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KMI on NYSE

Kinder Morgan

American energy transportation company

Kinder Morgan, Inc. is an American energy infrastructure company. It specializes in owning and controlling oil and gas pipelines and terminals. As of 2024, Kinder Morgan owns an interest in or operates approximately 79,000 miles (127,000 km) of pipelines and 139 terminals.3 It was founded by Richard Kinder.1 It employed about 11,100 people.1 Its revenue was $19.2 billion in 2022.1 Its shares trade on NYSE under the symbol KMI.1 Wikipedia text CC BY-SA 4.0

$34.16 up 1.34 (4.10%)Price as of Oct 16, 2026 at 19:58 UTC

Last updated Oct 21, 2026.

Overview

1997Founded1

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  • TickerKMI on NYSE1
  • Industrypetroleum industry1
  • HeadquartersHouston1
  • Websitewww.kindermorgan.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address1001 Louisiana Street, Suite 1000, Houston, Tx 770026
  • Filer categoryLarge accelerated filer6
  • LEI549300WR7IX8XE0TBO164
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O CAPITOL SERVICES, INC., 19901 Dover, United States4
  • Registered withDivision of Corporations, Department of State, 42096734

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KindermorganbuildingHouston
Photo: WhisperToMe, CC0, via Wikimedia Commons9

Kinder Morgan, Inc. is an American energy infrastructure company. It specializes in owning and controlling oil and gas pipelines and terminals.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

31.1%Operating margin10
20.1%Net margin10
12.7%Revenue growth, 202510
9.8%Return on equity10
0.99×Debt to equity10
$2.9BFree cash flow10

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Firm Services brought in 35% of the revenue Kinder Morgan broke down this way in fiscal 2025.

  1. Firm Services$5.3B1035%up 8% from 2024
  2. Natural Gas Sales$3.9B1026%up 69% from 2024
  3. Product Other Than Natural Gas$3.1B1020%down 12% from 2024
  4. Fee-based services$2.7B1018%up 5% from 2024
  5. Product and Service, Other$192.0M101%down 15% from 2024
  6. Other Commodity$129.0M101%up 25% from 2024
Products and services by year
Products and services202320242025
Firm Services$4.5B$5.0B$5.3B
Natural Gas Sales$2.7B$2.3B$3.9B
Product Other Than Natural Gas$3.9B$3.5B$3.1B
Fee-based services$2.5B$2.6B$2.7B
Product and Service, Other$177.0M$227.0M$192.0M
Other Commodity$58.0M$103.0M$129.0M

Business segments

Natural Gas Pipelines brought in 68% of the revenue Kinder Morgan broke down this way in fiscal 2025.

  1. Natural Gas Pipelines$10.4B1068%up 26% from 2024
  2. Products Pipelines$2.5B1016%down 9% from 2024
  3. Terminals$1.4B109%up 0% from 2024
  4. CO2$1.1B107%down 12% from 2024
Business segments by year
Business segments202320242025
Natural Gas Pipelines$8.3B$8.2B$10.4B
Products Pipelines$2.8B$2.7B$2.5B
Terminals$1.3B$1.4B$1.4B
CO2$1.2B$1.2B$1.1B

Regions

United States brought in 100% of the revenue Kinder Morgan broke down this way in fiscal 2025.

  1. United States$16.9B10100%up 12% from 2024
  2. Mexico$11.0M100%down 74% from 2024
Regions by year
Regions202320242025
United States$15.3B$15.1B$16.9B
Mexico$79.0M$43.0M$11.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs74¢$11.3B
  • Income tax5¢$832.0M
  • Profit20¢$3.1B

Out of $15.2B in revenue.10

Where each dollar of operating cash went, fiscal 2025

  • Capital spending51¢$3.0B
  • Dividends paid44¢$2.6B
  • Kept or used elsewhere5¢$287.0M

Out of $5.9B of cash from operations.10

Financial statements

Revenue1112131410$15.2B in 2025+26% since 2019
0$5.0B$10.0B$15.0B$20.0B2019: $12.1B$12.1B20192020: $10.1B$10.1B2020−16%2021: $16.2B$16.2B2021+60%2022: $18.1B$18.1B2022+12%2023: $13.6B$13.6B2023−25%2024: $13.5B$13.5B2024−1%2025: $15.2B$15.2B2025+13%
Operating income1112131410$4.7B in 2025−3% since 2019
0$2.0B$4.0B$6.0B2019: $4.9B$4.9B20192020: $1.6B$1.6B2020−68%2021: $2.9B$2.9B2021+87%2022: $4.1B$4.1B2022+39%2023: $4.3B$4.3B2023+5%2024: $4.4B$4.4B2024+3%2025: $4.7B$4.7B2025+8%
Net income1112131410$3.1B in 2025+40% since 2019
0$1.0B$2.0B$3.0B$4.0B2019: $2.2B$2.2B20192020: $119.0M$119.0M2020−95%2021: $1.8B$1.8B2021+1399%2022: $2.5B$2.5B2022+43%2023: $2.4B$2.4B2023−6%2024: $2.6B$2.6B2024+9%2025: $3.1B$3.1B2025+17%

Every line of the income statement as filed: the last 3 fiscal years, latest first.10

Period ending2025-12-312024-12-312023-12-31
Revenues$16.9B$15.1B$15.3B
Costs of sales (exclusive of items shown separately below)$5.5B$4.3B$4.9B
Operations and maintenance$3.1B$3.0B$2.8B
Depreciation, depletion, and amortization$2.5B$2.4B$2.2B
General and administrative$744.0M$712.0M$668.0M
Taxes, other than income taxes$445.0M$433.0M$421.0M
Other income, net-$15.0M-$92.0M-$13.0M
Total Operating Costs, Expenses, and Other$12.2B$10.7B$11.1B
Operating Income$4.7B$4.4B$4.3B
Earnings from equity investments$896.0M$840.0M$772.0M
Interest, net-$1.8B-$1.8B-$1.8B
Other, net (Note 3)$173.0M$27.0M-$37.0M
Total Other Expense-$732.0M-$977.0M-$1.1B
Income Before Income Taxes$4.0B$3.4B$3.2B
Income Tax Expense-$832.0M-$687.0M-$715.0M
Net Income$3.2B$2.7B$2.5B
Net Income Attributable to Noncontrolling Interests-$104.0M-$107.0M-$95.0M
Net Income Attributable to Kinder Morgan, Inc.$3.1B$2.6B$2.4B
Basic Earnings Per Share$1.37$1.17$1.06
Diluted Earnings Per Share$1.37$1.17$1.06
Basic Weighted Average Shares Outstanding2.2B shares2.2B shares2.2B shares
Diluted Weighted Average Shares Outstanding2.2B shares2.2B shares2.2B shares

