Kinder Morgan, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Kinder Morgan, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

KINDER MORGAN, INC. (EP-PC) filed a Annual Report (10-K) with the SEC on February 20, 2024. Kinder Morgan, Inc. filed its 2023 Form 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Natural Gas Transmission. Key financial data for 2023, 2022, and 2021 is included. The report details various financial statement line items and disclosures.

Why It Matters

For investors and stakeholders tracking KINDER MORGAN, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Kinder Morgan's financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, profitability, debt levels, and potential challenges, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — KINDER MORGAN, INC. shows moderate risk based on this filing. The company operates in the natural gas transmission industry, which is subject to significant regulatory oversight and market volatility, as indicated by the detailed risk factors and financial disclosures in the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Kinder Morgan's performance and potential risks in the natural gas sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-20 — Filing Date (FILED AS OF DATE)
• 4922 — Standard Industrial Classification (NATURAL GAS TRANSMISSION)

Key Players & Entities

• KINDER MORGAN, INC. (company) — FILER
• 0001506307 (company) — CENTRAL INDEX KEY
• 713-369-9000 (dollar_amount) — BUSINESS PHONE
• DE (company) — STATE OF INCORPORATION
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240220 (date) — FILED AS OF DATE

FAQ

Risk Factors

• Regulatory Environment [medium — regulatory]: The company's operations are subject to extensive federal, state, and local regulations, which can impact compliance costs and operational flexibility.
• Market Conditions [medium — market]: Fluctuations in commodity prices, particularly natural gas and refined products, can affect demand for Kinder Morgan's services and its financial results.
• Operational Risks [medium — operational]: Risks related to the operation and maintenance of extensive pipeline systems, including potential leaks, spills, or other incidents, pose significant operational and environmental challenges.
• Interest Rate Risk [medium — financial]: As a company with significant debt, Kinder Morgan is exposed to risks associated with changes in interest rates, which can affect its borrowing costs and profitability.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-20: 10-K Filing Date — Indicates when the annual report was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by Kinder Morgan, Inc. to report its financial results and operational status for the fiscal year.)

Key Financial Figures

• $1,831 million — minos, LLC. Acquired in December 2023. $1,831 million TGP East 300 Upgrade Expansion projec
• $267 million — dison. Placed in service November 2023. $267 million Eagle Ford transport project Expansio
• $231 million — cts. Placed in service November 2023. $231 million PHP expansion Joint venture project (o
• $159 million — acts. Placed in service December 2023. $159 million RNG facilities Construction of three a
• $153 million — View placed in service December 2023. $153 million 4 Asset or project Description Acti
• $125 million — tracts. Placed in service August 2023. $125 million Other Announcements Natural Gas Pipel
• $673 million — ending receipt of all required permits. $673 million TVA Cumberland Project includes a new
• $181 million — of all required permits and clearances. $181 million KMTP system expansion Expansion projec
• $180 million — ected in-service date is November 2024. $180 million Central Texas pipeline Project include
• $115 million — service date is fourth quarter of 2024. $115 million Tejas South to North expansion South T
• $97 million — -service date is third quarter of 2024. $97 million 3Rivers Offload Phase II Construct 19
• $96 million — in-service date is second quarter 2025. $96 million CO 2 Diamond M expansion Enhanced oi
• $1,500 million — epurchases During 2023, we (i) issued $1,500 million of new senior notes to repay short-term
• $3,225 million — Midstream); and (iii) repaid a combined $3,225 million of maturing senior notes. On January 18
• $2 billion — tion of our share buy-back program from $2 billion to $3 billion. During 2023, we repurcha

Filing Documents

• kmi-20231231.htm (10-K) — 4385KB
• kmi-2023x10kxexh439.htm (EX-4.39) — 35KB
• kmi-2023x10kxexh1011.htm (EX-10.1) — 381KB
• kmi-2023x10kxexh211.htm (EX-21.1) — 186KB
• kmi-2023x10kxexh221.htm (EX-22.1) — 1KB
• kmi-2023x10kxexh231.htm (EX-23.1) — 2KB
• kmi-2023x10kxexh311.htm (EX-31.1) — 11KB
• kmi-2023x10kxexh312.htm (EX-31.2) — 11KB
• kmi-2023x10kxexh321.htm (EX-32.1) — 5KB
• kmi-2023x10kxexh322.htm (EX-32.2) — 5KB
• kmi-2023x10kxexh971.htm (EX-97.1) — 24KB
• kmi-20231231_g1.gif (GRAPHIC) — 6KB
• kmi-20231231_g2.jpg (GRAPHIC) — 1229KB
• kmi-20231231_g3.jpg (GRAPHIC) — 763KB
• kmi-20231231_g4.jpg (GRAPHIC) — 622KB
• kmi-20231231_g5.jpg (GRAPHIC) — 871KB
• 0001506307-24-000011.txt (&nbsp;) — 32419KB
• kmi-20231231.xsd (EX-101.SCH) — 114KB
• kmi-20231231_cal.xml (EX-101.CAL) — 140KB
• kmi-20231231_def.xml (EX-101.DEF) — 952KB
• kmi-20231231_lab.xml (EX-101.LAB) — 1497KB
• kmi-20231231_pre.xml (EX-101.PRE) — 1196KB
• kmi-20231231_htm.xml (XML) — 4546KB

