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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
 
F O R M  10-Q  
 
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2021
 
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
kmi-20210930_g1.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
1.500% Senior Notes due 2022KMI 22New 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 October 21, 2021, the registrant had 2,267,425,507 Class P shares outstanding.




KINDER MORGAN, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
  Page
Number
 
 
 
 
 
 
 
 
 
  
 
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 dayEPA=U.S. Environmental Protection Agency
Bbl=barrelFASB=Financial Accounting Standards Board
BBtu=billion British Thermal Units FERC=Federal Energy Regulatory Commission
Bcf=billion cubic feetGAAP=U.S. Generally Accepted Accounting Principles
CERCLA=Comprehensive Environmental Response, Compensation and Liability ActLLC=limited liability company
LIBOR=London Interbank Offered Rate
CO2
=
carbon dioxide or our CO2 business segment
MBbl=thousand barrels
COVID-19=Coronavirus Disease 2019, a widespread contagious disease, or the related pandemic declared and resulting worldwide economic downturnMMBbl=million barrels
MMtons=million tons
DCF=distributable cash flowNGL=natural gas liquids
DD&A=depreciation, depletion and amortization NYMEX=New York Mercantile Exchange
EBDA=earnings before depreciation, depletion and amortization expenses, including amortization of excess cost of equity investmentsOTC=over-the-counter
ROU=Right-of-Use
EBITDA=earnings before interest, income taxes, depreciation, depletion and amortization expenses, and amortization of excess cost of equity investmentsU.S.=United States of America
WTI=West Texas Intermediate


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: the long-term demand for our assets and services, our anticipated dividends, our proposed acquisition of Kinetrex Energy and our capital projects, including expected completion timing and benefits of the acquisition and 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 impacts of the COVID-19 pandemic and the pace and extent of economic recovery; the timing and extent of changes in the supply of and demand for the products we transport and handle; commodity prices; and the other risks and uncertainties described in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition 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” and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020 (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 OPERATIONS
(In millions, except per share amounts, unaudited)

 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Revenues 
Services$1,928 $1,881 $5,734 $5,664 
Commodity sales1,868 982 6,343 2,772 
Other28 56 108 149 
Total Revenues
3,824 2,919 12,185 8,585 
Operating Costs, Expenses and Other 
Costs of sales1,559 655 4,504 1,759 
Operations and maintenance614 643 1,710 1,869 
Depreciation, depletion and amortization526 539 1,595 1,636 
General and administrative174 153 490 461 
Taxes, other than income taxes106 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 Income844 819 1,966 580 
Other Income (Expense) 
Earnings from equity investments169 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 Taxes645 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 Outstanding2,267 2,263 2,265 2,263 
The accompanying notes are an integral part of these consolidated financial statements.
4


KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions, unaudited)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
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)
The accompanying notes are an integral part of these consolidated financial statements.
5