Compare Kinder Morgan with another company

Corporate structure

Kinder Morgan sits at the top of its group. 300 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Kinder Morgan

  • Kinder Morgan Houston, Texas, United States
    • Natural Gas Pipeline Company of America Subsidiary
    • American Petroleum Tankers II LLC Subsidiary · Delaware, United States
    • American Petroleum Tankers III LLC Subsidiary · Delaware, United States
    • American Petroleum Tankers IV LLC Subsidiary · Delaware, United States
    • American Petroleum Tankers IX LLC Subsidiary · Delaware, United States
    • American Petroleum Tankers LLC Subsidiary · Delaware, United States
    • American Petroleum Tankers Parent LLC Subsidiary · Delaware, United States
    • American Petroleum Tankers V LLC Subsidiary · Delaware, United States
    • American Petroleum Tankers VI LLC Subsidiary · Delaware, United States
    • American Petroleum Tankers VII LLC Subsidiary · Delaware, United States
    • American Petroleum Tankers VIII LLC Subsidiary · Delaware, United States
    • American Petroleum Tankers X LLC Subsidiary · Delaware, United States
    • American Petroleum Tankers XI LLC Subsidiary · Delaware, United States
    • ANR Real Estate Corporation Subsidiary · Delaware, United States
    • APT Florida LLC Subsidiary · Delaware, United States
    • APT Intermediate Holdco LLC Subsidiary · Delaware, United States
    • APT New Intermediate Holdco LLC Subsidiary · Delaware, United States
    • APT Pennsylvania LLC Subsidiary · Delaware, United States
    • APT Sunshine State LLC Subsidiary · Delaware, United States
    • Arlington Storage Company, LLC Subsidiary · Delaware, United States
    • Banquete Hub LLC (50%) Subsidiary · Delaware, United States
    • Battleground Oil Specialty Terminal Company LLC (55%) Subsidiary · Delaware, United States
    • Betty Lou LLC Subsidiary · Delaware, United States
    • Calnev Pipe Line LLC Subsidiary · Delaware, United States
    • Camino Real Gas Gathering Company LLC Subsidiary · Delaware, United States
    • and 274 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Kinder Morgan reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$39.3B10 Dec 31, 2025$38.0B10 Dec 31, 2024+3.5%
Operating-lease assets (leased space)$216.0M10 Dec 31, 2025$253.0M10 Dec 31, 2024−14.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$63.0M10 Dec 31, 2025$88.0M10 Dec 31, 2024−28.4%
Stakes in other companies (equity method)$7.5B10 Dec 31, 2025$7.8B10 Dec 31, 2024−4.0%
Long-term investments$7.5B10 Dec 31, 2025$7.8B10 Dec 31, 2024−4.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$20.1B10 Dec 31, 2025$20.1B10 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$1.7B10 Dec 31, 2025$1.8B10 Dec 31, 2024−1.7%
Accumulated amortization$1.9B10 Dec 31, 2025$1.8B10 Dec 31, 2024+3.8%

Inventory

ItemLatestA year beforeChange
Inventory, total$574.0M10 Dec 31, 2025$555.0M10 Dec 31, 2024+3.4%

Stakes and holdings (Wikidata)

Things Wikidata records the company as owning, with the share when stated.1

The story

Founded by Richard Kinder in 1997.1

Beginnings

Kinder Morgan Energy Partners (KMP) was founded in 1997 when a group of investors acquired the general partner of a small, publicly traded pipeline limited partnership (Enron Liquids Pipeline, L.P.) later renamed Kinder Morgan Energy Partners, L.P. Its cofounder Rich Kinder had been the president of Enron. After Kinder was denied an expected promotion to replace Kenneth Lay as chief executive officer, he departed the company, purchasing its interest in ELP for $40 million. Later that year, Kinder Morgan Energy Partners acquired Santa Fe Pacific Pipeline Partners.

In 1999, Kinder Morgan conducted a reverse merger with KN Energy, a utility and pipeline company. Natural Gas Pipeline Company of America (NGPL), which serves the Chicago market, was acquired through this deal. KN Energy became Kinder Morgan's second publicly traded company, Kinder Morgan, Inc. (KMI).

In 2001, Kinder Morgan's third publicly traded company, Kinder Morgan Management, LLC (KMR) was formed to facilitate institutional ownership of KMP equity.

Leveraged buyout

On August 28, 2006, Kinder Morgan announced that it would be taken private in a management-led leveraged buyout totaling approximately $22 billion. Outside participants in the transaction include Fayez Sarofim, Goldman Sachs Alternatives and Highstar Capital (then owned by AIG). In 2007, Kinder Morgan sold KN Energy to General Electric Co. and Alinda Capital Partners, which renamed the company SourceGas.

KMI began trading again on the NYSE on February 11, 2011, following the largest private-equity backed IPO offering in US history.

Subsequent events

In October 2011, Kinder Morgan Inc. agreed to buy El Paso Corp. for $21.1 billion and gave the combined company 67,000 miles (108,000 km) of gas lines, eclipsing Enterprise Products Partners LP as the biggest US pipeline operator. The transaction was paid for with shares of Kinder Morgan, Kinder Morgan warrants, and a cash portion of $11.5 billion through Barclays borrowing.

On August 10, 2014, Kinder announced it was moving to full ownership of its partially owned subsidiaries Kinder Morgan Energy Partners, Kinder Morgan Management, and El Paso Pipeline Partners in a deal worth $71 billion. The transaction closed on November 26, 2014. Prior to November 26, 2014, the Kinder Morgan group publicly traded companies included Kinder Morgan, Inc. (NYSE: KMI), Kinder Morgan Energy Partners, L.P. (NYSE: KMP), Kinder Morgan Management, LLC (NYSE: KMR) and El Paso Pipeline Partners, L.P. (NYSE: EPB); a merger transaction combined all under Kinder Morgan, Inc. (NYSE: KMI), on November 26, 2014.

American Petroleum Tankers

On December 23, 2013, Kinder Morgan announced that, through its Kinder Morgan Energy partner subsidiary, it would acquire the US oil tanker operator American Petroleum Tankers and its affiliated company SCT (State Class Tankers) from the US private equity investment firms Blackstone Group and Cerberus Capital Management. APT operates a fleet of five US-flagged MR 50,000 tons—330,000 barrels—oil tankers and has four other similar tankers on order from the General Dynamics shipbuilding company NASSCO in California. This acquisition appears to be the first case whereby a pipeline operator will also be able to offer marine transportation.

