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 |
|||||||||||
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Services | $ | 1,928 | $ | 1,881 | $ | 5,734 | $ | 5,664 | |||||||||||||||
Commodity sales | 1,868 | 982 | 6,343 | 2,772 | |||||||||||||||||||
Other | 28 | 56 | 108 | 149 | |||||||||||||||||||
Total Revenues
|
3,824 | 2,919 | 12,185 | 8,585 | |||||||||||||||||||
Operating Costs, Expenses and Other | |||||||||||||||||||||||
Costs of sales | 1,559 | 655 | 4,504 | 1,759 | |||||||||||||||||||
Operations and maintenance | 614 | 643 | 1,710 | 1,869 | |||||||||||||||||||
Depreciation, depletion and amortization | 526 | 539 | 1,595 | 1,636 | |||||||||||||||||||
General and administrative | 174 | 153 | 490 | 461 | |||||||||||||||||||
Taxes, other than income taxes | 106 | 100 | 324 | 295 | |||||||||||||||||||
Loss on impairments and divestitures, net (Note 3) | 4 | 11 | 1,602 | 1,987 | |||||||||||||||||||
Other income, net | (3) | (1) | (6) | (2) | |||||||||||||||||||
Total Operating Costs, Expenses and Other
|
2,980 | 2,100 | 10,219 | 8,005 | |||||||||||||||||||
Operating Income | 844 | 819 | 1,966 | 580 | |||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Earnings from equity investments | 169 | 194 | 392 | 562 | |||||||||||||||||||
Amortization of excess cost of equity investments | (21) | (32) | (56) | (99) | |||||||||||||||||||
Interest, net | (368) | (383) | (1,122) | (1,214) | |||||||||||||||||||
Other, net (Note 3) | 21 | 14 | 264 | 32 | |||||||||||||||||||
Total Other Expense
|
(199) | (207) | (522) | (719) | |||||||||||||||||||
Income (Loss) Before Income Taxes | 645 | 612 | 1,444 | (139) | |||||||||||||||||||
Income Tax Expense | (134) | (140) | (248) | (304) | |||||||||||||||||||
Net Income (Loss) | 511 | 472 | 1,196 | (443) | |||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | (16) | (17) | (49) | (45) | |||||||||||||||||||
Net Income (Loss) Attributable to Kinder Morgan, Inc. | $ | 495 | $ | 455 | $ | 1,147 | $ | (488) | |||||||||||||||
Class P Shares | |||||||||||||||||||||||
Basic and Diluted Earnings (Loss) Per Share | $ | 0.22 | $ | 0.20 | $ | 0.50 | $ | (0.22) | |||||||||||||||
Basic and Diluted Weighted Average Shares Outstanding | 2,267 | 2,263 | 2,265 | 2,263 | |||||||||||||||||||
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | 511 | $ | 472 | $ | 1,196 | $ | (443) | |||||||||||||||
Other comprehensive (loss) income, net of tax | |||||||||||||||||||||||
Change in fair value of hedge derivatives (net of tax benefit of $41, $17, $135 and $5, respectively)
|
(131) | (56) | (444) | (16) | |||||||||||||||||||
Reclassification of change in fair value of derivatives to net income (loss) (net of tax (benefit) expense of $(28), $1, $(55) and $(22), respectively)
|
92 | (5) | 181 | 72 | |||||||||||||||||||
Foreign currency translation adjustments (net of tax expense of $—, $—, $— and $—, respectively)
|
— | — | — | 1 | |||||||||||||||||||
Benefit plan adjustments (net of tax expense of $2, $2, $7 and $7, respectively)
|
6 | 5 | 28 | 21 | |||||||||||||||||||
Total other comprehensive (loss) income | (33) | (56) | (235) | 78 | |||||||||||||||||||
Comprehensive income (loss) | 478 | 416 | 961 | (365) | |||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (16) | (17) | (49) | (45) | |||||||||||||||||||
Comprehensive income (loss) attributable to Kinder Morgan, Inc. | $ | 462 | $ | 399 | $ | 912 | $ | (410) |
KINDER MORGAN, INC. AND SUBSIDIARIES | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(In millions, unaudited) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash Flows From Operating Activities | |||||||||||
Net income (loss) | $ | 1,196 | $ | (443) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||||||
Depreciation, depletion and amortization | 1,595 | 1,636 | |||||||||
Deferred income taxes | 236 | 164 | |||||||||
Amortization of excess cost of equity investments | 56 | 99 | |||||||||
Loss on impairments and divestitures, net (Note 3) | 1,602 | 1,987 | |||||||||
Gain on sale of interest in equity investment (Note 3) | (206) | — | |||||||||
Earnings from equity investments | (392) | (562) | |||||||||
Distributions from equity investment earnings | 535 | 487 | |||||||||
Changes in components of working capital | |||||||||||
Accounts receivable | (119) | 238 | |||||||||
Inventories | (89) | 41 | |||||||||
Other current assets | (90) | 14 | |||||||||
Accounts payable | 362 | (107) | |||||||||
Accrued interest, net of interest rate swaps | (177) | (208) | |||||||||
Accrued taxes | 15 | (25) | |||||||||
Other current liabilities | 71 | (93) | |||||||||
Rate reparations, refunds and other litigation reserve adjustments | (97) | 48 | |||||||||
Other, net | (58) | 6 | |||||||||
Net Cash Provided by Operating Activities | 4,440 | 3,282 | |||||||||
Cash Flows From Investing Activities | |||||||||||
Acquisitions of assets and investments, net of cash acquired | (1,518) | (16) | |||||||||
Capital expenditures | (894) | (1,351) | |||||||||
Proceeds from sales of investments | 417 | 907 | |||||||||
Contributions to investments | (36) | (365) | |||||||||
Distributions from equity investments in excess of cumulative earnings | 121 | 105 | |||||||||
Other, net | (1) | (56) | |||||||||
Net Cash Used in Investing Activities | (1,911) | (776) | |||||||||
Cash Flows From Financing Activities | |||||||||||
Issuances of debt | 4,950 | 3,888 | |||||||||
Payments of debt | (6,459) | (3,991) | |||||||||
Debt issue costs | (20) | (23) | |||||||||
Dividends | (1,828) | (1,764) | |||||||||
Repurchases of shares | — | (50) | |||||||||
Contributions from investment partner and noncontrolling interests | 4 | 11 | |||||||||
Distributions to investment partner | (67) | (60) | |||||||||
Distributions to noncontrolling interests | (14) | (11) | |||||||||
Other, net | (25) | (13) | |||||||||
Net Cash Used in Financing Activities | (3,459) | (2,013) | |||||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Deposits | — | (3) | |||||||||
Net (decrease) increase in Cash, Cash Equivalents and Restricted Deposits | (930) | 490 | |||||||||
Cash, Cash Equivalents, and Restricted Deposits, beginning of period | 1,209 | 209 | |||||||||
Cash, Cash Equivalents, and Restricted Deposits, end of period | $ | 279 | $ | 699 | |||||||
KINDER MORGAN, INC. AND SUBSIDIARIES (Continued) | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(In millions, unaudited) | |||||||||||
Nine Months Ended September 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 | 102 | 632 | |||||||||
Restricted Deposits, end of period | 177 | 67 | |||||||||
Cash, Cash Equivalents, and Restricted Deposits, end of period | 279 | 699 | |||||||||
Net (decrease) increase in Cash, Cash Equivalents and Restricted Deposits | $ | (930) | $ | 490 | |||||||
Non-cash Investing and Financing Activities | |||||||||||
ROU assets and operating lease obligations recognized | $ | 35 | $ | 15 | |||||||
Increase in property, plant and equipment from both accruals and contractor retainage | 4 | ||||||||||
Supplemental Disclosures of Cash Flow Information | |||||||||||
Cash paid during the period for interest (net of capitalized interest) | 1,313 | 1,440 | |||||||||
Cash paid during the period for income taxes, net | 8 | 202 |
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 June 30, 2021 | 2,265 | $ | 23 | $ | 41,793 | $ | (10,496) | $ | (609) | $ | 30,711 | $ | 429 | $ | 31,140 | ||||||||||||||||||||||||||||||||
Restricted shares
|
2 | (5) | (5) | (5) | |||||||||||||||||||||||||||||||||||||||||||
Net income | 495 | 495 | 16 | 511 | |||||||||||||||||||||||||||||||||||||||||||
Distributions
|
— | (6) | (6) | ||||||||||||||||||||||||||||||||||||||||||||
Contributions
|
— | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends | (616) | (616) | (616) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (33) | (33) | (33) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 2,267 | $ | 23 | $ | 41,788 | $ | (10,617) | $ | (642) | $ | 30,552 | $ | 440 | $ | 30,992 |
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 June 30, 2020 | 2,261 | $ | 23 | $ | 41,731 | $ | (9,802) | $ | (199) | $ | 31,753 | $ | 371 | $ | 32,124 | ||||||||||||||||||||||||||||||||
Restricted shares
|
3 | 5 | 5 | 5 | |||||||||||||||||||||||||||||||||||||||||||
Net income | 455 | 455 | 17 | 472 | |||||||||||||||||||||||||||||||||||||||||||
Distributions
|
— | (4) | (4) | ||||||||||||||||||||||||||||||||||||||||||||
Contributions
|
— | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends | (598) | (598) | (598) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (56) | (56) | (56) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | 2,264 | $ | 23 | $ | 41,736 | $ | (9,945) | $ | (255) | $ | 31,559 | $ | 386 | $ | 31,945 |
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
|
3 | 32 | 32 | 32 | |||||||||||||||||||||||||||||||||||||||||||
Net income | 1,147 | 1,147 | 49 | 1,196 | |||||||||||||||||||||||||||||||||||||||||||
Distributions
|
— | (14) | (14) | ||||||||||||||||||||||||||||||||||||||||||||
Contributions
|
— | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends | (1,828) | (1,828) | (1,828) | ||||||||||||||||||||||||||||||||||||||||||||
Other
|
— | (1) | (1) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (235) | (235) | (235) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 2,267 | $ | 23 | $ | 41,788 | $ | (10,617) | $ | (642) | $ | 30,552 | $ | 440 | $ | 30,992 |
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
|
3 | 41 | 41 | 41 | |||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (488) | (488) | 45 | (443) | |||||||||||||||||||||||||||||||||||||||||||
Distributions
|
— | (11) | (11) | ||||||||||||||||||||||||||||||||||||||||||||
Contributions
|
— | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends | (1,764) | (1,764) | (1,764) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 78 | 78 | 78 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | 2,264 | $ | 23 | $ | 41,736 | $ | (9,945) | $ | (255) | $ | 31,559 | $ | 386 | $ | 31,945 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
Net Income (Loss) Available to Stockholders | $ | 495 | $ | 455 | $ | 1,147 | $ | (488) | |||||||||||||||
Participating securities: | |||||||||||||||||||||||
Less: Net Income allocated to restricted stock awards(a) | (4) | (3) | (10) | (9) | |||||||||||||||||||
Net Income (Loss) Allocated to Class P Stockholders | $ | 491 | $ | 452 | $ | 1,137 | $ | (497) | |||||||||||||||
Basic Weighted Average Shares Outstanding | 2,267 | 2,263 | 2,265 | 2,263 | |||||||||||||||||||
Basic Earnings (Loss) Per Share | $ | 0.22 | $ | 0.20 | $ | 0.50 | $ | (0.22) |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions on a weighted average basis) | |||||||||||||||||||||||
Unvested restricted stock awards | 13 | 13 | 13 | 13 | |||||||||||||||||||
Convertible trust preferred securities | 3 | 3 | 3 | 3 |
Assignment of Purchase Price | |||||||||||||||||||||||||||||||||||||||||||||||
Ref | Date | Acquisition | Purchase price | Current assets | Property, plant & equipment | Deferred charges & other | Goodwill | Current liabilities | Long-term liabilities | ||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
(1) | 8/21 | Kinetrex Energy | $ | 318 | $ | 17 | $ | 49 | $ | 262 | $ | 64 | $ | (6) | $ | (68) | |||||||||||||||||||||||||||||||
(2) | 7/21 | Stagecoach Gas Services LLC | 1,228 | 52 | 1,041 | 23 | 118 | (6) | — |
Natural Gas Pipelines Regulated | Natural Gas Pipelines Non-Regulated |
CO2
|
Products Pipelines | Products Pipelines Terminals | Terminals | Energy Transition Ventures | Total | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Goodwill as of December 31, 2020 | $ | 14,249 | $ | 2,343 | $ | 928 | $ | 1,378 | $ | 151 | $ | 802 | $ | — | $ | 19,851 | |||||||||||||||||||||||||||||||
Acquisitions | 118 | — | — | — | — | — | 64 | 182 | |||||||||||||||||||||||||||||||||||||||
Goodwill as of September 30, 2021 | $ | 14,367 | $ | 2,343 | $ | 928 | $ | 1,378 | $ | 151 | $ | 802 | $ | 64 | $ | 20,033 | |||||||||||||||||||||||||||||||
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Natural Gas Pipelines | |||||||||||||||||||||||
Impairment of long-lived and intangible assets(a) | $ | — | $ | — | $ | 1,600 | $ | — | |||||||||||||||
Impairment of goodwill(a) | — | — | — | 1,000 | |||||||||||||||||||
Gain on sale of interest in NGPL Holdings LLC(a) | — | — | (206) | — | |||||||||||||||||||
Loss on write-down of related party note receivable(a) | — | — | 117 | — | |||||||||||||||||||
Loss (gain) on divestitures of long-lived assets and other write-downs | — | 11 | (1) | 11 | |||||||||||||||||||
Products Pipelines | |||||||||||||||||||||||
Impairment of long-lived and intangible assets | — | — | — | 21 | |||||||||||||||||||
Terminals | |||||||||||||||||||||||
Impairment of long-lived and intangible assets | 14 | — | 14 | 5 | |||||||||||||||||||
CO2
|
|||||||||||||||||||||||
Impairment of goodwill(a) | — | — | — | 600 | |||||||||||||||||||
Impairment of long-lived assets(a) | — | — | — | 350 | |||||||||||||||||||
Gain on divestitures of long-lived assets, net | (11) | — | (8) | — | |||||||||||||||||||
Other loss (gain) on divestitures of long-lived assets, net | 1 | — | (3) | — | |||||||||||||||||||
Pre-tax loss on impairments, divestitures and other write-downs, net | $ | 4 | $ | 11 | $ | 1,513 | $ | 1,987 | |||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||
(In millions, unless otherwise stated) | ||||||||||||||
Current portion of debt | ||||||||||||||
$3.5 billion credit facility due August 20, 2026(a)
|
$ | — | $ | — | ||||||||||
$500 million credit facility due November 16, 2023(a)
|
— | — | ||||||||||||
Commercial paper notes | 160 | — | ||||||||||||
Current portion of senior notes | ||||||||||||||
5.00%, due February 2021(b)
|
— | 750 | ||||||||||||
3.50%, due March 2021(b)
|
— | 750 | ||||||||||||
5.80%, due March 2021(b)
|
— | 400 | ||||||||||||
5.00%, due October 2021(c)
|
— | 500 | ||||||||||||
8.625%, due January 2022
|
260 | — | ||||||||||||
4.15%, due March 2022
|
375 | — | ||||||||||||
1.50%, due March 2022(d)
|
869 | — | ||||||||||||
3.95% due September 2022
|
1,000 | — | ||||||||||||
Trust I preferred securities, 4.75%, due March 2028
|
111 | 111 | ||||||||||||
Current portion of other debt | 47 | 47 | ||||||||||||
Total current portion of debt | 2,822 | 2,558 | ||||||||||||
Long-term debt (excluding current portion) | ||||||||||||||
Senior notes | 28,306 | 30,141 | ||||||||||||
EPC Building, LLC, promissory note, 3.967%, due 2020 through 2035
|
353 | 364 | ||||||||||||
Trust I preferred securities, 4.75%, due March 2028
|
110 | 110 | ||||||||||||
Other | 219 | 223 | ||||||||||||
Total long-term debt | 28,988 | 30,838 | ||||||||||||
Total debt(e) | $ | 31,810 | $ | 33,396 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying
value |
Estimated
fair value |
Carrying
value |
Estimated
fair value |
||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Total debt | $ | 32,824 | $ | 37,797 | $ | 34,689 | $ | 39,622 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Per share cash dividend declared for the period | $ | 0.27 | $ | 0.2625 | $ | 0.81 | $ | 0.7875 | |||||||||||||||
Per share cash dividend paid in the period | 0.27 | 0.2625 | 0.8025 | 0.775 |
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 | (444) | — | 28 | (416) | |||||||||||||||||||
Loss reclassified from accumulated other comprehensive loss | 181 | — | — | 181 | |||||||||||||||||||
