Kinder Morgan : Second Quarter 2021 Earnings Results

KINDER MORGAN ANNOUNCES $0.27 PER SHARE DIVIDEND

AND RESULTS FOR SECOND QUARTER OF 2021

HOUSTON, July 21, 2021 - Kinder Morgan, Inc.'s (NYSE: KMI) board of directors today approved a cash dividend of $0.27 per share for the second quarter ($1.08 annualized), payable on August 16, 2021, to stockholders of record as of the close of business on August 2, 2021. This dividend represents a 3% increase over the second quarter of 2020.

KMI is reporting a second quarter net loss attributable to KMI of $757 million, compared to a net loss attributable to KMI of $637 million in the second quarter of 2020; and distributable cash flow (DCF) of $1,025 million, compared to $1,001 million in the second quarter of 2020. This quarter's net loss was primarily due to a $1,600 million ($1,228 million after-tax),non-cash impairment related to anticipated lower volumes and rates on contract renewals on our South Texas natural gas processing and gathering assets. Adjusted Earnings, which do not include that impairment, were $516 million for the quarter.

"As the global economy continues to recover from the pandemic, our company generated substantial Adjusted Earnings and robust coverage of this quarter's dividend. Our shareholders continue to benefit from the philosophy that guides our decision-making: fund our expansion capital needs internally, maintain a healthy balance sheet, and return excess cash to our shareholders through dividend increases and/or share repurchases," said KMI Executive Chairman Richard D. Kinder. "The fruits of that philosophy are clear, as we have internally funded expansion projects and steadily increased our dividend while at the same time reducing our Net Debt by more than $12 billion in the last six years."

"Our diversified portfolio again proved its worth as we saw greater contributions relative to the second quarter of 2020 from three business segments: Natural Gas Pipelines, Products Pipelines and Terminals. The company's performance continues to demonstrate that the need for our assets remains very strong," said KMI Chief Executive Officer Steve Kean. "Our business segments are extremely well-positioned in markets throughout the United States, and our acquisition this quarter of the business of Stagecoach Gas Services LLC (Stagecoach) will enable us to provide even greater levels of service to our natural gas customers. With our strong participation in the liquefied natural gas (LNG) value chain, we will also increasingly benefit from growing global natural gas demand, as analysts project U.S. LNG exports will double within the coming decade.

"Closer to home, we are seeing greater interest in firm natural gas transportation and storage contracts here in Texas and in other states that suffered during the February winter storm. And we continue to highlight our services in the growing market for responsibly sourced natural gas

1

by virtue of the low methane emission intensity of our assets. All of this makes us confident in the future of our business," Kean said.

"While our financial performance during the quarter was quite strong, due to the non-cash impairment noted above, we generated a second quarter loss per share of $0.34, compared to a loss per share of $0.28 in the second quarter of 2020, a quarter in which we also took substantial non-cash impairments," said KMI President Kim Dang. "At $0.45 per share, DCF per share was up $0.01 from the second quarter of 2020. We achieved $411 million of excess DCF above our declared dividend.

"In addition to the continued strength of our interconnected network of assets noted above, we made progress this quarter in positioning the company for participation in the energy transition. At only a little more than four months into its existence, our Energy Transition Ventures Group has already signed its first significant acquisition in Kinetrex Energy, a rapidly growing leader in producing and supplying renewable natural gas (RNG), which we expect to close in the third quarter. By capturing methane produced by decomposing organic waste that would otherwise be released into the atmosphere, the RNG production process reduces or even eliminates greenhouse gas emissions. We are confident that this is only the first of many opportunities that the team will find in the ongoing energy transition," said Dang.

For the first six months of 2021, KMI reported net income attributable to KMI of $652 million, compared to a net loss attributable to KMI of $943 million for the first six months of 2020; and DCF of $3,354 million, up 48% from $2,262 million for the comparable period in 2020. The increases compared to the prior period are primarily related to the February winter storm and are therefore largely nonrecurring.

