Kinder Morgan Files Q2 2024 10-Q

TL;DR

KMI's Q2 2024 10-Q is in - check financials for energy infrastructure giant.

AI Summary

Kinder Morgan, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial metrics and business segment information are provided, reflecting the company's ongoing activities in natural gas transmission and energy infrastructure.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for Kinder Morgan, crucial for understanding the company's performance and outlook in the energy sector.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• Kinder Morgan, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 713-369-9000 (phone_number) — Business phone number
• 1001 LOUISIANA STREET (address) — Business and mailing street address
• HOUSTON (city) — Business and mailing city
• TX (state) — Business and mailing state
• 77002 (zip_code) — Business and mailing zip code

FAQ

Filing Documents

• kmi-20240630.htm (10-Q) — 2466KB
• kmi-06302024ex101.htm (EX-10.1) — 380KB
• kmi-06302024ex221.htm (EX-22.1) — 1KB
• kmi-06302024ex311.htm (EX-31.1) — 11KB
• kmi-06302024ex312.htm (EX-31.2) — 11KB
• kmi-06302024ex321.htm (EX-32.1) — 5KB
• kmi-06302024ex322.htm (EX-32.2) — 5KB
• kmi-20240630_g1.gif (GRAPHIC) — 6KB
• 0001506307-24-000074.txt ( ) — 11158KB
• kmi-20240630.xsd (EX-101.SCH) — 49KB
• kmi-20240630_cal.xml (EX-101.CAL) — 77KB
• kmi-20240630_def.xml (EX-101.DEF) — 398KB
• kmi-20240630_lab.xml (EX-101.LAB) — 680KB
• kmi-20240630_pre.xml (EX-101.PRE) — 542KB
• kmi-20240630_htm.xml (XML) — 2013KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Statements of Income - Three and Six Months Ended June 3 0 , 2024 and 202 3 4 Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30 , 2024 and 202 3 5 Consolidated Balance Sheets - as of June 3 0 , 2024 and December 31, 202 3 6 Consolidated Statements of Cash Flows - Six Months Ended June 3 0 , 2024 and 202 3 7 Consolidated Statements of Stockholders' Equity - Three and Six Months Ended June 3 0 , 2024 and 202 3 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10 Note 1 . General 10 Note 2. Acquisition s and Divestitures 11 Note 3. Losses on Impairments 12 Note 4. Debt 13 Note 5. Stockholders ' Equity 14 Note 6. Risk Management 15 Note 7. Revenue Recognition 19 Note 8. Reportable Segments 22 Note 9. Income Taxes 23 Note 10. Litigation and Environmental 24 Note 11. Recent Accounting Pronouncements 28 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations General and Basis of Presentation 29 Results of Operations 29 Overview 29 Consolidated Earnings Results 33 Non-GAAP Financial Measures 36 Segment Earnings Results 40 Liquidity and Capital Resources 47 Summarized Combined Financial Information for Guarantee of Securities of Subsidiaries 53 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 4.

Controls and Procedures

Controls and Procedures 54

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 54 Item 1A.

Risk Factors

Risk Factors 54 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 54 Item 3. Defaults Upon Senior Securities 54 Item 4. Mine Safety Disclosures 54 Item 5. Other Information 54 Item 6. Exhibits 56 Signature 57 1 KINDER MORGAN, INC. AND SUBSIDIARIES GLOSSARY Company Abbreviations EPNG = El Paso Natural Gas Company, L.L.C. Ruby = Ruby Pipeline Holding Company, L.L.C. KMBT = Kinder Morgan Bulk Terminals, Inc. SFPP = SFPP, L.P. KMI = Kinder Morgan, Inc. and its majority-owned and/or controlled subsidiaries SNG = Southern Natural Gas Company, L.L.C. TGP = Tennessee Gas Pipeline Company, 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 Bbl = barrels MMBbl = million barrels BBtu = billion British Thermal Units MMtons = million tons Bcf = billion cubic feet NGL = natural gas liquids CERCLA = Comprehensive Environmental Response, Compensation and Liability Act NYMEX = New York Mercantile Exchange OTC = over-the-counter CO 2 = carbon dioxide or our CO 2 business segment RIN = Renewable Identification Number DD&A = depreciation, depletion and amortization RNG = Renewable natural gas EPA = U.S. Environmental Protection Agency ROU = Right-of-Use FASB = Financial Accounting Standards Board U.S. = United States of America GAAP = U.S. Generally Accepted Accounting Principles WTI = West Texas Intermediate LLC = limited liability company 2 Information Regarding Forward-Looking Statements This report includes forward-looking statements. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. They use words such as "anticipate," "believe," "intend," "plan," "projection," "forecast," "str

