Delaware | 80-0682103 | ||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Class P Common Stock | KMI | New York Stock Exchange | ||||||
1.500% Senior Notes due 2022 | KMI 22 | New York Stock Exchange | ||||||
2.250% Senior Notes due 2027 | KMI 27 A | New York Stock Exchange |
Page
Number |
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Note 1 | |||||||||||
Note 2
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Note 3
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Note 4
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Note 5
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Note 6
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Note 7
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Note 8
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Note 9
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Note 10
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Services | $ | 1,889 | $ | 1,791 | $ | 3,806 | $ | 3,783 | |||||||||||||||
Commodity sales | 1,246 | 723 | 4,475 | 1,790 | |||||||||||||||||||
Other | 15 | 46 | 80 | 93 | |||||||||||||||||||
Total Revenues
|
3,150 | 2,560 | 8,361 | 5,666 | |||||||||||||||||||
Operating Costs, Expenses and Other | |||||||||||||||||||||||
Costs of sales | 936 | 441 | 2,945 | 1,104 | |||||||||||||||||||
Operations and maintenance | 582 | 606 | 1,096 | 1,226 | |||||||||||||||||||
Depreciation, depletion and amortization | 528 | 532 | 1,069 | 1,097 | |||||||||||||||||||
General and administrative | 160 | 155 | 316 | 308 | |||||||||||||||||||
Taxes, other than income taxes | 108 | 103 | 218 | 195 | |||||||||||||||||||
Loss on impairments and divestitures, net (Note 2) | 1,602 | 1,005 | 1,598 | 1,976 | |||||||||||||||||||
Other income, net | (2) | — | (3) | (1) | |||||||||||||||||||
Total Operating Costs, Expenses and Other
|
3,914 | 2,842 | 7,239 | 5,905 | |||||||||||||||||||
Operating (Loss) Income | (764) | (282) | 1,122 | (239) | |||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Earnings from equity investments | 157 | 176 | 223 | 368 | |||||||||||||||||||
Amortization of excess cost of equity investments | (13) | (35) | (35) | (67) | |||||||||||||||||||
Interest, net | (377) | (395) | (754) | (831) | |||||||||||||||||||
Other, net (Note 2) | 20 | 16 | 243 | 18 | |||||||||||||||||||
Total Other Expense
|
(213) | (238) | (323) | (512) | |||||||||||||||||||
(Loss) Income Before Income Taxes | (977) | (520) | 799 | (751) | |||||||||||||||||||
Income Tax Benefit (Expense) | 237 | (104) | (114) | (164) | |||||||||||||||||||
Net (Loss) Income | (740) | (624) | 685 | (915) | |||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | (17) | (13) | (33) | (28) | |||||||||||||||||||
Net (Loss) Income Attributable to Kinder Morgan, Inc. | $ | (757) | $ | (637) | $ | 652 | $ | (943) | |||||||||||||||
Class P Shares | |||||||||||||||||||||||
Basic and Diluted (Loss) Earnings Per Share | $ | (0.34) | $ | (0.28) | $ | 0.29 | $ | (0.42) | |||||||||||||||
Basic and Diluted Weighted Average Shares Outstanding | 2,265 | 2,261 | 2,264 | 2,263 | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net (loss) income | $ | (740) | $ | (624) | $ | 685 | $ | (915) | |||||||||||||||
Other comprehensive (loss) income, net of tax | |||||||||||||||||||||||
Change in fair value of hedge derivatives (net of tax benefit (expense) of $47, $57, $94 and $(12), respectively)
|
(157) | (189) | (313) | 40 | |||||||||||||||||||
Reclassification of change in fair value of derivatives to net (loss) income (net of tax expense of $9, $14, $27 and $23, respectively)
|
30 | 47 | 89 | 77 | |||||||||||||||||||
Foreign currency translation adjustments (net of tax expense of $—, $—, $— and $—, respectively)
|
— | — | — | 1 | |||||||||||||||||||
Benefit plan adjustments (net of tax expense of $1, $2, $5 and $5, respectively)
|
5 | 5 | 22 | 16 | |||||||||||||||||||
Total other comprehensive (loss) income | (122) | (137) | (202) | 134 | |||||||||||||||||||
Comprehensive (loss) income | (862) | (761) | 483 | (781) | |||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (17) | (13) | (33) | (28) | |||||||||||||||||||
Comprehensive (loss) income attributable to Kinder Morgan, Inc. | $ | (879) | $ | (774) | $ | 450 | $ | (809) |
June 30, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 1,365 | $ | 1,184 | |||||||
Restricted deposits | 604 | 25 | |||||||||
Accounts receivable | 1,416 | 1,293 | |||||||||
Fair value of derivative contracts | 221 | 185 | |||||||||
Inventories | 396 | 348 | |||||||||
Other current assets | 281 | 168 | |||||||||
Total current assets | 4,283 | 3,203 | |||||||||
Property, plant and equipment, net | 34,570 | 35,836 | |||||||||
Investments | 7,650 | 7,917 | |||||||||
Goodwill | 19,851 | 19,851 | |||||||||
Other intangibles, net | 1,585 | 2,453 | |||||||||
Deferred income taxes | 492 | 536 | |||||||||
Deferred charges and other assets | 1,744 | 2,177 | |||||||||
Total Assets | $ | 70,175 | $ | 71,973 | |||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY | |||||||||||
Current Liabilities | |||||||||||
Current portion of debt | $ | 2,183 | $ | 2,558 | |||||||
Accounts payable | 949 | 837 | |||||||||
Accrued interest | 479 | 525 | |||||||||
Accrued taxes | 217 | 267 | |||||||||
Accrued contingencies | 232 | 307 | |||||||||
Other current liabilities | 999 | 580 | |||||||||
Total current liabilities | 5,059 | 5,074 | |||||||||
Long-term liabilities and deferred credits | |||||||||||
Long-term debt | |||||||||||
Outstanding
|
30,008 | 30,838 | |||||||||
Debt fair value adjustments
|
1,069 | 1,293 | |||||||||
Total long-term debt | 31,077 | 32,131 | |||||||||
Other long-term liabilities and deferred credits | 2,216 | 2,202 | |||||||||
Total long-term liabilities and deferred credits | 33,293 | 34,333 | |||||||||
Total Liabilities | 38,352 | 39,407 | |||||||||
Commitments and contingencies (Notes 3 and 9) | |||||||||||
Redeemable Noncontrolling Interest | 683 | 728 | |||||||||
Stockholders’ Equity | |||||||||||
Class P shares, $0.01 par value, 4,000,000,000 shares authorized, 2,264,604,747 and 2,264,257,336 shares, respectively, issued and outstanding
|
23 | 23 | |||||||||
Additional paid-in capital | 41,793 | 41,756 | |||||||||
Accumulated deficit | (10,496) | (9,936) | |||||||||
Accumulated other comprehensive loss | (609) | (407) | |||||||||
Total Kinder Morgan, Inc.’s stockholders’ equity | 30,711 | 31,436 | |||||||||
Noncontrolling interests | 429 | 402 | |||||||||
Total Stockholders’ Equity | 31,140 | 31,838 | |||||||||
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity | $ | 70,175 | $ | 71,973 |
KINDER MORGAN, INC. AND SUBSIDIARIES | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(In millions, unaudited) | |||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash Flows From Operating Activities | |||||||||||
Net income (loss) | $ | 685 | $ | (915) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||||||
Depreciation, depletion and amortization | 1,069 | 1,097 | |||||||||
Deferred income taxes | 105 | 28 | |||||||||
Amortization of excess cost of equity investments | 35 | 67 | |||||||||
Loss on impairments and divestitures, net (Note 2) | 1,598 | 1,976 | |||||||||
Gain on sale of interest in equity investment (Note 2) | (206) | — | |||||||||
Earnings from equity investments | (223) | (368) | |||||||||
Distributions from equity investment earnings | 346 | 317 | |||||||||
Changes in components of working capital | |||||||||||
Accounts receivable | (130) | 335 | |||||||||
Inventories | (51) | 28 | |||||||||
Other current assets | (31) | 48 | |||||||||
Accounts payable | 145 | (182) | |||||||||
Accrued interest, net of interest rate swaps | (42) | (65) | |||||||||
Accrued taxes | (51) | (23) | |||||||||
Other current liabilities | 195 | (96) | |||||||||
Rate reparations, refunds and other litigation reserve adjustments | (102) | (12) | |||||||||
Other, net | (31) | (3) | |||||||||
Net Cash Provided by Operating Activities | 3,311 | 2,232 | |||||||||
Cash Flows From Investing Activities | |||||||||||
Capital expenditures | (545) | (963) | |||||||||
Proceeds from sales of investments | 413 | 907 | |||||||||
Contributions to investments | (26) | (225) | |||||||||
Distributions from equity investments in excess of cumulative earnings | 48 | 86 | |||||||||
Other, net | (1) | (46) | |||||||||
Net Cash Used in Investing Activities | (111) | (241) | |||||||||
Cash Flows From Financing Activities | |||||||||||
Issuances of debt | 3,110 | 2,652 | |||||||||
Payments of debt | (4,273) | (3,037) | |||||||||
Debt issue costs | (12) | (11) | |||||||||
Dividends | (1,212) | (1,166) | |||||||||
Repurchases of shares | — | (50) | |||||||||
Contributions from investment partner and noncontrolling interests | 3 | 9 | |||||||||
Distributions to investment partner | (45) | (38) | |||||||||
Distributions to noncontrolling interests | (8) | (7) | |||||||||
Other, net | (3) | (1) | |||||||||
Net Cash Used in Financing Activities | (2,440) | (1,649) | |||||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Deposits | — | (5) | |||||||||
Net Increase in Cash, Cash Equivalents and Restricted Deposits | 760 | 337 | |||||||||
Cash, Cash Equivalents, and Restricted Deposits, beginning of period | 1,209 | 209 | |||||||||
Cash, Cash Equivalents, and Restricted Deposits, end of period | $ | 1,969 | $ | 546 | |||||||
KINDER MORGAN, INC. AND SUBSIDIARIES (Continued) | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(In millions, unaudited) | |||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash and Cash Equivalents, beginning of period | $ | 1,184 | $ | 185 | |||||||
Restricted Deposits, beginning of period | 25 | 24 | |||||||||
Cash, Cash Equivalents, and Restricted Deposits, beginning of period | 1,209 | 209 | |||||||||