Net current-period change in accumulated other comprehensive loss | (263) | — | 28 | (235) | |||||||||||||||||||
Balance as of September 30, 2021 | $ | (276) | $ | — | $ | (366) | $ | (642) |
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 (loss) gain before reclassifications | (16) | 1 | 21 | 6 | |||||||||||||||||||
Loss reclassified from accumulated other comprehensive loss | 72 | — | — | 72 | |||||||||||||||||||
Net current-period change in accumulated other comprehensive (loss) income | 56 | 1 | 21 | 78 | |||||||||||||||||||
Balance as of September 30, 2020 | $ | 49 | $ | 1 | $ | (305) | $ | (255) |
Net open position long/(short) | |||||||||||
Derivatives designated as hedging contracts | |||||||||||
Crude oil fixed price | (15.9) | MMBbl | |||||||||
Crude oil basis | (6.4) | MMBbl | |||||||||
Natural gas fixed price | (29.5) | Bcf | |||||||||
Natural gas basis | (27.1) | Bcf | |||||||||
NGL fixed price | (1.0) | MMBbl | |||||||||
Derivatives not designated as hedging contracts | |||||||||||
Crude oil fixed price | (1.4) | MMBbl | |||||||||
Crude oil basis | (8.7) | MMBbl | |||||||||
Natural gas fixed price | (8.7) | Bcf | |||||||||
Natural gas basis | (22.8) | Bcf | |||||||||
NGL fixed price | (1.9) | 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 | 6,250 | Mark-to-Market | December 2022 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
September 30,
2021 |
December 31,
2020 |
September 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)
|
$ | 13 | $ | 42 | $ | (256) | $ | (33) | |||||||||||||||||||||||
Deferred charges and other assets/(Other long-term liabilities and deferred credits)
|
1 | 33 | (96) | (8) | ||||||||||||||||||||||||||||
Subtotal | 14 | 75 | (352) | (41) | ||||||||||||||||||||||||||||
Interest rate contracts
|
Fair value of derivative contracts/(Other current liabilities)
|
127 | 119 | (4) | (3) | |||||||||||||||||||||||||||
Deferred charges and other assets/(Other long-term liabilities and deferred credits)
|
350 | 575 | (14) | (7) | ||||||||||||||||||||||||||||
Subtotal | 477 | 694 | (18) | (10) | ||||||||||||||||||||||||||||
Foreign currency contracts
|
Fair value of derivative contracts/(Other current liabilities)
|
49 | — | (6) | (6) | |||||||||||||||||||||||||||
Deferred charges and other assets/(Other long-term liabilities and deferred credits)
|
20 | 138 | — | — | ||||||||||||||||||||||||||||
Subtotal | 69 | 138 | (6) | (6) | ||||||||||||||||||||||||||||
Total | 560 | 907 | (376) | (57) | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||
Energy commodity derivative contracts
|
Fair value of derivative contracts/(Other current liabilities)
|
10 | 24 | (63) | (21) | |||||||||||||||||||||||||||
Deferred charges and other assets/(Other long-term liabilities and deferred credits)
|
4 | — | (3) | — | ||||||||||||||||||||||||||||
Subtotal | 14 | 24 | (66) | (21) | ||||||||||||||||||||||||||||
Interest rate contracts
|
Fair value of derivative contracts/(Other current liabilities)
|
— | — | (1) | — | |||||||||||||||||||||||||||
Deferred charges and other assets/(Other long-term liabilities and deferred credits)
|
1 | — | — | — | ||||||||||||||||||||||||||||
Subtotal | 1 | — | (1) | — | ||||||||||||||||||||||||||||
Total | 15 | 24 | (67) | (21) | ||||||||||||||||||||||||||||
Total derivatives | $ | 575 | $ | 931 | $ | (443) | $ | (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 September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Energy commodity derivative contracts(a) | $ | 15 | $ | 13 | $ | — | $ | 28 | $ | (26) | $ | — | $ | 2 | |||||||||||||||||||||||||||
Interest rate contracts | — | 478 | — | 478 | (9) | — | 469 | ||||||||||||||||||||||||||||||||||
Foreign currency contracts | — | 69 | — | 69 | (6) | — | 63 | ||||||||||||||||||||||||||||||||||
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 September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Energy commodity derivative contracts(a) | $ | (111) | $ | (307) | $ | — | $ | (418) | $ | 26 | $ | 135 | $ | (257) | |||||||||||||||||||||||||||
Interest rate contracts | — | (19) | — | (19) | 9 | — | (10) | ||||||||||||||||||||||||||||||||||
Foreign currency contracts | — | (6) | — | (6) | 6 | — | — | ||||||||||||||||||||||||||||||||||
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
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Interest rate contracts
|
Interest, net | $ | (39) | $ | (50) | $ | (228) | $ | 409 | |||||||||||||||||||||||
Hedged fixed rate debt(a)
|
Interest, net | $ | 39 | $ | 50 | $ | 229 | $ | (418) |
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
September 30, |
Three Months Ended
September 30, |
|||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||
Energy commodity derivative contracts
|
$ | (140) | $ | (143) |
Revenues—Commodity sales
|
$ | (94) | $ | (47) | |||||||||||||||||||||||
Costs of sales
|
8 | (7) | ||||||||||||||||||||||||||||||
Interest rate contracts
|
1 | — | Earnings from equity investments(c) | — | (1) | |||||||||||||||||||||||||||
Foreign currency contracts
|
(33) | 70 |
Other, net
|
(34) | 61 | |||||||||||||||||||||||||||
Total | $ | (172) | $ | (73) | Total | $ | (120) | $ | 6 |
Derivatives in cash flow hedging relationships |
Gain/(loss)
recognized in OCI on derivative(a) |
Location |
Gain/(loss) reclassified from Accumulated OCI
into income(b) |
|||||||||||||||||||||||||||||
Nine Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||
Energy commodity derivative contracts
|
$ | (514) | $ | (29) |
Revenues—Commodity sales
|
$ | (167) | $ | (145) | |||||||||||||||||||||||
Costs of sales
|
10 | (12) | ||||||||||||||||||||||||||||||
Interest rate contracts
|
3 | (9) | Earnings from equity investments(c) | — | (1) | |||||||||||||||||||||||||||
Foreign currency contracts | (68) | 17 | Other, net | (79) | 64 | |||||||||||||||||||||||||||
Total | $ | (579) | $ | (21) | Total | $ | (236) | $ | (94) |
Derivatives not designated as accounting hedges | Location | Gain/(loss) recognized in income on derivatives | ||||||||||||||||||||||||||||||
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Energy commodity derivative contracts
|
Revenues—Commodity sales
|
$ | (40) | $ | 87 | $ | (703) | $ | 353 | |||||||||||||||||||||||
Costs of sales
|
(7) | 12 | 154 | 18 | ||||||||||||||||||||||||||||
Earnings from equity investments | (2) | — | (4) | — | ||||||||||||||||||||||||||||
Total(a) | $ | (49) | $ | 99 | $ | (553) | $ | 371 |
Three Months Ended September 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) | $ | 836 | $ | 66 | $ | 181 | $ | 1 | $ | (2) | $ | 1,082 | ||||||||||||||||||||||||||
Fee-based services | 190 | 244 | 93 | 10 | — | 537 | ||||||||||||||||||||||||||||||||
Total services | 1,026 | 310 | 274 | 11 | (2) | 1,619 | ||||||||||||||||||||||||||||||||
Commodity sales | ||||||||||||||||||||||||||||||||||||||
Natural gas sales | 1,097 | — | — | 7 | (3) | 1,101 | ||||||||||||||||||||||||||||||||
Product sales | 372 | 247 | 8 | 279 | (11) | 895 | ||||||||||||||||||||||||||||||||
Total commodity sales | 1,469 | 247 | 8 | 286 | (14) | 1,996 | ||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | 2,495 | 557 | 282 | 297 | (16) | 3,615 | ||||||||||||||||||||||||||||||||
Other revenues(c) | ||||||||||||||||||||||||||||||||||||||
Leasing services(d) | 119 | 42 | 140 | 15 | — | 316 | ||||||||||||||||||||||||||||||||
Derivatives adjustments on commodity sales | (71) | — | — | (63) | — | (134) | ||||||||||||||||||||||||||||||||
Other | 12 | 6 | — | 8 | 1 | 27 | ||||||||||||||||||||||||||||||||
Total other revenues | 60 | 48 | 140 | (40) | 1 | 209 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 2,555 | $ | 605 | $ | 422 | $ | 257 | $ | (15) | $ | 3,824 | ||||||||||||||||||||||||||
