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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 10-Q  

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

or

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____to_____

Commission file number: 001-35081
image0a30a07.gif

KINDER MORGAN, INC.
(Exact name of registrant as specified in its charter)
 
Delaware80-0682103
(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

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class P Common StockKMINew York Stock Exchange
2.250% Senior Notes due 2027KMI 27 ANew York Stock Exchange

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 large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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 July 18, 2024, the registrant had 2,219,462,615 shares of Class P common stock outstanding.




KINDER MORGAN, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
Page
Number
Acquisitions and Divestitures
 

1



KINDER MORGAN, INC. AND SUBSIDIARIES
GLOSSARY

Company Abbreviations
EPNG=El Paso Natural Gas Company, L.L.C.Ruby=Ruby Pipeline Holding Company, L.L.C.
KMBT=Kinder Morgan Bulk Terminals, Inc.SFPP=SFPP, L.P.
KMI=Kinder Morgan, Inc. and its majority-owned and/or controlled subsidiariesSNG=Southern Natural Gas Company, L.L.C.
TGP=Tennessee Gas Pipeline Company, L.L.C.
KMLT=Kinder Morgan Liquid Terminals, LLC
Unless the context otherwise requires, references to “we,” “us,” “our,” or “the Company” are intended to mean Kinder Morgan, Inc. and its majority-owned and/or controlled subsidiaries.
Common Industry and Other Terms
/d=per dayMBbl=thousand barrels
Bbl=barrelsMMBbl=million barrels
BBtu=billion British Thermal Units MMtons=million tons
Bcf=billion cubic feetNGL=natural gas liquids
CERCLA=Comprehensive Environmental Response, Compensation and Liability ActNYMEX=New York Mercantile Exchange
OTC=over-the-counter
CO2
=
carbon dioxide or our CO2 business segment
RIN
=
Renewable Identification Number
DD&A=depreciation, depletion and amortization RNG=Renewable natural gas
EPA=U.S. Environmental Protection AgencyROU=Right-of-Use
FASB=Financial Accounting Standards BoardU.S.=United States of America
GAAP=U.S. Generally Accepted Accounting PrinciplesWTI=West Texas Intermediate
LLC=limited liability company


2


Information Regarding Forward-Looking Statements

This report includes forward-looking statements. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. They use words such as “anticipate,” “believe,” “intend,” “plan,” “projection,” “forecast,” “strategy,” “outlook,” “continue,” “estimate,” “expect,” “may,” “will,” “shall,” or the negative of those terms or other variations of them or comparable terminology. In particular, expressed or implied statements concerning future actions, conditions or events, future operating results or the ability to generate sales, income or cash flow, service debt or pay dividends, are forward-looking statements. Forward-looking statements in this report include, among others, express or implied statements pertaining to: long-term demand for our assets and services, expected financial results, dividends, sustaining and discretionary/expansion capital expenditures, our cash requirements and our financing and capital allocation strategy, anticipated impacts of litigation and legal or regulatory developments, and our capital projects, including expected completion timing and benefits of those projects.

Important factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements in this report include: the timing and extent of changes in the supply of and demand for the products we transport and handle; commodity prices; the outcomes of challenges to new regulations; our ability to mitigate the impacts of and recover expenditures made in respect of new regulations; and the other risks and uncertainties described in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part I, Item 3. “Quantitative and Qualitative Disclosures About Market Risk” in this report, as well as “Information Regarding Forward-Looking Statements,” Part I, Item 1A. “Risk Factors” and Part I, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” in our Annual Report on Form 10-K for the year ended December 31, 2023 (except to the extent such information is modified or superseded by information in subsequent reports).

You should keep these risk factors in mind when considering forward-looking statements. These risk factors could cause our actual results to differ materially from those contained in any forward-looking statement. Because of these risks and uncertainties, you should not place undue reliance on any forward-looking statement. We disclaim any obligation, other than as required by applicable law, to publicly update or revise any of our forward-looking statements to reflect future events or developments.

3


PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements.


KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts, unaudited)

Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
Revenues 
Services$2,178 $2,045 $4,410 $4,114 
Commodity sales1,346 1,421 2,866 3,206 
Other48 35 138 69 
Total Revenues
3,572 3,501 7,414 7,389 
Operating Costs, Expenses and Other 
Costs of sales (exclusive of items shown separately below)967 971 2,074 2,186 
Operations and maintenance741 685 1,421 1,324 
Depreciation, depletion and amortization584 557 1,171 1,122 
General and administrative179 169 354 335 
Taxes, other than income taxes109 103 220 213 
Gain on divestitures, net(45)(13)(77)(13)
Other income, net(1)(1)(10)(2)
Total Operating Costs, Expenses and Other
2,534 2,471 5,153 5,165 
Operating Income1,038 1,030 2,261 2,224 
Other Income (Expense) 
Earnings from equity investments208 208 451 373 
Amortization of excess cost of equity investments(13)(19)(25)(36)
Interest, net(464)(443)(936)(888)
Other, net 1 2 1 4 
Total Other Expense
(268)(252)(509)(547)
Income Before Income Taxes770 778 1,752 1,677 
Income Tax Expense (168)(168)(377)(364)
Net Income602 610 1,375 1,313 
Net Income Attributable to Noncontrolling Interests(27)(24)(54)(48)
Net Income Attributable to Kinder Morgan, Inc.$575 $586 $1,321 $1,265 
Class P Common Stock
Basic and Diluted Earnings Per Share$0.26 $0.26 $0.59 $0.56 
Basic and Diluted Weighted Average Shares Outstanding2,219 2,237 2,219 2,242 
The accompanying notes are an integral part of these consolidated financial statements.
4



KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions, unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
Net income$602 $610 $1,375 $1,313 
Other comprehensive income (loss), net of tax  
Net unrealized (loss) gain from derivative instruments (net of taxes of $3, $(14), $24 and $(46), respectively)
(12)49 (81)155 
Reclassification into earnings of net derivative instruments loss (gain) to net income (net of taxes of $(8), $, $(7) and $15, respectively)
25 (2)22 (51)
Benefit plan adjustments (net of taxes of $, $(1), $(4) and $(2), respectively)
1 4 14 8 
Total other comprehensive income (loss)14 51 (45)112 
Comprehensive income616 661 1,330 1,425 
Comprehensive income attributable to noncontrolling interests(27)(24)(54)(48)
Comprehensive income attributable to KMI$589 $637 $1,276 $1,377 
The accompanying notes are an integral part of these consolidated financial statements.
5



KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share amounts, unaudited)

June 30, 2024December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents$98 $83 
Restricted deposits26 13 
Accounts receivable1,293 1,588 
Fair value of derivative contracts46 126 
Inventories537 525 
Other current assets190 207 
Total current assets2,190 2,542 
Property, plant and equipment, net 37,533 37,297 
Investments7,851 7,874 
Goodwill20,084 20,121 
Other intangibles, net1,858 1,957 
Deferred charges and other assets1,186 1,229 
Total Assets$70,702 $71,020 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of debt $3,062 $4,049 
Accounts payable1,204 1,366 
Accrued interest524 513 
Accrued taxes223 272 
Fair value of derivative contracts228 205 
Other current liabilities717 816 
Total current liabilities5,958 7,221 
Long-term liabilities and deferred credits
Long-term debt
Outstanding
28,560 27,880 
Debt fair value adjustments
89 187 
Total long-term debt28,649 28,067 
Deferred income taxes1,729 1,388 
Other long-term liabilities and deferred credits2,672 2,615 
Total long-term liabilities and deferred credits33,050 32,070 
Total Liabilities39,008 39,291 
Commitments and contingencies (Notes 4 and 10)
Stockholders’ Equity
Class P Common Stock, $0.01 par value, 4,000,000,000 shares authorized, 2,219,403,596 and 2,219,729,644 shares, respectively, issued and outstanding
22 22 
Additional paid-in capital41,218 41,190 
Accumulated deficit(10,640)(10,689)
Accumulated other comprehensive loss(262)(217)
Total Kinder Morgan, Inc.’s stockholders’ equity30,338 30,306 
Noncontrolling interests1,356 1,423 
Total Stockholders’ Equity31,694 31,729 
Total Liabilities and Stockholders’ Equity$70,702 $71,020 
The accompanying notes are an integral part of these consolidated financial statements.
6



KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, unaudited)
Six Months Ended June 30,
20242023
Cash Flows From Operating Activities
Net income$1,375 $1,313 
Adjustments to reconcile net income to net cash provided by operating activities 
Depreciation, depletion and amortization1,171 1,122 
Deferred income taxes357 354 
Amortization of excess cost of equity investments25 36 
Change in fair value of derivative contracts52 (129)
Gain on divestitures, net(77)(13)
Earnings from equity investments(451)(373)
Distributions of equity investment earnings
416 367 
Changes in components of working capital
Accounts receivable267 573 
Inventories(7)101 
Other current assets(10)89 
Accounts payable(121)(370)
Accrued interest, net of interest rate swaps25 (6)
Accrued taxes(48)(52)
Other current liabilities(78)(82)
Other, net(20)(47)
Net Cash Provided by Operating Activities2,876 2,883 
Cash Flows From Investing Activities
Acquisition of assets (Note 2)
(58)(14)
Capital expenditures(1,200)(1,042)
Contributions to investments(44)(136)
Distributions from equity investments in excess of cumulative earnings81 118 
Other, net49 (12)
Net Cash Used in Investing Activities(1,172)(1,086)
Cash Flows From Financing Activities
Issuances of debt 5,943 3,119 
Payments of debt (6,239)(3,511)
Debt issue costs(19)(15)
Dividends(1,272)(1,264)
Repurchases of shares(7)(317)
Distributions to noncontrolling interests(81)(80)
Other, net(1)(3)
Net Cash Used in Financing Activities(1,676)(2,071)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Deposits28 (274)
Cash, Cash Equivalents and Restricted Deposits, beginning of period96 794 
Cash, Cash Equivalents and Restricted Deposits, end of period$124 $520 
7


KINDER MORGAN, INC. AND SUBSIDIARIES (Continued)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, unaudited)
Six Months Ended June 30,
20242023
Cash and Cash Equivalents, beginning of period$83 $745 
Restricted Deposits, beginning of period13 49 
Cash, Cash Equivalents and Restricted Deposits, beginning of period96 794 
Cash and Cash Equivalents, end of period98 497 
Restricted Deposits, end of period26 23 
Cash, Cash Equivalents and Restricted Deposits, end of period124 520 
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Deposits$28 $(274)
Non-cash Investing and Financing Activities
ROU assets and operating lease obligations recognized including adjustments$25 $31 
Assets contributed to equity investment 16 
Net increase in property, plant and equipment from both accruals and contractor retainage74 
Supplemental Disclosures of Cash Flow Information
Cash paid during the period for interest (net of capitalized interest)914 919 
Cash paid during the period for income taxes, net
11 9 
The accompanying notes are an integral part of these consolidated financial statements.
8



KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions, unaudited)