Cash and Cash Equivalents, end of period | 1,365 | 526 | |||||||||
Restricted Deposits, end of period | 604 | 20 | |||||||||
Cash, Cash Equivalents, and Restricted Deposits, end of period | 1,969 | 546 | |||||||||
Net Increase in Cash, Cash Equivalents and Restricted Deposits | $ | 760 | $ | 337 | |||||||
Non-cash Investing and Financing Activities | |||||||||||
ROU assets and operating lease obligations recognized | $ | 28 | $ | 8 | |||||||
Supplemental Disclosures of Cash Flow Information | |||||||||||
Cash paid during the period for interest (net of capitalized interest) | 807 | 891 | |||||||||
Cash paid during the period for income taxes, net | 8 | 136 |
Common stock | |||||||||||||||||||||||||||||||||||||||||||||||
Issued shares | Par value |
Additional
paid-in capital |
Accumulated
deficit |
Accumulated
other comprehensive loss |
Stockholders’
equity attributable to KMI |
Non-controlling
interests |
Total | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 2,264 | $ | 23 | $ | 41,775 | $ | (9,124) | $ | (487) | $ | 32,187 | $ | 416 | $ | 32,603 | ||||||||||||||||||||||||||||||||
Restricted shares
|
1 | 18 | 18 | 18 | |||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (757) | (757) | 17 | (740) | |||||||||||||||||||||||||||||||||||||||||||
Distributions
|
— | (5) | (5) | ||||||||||||||||||||||||||||||||||||||||||||
Contributions
|
— | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends | (615) | (615) | (615) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (122) | (122) | (122) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 2,265 | $ | 23 | $ | 41,793 | $ | (10,496) | $ | (609) | $ | 30,711 | $ | 429 | $ | 31,140 |
Common stock | |||||||||||||||||||||||||||||||||||||||||||||||
Issued shares | Par value |
Additional
paid-in capital |
Accumulated
deficit |
Accumulated
other comprehensive loss |
Stockholders’
equity attributable to KMI |
Non-controlling
interests |
Total | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 2,261 | $ | 23 | $ | 41,713 | $ | (8,568) | $ | (62) | $ | 33,106 | $ | 358 | $ | 33,464 | ||||||||||||||||||||||||||||||||
Restricted shares
|
18 | 18 | 18 | ||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (637) | (637) | 13 | (624) | |||||||||||||||||||||||||||||||||||||||||||
Distributions
|
— | (4) | (4) | ||||||||||||||||||||||||||||||||||||||||||||
Contributions
|
— | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends | (597) | (597) | (597) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (137) | (137) | (137) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 2,261 | $ | 23 | $ | 41,731 | $ | (9,802) | $ | (199) | $ | 31,753 | $ | 371 | $ | 32,124 |
Common stock | |||||||||||||||||||||||||||||||||||||||||||||||
Issued shares | Par value |
Additional
paid-in capital |
Accumulated
deficit |
Accumulated
other comprehensive loss |
Stockholders’
equity attributable to KMI |
Non-controlling
interests |
Total | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 2,264 | $ | 23 | $ | 41,756 | $ | (9,936) | $ | (407) | $ | 31,436 | $ | 402 | $ | 31,838 | ||||||||||||||||||||||||||||||||
Restricted shares
|
1 | 37 | 37 | 37 | |||||||||||||||||||||||||||||||||||||||||||
Net income | 652 | 652 | 33 | 685 | |||||||||||||||||||||||||||||||||||||||||||
Distributions
|
— | (8) | (8) | ||||||||||||||||||||||||||||||||||||||||||||
Contributions
|
— | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends | (1,212) | (1,212) | (1,212) | ||||||||||||||||||||||||||||||||||||||||||||
Other
|
— | (1) | (1) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (202) | (202) | (202) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 2,265 | $ | 23 | $ | 41,793 | $ | (10,496) | $ | (609) | $ | 30,711 | $ | 429 | $ | 31,140 |
Common stock | |||||||||||||||||||||||||||||||||||||||||||||||
Issued shares | Par value |
Additional
paid-in capital |
Accumulated
deficit |
Accumulated
other comprehensive loss |
Stockholders’
equity attributable to KMI |
Non-controlling
interests |
Total | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 2,265 | $ | 23 | $ | 41,745 | $ | (7,693) | $ | (333) | $ | 33,742 | $ | 344 | $ | 34,086 | ||||||||||||||||||||||||||||||||
Repurchases of shares | (4) | (50) | (50) | (50) | |||||||||||||||||||||||||||||||||||||||||||
Restricted shares
|
36 | 36 | 36 | ||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (943) | (943) | 28 | (915) | |||||||||||||||||||||||||||||||||||||||||||
Distributions
|
— | (7) | (7) | ||||||||||||||||||||||||||||||||||||||||||||
Contributions
|
— | 6 | 6 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends | (1,166) | (1,166) | (1,166) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 134 | 134 | 134 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 2,261 | $ | 23 | $ | 41,731 | $ | (9,802) | $ | (199) | $ | 31,753 | $ | 371 | $ | 32,124 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
Net (Loss) Income Available to Stockholders | $ | (757) | $ | (637) | $ | 652 | $ | (943) | |||||||||||||||
Participating securities: | |||||||||||||||||||||||
Less: Net Income allocated to restricted stock awards(a) | (3) | (3) | (6) | (6) | |||||||||||||||||||
Net (Loss) Income Allocated to Class P Stockholders | $ | (760) | $ | (640) | $ | 646 | $ | (949) | |||||||||||||||
Basic Weighted Average Shares Outstanding | 2,265 | 2,261 | 2,264 | 2,263 | |||||||||||||||||||
Basic (Loss) Earnings Per Share | $ | (0.34) | $ | (0.28) | $ | 0.29 | $ | (0.42) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions on a weighted average basis) | |||||||||||||||||||||||
Unvested restricted stock awards | 12 | 12 | 12 | 12 | |||||||||||||||||||
Convertible trust preferred securities | 3 | 3 | 3 | 3 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Natural Gas Pipelines | |||||||||||||||||||||||
Impairment of long-lived and intangible assets(a) | $ | 1,600 | $ | — | $ | 1,600 | $ | — | |||||||||||||||
Impairment of goodwill(a) | — | 1,000 | — | 1,000 | |||||||||||||||||||
Gain on sale of interest in NGPL Holdings LLC(a) | — | — | (206) | — | |||||||||||||||||||
Loss on write-down of related party note receivable(a) | — | — | 117 | — | |||||||||||||||||||
Gain on divestitures of long-lived assets | (1) | — | (1) | — | |||||||||||||||||||
Products Pipelines | |||||||||||||||||||||||
Impairment of long-lived and intangible assets | — | — | — | 21 | |||||||||||||||||||
Terminals | |||||||||||||||||||||||
Impairment of long-lived and intangible assets | — | 5 | — | 5 | |||||||||||||||||||
Loss on divestitures of long-lived assets | 1 | — | — | — | |||||||||||||||||||
CO2
|
|||||||||||||||||||||||
Impairment of goodwill(a) | — | — | — | 600 | |||||||||||||||||||
Impairment of long-lived assets(a) | — | — | — | 350 | |||||||||||||||||||
Loss on divestitures of long-lived assets | 3 | — | 3 | — | |||||||||||||||||||
Other gain on divestitures of long-lived assets | (1) | — | (4) | — | |||||||||||||||||||
Pre-tax loss on impairments, divestitures and other write-downs, net | $ | 1,602 | $ | 1,005 | $ | 1,509 | $ | 1,976 | |||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||
(In millions, unless otherwise stated) | ||||||||||||||
Current portion of debt | ||||||||||||||
$4 billion credit facility due November 16, 2023
|
$ | — | $ | — | ||||||||||
Commercial paper notes | — | — | ||||||||||||
Current portion of senior notes | ||||||||||||||
5.00%, due February 2021(a)
|
— | 750 | ||||||||||||
3.50%, due March 2021(a)
|
— | 750 | ||||||||||||
5.80%, due March 2021(a)
|
— | 400 | ||||||||||||
5.00%, due October 2021(b)
|
500 | 500 | ||||||||||||
8.625%, due January 2022
|
260 | — | ||||||||||||
4.15%, due March 2022
|
375 | — | ||||||||||||
1.50%, due March 2022(c)
|
890 | — | ||||||||||||
Trust I preferred securities, 4.75%, due March 2028
|
111 | 111 | ||||||||||||
Current portion of other debt | 47 | 47 | ||||||||||||
Total current portion of debt | 2,183 | 2,558 | ||||||||||||
Long-term debt (excluding current portion) | ||||||||||||||
Senior notes | 29,320 | 30,141 | ||||||||||||
EPC Building, LLC, promissory note, 3.967%, due 2020 through 2035
|
357 | 364 | ||||||||||||
Trust I preferred securities, 4.75%, due March 2028
|
110 | 110 | ||||||||||||
Other | 221 | 223 | ||||||||||||
Total long-term debt | 30,008 | 30,838 | ||||||||||||
Total debt(d) | $ | 32,191 | $ | 33,396 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying
value |
Estimated
fair value |
Carrying
value |
Estimated
fair value |
||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Total debt | $ | 33,260 | $ | 38,498 | $ | 34,689 | $ | 39,622 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Per share cash dividend declared for the period | $ | 0.27 | $ | 0.2625 | $ | 0.54 | $ | 0.525 | |||||||||||||||
Per share cash dividend paid in the period | 0.27 | 0.2625 | 0.5325 | 0.5125 |
Net unrealized
gains/(losses) on cash flow hedge derivatives |
Foreign
currency translation adjustments |
Pension and
other postretirement liability adjustments |
Total
accumulated other comprehensive loss |
||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Balance as of December 31, 2020 | $ | (13) | $ | — | $ | (394) | $ | (407) | |||||||||||||||
Other comprehensive (loss) gain before reclassifications | (313) | — | 22 | (291) | |||||||||||||||||||
Loss reclassified from accumulated other comprehensive loss | 89 | — | — | 89 | |||||||||||||||||||
Net current-period change in accumulated other comprehensive loss | (224) | — | 22 | (202) | |||||||||||||||||||
Balance as of June 30, 2021 | $ | (237) | $ | — | $ | (372) | $ | (609) |
Net unrealized
gains/(losses) on cash flow hedge derivatives |
Foreign
currency translation adjustments |
