价值(a)	账面价值		估计公允价值(a)
	（以百万美元为单位）
总债务	$	33,073		$	31,273		$	32,003	$	31,966

(a)估计公允价值中包括截至2026年9月30日和2025年12月31日的信托I优先证券21700万美元。

我们在2026年9月30日和2025年12月31日的未偿还债务余额的估计公允价值使用了第2级输入值进行计量。

4. 股东权益

Class P 普通股

股息

以下表格提供了我们每股股息的信息：


	截至 2026年9月30日的三个月		截至 2026年9月30日的九个月
	2026		2025		2026		2025
该期间每股现金股息的宣告金额	$	0.2975			$	0.2925		$	0.8925	$	0.8775
该期间每股现金股息的支付金额	0.2975			0.2925			0.8875		0.8725

2026年10月21日，我们的董事会宣布，截至2026年9月30日的季度期间每股现金股息为0.2975美元，将于2026年11月16日支付给2026年11月2日收盘时登记的股东。

其他综合收益（损失）)

我们“累计其他综合收益（亏损）”的组成部分（不包括非控权益）的变化如下所示：


	现金流量对冲衍生品的未实现净收益/（亏损）		养老金和其他退休后负债调整		累计其他综合收益（亏损）总计
	（以百万美元计）
2025年12月31日的余额	$	67			$	(22)		$	45
重分类前的其他综合亏损	(308)			(9)			(317)
从累计其他综合亏损中重分类的亏损	110			—			110
累计其他综合亏损的当期净变动	(198)			(9)			(207)
2026年9月30日的余额	$	(131)			$	(31)		$	(162)


	现金流量对冲衍生品的未实现净收益/（亏损）		养老金和其他退休后负债调整		累计其他综合亏损总计
	（以百万美元计）
2024年12月31日的余额	$	(33)			$	(62)		$	(95)
重分类前的其他综合收益（亏损）	145			(5)			140
从累计其他综合亏损中重分类的收益	(59)			—			(59)
累计其他综合亏损的当期净变动	86			(5)			81
2026年9月30日的余额	$	53			$	(67)		$	(14)

5. 风险管理

我们某些业务活动会面临与天然气、NGL 和原油市场价格不利变动相关的风险。由于我们发行债务义务，我们还面临利率和外汇风险。根据管理层批准的风险管理政策，我们使用衍生合约来对冲或减少我们对其中一些风险的敞口。

能源商品价格风险管理

截至2026年9月30日，我们有以下未到期的商品远期合约，用于对冲我们预测的能源商品采购和销售：


	净敞口多头/（空头）
被指定为对冲合约的衍生品
原油固定价格	(14.0)	MMBbl




未被指定为对冲合约的衍生品
原油固定价格	(0.9)	MMBbl
原油基差	(1.3)	MMBbl
天然气固定价格	(48.7)	Bcf
天然气基差	(136.7)	Bcf
NGL固定价格	(1.4)	MMBbl

截至2026年9月30日，我们为会计目的对冲与能源商品价格风险相关的未来现金流变动的最长期限是到2028年12月。

利率风险管理

我们利用利率衍生品对冲我们对固定利率债务工具公允价值变动以及可变利率支付相关预期未来现金流变动的敞口。下表总结了截至2026年9月30日我们未到期的利率合约：

名义金额

会计处理

最长期限

（以百万美元计）

被指定为对冲工具的衍生品

固定利率转可变利率合约(a)

4,500

公允价值对冲

2041年2月

(a)被对冲的高级债券本金包含在我们附带的合并资产负债表的“长期债务”中。

外币风险管理办法

我们利用外币衍生工具对冲外汇汇率波动带来的风险。下表总结了截至2026年9月30日我们未到期的外币合约：

名义金额

会计处理

到期日

（以百万美元计）

指定为对冲工具的衍生工具

欧元对美元交叉货币互换合约(a)

543

现金流量对冲

2027年3月

(a)这些互换消除了与我们2027年3月到期的欧元计价债务相关的外币风险。

衍生工具合约对我们合并财务报表的影响

下表总结了我们附带合并资产负债表中包含的衍生工具合约的公允价值：


衍生工具合约的公允价值
	位置	衍生工具资产		衍生工具负债
		2026年9月30日		2025年12月31日		2026年9月30日		2025年12月31日
		（以百万美元计）
指定为对冲工具的衍生工具
能源商品衍生工具合约
	其他流动资产/（其他流动负债）	$	—			$	56		$	(129)	$	—
	递延费用和其他资产/（其他长期负债和递延收益）	—			36			(36)		—
	小计	—			92			(165)		—
利率合约
	其他流动资产/（其他流动负债）	2			4			(60)		(25)
	递延费用和其他资产/（其他长期负债和递延收益）	1			32			(264)		(111)
	小计	3			36			(324)		(136)
外币合约
	其他流动资产/（其他流动负债）	21			—			—		(2)
	递延费用和其他资产	—			41			—		—
	小计	21			41			—		(2)
	总计	24			169			(489)		(138)

未指定为对冲工具的衍生工具
能源商品衍生工具合约
	其他流动资产/（其他流动负债）	51			75			(49)		(74)
	递延费用和其他资产/（其他长期负债和递延收益）	3			4			(25)		(1)





	总计	54			79			(74)		(75)
	总计衍生工具	$	78			$	248		$	(563)	$	(213)

下表总结了根据ASC建立的三个级别对我们的衍生工具合约的公允价值计量情况。这些表格还指出了我们选择在附带合并资产负债表上以总额方式列示的衍生工具合约的影响，这些合约在主协议净额结算协议下符合净额结算条件。


	资产负债表资产按级别划分的公允价值计量		可用于净额结算的合约		持有的现金抵押品(a)
	级别1		级别2		级别3		总额			净额
	（以百万美元计）
截至2026年9月30日
能源商品衍生工具合约(b)	$	41			$	13		$	—		$	54		$	(41)		$	—	$	13
利率合约	—			3			—		3		—		—			3
外币合约	—			21			—		21		—		—			21
截至2025年12月31日
能源商品衍生工具合约(b)	$	20			$	151		$	—		$	171		$	(68)		$	—	$	103
利率合约	—			36			—		36		(6)		—			30
外币合约	—			41			—		41		—		—			41


	资产负债表负债按级别划分的公允价值计量		可用于净额结算的合约		提供的现金抵押品(a)
	级别1		级别2		级别3		总额			净额
	（以百万美元计）
截至2026年9月30日
能源商品衍生合约(b)	$	(6)			$	(233)		$	—		$	(239)		$	41		$	(1)	$	(199)
利率合约	—			(324)			—		(324)		—		—			(324)

截至2025年12月31日
能源商品衍生合约(b)	$	(12)			$	(63)		$	—		$	(75)		$	68		$	(2)	$	(9)
利率合约	—			(136)			—		(136)		6		—			(130)
外币合约	—			(2)			—		(2)		—		—			(2)

(a)任何支付或收到的现金保证金都会反映在此表中，但仅限于代表变动保证金的部分。与衍生品预付款或初始保证金相关的任何金额，如果不受衍生品资产或负债金额的影响，或仅根据其体积名义金额确定的，将不包含在此表中。

(b)第1级主要包含纽约商品交易所（NYMEX）天然气期货。第2级主要包含场外交易（OTC）的WTI掉期、NGL掉期和原油基差掉期。

以下表格总结了我们的衍生合约对附带合并损益表和综合收益表的税前影响：


公允价值对冲关系中的衍生品	项目位置	在收入中确认的衍生品及相关对冲项目损益
		截至 9月30日的三个月		截至 9月30日的九个月
		2026		2025	2026		2025
		（以百万美元计）
利率合约	利息，净额	$	(170)		$	15		$	(221)	$	136

对冲固定利率债务(a)	利息，净额	$	170		$	(25)		$	221	$	(145)

(a)截至2026年9月30日，公允价值对冲调整的累计金额导致我们对冲的固定利率债务余额减少了3.22亿美元，并包含在我们附带的合并资产负债表中的“债务公允价值调整”项目中。


现金流量对冲关系中的衍生品	在其他综合收益中确认的衍生品损益(a)		项目位置		从累计其他综合收益转入收入的损益
	截至 9月30日的三个月				截至 9月30日的三个月
	2026		2025				2026	2025
	（以百万美元计）				（以百万美元计）
能源商品衍生合约	$	(185)			$	32		收入—商品销售		$	(45)	$	17

					销售成本		—		(1)


外币合约	(4)			(3)			其他，净额	(5)			(3)
总计	$	(189)			$	29		总计		$	(50)	$	13


现金流量对冲关系中的衍生品	在其他综合收益中确认的衍生品损益(a)		项目位置		从累计其他综合收益转入收入的损益
	截至 9月30日的九个月				截至 9月30日的九个月
	2026		2025				2026	2025
	（以百万美元计）				（以百万美元计）
能源商品衍生合约	$	(378)			$	122		收入—商品销售		$	(121)	$	11

					销售成本		—		(2)


外币合约	(17)			67			其他，净额	(21)			69
总计	$	(395)			$	189		总计		$	(142)	$	78

(a)我们预计，截至2026年9月30日，包含在累计其他综合损失余额中的与现金流量对冲价格风险管理活动相关的约1.01亿美元损失将在未来十二个月内转入收益（当相关预期交易也预计影响收益时）；然而，由于市场价格的变化，实际转入收益的金额可能会有重大差异。


未指定为会计对冲的衍生品	位置	在损益中确认的衍生品收益/损失
		截至9月30日的三个月		截至9月30日的九个月
		2026		2025		2026		2025
		（以百万美元计）
能源商品衍生品合同	收入—商品销售	$	(17)			$	6		$	6	$	22
	销售成本	11			(25)			(113)		(45)
	权益投资收益	1			1			2		1
利率合同	利息，净额	—			(2)			—		(4)
总计(a)		$	(5)			$	(20)		$	(105)	$	(26)

(a)截至2026年9月30日的三个月和九个月期间的金额分别包括约700万美元和-8200万美元的收益（损失），而截至2025年9月30日的三个月和九个月期间的金额分别包括约-400万美元和-2000万美元的损失，这些损失与天然气、原油和NGL衍生品合同结算相关。

信用风险

在某些衍生品合同的配合下，我们需向交易对手提供担保品，这可能包括开具信用证或在保证金账户中存放现金。截至2026年9月30日和2025年12月31日，我们没有用于支持商品价格风险管理计划的未到期信用证。截至2026年9月30日和2025年12月31日，我们分别向交易对手存入了1400万美元和2400万美元的现金保证金，并在附带的合并资产负债表的“受限存款”中进行了报告。截至2026年9月30日的现金保证金余额代表了1500万美元的初始保证金要求，减去100万美元的变动保证金要求。我们还使用行业标准的商业协议，允许对在单一商业协议下执行的交易进行敞口净额计算。

此外，我们通常利用主净额协议，以抵消与单一交易对手的多个商业协议的信用敞口。

我们还与某些衍生品合同的交易对手有协议，这些协议包含在我们的信用评级下降时要求额外担保品的条款。截至2026年9月30日，根据我们当前的市值头寸和已提供的担保品，我们估计如果我们的信用评级被下调一到两个等级，我们不需要额外提供担保品。

6. 收入确认

收入的分解

以下表格展示了我们按业务部门、收入来源和每种收入来源类型的收入分解情况：


	截至2026年9月30日的三个月
	Natural Gas Pipelines		Products Pipelines		Terminals		CO2	Corporate and Eliminations		Total
	(In millions)
Revenues from contracts with customers(a)
Services
Firm services	$	1,088			$	68		$	228		$	—		$	(1)	$	1,383
Fee-based services	363			261			115		13		(2)		750
Total services	1,451			329			343		13		(3)		2,133
Commodity sales
Natural gas sales	993			—			—		9		(3)		999
Product sales	306			396			24		290		(1)		1,015
Other sales	8			—			—		32		(2)		38
Total commodity sales	1,307			396			24		331		(6)		2,052
Total revenues from contracts with customers	2,758			725			367		344		(9)		4,185
Other revenues
Leasing services(b)	112			41			195		17		—		365
Derivatives adjustments on commodity sales	(2)			—			—		(60)		—		(62)
Other	31			6			—		6		—		43
Total other revenues	141			47			195		(37)		—		346
Total revenues	$	2,899			$	772		$	562		$	307		$	(9)	$	4,531


