Kinder Morgan, Inc.

Filing receipts

“34 Below are the changes in Natural Gas Pipelines Segment EBDA: Three Months Ended March 31, 2026 2025 Increase/ (Decrease) (In millions) Midstream $ 647 $ 445 $ 202 East 781 746 35 West 283 262 21 Total Natural Gas Pipelines $ 1,711 $ 1,453 $ 258 The changes in Natural Gas Pipelines Segment EBDA in the comparable three-month periods ended March 31, 2026 and 2025 are explained by the following discussion: • The $202 million (45%) increase in Midstream was primarily driven by (i) increased sales margin resulting from higher commodity prices and volumes and increased demand for our services due to colder winter weather on our Texas intrastate systems ; ( ii) higher volumes on KinderHawk Field...”

“The increase was primarily due to (i) an increase in natural gas sales of $460 million due to higher commodity prices and volumes; a nd (ii) an increase in services revenues of $157 million resulting from higher volumes, primarily driven by increased demand for services and expansion projects placed into service, and higher rates partially offset by a decrease in product sales of $34 million driven primarily by lowe r commodity prices.”

“e to higher commodity prices and volumes; a nd (ii) an increase in services revenues of $157 million resulting from higher volumes, primarily driven by increased demand for services and expansion projects placed into service, and higher rates partially offset by a decrease in product sales of $34 million driven primarily by lowe r commodity prices.”