Three Months Ended September 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) | $ | 818 | $ | 69 | $ | 185 | $ | 1 | $ | (2) | $ | 1,071 | ||||||||||||||||||||||||||
Fee-based services | 173 | 228 | 91 | 8 | 3 | 503 | ||||||||||||||||||||||||||||||||
Total services | 991 | 297 | 276 | 9 | 1 | 1,574 | ||||||||||||||||||||||||||||||||
Commodity sales | ||||||||||||||||||||||||||||||||||||||
Natural gas sales | 507 | — | — | 1 | (2) | 506 | ||||||||||||||||||||||||||||||||
Product sales | 158 | 97 | 5 | 180 | (5) | 435 | ||||||||||||||||||||||||||||||||
Total commodity sales | 665 | 97 | 5 | 181 | (7) | 941 | ||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | 1,656 | 394 | 281 | 190 | (6) | 2,515 | ||||||||||||||||||||||||||||||||
Other revenues(c) | ||||||||||||||||||||||||||||||||||||||
Leasing services(d) | 119 | 42 | 143 | 13 | — | 317 | ||||||||||||||||||||||||||||||||
Derivatives adjustments on commodity sales
|
(6) | — | — | 46 | — | 40 | ||||||||||||||||||||||||||||||||
Other | 40 | 6 | — | 2 | (1) | 47 | ||||||||||||||||||||||||||||||||
Total other revenues | 153 | 48 | 143 | 61 | (1) | 404 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 1,809 | $ | 442 | $ | 424 | $ | 251 | $ | (7) | $ | 2,919 | ||||||||||||||||||||||||||
Nine Months Ended September 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) | $ | 2,501 | $ | 191 | $ | 570 | $ | 1 | $ | (2) | $ | 3,261 | ||||||||||||||||||||||||||
Fee-based services | 544 | 709 | 258 | 35 | — | 1,546 | ||||||||||||||||||||||||||||||||
Total services | 3,045 | 900 | 828 | 36 | (2) | 4,807 | ||||||||||||||||||||||||||||||||
Commodity sales | ||||||||||||||||||||||||||||||||||||||
Natural gas sales | 5,090 | — | — | 9 | (11) | 5,088 | ||||||||||||||||||||||||||||||||
Product sales | 840 | 529 | 20 | 766 | (34) | 2,121 | ||||||||||||||||||||||||||||||||
Total commodity sales | 5,930 | 529 | 20 | 775 | (45) | 7,209 | ||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | 8,975 | 1,429 | 848 | 811 | (47) | 12,016 | ||||||||||||||||||||||||||||||||
Other revenues(c) | ||||||||||||||||||||||||||||||||||||||
Leasing services(d) | 356 | 128 | 427 | 42 | — | 953 | ||||||||||||||||||||||||||||||||
Derivatives adjustments on commodity sales | (726) | (1) | — | (143) | — | (870) | ||||||||||||||||||||||||||||||||
Other | 51 | 16 | — | 19 | — | 86 | ||||||||||||||||||||||||||||||||
Total other revenues | (319) | 143 | 427 | (82) | — | 169 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 8,656 | $ | 1,572 | $ | 1,275 | $ | 729 | $ | (47) | $ | 12,185 |
Nine Months Ended September 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) | $ | 2,479 | $ | 215 | $ | 563 | $ | 1 | $ | (2) | $ | 3,256 | ||||||||||||||||||||||||||
Fee-based services | 523 | 670 | 307 | 31 | 1 | 1,532 | ||||||||||||||||||||||||||||||||
Total services | 3,002 | 885 | 870 | 32 | (1) | 4,788 | ||||||||||||||||||||||||||||||||
Commodity sales | ||||||||||||||||||||||||||||||||||||||
Natural gas sales | 1,385 | — | — | 1 | (5) | 1,381 | ||||||||||||||||||||||||||||||||
Product sales | 396 | 255 | 11 | 546 | (22) | 1,186 | ||||||||||||||||||||||||||||||||
Total commodity sales | 1,781 | 255 | 11 | 547 | (27) | 2,567 | ||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | 4,783 | 1,140 | 881 | 579 | (28) | 7,355 | ||||||||||||||||||||||||||||||||
Other revenues(c) | ||||||||||||||||||||||||||||||||||||||
Leasing services(d) | 346 | 126 | 404 | 34 | — | 910 | ||||||||||||||||||||||||||||||||
Derivatives adjustments on commodity sales | 35 | — | — | 173 | — | 208 | ||||||||||||||||||||||||||||||||
Other | 91 | 16 | — | 6 | (1) | 112 | ||||||||||||||||||||||||||||||||
Total other revenues | 472 | 142 | 404 | 213 | (1) | 1,230 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 5,255 | $ | 1,282 | $ | 1,285 | $ | 792 | $ | (29) | $ | 8,585 |
Year | Estimated Revenue | |||||||
(In millions) | ||||||||
Three months ended December 31, 2021 | $ | 1,178 | ||||||
2022 | 4,022 | |||||||
2023 | 3,186 | |||||||
2024 | 2,711 | |||||||
2025 | 2,277 | |||||||
Thereafter | 14,018 | |||||||
Total | $ | 27,392 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Natural Gas Pipelines | |||||||||||||||||||||||
Revenues from external customers | $ | 2,541 | $ | 1,803 | $ | 8,611 | $ | 5,229 | |||||||||||||||
Intersegment revenues | 14 | 6 | 45 | 26 | |||||||||||||||||||
Products Pipelines | 605 | 442 | 1,572 | 1,282 | |||||||||||||||||||
Terminals | |||||||||||||||||||||||
Revenues from external customers | 421 | 423 | 1,273 | 1,282 | |||||||||||||||||||
Intersegment revenues | 1 | 1 | 2 | 3 | |||||||||||||||||||
CO2
|
257 | 251 | 729 | 792 | |||||||||||||||||||
Corporate and intersegment eliminations | (15) | (7) | (47) | (29) | |||||||||||||||||||
Total consolidated revenues | $ | 3,824 | $ | 2,919 | $ | 12,185 | $ | 8,585 | |||||||||||||||
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Segment EBDA(a)
|
|||||||||||||||||||||||
Natural Gas Pipelines | $ | 1,069 | $ | 1,091 | $ | 2,602 | $ | 2,284 | |||||||||||||||
Products Pipelines | 279 | 223 | 792 | 719 | |||||||||||||||||||
Terminals | 216 | 246 | 689 | 732 | |||||||||||||||||||
CO2
|
163 | 156 | 599 | (453) | |||||||||||||||||||
Total Segment EBDA | 1,727 | 1,716 | 4,682 | 3,282 | |||||||||||||||||||
DD&A | (526) | (539) | (1,595) | (1,636) | |||||||||||||||||||
Amortization of excess cost of equity investments | (21) | (32) | (56) | (99) | |||||||||||||||||||
General and administrative and corporate charges | (167) | (150) | (465) | (472) | |||||||||||||||||||
Interest, net | (368) | (383) | (1,122) | (1,214) | |||||||||||||||||||
Income tax expense | (134) | (140) | (248) | (304) | |||||||||||||||||||
Total consolidated net income (loss) | $ | 511 | $ | 472 | $ | 1,196 | $ | (443) |
September 30, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Assets | |||||||||||
Natural Gas Pipelines | $ | 47,576 | $ | 48,597 | |||||||
Products Pipelines | 9,118 | 9,182 | |||||||||
Terminals | 8,507 | 8,639 | |||||||||
CO2
|
2,808 | 2,478 | |||||||||
Corporate assets(b) | 1,631 | 3,077 | |||||||||
Total consolidated assets | $ | 69,640 | $ | 71,973 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except percentages) | |||||||||||||||||||||||
Income tax expense | $ | 134 | $ | 140 | $ | 248 | $ | 304 | |||||||||||||||
Effective tax rate | 20.8 | % | 22.9 | % | 17.2 | % | (218.7) | % |
Three Months Ended
September 30, |
|||||||||||||||||||||||
2021 | 2020 |
Earnings
increase/(decrease) |
|||||||||||||||||||||
(In millions, except percentages) | |||||||||||||||||||||||
Segment EBDA(a) | |||||||||||||||||||||||
Natural Gas Pipelines | $ | 1,069 | $ | 1,091 | $ | (22) | (2) | % | |||||||||||||||
Products Pipelines | 279 | 223 | 56 | 25 | % | ||||||||||||||||||
Terminals | 216 | 246 | (30) | (12) | % | ||||||||||||||||||
CO2
|
163 | 156 | 7 | 4 | % | ||||||||||||||||||
Total Segment EBDA | 1,727 | 1,716 | 11 | 1 | % | ||||||||||||||||||
DD&A | (526) | (539) | 13 | 2 | % | ||||||||||||||||||
Amortization of excess cost of equity investments | (21) | (32) | 11 | 34 | % | ||||||||||||||||||
General and administrative and corporate charges | (167) | (150) | (17) | (11) | % | ||||||||||||||||||
Interest, net | (368) | (383) | 15 | 4 | % | ||||||||||||||||||
Income before income taxes | 645 | 612 | 33 | 5 | % | ||||||||||||||||||
Income tax expense | (134) | (140) | 6 | 4 | % | ||||||||||||||||||
Net income | 511 | 472 | 39 | 8 | % | ||||||||||||||||||
Net income attributable to noncontrolling interests | (16) | (17) | 1 | 6 | % | ||||||||||||||||||
Net income attributable to Kinder Morgan, Inc. | $ | 495 | $ | 455 | $ | 40 | 9 | % | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 |
Earnings
increase/(decrease) |
|||||||||||||||||||||
(In millions, except percentages) | |||||||||||||||||||||||
