Kinder Morgan : 4Q 2023 Investor Presentation

INVESTOR PRESENTATION

4Q 2023

TransColorado Pipeline compressor station, Mancos, Colorado

Disclosure

Forward-looking statements / non-GAAP financial measures / industry & market data

General - The information contained in this presentation does not purport to be all-inclusive or to contain all information that prospective investors may require. Prospective investors are encouraged to conduct their own analysis and review of information contained in this presentation as well as important additional information through the Securities and Exchange Commission's ("SEC") EDGAR system at www.sec.gov and on our website at www.kindermorgan.com.

Policies and Procedures - This presentation includes descriptions of our vision, mission and values and various policies, standards, procedures, processes, systems, programs, initiatives, assessments, technologies, practices, and similar measures related to our operations and compliance systems ("Policies and Procedures"). References to Policies and Procedures in this presentation do not represent guarantees or promises about their efficacy, or any assurance that such measures will apply in every case, as there may be exigent circumstances, factors, or considerations that may cause implementation of other measures or exceptions in specific instances.

Forward-LookingStatements - This presentation includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934 ("Exchange Act"). Forward-looking statements include any statement that does not relate strictly to historical or current facts and include statements accompanied by or using words such as "anticipate," "believe," "intend," "plan," "projection," "forecast," "strategy," "outlook," "continue," "estimate," "expect," "may," "will," "shall," and "long-term". In particular, statements, express or implied, concerning future actions, conditions or events, including the anticipated timing and benefits to our business and stockholders of the proposed acquisition of STX Midstream (including the parties ability to , including the parties' ability to obtain Hart-Scott-Rodino clearance and satisfy other conditions to closing), our Policies and Procedures and their efficacy, long term demand for our assets and services, energy- transition related opportunities, including opportunities related to alternative energy sources, future operating results or the ability to generate revenues, income or cash flow or to pay dividends are forward- looking statements. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Because of these uncertainties, you are cautioned not to put undue reliance on any forward-looking statement. We disclaim any obligation, other than as required by applicable law, to publicly update or revise any of our forward-looking statements to reflect future events or developments.

Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results are beyond our ability to control or predict. These statements are necessarily based upon various assumptions involving judgments with respect to the future, including, among others; the timing and ability to recognize the expected commercial synergies and other benefits of the proposed STX Midstream transaction; commodity prices; the timing and extent of changes in the supply of and demand for the products we transport and handle; national, international, regional and local economic, competitive, political and regulatory conditions and developments; the timing and success of business development efforts; the timing, cost, and success of expansion projects; technological developments; the condition of capital and credit markets; inflation rates; interest rates; the political and economic stability of oil- producing nations; energy markets; federal, state or local income tax legislation; weather conditions; environmental conditions; business, regulatory and legal decisions; terrorism; cyber-attacks; and other uncertainties. Important factors that could cause actual results to differ materially from those expressed in or implied by forward-looking statements include the timing of any review of the proposed STX Midstream transaction under Hart-Scott-Rodino and the risks and uncertainties described in this presentation and in our Annual Report on Form 10-K for the year ended December 31, 2022, and our subsequent reports filed with the SEC (under the headings "Risk Factors," "Information Regarding Forward-Looking Statements" and elsewhere). These reports are available through the SEC's EDGAR system at www.sec.gov and on our website at www.kindermorgan.com.

GAAP - Unless otherwise stated, all historical and estimated future financial and other information included in this presentation have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP").

Non-GAAP- In addition to using financial measures prescribed by GAAP, we use non-generally accepted accounting principles ("non-GAAP") financial measures in this presentation. Descriptions of our non- GAAP financial measures, and reconciliations to comparable GAAP measures, can be found in this presentation under "Non-GAAP Financial Measures and Reconciliations". These non-GAAP financial measures do not have any standardized meaning under GAAP and may not be comparable to similarly titled measures presented by other issuers. As such, they should not be considered as alternatives to GAAP financial measures.

Industry and Market Data - Certain data included in this presentation has been derived from a variety of sources, including independent industry publications, government publications and other published
independent sources. Although we believe that such third-party sources are reliable, we have not independently verified, and take no responsibility for, the accuracy or completeness of such data.	2

$1.815bn Acquisition of NEP's South Texas Natural Gas Pipelines

462 miles of primarily long-haul natural gas pipelines with 4.9 bcfd of transport capacity