Common stockAdditional
paid-in
capital
Accumulated
deficit
Accumulated
other
comprehensive
loss
Stockholders’
equity
attributable
to KMI
Non-
controlling
interests
Total
Issued sharesPar value
Balance at March 31, 20242,219 $22 $41,200 $(10,574)$(276)$30,372 $1,371 $31,743 
Restricted shares
18 18 18 
Net income575 575 27 602 
Dividends
(641)(641)(641)
Distributions
 (42)(42)
Other comprehensive income14 14 14 
Balance at June 30, 20242,219 $22 $41,218 $(10,640)$(262)$30,338 $1,356 $31,694 
Common stockAdditional
paid-in
capital
Accumulated
deficit
Accumulated
other
comprehensive
loss
Stockholders’
equity
attributable
to KMI
Non-
controlling
interests
Total
Issued sharesPar value
Balance at March 31, 20232,241 $22 $41,575 $(10,499)$(341)$30,757 $1,357 $32,114 
Repurchases of shares(12)(204)(204)(204)
Restricted shares19 19 19 
Net income586 586 24 610 
Dividends(637)(637)(637)
Distributions (41)(41)
Other(3)(3)(3)
Other comprehensive income51 51 51 
Balance at June 30, 20232,229 $22 $41,387 $(10,550)$(290)$30,569 $1,340 $31,909 
Common stockAdditional
paid-in
capital
Accumulated
deficit
Accumulated
other
comprehensive
loss
Stockholders’
equity
attributable
to KMI
Non-
controlling
interests
Total
Issued sharesPar value
Balance at December 31, 20232,220 $22 $41,190 $(10,689)$(217)$30,306 $1,423 $31,729 
Repurchases of shares(1)(7)(7)(7)
Restricted shares
35 35 35 
Net income1,321 1,321 54 1,375 
Dividends
(1,272)(1,272)(1,272)
Distributions
 (81)(81)
Acquisition adjustment (Note 2)
 (38)(38)
Other
 (2)(2)
Other comprehensive loss(45)(45)(45)
Balance at June 30, 20242,219 $22 $41,218 $(10,640)$(262)$30,338 $1,356 $31,694 
Common stockAdditional
paid-in
capital
Accumulated
deficit
Accumulated
other
comprehensive
loss
Stockholders’
equity
attributable
to KMI
Non-
controlling
interests
Total
Issued sharesPar value
Balance at December 31, 20222,248 $22 $41,673 $(10,551)$(402)$30,742 $1,372 $32,114 
Repurchases of shares(19)(317)(317)(317)
Restricted shares34 34 34 
Net income1,265 1,265 48 1,313 
Dividends(1,264)(1,264)(1,264)
Distributions (80)(80)
Other(3)(3)(3)
Other comprehensive income112 112 112 
Balance at June 30, 20232,229 $22 $41,387 $(10,550)$(290)$30,569 $1,340 $31,909 
The accompanying notes are an integral part of these consolidated financial statements.
9



KINDER MORGAN, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. General

Organization

We are one of the largest energy infrastructure companies in North America. We own an interest in or operate approximately 79,000 miles of pipelines, 139 terminals, 702 Bcf of working natural gas storage capacity and have RNG generation capacity of approximately 6.1 Bcf per year of gross production. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2, renewable fuels and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, jet fuel, chemicals, metals, petroleum coke, and ethanol and other renewable fuels and feedstocks.

Basis of Presentation

General

Our accompanying unaudited consolidated financial statements have been prepared under the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These rules and regulations conform to the accounting principles contained in the FASB’s Accounting Standards Codification (ASC), the single source of GAAP. In compliance with such rules and regulations, all significant intercompany items have been eliminated in consolidation.

In our opinion, all adjustments, which are of a normal and recurring nature, considered necessary for a fair statement of our financial position and operating results for the interim periods have been included in the accompanying consolidated financial statements, and certain amounts from prior periods have been reclassified to conform to the current presentation. Interim results are not necessarily indicative of results for a full year; accordingly, you should read these consolidated financial statements in conjunction with our consolidated financial statements and related notes included in our 2023 Form 10-K.

The accompanying unaudited consolidated financial statements include our accounts and the accounts of our subsidiaries over which we have control or are the primary beneficiary. We evaluate our financial interests in business enterprises to determine if they represent variable interest entities where we are the primary beneficiary.  If such criteria are met, we consolidate the financial statements of such businesses with those of our own.

Goodwill

In addition to periodically evaluating long-lived assets and goodwill for impairment based on changes in market conditions, we evaluate goodwill for impairment on May 31 of each year. For our May 31, 2024 evaluation, we grouped our businesses into seven reporting units as follows: (i) Natural Gas Pipelines Regulated; (ii) Natural Gas Pipelines Non-Regulated; (iii) CO2; (iv) Products Pipelines (excluding associated terminals); (v) Products Pipelines Terminals (evaluated separately from Products Pipelines for goodwill purposes); (vi) Terminals; and (vii) Energy Transition Ventures.