2021 Outlook

For 2021, KMI now expects to generate net income attributable to KMI of $1.7 billion and declare dividends of $1.08 per share, a 3% increase from the 2020 declared dividends. KMI expects to meet or exceed the top end of the range provided last quarter for DCF and Adjusted EBITDA. We currently anticipate generating 2021 DCF of $5.4 billion and Adjusted EBITDA of $7.9 billion. KMI also now expects to end 2021 with a Net Debt-to-Adjusted EBITDA ratio of 4.0.

As of June 30, 2021, we had over $3.9 billion of borrowing capacity under our $4 billion credit facility and over $1.3 billion in cash and cash equivalents. Our acquisition of Stagecoach, which closed July 9, was funded out of this cash. We believe this borrowing capacity, current cash on hand, and our cash from operations are more than adequate to allow us to manage our cash requirements, including maturing debt, through 2021.

Overview of Business Segments

"The Natural Gas Pipelines segment's financial performance was up in the second quarter of 2021 relative to the second quarter of 2020," said Dang. "The segment provided higher contributions from the Texas intrastate systems and from the full in-service of the Permian

2

Highway Pipeline, as well as from increased volumes on our Hiland Midstream systems. These were partially offset by lower contributions from our KinderHawk and Eagle Ford gathering and processing assets and from Fayetteville Express Pipeline (FEP)."

Natural gas transport volumes were up 4% compared to the second quarter of 2020, with the Permian Highway Pipeline going into service; increased volumes on Tennessee Gas Pipeline (TGP) due primarily to increased deliveries to LNG, power plant and Mexico customers; on the Texas intrastate systems due to increased Gulf Coast demand from industrial and LNG customers; and, on Elba Express due to increased deliveries to Elba Island. These increases were partially offset by declines on Colorado Interstate Gas Pipeline due to continued declining production in the Rockies basin and on FEP due to contract expirations. Natural gas gathering volumes were down 12% from the second quarter of 2020 across many of our systems, most notably on our KinderHawk and Eagle Ford assets.

"Contributions from the Products Pipelines segment were well up compared to the second quarter of 2020 as demand recovery intensified with the opening up of the country," Dang said. "Crude and condensate pipeline volumes were up 6% and total refined products volumes were up 37% compared to the second quarter of 2020. Gasoline volumes were themselves above the comparable period last year by 37% and diesel volumes were up by 13%. Jet volumes are rebounding nicely, up 129% versus the second quarter of 2020. Compared to pre-pandemic levels, using the second quarter of 2019 as a reference point, road fuels (gasoline and diesel) were essentially flat, while jet fuel was about 26% lower. All refined products volumes saw significant recovery versus the first quarter of 2021, with jet fuel up 28%, gasoline up 17%, and diesel up 10% versus the prior quarter.

"Terminals segment earnings were up compared to the second quarter of 2020. Volume across our liquids network continues to improve and is approaching pre-pandemic levels. Corresponding increases in variable throughput and ancillary service fees more than offset a normalization in tank utilization to historical levels and an elevated number of tanks temporarily off-lease for routine inspection and maintenance. Our Jones Act tankers experienced a decline in fleet utilization and average charter rates during the quarter compared to the prior year period, despite the ongoing economic recovery, as charter activity tends to lag underlying supply and demand fundamentals," said Dang. "Our bulk business continued to improve in the quarter with strong commodity pricing driving increased steel and export coal volumes compared to the second quarter of 2020.

"CO2 segment earnings were down compared to the second quarter of 2020 due to lower CO2 sales and crude volumes along with increased well work costs, partially offset by higher realized crude and NGL prices. Our realized weighted average crude oil price for the quarter was up 4% at $52.50 per barrel compared to $50.31 per barrel for the second quarter of 2020. While NGL volumes were up only 1% versus the second quarter of 2020, our weighted average NGL price for the quarter was $22.58 per barrel, up 43% from the second quarter of 2020," said Dang. "Second quarter 2021 combined oil production across all of our fields was down 9% compared to the same period in 2020 on a net to KMI basis. CO2 sales volumes were also down 10% on a net to KMI basis. However, crude and CO2 sales volumes, as well as realized crude prices, are nicely above plan. SACROC oil production is expected to exceed plan for the year because of reduced base decline rates and improved performance on recent projects. Additionally, Wink

3

Pipeline achieved record throughput during the quarter due to continued strong refinery demand."