Read the full text

This acquisition would facilitate the export of US natural resources to overseas markets, and Kinder Morgan had lined up several LNG export customers by July 2014.

Winter Storm Uri

During the 2021 Texas power crisis, Kinder Morgan posted a nearly $1 billion one-time net profit after the company voluntarily cut back on its own power (saving $116 million) and sold natural gas to electric utility companies at high prevailing prices (gaining $880 million). An analyst at Mizuho Securities said Kinder Morgan "was not really on anyone’s list of potential winners from Winter Storm Uri. Shame on us [for not seeing it]." Most of the extra gas Kinder Morgan sold went to electric utility companies whose usual non-Kinder suppliers had shut down or blacked out as the catastrophe intensified. Possible long-term ramifications of the storm may be that utilities pay more to guarantee uninterrupted gas deliveries from Kinder Morgan instead.

From Wikipedia’s article on Kinder Morgan, shared under CC BY-SA 4.0.7

Leadership

Who has led Kinder Morgan, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Richard Kinder2011–2015
  2. Steven J. Kean2015–2022
  3. Kimberly J. Allen2023–now

Chair

  1. Richard Kinder2011–now

President

  1. C. Park Shaper2011–2013
  2. Steven J. Kean2013–2015
  3. Jesse Arenivas2016–2017
  4. John W. Schlosser2016–2018
  5. Kimberly J. Allen2018–2023
  6. Thomas A. Martin2024–2026
  7. Dax Sanders2026–now

Chief financial officer

  1. Kimberly J. Allen2011–2017

Chief operating officer

  1. Steven J. Kean2011–2014
  2. James E. Holland2020–2026
  3. Kenneth W. Grubb2026–now
200020052010201520202025
Board members and other officers (41)

Subsidiaries and ownership

Subsidiaries

Also owns

Subsidiaries (Exhibit 21)