	Three Months Ended September 30, 2025
	Natural Gas Pipelines		Products Pipelines		Terminals		CO2	Corporate and Eliminations		Total
	(In millions)
Revenues from contracts with customers(a)
Services
Firm services	$	1,037			$	51		$	217		$	—		$	(1)	$	1,304
Fee-based services	282			282			106		12		(1)		681
Total services	1,319			333			323		12		(2)		1,985
Commodity sales
Natural gas sales	952			—			—		10		(2)		960
Product sales	239			292			9		210		(2)		748
Other sales	7			—			—		24		(1)		30
Total commodity sales	1,198			292			9		244		(5)		1,738
Total revenues from contracts with customers	2,517			625			332		256		(7)		3,723
Other revenues
Leasing services(b)	115			46			186		18		—		365
Derivatives adjustments on commodity sales	18			—			—		5		—		23
Other	26			6			—		3		—		35
Total other revenues	159			52			186		26		—		423
Total revenues	$	2,676			$	677		$	518		$	282		$	(7)	$	4,146


	Nine Months Ended September 30, 2026
	Natural Gas Pipelines		Products Pipelines		Terminals		CO2	Corporate and Eliminations		Total
	(In millions)
Revenues from contracts with customers(a)
Services
Firm services	$	3,313			$	192		$	705		$	1		$	(3)	$	4,208
Fee-based services	1,036			797			324		38		(6)		2,189
Total services	4,349			989			1,029		39		(9)		6,397
Commodity sales
Natural gas sales	3,229			—			—		36		(6)		3,259
Product sales	808			1,225			70		869		(9)		2,963
Other sales	25			—			—		92		(2)		115
Total commodity sales	4,062			1,225			70		997		(17)		6,337
Total revenues from contracts with customers	8,411			2,214			1,099		1,036		(26)		12,734
Other revenues
Leasing services(b)	334			128			586		47		—		1,095
Derivatives adjustments on commodity sales	34			(1)			—		(148)		—		(115)
Other	87			20			—		15		—		122
Total other revenues	455			147			586		(86)		—		1,102
Total revenues	$	8,866			$	2,361		$	1,685		$	950		$	(26)	$	13,836


	Nine Months Ended September 30, 2025
	Natural Gas Pipelines		Products Pipelines		Terminals		CO2	Corporate and Eliminations		Total
	(In millions)
Revenues from contracts with customers(a)
Services
Firm services	$	3,128			$	151		$	662		$	1		$	(3)	$	3,939
Fee-based services	864			817			306		32		(4)		2,015
Total services	3,992			968			968		33		(7)		5,954
Commodity sales
Natural gas sales	2,802			—			—		37		(6)		2,833
Product sales	712			898			41		663		(6)		2,308
Other sales	21			—			—		77		(2)		96
Total commodity sales	3,535			898			41		777		(14)		5,237
Total revenues from contracts with customers	7,527			1,866			1,009		810		(21)		11,191
Other revenues
Leasing services(b)	340			146			560		53		—		1,099
Derivatives adjustments on commodity sales	24			—			—		9		—		33
Other	75			19			—		12		—		106
Total other revenues	439			165			560		74		—		1,238
Total revenues	$	7,966			$	2,031		$	1,569		$	884		$	(21)	$	12,429

(a)Differences between the revenue presentation on the consolidated statements of income and the disaggregated revenues by type above are primarily attributable to revenues reflected in the “Other revenues” category above.

(b)Our revenues from leasing services are comprised of operating leases whereby we convey the right to control the use of an identified asset to a customer, including tanks, treating facilities, marine vessels, and gas equipment and pipelines with separate control locations.

Contract Balances

As of September 30, 2026 and December 31, 2025, our contract asset balances were $33 million and $30 million, respectively, and our contract liability balances were $488 million and $459 million, respectively. Of the December 31, 2025 contract asset and liability balances, $19 million was transferred to accounts receivable and $112 million was recognized as revenue during the nine months ended September 30, 2026, respectively.

In addition, we had a lease contract liability balance associated with prepaid fixed reservation charges relating to contracts expiring from 2035 to 2040, under a long-term terminal services contract totaling $489 million and $531 million as of September 30, 2026 and December 31, 2025, respectively.

Revenue Allocated to Remaining Performance Obligations

The following table presents our estimated revenue related to unsatisfied performance obligations representing fixed consideration primarily related to commodity sales or service contracts with take-or-pay or minimum volume commitments that we expect to recognize in future periods:


	Remaining 2026		2027	2028 and thereafter
	(In billions)
Estimated revenue as of September 30, 2026	$	1		$	5	$	31

Based on the practical expedient we elected to apply, the amounts presented in the table above exclude remaining performance obligations for variable consideration related to contracts with index-based pricing or variable volume attributes in which such variable consideration is allocated entirely to a wholly unsatisfied performance obligation.

7. Reportable Segments

Our reportable segments are strategic business units that offer different products and services, have different marketing strategies, and are managed separately. The Company’s chief operating decision maker (CODM) is represented by the Office of the Chairman which consists of our Executive Chairman, Chief Executive Officer, and President. Our CODM evaluates performance principally based on each reportable segment’s earnings before DD&A expenses (EBDA), which excludes general and administrative expenses and corporate charges, interest expense, net, and income tax expense. The CODM uses budgeted Segment EBDA compared to actual results to evaluate performance and allocate certain resources for each segment.

We consider each period’s earnings before all non-cash DD&A expenses to be an important measure of business segment performance for our reporting segments. We account for intersegment sales at market prices, while we account for asset transfers at book value.

Financial information by segment follows:


	Three Months Ended September 30, 2026
	Reportable Segments
	Natural Gas Pipelines		Products Pipelines		Terminals		CO2	Corporate and Eliminations		Total
	(In millions)
Revenues
Revenues from external customers	$	2,894			$	772		$	560			$	305		$	—		$	4,531
Intersegment revenues	5			—			2		2			(9)		—
Total revenues	2,899			772			562		307			(9)		4,531
Costs of sales	(1,163)			(364)			(19)		(26)
Labor	(88)			(33)			(73)		(14)
Fuel and power	(27)			(23)			(5)		(37)
Field - non-labor(a)	(252)			(190)			(136)		(65)

Taxes, other than income taxes	(78)			(10)			(19)		(13)
Earnings from equity investments	201			19			4		6
Other segment items(b)	9			1			71		14

Total Segment EBDA(c)(d)	$	1,501			$	172		$	385			$	172				2,230
DD&A										(628)

General and administrative and corporate charges										(192)
Interest, net(e)										(430)
Income tax expense										(190)
Net income										$	790

Other segment activity information:
DD&A	$	314			$	88		$	128			$	90		$	8		$	628
Capital expenditures	812			34			107		75			17		1,045


	Three Months Ended September 30, 2025
	Reportable Segments
	Natural Gas Pipelines		Products Pipelines		Terminals		CO2	Corporate and Eliminations		Total
	(In millions)
Revenues
Revenues from external customers	$	2,672			$	677		$	516			$	281		$	—		$	4,146
Intersegment revenues	4			—			2		1			(7)		—
Total revenues	2,676			677			518		282			(7)		4,146
Costs of sales	(1,089)			(281)			(9)		(22)
Labor	(84)			(34)			(70)		(13)
Fuel and power	(23)			(25)			(4)		(42)
Field - non-labor(a)	(237)			(52)			(135)		(64)

Taxes, other than income taxes	(70)			(10)			(16)		(12)
Earnings (loss) from equity investments	212			13			(10)		6
Other segment items(b)	6			—			—		—

Total Segment EBDA(f)	$	1,391			$	288		$	274			$	135				2,088
DD&A										(609)

General and administrative and corporate charges										(184)
Interest, net(e)										(456)
Income tax expense										(185)
Net income										$	654

Other segment activity information:
DD&A	$	294			$	81		$	130			$	98		$	6		$	609
Capital expenditures	572			53			79		79			10		793


	Nine Months Ended September 30, 2026
	Reportable Segments
	Natural Gas Pipelines		Products Pipelines		Terminals		CO2	Corporate and Eliminations		Total
	(In millions)
Revenues
Revenues from external customers	$	8,849			$	2,361		$	1,678			$	948		$	—		$	13,836
Intersegment revenues	17			—			7		2			(26)		—
Total revenues	8,866			2,361			1,685		950			(26)		13,836
Costs of sales	(3,500)			(1,109)			(55)		(78)
Labor	(262)			(101)			(213)		(41)
Fuel and power	(78)			(64)			(15)		(95)
Field - non-labor(a)	(709)			(279)			(414)		(186)

Taxes, other than income taxes	(235)			(30)			(46)		(39)
Earnings from equity investments	619			55			11		24
Other segment items(b)	31			2			71		31

Total Segment EBDA(c)(d)	$	4,732			$	835		$	1,024			$	566				7,157
DD&A										(1,881)

General and administrative and corporate charges										(557)
Interest, net(e)										(1,285)
Income tax expense										(749)
Net income										$	2,685

Other segment activity information:
DD&A	$	916			$	257		$	389			$	298		$	21		$	1,881
Capital expenditures	2,219			110			246		206			50		2,831


	Nine Months Ended September 30, 2025
	Reportable Segments
	Natural Gas Pipelines		Products Pipelines		Terminals		CO2	Corporate and Eliminations		Total
	(In millions)
Revenues
Revenues from external customers	$	7,953			$	2,031		$	1,563			$	882		$	—		$	12,429
Intersegment revenues	13			—			6		2			(21)		—
Total revenues	7,966			2,031			1,569		884			(21)		12,429
Costs of sales	(3,124)			(866)			(38)		(70)
Labor	(248)			(99)			(209)		(39)
Fuel and power	(62)			(68)			(15)		(108)
Field - non-labor(a)	(659)			(160)			(411)		(181)

Taxes, other than income taxes	(215)			(33)			(43)		(37)
Earnings (loss) from equity investments	593			44			(6)		16
Other segment items(b)	29			1			2		1

Total Segment EBDA(f)	$	4,280			$	850		$	849			$	466				6,445
DD&A										(1,835)

General and administrative and corporate charges										(564)
Interest, net(e)										(1,359)
Income tax expense										(548)
Net income										$	2,139

Other segment activity information:
DD&A	$	875			$	274		$	388			$	279		$	19		$	1,835
Capital expenditures	1,474			192			232		264			44		2,206


	Reportable Segments
	Natural Gas Pipelines		Products Pipelines		Terminals		CO2	Corporate and Eliminations		Total
	(In millions)
Segment balance sheet information:
As of September 30, 2026
Investments	$	7,196			$	389		$	180		$	69		$	2	$	7,836
Other intangibles, net	1,075			355			11		381		—		1,822
Total assets(g)	54,672			7,969			7,827		3,488		1,441		75,397
As of December 31, 2025
Investments	$	6,962			$	381		$	122		$	67		$	—	$	7,532
Other intangibles, net	900			403			13		414		—		1,730
Total assets(g)	52,546			8,044			7,917		3,608		633		72,748

(a)Includes outside services, pipeline integrity maintenance, materials and supplies, and other operating costs.

(b)Includes miscellaneous operating and non-operating items primarily related to allowance for equity funds used during construction.

(c)Includes non-cash risk management activities amounts for the three and nine months ended September 30, 2026 of $10 million and $(5) million, $(3) million and $(4) million, and $(12) million and $(14) million, respectively, for our Natural Gas Pipelines, Products Pipelines, and CO2 business segments, respectively.

(d)Includes non-cash legal, environmental, and other expense accruals for each of the three and nine months ended September 30, 2026 of $138 million for our Products Pipelines business segment.

(e)We do not attribute interest and debt expense to any of our reportable business segments.

(f)Includes non-cash risk management activities amounts for the three and nine months ended September 30, 2025 of $(12) million and $(3) million, none and $(1) million, and $(1) million and $3 million, respectively, for our Natural Gas Pipelines, Products Pipelines, and CO2 business segments, respectively.

(g)Corporate assets include cash and cash equivalents, restricted deposits, certain prepaid assets and deferred charges, risk management assets related to derivative contracts, corporate headquarters in Houston, Texas, and miscellaneous corporate assets (such as IT, telecommunications equipment, and legacy activity) not allocated to our reportable segments.

