10-Q 1 kmi-20220630.htm 10-Q kmi-20220630
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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 June 30, 2022

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-20220630_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
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 21, 2022, the registrant had 2,253,000,833 shares of Class P common stock outstanding.




KINDER MORGAN, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
Page
Number
Consolidated Statements of Stockholders’ Equity - Three and Six Months Ended June 30, 2022 and 2021
 
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 dayFERC=Federal Energy Regulatory Commission
Bbl=barrelsGAAP=U.S. Generally Accepted Accounting Principles
BBtu=billion British Thermal Units LLC=limited liability company
Bcf=billion cubic feetLIBOR=London Interbank Offered Rate
CERCLA=Comprehensive Environmental Response, Compensation and Liability ActMBbl=thousand barrels
MMBbl=million barrels
CO2
=
carbon dioxide or our CO2 business segment
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
PHMSA=Pipeline and Hazardous Materials Safety Administration
EBITDA=earnings before interest, income taxes, depreciation, depletion and amortization expenses, and amortization of excess cost of equity investmentsROU=Right-of-Use
U.S.=United States of America
EPA=U.S. Environmental Protection AgencyWTI=West Texas Intermediate
FASB=Financial Accounting Standards Board


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 and 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; 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” and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 (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
June 30,
Six Months Ended
June 30,
2022202120222021
Revenues 
Services$2,011 $1,889 $4,061 $3,806 
Commodity sales3,100 1,246 5,308 4,475 
Other40 15 75 80 
Total Revenues
5,151 3,150 9,444 8,361 
Operating Costs, Expenses and Other 
Costs of sales2,683 936 4,577 2,945 
Operations and maintenance663 582 1,248 1,096 
Depreciation, depletion and amortization543 528 1,081 1,069 
General and administrative152 160 308 316 
Taxes, other than income taxes116 108 227 218 
(Gain) loss on divestitures and impairments, net(11)1,602 (21)1,598 
Other income, net(1)(2)(6)(3)
Total Operating Costs, Expenses and Other
4,145 3,914 7,414 7,239 
Operating Income (Loss)1,006 (764)2,030 1,122 
Other Income (Expense) 
Earnings from equity investments182 157 369 223 
Amortization of excess cost of equity investments(19)(13)(38)(35)
Interest, net(355)(377)(688)(754)
Other, net (Note 2)23 20 42 243 
Total Other Expense
(169)(213)(315)(323)
Income (Loss) Before Income Taxes837 (977)1,715 799 
Income Tax (Expense) Benefit (184)237 (378)(114)
Net Income (Loss) 653 (740)1,337 685 
Net Income Attributable to Noncontrolling Interests(18)(17)(35)(33)
Net Income (Loss) Attributable to Kinder Morgan, Inc.$635 $(757)$1,302 $652 
Class P Common Stock
Basic and Diluted Earnings (Loss) Per Share$0.28 $(0.34)$0.57 $0.29 
Basic and Diluted Weighted Average Shares Outstanding2,265 2,265 2,266 2,264 
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
June 30,
Six Months Ended
June 30,
2022202120222021
Net income (loss)$653 $(740)$1,337 $685 
Other comprehensive income (loss), net of tax  
Net unrealized loss from derivative instruments (net of taxes of $24, $47, $149 and $94, respectively)
(78)(157)(489)(313)
Reclassification into earnings of net derivative instruments loss to net income (net of taxes of $(48), $(9), $(89), and $(27), respectively)
157 30 292 89 
Benefit plan adjustments (net of taxes of $(1), $(1), $(5) and $(5), respectively)
3 5 16 22 
Total other comprehensive income (loss) 82 (122)(181)(202)
Comprehensive income (loss) 735 (862)1,156 483 
Comprehensive income attributable to noncontrolling interests(18)(17)(35)(33)
Comprehensive income (loss) attributable to KMI$717 $(879)$1,121 $450 
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, 2022December 31, 2021
ASSETS
Current Assets
Cash and cash equivalents$100 $1,140 
Restricted deposits317 7 
Accounts receivable2,063 1,611 
Fair value of derivative contracts141 220 
Inventories690 562 
Other current assets297 289 
Total current assets3,608 3,829 
Property, plant and equipment, net 35,530 35,653 
Investments7,470 7,578 
Goodwill19,914 19,914 
Other intangibles, net1,557 1,678 
Deferred income taxes 115 
Deferred charges and other assets1,311 1,649 
Total Assets$69,390 $70,416 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of debt $2,970 $2,646 
Accounts payable1,691 1,259 
Accrued interest442 504 
Accrued taxes217 270 
Fair value of derivative contracts521 178 
Other current liabilities1,051 964 
Total current liabilities6,892 5,821 
Long-term liabilities and deferred credits
Long-term debt
Outstanding
28,140 29,772 
Debt fair value adjustments
412 902 
Total long-term debt28,552 30,674 
Deferred income taxes196  
Other long-term liabilities and deferred credits2,125 2,000 
Total long-term liabilities and deferred credits30,873 32,674 
Total Liabilities37,765 38,495 
Commitments and contingencies (Notes 3 and 9)
Stockholders’ Equity
Class P Common Stock, $0.01 par value, 4,000,000,000 shares authorized, 2,257,464,962 and 2,267,391,527 shares, respectively, issued and outstanding
23 23 
Additional paid-in capital41,654 41,806 
Accumulated deficit(10,540)(10,595)
Accumulated other comprehensive loss(592)(411)
Total Kinder Morgan, Inc.’s stockholders’ equity30,545 30,823 
Noncontrolling interests1,080 1,098 
Total Stockholders’ Equity31,625 31,921 
Total Liabilities and Stockholders’ Equity$69,390 $70,416 
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,
20222021
Cash Flows From Operating Activities
Net income$1,337 $685 
Adjustments to reconcile net income to net cash provided by operating activities 
Depreciation, depletion and amortization1,081 1,069 
Deferred income taxes369 105 
Amortization of excess cost of equity investments38 35 
Change in fair market value of derivative contracts51 40 
(Gain) loss on divestitures and impairments, net (21)1,598 
Gain on sale of interest in equity investment (Note 2) (206)
Earnings from equity investments(369)(223)
Distributions from equity investment earnings348 346 
Changes in components of working capital
Accounts receivable(414)(130)
Inventories(108)(51)
Other current assets(39)(31)
Accounts payable499 145 
Accrued interest, net of interest rate swaps(53)(42)
Accrued taxes(53)(51)
Other current liabilities86 195 
Rate reparations, refunds and other litigation reserve adjustments(53)(102)
Other, net(51)(71)
Net Cash Provided by Operating Activities2,648 3,311 
Cash Flows From Investing Activities
Capital expenditures(779)(545)
Proceeds from sales of investments4 413 
Contributions to investments(20)(26)
Distributions from equity investments in excess of cumulative earnings104 48 
Other, net19 (1)
Net Cash Used in Investing Activities(672)(111)
Cash Flows From Financing Activities
Issuances of debt 4,622 3,110 
Payments of debt (5,848)(4,273)
Debt issue costs(7)(12)
Dividends(1,247)(1,212)
Repurchases of shares(173) 
Contributions from noncontrolling interests 3 
Distributions to investment partner (45)
Distributions to noncontrolling interests(53)(8)
Other, net (3)
Net Cash Used in Financing Activities(2,706)(2,440)
Net (decrease) increase in Cash, Cash Equivalents and Restricted Deposits(730)760 
Cash, Cash Equivalents, and Restricted Deposits, beginning of period1,147 1,209 
Cash, Cash Equivalents, and Restricted Deposits, end of period$417 $1,969 
7