  • ANR Real Estate Corporation Delaware8
  • APT Florida LLC Delaware8
  • APT Intermediate Holdco LLC Delaware8
  • APT New Intermediate Holdco LLC Delaware8
  • APT Pennsylvania LLC Delaware8
  • APT Sunshine State LLC Delaware8
  • American Petroleum Tankers II LLC Delaware8
  • American Petroleum Tankers III LLC Delaware8
  • American Petroleum Tankers IV LLC Delaware8
  • American Petroleum Tankers IX LLC Delaware8
  • American Petroleum Tankers LLC Delaware8
  • American Petroleum Tankers Parent LLC Delaware8
  • American Petroleum Tankers V LLC Delaware8
  • American Petroleum Tankers VI LLC Delaware8
  • American Petroleum Tankers VII LLC Delaware8
  • American Petroleum Tankers VIII LLC Delaware8
  • American Petroleum Tankers X LLC Delaware8
  • American Petroleum Tankers XI LLC Delaware8
  • Arlington Storage Company, LLC Delaware8
  • Banquete Hub LLC (50%) Delaware8
  • Battleground Oil Specialty Terminal Company LLC (55%) Delaware8
  • Betty Lou LLC Delaware8
  • CDE Pipeline LLC Delaware8
  • CIG Gas Storage Company LLC Delaware8
All 301 listed subsidiaries
  • CIG Pipeline Services Company, L.L.C. Delaware8
  • CPNO Services LLC Texas8
  • Calnev Pipe Line LLC Delaware8
  • Camino Real Gas Gathering Company LLC Delaware8
  • Camino Real Gathering Company, L.L.C. Delaware8
  • Cantera Gas Company LLC Delaware8
  • Cedar Cove Midstream LLC (70%) Delaware8
  • Central Florida Pipeline LLC Delaware8
  • Cheyenne Plains Gas Pipeline Company, L.L.C. Delaware8
  • Coastal Eagle Point Oil Company Delaware8
  • Coastal Oil New England, Inc. Massachusetts8
  • Colorado Interstate Gas Company, L.L.C. Delaware8
  • Colorado Interstate Issuing Corporation Delaware8
  • Copano Double Eagle LLC Delaware8
  • Copano Energy Finance Corporation Delaware8
  • Copano Energy Services/Upper Gulf Coast LLC Texas8
  • Copano Energy, L.L.C. Delaware8
  • Copano Field Services GP, L.L.C. Delaware8
  • Copano Field Services/North Texas, L.L.C. Delaware8
  • Copano Field Services/South Texas LLC Texas8
  • Copano Field Services/Upper Gulf Coast LLC Texas8
  • Copano Liberty, LLC Delaware8
  • Copano NGL Services (Markham), L.L.C. Delaware8
  • Copano NGL Services LLC Texas8
  • Copano Pipelines Group, L.L.C. Delaware8
  • Copano Pipelines/North Texas, L.L.C. Delaware8
  • Copano Pipelines/Rocky Mountains, LLC Delaware8
  • Copano Pipelines/South Texas LLC Texas8
  • Copano Pipelines/Upper Gulf Coast LLC Texas8
  • Copano Processing LLC Texas8
  • Copano Risk Management LLC Texas8
  • Copano Terminals LLC Delaware8
  • Copano/Webb-Duval Pipeline LLC Delaware8
  • Coscol Petroleum Corporation Delaware8
  • Dakota Bulk Terminal LLC Delaware8
  • Delta Terminal Services LLC Delaware8
  • EP Ruby LLC Delaware8
  • EPBGP Contracting Services LLC Delaware8
  • EPC Building LLC Delaware8
  • EPC Property Holdings, Inc. Delaware8
  • EPEC Corporation Delaware8
  • EPEC Polymers, Inc. Delaware8
  • EPEC Realty, Inc. Delaware8
  • EPED B Company Cayman Islands8
  • EPED Holding Company Delaware8
  • EPTP Issuing Corporation Delaware8
  • Eagle Ford Gathering LLC Delaware8
  • Eagle Ford Midstream LLC Texas8
  • El Paso Amazonas Energia Ltda. Brazil8
  • El Paso CGP Company, L.L.C. Delaware8
  • El Paso CNG Company, L.L.C. Delaware8
  • El Paso Cheyenne Holdings, L.L.C. Delaware8
  • El Paso Citrus Holdings, Inc. Delaware8
  • El Paso Energy Argentina Service Company Delaware8
  • El Paso Energy Capital Trust I Delaware8
  • El Paso Energy E.S.T. Company Delaware8
  • El Paso Energy International Company Delaware8
  • El Paso Energy Marketing de Mexico, S. de R.L. de C.V. Mexico8
  • El Paso Energy Service Company, L.L.C. Delaware8
  • El Paso LLC Delaware8
  • El Paso Merchant Energy North America Company, L.L.C. Delaware8
  • El Paso Merchant Energy-Petroleum Company Delaware8
  • El Paso Mexico Holding B.V. Netherlands8
  • El Paso Midstream Group LLC Delaware8
  • El Paso Natural Gas Company, L.L.C. Delaware8
  • El Paso Noric Investments III, L.L.C. Delaware8
  • El Paso Reata Energy Company, L.L.C. Delaware8
  • El Paso Remediation Company Delaware8
  • El Paso Ruby Holding Company, L.L.C. Delaware8
  • El Paso Services Holding Company Delaware8
  • El Paso Tennessee Pipeline Co., L.L.C. Delaware8
  • Elba Express Company, L.L.C. Delaware8
  • Elba Liquefaction Company, L.L.C. (25.5 %) Delaware8
  • Elizabeth River Terminals LLC Delaware8
  • Emory B Crane, LLC Louisiana8
  • Frank L. Crane, LLC Louisiana8
  • General Stevedores GP, LLC Texas8
  • General Stevedores Holdings LLC Delaware8
  • HBM Environmental LLC Delaware8
  • Hiland Crude, LLC Oklahoma8
  • Hiland Partners Holdings LLC Delaware8
  • Hiland Sanderson System Holdings LLC Delaware8
  • Hiland Sanderson System LLC Delaware8
  • I.M.T. Land Corp. Louisiana8
  • ICPT, L.L.C. Louisiana8
  • Independent Trading & Transportation Company I, L.L.C. Oklahoma8
  • International Marine Terminals Partnership Louisiana8
  • JV Tanker Charterer LLC Delaware8
  • K N Capital Trust I Delaware8
  • K N Capital Trust II Delaware8
  • K N Capital Trust III Delaware8
  • KM Crane LLC Maryland8
  • KM Decatur LLC Delaware8
  • KM Eagle Gathering LLC Delaware8
  • KM Energy LLC Delaware8
  • KM Energy, Inc. Delaware8
  • KM Express LLC Delaware8
  • KM Gas Marketing LLC Delaware8
  • KM Insurance Texas Inc. Texas8
  • KM Kaskaskia Dock LLC Delaware8
  • KM Liquids Marketing LLC Delaware8
  • KM Liquids Terminals LLC Delaware8
  • KM Louisiana Haynesville Header Pipeline LLC Delaware8
  • KM Louisiana Midstream LLC Delaware8
  • KM Mississippi Intrastate System LLC Delaware8
  • KM North Cahokia Land LLC Delaware8
  • KM North Cahokia Special Project LLC Delaware8
  • KM North Cahokia Terminal Project LLC Delaware8
  • KM Phoenix Holdings LLC (75%) Delaware8
  • KM Ship Channel Services LLC Delaware8
  • KM Treating GP LLC Delaware8
  • KM Utopia Operator LLC Delaware8
  • KM Utopia Operator Limited Alberta (Canada)8
  • KMBT LLC Delaware8
  • KMBT Legacy Holdings LLC Tennessee8
  • KMGP Services Company, Inc. Delaware8
  • KN Telecommunications, Inc. Colorado8
  • Kinder Morgan 2-Mile LLC Delaware8
  • Kinder Morgan Administrative Services Tampa LLC Delaware8
  • Kinder Morgan Altamont LLC Delaware8
  • Kinder Morgan Arlington RNG LLC Texas8
  • Kinder Morgan Baltimore Transload Terminal LLC Delaware8
  • Kinder Morgan Battleground Oil LLC Delaware8
  • Kinder Morgan Border Pipeline LLC Delaware8
  • Kinder Morgan Bulk Terminals LLC Louisiana8
  • Kinder Morgan CCS Holdco LLC Delaware8
  • Kinder Morgan CO 2 Company LLC Texas8
  • Kinder Morgan Carbon Dioxide Transportation Company Delaware8
  • Kinder Morgan Commercial Services LLC Delaware8
  • Kinder Morgan Contracting Services LLC Delaware8
  • Kinder Morgan Crude & Condensate LLC Delaware8