Other News

Natural Gas Pipelines

• On July 9, 2021, KMI closed on its previously announced $1.2 billion acquisition of the business of Stagecoach Gas Services LLC, a natural gas pipeline and storage joint venture between Consolidated Edison, Inc., and Crestwood Equity Partners LP, that serves Northeast market demand areas and Marcellus supply sources. The Stagecoach assets consist of 4 natural gas storage facilities with a total FERC-certificated working gas capacity of 41 billion cubic feet and a network of FERC-regulated natural gas transportation pipelines with multiple interconnects to major interstate natural gas pipelines, including our Tennessee Gas Pipeline (TGP).
• Construction continues on the compression component of TGP's $72 million Line 261 Upgrade project, located in Agawam, Massachusetts. The project is expected to be placed in service in November 2021.
• Construction continues on Kinder Morgan Louisiana Pipeline's approximately $145 million Acadiana expansion project. The project is designed to provide 945,000 dekatherms per day (Dth/d) of capacity to serve Train 6 at Cheniere's Sabine Pass Liquefaction facility in Cameron Parish, Louisiana. The project is anticipated to be placed into commercial service as early as the first quarter of 2022.

Products Pipelines

• KMI continues to advance the creation of premier biodiesel and renewable diesel hubs in Northern and Southern California. These hubs will allow customers to deliver renewable diesel and/or biodiesel for blending with regular diesel for multiple concentrations of renewable fuels.

CO2

• The CO2 segment received approval during the quarter from the City of Snyder, Texas, to increase the size of the SACROC unit with acreage immediately adjacent to it, further extending the useful life of the asset. SACROC remains a significant contributor to segment earnings.

Energy Transition Ventures

• In July, KMI announced that it had agreed to acquire Indianapolis-based Kinetrex Energy from an affiliate of Parallel49 Equity for $310 million. Kinetrex is the leading supplier of liquefied natural gas in the Midwest and a rapidly growing player in producing and supplying renewable natural gas (RNG) under long-term contracts to transportation service providers. Kinetrex has a 50% interest in the largest RNG facility in Indiana as well as signed commercial agreements to begin construction on three additional landfill based RNG facilities. Once they all become operational next year, total annual RNG production from the four sites is estimated to be over 4 billion cubic feet. KMI expects the investment to be accretive to its shareholders as the three RNG facilities become operational over the next 18

4

months, with the purchase price and additional development capital expenditures representing less than six times expected 2023 EBITDA. The transaction requires regulatory approval under Hart-Scott-Rodino and is expected to close in the third quarter of 2021.

Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of the people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines, 144 terminals, and 700 billion cubic feet of working natural gas storage capacity. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, chemicals, ethanol, metals and petroleum coke. For more information, please visit www.kindermorgan.com.

Please join Kinder Morgan, Inc. at 4:30 p.m. Eastern Time on Wednesday, July 21, at www.kindermorgan.comfor a LIVE webcast conference call on the company's second quarter earnings.

Non-GAAP Financial Measures

The non-generally accepted accounting principles (non-GAAP) financial measures of Adjusted Earnings and distributable cash flow (DCF), both in the aggregate and per share for each; segment earnings before depreciation, depletion, amortization (DD&A), amortization of excess cost of equity investments and Certain Items (Adjusted Segment EBDA); net income before interest expense, income taxes, DD&A, amortization of excess cost of equity investments and Certain Items (Adjusted EBITDA); Net Debt; Net Debt-to-Adjusted EBITDA; and Free Cash Flow (FCF) in relation to our CO2 segment are presented herein.

Our non-GAAP financial measures described below should not be considered alternatives to GAAP net (loss) 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 these non-GAAP financial measures by reviewing our comparable GAAP measures, understanding the differences between the measures and taking this information into account in its analysis and its decision- making processes.

Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in net (loss) income attributable to Kinder Morgan, Inc., but typically either (1) do not have a cash impact (for example, asset impairments), or (2) by their nature are separately identifiable from our normal business operations and in our view are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation and casualty losses). We also include adjustments related to joint ventures (see "Amounts from Joint Ventures" below and the accompanying Tables 4 and 7).

5