Pension and
other postretirement liability adjustments |
Total
accumulated other comprehensive loss |
||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Balance as of December 31, 2019 | $ | (7) | $ | — | $ | (326) | $ | (333) | |||||||||||||||
Other comprehensive gain before reclassifications | 40 | 1 | 16 | 57 | |||||||||||||||||||
Loss reclassified from accumulated other comprehensive loss | 77 | — | — | 77 | |||||||||||||||||||
Net current-period change in accumulated other comprehensive (loss) income | 117 | 1 | 16 | 134 | |||||||||||||||||||
Balance as of June 30, 2020 | $ | 110 | $ | 1 | $ | (310) | $ | (199) |
Net open position long/(short) | |||||||||||
Derivatives designated as hedging contracts | |||||||||||
Crude oil fixed price | (15.9) | MMBbl | |||||||||
Crude oil basis | (7.9) | MMBbl | |||||||||
Natural gas fixed price | (31.7) | Bcf | |||||||||
Natural gas basis | (26.2) | Bcf | |||||||||
NGL fixed price | (1.0) | MMBbl | |||||||||
Derivatives not designated as hedging contracts | |||||||||||
Crude oil fixed price | (1.2) | MMBbl | |||||||||
Crude oil basis | (9.8) | MMBbl | |||||||||
Natural gas fixed price | (3.4) | Bcf | |||||||||
Natural gas basis | (15.8) | Bcf | |||||||||
NGL fixed price | (2.1) | MMBbl |
Notional amount | Accounting treatment | Maximum term | ||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||
Fixed-to-variable interest rate contracts(a) | $ | 7,100 | Fair value hedge | March 2035 | ||||||||||||||||||||||||||||
Variable-to-fixed interest rate contracts | 250 | Cash flow hedge | January 2023 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||
Variable-to-fixed interest rate contracts | 2,500 | Mark-to-Market | December 2021 | |||||||||||||||||||||||||||||
Notional amount | Accounting treatment | Maximum term | ||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||
EUR-to-USD cross currency swap contracts(a) | $ | 1,358 | Cash flow hedge | March 2027 | ||||||||||||||||||||||||||||
Fair Value of Derivative Contracts | ||||||||||||||||||||||||||||||||
Derivatives Asset | Derivatives Liability | |||||||||||||||||||||||||||||||
June 30,
2021 |
December 31,
2020 |
June 30,
2021 |
December 31,
2020 |
|||||||||||||||||||||||||||||
Location | Fair value | Fair value | ||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||
Energy commodity derivative contracts
|
Fair value of derivative contracts/(Other current liabilities)
|
$ | 18 | $ | 42 | $ | (206) | $ | (33) | |||||||||||||||||||||||
Deferred charges and other assets/(Other long-term liabilities and deferred credits)
|
2 | 33 | (87) | (8) | ||||||||||||||||||||||||||||
Subtotal | 20 | 75 | (293) | (41) | ||||||||||||||||||||||||||||
Interest rate contracts
|
Fair value of derivative contracts/(Other current liabilities)
|
118 | 119 | (3) | (3) | |||||||||||||||||||||||||||
Deferred charges and other assets/(Other long-term liabilities and deferred credits)
|
395 | 575 | (12) | (7) | ||||||||||||||||||||||||||||
Subtotal | 513 | 694 | (15) | (10) | ||||||||||||||||||||||||||||
Foreign currency contracts
|
Fair value of derivative contracts/(Other current liabilities)
|
67 | — | (8) | (6) | |||||||||||||||||||||||||||
Deferred charges and other assets/(Other long-term liabilities and deferred credits)
|
38 | 138 | — | — | ||||||||||||||||||||||||||||
Subtotal | 105 | 138 | (8) | (6) | ||||||||||||||||||||||||||||
Total | 638 | 907 | (316) | (57) | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||
Energy commodity derivative contracts
|
Fair value of derivative contracts/(Other current liabilities)
|
18 | 24 | (46) | (21) | |||||||||||||||||||||||||||
Deferred charges and other assets/(Other long-term liabilities and deferred credits)
|
— | — | (5) | — | ||||||||||||||||||||||||||||
Subtotal | 18 | 24 | (51) | (21) | ||||||||||||||||||||||||||||
Interest rate contracts
|
Fair value of derivative contracts/(Other current liabilities) | — | — | (1) | — | |||||||||||||||||||||||||||
Subtotal | — | — | (1) | — | ||||||||||||||||||||||||||||
Total | 18 | 24 | (52) | (21) | ||||||||||||||||||||||||||||
Total derivatives | $ | 656 | $ | 931 | $ | (368) | $ | (78) |
Balance sheet asset fair value measurements by level | |||||||||||||||||||||||||||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Gross amount | Contracts available for netting | Cash collateral held(b) | Net amount | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
As of June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Energy commodity derivative contracts(a) | $ | 18 | $ | 20 | $ | — | $ | 38 | $ | (35) | $ | — | $ | 3 | |||||||||||||||||||||||||||
Interest rate contracts | — | 513 | — | 513 | (5) | — | 508 | ||||||||||||||||||||||||||||||||||
Foreign currency contracts | — | 105 | — | 105 | (8) | — | 97 | ||||||||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Energy commodity derivative contracts(a) | $ | 6 | $ | 93 | $ | — | $ | 99 | $ | (35) | $ | — | $ | 64 | |||||||||||||||||||||||||||
Interest rate contracts | — | 694 | — | 694 | (2) | — | 692 | ||||||||||||||||||||||||||||||||||
Foreign currency contracts | — | 138 | — | 138 | (6) | — | 132 |
Balance sheet liability
fair value measurements by level |
|||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Gross amount | Contracts available for netting | Cash collateral posted(b) | Net amount | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
As of June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Energy commodity derivative contracts(a) | $ | (46) | $ | (298) | $ | — | $ | (344) | $ | 35 | $ | 55 | $ | (254) | |||||||||||||||||||||||||||
Interest rate contracts | — | (16) | — | (16) | 5 | — | (11) | ||||||||||||||||||||||||||||||||||
Foreign currency contracts | — | (8) | — | (8) | 8 | — | — | ||||||||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Energy commodity derivative contracts(a) | $ | (7) | $ | (56) | $ | — | $ | (63) | $ | 35 | $ | (8) | $ | (36) | |||||||||||||||||||||||||||
Interest rate contracts | — | (10) | — | (10) | 2 | — | (8) | ||||||||||||||||||||||||||||||||||
Foreign currency contracts | — | (6) | — | (6) | 6 | — | — |
Derivatives in fair value hedging relationships | Location |
Gain/(loss) recognized in income
on derivative and related hedged item |
||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Interest rate contracts
|
Interest, net | $ | 28 | $ | 26 | $ | (189) | $ | 459 | |||||||||||||||||||||||
Hedged fixed rate debt(a)
|
Interest, net | $ | (28) | $ | (28) | $ | 190 | $ | (468) |
Derivatives in cash flow hedging relationships |
Gain/(loss)
recognized in OCI on derivative(a) |
Location |
Gain/(loss) reclassified from Accumulated OCI
into income(b) |
|||||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||
Energy commodity derivative contracts
|
$ | (215) | $ | (273) |
Revenues—Commodity sales
|
$ | (53) | $ | (84) | |||||||||||||||||||||||
Costs of sales
|
(2) | (2) | ||||||||||||||||||||||||||||||
Interest rate contracts
|
1 | (1) | Earnings from equity investments(c) | — | — | |||||||||||||||||||||||||||
Foreign currency contracts
|
10 | 28 |
Other, net
|
16 | 25 | |||||||||||||||||||||||||||
Total | $ | (204) | $ | (246) | Total | $ | (39) | $ | (61) |
Derivatives in cash flow hedging relationships |
Gain/(loss)
recognized in OCI on derivative(a) |
Location |
Gain/(loss) reclassified from Accumulated OCI
into income(b) |
|||||||||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||
Energy commodity derivative contracts
|
$ | (374) | $ | 114 |
Revenues—Commodity sales
|
$ | (73) | $ | (98) | |||||||||||||||||||||||
Costs of sales
|
2 | (5) | ||||||||||||||||||||||||||||||
Interest rate contracts
|
2 | (9) | Earnings from equity investments(c) | — | — | |||||||||||||||||||||||||||
Foreign currency contracts | (35) | (53) | Other, net | (45) | 3 | |||||||||||||||||||||||||||
Total | $ | (407) | $ | 52 | Total | $ | (116) | $ | (100) |
Derivatives not designated as accounting hedges | Location | Gain/(loss) recognized in income on derivatives | ||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Energy commodity derivative contracts
|
Revenues—Commodity sales
|
$ | (33) | $ | 149 | $ | (663) | $ | 266 | |||||||||||||||||||||||
Costs of sales
|
(2) | 2 | 160 | 6 | ||||||||||||||||||||||||||||
Earnings from equity investments | (2) | — | (2) | — | ||||||||||||||||||||||||||||
Total(a) | $ | (37) | $ | 151 | $ | (505) | $ | 272 |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Natural Gas Pipelines | Products Pipelines | Terminals |
CO2
|
Corporate and Eliminations | Total | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Revenues from contracts with customers(a) | ||||||||||||||||||||||||||||||||||||||
Services | ||||||||||||||||||||||||||||||||||||||
Firm services(b) | $ | 799 | $ | 66 | $ | 198 | $ | — | $ | — | $ | 1,063 | ||||||||||||||||||||||||||
Fee-based services | 176 | 244 | 84 | 10 | — | 514 | ||||||||||||||||||||||||||||||||
Total services
|
975 | 310 | 282 | 10 | — | 1,577 | ||||||||||||||||||||||||||||||||
Commodity sales | ||||||||||||||||||||||||||||||||||||||
Natural gas sales | 674 | — | — | 1 | (3) | 672 | ||||||||||||||||||||||||||||||||
Product sales | 248 | 157 | 7 | 258 | (13) | 657 | ||||||||||||||||||||||||||||||||
Total commodity sales | 922 | 157 | 7 | 259 | (16) | 1,329 | ||||||||||||||||||||||||||||||||
Total revenues from contracts with customers
|
1,897 | 467 | 289 | 269 | (16) | 2,906 | ||||||||||||||||||||||||||||||||
Other revenues(c) | ||||||||||||||||||||||||||||||||||||||
Leasing services(d) | 118 | 43 | 144 | 15 | 1 | 321 | ||||||||||||||||||||||||||||||||
Derivatives adjustments on commodity sales
|
(37) | (1) | — | (47) | — | (85) | ||||||||||||||||||||||||||||||||