Segment EBDA(a) | |||||||||||||||||||||||
Natural Gas Pipelines | $ | 2,602 | $ | 2,284 | $ | 318 | 14 | % | |||||||||||||||
Products Pipelines | 792 | 719 | 73 | 10 | % | ||||||||||||||||||
Terminals | 689 | 732 | (43) | (6) | % | ||||||||||||||||||
CO2
|
599 | (453) | 1,052 | 232 | % | ||||||||||||||||||
Total Segment EBDA | 4,682 | 3,282 | 1,400 | 43 | % | ||||||||||||||||||
DD&A | (1,595) | (1,636) | 41 | 3 | % | ||||||||||||||||||
Amortization of excess cost of equity investments | (56) | (99) | 43 | 43 | % | ||||||||||||||||||
General and administrative and corporate charges | (465) | (472) | 7 | 1 | % | ||||||||||||||||||
Interest, net | (1,122) | (1,214) | 92 | 8 | % | ||||||||||||||||||
Income (loss) before income taxes | 1,444 | (139) | 1,583 | 1,139 | % | ||||||||||||||||||
Income tax expense | (248) | (304) | 56 | 18 | % | ||||||||||||||||||
Net income (loss) | 1,196 | (443) | 1,639 | 370 | % | ||||||||||||||||||
Net income attributable to noncontrolling interests | (49) | (45) | (4) | (9) | % | ||||||||||||||||||
Net income (loss) attributable to Kinder Morgan, Inc. | $ | 1,147 | $ | (488) | $ | 1,635 | 335 | % | |||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
GAAP | Certain Items | Adjusted | GAAP | Certain Items | Adjusted | Adjusted amounts increase/(decrease) to earnings | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Segment EBDA | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Pipelines | $ | 1,069 | $ | 21 | $ | 1,090 | $ | 1,091 | $ | (9) | $ | 1,082 | $ | 8 | |||||||||||||||||||||||||||
Products Pipelines | 279 | 1 | 280 | 223 | 46 | 269 | 11 | ||||||||||||||||||||||||||||||||||
Terminals | 216 | 17 | 233 | 246 | — | 246 | (13) | ||||||||||||||||||||||||||||||||||
CO2
|
163 | (9) | 154 | 156 | (2) | 154 | — | ||||||||||||||||||||||||||||||||||
Total Segment EBDA(a) | 1,727 | 30 | 1,757 | 1,716 | 35 | 1,751 | 6 | ||||||||||||||||||||||||||||||||||
DD&A and amortization of excess cost of equity investments | (547) | — | (547) | (571) | — | (571) | 24 | ||||||||||||||||||||||||||||||||||
General and administrative and corporate charges(a) | (167) | — | (167) | (150) | 11 | (139) | (28) | ||||||||||||||||||||||||||||||||||
Interest, net(a) | (368) | (8) | (376) | (383) | (8) | (391) | 15 | ||||||||||||||||||||||||||||||||||
Income before income taxes | 645 | 22 | 667 | 612 | 38 | 650 | 17 | ||||||||||||||||||||||||||||||||||
Income tax expense(b) | (134) | (12) | (146) | (140) | (8) | (148) | 2 | ||||||||||||||||||||||||||||||||||
Net income | 511 | 10 | 521 | 472 | 30 | 502 | 19 | ||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests(a) | (16) | — | (16) | (17) | — | (17) | 1 | ||||||||||||||||||||||||||||||||||
Net income attributable to Kinder Morgan, Inc. | $ | 495 | $ | 10 | $ | 505 | $ | 455 | $ | 30 | $ | 485 | $ | 20 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
GAAP | Certain Items | Adjusted | GAAP | Certain Items | Adjusted | Adjusted amounts increase/(decrease) to earnings | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Segment EBDA | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Pipelines | $ | 2,602 | $ | 1,646 | $ | 4,248 | $ | 2,284 | $ | 993 | $ | 3,277 | $ | 971 | |||||||||||||||||||||||||||
Products Pipelines | 792 | 44 | 836 | 719 | 50 | 769 | 67 | ||||||||||||||||||||||||||||||||||
Terminals | 689 | 17 | 706 | 732 | — | 732 | (26) | ||||||||||||||||||||||||||||||||||
CO2
|
599 | (3) | 596 | (453) | 938 | 485 | 111 | ||||||||||||||||||||||||||||||||||
Total Segment EBDA(a) | 4,682 | 1,704 | 6,386 | 3,282 | 1,981 | 5,263 | 1,123 | ||||||||||||||||||||||||||||||||||
DD&A and amortization of excess cost of equity investments | (1,651) | — | (1,651) | (1,735) | — | (1,735) | 84 | ||||||||||||||||||||||||||||||||||
General and administrative and corporate charges(a) | (465) | — | (465) | (472) | 36 | (436) | (29) | ||||||||||||||||||||||||||||||||||
Interest, net(a) | (1,122) | (17) | (1,139) | (1,214) | (8) | (1,222) | 83 | ||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 1,444 | 1,687 | 3,131 | (139) | 2,009 | 1,870 | 1,261 | ||||||||||||||||||||||||||||||||||
Income tax expense(b) | (248) | (439) | (687) | (304) | (114) | (418) | (269) | ||||||||||||||||||||||||||||||||||
Net income (loss) | 1,196 | 1,248 | 2,444 | (443) | 1,895 | 1,452 | 992 | ||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests(a) | (49) | — | (49) | (45) | — | (45) | (4) | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Kinder Morgan, Inc. | $ | 1,147 | $ | 1,248 | $ | 2,395 | $ | (488) | $ | 1,895 | $ | 1,407 | $ | 988 |
Three Months Ended
September 30, |
Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net income (loss) attributable to Kinder Morgan, Inc. (GAAP) | $ | 495 | $ | 455 | $ | 1,147 | $ | (488) | |||||||||||||||
Total Certain Items | 10 | 30 | 1,248 | 1,895 | |||||||||||||||||||
Adjusted Earnings(a) | 505 | 485 | 2,395 | 1,407 | |||||||||||||||||||
DD&A and amortization of excess cost of equity investments for DCF(b) | 612 | 662 | 1,854 | 2,012 | |||||||||||||||||||
Income tax expense for DCF(a)(b) | 165 | 171 | 754 | 484 | |||||||||||||||||||
Cash taxes(b) | (12) | (49) | (56) | (57) | |||||||||||||||||||
Sustaining capital expenditures(b) | (241) | (177) | (558) | (477) | |||||||||||||||||||
Other items(c) | (16) | (7) | (22) | (22) | |||||||||||||||||||
DCF | $ | 1,013 | $ | 1,085 | $ | 4,367 | $ | 3,347 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
Natural Gas Pipelines | $ | 1,090 | $ | 1,082 | $ | 4,248 | $ | 3,277 | |||||||||||||||
Products Pipelines | 280 | 269 | 836 | 769 | |||||||||||||||||||
Terminals | 233 | 246 | 706 | 732 | |||||||||||||||||||
CO2
|
154 | 154 | 596 | 485 | |||||||||||||||||||
Adjusted Segment EBDA(a) | 1,757 | 1,751 | 6,386 | 5,263 | |||||||||||||||||||
General and administrative and corporate charges(a) | (167) | (139) | (465) | (436) | |||||||||||||||||||
Joint venture DD&A and income tax expense(a)(b) | 84 | 114 | 270 | 343 | |||||||||||||||||||
Net income attributable to noncontrolling interests(a) | (16) | (17) | (49) | (45) | |||||||||||||||||||
Adjusted EBITDA | 1,658 | 1,709 | 6,142 | 5,125 | |||||||||||||||||||
Interest, net(a) | (376) | (391) | (1,139) | (1,222) | |||||||||||||||||||
Cash taxes(b) | (12) | (49) | (56) | (57) | |||||||||||||||||||
Sustaining capital expenditures(b) | (241) | (177) | (558) | (477) | |||||||||||||||||||
Other items(c) | (16) | (7) | (22) | (22) | |||||||||||||||||||
DCF | $ | 1,013 | $ | 1,085 | $ | 4,367 | $ | 3,347 | |||||||||||||||
Adjusted Earnings per share | $ | 0.22 | $ | 0.21 | $ | 1.05 | $ | 0.62 | |||||||||||||||
Weighted average shares outstanding for dividends(d) | 2,279 | 2,276 | 2,278 | 2,276 | |||||||||||||||||||
DCF per share | $ | 0.44 | $ | 0.48 | $ | 1.92 | $ | 1.47 | |||||||||||||||
Declared dividends per share | $ | 0.27 | $ | 0.2625 | $ | 0.81 | $ | 0.7875 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
DD&A (GAAP) | $ | 526 | $ | 539 | $ | 1,595 | $ | 1,636 | |||||||||||||||
Amortization of excess cost of equity investments (GAAP) | 21 | 32 | 56 | 99 | |||||||||||||||||||
DD&A and amortization of excess cost of equity investments | 547 | 571 | 1,651 | 1,735 | |||||||||||||||||||
Joint venture DD&A | 65 | 91 | 203 | 277 | |||||||||||||||||||
DD&A and amortization of excess cost of equity investments for DCF | $ | 612 | $ | 662 | $ | 1,854 | $ | 2,012 | |||||||||||||||
Income tax expense (GAAP) | $ | 134 | $ | 140 | $ | 248 | $ | 304 | |||||||||||||||
Certain Items | 12 | 8 | 439 | 114 | |||||||||||||||||||
Income tax expense(a) | 146 | 148 | 687 | 418 | |||||||||||||||||||
Unconsolidated joint venture income tax expense(a)(b) | 19 | 23 | 67 | 66 | |||||||||||||||||||
Income tax expense for DCF(a) | $ | 165 | $ | 171 | $ | 754 | $ | 484 | |||||||||||||||