The fair value estimates used in our goodwill impairment test include Level 3 inputs of the fair value hierarchy. The inputs include valuation estimates, which include assumptions primarily involving management’s judgments and estimates. For all reporting units other than our Energy Transition Ventures reporting unit, we estimated fair value based on a market approach utilizing forecasted earnings before interest, income taxes, DD&A expenses, including amortization of excess cost of equity investments, (EBITDA) and the enterprise value to estimated EBITDA multiples of comparable companies for each of our reporting units. The value of each reporting unit was determined from the perspective of a market participant in an orderly transaction between market participants at the measurement date. For Energy Transition Ventures, we estimated fair value based on an income approach, which includes assumptions regarding future cash flows based primarily on production growth assumptions, terminal values and discount rates. Changes to any one or a combination of these factors would result in a change to the reporting unit fair values, which could lead to future impairment charges. Such potential non-cash impairments could have a significant effect on our results of operations.

The results of our May 31, 2024 annual impairment test indicated that for each of our reporting units, the reporting unit’s fair value exceeded the carrying value.

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Earnings per Share

We calculate earnings per share using the two-class method. Earnings were allocated to Class P common stock and participating securities based on the amount of dividends paid in the current period plus an allocation of the undistributed earnings or excess distributions over earnings to the extent that each security participates in undistributed earnings or excess distributions over earnings. Our unvested restricted stock awards, which may be restricted stock units or restricted stock issued to employees and non-employee directors and include dividend equivalent payments, do not participate in excess distributions over earnings.

The following table sets forth the allocation of net income available to shareholders of Class P common stock and participating securities:
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
(In millions, except per share amounts)
Net Income Available to Stockholders$575 $586 $1,321 $1,265 
Participating securities:
Less: Net Income Allocated to Restricted Stock Awards(a)(3)(4)(7)(7)
Net Income Allocated to Common Stockholders$572 $582 $1,314 $1,258 
Basic Weighted Average Shares Outstanding2,219 2,237 2,219 2,242 
Basic Earnings Per Share$0.26 $0.26 $0.59 $0.56 
(a)As of June 30, 2024, there were 13 million restricted stock awards outstanding.

The following table presents the maximum number of potential common stock equivalents which are antidilutive and, accordingly, are excluded from the determination of diluted earnings per share. As we have no other common stock equivalents, our diluted earnings per share are the same as our basic earnings per share for all periods presented.
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
(In millions on a weighted average basis)
Unvested restricted stock awards13 13 13 13 
Convertible trust preferred securities3 3 3 3 

2. Acquisitions and Divestitures

Acquisitions

As of June 30, 2024, our preliminary allocation of the purchase price for acquisitions are detailed below.
Assignment of Purchase Price
RefAcquisitionPurchase priceCurrent assetsProperty, plant & equipmentOther long-term assetsCurrent liabilitiesLong-term liabilitiesNon-controlling interestResulting goodwill
(In millions)
(1)
North McElroy Unit
$60 $1 $101 $ $ $(42)$ $ 
(2)STX Midstream(a)1,829 25 1,199 549 (6) (66)128 
(a)The purchase price allocation for the STX Midstream acquisition is preliminary.

(1) North McElroy Unit Acquisition

On June 10, 2024, we completed the acquisition of AVAD Energy Partners’ interest in North McElroy Unit, which is an existing waterflood located in Crane County, Texas for a purchase price of $60 million. The acquired long-term liabilities consist of asset retirement obligations. The acquired assets are included in our CO2 business segment.
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(2) South Texas Midstream Pipeline System (STX Midstream) Acquisition

On December 28, 2023, we completed the acquisition of STX Midstream from NextEra Energy Partners for a purchase price of $1,829 million, including purchase price adjustments for working capital. During the six months ended June 30, 2024, the Company identified an adjustment of $38 million to the calculation of noncontrolling interest in addition to measurement period adjustments of $10 million, resulting in a net $28 million decrease to goodwill. The acquired assets are included in our Natural Gas Pipelines business segment.