Other | (2) | 5 | — | 6 | (1) | 8 | ||||||||||||||||||||||||||||||||
Total other revenues | 79 | 47 | 144 | (26) | — | 244 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 1,976 | $ | 514 | $ | 433 | $ | 243 | $ | (16) | $ | 3,150 | ||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Natural Gas Pipelines | Products Pipelines | Terminals |
CO2
|
Corporate and Eliminations | Total | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Revenues from contracts with customers(a)
|
||||||||||||||||||||||||||||||||||||||
Services | ||||||||||||||||||||||||||||||||||||||
Firm services(b) | $ | 796 | $ | 67 | $ | 189 | $ | — | $ | — | $ | 1,052 | ||||||||||||||||||||||||||
Fee-based services | 157 | 182 | 95 | 10 | (2) | 442 | ||||||||||||||||||||||||||||||||
Total services
|
953 | 249 | 284 | 10 | (2) | 1,494 | ||||||||||||||||||||||||||||||||
Commodity sales | ||||||||||||||||||||||||||||||||||||||
Natural gas sales | 377 | — | — | — | (1) | 376 | ||||||||||||||||||||||||||||||||
Product sales | 102 | 49 | 3 | 134 | (4) | 284 | ||||||||||||||||||||||||||||||||
Total commodity sales | 479 | 49 | 3 | 134 | (5) | 660 | ||||||||||||||||||||||||||||||||
Total revenues from contracts with customers
|
1,432 | 298 | 287 | 144 | (7) | 2,154 | ||||||||||||||||||||||||||||||||
Other revenues(c) | ||||||||||||||||||||||||||||||||||||||
Leasing services(d) | 114 | 42 | 132 | 11 | — | 299 | ||||||||||||||||||||||||||||||||
Derivatives adjustments on commodity sales
|
(11) | — | — | 75 | — | 64 | ||||||||||||||||||||||||||||||||
Other | 36 | 5 | — | 2 | — | 43 | ||||||||||||||||||||||||||||||||
Total other revenues | 139 | 47 | 132 | 88 | — | 406 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 1,571 | $ | 345 | $ | 419 | $ | 232 | $ | (7) | $ | 2,560 | ||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Natural Gas Pipelines | Products Pipelines | Terminals |
CO2
|
Corporate and Eliminations | Total | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Revenues from contracts with customers(a) | ||||||||||||||||||||||||||||||||||||||
Services | ||||||||||||||||||||||||||||||||||||||
Firm services(b) | $ | 1,665 | $ | 125 | $ | 389 | $ | — | $ | — | $ | 2,179 | ||||||||||||||||||||||||||
Fee-based services | 354 | 465 | 165 | 25 | — | 1,009 | ||||||||||||||||||||||||||||||||
Total services
|
2,019 | 590 | 554 | 25 | — | 3,188 | ||||||||||||||||||||||||||||||||
Commodity sales | ||||||||||||||||||||||||||||||||||||||
Natural gas sales | 3,993 | — | — | 2 | (8) | 3,987 | ||||||||||||||||||||||||||||||||
Product sales | 468 | 282 | 12 | 487 | (23) | 1,226 | ||||||||||||||||||||||||||||||||
Total commodity sales | 4,461 | 282 | 12 | 489 | (31) | 5,213 | ||||||||||||||||||||||||||||||||
Total revenues from contracts with customers
|
6,480 | 872 | 566 | 514 | (31) | 8,401 | ||||||||||||||||||||||||||||||||
Other revenues(c) | ||||||||||||||||||||||||||||||||||||||
Leasing services(d) | 237 | 86 | 287 | 27 | — | 637 | ||||||||||||||||||||||||||||||||
Derivatives adjustments on commodity sales
|
(655) | (1) | — | (80) | — | (736) | ||||||||||||||||||||||||||||||||
Other | 39 | 10 | — | 11 | (1) | 59 | ||||||||||||||||||||||||||||||||
Total other revenues | (379) | 95 | 287 | (42) | (1) | (40) | ||||||||||||||||||||||||||||||||
Total revenues | $ | 6,101 | $ | 967 | $ | 853 | $ | 472 | $ | (32) | $ | 8,361 |
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Natural Gas Pipelines | Products Pipelines | Terminals |
CO2
|
Corporate and Eliminations | Total | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Revenues from contracts with customers(a)
|
||||||||||||||||||||||||||||||||||||||
Services | ||||||||||||||||||||||||||||||||||||||
Firm services(b) | $ | 1,661 | $ | 146 | $ | 378 | $ | — | $ | — | $ | 2,185 | ||||||||||||||||||||||||||
Fee-based services | 350 | 442 | 216 | 23 | (2) | 1,029 | ||||||||||||||||||||||||||||||||
Total services
|
2,011 | 588 | 594 | 23 | (2) | 3,214 | ||||||||||||||||||||||||||||||||
Commodity sales | ||||||||||||||||||||||||||||||||||||||
Natural gas sales | 878 | — | — | — | (3) | 875 | ||||||||||||||||||||||||||||||||
Product sales | 238 | 158 | 6 | 366 | (17) | 751 | ||||||||||||||||||||||||||||||||
Total commodity sales
|
1,116 | 158 | 6 | 366 | (20) | 1,626 | ||||||||||||||||||||||||||||||||
Total revenues from contracts with customers
|
3,127 | 746 | 600 | 389 | (22) | 4,840 | ||||||||||||||||||||||||||||||||
Other revenues(c)
|
||||||||||||||||||||||||||||||||||||||
Leasing services(d) | 227 | 84 | 261 | 21 | — | 593 | ||||||||||||||||||||||||||||||||
Derivatives adjustments on commodity sales
|
41 | — | — | 127 | — | 168 | ||||||||||||||||||||||||||||||||
Other | 51 | 10 | — | 4 | — | 65 | ||||||||||||||||||||||||||||||||
Total other revenues | 319 | 94 | 261 | 152 | — | 826 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 3,446 | $ | 840 | $ | 861 | $ | 541 | $ | (22) | $ | 5,666 |
Year | Estimated Revenue | |||||||
(In millions) | ||||||||
Six months ended December 31, 2021 | $ | 2,232 | ||||||
2022 | 3,766 | |||||||
2023 | 3,040 | |||||||
2024 | 2,590 | |||||||
2025 | 2,191 | |||||||
Thereafter | 13,776 | |||||||
Total | $ | 27,595 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Natural Gas Pipelines | |||||||||||||||||||||||
Revenues from external customers | $ | 1,960 | $ | 1,565 | $ | 6,070 | $ | 3,426 | |||||||||||||||
Intersegment revenues | 16 | 6 | 31 | 20 | |||||||||||||||||||
Products Pipelines | 514 | 345 | 967 | 840 | |||||||||||||||||||
Terminals | |||||||||||||||||||||||
Revenues from external customers | 433 | 418 | 852 | 859 | |||||||||||||||||||
Intersegment revenues | — | 1 | 1 | 2 | |||||||||||||||||||
CO2
|
243 | 232 | 472 | 541 | |||||||||||||||||||
Corporate and intersegment eliminations | (16) | (7) | (32) | (22) | |||||||||||||||||||
Total consolidated revenues | $ | 3,150 | $ | 2,560 | $ | 8,361 | $ | 5,666 | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Segment EBDA(a)
|
|||||||||||||||||||||||
Natural Gas Pipelines | $ | (570) | $ | (3) | $ | 1,533 | $ | 1,193 | |||||||||||||||
Products Pipelines | 265 | 227 | 513 | 496 | |||||||||||||||||||
Terminals | 246 | 229 | 473 | 486 | |||||||||||||||||||
CO2
|
150 | 146 | 436 | (609) | |||||||||||||||||||
Total Segment EBDA | 91 | 599 | 2,955 | 1,566 | |||||||||||||||||||
DD&A | (528) | (532) | (1,069) | (1,097) | |||||||||||||||||||
Amortization of excess cost of equity investments | (13) | (35) | (35) | (67) | |||||||||||||||||||
General and administrative and corporate charges | (150) | (157) | (298) | (322) | |||||||||||||||||||
Interest, net | (377) | (395) | (754) | (831) | |||||||||||||||||||
Income tax benefit (expense) | 237 | (104) | (114) | (164) | |||||||||||||||||||
Total consolidated net (loss) income | $ | (740) | $ | (624) | $ | 685 | $ | (915) |
June 30, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Assets | |||||||||||
Natural Gas Pipelines | $ | 46,445 | $ | 48,597 | |||||||
Products Pipelines | 9,138 | 9,182 | |||||||||
Terminals | 8,555 | 8,639 | |||||||||
CO2
|
2,433 | 2,478 | |||||||||
Corporate assets(b) | 3,604 | 3,077 | |||||||||
Total consolidated assets | $ | 70,175 | $ | 71,973 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except percentages) | |||||||||||||||||||||||
Income tax (benefit) expense | $ | (237) | $ | 104 | $ | 114 | $ | 164 | |||||||||||||||
Effective tax rate | 24.3 | % | (20.0) | % | 14.3 | % | (21.8) | % |
Three Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 |
Earnings
increase/(decrease) |
|||||||||||||||||||||
(In millions, except percentages) | |||||||||||||||||||||||
Segment EBDA(a) | |||||||||||||||||||||||
Natural Gas Pipelines | $ | (570) | $ | (3) | $ | (567) | (18,900) | % | |||||||||||||||
Products Pipelines | 265 | 227 | 38 | 17 | % | ||||||||||||||||||
Terminals | 246 | 229 | 17 | 7 | % | ||||||||||||||||||
CO2
|
150 | 146 | 4 | 3 | % | ||||||||||||||||||
Total Segment EBDA | 91 | 599 | (508) | (85) | % | ||||||||||||||||||
DD&A | (528) | (532) | 4 | 1 | % | ||||||||||||||||||
Amortization of excess cost of equity investments | (13) | (35) | 22 | 63 | % | ||||||||||||||||||
General and administrative and corporate charges | (150) | (157) | 7 | 4 | % | ||||||||||||||||||
Interest, net | (377) | (395) | 18 | 5 | % | ||||||||||||||||||
Loss before income taxes | (977) | (520) | (457) | (88) | % | ||||||||||||||||||
Income tax benefit (expense) | 237 | (104) | 341 | 328 | % | ||||||||||||||||||
Net loss | (740) | (624) | (116) | (19) | % | ||||||||||||||||||
Net income attributable to noncontrolling interests | (17) | (13) | (4) | (31) | % | ||||||||||||||||||
Net loss attributable to Kinder Morgan, Inc. | $ | (757) | $ | (637) | $ | (120) | (19) | % | |||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 |
Earnings
increase/(decrease) |
|||||||||||||||||||||
(In millions, except percentages) | |||||||||||||||||||||||
Segment EBDA(a) | |||||||||||||||||||||||
Natural Gas Pipelines | $ | 1,533 | $ | 1,193 | $ | 340 | 28 | % | |||||||||||||||
Products Pipelines | 513 | 496 | 17 | 3 | % | ||||||||||||||||||
Terminals | 473 | 486 | (13) | (3) | % | ||||||||||||||||||
CO2
|
436 | (609) | 1,045 | 172 | % | ||||||||||||||||||
Total Segment EBDA | 2,955 | 1,566 | 1,389 | 89 | % | ||||||||||||||||||
DD&A | (1,069) | (1,097) | 28 | 3 | % | ||||||||||||||||||
Amortization of excess cost of equity investments | (35) | (67) | 32 | 48 | % | ||||||||||||||||||
General and administrative and corporate charges | (298) | (322) | 24 | 7 | % | ||||||||||||||||||
Interest, net | (754) | (831) | 77 | 9 | % | ||||||||||||||||||
Income (loss) before income taxes | 799 | (751) | 1,550 | 206 | % | ||||||||||||||||||
Income tax expense | (114) | (164) | 50 | 30 | % | ||||||||||||||||||
