Kinder Morgan Files 2024 Annual Report

TL;DR

KMI filed its 2024 10-K. Stock trades on NYSE.

AI Summary

Kinder Morgan, Inc. (KMI) filed its annual report for the fiscal year ended December 31, 2024. The company is registered in Delaware and its principal executive offices are located at 1001 Louisiana Street, Suite 1000, Houston, Texas. KMI's Class P Common Stock is traded on the New York Stock Exchange under the symbol KMI, and its 2.250% Senior Notes due 2027 are also listed on the NYSE under the symbol KMI 27.

Why It Matters

This filing provides investors with a comprehensive overview of Kinder Morgan's financial performance and operational status for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard annual financial filing and does not inherently present new risks.

Key Numbers

• 2024 — Fiscal Year End (The period covered by the annual report.)
• 001-35081 — Commission File Number (Unique identifier for the SEC filing.)

Key Players & Entities

• Kinder Morgan, Inc. (company) — Registrant
• Delaware (jurisdiction) — State of incorporation
• 1001 Louisiana Street, Suite 1000, Houston, Texas 77002 (address) — Principal executive offices
• KMI (ticker) — Class P Common Stock trading symbol
• New York Stock Exchange (company) — Exchange for KMI stock
• 2.250% Senior Notes due 2027 (financial_instrument) — Registered debt security
• KMI 27 (ticker) — Senior Notes trading symbol

FAQ

Key Financial Figures

• $640 million — ding clearance under Hart-Scott-Rodino. $640 million Projects placed in service KMTP syste
• $158 million — ntract. Placed in service October 2024 $158 million Central Texas pipeline Project include
• $110 million — tion. Placed in service November 2024. $110 million Other Construction Projects Natural
• $1,659 million — ervice date is fourth quarter of 2029. $1,659 million 4 Asset or project Description Acti
• $1,650 million — service date is first quarter of 2027. $1,650 million Mississippi Crossing project Project
• $1,637 million — cted in-service date is November 2028. $1,637 million TGP and SNG Evangeline Pass projects
• $672 million — expected in-service date is July 2025. $672 million Altamont Green River pipeline project
• $263 million — -service date is third quarter of 2025. $263 million TVA Cumberland project Project includ
• $222 million — ice date is third quarter of 2025. (a) $222 million GCX pipeline expansion Expansion proj
• $161 million — ervice date is second quarter of 2026. $161 million Tejas South to North expansion South T
• $154 million — service date is third quarter of 2025. $154 million Products Pipelines Double H Pipeline
• $149 million — -service date is first quarter of 2026. $149 million CO 2 Diamond M expansion Enhanced oi
• $185 million — mid 2025, and peak production in 2026. $185 million (a) Pending litigation may delay proj
• $3,500 million — . Financings During 2024, we issued $3,500 million of new senior notes to repay short-term
• $1,900 million — orporate purposes and repaid a combined $1,900 million of maturing senior notes. 5 Narrati

Filing Documents

• kmi-20241231.htm (10-K) — 4257KB
• kmi-2024x10kxexh1011.htm (EX-10.11) — 380KB
• kmi-2024x10kxexh191.htm (EX-19.1) — 41KB
• kmi-2024x10kxexh211.htm (EX-21.1) — 184KB
• kmi-2024x10kxexh221.htm (EX-22.1) — 1KB
• kmi-2024x10kxexh231.htm (EX-23.1) — 2KB
• kmi-2024x10kxexh311.htm (EX-31.1) — 11KB
• kmi-2024x10kxexh312.htm (EX-31.2) — 11KB
• kmi-2024x10kxexh321.htm (EX-32.1) — 5KB
• kmi-2024x10kxexh322.htm (EX-32.2) — 5KB
• kmi-20241231_g1.gif (GRAPHIC) — 6KB
• kmi-20241231_g2.jpg (GRAPHIC) — 772KB
• kmi-20241231_g3.jpg (GRAPHIC) — 763KB
• kmi-20241231_g4.jpg (GRAPHIC) — 622KB
• kmi-20241231_g5.jpg (GRAPHIC) — 531KB
• 0001506307-25-000008.txt ( ) — 29380KB
• kmi-20241231.xsd (EX-101.SCH) — 98KB
• kmi-20241231_cal.xml (EX-101.CAL) — 138KB
• kmi-20241231_def.xml (EX-101.DEF) — 800KB
• kmi-20241231_lab.xml (EX-101.LAB) — 1345KB
• kmi-20241231_pre.xml (EX-101.PRE) — 1055KB
• kmi-20241231_htm.xml (XML) — 4481KB

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 39 Critical Accounting Estimates 40 Results of Operations 41 Overview 41 Consolidated Earnings Results 45 Non-GAAP Financial Measures 47 Segment Earnings Results 50 Liquidity and Capital Resources 56 General 56 Short-term Liquidity 57 KINDER MORGAN, INC. AND SUBSIDIARIES (continued) TABLE OF CONTENTS Page Number Long-term Financing 58 Capital Expenditures 58 Off Balance Sheet Arrangements 61 Contractual Obligations and Commercial Commitments 61 Cash Flows 62 Dividends and Stock Buy-back Program 63 Summarized Combined Financial Information for Guarantee of Securities of Subsidiaries 64 Recent Accounting Pronouncements 65 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 65 Energy Commodity Market Risk 65 Interest Rate Risk 66 Foreign Currency Risk 67 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 68 Index to Financial Statements 68 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 126 Item 9A.

Controls and Procedures

Controls and Procedures 127 Item 9B. Other Information 127 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 127 PART III Item 10. Directors, Executive Officers and Corporate Governance 128 Item 11.

Executive Compensation

Executive Compensation 128 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 128 Item 13. Certain Relationships and Related Transactions, and Director Independence 128 Item 14. Principal Accounting Fees and Services 128 PART IV Item 15. Exhibits, Financial Statement Schedules 129 Item 16. Form 10-K Summary 132

Signatures

Signatures 133 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. GCX = Gulf Coast Express Pipeline LLC SFPP = SFPP, L.P. Hiland = Hiland Partners, LP SLNG = Southern LNG Company, L.L.C. KinderHawk = KinderHawk Field Services 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 MBbl = thousand barrels AFUDC = allowance for funds used during construction MMBbl = million barrels Bbl = barrels MMtons = million tons BBtu = billion British Thermal Units NGL = natural gas liquids Bcf = billion cubic feet NYMEX = New York Mercantile Exchange CERCLA = Comprehensive Environmental Response, Compensation and Liability Act NYSE = New York Stock Exchange OTC = over-the-counter CO 2 = car

View Full Filing

View this 10-K filing on SEC EDGAR