Risk Factors

Risk Factors 23 Item 1B. Unresolved Staff Comments 36 Item 1C. Cybersecurity 36 Item 3.

Legal Proceedings

Legal Proceedings 38 Item 4. Mine Safety Disclosures 38 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39 Item 6. [Reserved] 39 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 General 40 Critical Accounting Estimates 40 Results of Operations 42 Overview 42 Consolidated Earnings Results 46 Non-GAAP Financial Measures 48 Segment Earnings Results 52 Liquidity and Capital Resources 58 General 58 Short-term Liquidity 59 KINDER MORGAN, INC. AND SUBSIDIARIES (continued) TABLE OF CONTENTS Page Number Long-term Financing 60 Capital Expenditures 60 Off Balance Sheet Arrangements 63 Contractual Obligations and Commercial Commitments 63 Cash Flows 64 Dividends and Stock Buy-back Program 65 Summarized Combined Financial Information for Guarantee of Securities of Subsidiaries 66 Recent Accounting Pronouncements 67 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 67 Energy Commodity Market Risk 67 Interest Rate Risk 68 Foreign Currency Risk 69 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 70 Index to Financial Statements 70 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 131 Item 9A.

Controls and Procedures

Controls and Procedures 132 Item 9B. Other Information 132 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 132 PART III Item 10. Directors, Executive Officers and Corporate Governance 133 Item 11.

Executive Compensation

Executive Compensation 133 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 133 Item 13. Certain Relationships and Related Transactions, and Director Independence 133 Item 14. Principal Accounting Fees and Services 133 PART IV Item 15. Exhibits, Financial Statement Schedules 134 Item 16. Form 10-K Summary 137

Signatures

Signatures 138 KINDER MORGAN, INC. AND SUBSIDIARIES GLOSSARY Company Abbreviations Calnev = Calnev Pipe Line LLC KMP = Kinder Morgan Energy Partners, L.P. and its majority-owned and/or controlled subsidiaries CIG = Colorado Interstate Gas Company, L.L.C. CPGPL = Cheyenne Plains Gas Pipeline Company, L.L.C. KMTP = Kinder Morgan Texas Pipeline LLC EagleHawk = EagleHawk Field Services LLC MEP = Midcontinent Express Pipeline LLC Elba Express = Elba Express Company, L.L.C. NGPL = Natural Gas Pipeline Company of America LLC and certain affiliates ELC = Elba Liquefaction Company, L.L.C. EPNG = El Paso Natural Gas Company, L.L.C. PHP = Permian Highway Pipeline LLC FEP = Fayetteville Express Pipeline LLC Ruby = Ruby Pipeline Holding Company, L.L.C. Hiland = Hiland Partners, LP SFPP = SFPP, L.P. KinderHawk = KinderHawk Field Services LLC SLNG = Southern LNG Company, L.L.C. KMRNG = Kinder Morgan RNG Holdco LLC SNG = Southern Natural Gas Company, L.L.C. KMBT = Kinder Morgan Bulk Terminals, Inc. Stagecoach = Stagecoach Gas Services LLC KMI = Kinder Morgan, Inc. and its majority-owned and/or controlled subsidiaries TGP = Tennessee Gas Pipeline Company, L.L.C. WIC = Wyoming Interstate Company, L.L.C. KMLP = Kinder Morgan Louisiana Pipeline LLC WYCO = WYCO Development L.L.C. KMLT = Kinder Morgan Liquid Terminals, LLC Unless the context otherwise requires, references to "we," "us," "our," or "the Company" are intended to mean Kinder Morgan, Inc. and its majority-owned and/or controlled subsidiaries. Common Industry and Other Terms /d = per day LIBOR = London Interbank Offered Rate AFUDC = allowance for funds used during construction LLC = limited liability company Bbl = barrels LNG = liquefied natural gas BBtu = billion British Thermal Units MBbl = thousand barrels Bcf = billion cubic feet MMBbl = million barrels CERCLA = Comprehensive Environmental Response, Compensation and Liability Act MMtons = million tons NGL = natural gas liquids CO 2 =

View Full Filing

View this 10-K filing on SEC EDGAR