Net income (loss) | 685 | (915) | 1,600 | 175 | % | ||||||||||||||||||
Net income attributable to noncontrolling interests | (33) | (28) | (5) | (18) | % | ||||||||||||||||||
Net income (loss) attributable to Kinder Morgan, Inc. | $ | 652 | $ | (943) | $ | 1,595 | 169 | % | |||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
GAAP | Certain Items | Adjusted | GAAP | Certain Items | Adjusted | Adjusted amounts increase/(decrease) to earnings | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Segment EBDA | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Pipelines | $ | (570) | $ | 1,634 | $ | 1,064 | $ | (3) | $ | 1,019 | $ | 1,016 | $ | 48 | |||||||||||||||||||||||||||
Products Pipelines | 265 | 28 | 293 | 227 | — | 227 | 66 | ||||||||||||||||||||||||||||||||||
Terminals | 246 | — | 246 | 229 | — | 229 | 17 | ||||||||||||||||||||||||||||||||||
CO2
|
150 | 1 | 151 | 146 | 10 | 156 | (5) | ||||||||||||||||||||||||||||||||||
Total Segment EBDA(a) | 91 | 1,663 | 1,754 | 599 | 1,029 | 1,628 | 126 | ||||||||||||||||||||||||||||||||||
DD&A and amortization of excess cost of equity investments | (541) | — | (541) | (567) | — | (567) | 26 | ||||||||||||||||||||||||||||||||||
General and administrative and corporate charges(a) | (150) | — | (150) | (157) | — | (157) | 7 | ||||||||||||||||||||||||||||||||||
Interest, net(a) | (377) | (3) | (380) | (395) | (1) | (396) | 16 | ||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (977) | 1,660 | 683 | (520) | 1,028 | 508 | 175 | ||||||||||||||||||||||||||||||||||
Income tax benefit (expense)(b) | 237 | (387) | (150) | (104) | (10) | (114) | (36) | ||||||||||||||||||||||||||||||||||
Net (loss) income | (740) | 1,273 | 533 | (624) | 1,018 | 394 | 139 | ||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests(a) | (17) | — | (17) | (13) | — | (13) | (4) | ||||||||||||||||||||||||||||||||||
Net (loss) income attributable to Kinder Morgan, Inc. | $ | (757) | $ | 1,273 | $ | 516 | $ | (637) | $ | 1,018 | $ | 381 | $ | 135 |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
GAAP | Certain Items | Adjusted | GAAP | Certain Items | Adjusted | Adjusted amounts increase/(decrease) to earnings | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Segment EBDA | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Pipelines | $ | 1,533 | $ | 1,625 | $ | 3,158 | $ | 1,193 | $ | 1,002 | $ | 2,195 | $ | 963 | |||||||||||||||||||||||||||
Products Pipelines | 513 | 43 | 556 | 496 | 4 | 500 | 56 | ||||||||||||||||||||||||||||||||||
Terminals | 473 | — | 473 | 486 | — | 486 | (13) | ||||||||||||||||||||||||||||||||||
CO2
|
436 | 6 | 442 | (609) | 940 | 331 | 111 | ||||||||||||||||||||||||||||||||||
Total Segment EBDA(a) | 2,955 | 1,674 | 4,629 | 1,566 | 1,946 | 3,512 | 1,117 | ||||||||||||||||||||||||||||||||||
DD&A and amortization of excess cost of equity investments | (1,104) | — | (1,104) | (1,164) | — | (1,164) | 60 | ||||||||||||||||||||||||||||||||||
General and administrative and corporate charges(a) | (298) | — | (298) | (322) | 25 | (297) | (1) | ||||||||||||||||||||||||||||||||||
Interest, net(a) | (754) | (9) | (763) | (831) | — | (831) | 68 | ||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 799 | 1,665 | 2,464 | (751) | 1,971 | 1,220 | 1,244 | ||||||||||||||||||||||||||||||||||
Income tax expense(b) | (114) | (427) | (541) | (164) | (106) | (270) | (271) | ||||||||||||||||||||||||||||||||||
Net income (loss) | 685 | 1,238 | 1,923 | (915) | 1,865 | 950 | 973 | ||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests(a) | (33) | — | (33) | (28) | — | (28) | (5) | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Kinder Morgan, Inc. | $ | 652 | $ | 1,238 | $ | 1,890 | $ | (943) | $ | 1,865 | $ | 922 | $ | 968 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net (loss) income attributable to Kinder Morgan, Inc. (GAAP) | $ | (757) | $ | (637) | $ | 652 | $ | (943) | |||||||||||||||
Total Certain Items | 1,273 | 1,018 | 1,238 | 1,865 | |||||||||||||||||||
Adjusted Earnings(a) | 516 | 381 | 1,890 | 922 | |||||||||||||||||||
DD&A and amortization of excess cost of equity investments for DCF(b) | 604 | 659 | 1,242 | 1,350 | |||||||||||||||||||
Income tax expense for DCF(a)(b) | 170 | 132 | 589 | 313 | |||||||||||||||||||
Cash taxes(b) | (45) | (5) | (44) | (8) | |||||||||||||||||||
Sustaining capital expenditures(b) | (210) | (159) | (317) | (300) | |||||||||||||||||||
Other items(c) | (10) | (7) | (6) | (15) | |||||||||||||||||||
DCF | $ | 1,025 | $ | 1,001 | $ | 3,354 | $ | 2,262 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
Natural Gas Pipelines | $ | 1,064 | $ | 1,016 | $ | 3,158 | $ | 2,195 | |||||||||||||||
Products Pipelines | 293 | 227 | 556 | 500 | |||||||||||||||||||
Terminals | 246 | 229 | 473 | 486 | |||||||||||||||||||
CO2
|
151 | 156 | 442 | 331 | |||||||||||||||||||
Adjusted Segment EBDA(a) | 1,754 | 1,628 | 4,629 | 3,512 | |||||||||||||||||||
General and administrative and corporate charges(a) | (150) | (157) | (298) | (297) | |||||||||||||||||||
Joint venture DD&A and income tax expense(a)(b) | 83 | 110 | 186 | 229 | |||||||||||||||||||
Net income attributable to noncontrolling interests(a) | (17) | (13) | (33) | (28) | |||||||||||||||||||
Adjusted EBITDA | 1,670 | 1,568 | 4,484 | 3,416 | |||||||||||||||||||
Interest, net(a) | (380) | (396) | (763) | (831) | |||||||||||||||||||
Cash taxes(b) | (45) | (5) | (44) | (8) | |||||||||||||||||||
Sustaining capital expenditures(b) | (210) | (159) | (317) | (300) | |||||||||||||||||||
Other items(c) | (10) | (7) | (6) | (15) | |||||||||||||||||||
DCF | $ | 1,025 | $ | 1,001 | $ | 3,354 | $ | 2,262 | |||||||||||||||
Adjusted Earnings per share | $ | 0.23 | $ | 0.17 | $ | 0.83 | $ | 0.40 | |||||||||||||||
Weighted average shares outstanding for dividends(d) | 2,277 | 2,274 | 2,277 | 2,275 | |||||||||||||||||||
DCF per share | $ | 0.45 | $ | 0.44 | $ | 1.47 | $ | 0.99 | |||||||||||||||
Declared dividends per share | $ | 0.27 | $ | 0.2625 | $ | 0.54 | $ | 0.525 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
DD&A (GAAP) | $ | 528 | $ | 532 | $ | 1,069 | $ | 1,097 | |||||||||||||||
Amortization of excess cost of equity investments (GAAP) | 13 | 35 | 35 | 67 | |||||||||||||||||||
DD&A and amortization of excess cost of equity investments | 541 | 567 | 1,104 | 1,164 | |||||||||||||||||||
Joint venture DD&A | 63 | 92 | 138 | 186 | |||||||||||||||||||
DD&A and amortization of excess cost of equity investments for DCF | $ | 604 | $ | 659 | $ | 1,242 | $ | 1,350 | |||||||||||||||
Income tax (benefit) expense (GAAP) | $ | (237) | $ | 104 | $ | 114 | $ | 164 | |||||||||||||||
Certain Items | 387 | 10 | 427 | 106 | |||||||||||||||||||
Income tax expense(a) | 150 | 114 | 541 | 270 | |||||||||||||||||||
Unconsolidated joint venture income tax expense(a)(b) | 20 | 18 | 48 | 43 | |||||||||||||||||||
Income tax expense for DCF(a) | $ | 170 | $ | 132 | $ | 589 | $ | 313 | |||||||||||||||
Additional joint venture information | |||||||||||||||||||||||
Unconsolidated joint venture DD&A | $ | 74 | $ | 102 | $ | 160 | $ | 205 | |||||||||||||||
Less: Consolidated joint venture partners’ DD&A | 11 | 10 | 22 | 19 | |||||||||||||||||||
Joint venture DD&A | 63 | 92 | 138 | 186 | |||||||||||||||||||
Unconsolidated joint venture income tax expense(a)(b) | 20 | 18 | 48 | 43 | |||||||||||||||||||
Joint venture DD&A and income tax expense(a) | $ | 83 | $ | 110 | $ | 186 | $ | 229 | |||||||||||||||
Unconsolidated joint venture cash taxes(b) | $ | (34) | $ | (6) | $ | (34) | $ | (10) | |||||||||||||||
Unconsolidated joint venture sustaining capital expenditures | $ | (32) | $ | (26) | $ | (52) | $ | (52) | |||||||||||||||
Less: Consolidated joint venture partners’ sustaining capital expenditures | (2) | (1) | (3) | (2) | |||||||||||||||||||
Joint venture sustaining capital expenditures | $ | (30) | $ | (25) | $ | (49) | $ | (50) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except operating statistics) | |||||||||||||||||||||||
Revenues | $ | 1,976 | $ | 1,571 | $ | 6,101 | $ | 3,446 | |||||||||||||||
Operating expenses | (1,077) | (729) | (3,347) | (1,577) | |||||||||||||||||||
Loss on impairments and divestitures, net | (1,599) | (1,000) | (1,599) | (1,000) | |||||||||||||||||||
Other income | 1 | — | 2 | 1 | |||||||||||||||||||
Earnings from equity investments | 126 | 151 | 167 | 315 | |||||||||||||||||||
Other, net | 3 | 4 | 209 | 8 | |||||||||||||||||||
Segment EBDA | (570) | (3) | 1,533 | 1,193 | |||||||||||||||||||
Certain Items(a) | 1,634 | 1,019 | 1,625 | 1,002 | |||||||||||||||||||
Adjusted Segment EBDA | $ | 1,064 | $ | 1,016 | $ | 3,158 | $ | 2,195 | |||||||||||||||
Change from prior period | Increase/(Decrease) | ||||||||||||||||||||||
Adjusted Segment EBDA | $ | 48 | $ | 963 | |||||||||||||||||||
Volumetric data(b) | |||||||||||||||||||||||
Transport volumes (BBtu/d) | 36,537 | 35,080 | 36,878 | 36,704 | |||||||||||||||||||
Sales volumes (BBtu/d) | 2,561 | 2,112 | 2,411 | 2,303 | |||||||||||||||||||
Gathering volumes (BBtu/d) | 2,667 | 3,043 | 2,588 | 3,202 | |||||||||||||||||||
NGLs (MBbl/d) | 30 | 29 | 30 | 30 |
Adjusted Segment EBDA
increase/(decrease) |
|||||||||||
(In millions, except percentages) | |||||||||||
Midstream | $ | 68 | 29% | ||||||||
West Region | (18) | (7)% | |||||||||
East Region | (2) | —% | |||||||||
Total Natural Gas Pipelines | $ | 48 | 5 | % |
Adjusted Segment EBDA
increase/(decrease) |
|||||||||||
(In millions, except percentages) | |||||||||||
Midstream | $ | 969 | 177% | ||||||||
West Region | (23) | (4)% | |||||||||
East Region | 17 | 2% | |||||||||
Total Natural Gas Pipelines | $ | 963 | 44 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except operating statistics) | |||||||||||||||||||||||