8. Income Taxes

Income tax expense included on our accompanying consolidated statements of income is as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(In millions, except percentages)
Income tax expense	$	190			$	185			$	749		$	548
Effective tax rate	19.4	%		22.0	%		21.8	%		20.4	%

The effective tax rate for the three months ended September 30, 2026 is lower than the statutory federal rate of 21% primarily due to (i) an adjustment to our deferred tax liability as a result of the reduction in the state effective tax rates; (ii) tax benefits from equity based compensation; and (iii) dividend-received deductions from our investments in Citrus, NGPL Holdings LLC, and PPL, partially offset by state taxes.

The effective tax rate for the nine months ended September 30, 2026 is higher than the statutory federal rate of 21% primarily due to (i) an adjustment to Texas Margin Tax as a result of the enactment of bonus depreciation provisions; and (ii) state income taxes, partially offset by (i) an adjustment to our deferred tax liability as a result of the reduction in the state effective tax rates; (ii) tax benefits from equity based compensation; and (iii) dividend-received deductions from our investments in Citrus, NGPL Holdings LLC, and PPL.

The effective tax rate for the three months ended September 30, 2025 is higher than the statutory federal tax rate of 21% primarily due to state income taxes, partially offset by dividend-received deductions from our investments in Citrus, NGPL Holdings LLC, and PPL.

The effective tax rate for the nine months ended September 30, 2025 is lower than the statutory federal tax rate of 21% primarily due to (i) the recognition of investment tax credits generated by a biogas project; (ii) an adjustment to our deferred tax liability as a result of modified income allocations; and (iii) dividend-received deductions from our investments in Citrus, NGPL Holdings LLC, and PPL, partially offset by state income taxes.

9. Litigation and Environmental

We and our subsidiaries are parties to various legal, regulatory, and other matters arising from the day-to-day operations of our businesses or certain predecessor operations that may result in claims against the Company. Although no assurance can be given, we believe, based on our experiences to date and taking into account accrued liabilities and insurance, that the ultimate resolution of such items will not have a material adverse impact to our financial position, cash flows, or operating results, unless otherwise indicated below. We believe we have numerous and substantial defenses to the matters to which we are a party and intend to vigorously defend the Company. When we determine a loss is probable of occurring and is reasonably estimable, we accrue an undiscounted liability for such contingencies based on our best estimate using information available at that time. If the estimated loss is a range of potential outcomes and there is no better estimate within the range, we accrue the amount at the low end of the range. We disclose the following contingencies where an adverse outcome may be material or, in the judgment of management, we conclude the matter should otherwise be disclosed.

SFPP California Public Utilities Commission (CPUC) Proceeding

SFPP submitted five applications at the CPUC over the period covering 2021 through 2026 seeking to increase SFPP’s intrastate pipeline transportation rates. Shippers protested each of SFPP’s applications on the basis of their assertion that the requested rate increases are not just and reasonable. SFPP’s first four rate applications were consolidated (A.24-01-020) in August 2024, and an evidentiary hearing on the consolidated applications was held in June 2025. On July 10, 2026, the presiding administrative law judge issued an interim proposed decision concluding that SFPP’s connected destination terminals are subject to CPUC jurisdiction but made no finding as to how those terminals should be considered when evaluating SFPP’s

pipeline rates. If adopted by the CPUC, the interim proposed decision would require SFPP to provide supplemental testimony with respect to the consolidated applications to address the revenues and costs associated with all CPUC-jurisdictional assets, including the connected destination terminals. SFPP disagrees with the interim proposed decision and intends to continue to vigorously defend its position. The interim proposed decision remains subject to review and approval by the CPUC. If and to the extent that the shippers prevail in these proceedings, SFPP may be required to provide refunds and could be required to reduce certain rates prospectively. Although the ultimate outcome of these matters is uncertain, including whether any refunds or prospective rate adjustments may be required, it is not expected to have a material impact to our financial position, cash flows, or operating results.

Freeport LNG Winter Storm Litigation

On September 13, 2021, Freeport LNG Marketing, LLC (Freeport) filed a lawsuit against Kinder Morgan Texas Pipeline LLC and Kinder Morgan Tejas Pipeline LLC in the 133rd District Court of Harris County, Texas (Case No. 2021-58787) alleging that defendants breached the parties’ base contract for sale and purchase of natural gas by failing to repurchase natural gas nominated by Freeport between February 10-22, 2021 during Winter Storm Uri. We deny that we were obligated to repurchase natural gas from Freeport given our declaration of force majeure during the storm and our compliance with emergency orders issued by the Railroad Commission of Texas providing heightened priority for the delivery of gas to human needs customers. Freeport alleges that it is owed approximately $104 million, plus attorney fees and interest. On October 24, 2022, the trial court granted our motion for summary judgment on all of Freeport’s claims. On April 15, 2025, the 14th Court of Appeals reversed and remanded the case to the trial court for further proceedings to resolve disputed issues of material fact. We believe we have numerous and substantial defenses and intend to continue to vigorously defend this case.

Pension Plan Litigation

On February 22, 2021, Kinder Morgan Retirement Plan A participants Curtis Pedersen and Beverly Leutloff filed a purported class action lawsuit under the Employee Retirement Income Security Act of 1974 (ERISA). The named plaintiffs were hired initially by the ANR Pipeline Company (ANR) in the late 1970s. Following a series of corporate acquisitions, plaintiffs became participants in pension plans sponsored by the Coastal Corporation (Coastal), El Paso Corporation (El Paso) and our company by virtue of our acquisition of El Paso in 2012 and our assumption of certain of El Paso’s pension plan obligations. The complaint, which was transferred to the U.S. District Court for the Southern District of Texas (Civil Action No. 4:21-3590) and amended to include the Kinder Morgan Retirement Plan B, alleges that the series of foregoing transactions resulted in changes to plaintiffs’ retirement benefits that are now contested on a class-wide basis. The complaint asserts six claims that fall within three primary theories of liability. Claims I, II, and III challenge plan provisions that are alleged to constitute impermissible “backloading” or “cutback” of benefits and seek the same plan modification as to how the plans calculate benefits for former participants in the Coastal plan. Claims IV and V allege that former participants in the ANR plans should be eligible for unreduced benefits at younger ages than the plans currently provide. Claim VI asserts that actuarial assumptions used to calculate reduced early retirement benefits for current or former ANR employees are outdated and therefore unreasonable. On February 8, 2024, the Court certified a class defined as any and all persons who participated in the Kinder Morgan Retirement Plan A or B who are current or former employees of ANR or Coastal, and participated in the El Paso pension plan after El Paso acquired Coastal in 2001, and are members of at least one of three subclasses of individuals who are allegedly due benefits. On July 25, 2024, the Court granted our motion for summary judgment with respect to Claims I and II based on the Court’s determination that the formula used to calculate projected service was neither backloaded nor a violation of ERISA’s anti-cutback rule. The Court granted plaintiffs’ motion for partial summary judgment with respect to Claim III because the Court found that the summary plan description did not include any clarifying examples or illustrations of accrued benefits using the applicable formula. The Court granted plaintiffs’ motion for partial summary judgment as to Claim IV based on its finding that an amendment to the plan in 2007 violated ERISA’s anti-cutback protection by terminating the accrual of early retirement benefits in connection with the sale of ANR. The Court granted plaintiffs’ motion for partial summary judgment as to Claim V based on its finding that the plan administrator used an inconsistent interpretation to calculate benefits for some retirees. The Court dismissed Claim VI without prejudice based on its finding that the claim is moot given the Court’s rulings on Claims IV and V. The Court’s decision on partial summary judgment did not address the extent of potential plan liabilities for past or future benefits or other potential damages or equitable relief. On March 11, 2025, the case was mediated without resolution, after which the parties filed summary judgment motions to address potential remedies for the remaining claims. Plaintiffs seek equitable and other relief including early retirement benefits, monetary damages, or other equitable relief estimated to be in excess of $150 million. We vigorously oppose the form and scope of relief sought by the plaintiffs and believe we have numerous and substantial defenses to support our vigorous defense at the trial or appellate levels if necessary. On April 22, 2025, the case was referred to a Magistrate Judge to conduct all pretrial proceedings including recommended rulings on plaintiffs’ motion for equitable remedies. On February 10, 2026, the Magistrate Judge issued a Memorandum and Recommendation that plaintiffs’ motion for equitable relief should be granted in part and denied in part. The Memorandum and Recommendation rejected or significantly narrowed a number of plaintiffs’ theories of recovery. On August 10, 2026, the presiding U.S. District Court Judge rejected and modified the Magistrate’s Memorandum and Recommendation in substantial part and awarded equitable relief for Claims III, IV, and V. The Court ordered the formula for benefit accrual to be

reformed and amended in a manner generally consistent with the scope of relief sought by the plaintiffs and further ordered and enjoined defendants to enforce the plans as reformed by the Court’s order. We disagree respectfully and strongly with the Court’s order to reform and amend a common legacy plan benefit formula that was determined previously by the Court to comply with ERISA. We believe that the Court’s equitable remedy departs significantly from governing precedent and have filed a notice of appeal to the U.S. Court of Appeals for the 5th Circuit and a motion to stay the decision pending appeal. To the extent an adverse judgment or settlement results in an increase in plan liabilities, we may elect as the sponsor of the plans to address them in accordance with applicable ERISA provisions, including provisions that allow for contributions to the plans over multiple years.

Pipeline Integrity and Releases

From time to time, despite our best efforts, our pipelines experience leaks and ruptures. These leaks and ruptures may cause explosions, fire, and damage to the environment, damage to property, and/or personal injury or death. In connection with these incidents, we may be sued for damages caused by an alleged failure to properly mark the locations of our pipelines and/or to properly maintain our pipelines. Depending upon the facts and circumstances of a particular incident, state and federal regulatory authorities may seek civil and/or criminal fines and penalties.

Environmental Matters

We and our subsidiaries are subject to environmental cleanup and enforcement actions from time to time. In particular, CERCLA generally imposes joint and several liability for cleanup and enforcement costs on current and predecessor owners and operators of a site, among others, without regard to fault or the legality of the original conduct, subject to the right of a liable party to establish a “reasonable basis” for apportionment of costs. Our operations are also subject to local, state, and federal laws and regulations relating to protection of the environment. Although we believe our operations are in substantial compliance with applicable environmental laws and regulations, risks of additional costs and liabilities are inherent in pipeline, terminal, CO2 field and oil field, and our other operations, and there can be no assurance that we will not incur significant costs and liabilities. Moreover, it is possible that other developments could result in substantial costs and liabilities to us, such as increasingly stringent state environmental laws, regulations and enforcement policies under the terms of authority of those laws, and claims for damages to property or persons resulting from our operations. Although it is not possible to predict the ultimate outcomes, we believe that the resolution of the environmental matters set forth in this note, and other matters to which we and our subsidiaries are a party, will not have a material adverse effect on our financial position, cash flows, or operating results.

We are currently involved in several governmental proceedings involving alleged violations of local, state, and federal environmental and safety regulations. As we receive notices of non-compliance, we attempt to negotiate and settle such matters where appropriate. These alleged violations may result in fines and penalties, but except as disclosed herein we do not believe any such fines and penalties will be material to our financial position, cash flows, or operating results, individually or in the aggregate. We are also currently involved in several governmental proceedings involving groundwater and soil remediation efforts under state or federal administrative orders or related remediation programs. We have accrued for costs associated with the remediation efforts as described below.

In addition, we are involved with and have been identified as a potentially responsible party (PRP) in several federal and state Superfund sites. Environmental liabilities have been established for those sites where our contribution is probable and reasonably estimable. Because costs associated with remedial plans are generally expected to be spread over at least several years, we do not anticipate that our share of the cost of remediation will have a material adverse impact to our financial position, cash flows, or operating results. In addition, we are from time to time involved in civil proceedings relating to damages alleged to have occurred as a result of accidental leaks or spills of refined petroleum products, crude oil, NGL, natural gas, or CO2, including natural resource damage (NRD) claims.