Additional joint venture information | |||||||||||||||||||||||
Unconsolidated joint venture DD&A | $ | 76 | $ | 101 | $ | 236 | $ | 306 | |||||||||||||||
Less: Consolidated joint venture partners’ DD&A | 11 | 10 | 33 | 29 | |||||||||||||||||||
Joint venture DD&A | 65 | 91 | 203 | 277 | |||||||||||||||||||
Unconsolidated joint venture income tax expense(a)(b) | 19 | 23 | 67 | 66 | |||||||||||||||||||
Joint venture DD&A and income tax expense(a) | $ | 84 | $ | 114 | $ | 270 | $ | 343 | |||||||||||||||
Unconsolidated joint venture cash taxes(b) | $ | (13) | $ | (41) | $ | (47) | $ | (51) | |||||||||||||||
Unconsolidated joint venture sustaining capital expenditures | $ | (29) | $ | (32) | $ | (81) | $ | (84) | |||||||||||||||
Less: Consolidated joint venture partners’ sustaining capital expenditures | (2) | (2) | (5) | (4) | |||||||||||||||||||
Joint venture sustaining capital expenditures | $ | (27) | $ | (30) | $ | (76) | $ | (80) |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except operating statistics) | |||||||||||||||||||||||
Revenues | $ | 2,555 | $ | 1,809 | $ | 8,656 | $ | 5,255 | |||||||||||||||
Operating expenses | (1,634) | (878) | (4,981) | (2,455) | |||||||||||||||||||
Loss on impairments and divestitures, net | — | (11) | (1,599) | (1,011) | |||||||||||||||||||
Other income | — | — | 2 | 1 | |||||||||||||||||||
Earnings from equity investments | 144 | 169 | 311 | 484 | |||||||||||||||||||
Other, net | 4 | 2 | 213 | 10 | |||||||||||||||||||
Segment EBDA | 1,069 | 1,091 | 2,602 | 2,284 | |||||||||||||||||||
Certain Items(a) | 21 | (9) | 1,646 | 993 | |||||||||||||||||||
Adjusted Segment EBDA | $ | 1,090 | $ | 1,082 | $ | 4,248 | $ | 3,277 | |||||||||||||||
Change from prior period | Increase/(Decrease) | ||||||||||||||||||||||
Adjusted Segment EBDA | $ | 8 | $ | 971 | |||||||||||||||||||
Volumetric data(b) | |||||||||||||||||||||||
Transport volumes (BBtu/d) | 38,527 | 37,475 | 38,593 | 37,887 | |||||||||||||||||||
Sales volumes (BBtu/d) | 2,616 | 2,382 | 2,480 | 2,330 | |||||||||||||||||||
Gathering volumes (BBtu/d) | 2,808 | 2,925 | 2,662 | 3,109 | |||||||||||||||||||
NGLs (MBbl/d) | 29 | 22 | 30 | 27 |
Adjusted Segment EBDA
increase/(decrease) |
|||||||||||
(In millions, except percentages) | |||||||||||
Midstream | $ | 29 | 11% | ||||||||
East Region | 8 | 1% | |||||||||
West Region | (29) | (11)% | |||||||||
Total Natural Gas Pipelines | $ | 8 | 1 | % |
Adjusted Segment EBDA
increase/(decrease) |
|||||||||||
(In millions, except percentages) | |||||||||||
Midstream | $ | 998 | 123% | ||||||||
East Region | 25 | 1% | |||||||||
West Region | (52) | (7)% | |||||||||
Total Natural Gas Pipelines | $ | 971 | 30 | % |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except operating statistics) | |||||||||||||||||||||||
Revenues | $ | 605 | $ | 442 | $ | 1,572 | $ | 1,282 | |||||||||||||||
Operating expenses | (341) | (233) | (828) | (585) | |||||||||||||||||||
Loss on impairments and divestitures, net | — | — | — | (21) | |||||||||||||||||||
Earnings from equity investments | 15 | 14 | 48 | 42 | |||||||||||||||||||
Other, net | — | — | — | 1 | |||||||||||||||||||
Segment EBDA | 279 | 223 | 792 | 719 | |||||||||||||||||||
Certain Items(a) | 1 | 46 | 44 | 50 | |||||||||||||||||||
Adjusted Segment EBDA | $ | 280 | $ | 269 | $ | 836 | $ | 769 | |||||||||||||||
Change from prior period | Increase/(Decrease) | ||||||||||||||||||||||
Adjusted Segment EBDA | $ | 11 | $ | 67 | |||||||||||||||||||
Volumetric data(b) | |||||||||||||||||||||||
Gasoline(c) | 1,023 | 941 | 987 | 888 | |||||||||||||||||||
Diesel fuel | 389 | 383 | 395 | 371 | |||||||||||||||||||
Jet fuel | 250 | 160 | 217 | 184 | |||||||||||||||||||
Total refined product volumes | 1,662 | 1,484 | 1,599 | 1,443 | |||||||||||||||||||
Crude and condensate | 491 | 530 | 503 | 570 | |||||||||||||||||||
Total delivery volumes (MBbl/d) | 2,153 | 2,014 | 2,102 | 2,013 |
Adjusted Segment EBDA
increase/(decrease) |
|||||||||||
(In millions, except percentages) | |||||||||||
West Coast Refined Products | $ | 17 | 15 | % | |||||||
Southeast Refined Products | 6 | 10 | % | ||||||||
Crude and Condensate | (12) | (12) | % | ||||||||
Total Products Pipelines | $ | 11 | 4 | % |
Adjusted Segment EBDA
increase/(decrease) |
|||||||||||
(In millions, except percentages) | |||||||||||
West Coast Refined Products | $ | 38 | 11 | % | |||||||
Southeast Refined Products | 39 | 25 | % | ||||||||
Crude and Condensate | (10) | (4) | % | ||||||||
Total Products Pipelines | $ | 67 | 9 | % |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except operating statistics) | |||||||||||||||||||||||
Revenues | $ | 422 | $ | 424 | $ | 1,275 | $ | 1,285 | |||||||||||||||
Operating expenses | (200) | (185) | (588) | (570) | |||||||||||||||||||
Loss on impairments and divestitures, net | (14) | — | (14) | (5) | |||||||||||||||||||
Other income | 4 | — | 4 | — | |||||||||||||||||||
Earnings from equity investments | 3 | 7 | 10 | 19 | |||||||||||||||||||
Other, net | 1 | — | 2 | 3 | |||||||||||||||||||
Segment EBDA | 216 | 246 | 689 | 732 | |||||||||||||||||||
Certain Items(a) | 17 | — | 17 | — | |||||||||||||||||||
Adjusted Segment EBDA | $ | 233 | $ | 246 | $ | 706 | $ | 732 | |||||||||||||||
Change from prior period | Increase/(Decrease) | ||||||||||||||||||||||
Adjusted Segment EBDA | $ | (13) | $ | (26) | |||||||||||||||||||
Volumetric data(b) | |||||||||||||||||||||||
Liquids leasable capacity (MMBbl) | 79.9 | 79.6 | 79.9 | 79.6 | |||||||||||||||||||
Liquids utilization %(c) | 94.2 | % | 96.3 | % | 94.2 | % | 96.3 | % | |||||||||||||||
Bulk transload tonnage (MMtons) | 13.5 | 11.3 | 38.1 | 35.4 |
Adjusted Segment EBDA
increase/(decrease) |
|||||||||||
(In millions, except percentages) | |||||||||||
Marine operations | $ | (15) | (29) | % | |||||||
Gulf Central | 5 | 19 | % | ||||||||
Mid Atlantic | 4 | 40 | % | ||||||||
Northeast | (2) | (7) | % | ||||||||
All others (including intrasegment eliminations) | (5) | (4) | % | ||||||||
Total Terminals | $ | (13) | (5) | % |
Adjusted Segment EBDA
increase/(decrease) |
|||||||||||
(In millions, except percentages) | |||||||||||
Marine operations | $ | (39) | (25) | % | |||||||
Gulf Central | (7) | (8) | % | ||||||||
Mid Atlantic | 8 | 21 | % | ||||||||
Northeast | 9 | 13 | % | ||||||||
All others (including intrasegment eliminations) | 3 | 1 | % | ||||||||
Total Terminals | $ | (26) | (4) | % |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except operating statistics) | |||||||||||||||||||||||
Revenues | $ | 257 | $ | 251 | $ | 729 | $ | 792 | |||||||||||||||
Operating expenses | (112) | (99) | (161) | (312) | |||||||||||||||||||
Gain (loss) on impairments and divestitures, net | 11 | — | 8 | (950) | |||||||||||||||||||
Earnings from equity investments | 7 | 4 | 23 | 17 | |||||||||||||||||||
Segment EBDA | 163 | 156 | 599 | (453) | |||||||||||||||||||
Certain Items(a) | (9) | (2) | (3) | 938 | |||||||||||||||||||
Adjusted Segment EBDA | $ | 154 | $ | 154 | $ | 596 | $ | 485 | |||||||||||||||
Change from prior period | Increase/(Decrease) | ||||||||||||||||||||||
Adjusted Segment EBDA | $ | — | $ | 111 | |||||||||||||||||||
Volumetric data | |||||||||||||||||||||||
SACROC oil production | 20.1 | 21.2 | 19.9 | 22.1 | |||||||||||||||||||
Yates oil production | 6.5 | 6.4 | 6.5 | 6.7 | |||||||||||||||||||
Katz and Goldsmith oil production | 2.1 | 2.6 | 2.3 | 2.8 | |||||||||||||||||||
Tall Cotton oil production | 1.1 | 1.4 | 1.0 | 1.9 | |||||||||||||||||||
Total oil production, net (MBbl/d)(b) | 29.8 | 31.6 | 29.7 | 33.5 | |||||||||||||||||||
NGL sales volumes, net (MBbl/d)(b) | 9.7 | 9.1 | 9.3 | 9.4 | |||||||||||||||||||
CO2 sales volumes, net (Bcf/d)
|
0.4 | 0.4 | 0.4 | 0.5 | |||||||||||||||||||