KMI to acquire NEP's South Texas assets, STX Midstream
- ~8.6x 2024 EBITDA; 7.0-7.5xlong-term including commercial synergies(a)
- Immediately accretive to DCF/sh and strongly free cash flow positive
- Increases Net Debt-to-EBITDA by ~0.1x(b)
- Anticipate closing in Q1 2024; requires HSR clearance
Intrastate assets complementary to KMI's existing South TX footprint				Agua Dulce Hub
- Supports strategy to serve growing LNG, industrial, Mexican export, and				KM Pipelines				STX Pipelines
power generation demand markets on the U.S. Gulf Coast
			TX Intrastates				NET Mexico
- Integrates with our existing intrastate/interstate footprint
			TGP				Eagle Ford Midstream
• Connections with multiple KMI assets including TX Intrastates, TGP and NGPL				NGPL				Dos Caminos
			Mier-Monterrey				Other pipelines
• Extends our direct connectivity in the lean area of the Eagle Ford basin
o Opportunity to blend with supply from other KM assets to offer low-nitrogen
natural gas desirable for LNG
• Commercial synergies with existing and potential projects	STX natural gas pipeline assets:
Stable fee-based infrastructure	- NET Mexico (90% interest, operator); 120 miles, 2.2 bcfd capacity; connects
Agua Dulce hub to U.S./MX border
- Fixed fee business; ~75% take-or-pay	- Eagle Ford Midstream ("EFM") (100% interest); 158 miles, 1.1 bcfd capacity;
- Average contract term >8 years; favorable renewal outlook	connects Eagle Ford to Agua Dulce hub
- Dos Caminos (50% interest); 75 miles, 1.2 bcfd capacity; delivers gas from
- Primarily supported by investment grade, direct end-use demand customers	Eagle Ford producers into EFM and TX Intrastates
including Pemex, electric generation, and LDCs	- 5 other assets (100% interest); 109 miles, 0.5 bcfd capacity; principally
a) Based on KMI's financial projections.	supplying demand-pull customers like power plants and LDCs
				3
b) With full-year EBITDA contribution from acquired assets. Based on longer-term funding plans, expect transaction to be neutral to KMI's balance sheet.

Leader in North American Energy Infrastructure

Energy infrastructure, especially natural gas pipelines & storage, has a decades-long time horizon moving and storing the energy of today and tomorrow

Largest natural gas transmission network

• ~70,000 miles of natural gas pipelines move ~40% of U.S. natural gas production
• Have interest in 700 bcf of working storage capacity, ~15% of U.S. natural gas storage

Largest independent transporter of refined products

• Transport ~1.7 mmbbld(a) of refined products to West and East Coast demand markets
• ~10,000 miles of refined products and crude pipelines

Largest independent terminal operator

• 140 terminals & 16 Jones Act vessels
• Significant provider of refined products storage along the Houston Ship Channel, near the world's most complex refining center

Largest CO2 transport capacity of ~1.5 bcfd

• ~1,500 miles of CO2 pipelines
• Produce CO2 and transport to the Permian where it is used for enhanced oil recovery

Growing Energy Transition Portfolio

• Up to 6.4 bcf(a) of RNG production capacity by mid-2024

Delivering energy to improve lives & create a better world

Business Mix	Natural gas	Products	Terminals	CO2	Storage	Terminals	Terminals	CO2 source fields
	62%	15%	12%	11%	Processing		16 Jones Act tanker	Oil fields
					LNG facilities			RNG plants
								RNG plants under development
								Landfill gas-to-electricity facilities
Note: Volumes per 2023 budget. Business mix based on 2023 budgeted Adjusted Segment EBDA. See Non-GAAP Financial Measures & Reconciliations.			LNG production & fueling facilities
		Operational medium BTU plants	4
a) Annual capacity at KM share.

Strategy

Maximizing shareholder value

Stable, fee-based assets

Core energy infrastructure

Safe & efficient operator

Multi-year contracts

~93% take-or-pay, hedged, & fee- based cash flows(a)

Invest in a lower carbon future

Established Energy

Transition Ventures

Group in 2021

$3.8 billion backlog with 84% allocated to lower carbon investments

Investing in natural gas, RNG, liquid biofuels, and CCS infrastructure at attractive returns

Financial flexibility

4.0x 2023B expected YE Net Debt / Adjusted

EBITDA

Long-term target remains around 4.5x

Low cost of capital

Mid-BBB credit ratings

Ample liquidity

Disciplined capital allocation

Conservative assumptions

High return thresholds

Self-funding capex & dividends

Reduced net debt by >$11 billion since 1Q 2015

Enhance shareholder value

Maintain strong balance sheet

Attractive investments

2023B dividend growth; +2% YoY

Share repurchases; $472mm YTD

	Natural gas storage wellhead, Houston, Texas
Note: Adjusted Segment EBDA and Net Debt/Adjusted EBITDA are non-GAAP measures. See Non-GAAP Financial Measures & Reconciliations.	5
a) Based on 2023 budgeted Adjusted Segment EBDA.