Portland Harbor Superfund Site, Willamette River, Portland, Oregon

On January 6, 2017, the EPA issued a Record of Decision (ROD) that established a final remedy and cleanup plan for an industrialized area on the lower reach of the Willamette River commonly referred to as the Portland Harbor Superfund Site (PHSS). The cost for the final remedy was estimated to be more than $2.8 billion at the time that the EPA finalized the Record of Decision, however remedial costs are expected to rise significantly based on the expanded scope of the remedy. The work has been divided between more than 20 separate project areas spanning 11 river miles, and active cleanup is expected to take more than 10 years to complete. KMLT, KMBT, and some 90 other PRPs identified by the EPA are involved in a confidential non-judicial allocation process to determine each party’s respective share of the cleanup costs related to the final remedy set forth by the ROD. We are participating in the allocation process on behalf of KMLT (in connection with its ownership or operation of two facilities) and KMBT (in connection with its ownership or operation of two facilities). Effective January 31, 2020, KMLT entered into separate Administrative Settlement Agreements and Orders on Consent (ASAOC) to complete

remedial design for two distinct areas within the PHSS associated with KMLT’s facilities. The ASAOC obligates KMLT to pay a share of the remedial design costs for cleanup activities related to these two areas as required by the ROD. Our share of responsibility for the PHSS costs will not be determined until the ongoing non-judicial allocation process is concluded or a lawsuit is filed that results in a judicial decision allocating responsibility. At this time, we anticipate the non-judicial allocation process will be complete by sometime in 2027. At this time, we are unable to reasonably estimate the extent of our liability for the costs related to the design of the proposed remedy and cleanup of the PHSS. In August 2024, we reached an agreement to settle other claims first made in January 2021 asserted by natural resource state and federal trustees relating to natural resource damages at the PHSS.

Lower Passaic River Study Area of the Diamond Alkali Superfund Site, New Jersey

EPEC Polymers, Inc. and EPEC Oil Company Liquidating Trust (collectively EPEC) are identified as PRPs in an administrative action under CERCLA known as the Lower Passaic River Study Area (Site) concerning the lower 17-mile stretch of the Passaic River in New Jersey. On March 4, 2016, the EPA issued a ROD for the lower eight miles of the Site. At that time the cleanup plan in the ROD was estimated to cost $1.7 billion. The cleanup is expected to take at least six years to complete once it begins. In addition, the EPA and numerous PRPs, including EPEC, engaged in an allocation process for the implementation of the remedy for the lower eight miles of the Site. That process was completed December 28, 2020 and certain PRPs, including EPEC, engaged in discussions with the EPA as a result thereof. On October 4, 2021, the EPA issued a ROD for the upper nine miles of the Site. At that time, the cleanup plan in the ROD was estimated to cost $440 million. No timeline for the cleanup has been established. On December 16, 2022, the United States Department of Justice (DOJ) and the EPA announced a settlement and proposed consent decree with 85 PRPs, including EPEC, to resolve their collective liability at the Site. The total amount of the settlement is $150 million. Also on December 16, 2022, the DOJ on behalf of the EPA filed a Complaint against the 85 PRPs, including EPEC, a Notice of Lodging of Consent Decree, and a Consent Decree in the U.S. District Court for the District of New Jersey in a case captioned USA v. Alden Leeds, et al. On January 17, 2024, the DOJ on behalf of the EPA voluntarily dismissed its Complaint against 3 PRPs, filed an Amended Complaint against 82 PRPs, including EPEC, and a modified Consent Decree in the U.S. District Court. On January 31, 2024, the DOJ on behalf of the EPA filed a Motion to Enter Consent Decree in the U.S. District Court. On January 16, 2025, the U.S. District Court entered the Consent Decree, after which time, the Consent Decree was appealed to the U.S. Court of Appeals for the Third Circuit by two PRPs including Occidental Chemical Corporation (OCC), alleging, inter alia, that the Consent Decree is not procedurally and substantively fair, reasonable, and consistent with the purpose of CERCLA. On February 6, 2026, certain corporate parties who are PRPs and parties to the Consent Decree filed BASF Catalysts LLC, et al. v. Occidental Chemical Corporation (OCC) in U.S. District Court for the District of New Jersey alleging that OCC’s recent attempt to contractually transfer environmental liabilities through a corporate reorganization process violated CERCLA. Plaintiffs seek a declaratory judgment that (1) any purported transfer or allocation of CERCLA liability through the reorganization is precluded by CERCLA, and (2) that the Occidental entity that holds the assets of the former OCC is jointly and severally liable for the former OCC’s CERCLA liabilities. While we are not a party to the most recent lawsuit, the results could potentially impact the amount we and other PRPs ultimately are required to contribute to this CERCLA site.

Louisiana Governmental Coastal Zone Erosion Litigation

On November 8, 2013, the Parish of Plaquemines, Louisiana and others filed petitions in the state district court for Plaquemines Parish against TGP and 17 other energy companies, alleging that the defendants’ operations in Plaquemines Parish violated the State and Local Coastal Resources Management Act of 1978, as amended and Louisiana law and caused substantial damage to the coastal waters and nearby lands. Plaintiffs seek, among other relief, unspecified money damages, attorney fees, interest, and restoration costs. In 2018, the case was removed to the U.S. District Court for the Eastern District of Louisiana and then stayed. We expect the case will remain in federal court. At this time, we are not able to reasonably estimate the extent of our potential liability, if any. We intend to vigorously defend this case.

General

As of September 30, 2026 and December 31, 2025, we had liabilities of $397 million and $261 million, respectively, recorded for legal and environmental matters. In addition, as of September 30, 2026 and December 31, 2025, we had receivables of $9 million and $10 million, respectively, recorded for expected cost recoveries associated with environmental matters that have been deemed probable.

Challenge to Federal “Good Neighbor Plan”

On July 14, 2023, we filed a Petition for Review against the EPA and others in the U.S. Court of Appeals for the District of Columbia Circuit (the DC Circuit) seeking review of the EPA’s final action promulgating a federal implementation plan to address certain interstate transport requirements of the Clean Air Act for the 2015 8-hour Ozone National Ambient Air Quality Standards (NAAQS), known as the “Good Neighbor Plan” (the Plan) (Kinder Morgan, Inc., et al. v. EPA, et al. consolidated

into Utah, et al. v. EPA, et al.). On October 13, 2023, in combination with other parties, we filed an Emergency Application for Stay of Final Agency Action in the United States Supreme Court (Kinder Morgan, Inc., et al. v. EPA, et al. consolidated into Ohio, et al. v. EPA, et al.), which the court granted on June 27, 2024, ruling that enforcement of the Plan shall be stayed pending the disposition of the case on the merits by the DC Circuit and any subsequent timely appeals.

Subsequently, the EPA filed a Motion for Remand asking the DC Circuit to remand without vacatur the Plan to the EPA for voluntary reconsideration, explaining that the “EPA has identified specific issues with the Rule that make reconsideration appropriate, including issues raised by Petitioners in this litigation.” On April 14, 2025, the DC Circuit held the case in abeyance pending further order of the court and ordered the parties to file periodic status reports until the EPA completes its review of the Plan. On January 27, 2026, the EPA proposed approving eight state implementation plans to address ozone emissions which were originally disapproved by the EPA. If finalized, those states would be removed from the EPA’s federal Good Neighbor Plan and its requirements would not apply to our facilities.

10. Recent Accounting Pronouncements

Accounting Standards Updates (ASU)

ASU No. 2024-03

On November 4, 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40).” This ASU improves financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU will be effective for annual periods beginning after December 15, 2026, for interim reporting periods beginning after December 15, 2027, and early adoption is permitted. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures.

ASU No. 2025-06

On September 18, 2025, the FASB issued ASU No. 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” This ASU modernizes the accounting guidance for the costs to develop software for internal use by removing outdated stage-based cost capitalization rules and replacing them with a probability-based cost-capitalization framework that aligns better with current software development methods. This ASU will be effective for annual periods beginning after December 15, 2027, for interim reporting periods beginning within those annual periods, and early adoption is permitted. Management is currently evaluating this ASU to determine its impact on the Company’s financial statements.

ASU No. 2025-09

On November 25, 2025, the FASB issued ASU No. 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements.” This ASU makes targeted improvements to Topic 815 to better align hedge accounting with the economics of an entity’s risk-management activities. This ASU will be effective for annual periods beginning after December 15, 2026, for interim reporting periods beginning within those annual periods, and early adoption is permitted. Management is currently evaluating this ASU to determine its impact on the Company’s financial statements.

ASU No. 2025-10

On December 4, 2025, the FASB issued ASU No. 2025-10, “Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities.” This ASU establishes guidance on the recognition, measurement, and presentation of government grants received by business entities, an area not previously addressed under US GAAP. This ASU will be effective for annual periods beginning after December 15, 2028, for interim reporting periods beginning within those annual periods, and early adoption is permitted. Management is currently evaluating this ASU as it relates to certain tax credits to determine its impact on the Company’s financial statements.

ASU No. 2026-02

On May 19, 2026, the FASB issued ASU No. 2026-02, “Environmental Credits and Environmental Credit Obligations (Topic 818).” This ASU establishes guidance on the recognition, measurement, presentation, and disclosure of environmental credits and compliance obligations that may be settled by using environmental credits. US GAAP did not previously address

how to account for these items. The ASU will be effective for annual periods beginning after December 15, 2027, for interim reporting periods beginning within those annual periods, and early adoption is permitted. Management is currently evaluating this ASU to determine its impact on the Company’s financial statements.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

General and Basis of Presentation

The following discussion and analysis should be read in conjunction with our accompanying interim consolidated financial statements and related notes included elsewhere in this report, and in conjunction with (i) our consolidated financial statements and related notes in our 2025 Form 10-K; (ii) our management’s discussion and analysis of financial condition, and results of operations included in our 2025 Form 10-K; (iii) “Information Regarding Forward-Looking Statements” at the beginning of this report, and in our 2025 Form 10-K; and (iv) “Risk Factors” in Part I, Item 1A in our 2025 Form 10-K.

Acquisition and Divestiture

The following divestiture and acquisition were made during the 2026 period. See Note 2 “Acquisitions and Divestiture” to our consolidated financial statements for further information on these transactions.


Event	Description	Business Segment
Terminals disposition and acquisition of additional equity investment interests $136 million (September 2026)	We divested certain terminals and terminal assets located in Florida for mixed consideration of cash and additional interests in an equity investment.	Terminals (Other)
Monument Pipeline system acquisition $503 million (May 2026)	Natural gas pipeline system serving Houston, Texas and the surrounding metropolitan area which includes approximately 225 miles of pipelines and provides transportation and storage services to gas utilities, LNG shippers, and industrial customers.	Natural Gas Pipelines (Midstream)

2026 Dividends and Discretionary Capital

We expect to declare dividends of $1.19 per share for 2026, a 2% increase from the 2025 declared dividends of $1.17 per share. We expect to invest $4.2 billion in expansion projects, acquisitions, and contributions to joint ventures during 2026.

The expectations for 2026 discussed above involve risks, uncertainties, and assumptions, and are not guarantees of performance. Many of the factors that will determine these expectations are beyond our ability to control or predict, and because of these uncertainties, it is advisable not to put undue reliance on any forward-looking statement.

Results of Operations

Overview

As described in further detail below, our management evaluates our performance primarily using Net income attributable to Kinder Morgan, Inc. and Segment earnings before DD&A expenses (EBDA) (as presented in Note 7 “Reportable Segments”), along with the non-GAAP financial measures of Adjusted Net Income Attributable to Common Stock, in the aggregate and per share, Adjusted Segment EBDA, Adjusted Net Income Attributable to Kinder Morgan, Inc., Adjusted earnings before interest, income taxes, DD&A expenses (EBITDA), and Net Debt.

GAAP Financial Measures

Our Consolidated Earnings Results for the three and nine months ended September 30, 2026 and 2025 present Net income attributable to Kinder Morgan, Inc., as prepared and presented in accordance with GAAP, and Segment EBDA, which is disclosed in Note 7 “Reportable Segments” pursuant to FASB ASC 280. The composition of Segment EBDA is not addressed nor prescribed by generally accepted accounting principles. Segment EBDA is a useful measure of our operating performance because it measures the operating results of our segments before DD&A and certain expenses that are generally not controllable by our business segment operating managers, such as general and administrative expenses and corporate charges, interest expense, net, and income taxes. Our general and administrative expenses and corporate charges include such items as unallocated employee benefits, insurance, rentals, unallocated litigation and environmental expenses, and shared corporate services including accounting, IT, human resources, and legal services.

Non-GAAP Financial Measures

Our non-GAAP financial measures described below should not be considered alternatives to GAAP Net income attributable to Kinder Morgan, Inc. or other GAAP measures and have important limitations as analytical tools. Our computations of these non-GAAP financial measures may differ from similarly titled measures used by others. You should not consider these non-GAAP financial measures in isolation or as substitutes for an analysis of our results as reported under GAAP. Management compensates for the limitations of our consolidated non-GAAP financial measures by reviewing our comparable GAAP measures identified in the descriptions of consolidated non-GAAP measures below, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes.