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. KINDER MORGAN, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share amounts, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues Services $ 2,178 $ 2,045 $ 4,410 $ 4,114 Commodity sales 1,346 1,421 2,866 3,206 Other 48 35 138 69 Total Revenues 3,572 3,501 7,414 7,389 Operating Costs, Expenses and Other Costs of sales (exclusive of items shown separately below) 967 971 2,074 2,186 Operations and maintenance 741 685 1,421 1,324 Depreciation, depletion and amortization 584 557 1,171 1,122 General and administrative 179 169 354 335 Taxes, other than income taxes 109 103 220 213 Gain on divestitures, net ( 45 ) ( 13 ) ( 77 ) ( 13 ) Other income, net ( 1 ) ( 1 ) ( 10 ) ( 2 ) Total Operating Costs, Expenses and Other 2,534 2,471 5,153 5,165 Operating Income 1,038 1,030 2,261 2,224 Other Income (Expense) Earnings from equity investments 208 208 451 373 Amortization of excess cost of equity investments ( 13 ) ( 19 ) ( 25 ) ( 36 ) Interest, net ( 464 ) ( 443 ) ( 936 ) ( 888 ) Other, net 1 2 1 4 Total Other Expense ( 268 ) ( 252 ) ( 509 ) ( 547 ) Income Before Income Taxes 770 778 1,752 1,677 Income Tax Expense ( 168 ) ( 168 ) ( 377 ) ( 364 ) Net Income 602 610 1,375 1,313 Net Income Attributable to Noncontrolling Interests ( 27 ) ( 24 ) ( 54 ) ( 48 ) Net Income Attributable to Kinder Morgan, Inc. $ 575 $ 586 $ 1,321 $ 1,265 Class P Common Stock Basic and Diluted Earnings Per Share $ 0.26 $ 0.26 $ 0.59 $ 0.56 Basic and Diluted Weighted Average Shares Outstanding 2,219 2,237 2,219 2,242 The accompanying notes are an integral part of these consolidated financial statements. 4 KINDER MORGAN, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 602 $ 610 $ 1,375 $ 1,313 Other comprehens

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. General Organization We are one of the largest energy infrastructure companies in North America. We own an interest in or operate approximately 79,000 miles of pipelines, 139 terminals, 702 Bcf of working natural gas storage capacity and have RNG generation capacity of approximately 6.1 Bcf per year of gross production. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO 2 , renewable fuels and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, jet fuel, chemicals, metals, petroleum coke, and ethanol and other renewable fuels and feedstocks. Basis of Presentation General Our accompanying unaudited consolidated financial statements have been prepared under the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These rules and regulations conform to the accounting principles contained in the FASB's Accounting Standards Codification (ASC), the single source of GAAP. In compliance with such rules and regulations, all significant intercompany items have been eliminated in consolidation. In our opinion, all adjustments, which are of a normal and recurring nature, considered necessary for a fair statement of our financial position and operating results for the interim periods have been included in the accompanying consolidated financial statements, and certain amounts from prior periods have been reclassified to conform to the current presentation. Interim results are not necessarily indicative of results for a full year; accordingly, you should read these consolidated financial statements in conjunction with our consolidated financial statements and related notes included in our 2023 Form 10-K. The accompanying unaudited consolidated financial statements include our accounts and the accounts of our subsidiaries over which we have control or are the primary beneficiary. We evaluate ou

View Full Filing

View this 10-Q filing on SEC EDGAR