Kinder Morgan (KMI) Risk Factor Changes

Our and our customers’ access to capital could be affected by financial institutions’ evolving policies concerning businesses linked to fossil fuels.

The Jones Act requires, among other things, that at least 75% of our common stock be owned at all times by U.S.

We are subject to the Jones Act, which generally restricts U.S.

Adoption of any such laws or regulations could increase our costs to operate and maintain our facilities, expand existing facilities, or construct new facilities.

Various laws and regulations exist or are under development that seek to regulate the emission of GHGs such as methane and CO2, including the EPA programs to control GHG emissions, PHMSA’s existing leak detection and…

increased over time, including recent revised gas and hazardous liquid regulations that we must timely implement, and existing obligations may increase with new proposed rules that are currently under consideration.

If we fail to comply with any applicable laws or regulations, and orders of such regulatory authorities, we could be subject to substantial penalties and fines and potential loss of government contracts.

Regulation affects almost every part of our business.

These and other initiatives of regulatory authorities may affect our assets and operations directly or indirectly, such as by preventing or delaying the exploration for and production of natural gas and liquids that w…

Our existing rates may also be challenged by complaint or protest.

As of December 31, 2025, we had approximately $31.8 billion of consolidated debt (excluding debt fair value adjustments), including $1.1 billion of senior notes maturing within the next 12 months, and approximately $3…

erosion.

compromise, breach, or interruption in our systems, which may result from problems such as ransomware, malware, computer viruses, hacking attempts, or third-party error or malfeasance, could result in a disruption of…

If any of our systems are damaged, fail to function properly, or otherwise become unavailable, we may incur substantial costs to repair or replace them.

energy industry, particularly other energy infrastructure providers, over which we have no control.

Unfavorable conditions such as a general slowdown of the global or U.S.

Competition is a factor affecting our existing businesses and our ability to secure new project opportunities.

We regularly undertake construction projects to expand our existing assets and to construct new assets.

Conditions in the business environment generally, such as declining or sustained low commodity prices, supply disruptions, or higher development or production costs, could result in a slowing of supply to our pipeline…

trading rights for our vessels, fines or forfeiture of vessels.

In March 2024, the SEC finalized rules requiring significant new climate-related disclosure in SEC filings, including certain climate-related metrics and GHG emissions data, and third-party attestation requirements.

Adoption of any such laws or regulations could increase our costs to operate and maintain our facilities, expand existing facilities or construct new facilities.

If we fail to comply with any applicable statutes, rules, regulations, and orders of such regulatory authorities, we could be subject to substantial penalties and fines and potential loss of government contracts.

The EPA’s final rule known as the “Good Neighbor Plan” (the Plan) was predicated on the EPA’s disapproval of numerous state implementation plans, or SIPs, submitted under the interstate transport (Good Neighbor) provi…

These types of rules and others that are currently proposed, if finalized, would affect our assets and operations indirectly, such as by increasing the costs associated with the production of natural gas and liquids t…

Our assets and operations are subject to extensive regulation and oversight by federal, state and local regulatory authorities.

New laws, policies, regulations, rulemaking and oversight, as well as changes to those currently in effect, could adversely impact our earnings, cash flows and operations.

Our and our customers’ access to capital could be affected by evolving financial institutions’ policies concerning businesses linked to fossil fuels.

Some of our pipelines, terminals and other assets are located in, and our shipping vessels operate in, areas that are susceptible to hurricanes, earthquakes, flooding and other natural disasters or could be impacted b…

regulatory oversight and costs, difficulty obtaining rights-of-way and delays in obtaining, or challenges to, regulatory approvals with respect to growth projects, blockades, project cancellations, difficulty securing…

Unfavorable conditions such as a general slowdown of the global or U.S.

Conditions in the business environment generally, such as declining or sustained low commodity prices, supply disruptions, or higher development or production costs, could result in a slowing of supply to our pipeline…

of our common stock, particularly in markets outside of the U.S.

Public attention with respect to climate matters has resulted in an overall increase in climate focused activities in recent years by interested stakeholders, including government authorities and private interest groups.

Changes in tariffs and trade restrictions can be announced with little or no advance notice.

Tariffs or other trade restrictions may lead to continuing uncertainty and volatility in U.S.

Our business requires access to steel and other materials to construct and maintain our pipelines.

In August 2025, the U.S.

Our business and results of operations may be adversely affected by uncertainty and changes in U.S.

Changes in U.S.

Further, additional laws and regulations that may be enacted in the future or a new interpretation of existing laws and regulations could significantly increase our compliance expenditures.

For example, the EPA finalized methane and volatile organic compound emissions standards in late 2023 and, although EPA priorities have shifted under the current U.S.

While policy shifts under the current U.S.

subject of litigation between liquids pipelines, their customers, and industry groups.

Future administrations, court decisions, or state-level initiatives could reverse or tighten standards or result in enhanced requirements, creating uncertainty and volatility in compliance obligations and costs.

Our assets and operations are subject to extensive and in some cases overlapping regulation and oversight by federal, state, and local authorities.

New or amended laws, policies, regulations and oversight requirements, and compliance complexity resulting from disparities in requirements imposed by federal, state, and local authorities, could adversely impact our…

Some of our pipelines, terminals, and other assets are located in, and our shipping vessels operate in, areas that are susceptible to hurricanes, earthquakes, flooding, and other natural disasters or could be impacted…

We believe that reputational risk cannot be managed in isolation from other forms of risk and that credit, market, operational, insurance, regulatory, and legal risks, among others, must all be managed effectively to…

contract for expiring capacity at favorable rates or otherwise retain existing customers could be impaired.