Certain Items

Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in Net income attributable to Kinder Morgan, Inc., but typically (i) do not have a cash impact (for example, unsettled commodity hedges and asset impairments), (ii) by their nature are separately identifiable from our normal business operations and in most cases are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation, and casualty losses), or (iii) align the timing of cash impacts from natural gas inventory hedges with the future associated physical withdrawals from inventory. (See the tables included in “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc.,” “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Common Stock,” and “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA” below). We also include adjustments related to joint ventures (see “—Amounts associated with Joint Ventures” below). The following table summarizes our Certain Items for the three and nine months ended September 30, 2026 and 2025, which are also described in more detail in the footnotes to tables included in “—Segment Earnings Results” below.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(In millions)
Certain Items

Legal, environmental, and other accruals	$	138			$	—		$	138	$	—
Risk management activities(a)(b)	3			24			33		13
Gain on divestiture, net(c)	(71)			—			(71)		—

Income tax Certain Items(d)	(42)			(4)			(31)		(41)
Other	—			—			—		1
Total Certain Items(e)(f)	$	28			$	20		$	69	$	(27)

(a)Includes changes in fair value of unsettled derivatives, of which gains or losses are reflected within non-GAAP financial measures when realized.

(b)Includes natural gas inventory hedges of which gains or losses are reflected within non-GAAP financial measures when the associated physical gas is withdrawn from inventory.

(c)Amounts for the three and nine-month periods ended September 30, 2026, reflect a gain recognized on the sale of certain assets in our Terminals business segment.

(d)Represents the income tax provision on Certain Items plus discrete income tax items. Includes the impact of KMI’s income tax provision on Certain Items affecting earnings from equity investments and is separate from the related tax provision recognized at the investees by the joint ventures which are also taxable entities.

(e)Amounts for the periods ended September 30, 2026 and 2025 include $(1) million for each of the three-month periods and $(2) million and $(1) million for the nine-month periods, respectively, reported within “Earnings from equity investments” on the accompanying consolidated statement of income of “Risk management activities.”

(f)2025 amounts for the three and nine-month periods include $11 million and $12 million, respectively, reported within “Interest, net” on the accompanying consolidated statement of income of “Risk management activities.”

Adjusted Net Income Attributable to Kinder Morgan, Inc.

Adjusted Net Income Attributable to Kinder Morgan, Inc. is calculated by adjusting Net income attributable to Kinder Morgan, Inc. for Certain Items. Adjusted Net Income Attributable to Kinder Morgan, Inc. is used by us, investors, and other external users of our financial statements as a supplemental measure that provides decision-useful information regarding our period-over-period performance and ability to generate earnings that are core to our ongoing operations. We believe the GAAP

measure most directly comparable to Adjusted Net Income Attributable to Kinder Morgan, Inc. is Net income attributable to Kinder Morgan, Inc. See “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc.” below.

Adjusted Net Income Attributable to Common Stock and Adjusted EPS

Adjusted Net Income Attributable to Common Stock is calculated by adjusting Net income attributable to Kinder Morgan, Inc., the most comparable GAAP measure, for Certain Items, and further for net income allocated to participating securities and adjusted net income in excess of distributions for participating securities. We believe Adjusted Net Income Attributable to Common Stock allows for calculation of adjusted earnings per share (Adjusted EPS) on the most comparable basis with earnings per share, the most comparable GAAP measure to Adjusted EPS. Adjusted EPS is calculated as Adjusted Net Income Attributable to Common Stock divided by our weighted average shares outstanding. Adjusted EPS applies the same two-class method used in arriving at basic earnings per share. Adjusted EPS is used by us, investors, and other external users of our financial statements as a per-share supplemental measure that provides decision-useful information regarding our period-over-period performance and ability to generate earnings that are core to our ongoing operations. See “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Common Stock” below.

Adjusted Segment EBDA

Adjusted Segment EBDA is calculated by adjusting segment earnings before DD&A, general and administrative expenses and corporate charges, interest expense, and income taxes (Segment EBDA) for Certain Items attributable to the segment. Adjusted Segment EBDA is used by management in its analysis of segment performance and management of our business. We believe Adjusted Segment EBDA is a useful performance metric because it provides management, investors, and other external users of our financial statements additional insight into performance trends across our business segments, our segments’ relative contributions to our consolidated performance, and the ability of our segments to generate earnings on an ongoing basis. Adjusted Segment EBDA is also used as a factor in determining compensation under our annual incentive compensation program for our business segment presidents and other business segment employees. We believe it is useful to investors because it is a measure that management uses to allocate resources to our segments and assess each segment’s performance. See “—Segment Earnings Results” below.

Adjusted EBITDA

Adjusted EBITDA is calculated by adjusting Net income attributable to Kinder Morgan, Inc. for Certain Items and further for DD&A, including the amortization of basis differences related to our joint ventures, income tax expense, and interest. We also include amounts from joint ventures for income taxes and DD&A (see “—Amounts associated with Joint Ventures” below). Adjusted EBITDA is used by management, investors, and other external users, in conjunction with our Net Debt (as described further below), to evaluate our leverage. Management and external users also use Adjusted EBITDA as an important metric to compare the valuations of companies across our industry. Our ratio of Net Debt-to-Adjusted EBITDA is used as a supplemental performance target for purposes of our annual incentive compensation program. We believe the GAAP measure most directly comparable to Adjusted EBITDA is Net income attributable to Kinder Morgan, Inc. See “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA” below.

Amounts associated with Joint Ventures

Certain Items and Adjusted EBITDA reflect amounts from unconsolidated joint ventures and consolidated joint ventures utilizing the same recognition and measurement methods used to record “Earnings from equity investments” and “Noncontrolling interests,” respectively. The calculation of Adjusted EBITDA related to our unconsolidated and consolidated joint ventures includes the same adjustments (DD&A, including the amortization of basis differences related to joint ventures only, and income tax expense) with respect to the joint ventures as those included in the calculation of Adjusted EBITDA for our wholly-owned consolidated subsidiaries; further, we remove the portion of these adjustments attributable to non-controlling interests. (See “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA” below.) Although these amounts related to our unconsolidated joint ventures are included in the calculation of Adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses, or cash flows of such unconsolidated joint ventures.

Net Debt

Net Debt is calculated, based on amounts as of September 30, 2026, by subtracting the following amounts from our debt balance of $33,073 million: (i) cash and cash equivalents of $918 million; (ii) debt fair value adjustments of $(98) million; and (iii) the foreign exchange impact on Euro-denominated bonds of $24 million for which we have entered into currency swaps to convert that debt to U.S. dollars. Net Debt, on its own and in conjunction with our Adjusted EBITDA as part of a ratio of Net Debt-to-Adjusted EBITDA, is a non-GAAP financial measure that is used by management, investors, and other external users of our financial information to evaluate our leverage. Our ratio of Net Debt-to-Adjusted EBITDA is also used as a supplemental performance target for purposes of our annual incentive compensation program. We believe the most comparable measure to Net Debt is total debt.

Consolidated Earnings Results

The following tables summarize the key components of our consolidated earnings results.


	Three Months Ended September 30,
	2026		2025		Earnings increase/(decrease)
	(In millions, except per share amounts and percentages)
Revenues	$	4,531			$	4,146		$	385		9	%
Operating Costs, Expenses and Other
Costs of sales (exclusive of items shown separately below)	(1,566)			(1,395)			(171)		(12)	%
Operations and maintenance	(949)			(786)			(163)		(21)	%
DD&A	(628)			(609)			(19)		(3)	%
General and administrative	(190)			(183)			(7)		(4)	%
Taxes, other than income taxes	(121)			(111)			(10)		(9)	%

Other income, net	83			1			82		8,200	%
Total Operating Costs, Expenses and Other	(3,371)			(3,083)			(288)		(9)	%
Operating Income	1,160			1,063			97		9	%
Other Income (Expense)
Earnings from equity investments	231			221			10		5	%

Interest, net	(430)			(456)			26		6	%
Other, net	19			11			8		73	%
Total Other Expense	(180)			(224)			44		20	%
Income Before Income Taxes	980			839			141		17	%
Income Tax Expense	(190)			(185)			(5)		(3)	%
Net Income	790			654			136		21	%
Net Income Attributable to Noncontrolling Interests	(26)			(26)			—		—	%
Net Income Attributable to Kinder Morgan, Inc.	$	764			$	628		$	136		22	%
Basic and diluted earnings per share	$	0.34			$	0.28		$	0.06		21	%
Basic and diluted weighted average shares outstanding	2,227			2,224			3		—	%
Declared dividends per share	$	0.2975			$	0.2925		$	0.005		2	%


	Nine Months Ended September 30,
	2026		2025		Earnings increase/(decrease)
	(In millions, except per share amounts and percentages)
Revenues	$	13,836			$	12,429		$	1,407		11	%
Operating Costs, Expenses and Other
Costs of sales (exclusive of items shown separately below)	(4,720)			(4,082)			(638)		(16)	%
Operations and maintenance	(2,466)			(2,270)			(196)		(9)	%
DD&A	(1,881)			(1,835)			(46)		(3)	%
General and administrative	(566)			(558)			(8)		(1)	%
Taxes, other than income taxes	(355)			(334)			(21)		(6)	%

Other income, net	102			10			92		920	%
Total Operating Costs, Expenses and Other	(9,886)			(9,069)			(817)		(9)	%
Operating Income	3,950			3,360			590		18	%
Other Income (Expense)
Earnings from equity investments	710			647			63		10	%

Interest, net	(1,285)			(1,359)			74		5	%
Other, net	59			39			20		51	%
Total Other Expense	(516)			(673)			157		23	%
Income Before Income Taxes	3,434			2,687			747		28	%
Income Tax Expense	(749)			(548)			(201)		(37)	%
Net Income	2,685			2,139			546		26	%
Net Income Attributable to Noncontrolling Interests	(78)			(79)			1		1	%
Net Income Attributable to Kinder Morgan, Inc.	$	2,607			$	2,060		$	547		27	%
Basic and diluted earnings per share	$	1.17			$	0.92		$	0.25		27	%
Basic and diluted weighted average shares outstanding	2,226			2,223			3		—	%
Declared dividends per share	$	0.8925			$	0.8775		$	0.015		2	%

Our consolidated revenues primarily consist of services and sales revenue. Our services revenues include fees for transportation and other midstream services that we perform. Fluctuations in our consolidated services revenue largely reflect changes in volumes and/or in the rates we charge. Our consolidated sales revenues include sales of natural gas (includes natural gas and RNG), products (includes NGL, crude oil, CO2, and transmix), and other (includes RINs). Our consolidated sales revenue will fluctuate with commodity prices and volumes, and the costs of sales associated with purchases will usually have a commensurate and offsetting impact, except for the CO2 segment, which produces, instead of purchases, the crude oil, CO2, and RINs it sells. Additionally, fluctuations in revenues and costs of sales may be further impacted by gains or losses from derivative contracts that we use to manage our commodity price risk.

Below is a discussion of significant changes in our Consolidated Earnings Results for the comparable three and nine-month periods ended September 30, 2026 and 2025:

Revenues

Revenues increased $385 million and $1,407 million for the three and nine months ended September 30, 2026, respectively, as compared to the respective prior year periods. These increases were primarily due to (i) increases in product sales of $267 million and $655 million, respectively, driven by higher commodity prices, and in the nine-month period, higher volumes; (ii) increases in services revenues of $148 million and $443 million, respectively, resulting from higher volumes, including expansion projects placed into service, primarily in our Natural Gas Pipelines business segment; and (iii) an increase in natural gas sales of $39 million and $426 million, respectively, due to higher volumes, and in the nine-month period, higher commodity prices, partially offset in the three-month period by lower commodity prices. These increases in revenues were partially offset by $85 million and $148 million, respectively, for the impacts of derivative contracts used to hedge commodity

sales. The increases in sales revenues were partially offset by corresponding increases in our costs of sales as described below under “Operating Costs, Expenses and Other—Costs of sales.”

Operating Costs, Expenses and Other

Costs of sales

Costs of sales increased $171 million and $638 million for the three and nine months ended September 30, 2026, respectively, as compared to the respective prior year periods. The increases were primarily due to (i) increases of $158 million and $334 million, respectively, in costs of sales for products driven by higher commodity prices, and in the nine-month period, higher volumes; (ii) an increase in the nine-month period of $66 million related to derivative contracts used to hedge commodity purchases; and (iii) increases of $38 million and $225 million, respectively, in costs of sales for natural gas due to higher volumes partially offset, in the nine-month period, by lower commodity prices. The increase in the three-month period was partially offset by a decrease of $37 million related to derivative contracts used to hedge commodity purchases.