  • Kinder Morgan Crude Marketing LLC Delaware8
  • Kinder Morgan Crude Oil Pipelines LLC Delaware8
  • Kinder Morgan Crude to Rail LLC Delaware8
  • Kinder Morgan Cushing LLC Delaware8
  • Kinder Morgan Dallas Fort Worth Rail Terminal LLC Delaware8
  • Kinder Morgan Deeprock North Holdco LLC Delaware8
  • Kinder Morgan EP Midstream LLC Delaware8
  • Kinder Morgan Endeavor LLC Delaware8
  • Kinder Morgan Energy Partners, L.P. Delaware8
  • Kinder Morgan Energy Transition Ventures Holdco LLC Delaware8
  • Kinder Morgan Finance Company LLC Delaware8
  • Kinder Morgan Foundation Colorado8
  • Kinder Morgan Freedom Pipeline LLC Delaware8
  • Kinder Morgan GP LLC Delaware8
  • Kinder Morgan Gas Natural de Mexico, S. de R.L. de C.V. Mexico8
  • Kinder Morgan Gulf Coast CCS LLC Delaware8
  • Kinder Morgan IMT Holdco LLC Delaware8
  • Kinder Morgan KMAP LLC Delaware8
  • Kinder Morgan Keystone Gas Storage LLC Delaware8
  • Kinder Morgan Las Vegas LLC Delaware8
  • Kinder Morgan Linden Transload Terminal LLC Delaware8
  • Kinder Morgan Liquids Terminals LLC Delaware8
  • Kinder Morgan Liquids Terminals St. Gabriel LLC Delaware8
  • Kinder Morgan Louisiana Pipeline Holding LLC Delaware8
  • Kinder Morgan Louisiana Pipeline LLC Delaware8
  • Kinder Morgan Marine Services LLC Delaware8
  • Kinder Morgan Materials Services, LLC Delaware8
  • Kinder Morgan Mexico LLC Delaware8
  • Kinder Morgan Mid Atlantic Marine Services LLC Delaware8
  • Kinder Morgan NGPL Holdings LLC Delaware8
  • Kinder Morgan NatGas O&M LLC Delaware8
  • Kinder Morgan North Texas Pipeline LLC Delaware8
  • Kinder Morgan Operating LLC “A” Delaware8
  • Kinder Morgan Operating LLC “B” Delaware8
  • Kinder Morgan Operating LLC “C” Delaware8
  • Kinder Morgan Operating LLC “D” Delaware8
  • Kinder Morgan Operating LLC “E” Delaware8
  • Kinder Morgan Pecos LLC Delaware8
  • Kinder Morgan Pecos Valley LLC Delaware8
  • Kinder Morgan Permian CCS LLC Delaware8
  • Kinder Morgan Petcoke GP LLC Delaware8
  • Kinder Morgan Petcoke LP LLC Delaware8
  • Kinder Morgan Petcoke, L.P. Delaware8
  • Kinder Morgan Petroleum Tankers LLC Delaware8
  • Kinder Morgan Pipeline LLC Delaware8
  • Kinder Morgan Port Manatee Terminal LLC Delaware8
  • Kinder Morgan Port Sutton Terminal LLC Delaware8
  • Kinder Morgan Port Terminals USA LLC Delaware8
  • Kinder Morgan Portland Bulk LLC Delaware8
  • Kinder Morgan Portland Holdings LLC Delaware8
  • Kinder Morgan Portland Intermediate Holdings I LLC Delaware8
  • Kinder Morgan Portland Intermediate Holdings II LLC Delaware8
  • Kinder Morgan Portland Jet Line LLC Delaware8
  • Kinder Morgan Portland Liquids Terminals LLC Delaware8
  • Kinder Morgan Portland Operating LLC Delaware8
  • Kinder Morgan Production Company LLC Delaware8
  • Kinder Morgan Products Terminals LLC Delaware8
  • Kinder Morgan RNG Holdco LLC Delaware8
  • Kinder Morgan Rail Services LLC Delaware8
  • Kinder Morgan Ranger LLC Delaware8
  • Kinder Morgan Resources II LLC Delaware8
  • Kinder Morgan Resources III LLC Delaware8
  • Kinder Morgan Rockies Marketing LLC Delaware8
  • Kinder Morgan SNG Operator LLC Delaware8
  • Kinder Morgan Scurry Connector LLC Delaware8
  • Kinder Morgan Services International LLC Delaware8
  • Kinder Morgan Seven Oaks LLC Delaware8
  • Kinder Morgan Southeast Terminals LLC Delaware8
  • Kinder Morgan Tank Storage Terminals LLC Delaware8
  • Kinder Morgan Tejas Pipeline GP LLC Delaware8
  • Kinder Morgan Tejas Pipeline LLC Delaware8
  • Kinder Morgan Terminals LLC Delaware8
  • Kinder Morgan Terminals Wilmington LLC Delaware8
  • Kinder Morgan Texas Pipeline LLC Delaware8
  • Kinder Morgan Texas Terminals, L.P. Delaware8
  • Kinder Morgan Transmix Company, LLC Delaware8
  • Kinder Morgan Treating LP Delaware8
  • Kinder Morgan Treating Odessa LLC Delaware8
  • Kinder Morgan Turkey Run RNG LLC Delaware8
  • Kinder Morgan Urban Renewal II, LLC New Jersey8
  • Kinder Morgan Urban Renewal, L.L.C. New Jersey8
  • Kinder Morgan Utica LLC Delaware8
  • Kinder Morgan Vehicle Services LLC Delaware8
  • Kinder Morgan Victoria RNG LLC Texas8
  • Kinder Morgan Virginia Liquids Terminals LLC Delaware8
  • Kinder Morgan Wink Pipeline LLC Delaware8
  • KinderHawk Field Services LLC Delaware8
  • Kinetrex Energy Real Estate Company, LLC Indiana8
  • Kinetrex Energy Transportation, LLC Indiana8
  • Kinetrex Holdco, Inc. Delaware8
  • Knight Power Company LLC Delaware8
  • LNG Indy, LLC Indiana8
  • Liberty High BTU LLC Delaware8
  • Lomita Rail Terminal LLC Delaware8
  • MJR Operating LLC Maryland8
  • Mesquite Investors, L.L.C. Delaware8
  • Milwaukee Bulk Terminals LLC Wisconsin8
  • Mission Natural Gas Company LLC Texas8
  • Mojave Pipeline Company, L.L.C. Delaware8
  • Mojave Pipeline Operating Company, L.L.C. Texas8
  • NEP DC Holdings, LLC Delaware8
  • NET Mexico Pipeline LLC Texas8
  • NET Mexico Pipeline Partners, LLC (90%) Delaware8
  • NET Midstream, LLC Texas8
  • North American Bio-Fuels, L.L.C. Michigan8
  • North American Natural Resources, LLC Delaware8
  • North American Natural Resources-SBL, LLC Michigan8
  • North American-Central, LLC Michigan8
  • PI 2 Pelican State LLC Delaware8
  • Paddy Ryan Crane, LLC Louisiana8
  • Palmetto Products Pipe Line LLC Delaware8
  • Pinney Dock & Transport LLC Delaware8
  • Prairie View High BTU LLC Delaware8
  • Queen City Terminals LLC Delaware8
  • RNG Indy LLC Delaware8
  • Rahway River Land LLC Delaware8
  • River Terminal Properties, L.P. Tennessee8
  • River Terminals Properties GP LLC Delaware8
  • SFPP, L.P. (99.5%) Delaware8
  • SNG Pipeline Services Company, L.L.C. Delaware8
  • SRT Vessels LLC Delaware8
  • Southern Gulf LNG Company, L.L.C. Delaware8
  • Southern LNG Company, L.L.C. Delaware8
  • Southern Liquefaction Company LLC Delaware8
  • Southwest Florida Pipeline LLC Delaware8
  • Stagecoach Energy Solutions LLC Delaware8
  • Stagecoach Gas Services LLC Delaware8
  • Stagecoach Operating Services LLC Delaware8
  • Stagecoach Pipeline & Storage Company LLC New York8
  • Stevedore Holdings, L.P. Delaware8
  • TGP Pipeline Services Company, L.L.C. Delaware8
  • Tejas Gas, LLC Delaware8
  • Tejas Natural Gas, LLC Delaware8
  • Tennessee Gas Pipeline Company, L.L.C. Delaware8
  • Tennessee Gas Pipeline Issuing Corporation Delaware8
  • Texan Tug LLC Delaware8
  • The Pecos Carbon Dioxide Pipeline Company (95.28%) Texas8
  • TransColorado Gas Transmission Company LLC Delaware8
  • Transload Services, LLC Illinois8
  • Trident Intrastate Pipeline LLC Delaware8
  • Twin Bridges High BTU LLC Delaware8
  • Twin Tier Pipeline LLC Delaware8
  • Utica Marcellus Texas Pipeline LLC Delaware8
  • Webb/Duval Gatherers (91%) Texas8
  • Western Plant Services LLC Delaware8
  • Wyoming Interstate Company, L.L.C. Delaware8