Realized weighted average oil price ($ per Bbl) | $ | 53.03 | $ | 54.83 | $ | 52.21 | $ | 53.28 | |||||||||||||||
Realized weighted average NGL price ($ per Bbl) | $ | 28.01 | $ | 17.65 | $ | 23.73 | $ | 17.77 |
Adjusted Segment EBDA
increase/(decrease) |
|||||||||||
(In millions, except percentages) | |||||||||||
Oil and Gas Producing activities | $ | (42) | (40) | % | |||||||
Source and Transportation activities | 40 | 82 | % | ||||||||
Subtotal | (2) | (1) | % | ||||||||
Energy Transition Ventures | 2 | n/a | |||||||||
Total CO2
|
$ | — | — | % |
Adjusted Segment EBDA
increase/(decrease) |
|||||||||||
(In millions, except percentages) | |||||||||||
Oil and Gas Producing activities | $ | 73 | 23 | % | |||||||
Source and Transportation activities | 36 | 22 | % | ||||||||
Subtotal | 109 | 22 | % | ||||||||
Energy Transition Ventures | 2 | n/a | |||||||||
Total CO2
|
$ | 111 | 23 | % |
Remaining 2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||
Crude Oil(a) | |||||||||||||||||||||||||||||
Price ($ per Bbl) | $ | 50.38 | $ | 53.41 | $ | 51.70 | $ | 50.97 | $ | 52.19 | |||||||||||||||||||
Volume (MBbl/d) | 25.70 | 17.00 | 11.20 | 5.90 | 2.85 | ||||||||||||||||||||||||
NGLs | |||||||||||||||||||||||||||||
Price ($ per Bbl) | $ | 36.39 | $ | 47.76 | |||||||||||||||||||||||||
Volume (MBbl/d) | 6.03 | 2.56 | |||||||||||||||||||||||||||
Midland-to-Cushing Basis Spread | |||||||||||||||||||||||||||||
Price ($ per Bbl) | $ | 0.26 | $ | 0.59 | |||||||||||||||||||||||||
Volume (MBbl/d) | 24.55 | 14.00 |
Three Months Ended
September 30, |
Earnings
increase/(decrease) |
||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions, except percentages) | |||||||||||||||||||||||
DD&A (GAAP) | $ | (526) | $ | (539) | $ | 13 | 2 | % | |||||||||||||||
General and administrative (GAAP) | $ | (174) | $ | (153) | $ | (21) | (14) | % | |||||||||||||||
Corporate benefit | 7 | 3 | 4 | 133 | % | ||||||||||||||||||
Certain Items(a) | — | 11 | (11) | (100) | % | ||||||||||||||||||
General and administrative and corporate charges(b) | $ | (167) | $ | (139) | $ | (28) | (20) | % | |||||||||||||||
Interest, net (GAAP) | $ | (368) | $ | (383) | $ | 15 | 4 | % | |||||||||||||||
Certain Items(c) | (8) | (8) | — | — | % | ||||||||||||||||||
Interest, net(b) | $ | (376) | $ | (391) | $ | 15 | 4 | % | |||||||||||||||
Net income attributable to noncontrolling interests (GAAP) | $ | (16) | $ | (17) | $ | 1 | 6 | % | |||||||||||||||
Certain Items(d) | — | — | — | — | % | ||||||||||||||||||
Net income attributable to noncontrolling interests(b) | $ | (16) | $ | (17) | $ | 1 | 6 | % |
Nine Months Ended September 30, |
Earnings
increase/(decrease) |
||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions, except percentages) | |||||||||||||||||||||||
DD&A (GAAP) | $ | (1,595) | $ | (1,636) | $ | 41 | 3 | % | |||||||||||||||
General and administrative (GAAP) | $ | (490) | $ | (461) | $ | (29) | (6) | % | |||||||||||||||
Corporate benefit (charges) | 25 | (11) | 36 | 327 | % | ||||||||||||||||||
Certain Items(a) | — | 36 | (36) | (100) | % | ||||||||||||||||||
General and administrative and corporate charges(b) | $ | (465) | $ | (436) | $ | (29) | (7) | % | |||||||||||||||
Interest, net (GAAP) | $ | (1,122) | $ | (1,214) | $ | 92 | 8 | % | |||||||||||||||
Certain Items(c) | (17) | (8) | (9) | (113) | % | ||||||||||||||||||
Interest, net(b) | $ | (1,139) | $ | (1,222) | $ | 83 | 7 | % | |||||||||||||||
Net income attributable to noncontrolling interests (GAAP) | $ | (49) | $ | (45) | $ | (4) | (9) | % | |||||||||||||||
Certain Items(d) | — | — | — | — | % | ||||||||||||||||||
Net income attributable to noncontrolling interests(b) | $ | (49) | $ | (45) | $ | (4) | (9) | % |
Nine Months Ended September 30, 2021 | 2021 Remaining | Total 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Sustaining capital expenditures(a)(b) | $ | 558 | $ | 300 | $ | 858 | |||||||||||
Discretionary capital investments(b)(c)(d) | 2,049 | 256 | 2,305 |
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 | ||||||||||||||||||||||
September 30, 2021 | 0.27 | October 20, 2021 | November 1, 2021 | November 15, 2021 |
Summarized Combined Balance Sheet Information | September 30, 2021 | December 31, 2020 | |||||||||
(In millions) | |||||||||||
Current assets | $ | 2,412 | $ | 2,957 | |||||||
Current assets - affiliates | 1,118 | 1,151 | |||||||||
Noncurrent assets | 62,129 | 61,783 | |||||||||
Noncurrent assets - affiliates | 507 | 616 | |||||||||
Total Assets | $ | 66,166 | $ | 66,507 | |||||||
Current liabilities | $ | 5,390 | $ | 4,528 | |||||||
Current liabilities - affiliates | 1,269 | 1,209 | |||||||||
Noncurrent liabilities | 31,803 | 33,907 | |||||||||
Noncurrent liabilities - affiliates | 1,006 | 1,078 | |||||||||
Total Liabilities | 39,468 | 40,722 | |||||||||
Redeemable noncontrolling interest | 661 | 728 | |||||||||
Kinder Morgan, Inc.’s stockholders’ equity | 26,037 | 25,057 | |||||||||
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity
|
$ | 66,166 | $ | 66,507 |
Summarized Combined Income Statement Information | Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||
(In millions) | |||||||||||
Revenues | $ | 3,472 | $ | 11,211 | |||||||
Operating income | 699 | 1,697 | |||||||||
Net income | 373 | 937 |
10.1 | ||||||||
10.2 | * | |||||||
10.3 | * | |||||||
10.4 | ||||||||
10.5 | ||||||||
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 nine months ended September 30, 2021 and 2020; (ii) our Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2021 and 2020; (iii) our Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020; (iv) our Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020; (v) our Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 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: | October 22, 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: September 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)
|
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: September 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: September 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 |
The Toronto Dominion Bank
|
September 14, 2021
|
||||||||||||
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: September 30, 2021
|
||||||||
Agnes B Crane, LLC | Copano Processing LLC | |||||||
American Petroleum Tankers II LLC | Copano Risk Management LLC | |||||||
American Petroleum Tankers III LLC | Copano Terminals LLC | |||||||
American Petroleum Tankers IV LLC | Copano/Webb-Duval Pipeline LLC | |||||||
American Petroleum Tankers LLC | CPNO Services LLC | |||||||
American Petroleum Tankers Parent LLC | Dakota Bulk Terminal LLC | |||||||
American Petroleum Tankers V LLC | Delta Terminal Services LLC | |||||||
American Petroleum Tankers VI LLC | Eagle Ford Gathering LLC | |||||||
American Petroleum Tankers VII LLC | El Paso Cheyenne Holdings, L.L.C. | |||||||
American Petroleum Tankers VIII LLC | El Paso Citrus Holdings, Inc. | |||||||
American Petroleum Tankers IX LLC | El Paso CNG Company, L.L.C. | |||||||
American Petroleum Tankers X LLC | El Paso Energy Service Company, L.L.C. | |||||||
American Petroleum Tankers XI LLC | El Paso LLC | |||||||
APT Florida LLC | El Paso Midstream Group LLC | |||||||
APT Intermediate Holdco LLC | El Paso Natural Gas Company, L.L.C. | |||||||
APT New Intermediate Holdco LLC | El Paso Noric Investments III, L.L.C. | |||||||
APT Pennsylvania LLC | El Paso Ruby Holding Company, L.L.C. | |||||||
APT Sunshine State LLC | El Paso Tennessee Pipeline Co., L.L.C. | |||||||
Arlington Storage Company, 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 |
Kinetrex Energy Transportation, LLC
|
|||||||
Copano Field Services/Upper Gulf Coast LLC |
Kinetrex Holdco, Inc.