Operations and Maintenance

Operations and maintenance increased $163 million and $196 million for the three and nine months ended September 30, 2026, respectively, as compared to the respective prior year periods. The increases were primarily driven by increased legal, environmental, and other expense accruals which we treated as a Certain Item, along with greater activity, including labor costs, and inflation.

Other Income, net

Other income, net increased $82 million and $92 million for the three and nine months ended September 30, 2026, respectively, as compared to the respective prior year periods. The increases were primarily due to a $71 million net gain on the sale of certain terminals and terminal assets located in Florida for mixed consideration of cash and additional interests in an equity investment, which we treated as a Certain Item.

Other Income (Expense)

Interest, net

In the table above, we report our interest expense as “net,” meaning that we have subtracted interest income and capitalized interest from our total interest expense to arrive at one interest amount. Interest, net decreased $26 million and $74 million for the three and nine months ended September 30, 2026, respectively, compared to the respective prior year periods. These decreases were primarily due to higher capitalized interest and lower interest rates associated with our fixed-to-variable interest rate swap agreements, partially offset by higher interest rates on our long-term debt.

Non-GAAP Financial Measures

Reconciliations from Net Income Attributable to Kinder Morgan, Inc.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(In millions, except per share amounts)
Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc.
Net income attributable to Kinder Morgan, Inc.	$	764			$	628		$	2,607	$	2,060
Certain Items(a)

Legal, environmental, and other accruals	138			—			138		—
Risk management activities	3			24			33		13
Gain on divestiture, net	(71)			—			(71)		—

Income tax Certain Items	(42)			(4)			(31)		(41)
Other	—			—			—		1
Total Certain Items	28			20			69		(27)
Adjusted Net Income Attributable to Kinder Morgan, Inc.	$	792			$	648		$	2,676	$	2,033

Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Common Stock
Net income attributable to Kinder Morgan, Inc.	$	764			$	628		$	2,607	$	2,060
Total Certain Items(b)	28			20			69		(27)
Net income allocated to participating securities and other(c)	(4)			(4)			(13)		(11)

Adjusted Net Income Attributable to Common Stock	$	788			$	644		$	2,663	$	2,022

Adjusted EPS	$	0.35			$	0.29		$	1.20	$	0.91

Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA
Net income attributable to Kinder Morgan, Inc.	$	764			$	628		$	2,607	$	2,060








Total Certain Items(b)	28			20			69		(27)
DD&A	628			609			1,881		1,835

Income tax expense(d)	232			189			780		589
Interest, net(e)	430			445			1,285		1,347
Amounts associated with joint ventures
Unconsolidated joint venture DD&A(f)	92			96			275		296
Remove consolidated joint venture partners’ DD&A	(16)			(16)			(47)		(47)
Unconsolidated joint venture income tax expense(g)	22			20			68		67
Adjusted EBITDA	$	2,180			$	1,991		$	6,918	$	6,120

(a)See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above.

(b)See “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc.” for a detailed listing.

(c)Other for each of the periods ended September 30, 2026 and 2025 includes Adjusted net income in excess of distributions for participating securities of less than $1 million.

(d)To avoid duplication, adjustments for income tax expense for the periods ended September 30, 2026 and 2025 exclude $(42) million and $(4) million for the three-month periods, respectively, and $(31) million and $(41) million for the nine-month periods, respectively, which amounts are already included within “Certain Items.” See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above.

(e)To avoid duplication, adjustments for interest, net for the three and nine-month periods ended September 30, 2025 exclude $11 million and $12 million, respectively, which amounts are already included within “Certain Items.” See table included in “—Overview—Non-GAAP Financial Measures—Certain Items,” above.

(f)Includes amortization of basis differences related to our joint ventures.

(g)Includes the tax provision on Certain Items recognized by the investees that are taxable entities associated with our Citrus, NGPL Holdings LLC, and PPL. The impact of KMI’s income tax provision on Certain Items affecting earnings from equity investments is included within “Certain Items” above.

Below is a discussion of significant changes in our Adjusted Net Income Attributable to Kinder Morgan, Inc. and Adjusted EBITDA:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(In millions)
Adjusted Net Income Attributable to Kinder Morgan, Inc.	$	792			$	648			$	2,676	$	2,033
Adjusted EBITDA	2,180			1,991			6,918			6,120

Change from prior period	Increase/(Decrease)
Adjusted Net Income Attributable to Kinder Morgan, Inc.	$	144					$	643
Adjusted EBITDA	$	189					$	798

Adjusted Net Income Attributable to Kinder Morgan, Inc. increased $144 million and $643 million for the three and nine months ended September 30, 2026, respectively, as compared to the respective prior year periods. The increases resulted primarily from favorable contributions across all of our business segments, which were also the primary drivers of the increase in Adjusted EBITDA of $189 million and $798 million, respectively.

General and Administrative and Corporate Charges


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(In millions)
General and administrative	$	(190)			$	(183)			$	(566)	$	(558)
Corporate benefit (charges)	(2)			(1)			9			(6)
Certain Items(a)	—			—			—			1
General and administrative and corporate charges	$	(192)			$	(184)			$	(557)	$	(563)

Change from prior period	Earnings increase/(decrease)
General and administrative	$	(7)					$	(8)
Corporate charges	(1)					15
Total	$	(8)					$	7

General and administrative expenses increased $7 million and $8 million, and corporate charges increased $1 million and decreased $15 million for the three and nine months ended September 30, 2026, respectively, when compared with the respective prior year periods. The combined changes for the three and nine-month periods include higher benefit-related and labor costs, which in the nine-month period were more than offset by lower pension, corporate office facility and legal costs.

Segment Earnings Results

Natural Gas Pipelines (including reconciliation of Segment EBDA to Adjusted Segment EBDA)


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(In millions, except operating statistics)
Revenues	$	2,899			$	2,676			$	8,866	$	7,966
Costs of sales	(1,163)			(1,089)			(3,500)			(3,124)
Other operating expenses(a)	(445)			(414)			(1,284)			(1,184)

Other income	—			1			2			8
Earnings from equity investments	201			212			619			593

Other, net	9			5			29			21
Segment EBDA	1,501			1,391			4,732			4,280
Certain Items:

Risk management activities	(12)			12			15			3


Certain Items(b)	(12)			12			15			3
Adjusted Segment EBDA	$	1,489			$	1,403			$	4,747	$	4,283

Change from prior period	Increase/(Decrease)
Segment EBDA	$	110					$	452
Adjusted Segment EBDA	$	86					$	464

Volumetric data(c)
Natural gas transport (BBtu/d)	49,273			47,918			49,032			46,377
Natural gas sales (BBtu/d)	4,131			3,712			3,978			3,051
Gathering (BBtu/d)	4,722			4,129			4,561			3,861
NGL transport (MBbl/d)	58			39			51			37

(a)Other operating expenses include operations and maintenance expenses and taxes, other than income taxes.

(b)For the periods ending September 30, 2026 and 2025, Certain Items of (i) $(10) million and $13 million for the three-month periods, respectively, and $12 million and $4 million for the nine-month periods, respectively, are associated with our Midstream business and (ii) $(2) million and $(1) million for the three-month periods, respectively, and $3 million and $(1) million for the nine-month periods, respectively, are associated with our East business. See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above. For more detail of significant Certain Items, see the discussion of changes in Segment EBDA below.

(c)Joint venture throughput is reported at our ownership share. Volumes for acquired assets are included for all periods presented. However, EBDA contributions from acquisitions are included only for the periods subsequent to their acquisition. Volumes for assets sold are excluded for all periods presented.

Below are the changes in Natural Gas Pipelines Segment EBDA:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(In millions)
Midstream	$	548			$	483			$	1,773	$	1,452
West	252			221			782			716
East	701			687			2,177			2,112
Total Natural Gas Pipelines	$	1,501			$	1,391			$	4,732	$	4,280

Change from prior period	Increase/(Decrease)
Midstream	$	65					$	321
West	$	31					$	66
East	$	14					$	65

The changes in Natural Gas Pipelines Segment EBDA in the comparable three and nine-month periods ended September 30, 2026 and 2025 are explained by the following discussion:

•The $65 million (13%) and $321 million (22%) increases, respectively, in Midstream were primarily driven by higher volumes on KinderHawk Field Services LLC and, on our Texas intrastate systems, increased demand for our services and contributions from the acquired Monument assets. The increase in the nine-month period was further driven by (i) higher performance from acquired assets on our Hiland Midstream assets; (ii) higher commodity prices and volumes on KM Gas Marketing LLC; and (iii) higher volumes on Kinder Morgan Altamont LLC, partially offset by the divestiture of an equity interest in EagleHawk in 2025. Overall, Midstream’s revenue changes are partially offset by corresponding changes in costs of sales.

In addition, Midstream includes favorable and unfavorable effects, for the three and nine-month periods, respectively,

from risk management activities related to non-cash changes in fair value of unsettled derivative contracts and realized gains and losses on settled natural gas inventory hedge contracts, which we treated as a Certain Item.

•The $31 million (14%) and $66 million (9%) increases, respectively, in West resulted primarily from higher capacity sales, contributions from expansion projects, and higher park and loan activity due to favorable pricing driven by market volatility. The increase in the nine-month period was partially offset by higher pipeline maintenance costs.

•The $14 million (2%) and $65 million (3%) increases, respectively, in East were primarily driven by (i) increased demand for our services primarily due to weather and (ii) completed expansion projects, partially offset by lower pricing on short-term firm service contracts driven by a decrease in market volatility. The increase in the nine-month period was also due to lower pipeline maintenance costs.

Products Pipelines (including reconciliation of Segment EBDA to Adjusted Segment EBDA)


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(In millions, except operating statistics)
Revenues	$	772			$	677			$	2,361	$	2,031
Costs of sales	(364)			(281)			(1,109)			(866)
Other operating expenses(a)	(256)			(121)			(474)			(360)

Other income	—			—			1			1
Earnings from equity investments	19			13			55			44

Other, net	1			—			1			—
Segment EBDA	172			288			835			850
Certain Items:
Risk management activities	3			—			4			1
Legal, environmental, and other accruals	138			—			138			—
Certain Items(b)	141			—			142			1
Adjusted Segment EBDA	$	313			$	288			$	977	$	851

Change from prior period	Increase/(Decrease)
Segment EBDA	$	(116)					$	(15)
Adjusted Segment EBDA	$	25					$	126

Volumetric data(c)
Gasoline(d)	940			978			941			976
Diesel fuel	363			373			354			359
Jet fuel	293			301			294			309
Total refined product volumes	1,596			1,652			1,589			1,644
Crude and condensate	410			459			417			479
Total delivery volumes (MBbl/d)	2,006			2,111			2,006			2,123

(a)Other operating expenses include operations and maintenance expenses and taxes, other than income taxes.

(b)For the periods ending September 30, 2026 and 2025, Certain Items of (i) $138 million for each of the 2026 three-month and nine-month periods is associated with our West Coast Refined Products business and (ii) $3 million and none for the three-month periods, respectively, and $4 million and $1 million for the nine-month periods, respectively, are associated with our Southeast Refined Products business. See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above. For more detail of significant Certain Items, see the discussion of changes in Segment EBDA below.

(c)Joint venture throughput is reported at our ownership share.

(d)Volumes include ethanol pipeline volumes.

Below are the changes in Products Pipelines Segment EBDA:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(In millions)
West Coast Refined Products	$	7			$	158			$	326	$	462
Southeast Refined Products	104			71			307			220
Crude and Condensate	61			59			202			168
Total Products Pipelines	$	172			$	288			$	835	$	850

Change from prior period	Increase (Decrease)
West Coast Refined Products	$	(151)					$	(136)
Southeast Refined Products	$	33					$	87
Crude and Condensate	$	2					$	34

The changes in Products Pipelines Segment EBDA in the comparable three and nine-month periods ended September 30, 2026 and 2025 are explained by the following discussion:

•The $(151) million (96%) and $(136) million (29%) decreases, respectively, in West Coast Refined Products were driven by an increase in legal, environmental, and other expense accruals, which we treated as a Certain Item.