From Wikidata.1 The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Acquisitions

  1. Dec 21, 2000Acquired Kinder Morgan Texas Pipeline LLC1

Former names

  • Kinder Morgan Holdco LLCNov 23, 2010 to Feb 11, 20116

Timeline

  1. Sep 28, 20268-K Regulation FD disclosure71
  2. Sep 4, 20268-K Regulation FD disclosure72
  3. Aug 10, 20268-K Regulation FD disclosure73
  4. Aug 3, 20268-K Other events74
  5. Jul 22, 20268-K Results of operations75
  6. May 28, 20268-K Entered a material agreement; New debt or obligation76
  7. May 19, 20268-K Shareholder vote77
  8. May 15, 20268-K Regulation FD disclosure78
  9. Apr 27, 20268-K Regulation FD disclosure79
  10. Apr 22, 20268-K Results of operations; Executive or director change80
  11. Feb 23, 20268-K Regulation FD disclosure81
  12. Jan 29, 20268-K Regulation FD disclosure82
  13. Aug 2, 2023New chief executive Kimberly J. Allen becomes CEO18
  14. Jun 15, 2015New chief executive Steven J. Kean becomes CEO19
  15. Feb 11, 2011Went public Listed on NYSE1
  16. Feb 10, 2011New chief executive Richard Kinder becomes CEO20
  17. 1997Founded Founded1

Calendar

Coming up

  1. Oct 21, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.29 a share, on Oct 22, 2025.83

When it reported results

  1. Jul 22, 2026Reported quarterly or annual results75
  2. Apr 22, 2026Reported quarterly or annual results80
  3. Jan 21, 2026Reported quarterly or annual results84
  4. Oct 22, 2025Reported quarterly or annual results85
  5. Jul 16, 2025Reported quarterly or annual results86
  6. Apr 16, 2025Reported quarterly or annual results87
  7. Jan 22, 2025Reported quarterly or annual results88
  8. Oct 16, 2024Reported quarterly or annual results89

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

432 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 92 major events, 202 insider forms, 14 large holders, 104 other. The latest 20:

  1. Oct 2, 2026144 EDGAR
  2. Oct 1, 2026SD EDGAR
  3. Sep 28, 20268-K EDGAR
  4. Sep 18, 20264 EDGAR
  5. Sep 16, 2026144 EDGAR
  6. Sep 8, 20263 EDGAR
  7. Sep 4, 20268-K EDGAR
  8. Aug 18, 20264 EDGAR
  9. Aug 10, 20268-K EDGAR
  10. Aug 3, 20264 EDGAR
  11. Aug 3, 20264 EDGAR
  12. Aug 3, 20264 EDGAR
  13. Aug 3, 20264 EDGAR
  14. Aug 3, 20264 EDGAR
  15. Aug 3, 20264 EDGAR
  16. Aug 3, 20264 EDGAR
  17. Aug 3, 20264 EDGAR
  18. Aug 3, 20268-K EDGAR
  19. Jul 29, 2026424B2 EDGAR
  20. Jul 28, 2026FWP EDGAR

The 432 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

77 open-market trades by officers, directors and large owners since October 2021: 11 buys and 66 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 16, 2026Garthwaite Michael P.VP (Pres., Products Pipelines)Sale1,550$30.80$47.7KForm 4
Aug 17, 2026Garthwaite Michael P.VP (Pres., Products Pipelines)Sale1,550$32.65$50.6KForm 4
Jul 16, 2026Garthwaite Michael P.VP (Pres., Products Pipelines)Sale1,550$32.52$50.4KForm 4
Jul 6, 2026Schlosser John WV.P. (President, Terminals)Sale6,166$31.90$196.7KForm 4
Jun 16, 2026Garthwaite Michael P.VP (Pres., Products Pipelines)Sale1,550$31.44$48.7KForm 4
Jun 5, 2026Schlosser John WV.P. (President, Terminals)Sale6,166$31.83$196.3KForm 4
May 18, 2026Garthwaite Michael P.VP (Pres., Products Pipelines)Sale1,550$33.65$52.2KForm 4
May 5, 2026Schlosser John WV.P. (President, Terminals)Sale6,166$32.41$199.8KForm 4
Apr 16, 2026Garthwaite Michael P.VP (Pres., Products Pipelines)Sale1,550$31.72$49.2KForm 4
Apr 6, 2026Schlosser John WV.P. (President, Terminals)Sale6,166$32.93$203.0KForm 4
Mar 16, 2026Garthwaite Michael P.VP (Pres., Products Pipelines)Sale1,550$33.30$51.6KForm 4
Mar 5, 2026Schlosser John WV.P. (President, Terminals)Sale6,166$33.68$207.7KForm 4
Feb 17, 2026ASHLEY ANTHONY BVP (President, CO2 and ETV)Sale8,000$31.95$255.6KForm 4
Feb 5, 2026Schlosser John WV.P. (President, Terminals)Sale6,166$30.09$185.5KForm 4
Feb 2, 2026SMITH WILLIAM ADirectorBuy3,000$29.75$89.2KForm 4
Jan 22, 2026Michels David PatrickVP and Chief Financial OfficerSale20,000$30.00$600.0KForm 4
Jan 5, 2026Schlosser John WV.P. (President, Terminals)Sale6,166$27.49$169.5KForm 4
Dec 5, 2025Schlosser John WV.P. (President, Terminals)Sale6,166$27.81$171.5KForm 4
Nov 10, 2025Schlosser John WV.P. (President, Terminals)Sale6,166$27.00$166.5KForm 4
Oct 31, 2025Chronis Amy WDirectorBuy3,800$26.23$99.7KForm 4