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

 September 30, 2021December 31, 2020
ASSETS 
Current Assets 
Cash and cash equivalents$102 $1,184 
Restricted deposits177 25 
Accounts receivable1,433 1,293 
Fair value of derivative contracts199 185 
Inventories457 348 
Other current assets318 168 
Total current assets2,686 3,203 
Property, plant and equipment, net 35,576 35,836 
Investments7,620 7,917 
Goodwill20,033 19,851 
Other intangibles, net1,744 2,453 
Deferred income taxes303 536 
Deferred charges and other assets1,678 2,177 
Total Assets$69,640 $71,973 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY  
Current Liabilities  
Current portion of debt $2,822 $2,558 
Accounts payable1,189 837 
Accrued interest332 525 
Accrued taxes284 267 
Accrued contingencies246 307 
Other current liabilities952 580 
Total current liabilities5,825 5,074 
Long-term liabilities and deferred credits  
Long-term debt  
Outstanding
28,988 30,838 
Debt fair value adjustments
1,014 1,293 
Total long-term debt30,002 32,131 
Other long-term liabilities and deferred credits2,160 2,202 
Total long-term liabilities and deferred credits32,162 34,333 
Total Liabilities37,987 39,407 
Commitments and contingencies (Notes 4 and 10)
Redeemable Noncontrolling Interest661 728 
Stockholders’ Equity  
Class P shares, $0.01 par value, 4,000,000,000 shares authorized, 2,267,381,482 and 2,264,257,336 shares, respectively, issued and outstanding
23 23 
Additional paid-in capital41,788 41,756 
Accumulated deficit(10,617)(9,936)
Accumulated other comprehensive loss(642)(407)
Total Kinder Morgan, Inc.’s stockholders’ equity30,552 31,436 
Noncontrolling interests440 402 
Total Stockholders’ Equity30,992 31,838 
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity$69,640 $71,973 
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)
 Nine Months Ended September 30,
 20212020
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 amortization1,595 1,636 
Deferred income taxes236 164 
Amortization of excess cost of equity investments56 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 earnings535 487 
Changes in components of working capital
Accounts receivable(119)238 
Inventories(89)41 
Other current assets(90)14 
Accounts payable362 (107)
Accrued interest, net of interest rate swaps(177)(208)
Accrued taxes15 (25)
Other current liabilities71 (93)
Rate reparations, refunds and other litigation reserve adjustments(97)48 
Other, net(58)6 
Net Cash Provided by Operating Activities4,440 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 investments417 907 
Contributions to investments(36)(365)
Distributions from equity investments in excess of cumulative earnings121 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 interests4 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 period1,209 209 
Cash, Cash Equivalents, and Restricted Deposits, end of period$279 $699 
7


KINDER MORGAN, INC. AND SUBSIDIARIES (Continued)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, unaudited)
 Nine Months Ended September 30,
 20212020
Cash and Cash Equivalents, beginning of period$1,184 $185 
Restricted Deposits, beginning of period25 24 
Cash, Cash Equivalents, and Restricted Deposits, beginning of period1,209 209 
Cash and Cash Equivalents, end of period102 632 
Restricted Deposits, end of period177 67 
Cash, Cash Equivalents, and Restricted Deposits, end of period279 699 
Net (decrease) increase in Cash, Cash Equivalents and Restricted Deposits$(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 retainage4 
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, net8 202 
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 stock
 Issued sharesPar valueAdditional
paid-in
capital
Accumulated
deficit
Accumulated
other
comprehensive
loss
Stockholders’
equity
attributable
to KMI
Non-controlling
interests
Total
Balance at June 30, 20212,265 $23 $41,793 $(10,496)$(609)$30,711 $429 $31,140 
Restricted shares
2 (5)(5)(5)
Net income495 495 16 511 
Distributions
 (6)(6)
Contributions
 1 1 
Dividends(616)(616)(616)
Other comprehensive loss(33)(33)(33)
Balance at September 30, 20212,267 $23 $41,788 $(10,617)$(642)$30,552 $440 $30,992 
Common stock
 Issued sharesPar valueAdditional
paid-in
capital
Accumulated
deficit
Accumulated
other
comprehensive
loss
Stockholders’
equity
attributable
to KMI
Non-controlling
interests
Total
Balance at June 30, 20202,261$23 $41,731 $(9,802)$(199)$31,753 $371 $32,124 
Restricted shares
35 5 5 
Net income455 455 17 472 
Distributions
 (4)(4)
Contributions
 2 2 
Dividends(598)(598)(598)
Other comprehensive loss(56)(56)(56)
Balance at September 30, 20202,264$23 $41,736 $(9,945)$(255)$31,559 $386 $31,945 
The accompanying notes are an integral part of these consolidated financial statements.
9


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

Common stock
 Issued sharesPar valueAdditional
paid-in
capital
Accumulated
deficit
Accumulated
other
comprehensive
loss
Stockholders’
equity
attributable
to KMI
Non-controlling
interests
Total
Balance at December 31, 20202,264 $23 $41,756 $(9,936)$(407)$31,436