Kinder Morgan, Inc.

For the quarterly period ended September 30, 2025

For the transition period from _____to_____

KINDER MORGAN, INC. (Exact name of registrant as specified in its charter)

Delaware 80-0682103 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

1001 Louisiana Street , Suite 1000 , Houston , Texas 77002 (Address of principal executive offices)(zip code) Registrant's telephone number, including area code: 713 - 369-9000

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

As of October 23, 2025, the registrant had 2,224,760,390 shares of Class P common stock outstanding.

KINDER MORGAN, INC. AND SUBSIDIARIES TABLE OF CONTENTS Page Number Glossary 2 Information Regarding Forward-Looking Statements 3 PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Consolidated Statements of Income - Three and Nine Months Ended September 3 0 , 202 5 and 202 4 4 Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 3 0 , 202 5 and 202 4 5 Consolidated Balance Sheets - as of September 30 , 202 5 and December 31, 202 4 6 Consolidated Statements of Cash Flows - Nine Months Ended September 3 0 , 202 5 and 202 4 7 Consolidated Statements of Stockholders' Equity - Three and Nine Months Ended September 3 0 , 202 5 and 202 4 9 Notes to Consolidated Financial Statements 10 Note 1 . General 10 Note 2. Acquisition s and Divestiture 11 Note 3. Debt 12 Note 4. Stockholders ' Equity 13 Note 5. Risk Management 14 Note 6. Revenue Recognition 19 Note 7. Reportable Segments 22 Note 8. Income Taxes 27 Note 9. Litigation and Environmental 27 Note 10. Recent Accounting Pronouncements 31 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations General and Basis of Presentation 32 Results of Operations 32 Overview 32 Consolidated Earnings Results 35 Non-GAAP Financial Measures 38 Segment Earnings Results 40 Liquidity and Capital Resources 48 Summarized Combined Financial Information for Guarantee of Securities of Subsidiaries 52 Item 3. Quantitative and Qualitative Disclosures About Market Risk 53 Item 4. Controls and Procedures 53 PART II. OTHER INFORMATION Item 1. Legal Proceedings 53 Item 1A. Risk Factors 53 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53 Item 3. Defaults Upon Senior Securities 53 Item 4. Mine Safety Disclosures 53 Item 5. Other Information 53 Item 6. Exhibits 54