KINDER MORGAN, INC. AND SUBSIDIARIES (Continued)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, unaudited)
Six Months Ended June 30,
20222021
Cash and Cash Equivalents, beginning of period$1,140 $1,184 
Restricted Deposits, beginning of period7 25 
Cash, Cash Equivalents, and Restricted Deposits, beginning of period1,147 1,209 
Cash and Cash Equivalents, end of period100 1,365 
Restricted Deposits, end of period317 604 
Cash, Cash Equivalents, and Restricted Deposits, end of period417 1,969 
Net (decrease) increase in Cash, Cash Equivalents and Restricted Deposits$(730)$760 
Non-cash Investing and Financing Activities
ROU assets and operating lease obligations recognized including adjustments$(8)$28 
Supplemental Disclosures of Cash Flow Information
Cash paid during the period for interest (net of capitalized interest)792 807 
Cash paid during the period for income taxes, net10 8 
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
 Issued sharesPar valueTotal
Balance at March 31, 20222,267 $23 $41,813 $(10,544)$(674)$30,618 $1,089 $31,707 
Repurchases of shares(10)(172)(172)(172)
Restricted shares
13 13 13 
Net income635 635 18 653 
Distributions
 (27)(27)
Dividends(631)(631)(631)
Other comprehensive income82 82 82 
Balance at June 30, 20222,257 $23 $41,654 $(10,540)$(592)$30,545 $1,080 $31,625 
Common stockAdditional
paid-in
capital
Accumulated
deficit
Accumulated
other
comprehensive
loss
Stockholders’
equity
attributable
to KMI
Non-controlling
interests
 Issued sharesPar valueTotal
Balance at March 31, 20212,264$23 $41,775 $(9,124)$(487)$32,187 $416 $32,603 
Restricted shares
118 18 18 
Net (loss) income(757)(757)17 (740)
Distributions
 (5)(5)
Contributions
 1 1 
Dividends(615)(615)(615)
Other comprehensive loss(122)(122)(122)
Balance at June 30, 20212,265$23 $41,793 $(10,496)$(609)$30,711 $429 $31,140 
Common stockAdditional
paid-in
capital
Accumulated
deficit
Accumulated
other
comprehensive
loss
Stockholders’
equity
attributable
to KMI
Non-controlling
interests
Issued sharesPar valueTotal
Balance at December 31, 20212,267 $23 $41,806 $(10,595)$(411)$30,823 $1,098 $31,921 
Impact of adoption of ASU 2020-06 (Note 4)
(11)(11)(11)
Balance at January 1, 20222,267 23 41,795 (10,595)(411)30,812 1,098 31,910 
Repurchases of shares(10)(173)(173)(173)
EP Trust I Preferred security conversions1 1 1 
Restricted shares
31 31 31 
Net income1,302 1,302 35 1,337