Revenues | $ | 514 | $ | 345 | $ | 967 | $ | 840 | |||||||||||||||
Operating expenses | (268) | (131) | (487) | (352) | |||||||||||||||||||
Loss on impairments and divestitures, net | — | — | — | (21) | |||||||||||||||||||
Earnings from equity investments | 19 | 13 | 33 | 28 | |||||||||||||||||||
Other, net | — | — | — | 1 | |||||||||||||||||||
Segment EBDA | 265 | 227 | 513 | 496 | |||||||||||||||||||
Certain Items(a) | 28 | — | 43 | 4 | |||||||||||||||||||
Adjusted Segment EBDA | $ | 293 | $ | 227 | $ | 556 | $ | 500 | |||||||||||||||
Change from prior period | Increase/(Decrease) | ||||||||||||||||||||||
Adjusted Segment EBDA | $ | 66 | $ | 56 | |||||||||||||||||||
Volumetric data(b) | |||||||||||||||||||||||
Gasoline(c) | 1,046 | 762 | 969 | 862 | |||||||||||||||||||
Diesel fuel | 418 | 371 | 398 | 365 | |||||||||||||||||||
Jet fuel | 224 | 98 | 200 | 196 | |||||||||||||||||||
Total refined product volumes | 1,688 | 1,231 | 1,567 | 1,423 | |||||||||||||||||||
Crude and condensate | 510 | 479 | 508 | 590 | |||||||||||||||||||
Total delivery volumes (MBbl/d) | 2,198 | 1,710 | 2,075 | 2,013 |
Adjusted Segment EBDA
increase/(decrease) |
|||||||||||
(In millions, except percentages) | |||||||||||
West Coast Refined Products | $ | 34 | 36 | % | |||||||
Southeast Refined Products | 20 | 41 | % | ||||||||
Crude and Condensate | 12 | 14 | % | ||||||||
Total Products Pipelines | $ | 66 | 29 | % |
Adjusted Segment EBDA
increase/(decrease) |
|||||||||||
(In millions, except percentages) | |||||||||||
West Coast Refined Products | $ | 21 | 10 | % | |||||||
Southeast Refined Products | 33 | 33 | % | ||||||||
Crude and Condensate | 2 | 1 | % | ||||||||
Total Products Pipelines | $ | 56 | 11 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except operating statistics) | |||||||||||||||||||||||
Revenues | $ | 433 | $ | 419 | $ | 853 | $ | 861 | |||||||||||||||
Operating expenses | (191) | (193) | (388) | (385) | |||||||||||||||||||
Loss on impairments and divestitures, net | (1) | (5) | — | (5) | |||||||||||||||||||
Earnings from equity investments | 4 | 7 | 7 | 12 | |||||||||||||||||||
Other, net | 1 | 1 | 1 | 3 | |||||||||||||||||||
Segment EBDA | 246 | 229 | 473 | 486 | |||||||||||||||||||
Certain Items | — | — | — | — | |||||||||||||||||||
Adjusted Segment EBDA | $ | 246 | $ | 229 | $ | 473 | $ | 486 | |||||||||||||||
Change from prior period | Increase/(Decrease) | ||||||||||||||||||||||
Adjusted Segment EBDA | $ | 17 | $ | (13) | |||||||||||||||||||
Volumetric data(a) | |||||||||||||||||||||||
Liquids leasable capacity (MMBbl) | 79.9 | 79.6 | 79.9 | 79.6 | |||||||||||||||||||
Liquids utilization %(b) | 93.6 | % | 95.6 | % | 93.6 | % | 95.6 | % | |||||||||||||||
Bulk transload tonnage (MMtons) | 13.6 | 11.1 | 24.6 | 24.0 |
Adjusted Segment EBDA
increase/(decrease) |
|||||||||||
(In millions, except percentages) | |||||||||||
Northeast | $ | 8 | 38 | % | |||||||
Midwest | 6 | 50 | % | ||||||||
Mid Atlantic | 6 | 50 | % | ||||||||
Gulf Central | 3 | 10 | % | ||||||||
Marine operations | (14) | (27) | % | ||||||||
All others (including intrasegment eliminations) | 8 | 8 | % | ||||||||
Total Terminals | $ | 17 | 7 | % |
Adjusted Segment EBDA
increase/(decrease) |
|||||||||||
(In millions, except percentages) | |||||||||||
Northeast | $ | 11 | 24 | % | |||||||
Midwest | 5 | 17 | % | ||||||||
Mid Atlantic | 4 | 14 | % | ||||||||
Gulf Central | (12) | (19) | % | ||||||||
Marine operations | (24) | (23) | % | ||||||||
All others (including intrasegment eliminations) | 3 | 1 | % | ||||||||
Total Terminals | $ | (13) | (3) | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except operating statistics) | |||||||||||||||||||||||
Revenues | $ | 243 | $ | 232 | $ | 472 | $ | 541 | |||||||||||||||
Operating expenses | (98) | (91) | (49) | (213) | |||||||||||||||||||
Loss on impairments and divestitures, net | (3) | — | (3) | (950) | |||||||||||||||||||
Earnings from equity investments | 8 | 5 | 16 | 13 | |||||||||||||||||||
Segment EBDA | 150 | 146 | 436 | (609) | |||||||||||||||||||
Certain Items(a) | 1 | 10 | 6 | 940 | |||||||||||||||||||
Adjusted Segment EBDA | $ | 151 | $ | 156 | $ | 442 | $ | 331 | |||||||||||||||
Change from prior period | Increase/(Decrease) | ||||||||||||||||||||||
Adjusted Segment EBDA | $ | (5) | $ | 111 | |||||||||||||||||||
Volumetric data | |||||||||||||||||||||||
SACROC oil production | 20.2 | 22.0 | 19.8 | 22.6 | |||||||||||||||||||
Yates oil production | 6.7 | 6.7 | 6.4 | 6.9 | |||||||||||||||||||
Katz and Goldsmith oil production | 2.2 | 2.5 | 2.4 | 2.9 | |||||||||||||||||||
Tall Cotton oil production | 1.0 | 1.8 | 1.0 | 2.1 | |||||||||||||||||||
Total oil production, net (MBbl/d)(b) | 30.1 | 33.0 | 29.6 | 34.5 | |||||||||||||||||||
NGL sales volumes, net (MBbl/d)(b) | 9.5 | 9.4 | 9.1 | 9.6 | |||||||||||||||||||
CO2 sales volumes, net (Bcf/d)
|
0.4 | 0.4 | 0.4 | 0.5 | |||||||||||||||||||
Realized weighted average oil price ($ per Bbl) | $ | 52.50 | $ | 50.31 | $ | 51.79 | $ | 52.56 | |||||||||||||||
Realized weighted average NGL price ($ per Bbl) | $ | 22.58 | $ | 15.84 | $ | 21.42 | $ | 17.84 |
Adjusted Segment EBDA
increase/(decrease) |
|||||||||||
(In millions, except percentages) | |||||||||||
Oil and Gas Producing activities | $ | (8) | (7) | % | |||||||
Source and Transportation activities | 3 | 6 | % | ||||||||
Total CO2
|
$ | (5) | (3) | % |
Adjusted Segment EBDA
increase/(decrease) |
|||||||||||
(In millions, except percentages) | |||||||||||
Oil and Gas Producing activities | $ | 115 | 53 | % | |||||||
Source and Transportation activities | (4) | (4) | % | ||||||||
Total CO2
|
$ | 111 | 34 | % |
Remaining 2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||
Crude Oil(a) | |||||||||||||||||||||||||||||
Price ($ per Bbl) | $ | 50.38 | $ | 52.68 | $ | 49.86 | $ | 47.76 | $ | 49.95 | |||||||||||||||||||
Volume (MBbl/d) | 25.70 | 16.20 | 9.25 | 3.80 | 1.40 | ||||||||||||||||||||||||
NGLs | |||||||||||||||||||||||||||||
Price ($ per Bbl) | $ | 33.81 | $ | 48.06 | |||||||||||||||||||||||||
Volume (MBbl/d) | 5.70 | 1.36 | |||||||||||||||||||||||||||
Midland-to-Cushing Basis Spread | |||||||||||||||||||||||||||||
Price ($ per Bbl) | $ | 0.26 | $ | 0.73 | |||||||||||||||||||||||||
Volume (MBbl/d) | 24.55 | 10.25 |
Three Months Ended June 30, |
Earnings
increase/(decrease) |
||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions, except percentages) | |||||||||||||||||||||||
DD&A (GAAP) | $ | (528) | $ | (532) | $ | 4 | 1 | % | |||||||||||||||
General and administrative (GAAP) | $ | (160) | $ | (155) | $ | (5) | (3) | % | |||||||||||||||
Corporate benefit (charges) | 10 | (2) | 12 | 600 | % | ||||||||||||||||||
Certain Items(a) | — | — | — | — | % | ||||||||||||||||||
General and administrative and corporate charges(b) | $ | (150) | $ | (157) | $ | 7 | 4 | % | |||||||||||||||
Interest, net (GAAP) | $ | (377) | $ | (395) | $ | 18 | 5 | % | |||||||||||||||
Certain Items(c) | (3) | (1) | (2) | (200) | % | ||||||||||||||||||
Interest, net(b) | $ | (380) | $ | (396) | $ | 16 | 4 | % | |||||||||||||||
Net income attributable to noncontrolling interests (GAAP) | $ | (17) | $ | (13) | $ | (4) | (31) | % | |||||||||||||||
Certain Items(d) | — | — | — | — | % | ||||||||||||||||||
Net income attributable to noncontrolling interests(b) | $ | (17) | $ | (13) | $ | (4) | (31) | % |
Six Months Ended June 30, 2021 | 2021 Remaining | Total 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Sustaining capital expenditures(a)(b) | $ | 317 | $ | 557 | $ | 874 | |||||||||||
Discretionary capital investments(b)(c)(d) | 302 | 1,683 | 1,985 |
Three months ended | Total quarterly dividend per share for the period | Date of declaration | Date of record | Date of dividend | ||||||||||||||||||||||
March 31, 2021 | $ | 0.27 | April 21, 2021 | April 30, 2021 | May 17, 2021 | |||||||||||||||||||||
June 30, 2021 | 0.27 | July 21, 2021 | August 2, 2021 | August 16, 2021 |
Summarized Combined Balance Sheet Information | June 30, 2021 | December 31, 2020 | |||||||||
(In millions) | |||||||||||
Current assets | $ | 3,996 | $ | 2,957 | |||||||
Current assets - affiliates | 1,195 | 1,151 | |||||||||
Noncurrent assets | 59,088 | 61,783 | |||||||||
Noncurrent assets - affiliates | 507 | 616 | |||||||||
Total Assets | $ | 64,786 | $ | 66,507 | |||||||
Current liabilities | $ | 4,654 | $ | 4,528 | |||||||
Current liabilities - affiliates | 1,213 | 1,209 | |||||||||
Noncurrent liabilities | 32,887 | 33,907 | |||||||||
Noncurrent liabilities - affiliates | 945 | 1,078 | |||||||||
Total Liabilities | 39,699 | 40,722 | |||||||||
Redeemable noncontrolling interest | 683 | 728 | |||||||||
Kinder Morgan, Inc.’s stockholders’ equity | 24,404 | 25,057 | |||||||||
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity
|
$ | 64,786 | $ | 66,507 |
Summarized Combined Income Statement Information | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||||
(In millions) | |||||||||||
Revenues | $ | 2,837 | $ | 7,739 | |||||||
Operating (loss) income | (831) | 998 | |||||||||
Net (loss) income | (813) | 564 |
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
22.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 |
Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline Extensible Business Reporting Language): (i) our Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020; (ii) our Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2021 and 2020; (iii) our Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020; (iv) our Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020; (v) our Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2021 and 2020; and (vi) the notes to our Consolidated Financial Statements.