In addition, the West Coast Refined Products decreases include lower rates and lower volumes on our Pacific operations and, in the nine-month period was further decreased by net product losses, which was more than offset by lower pipeline maintenance costs and increased butane blending activity on our Pacific operations.

•The $33 million (46%) and $87 million (40%) increases, respectively, in Southeast Refined Products were primarily the result of favorable commodity prices at our Transmix processing operations and higher butane blending activity on our Southeast Terminals. The increase in the nine-month period was further driven by increased product gains on our Southeast Terminals.

•The $34 million (20%) nine-month increase in Crude and Condensate was driven by (i) higher margin from our Crude and Condensate business resulting primarily from increased spreads; (ii) a turnaround in the first quarter of 2025 at our KM Condensate Processing facility; and (iii) on our Bakken Crude assets, higher gathering rates, lower operating costs, and retroactive rate increases, partially offset by lower gathering volumes.

Terminals (including reconciliation of Segment EBDA to Adjusted Segment EBDA)


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(In millions, except operating statistics)
Revenues	$	562		$	518		$	1,685	$	1,569
Costs of sales	(19)		(9)		(55)		(38)
Other operating expenses(a)	(233)		(225)		(688)		(678)

Other income	70		—		69		—
Earnings (loss) from equity investments	4		(10)		11		(6)
Other, net	1		—		2		2
Segment EBDA	$	385		$	274		$	1,024	$	849
Certain Items:

Gain on divestiture, net	(71)		—		(71)		—
Certain Items(b)	(71)		—		(71)		—
Adjusted Segment EBDA	$	314		$	274		$	953	$	849

Change from prior period	Increase/(Decrease)
Segment EBDA	$	111				$	175
Adjusted Segment EBDA	$	40				$	104

Volumetric data(c)
Liquids leasable capacity (MMBbl)	78.7			78.7			78.7		78.7
Liquids utilization %(d)	92.6	%		94.6	%		93.0	%	94.4	%
Bulk transload tonnage (MMtons)	13.5			11.5			37.5		34.8

(a)Other operating expenses include operations and maintenance expenses and taxes, other than income taxes.

(b)The 2026 Certain Items are associated with our Other group. See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above. For more detail of significant Certain Items, see the discussion of changes in Segment EBDA below.

(c)Volumes for facilities divested, idled, and/or held for sale are excluded for all periods presented.

(d)The ratio of our tankage capacity in service to liquids leasable capacity.

For purposes of the following tables and related discussions, the results of operations of our terminals held for sale or divested, including any associated gain or loss on sale, are adjusted for all periods presented from the historical business grouping and included within the Other group.

Below are the changes in Terminals Segment EBDA:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(In millions)
Liquids	$	178			$	157			$	561	$	485
Bulk	66			52			188			172
Jones Act tankers	67			60			195			179
Other	74			5			80			13



Total Terminals	$	385			$	274			$	1,024	$	849

Change from prior period	Increase/(Decrease)
Liquids	$	21					$	76
Bulk	$	14					$	16
Jones Act tankers	$	7					$	16
Other	$	69					$	67

The changes in Terminals Segment EBDA in the comparable three and nine-month periods ended September 30, 2026 and 2025 are explained by the following discussion:

•The $21 million (13%) and $76 million (16%) increases, respectively, in Liquids were driven by (i) an equity investment impairment in 2025; (ii) expansion projects placed into service; and (iii) favorable commodity pricing, partially offset by the effects of a customer’s closure of its refinery in 2025 at our Houston Ship Channel facilities. The increase in the nine-month period was also driven by the recognition of payments being received in connection with the early termination of certain storage agreements in 2026 related to the refinery closure, and higher rates and ancillaries at our Houston Ship Channel facilities, partially offset by higher maintenance costs.

•The $14 million (27%) and $16 million (9%) increases, respectively, in Bulk were driven by increased volumes and handling activities for petroleum coke and coal. The increase in the nine-month period was also impacted by higher operating costs.

•The $7 million (12%) and $16 million (9%) increases, respectively, in Jones Act tankers were primarily due to higher average charter rates.

•The $69 million (1380%) and $67 million (515%) increases, respectively, in Other include a $71 million net gain on sale of certain terminals and terminal assets located in Florida for mixed consideration of cash and additional interests in an equity investment, which we treated as a Certain Item.

CO2 (including reconciliation of Segment EBDA to Adjusted Segment EBDA)


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(In millions, except operating statistics)
Revenues	$	307			$	282			$	950	$	884
Costs of sales	(26)			(22)			(78)			(70)
Other operating expenses(a)	(129)			(131)			(361)			(365)

Other income	14			—			31			1
Earnings from equity investments	6			6			24			16

Segment EBDA	172			135			566			466
Certain Items:
Risk management activities	12			1			14			(3)

Certain Items(b)	12			1			14			(3)
Adjusted Segment EBDA	$	184			$	136			$	580	$	463

Change from prior period	Increase/(Decrease)
Segment EBDA	$	37					$	100
Adjusted Segment EBDA	$	48					$	117

Volumetric data
SACROC oil production	20.05			18.01			20.47			18.56
Yates oil production	6.00			5.90			5.85			5.95
Other	1.02			1.13			1.04			1.11
Total oil production, net (MBbl/d)(c)	27.07			25.04			27.36			25.62
NGL sales volumes, net (MBbl/d)(c)	9.88			9.03			9.81			9.11

CO2 sales volumes, net (Bcf/d)	0.267			0.274			0.295			0.292
RNG sales volumes (BBtu/d)	13			11			13			10
Realized weighted average oil price ($ per Bbl)	$	68.65			$	67.74			$	69.35	$	67.91
Realized weighted average NGL price ($ per Bbl)	$	34.48			$	31.09			$	32.65	$	32.85

(a)Other operating expenses include operations and maintenance expenses and taxes, other than income taxes.

(b)The 2026 and 2025 Certain Items are associated with our Oil and Gas Producing activities. See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above. For more detail of significant Certain Items, see the discussion of changes in Segment EBDA below.

(c)Net of royalties and outside working interests.

Below are the changes in CO2 Segment EBDA:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(In millions)
Source and Transportation activities	$	48			$	36			$	152	$	121
Oil and Gas Producing activities	100			92			340			314

Subtotal	148			128			492			435
Energy Transition Ventures	24			7			74			31
Total CO2	$	172			$	135			$	566	$	466

Change from prior period	Increase/(Decrease)
Source and Transportation activities	$	12					$	31
Oil and Gas Producing activities	$	8					$	26
Energy Transition Ventures	$	17					$	43

The changes in CO2 Segment EBDA in the comparable three and nine-month periods ended September 30, 2026 and 2025 are explained by the following discussion:

•The $12 million (33%) and $31 million (26%) increases, respectively, in Source and Transportation activities were primarily due to higher realized CO2 sales prices.

•The $8 million (9%) and $26 million (8%) increases, respectively, in Oil and Gas Producing activities were driven by higher crude oil volumes and lower power costs, primarily resulting from lower prices. The increase in the nine-month period was also due to higher realized crude oil prices offset by higher other operating costs.

In addition, Oil and Gas Producing activities includes decreased revenues associated with non-cash mark-to-market sales derivative hedge contracts, which we treated as a Certain Item.

•The $17 million (243%) and $43 million (139%) increases, respectively, in Energy Transition Ventures include greater RNG production. The increase in the nine-month period also includes higher RIN sales.

We believe that our existing hedge contracts in place within our CO2 business segment substantially mitigate commodity price exposure in the near-term and to a lesser extent over the following few years. Below is a summary of our CO2 business segment hedges outstanding as of September 30, 2026:


	Remaining 2026		2027		2028
Crude Oil(a)
Price ($ per Bbl)	$	64.54			$	64.73		$	67.72
Volume (MBbl/d)	23.15			19.22			13.30
NGLs
Price ($ per Bbl)	$	43.40			$	48.48
Volume (MBbl/d)	3.88			2.06

(a)Includes WTI hedges.

Liquidity and Capital Resources

General

As of September 30, 2026, we had $918 million of “Cash and cash equivalents,” an increase of $855 million from December 31, 2025. Additionally, as of September 30, 2026, we had borrowing capacity of approximately $3,490 million under our credit facility (discussed below in “—Short-term Liquidity”). As discussed further below, we believe our cash flows from operating activities, cash position, and remaining borrowing capacity on our credit facility is more than adequate to allow us to manage our day-to-day cash requirements and anticipated obligations.

We have consistently generated substantial cash flows from operations, providing a source of funds of $5,041 million and $4,225 million in the first nine months of 2026 and 2025, respectively. The period-to-period increase is discussed below in “—Cash Flows—Operating Activities.” We primarily rely on cash provided by operations to fund our operations as well as our debt service, sustaining capital expenditures, dividend payments, and our growth capital expenditures; however, we may access the debt capital markets from time to time to refinance our maturing long-term debt and finance incremental investments, if any. From time to time, short-term borrowings are used to fund working capital and finance incremental capital investments, if any. Incremental capital investments initially funded through short-term borrowings may periodically be replaced with long-term financing and/or paid down using retained cash from operations.

We use interest rate swap agreements to convert a portion of the underlying cash flows related to our long-term fixed-rate debt securities (senior notes) into variable-rate debt in order to achieve our desired mix of fixed and variable rate debt, as detailed below:


	September 30, 2026		December 31, 2025

	(In millions)


Variable rate debt(a)	$	—			$	13
Notional principal amount of fixed-to-variable interest rate swap agreements	4,500			3,500

Debt balances subject to variable interest rates	$	4,500			$	3,513

(a)Reflects outstanding commercial paper notes.

In March 2026, Moody’s Investor Services upgraded our long-term debt rating from Baa2 with a positive outlook to Baa1 with a stable outlook.

Short-term Liquidity

As of September 30, 2026, our principal sources of short-term liquidity are (i) cash from operations and (ii) our $3.5 billion credit facility, with an available capacity of approximately $3,490 million, and an associated $3.5 billion commercial paper program. The loan commitments under our credit facility can be used for working capital and other general corporate purposes and as a backup to our commercial paper program. Commercial paper borrowings and letters of credit reduce borrowings allowed under our credit facility. We provide for liquidity by maintaining a sizable amount of excess borrowing capacity under our credit facility and, as previously discussed, have consistently generated strong cash flows from operations.

As of September 30, 2026, our $1,726 million of short-term debt consisted primarily of senior notes that mature in the next twelve months. We intend to fund our debt as it becomes due, primarily through credit facility borrowings, commercial paper borrowings, cash flows from operations, and/or issuing new long-term debt. Our short-term debt as of December 31, 2025 was $1,226 million.

We had working capital (defined as current assets less current liabilities) deficits of $1,709 million and $1,568 million as of September 30, 2026 and December 31, 2025, respectively. The overall $141 million unfavorable change from year-end 2025 was primarily due to (i) a $499 million increase in senior notes that mature in the next twelve months; (ii) a $297 million net unfavorable change in our accounts receivables and payables; (iii) a $198 million unfavorable change in the fair value of our short-term derivative contracts assets and liabilities; and (iv) a $170 million increase in legal, environmental, and other expense accruals, partially offset by (i) a $855 million increase in cash and cash equivalents primarily due to unused proceeds from new senior notes issued in August 2026; and (ii) a $169 million decrease in accrued interest. Generally, our working capital varies due to factors such as the timing of scheduled debt payments, timing differences in the collection and payment of receivables and payables, the change in fair value of our derivative contracts, and changes in our cash and cash equivalents as a result of excess cash from operations after payments for investing and financing activities.

Capital Expenditures

We account for our capital expenditures in accordance with GAAP. Additionally, we distinguish between capital expenditures as follows:


Type of Expenditure		Physical Determination of Expenditure
Sustaining capital expenditures		•Investments to maintain the operational integrity and extend the useful life of our assets
Expansion capital expenditures (discretionary capital expenditures)		•Investments to expand throughput or capacity from that which existed immediately prior to the making or acquisition of additions or improvements

Budgeting of maintenance capital expenditures, which we refer to as sustaining capital expenditures, is done annually on a bottom-up basis. For each of our assets, we budget for and make those sustaining capital expenditures that are necessary to maintain safe and efficient operations, meet customer needs, and comply with our operating policies and applicable law. We may budget for and make additional sustaining capital expenditures that we expect to produce economic benefits such as increasing efficiency and/or lowering future expenses. Budgeting and approval of expansion capital expenditures generally occurs periodically throughout the year on a project-by-project basis in response to specific investment opportunities identified by our business segments from which we generally expect to receive sufficient returns to justify the expenditures. Assets comprising expansion capital projects could result in additional sustaining capital expenditures over time. The need for sustaining capital expenditures in respect of newly constructed assets tends to be minimal initially and to increase over time as such assets age and experience wear and tear. Regardless of whether assets result from sustaining or expansion capital expenditures, once completed, the addition of such assets to our depreciable asset base will impact our calculation of depreciation, depletion and amortization over the remaining useful lives of the impacted or resulting assets.

