KINDER MORGAN, INC. (KMI) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that KINDER MORGAN, INC. surfaced in its latest filing.

• PHMSA's 2021 expansion of gas gathering pipeline regulation and the Congressional mandate under the Pipeline Safety Act that PHMSA regulate the transportation of gaseous CO2.2021
• The global economic downturn caused by the coronavirus pandemic in 2020 affected the crude oil and gas industry, the steel industry, and specific segments in which we operate, reducing demand and increasing price competition.2020
• 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.2025-12-31
• As of December 31, 2025, we had approximately $3.5 billion of debt subject to variable interest rates, either as short-term or long-term variable-rate debt obligations, or as long-term fixed-rate debt effectively converted to variable rates through the use of interest rate swaps.2025-12-31
• EPA rescinded its previous endangerment finding relating to GHGs on February 12, 2026.2026-02-12
• EPA finalized methane and volatile organic compound emissions standards in late 2023.2023
• California enacted legislation requiring climate-related disclosures, and CARB has begun implementation requiring GHG emissions reporting.
• PHMSA has issued a proposed rulemaking with expansive pipeline leak detection and repair requirements applicable to gas pipelines, LNG facilities, and underground natural gas storage facilities.
• PHMSA is working on a final rule regarding requirements for pipelines located in coastal ecological unusually sensitive areas.
• PHMSA is working on a rulemaking to update repair criteria applicable to hazardous liquid and gas pipelines.
• Congress is working on reauthorization of the Pipeline Safety Act, which could expand PHMSA’s rulemaking agenda and statutory authority.
• In 2025, the U.S. government announced multiple tariffs on several foreign jurisdictions and imports into the U.S., with limited exemptions and temporary pauses.2025
• In August 2025, the U.S. Court of Appeals for the Federal Circuit ruled that many tariffs imposed under the Trump Administration exceed presidential authority, stayed pending U.S. Supreme Court review.2025-08
• European Union methane limits apply to imports of natural gas and crude oil beginning in 2030.2030
• From 2021 to 2024, the federal government deprioritized onshore leasing and its review of applications for permits to drill.2021/2024
• The Jones Act restricts ownership by non-U.S. citizens of our U.S. point-to-point maritime shipping vessels, requiring U.S. organization, control, and at least 75% U.S. citizen ownership, with vessels U.S.-flagged, U.S.-built, and crewed predominantly by U.S. citizens.
• Our certificate of incorporation restricts the ownership of our common stock by non-U.S. citizens within the meaning of the Jones Act, which may affect liquidity and force sales at a loss; it allows redemption of non-U.S. citizen shares if their ownership exceeds 22% to reduce it to that level.