|
|||||||
104 | Cover Page Interactive Data File pursuant to Rule 406 of Regulation S-T formatted in iXBRL (Inline Extensible Business Reporting Language) and contained in Exhibit 101. |
KINDER MORGAN, INC. | ||||||||
Registrant |
Date: | July 23, 2021 | By: | /s/ David P. Michels | ||||||||||||||
David P. Michels
Vice President and Chief Financial Officer (principal financial and accounting officer) |
Issuer | Indebtedness | Maturity | ||||||||||||
Kinder Morgan, Inc. | 1.500% notes | March 16, 2022 | ||||||||||||
Kinder Morgan, Inc. | 3.150% bonds | January 15, 2023 | ||||||||||||
Kinder Morgan, Inc. | Floating rate bonds | January 15, 2023 | ||||||||||||
Kinder Morgan, Inc. | 5.625% notes | November 15, 2023 | ||||||||||||
Kinder Morgan, Inc. | 4.30% notes | June 1, 2025 | ||||||||||||
Kinder Morgan, Inc. | 6.70% bonds (Coastal) | February 15, 2027 | ||||||||||||
Kinder Morgan, Inc. | 2.250% notes | March 16, 2027 | ||||||||||||
Kinder Morgan, Inc. | 6.67% debentures | November 1, 2027 | ||||||||||||
Kinder Morgan, Inc. | 7.25% debentures | March 1, 2028 | ||||||||||||
Kinder Morgan, Inc. | 4.30% notes | March 1, 2028 | ||||||||||||
Kinder Morgan, Inc. | 6.95% bonds (Coastal) | June 1, 2028 | ||||||||||||
Kinder Morgan, Inc. | 8.05% bonds | October 15, 2030 | ||||||||||||
Kinder Morgan, Inc. | 2.00% notes | February 15, 2031 | ||||||||||||
Kinder Morgan, Inc. | 7.80% bonds | August 1, 2031 | ||||||||||||
Kinder Morgan, Inc. | 7.75% bonds | January 15, 2032 | ||||||||||||
Kinder Morgan, Inc. | 5.30% notes | December 1, 2034 | ||||||||||||
Kinder Morgan, Inc. | 7.75% bonds (Coastal) | October 15, 2035 | ||||||||||||
Kinder Morgan, Inc. | 6.40% notes | January 5, 2036 | ||||||||||||
Kinder Morgan, Inc. | 7.42% bonds (Coastal) | February 15, 2037 | ||||||||||||
Kinder Morgan, Inc. | 5.55% notes | June 1, 2045 | ||||||||||||
Kinder Morgan, Inc. | 5.050% notes | February 15, 2046 | ||||||||||||
Kinder Morgan, Inc. | 5.20% notes | March 1, 2048 | ||||||||||||
Kinder Morgan, Inc. | 3.25% notes | August 1, 2050 | ||||||||||||
Kinder Morgan, Inc. | 3.60% notes | February 15, 2051 | ||||||||||||
Kinder Morgan, Inc. | 7.45% debentures | March 1, 2098 | ||||||||||||
Kinder Morgan, Inc. | $100 Million Letter of Credit Facility | November 30, 2021 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 4.15% bonds | March 1, 2022 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 3.95% bonds | September 1, 2022 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 3.45% bonds | February 15, 2023 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 3.50% bonds | September 1, 2023 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 4.15% bonds | February 1, 2024 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 4.25% bonds | September 1, 2024 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 7.40% bonds | March 15, 2031 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 7.75% bonds | March 15, 2032 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 7.30% bonds | August 15, 2033 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 5.80% bonds | March 15, 2035 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 6.50% bonds | February 1, 2037 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 6.95% bonds | January 15, 2038 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 6.50% bonds | September 1, 2039 |
Schedule I | ||||||||||||||
(Guaranteed Obligations) | ||||||||||||||
Current as of: June 30, 2021 | ||||||||||||||
Issuer | Indebtedness | Maturity | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 6.55% bonds | September 15, 2040 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 6.375% bonds | March 1, 2041 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 5.625% bonds | September 1, 2041 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 5.00% bonds | August 15, 2042 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 5.00% bonds | March 1, 2043 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 5.50% bonds | March 1, 2044 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | 5.40% bonds | September 1, 2044 | ||||||||||||
Kinder Morgan Energy Partners, L.P.(1)
|
5.00% bonds | October 1, 2021 | ||||||||||||
Kinder Morgan Energy Partners, L.P.(1)
|
4.30% bonds | May 1, 2024 | ||||||||||||
Kinder Morgan Energy Partners, L.P.(1)
|
7.50% bonds | November 15, 2040 | ||||||||||||
Kinder Morgan Energy Partners, L.P.(1)
|
4.70% bonds | November 1, 2042 | ||||||||||||
Tennessee Gas Pipeline Company, L.L.C. | 7.00% bonds | March 15, 2027 | ||||||||||||
Tennessee Gas Pipeline Company, L.L.C. | 7.00% bonds | October 15, 2028 | ||||||||||||
Tennessee Gas Pipeline Company, L.L.C. | 2.90% bonds | March 1, 2030 | ||||||||||||
Tennessee Gas Pipeline Company, L.L.C. | 8.375% bonds | June 15, 2032 | ||||||||||||
Tennessee Gas Pipeline Company, L.L.C. | 7.625% bonds | April 1, 2037 | ||||||||||||
El Paso Natural Gas Company, L.L.C. | 8.625% bonds | January 15, 2022 | ||||||||||||
El Paso Natural Gas Company, L.L.C. | 7.50% bonds | November 15, 2026 | ||||||||||||
El Paso Natural Gas Company, L.L.C. | 8.375% bonds | June 15, 2032 | ||||||||||||
Colorado Interstate Gas Company, L.L.C. | 4.15% notes | August 15, 2026 | ||||||||||||
Colorado Interstate Gas Company, L.L.C. | 6.85% bonds | June 15, 2037 | ||||||||||||
El Paso Tennessee Pipeline Co. L.L.C. | 7.25% bonds | December 15, 2025 | ||||||||||||
Other | Cora industrial revenue bonds | April 1, 2024 | ||||||||||||
_________________________________________________
(1) The original issuer, El Paso Pipeline Partners, L.P. merged with and into Kinder Morgan Energy
Partners, L.P. effective January 1, 2015.
|
Schedule I | ||||||||||||||
(Guaranteed Obligations) | ||||||||||||||
Current as of: June 30, 2021 |
Hedging Agreements1
|
||||||||||||||
Issuer | Guaranteed Party | Date | ||||||||||||
Kinder Morgan, Inc. | Bank of America, N.A. | January 4, 2018 | ||||||||||||
Kinder Morgan, Inc. | BNP Paribas | September 15, 2016 | ||||||||||||
Kinder Morgan, Inc. | Citibank, N.A. | March 16, 2017 | ||||||||||||
Kinder Morgan, Inc. | J. Aron & Company | December 23, 2011 | ||||||||||||
Kinder Morgan, Inc. | SunTrust Bank | August 29, 2001 | ||||||||||||
Kinder Morgan, Inc. | Barclays Bank PLC | November 26, 2014 | ||||||||||||
Kinder Morgan, Inc. | Bank of Montreal | April 25, 2019 | ||||||||||||
Kinder Morgan, Inc. | Bank of Tokyo-Mitsubishi, Ltd., New York Branch | November 26, 2014 | ||||||||||||
Kinder Morgan, Inc. | Canadian Imperial Bank of Commerce | November 26, 2014 | ||||||||||||
Kinder Morgan, Inc. | Commerzbank AG | August 22, 2019 | ||||||||||||
Kinder Morgan, Inc. | Compass Bank | March 24, 2015 | ||||||||||||
Kinder Morgan, Inc. |
Credit Agricole Corporate and Investment
Bank |
November 26, 2014 | ||||||||||||
Kinder Morgan, Inc. | Credit Suisse International | November 26, 2014 | ||||||||||||
Kinder Morgan, Inc. | Deutsche Bank AG | November 26, 2014 | ||||||||||||
Kinder Morgan, Inc. | ING Capital Markets LLC | November 26, 2014 | ||||||||||||
Kinder Morgan, Inc. | Intesa Sanpaolo S.p.A. | July 1, 2019 | ||||||||||||
Kinder Morgan, Inc. | JPMorgan Chase Bank, N.A. | February 19, 2015 | ||||||||||||
Kinder Morgan, Inc. | Mizuho Capital Markets Corporation | November 26, 2014 | ||||||||||||
Kinder Morgan, Inc. | Morgan Stanley Capital Services LLC | July 9, 2018 | ||||||||||||
Kinder Morgan, Inc. | PNC Bank National Association | February 4, 2019 | ||||||||||||
Kinder Morgan, Inc. | Royal Bank of Canada | November 26, 2014 | ||||||||||||
Kinder Morgan, Inc. | SMBC Capital Markets, Inc. | April 26, 2017 | ||||||||||||
Kinder Morgan, Inc. | The Bank of Nova Scotia | November 26, 2014 | ||||||||||||
Kinder Morgan, Inc. | The Royal Bank of Scotland PLC | November 26, 2014 | ||||||||||||
Kinder Morgan, Inc. | Societe Generale | November 26, 2014 | ||||||||||||
Kinder Morgan, Inc. | The Toronto-Dominion Bank | October 2, 2017 | ||||||||||||
Kinder Morgan, Inc. | UBS AG | November 26, 2014 | ||||||||||||
Kinder Morgan, Inc. | Wells Fargo Bank, N.A. | November 26, 2014 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | Bank of America, N.A. | April 14, 1999 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | Bank of Tokyo-Mitsubishi, Ltd., New York Branch | November 23, 2004 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | Barclays Bank PLC | November 18, 2003 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | Canadian Imperial Bank of Commerce | August 4, 2011 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | Citibank, N.A. | March 14, 2002 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | Credit Agricole Corporate and Investment Bank | June 20, 2014 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | Credit Suisse International | May 14, 2010 | ||||||||||||
_________________________________________________
1 Guaranteed Obligations with respect to Hedging Agreements include International Swaps and
Derivatives Association Master Agreements (“ISDAs”) and all transactions entered into pursuant to any ISDA listed on this Schedule I.
|
Schedule I | ||||||||||||||
(Guaranteed Obligations) | ||||||||||||||
Current as of: June 30, 2021 | ||||||||||||||
Hedging Agreements1
|
||||||||||||||
Issuer | Guaranteed Party | Date | ||||||||||||
Kinder Morgan Energy Partners, L.P. | Deutsche Bank AG | April 2, 2009 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | ING Capital Markets LLC | September 21, 2011 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | J. Aron & Company | November 11, 2004 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | JPMorgan Chase Bank | August 29, 2001 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | Mizuho Capital Markets Corporation | July 11, 2014 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | Morgan Stanley Capital Services Inc. | March 10, 2010 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | Royal Bank of Canada | March 12, 2009 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | The Royal Bank of Scotland PLC | March 20, 2009 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | The Bank of Nova Scotia | August 14, 2003 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | Societe Generale | July 18, 2014 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | SunTrust Bank | March 14, 2002 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | UBS AG | February 23, 2011 | ||||||||||||
Kinder Morgan Energy Partners, L.P. | Wells Fargo Bank, N.A. | July 31, 2007 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | Bank of Montreal | April 25, 2019 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | Barclays Bank PLC | January 10, 2003 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | BNP Paribas | March 2, 2005 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | Canadian Imperial Bank of Commerce | December 18, 2006 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | Citibank, N.A. | February 22, 2005 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | Credit Suisse International | August 31, 2012 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | Deutsche Bank AG | June 13, 2007 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | ING Capital Markets LLC | April 17, 2014 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | Intesa Sanpaolo S.p.a | October 29, 2020 | ||||||||||||
Kinder Morgan Production LLC | J. Aron & Company | June 12, 2006 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | J. Aron & Company | June 8, 2000 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | JPMorgan Chase Bank, N.A. | September 7, 2006 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | Macquarie Bank Limited | September 20, 2010 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | Merrill Lynch Commodities, Inc. | October 24, 2001 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | Natixis | June 13, 2011 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | Phillips 66 Company | March 30, 2015 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | PNC Bank, National Association | July 11, 2018 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | Royal Bank of Canada | October 18, 2018 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | The Bank of Nova Scotia | May 8, 2014 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | Societe Generale | January 14, 2003 | ||||||||||||
Kinder Morgan Texas Pipeline LLC | Wells Fargo Bank, N.A. | June 1, 2013 | ||||||||||||
Copano Risk Management, LLC | Citibank, N.A. | July 21, 2008 | ||||||||||||
Copano Risk Management, LLC | J. Aron & Company | December 12, 2005 | ||||||||||||
Copano Risk Management, LLC | Morgan Stanley Capital Group Inc. | May 4, 2007 | ||||||||||||
_________________________________________________
1 Guaranteed Obligations with respect to Hedging Agreements include International Swaps and
Derivatives Association Master Agreements (“ISDAs”) and all transactions entered into pursuant to any ISDA listed on this Schedule I.