All 77 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Kimberly A. DangChief Executive Officer56$523.1K$12.3M94
2025Dax A. SandersExecutive Vice President51$523.1K$4.2M94
2025Sital K. ModyVice President (President, Natural Gas Pipelines)55$523.1K$4.1M94
2025David P. MichelsVice President and Chief Financial Officer47$523.1K$3.9M94
2025John W. SchlosserVice President (President, Terminals)63$523.1K$3.8M94
2024Kimberly A. DangChief Executive Officer56$500.0K$11.5M94
2024Sital K. ModyVice President (President, Natural Gas Pipelines)55$500.0K$4.0M94
2024John W. SchlosserVice President (President, Terminals)63$500.0K$3.7M94
2024David P. MichelsVice President and Chief Financial Officer47$500.0K$3.7M94
2024Dax A. SandersExecutive Vice President51$500.0K$3.7M94
2023Kimberly A. DangChief Executive Officer56$498.1K$12.4M94
2023Dax A. SandersExecutive Vice President51$498.1K$3.5M94
2023David P. MichelsVice President and Chief Financial Officer47$498.1K$3.4M94

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.175,834,246$5.6B0.1%+1,875,143
State Street Corp130,863,419$4.2B0.1%+5,361,578
Vanguard Capital Management LLC125,590,355$4.0B0.1%+636,775
Vanguard Portfolio Management LLC67,892,944$2.2B0.1%+571,466
Bank Of America Corp /de/61,455,987$2.0B0.1%−562,407
Geode Capital Management, LLC55,692,758$1.8B0.1%+751,371
Norges Bank37,596,771$1.2B0.1%New
Jpmorgan Chase & Co32,412,710$1.0B0.1%+1,445,551
Morgan Stanley30,476,699$974.3M0.1%+207,038
Charles Schwab Investment Management Inc29,766,795$952.0M0.1%−599,249
Blackstone Inc.26,068,839$833.4M2.7%+5,097,653
Goldman Sachs Group Inc25,719,613$822.3M0.1%+3,157,913
Invesco Ltd.22,694,082$725.5M0.1%+1,118,126
Northern Trust Corp17,728,713$566.8M0.1%−967,359
Dimensional Fund Advisors LP17,539,770$560.8M0.1%+302,386
Fmr LLC16,581,098$530.1M0.0%−1,303,204
UBS Group AG16,345,932$522.6M0.1%−1,464,146
Amundi14,734,446$471.1M0.1%−396,254
Deutsche Bank Ag\13,490,868$431.3M0.1%−3,787,688
Legal & General Group Plc12,894,790$412.2M0.1%−1,414,038
Wells Fargo & Company/mn12,553,400$401.3M0.1%+7,559
Bank of New York Mellon Corp11,868,053$379.4M0.1%−484,233
Orbis Allan Gray Ltd11,797,985$377.2M1.3%+489,521
Aqr Capital Management LLC11,610,534$371.2M0.1%+316,729
Vanguard Fiduciary Trust Co10,940,224$349.8M0.1%−26,316

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

41 trades disclosed by members of Congress, the latest 25. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Mar 27, 2026Alan ArmstrongRepublican, SenateSale$1,001 - $15,000+25.3%Report
Feb 19, 2026Rick W. AllenRepublican, HouseBuy$1,001 - $15,000−11.9%Report
Feb 10, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−5.7%Report
Jan 9, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseSale$1,001 - $15,000−9.8%Report
Oct 24, 2025Marjorie Taylor GreeneRepublican, HouseBuy$1,001 - $15,000+13.0%Report
Sep 5, 2025Gilbert Ray Cisneros, Jr.Democratic, HousePartial sale$1,001 - $15,000−4.2%Report
Aug 5, 2025Gilbert Ray Cisneros, Jr.Democratic, HousePartial sale$1,001 - $15,000+5.9%Report
Jul 22, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+1.0%Report
Jul 11, 2025Ritchie TorresDemocratic, HouseSale$1,001 - $15,000+5.9%Report
Jul 10, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−5.2%Report
May 30, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−13.9%Report
May 5, 2025Marjorie Taylor GreeneRepublican, HouseBuy$1,001 - $15,000−14.8%Report
Apr 29, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−18.6%Report
Apr 3, 2025Dwight EvansDemocratic, HousePartial sale$1,001 - $15,000+25.4%Report
Mar 17, 2025Marjorie Taylor GreeneRepublican, HouseBuy$1,001 - $15,000−18.0%Report
Jan 21, 2025Marjorie Taylor GreeneRepublican, HouseBuy$1,001 - $15,000−22.9%Report
Sep 26, 2024Ritchie TorresDemocratic, HouseBuy$1,001 - $15,000+16.5%Report
Aug 21, 2024Marjorie Taylor GreeneRepublican, HouseBuy$1,001 - $15,000+18.8%Report
May 21, 2024Marjorie Taylor GreeneRepublican, HouseBuy$1,001 - $15,000+21.0%Report
Apr 10, 2024Chip RoyRepublican, HouseSale$1,001 - $15,000−29.5%Report
Sep 28, 2023Robert J. WittmanRepublican, HouseSale$1,001 - $15,000−16.8%Report
Aug 1, 2023Michael GuestRepublican, HouseSale$15,001 - $50,000−17.8%Report
Jan 11, 2023Michael GuestRepublican, HouseSale$1,001 - $15,000+20.4%Report
Aug 3, 2022Kathy Manning, HouseSale$1,001 - $15,000+1.9%Report
Aug 1, 2022Virginia FoxxRepublican, HouseSale$50,001 - $100,000+4.5%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Kinder Morgan is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARKINDER MORGAN, INC.2
  • CIK0001506307
  • Employer ID (EIN)80-068210395
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company95
  • Incorporated inDelaware95
  • Fiscal year endsDecember 312
  • Industry code (SIC)4922 Natural Gas Transmission2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address1001 Louisiana Street, Suite 1000, Houston, TX 770022
  • Phone713-369-90002
  • Shares outstanding2,226,802,089 as of Jul 23, 202616
  • Public float$57.1B as of Jun 30, 202595
  • AuditorPricewaterhouseCoopers LLP, Houston, Texas PCAOB ID 238; it also attests to the company’s internal control over financial reporting95
  • On EDGAR sinceNov 23, 20102
  • Filings1,574 in all: 4 (581), 8-K (344), 425 (105), 3 (55), 10-Q (47), 144 (34), SC 13G/A (31), CORRESP (26)2
    All 56 form types