Pro Forma Information

Pro forma consolidated income statement information that gives effect to the above acquisitions as if they had occurred as of January 1 of each year preceding each transaction is not presented because it would not be materially different from the information presented in our accompanying consolidated statements of income.

Divestitures

CO2 Divestiture

In June 2024, we divested our interests in the Katz Unit, Goldsmith Landreth San Andres Unit, Tall Cotton Field and Reinecke Unit, along with certain shallow interests in the Diamond M Field, all located in the Permian Basin, and received a leasehold interest in an undeveloped leasehold directly adjacent to the SACROC Unit. In addition to the leasehold interest, we received $25 million of cash proceeds from this divestiture, which is reported as an investing activity within “Other, net” on our accompanying consolidated statement of cash flows, and recorded a gain of $41 million, which is reported within “Gain on divestitures, net” on our accompanying consolidated statement of income and includes the effect of a $33 million reduction in our asset retirement obligations that were transferred to the buyer. In July 2024, we paid $6 million for a working capital adjustment related to this divestiture. The assets were included in our CO2 business segment.

Goodwill

Changes in the amounts of our goodwill for the six months ended June 30, 2024 are summarized by reporting unit as follows:
Natural Gas Pipelines RegulatedNatural Gas Pipelines Non-Regulated
CO2
Products PipelinesProducts Pipelines TerminalsTerminalsEnergy Transition VenturesTotal
(In millions)
Goodwill as of
December 31, 2023
$14,249 $2,499 $928 $1,378 $151 $802 $114 $20,121 
Acquisition(a) (28)     (28)
Divestitures(b)
  (9)    (9)
Goodwill as of
June 30, 2024
$14,249 $2,471 $919 $1,378 $151 $802 $114 $20,084 
(a)Reflects adjustment to purchase price allocation related to the December 2023 STX Midstream acquisition.
(b)Associated with our CO2 business segment assets that were divested in June 2024.

3. Losses on Impairments

Impairments

During the first quarter of 2023, we recognized an impairment of $67 million related to our investment in Double Eagle Pipeline LLC (Double Eagle). The impairment was driven by lower expected renewal rates on contracts that expired in the second half of 2023. The impairment is recognized on our accompanying consolidated statement of income for the three months ended March 31, 2023 within “Earnings from equity investments.” Our investment in Double Eagle and associated earnings is included within our Products Pipelines business segment.

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Ruby Chapter 11 Bankruptcy

On January 13, 2023, the bankruptcy court confirmed a plan of reorganization satisfactory to all interested parties regarding Ruby, which involved payment of Ruby’s outstanding senior notes with the proceeds from the sale of Ruby to Tallgrass Energy LP, a settlement by KMI and Pembina Pipeline Corporation of certain potential causes of action relating to the bankruptcy, and cash on hand. Our payment to the bankruptcy estate, net of payments received in respect of a long-term subordinated note receivable from Ruby, was approximately $28.5 million which was accrued for as of December 31, 2022. Consummation of the settlement and the sale of Ruby to Tallgrass occurred on January 13, 2023. We fully impaired our equity investment in Ruby in the fourth quarter of 2019 and fully impaired our investment in Ruby’s subordinated notes in the first quarter of 2021.