|
SCHEDULE II
Guarantors
Current as of: June 30, 2021
|
||||||||
Agnes B Crane, LLC | Copano Risk Management LLC | |||||||
American Petroleum Tankers II LLC | Copano Terminals LLC | |||||||
American Petroleum Tankers III LLC | Copano/Webb-Duval Pipeline LLC | |||||||
American Petroleum Tankers IV LLC | CPNO Services LLC | |||||||
American Petroleum Tankers LLC | Dakota Bulk Terminal LLC | |||||||
American Petroleum Tankers Parent LLC | Delta Terminal Services LLC | |||||||
American Petroleum Tankers V LLC | Eagle Ford Gathering LLC | |||||||
American Petroleum Tankers VI LLC | El Paso Cheyenne Holdings, L.L.C. | |||||||
American Petroleum Tankers VII LLC | El Paso Citrus Holdings, Inc. | |||||||
American Petroleum Tankers VIII LLC | El Paso CNG Company, L.L.C. | |||||||
American Petroleum Tankers IX LLC | El Paso Energy Service Company, L.L.C. | |||||||
American Petroleum Tankers X LLC | El Paso LLC | |||||||
American Petroleum Tankers XI LLC | El Paso Midstream Group LLC | |||||||
APT Florida LLC | El Paso Natural Gas Company, L.L.C. | |||||||
APT Intermediate Holdco LLC | El Paso Noric Investments III, L.L.C. | |||||||
APT New Intermediate Holdco LLC | El Paso Ruby Holding Company, L.L.C. | |||||||
APT Pennsylvania LLC | El Paso Tennessee Pipeline Co., L.L.C. | |||||||
APT Sunshine State LLC | Elba Express Company, L.L.C. | |||||||
Betty Lou LLC | Elizabeth River Terminals LLC | |||||||
Camino Real Gas Gathering Company LLC | Emory B Crane, LLC | |||||||
Camino Real Gathering Company, L.L.C. | EP Ruby LLC | |||||||
Cantera Gas Company LLC | EPBGP Contracting Services LLC | |||||||
CDE Pipeline LLC | EPTP Issuing Corporation | |||||||
Central Florida Pipeline LLC | Frank L. Crane, LLC | |||||||
Cheyenne Plains Gas Pipeline Company, L.L.C. | General Stevedores GP, LLC | |||||||
CIG Gas Storage Company LLC | General Stevedores Holdings LLC | |||||||
CIG Pipeline Services Company, L.L.C. | Harrah Midstream LLC | |||||||
Colorado Interstate Gas Company, L.L.C. | HBM Environmental LLC | |||||||
Colorado Interstate Issuing Corporation | Hiland Crude, LLC | |||||||
Copano Double Eagle LLC | Hiland Partners Holdings LLC | |||||||
Copano Energy Finance Corporation | HPH Oklahoma Gathering LLC | |||||||
Copano Energy Services/Upper Gulf Coast LLC | ICPT, L.L.C | |||||||
Copano Energy, L.L.C. | Independent Trading & Transportation | |||||||
Copano Field Services GP, L.L.C. | Company I, L.L.C. | |||||||
Copano Field Services/North Texas, L.L.C. | JV Tanker Charterer LLC | |||||||
Copano Field Services/South Texas LLC | Kinder Morgan 2-Mile LLC | |||||||
Copano Field Services/Upper Gulf Coast LLC | Kinder Morgan Administrative Services Tampa LLC | |||||||
Copano Liberty, LLC | Kinder Morgan Altamont LLC | |||||||
Copano Liquids Marketing LLC | Kinder Morgan Baltimore Transload Terminal | |||||||
Copano NGL Services (Markham), L.L.C. | LLC | |||||||
Copano NGL Services LLC | Kinder Morgan Battleground Oil LLC | |||||||
Copano Pipelines Group, L.L.C. | Kinder Morgan Border Pipeline LLC | |||||||
Copano Pipelines/North Texas, L.L.C. | Kinder Morgan Bulk Terminals LLC | |||||||
Copano Pipelines/Rocky Mountains, LLC | Kinder Morgan Carbon Dioxide Transportation | |||||||
Copano Pipelines/South Texas LLC | Company | |||||||
Copano Pipelines/Upper Gulf Coast LLC | Kinder Morgan CO2 Company LLC | |||||||
Copano Processing LLC | Kinder Morgan Commercial Services LLC |
Schedule II | ||||||||
(Guarantors) | ||||||||
Current as of: June 30, 2021
|
||||||||
Kinder Morgan Contracting Services LLC | Kinder Morgan Resources II LLC | |||||||
Kinder Morgan Crude & Condensate LLC | Kinder Morgan Resources III LLC | |||||||
Kinder Morgan Crude Marketing LLC | Kinder Morgan Resources LLC | |||||||
Kinder Morgan Crude Oil Pipelines LLC | Kinder Morgan Scurry Connector LLC | |||||||
Kinder Morgan Crude to Rail LLC | Kinder Morgan Seven Oaks LLC | |||||||
Kinder Morgan Cushing LLC | Kinder Morgan SNG Operator LLC | |||||||
Kinder Morgan Dallas Fort Worth Rail Terminal | Kinder Morgan Southeast Terminals LLC | |||||||
LLC | Kinder Morgan Tank Storage Terminals LLC | |||||||
Kinder Morgan Deeprock North Holdco LLC | Kinder Morgan Tejas Pipeline LLC | |||||||
Kinder Morgan Endeavor LLC | Kinder Morgan Terminals, Inc. | |||||||
Kinder Morgan Energy Partners, L.P. | Kinder Morgan Terminals Wilmington LLC | |||||||
Kinder Morgan Energy Transition Ventures LLC | Kinder Morgan Texas Pipeline LLC | |||||||
Kinder Morgan EP Midstream LLC | Kinder Morgan Texas Terminals, L.P. | |||||||
Kinder Morgan Finance Company LLC | Kinder Morgan Transmix Company, LLC | |||||||
Kinder Morgan Freedom Pipeline LLC | Kinder Morgan Treating LP | |||||||
Kinder Morgan Galena Park West LLC | Kinder Morgan Urban Renewal, L.L.C. | |||||||
Kinder Morgan IMT Holdco LLC | Kinder Morgan Utica LLC | |||||||
Kinder Morgan, Inc. | Kinder Morgan Vehicle Services LLC | |||||||
Kinder Morgan Keystone Gas Storage LLC | Kinder Morgan Virginia Liquids Terminals LLC | |||||||
Kinder Morgan KMAP LLC | Kinder Morgan Wink Pipeline LLC | |||||||
Kinder Morgan Las Vegas LLC | KinderHawk Field Services LLC | |||||||
Kinder Morgan Linden Transload Terminal LLC | KM Crane LLC | |||||||
Kinder Morgan Liquids Terminals LLC | KM Decatur LLC | |||||||
Kinder Morgan Liquids Terminals St. Gabriel LLC | KM Eagle Gathering LLC | |||||||
Kinder Morgan Louisiana Pipeline Holding LLC | KM Gathering LLC | |||||||
Kinder Morgan Louisiana Pipeline LLC | KM Kaskaskia Dock LLC | |||||||
Kinder Morgan Marine Services LLC | KM Liquids Terminals LLC | |||||||
Kinder Morgan Materials Services, LLC | KM North Cahokia Land LLC | |||||||
Kinder Morgan Mid Atlantic Marine Services LLC | KM North Cahokia Special Project LLC | |||||||
Kinder Morgan NatGas O&M LLC | KM North Cahokia Terminal Project LLC | |||||||
Kinder Morgan NGPL Holdings LLC | KM Ship Channel Services LLC | |||||||
Kinder Morgan North Texas Pipeline LLC | KM Treating GP LLC | |||||||
Kinder Morgan Operating LLC “A” | KM Treating Production LLC | |||||||
Kinder Morgan Operating LLC “B” | KM Utopia Operator LLC | |||||||
Kinder Morgan Operating LLC “C” | KMBT Legacy Holdings LLC | |||||||
Kinder Morgan Operating LLC “D” | KMBT LLC | |||||||
Kinder Morgan Pecos LLC | KMGP Services Company, Inc. | |||||||
Kinder Morgan Pecos Valley LLC | KN Telecommunications, Inc. | |||||||
Kinder Morgan Petcoke GP LLC | Knight Power Company LLC | |||||||
Kinder Morgan Petcoke LP LLC | Lomita Rail Terminal LLC | |||||||
Kinder Morgan Petcoke, L.P. | Milwaukee Bulk Terminals LLC | |||||||
Kinder Morgan Petroleum Tankers LLC | MJR Operating LLC | |||||||
Kinder Morgan Pipeline LLC | Mojave Pipeline Company, L.L.C. | |||||||
Kinder Morgan Port Manatee Terminal LLC | Mojave Pipeline Operating Company, L.L.C. | |||||||
Kinder Morgan Port Sutton Terminal LLC | Paddy Ryan Crane, LLC | |||||||
Kinder Morgan Port Terminals USA LLC | Palmetto Products Pipe Line LLC | |||||||
Kinder Morgan Portland Jet Line LLC | PI 2 Pelican State LLC | |||||||
Kinder Morgan Production Company LLC | Pinney Dock & Transport LLC | |||||||
Kinder Morgan Products Terminals LLC | Queen City Terminals LLC | |||||||
Kinder Morgan Rail Services LLC | Rahway River Land LLC |
Schedule II | ||||||||
(Guarantors) | ||||||||
Current as of: June 30, 2021
|
||||||||
River Terminals Properties GP LLC | ||||||||
River Terminal Properties, L.P. | ||||||||
ScissorTail Energy, LLC | ||||||||
SNG Pipeline Services Company, L.L.C. | ||||||||
Southern Dome, LLC | ||||||||
Southern Gulf LNG Company, L.L.C. | ||||||||
Southern Liquefaction Company LLC | ||||||||
Southern LNG Company, L.L.C. | ||||||||
Southern Oklahoma Gathering LLC | ||||||||
SouthTex Treaters LLC | ||||||||
Southwest Florida Pipeline LLC | ||||||||
SRT Vessels LLC | ||||||||
Stevedore Holdings, L.P. | ||||||||
Tejas Gas, LLC | ||||||||
Tejas Natural Gas, LLC | ||||||||
Tennessee Gas Pipeline Company, L.L.C. | ||||||||
Tennessee Gas Pipeline Issuing Corporation | ||||||||
Texan Tug LLC | ||||||||
TGP Pipeline Services Company, L.L.C. | ||||||||
TransColorado Gas Transmission Company LLC | ||||||||
Transload Services, LLC | ||||||||
Utica Marcellus Texas Pipeline LLC | ||||||||
Western Plant Services LLC | ||||||||
Wyoming Interstate Company, L.L.C. | ||||||||
SCHEDULE III
Excluded Subsidiaries |
||||||||
ANR Real Estate Corporation | ||||||||
Coastal Eagle Point Oil Company | ||||||||
Coastal Oil New England, Inc. | ||||||||
Colton Processing Facility | ||||||||
Coscol Petroleum Corporation | ||||||||
El Paso CGP Company, L.L.C. | ||||||||
El Paso Energy Capital Trust I | ||||||||
El Paso Energy E.S.T. Company | ||||||||
El Paso Energy International Company | ||||||||
El Paso Marketing Company, L.L.C. | ||||||||
El Paso Merchant Energy North America Company, L.L.C. | ||||||||
El Paso Merchant Energy-Petroleum Company | ||||||||
El Paso Reata Energy Company, L.L.C. | ||||||||
El Paso Remediation Company | ||||||||
El Paso Services Holding Company | ||||||||
EPEC Corporation | ||||||||
EPEC Oil Company Liquidating Trust | ||||||||
EPEC Polymers, Inc. | ||||||||
EPED Holding Company | ||||||||
KN Capital Trust I | ||||||||
KN Capital Trust III | ||||||||
Mesquite Investors, L.L.C. | ||||||||
Note: The Excluded Subsidiaries listed on this Schedule III may also be Excluded Subsidiaries pursuant to other exceptions set forth in the definition of “Excluded Subsidiary”. |
Name of Employee: | |||||
Employee Identifier: | |||||
Date of Grant: |
Vesting Date |
Number of Restricted Stock Units Vesting
|
|||||||
By: | |||||
Name: | |||||
Title: |
Date: | July 23, 2021 | /s/ Steven J. Kean | ||||||
Steven J. Kean | ||||||||
Chief Executive Officer | ||||||||
Date: | July 23, 2021 | /s/ David P. Michels | ||||||
David P. Michels | ||||||||
Vice President and Chief Financial Officer | ||||||||
Date: | July 23, 2021 | /s/ Steven J. Kean | ||||||
Steven J. Kean | ||||||||
Chief Executive Officer |
Date: | July 23, 2021 | /s/ David P. Michels | ||||||
David P. Michels | ||||||||
Vice President and Chief Financial Officer |