    UPLOAD (24), 4/A (22), DEFA14A (20), 11-K (17), 424B5 (17), FWP (17), 10-K (16), 424B2 (16), 424B3 (16), DEF 14A (16), SD (15), 5 (14), PX14A6G (14), POSASR (11), SC 13G (10), S-8 (9), 8-K/A (8), EFFECT (8), 3/A (6), S-3ASR (6), SC 13E3/A (6), DEFA14C (5), POS AM (5), S-1/A (5), S-4/A (5), 144/A (4), 8-A12B (4), CERTNYS (4), SC 13D/A (4), 25-NSE (3), PRE 14A (3), DFAN14A (2), S-4 (2), S-8 POS (2), SC 13E3 (2), 10-Q/A (1), 11-K/A (1), 15-12B (1), 424B1 (1), 5/A (1), 8-A12B/A (1), CT ORDER (1), S-1 (1), S-1MEF (1), S-3 (1), SC 13D (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Feb 13, 2026
    Quarterly report (10-Q) Jul 24, 2026
    Proxy statement (DEF 14A) Apr 2, 2026
    Latest 8-K (8-K) Sep 28, 2026

Securities registered for trading

ClassSymbolExchange
Class P Common StockKMINew York Stock Exchange
2.250% Senior Notes due 2027KMI 27 ANew York Stock Exchange

From the cover page of the 10-K filed Feb 13, 2026 (Section 12(b) of the Exchange Act).95

Risk factors and legal proceedings

The risks Kinder Morgan names in Item 1A of its 10-K filed Feb 13, 2026: 32 risks under these headings, as written.95

  • Risks Related to our Business
  • Our businesses are dependent on the supply of and demand for the products we handle.
  • Expanding our existing assets and constructing new assets is part of our growth strategy. Our ability to begin and complete expansion and new-build projects may be inhibited by difficulties in obtaining permits and rights-of-way, public opposition, increases in costs of construction materials, cost overruns, inclement weather, and other delays. If we pursue projects through joint ventures with others, we will share control of and any benefits from those projects.
  • We face competition from other pipelines and terminals, as well as other forms of transportation and storage.
  • The volatility of crude oil, NGL, and natural gas prices could adversely affect our business.
  • Commodity transportation and storage activities involve numerous risks that may result in accidents or otherwise adversely affect our operations.
  • Our operating results may be adversely affected by unfavorable economic and market conditions.
  • Financial distress experienced by our customers or other counterparties could have an adverse impact on us in the event they are unable to pay us for the products or services we provide or otherwise fulfill their obligations to us.
  • We are subject to reputational risks and risks relating to public opinion.
  • Our use of hedging arrangements does not eliminate our exposure to commodity price risks and could result in financial losses or volatility in our income.
  • A breach of information security or the failure of one or more key IT or operational (OT) systems, or those of third parties, may adversely affect our business, results of operations, or business reputation.
  • Attacks, including acts of terrorism or cyber sabotage, or the threat of such attacks, may adversely affect our business or reputation.
The other 21 risks
  • Development of new technologies could create additional risk, or we may not have sufficient resources to manage our technology.
  • The acquisition of additional businesses and assets is part of our growth strategy. We may experience difficulties completing acquisitions or integrating new businesses and properties, and we may be unable to achieve the benefits we expect from any future acquisitions.
  • Hurricanes, earthquakes, flooding, and other natural disasters, as well as subsidence and coastal erosion and climate-related physical risks, could have an adverse effect on our business, financial condition, and results of operations.
  • Our insurance policies do not cover all losses, costs or liabilities that we may experience, and insurance companies that currently insure companies in the energy industry may cease to do so or substantially increase premiums.
  • Substantially all of the land on which our pipelines are located is owned by third parties. If we are unable to procure and maintain access to land owned by third parties, our revenue and operating costs, and our ability to complete construction projects, could be adversely affected.
  • The future success of our oil and gas development and production operations depends in part upon our ability to develop additional oil and gas reserves that are economically recoverable, which involves risks that may result in a total loss of investment.
  • Our business requires the retention and recruitment of a skilled executive team and workforce, and difficulties recruiting and retaining executives and other key personnel could impair our ability to develop and implement our business strategy.
  • Risks Related to Financing Our Business
  • Our substantial debt could adversely affect our financial health and make us more vulnerable to adverse economic conditions.
  • Our business, financial condition and operating results may be affected adversely by adverse changes in the availability, terms, and cost of capital or a reduction in the availability of credit.
  • Our large amount of debt makes us vulnerable to increases in interest rates to the extent we have variable-rate debt and maturing fixed-rate debt.
  • Our debt instruments may limit our financial flexibility and increase our financing costs.
  • Risks Related to Regulation
  • The FERC or state public utility commissions, such as the CPUC, may establish pipeline tariff rates that have a negative impact on us. In addition, the FERC, state public utility commissions, or our customers could initiate proceedings or file complaints challenging the tariff rates charged by our pipelines, which could have an adverse impact on us.
  • New or amended laws, policies, regulations and oversight requirements, and compliance complexity resulting from disparities in requirements imposed by federal, state, and local authorities, could adversely impact our earnings, cash flows, and operations.
  • Environmental, health, and safety laws and regulations could expose us to significant costs and liabilities.
  • Increased regulatory requirements relating to the safety and integrity of our pipelines may require us to incur significant capital and operating expenses.
  • Changes in U.S. trade policy and the impact of tariffs may have a material adverse effect on our business and results of operations.
  • Climate-related risks and related regulation could result in significantly increased operating, capital, and other costs for us and could reduce demand for our products and services.
  • Increased regulation of exploration and production activities, including activity on public lands, could result in reductions or delays in drilling and completing new oil and natural gas wells, as well as reductions in production from existing wells, which could adversely impact the volumes of natural gas transported on our natural gas pipelines and our own oil and gas development and production activities.
  • The Jones Act includes restrictions on ownership by non-U.S. citizens of our U.S. point-to-point maritime shipping vessels, and failure to comply with the Jones Act, or changes to or a repeal of the Jones Act, could limit our ability to operate our vessels in the U.S. coastwise trade, result in the forfeiture of our vessels or otherwise adversely impact our earnings, cash flows, and operations.
  • Risks Related to Ownership of Our Capital Stock
  • The guidance we provide for our anticipated dividends is based on estimates. Circumstances may arise that lead to conflicts between using funds to pay anticipated dividends or to invest in our business.
  • Our certificate of incorporation restricts the ownership of our common stock by non-U.S. citizens within the meaning of the Jones Act. These restrictions may affect the liquidity of our common stock and may result in non-U.S. citizens being required to sell their shares at a loss.

Legal proceedings

See Note 17 “Litigation and Environmental” to our consolidated financial statements.

The opening of Item 3, Legal Proceedings.95

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