Generally, the determination of whether a capital expenditure is classified as sustaining or as expansion capital expenditures is made on a project level. The classification of our capital expenditures as expansion capital expenditures or as sustaining capital expenditures is made consistent with our accounting policies and is generally a straightforward process, but in certain circumstances can be a matter of management judgment and discretion.

Our capital expenditures for the nine months ended September 30, 2026, and the amount we expect to spend for the remainder of 2026 to sustain our assets and expand our business are as follows:


	Nine Months Ended September 30, 2026		2026 Remaining		Expected 2026
	(In millions)
Capital expenditures:
Sustaining capital expenditures	$	630			$	307		$	937
Expansion capital expenditures	2,414			831			3,245
Accrued capital expenditures, contractor retainage, and other	(213)			—			—
Capital expenditures	$	2,831			$	1,138		$	4,182
Add:
Sustaining capital expenditures of unconsolidated joint ventures(a)	$	122			$	61		$	183
Investments in unconsolidated joint ventures(b)	326			175			501
Less: Consolidated joint venture partners’ sustaining capital expenditures	(5)			(3)			(8)
Less: Consolidated joint venture partners’ expansion capital expenditures	(6)			—			(6)
Less: Insurance reimbursement related to a sustaining capital expenditure	(17)			—			(17)
Acquisition	505			—			505
Accrued capital expenditures, contractor retainage, and other	213			—			—
Total capital investments	$	3,969			$	1,371		$	5,340

(a)Sustaining capital expenditures by our joint ventures generally do not require cash outlays by us.

(b)Reflects cash contributions to unconsolidated joint ventures. Also includes contributions to an unconsolidated joint venture that are netted within the amount the joint venture declares as a distribution to us.

Our capital investments consist of the following:


	Nine Months Ended September 30, 2026		2026 Remaining		Expected 2026
	(In millions)
Sustaining capital investments
Capital expenditures for property, plant, and equipment	$	630			$	307		$	937
Sustaining capital expenditures of unconsolidated joint ventures(a)	122			61			183
Less: Consolidated joint venture partners’ sustaining capital expenditures	(5)			(3)			(8)
Less: Insurance reimbursement related to a sustaining capital expenditure	(17)			—			(17)
Total sustaining capital investments	730			365			1,095
Expansion capital investments
Capital expenditures for property, plant, and equipment	2,414			831			3,245
Investments in unconsolidated joint ventures(b)	326			175			501
Less: Consolidated joint venture partners’ expansion capital expenditures	(6)			—			(6)
Acquisition	505			—			505
Total expansion capital investments	3,239			1,006			4,245
Total capital investments	$	3,969			$	1,371		$	5,340

(a)Sustaining capital expenditures by our joint ventures generally do not require cash outlays by us.

Off Balance Sheet Arrangements

There have been no material changes in our obligations with respect to other entities that are not consolidated in our financial statements that would affect the disclosures presented as of December 31, 2025 in our 2025 Form 10-K.

Commitments for the purchase of property, plant, and equipment as of September 30, 2026 and December 31, 2025 were $1,471 million and $2,020 million, respectively, a decrease of $549 million primarily related to projects advancing in our Natural Gas Pipelines business segment.

Cash Flows

The following table summarizes our net cash flows provided by (used in) operating, investing, and financing activities between 2026 and 2025:


	Nine Months Ended September 30,
	2026		2025		Changes
	(In millions)
Net Cash Provided by (Used in)
Operating activities	$	5,041			$	4,225		$	816
Investing activities	(3,381)			(2,702)			(679)
Financing activities	(826)			(1,604)			778

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Deposits	$	834			$	(81)		$	915

Operating Activities

Net cash provided by operating activities was higher for the comparable nine-month periods ended September 30, 2026 and 2025 primarily driven by greater contributions from our Natural Gas Pipelines, Terminals, and CO2 business segments.

Investing Activities

$679 million more cash used in investing activities in the comparable nine-month periods ended September 30, 2026 and 2025 is explained by the following discussion.

•a $625 million increase in capital expenditures primarily driven by expansion projects in our Natural Gas Pipelines business segment, partially offset by decreases in our Products Pipelines and CO2 business segments;

•a $136 million increase in cash used for contributions to equity investees driven primarily by higher contributions to Southern Natural Gas Company, L.L.C. (SNG) for our proportional share of expansion project contributions; and

•a $131 million decrease in distribution from equity investments in excess of cumulative earnings primarily due to the receipt in 2025 of our proportional share of SNG’s debt refinancing;

The above increased uses of cash were partially offset by:

•a $145 million reduction in cash used for acquisitions of assets, net of cash acquired, driven by $503 million of net cash used for the acquisition of the Monument Pipeline system in the 2026 period, compared with $648 million of net cash used for the Outrigger Energy acquisition in the 2025 period; See Note 2 “Acquisitions and Divestiture” to our consolidated financial statements for further information regarding these two acquisitions; and

•a $68 million increase in cash related to asset sales primarily driven by proceeds received from our terminals divestiture in the 2026 period. See Note 2 “Acquisitions and Divestiture” to our consolidated financial statements for further information regarding this divestiture.

Financing Activities

$778 million less cash used in financing activities in the comparable nine-month periods ended September 30, 2026 and 2025 primarily driven by a net increase in cash related to debt activity.

Dividends

We expect to declare dividends of $1.19 per share on our stock for 2026. The table below reflects our 2026 dividends declared:

Three months ended

Total quarterly dividend per share for the period

Date of declaration

Date of record

Date of dividend

March 31, 2026

0.2975

April 22, 2026

May 4, 2026

May 15, 2026

June 30, 2026

0.2975

July 22, 2026

August 3, 2026

August 17, 2026

September 30, 2026

0.2975

October 21, 2026

November 2, 2026

November 16, 2026

The actual amount of dividends to be paid on our capital stock will depend on many factors, including our financial condition and results of operations, liquidity requirements, business prospects, capital requirements, legal, regulatory and contractual constraints, tax laws, Delaware laws, and other factors. See Item 1A. “Risk Factors—Risks Related to Ownership of Our Capital Stock—The guidance we provide for our anticipated dividends is based on estimates. Circumstances may arise that lead to conflicts between using funds to pay anticipated dividends or to invest in our business.” of our 2025 Form 10-K. All of these matters will be taken into consideration by our board of directors when declaring dividends.

Our dividends are not cumulative. Consequently, if dividends on our stock are not paid at the intended levels, our stockholders are not entitled to receive those payments in the future. Our dividends generally will be paid on or about the 15th day of each February, May, August, and November.

Summarized Combined Financial Information for Guarantee of Securities of Subsidiaries

KMI and certain subsidiaries (Subsidiary Issuers) are issuers of certain debt securities. KMI and substantially all of KMI’s wholly owned domestic subsidiaries (Subsidiary Guarantors), are parties to a cross guarantee agreement whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of specified indebtedness of each other party to the agreement. Accordingly, with the exception of certain subsidiaries identified as subsidiary non-guarantors (Subsidiary Non-Guarantors), the parent issuer, Subsidiary Issuers, and Subsidiary Guarantors (the “Obligated Group”) are all guarantors of each series of our guaranteed debt (Guaranteed Notes). As a result of the cross guarantee agreement, holders of any of the Guaranteed Notes issued by KMI or a Subsidiary Issuer are in the same position with respect to the net assets and income of KMI and the Subsidiary Issuers and Guarantors.

In lieu of providing separate financial statements for the Obligated Group, we have presented the accompanying supplemental summarized combined income statement and balance sheet information for the Obligated Group based on Rule 13-01 of the SEC’s Regulation S-X. Also, see Exhibit 10.1 to this report “Cross Guarantee Agreement, dated as of November 26, 2014, among KMI and certain of its subsidiaries, with schedules updated as of September 30, 2026.”

All significant intercompany items among the Obligated Group have been eliminated in the supplemental summarized combined financial information. The Obligated Group’s investment balances in Subsidiary Non-Guarantors have been excluded from the supplemental summarized combined financial information. Significant intercompany balances and activity for the Obligated Group with other related parties, including Subsidiary Non-Guarantors (referred to as “affiliates”), are presented separately in the accompanying supplemental summarized combined financial information.

Excluding fair value adjustments, as of September 30, 2026 and December 31, 2025, the Obligated Group had $32,494 million and $31,153 million, respectively, of Guaranteed Notes outstanding.

Summarized combined balance sheet and income statement information for the Obligated Group follows:


Summarized Combined Balance Sheet Information	September 30, 2026		December 31, 2025
	(In millions)

Current assets	$	3,175			$	2,460
Current assets - affiliates	912			779
Noncurrent assets	66,132			64,470
Noncurrent assets - affiliates	757			782
Total Assets	$	70,976			$	68,491


Current liabilities	$	4,653			$	4,015
Current liabilities - affiliates	883			766
Noncurrent liabilities	37,032			35,589
Noncurrent liabilities - affiliates	2,033			1,807
Total Liabilities	44,601			42,177

Kinder Morgan, Inc.’s stockholders’ equity	26,375			26,314
Total Liabilities and Stockholders’ Equity	$	70,976			$	68,491


Summarized Combined Income Statement Information	Three Months Ended September 30, 2026		Nine Months Ended September 30, 2026
	(In millions)
Revenues	$	4,123			$	12,687
Operating income	1,163			3,659
Net income	784			2,373

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

There have been no material changes in market risk exposures that would affect the quantitative and qualitative disclosures presented as of December 31, 2025, in Part II, Item 7A in our 2025 Form 10-K. For more information on our risk management activities, refer to Item 1, Note 5 “Risk Management” to our consolidated financial statements.

Item 4. Controls and Procedures.

As of September 30, 2026, our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon and as of the date of the evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that the design and operation of our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in the reports we file and submit under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported as and when required, and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. There has been no change in our internal control over financial reporting during the quarter ended September 30, 2026 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

See Part I, Item 1, Note 9 to our consolidated financial statements entitled “Litigation and Environmental” which is incorporated in this item by reference.

Item 1A. Risk Factors.

There have been no material changes in the risk factors disclosed in Part I, Item 1A in our 2025 Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

We do not own or operate mines for which reporting requirements apply under the mine safety disclosure requirements of the Dodd-Frank Act. We have not received any specified health and safety violations, orders or citations, related assessments or legal actions, mining-related fatalities, or similar events requiring disclosure pursuant to the mine safety disclosure requirements of Dodd-Frank Act for the quarter ended September 30, 2026.

Item 5. Other Information.

Rule 10b5-1 Plans

On July 30, 2026, John Schlosser, Vice President (President, Terminals) of KMI, adopted a trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) providing for the sale of up to 74,400 shares of KMI common stock. The expiration date for Mr. Schlosser’s plan is October 6, 2027.

On August 26, 2026, Sital Mody, Vice President (President, Natural Gas Pipelines) of KMI, adopted a trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) providing for the sale of up to (i) 70,196 shares of KMI common

stock and (ii) all shares delivered, after tax withholding, upon vesting of an aggregate 59,289 of restricted stock units. The expiration date for Mr. Mody’s plan is November 30, 2028.

Item 6. Exhibits.


Exhibit Number	Description
4.1		Certificate of the Vice President and Treasurer and the Vice President and Chief Financial Officer of KMI establishing the terms of the 5.550% Senior Notes due 2036 and the 6.150% Senior Notes due 2056.

10.1		Cross Guarantee Agreement, dated as of November 26, 2014, among KMI and certain of its subsidiaries, with schedules updated as of September 30, 2026.

22.1		Subsidiary guarantors and issuers of guaranteed securities.

31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101		Interactive data files (formatted as Inline XBRL).

104		Cover page interactive data file (formatted as Inline XBRL and contained in Exhibit 101).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	KINDER MORGAN, INC.
	Registrant

Date:

October 23, 2026

By:

/s/ David P. Michels

David P. Michels
Vice President and Chief Financial Officer
(principal financial and accounting officer)

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