|
|||||||
Copano Liberty, LLC | Kinder Morgan 2-Mile LLC | |||||||
Copano Liquids Marketing LLC | Kinder Morgan Administrative Services Tampa LLC | |||||||
Copano NGL Services (Markham), L.L.C. | Kinder Morgan Altamont LLC | |||||||
Copano NGL Services LLC | Kinder Morgan Baltimore Transload Terminal LLC | |||||||
Copano Pipelines Group, L.L.C. | Kinder Morgan Battleground Oil LLC | |||||||
Copano Pipelines/North Texas, L.L.C. | Kinder Morgan Border Pipeline LLC | |||||||
Copano Pipelines/Rocky Mountains, LLC | Kinder Morgan Bulk Terminals LLC | |||||||
Copano Pipelines/South Texas LLC | Kinder Morgan Carbon Dioxide Transportation | |||||||
Copano Pipelines/Upper Gulf Coast LLC | Company |
Schedule II | ||||||||
(Guarantors) | ||||||||
Current as of: September 30, 2021
|
||||||||
Kinder Morgan CO2 Company LLC | Kinder Morgan Products Terminals LLC | |||||||
Kinder Morgan Commercial Services LLC | Kinder Morgan Rail Services LLC | |||||||
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 LLC | Kinder Morgan Southeast Terminals LLC | |||||||
Kinder Morgan Deeprock North Holdco LLC | Kinder Morgan Tank Storage Terminals LLC | |||||||
Kinder Morgan Endeavor LLC | Kinder Morgan Tejas Pipeline LLC | |||||||
Kinder Morgan Energy Partners, L.P. | Kinder Morgan Terminals, Inc. | |||||||
Kinder Morgan Energy Transition Ventures LLC | Kinder Morgan Terminals Wilmington LLC | |||||||
Kinder Morgan EP Midstream LLC | Kinder Morgan Texas Pipeline LLC | |||||||
Kinder Morgan Finance Company LLC | Kinder Morgan Texas Terminals, L.P. | |||||||
Kinder Morgan Freedom Pipeline LLC | Kinder Morgan Transmix Company, LLC | |||||||
Kinder Morgan Galena Park West LLC | Kinder Morgan Treating LP | |||||||
Kinder Morgan GP LLC | Kinder Morgan Utica LLC | |||||||
Kinder Morgan IMT Holdco LLC | Kinder Morgan Vehicle Services LLC | |||||||
Kinder Morgan, Inc. | Kinder Morgan Virginia Liquids Terminals LLC | |||||||
Kinder Morgan Keystone Gas Storage LLC | Kinder Morgan Wink Pipeline LLC | |||||||
Kinder Morgan KMAP LLC | KinderHawk Field Services LLC | |||||||
Kinder Morgan Las Vegas LLC | KM Crane LLC | |||||||
Kinder Morgan Linden Transload Terminal LLC | KM Decatur LLC | |||||||
Kinder Morgan Liquids Terminals LLC | KM Eagle Gathering LLC | |||||||
Kinder Morgan Liquids Terminals St. Gabriel LLC | KM Gathering LLC | |||||||
Kinder Morgan Louisiana Pipeline Holding LLC | KM Kaskaskia Dock LLC | |||||||
Kinder Morgan Louisiana Pipeline LLC | KM Liquids Terminals LLC | |||||||
Kinder Morgan Marine Services LLC | KM North Cahokia Land LLC | |||||||
Kinder Morgan Materials Services, LLC | KM North Cahokia Special Project LLC | |||||||
Kinder Morgan Mid Atlantic Marine Services LLC | KM North Cahokia Terminal Project LLC | |||||||
Kinder Morgan NatGas O&M LLC | KM Ship Channel Services LLC | |||||||
Kinder Morgan NGPL Holdings LLC | KM Treating GP LLC | |||||||
Kinder Morgan North Texas Pipeline LLC | KM Treating Production LLC | |||||||
Kinder Morgan Operating LLC “A” | KM Utopia Operator LLC | |||||||
Kinder Morgan Operating LLC “B” | KMBT Legacy Holdings LLC | |||||||
Kinder Morgan Operating LLC “C” | KMBT LLC | |||||||
Kinder Morgan Operating LLC “D” | KMGP Services Company, Inc. | |||||||
Kinder Morgan Pecos LLC | KN Telecommunications, Inc. | |||||||
Kinder Morgan Pecos Valley LLC | Knight Power Company LLC | |||||||
Kinder Morgan Petcoke GP LLC | Liberty High BTU LLC | |||||||
Kinder Morgan Petcoke LP LLC |
LNG Indy, LLC
|
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Kinder Morgan Petcoke, L.P. | Lomita Rail Terminal LLC | |||||||
Kinder Morgan Petroleum Tankers LLC | Milwaukee Bulk Terminals LLC | |||||||
Kinder Morgan Pipeline LLC | MJR Operating LLC | |||||||
Kinder Morgan Port Manatee Terminal LLC | Mojave Pipeline Company, L.L.C. | |||||||
Kinder Morgan Port Sutton Terminal LLC | Mojave Pipeline Operating Company, L.L.C. | |||||||
Kinder Morgan Port Terminals USA LLC | Paddy Ryan Crane, LLC | |||||||
Kinder Morgan Portland Jet Line LLC | Palmetto Products Pipe Line LLC | |||||||
Kinder Morgan Production Company LLC | PI 2 Pelican State LLC |
Schedule II | ||||||||
(Guarantors) | ||||||||
Current as of: September 30, 2021
|
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Pinney Dock & Transport LLC | ||||||||
Prairie View High BTU LLC
|
||||||||
Queen City Terminals LLC | ||||||||
Rahway River Land LLC | ||||||||
River Terminals Properties GP LLC | ||||||||
River Terminal Properties, L.P. | ||||||||
RNG Indy LLC
|
||||||||
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 | ||||||||
Stagecoach Energy Solutions LLC
|
||||||||
Stagecoach Operating Services LLC
|
||||||||
Stagecoach Pipeline & Storage Company 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 | ||||||||
Twin Bridges High BTU 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”. |
Date: | October 22, 2021 | /s/ Steven J. Kean | ||||||
Steven J. Kean | ||||||||
Chief Executive Officer | ||||||||
Date: | October 22, 2021 | /s/ David P. Michels | ||||||
David P. Michels | ||||||||
Vice President and Chief Financial Officer | ||||||||
Date: | October 22, 2021 | /s/ Steven J. Kean | ||||||
Steven J. Kean | ||||||||
Chief Executive Officer |
Date: | October 22, 2021 | /s/ David P. Michels | ||||||
David P. Michels | ||||||||
Vice President and Chief Financial Officer |