Core Holding in Any Portfolio

Generating significant cash flow & returning value to shareholders

>$65 billion enterprise value

~13% owned by management & board

$7.7 billion 2023 budget Adj. EBITDA

~6.9% current dividend yield

$3 billion share buyback program

Largest energy infrastructure company in the S&P500

Highly-aligned management with significant equity interests

~$200mm increase year-over-year

Budgeted 2% dividend increase in 2023. Dividend yield is top 5% in the S&P500

$472mm of share repurchases YTD. ~$1.6 billion of remaining capacity

>45% of market cap value returned to shareholders since 2016

S&P500 CURRENT DIVIDEND YIELDS y-axis represents # of S&P500 tickers
within the dividend yield range specified on the x-axis
180
160
140						At ~6.9%, KMI's
120					dividend yield is
100					in the top 5% of
80						the S&P500
60
40
20
-
0-1%	1-2%	2-3%	3-4%	4-5%	5-6%	>6%

Note: Adjusted EBITDA is a non-GAAP measure. See Non-GAAP Financial Measures & Reconciliations. Data based on current dividend and share price from Bloomberg for companies included in the S&P500 as of 10/27/2023.

6

Highly-Contracted Cash Flows

Stable cash flows with ~67% take-or-pay or hedged earnings

CONTRACT MIX OF 2023B ADJUSTED SEGMENT EBDA

Entitled to payment regardless of throughput

Reservation fee for capacity

Note: Adjusted Segment EBDA is a non-GAAP measure. See Non-GAAP Financial Measures & Reconciliations.

Fixed fee collected regardless of commodity price

Volumetric-based revenues

Commodity-price based

Disciplined approach to managing price volatility

Substantially hedged near-term price exposure

7

Proven History of Cash Flow Generation and Shareholder Returns

ADJUSTED EBITDA

NET DEBT / ADJ. EBITDA

($ billion)

+18%-23%

DIVIDENDS PAID &

SHARES REPURCHASED(a)

($ billion)

$17.3 billion returned

to shareholders

$0.7

$6.5

$0.5

$6.7

$0.5

$7.1

$0.4

$7.2

$6.9

$7.9

$7.5 $7.7

5.3x 5.1x

4.5x 4.3x 4.6x

3.9x 4.1x 4.0x

$0.2

$1.3 $1.3

$0.3

$1.8

$2.2

$2.4

$2.4

$0.4

$2.5

$2.5

2016

2017

2018

2019

2020

2021

2022

2023B

2016

2017

2018

2019

2020

2021

2022

2023B

EBITDA generated from assets divested 2016 - 2022

Note: Adjusted EBITDA and Net Debt are non-GAAP measures. See Non-GAAP Financial Measures & Reconciliations.

a) No share repurchases assumed in 2023 budget. 2016, 2017, and 2018 include dividends paid to preferred shareholders.

2016	2017	2018	2019	2020	2021	2022	2023B
			Dividends paid	Shares repurchased	8

$3.8bn Committed Growth Capital Project Backlog as of 9/30/2023

Expect 27% of backlog capital in service in 4Q 2023, 39% in 2024, 27% in 2025, and 7% beyond

LOWER

$ million	TOTAL	CARBON
Natural Gas (excluding G&P)	$2,157	$2,157	79% for end-use, 19% supply-push, 2% CCS
Products (excluding G&P)	47	16	Renewable diesel projects
Terminals	147	129	Renewable feedstocks & VRU emission reduction projects
Energy Transition Ventures	315	315	98% RNG facilities; 2% CCS project
Subtotal	$2,667	$2,617	Contracted, stable cash flows, minimal direct commodity exposure
EBITDA build multiple	~4.7x	~4.7x
Gathering & processing	$621	$575	Volume-based cash flows; 93% natural gas, 7% crude oil
EOR	526	‒	Commodity price & volume-based cash flows
Total backlog	$3,814	$3,193

Lower carbon investments ~84% of backlog

Expect annual growth capital spend of ~$1-2 billion going forward, higher end of range in the near-term

Note: The EBITDA build multiple reflects KM share of estimated capital divided by estimated Project EBITDA (a non-GAAP measure). See Non-GAAP Financial Measures & Reconciliations. Figures may not sum due to rounding.	9
Lower carbon includes investments in conventional natural gas, renewable diesel, biofuel feedstocks, VRU conversions, RNG, and CCS.

2023 Budget

Performance driven by strong market fundamentals and robust demand growth for our existing & expanded services

		Variance to
Key metrics	2023 Budget	2022
Net income	$2.5 billion	-1%
Adjusted EBITDA	$7.7 billion	+2%
Distributable Cash Flow	$4.8 billion	-3%
(DCF)
Discretionary capital(a)	$2.1 billion	+$0.4 billion
				~$770 million
Dividend / share	$1.13	+2%
				capacity available for attractive investments,
Year-end Net Debt /
4.0x			including share repurchases, for each 0.1x
Adj. EBITDA(b)			turn below ~4.5x leverage target
Note: Adjusted EBITDA, Distributable Cash Flow (DCF), and Net Debt/Adjusted EBITDA are non-GAAP measures. See Non-GAAP Financial Measures & Reconciliations.
a) Includes growth capital & JV contributions for expansion capital & net of partner contributions for our consolidated JVs.	10
b) No share repurchases assumed in 2023 budget.