4. Debt

The following table provides information on the principal amount of our outstanding debt balances:
June 30, 2024December 31, 2023
(In millions, unless otherwise stated)
Current portion of debt
$3.5 billion credit facility due August 20, 2027
$ $ 
Commercial paper notes(a)735 1,989 
Current portion of senior notes
4.15% due February 2024
 650 
4.30% due May 2024
 600 
4.25% due September 2024
650 650 
4.30% due June 2025
1,500  
Trust I preferred securities, 4.75%, due March 2028(b)
111 111 
Current portion of other debt66 49 
Total current portion of debt3,062 4,049 
Long-term debt (excluding current portion)
Senior notes27,989 27,255 
EPC Building, LLC, promissory note, 3.967%, due 2023 through 2035
300 311 
Trust I preferred securities, 4.75%, due March 2028
110 110 
Other161 204 
Total long-term debt28,560 27,880 
Total debt(c)$31,622 $31,929 
(a)Weighted average interest rate on borrowings at June 30, 2024 and December 31, 2023 was 5.52% and 5.68%, respectively.
(b)Reflects the portion of cash consideration payable if all the outstanding securities as of the end of the reporting period were converted by the holders.
(c)Excludes our “Debt fair value adjustments” which, as of June 30, 2024 and December 31, 2023, increased our total debt balances by $89 million and $187 million, respectively.

On February 1, 2024, we issued, in a registered offering, two series of senior notes consisting of $1,250 million aggregate principal amount of 5.00% senior notes due 2029 and $1,000 million aggregate principal amount of 5.40% senior notes due 2034 and received combined net proceeds of $2,230 million.

We and substantially all of our wholly owned domestic subsidiaries are parties to a cross guarantee agreement whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of specified indebtedness of each other party to the agreement.

Credit Facilities and Restrictive Covenants

As of June 30, 2024, we had no borrowings outstanding under our credit facility, $735 million borrowings outstanding under our commercial paper program and $57 million in letters of credit. Our availability under our credit facility as of June 30, 2024 was $2.7 billion. For the period ended June 30, 2024, we were in compliance with all required covenants.

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Fair Value of Financial Instruments

The carrying value and estimated fair value of our outstanding debt balances are disclosed below:
June 30, 2024December 31, 2023
Carrying
value
Estimated
fair value(a)
Carrying
value
Estimated
fair value(a)
(In millions)
Total debt$31,711 $30,540 $32,116 $31,370 
(a)Included in the estimated fair value are amounts for our Trust I Preferred Securities of $206 million and $207 million as of June 30, 2024 and December 31, 2023, respectively.

We used Level 2 input values to measure the estimated fair value of our outstanding debt balance as of both June 30, 2024 and December 31, 2023.

5. Stockholders’ Equity

Class P Common Stock

We have a board-approved share buy-back program that authorizes share repurchase of up to $3 billion. During the six months ended June 30, 2024, we repurchased less than 1 million of our shares for $7 million at an average price of $16.50 per share.

Dividends

The following table provides information about our per share dividends:
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
Per share cash dividend declared for the period$0.2875 $0.2825 $0.575 $0.565 
Per share cash dividend paid in the period0.2875 0.2825 0.57 0.56 

On July 17, 2024, our board of directors declared a cash dividend of $0.2875 per share for the quarterly period ended June 30, 2024, which is payable on August 15, 2024 to shareholders of record as of the close of business on July 31, 2024.

Accumulated Other Comprehensive Loss

Changes in the components of our “Accumulated other comprehensive loss” not including noncontrolling interests are summarized as follows:
Net unrealized
gains/(losses)
on cash flow
hedge derivatives
Pension and
other
postretirement
liability adjustments
Total
accumulated other
comprehensive loss
(In millions)
Balance as of December 31, 2023
$(44)$(173)$(217)
Other comprehensive (loss) gain before reclassifications
(81)14 (67)
Loss reclassified from accumulated other comprehensive loss
22  22 
Net current-period change in accumulated other comprehensive loss(59)14 (45)
Balance as of June 30, 2024$(103)$(159)$(262)
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Net unrealized
gains/(losses)
on cash flow
hedge derivatives
Pension and
other
postretirement
liability adjustments
Total
accumulated other
comprehensive loss
(In millions)
Balance as of December 31, 2022$(164)$(238)$(402)
Other comprehensive gain before reclassifications
155 8 163 
Gain reclassified from accumulated other comprehensive loss
(51) (51)
Net current-period change in accumulated other comprehensive loss104 8 112 
Balance as of June 30, 2023$(60)$(230)$(290)