Kinder Morgan Inc at Wells Fargo Energy & Power Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Michael Blum - Wells Fargo Securities LLC - Analyst : Great. And I should have set up front, if anyone has questions, just raise your hand, we'll run a mic to you, and just -- at any time, just raise your hand and ask a question, just feel free to interrupt me. Yes. So I guess at a high level, like you said, it's a pretty exciting time in the industry and certainly for the company. It seems like you're in the right place at the right time. So you've had a really significant increase in the backlog for the last few years, almost all of that gas pipeline investments. I guess my first question is, and maybe you kind of answered it already is, what inning do you think we're in here? Like how long do you see the runway for growth and projects and investment opportunities? And do you see any risk to that long term? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 3:15PM, KMI.N - Kinder Morgan Inc at Wells Fargo Energy & Power Conference

Question: Michael Blum - Wells Fargo Securities LLC - Analyst : So maybe just to follow up on that. On the last call, you made a few interesting comments to frame that. You talked about evaluating more than 10 Bcf of natural gas projects tied to the power gen sector. And then you also talked about $10 billion of potential projects, I think, mostly tied to natural gas. So can you bucket those, or is there a way to think about what those -- a little more color on what those are?

Question: Michael Blum - Wells Fargo Securities LLC - Analyst : So maybe if I push that a little bit. I guess a multipart question here, but some of your potential customers have put some stuff out there. So Southern -- SNG, they sort of intimated that they could spend another $1 billion on another SNG expansion. You've already done one as we know. So curious if you can talk about that at all. And then -- and there's also been Dominion has listed you as a gas supplier for our proposed 2.2-gigawatt plant that I think would be in service in like 2032. So either speak to those projects specifically if you can. But if not, maybe if you could talk about like the process, how this happens, what's the conversation with the customers? How does the project get from development to FID?

Question: Michael Blum - Wells Fargo Securities LLC - Analyst : So maybe just a follow up on the Georgia example. So 10 Bcf, let's cut that in half, let's just say, make it easy 5 Bcf. I guess a couple of questions. One, how many competing pipelines are you, who are you competing with there for that business, and what are the limitations of what LNG can do in terms of ability to expand further, like is that another factor? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 3:15PM, KMI.N - Kinder Morgan Inc at Wells Fargo Energy & Power Conference

Question: Michael Blum - Wells Fargo Securities LLC - Analyst : Great. I appreciate that. What about -- maybe we turn to Arizona for a minute. So obviously, you had a product that you're developing. It didn't happen fine, but you've said that you still see opportunities to invest in Arizona. So I wonder if you can just elaborate on what that means?

Question: Michael Blum - Wells Fargo Securities LLC - Analyst : Just one follow-up on that, on the refined products pipeline project. What's the timing? Just can you just lay out the timing of that?

Question: Michael Blum - Wells Fargo Securities LLC - Analyst : So I think I know the answer to this question, but I'd like to ask it every now and then. Just on the behind-the-meter power market, which Williams has obviously very -- been very front-footed in. None of the other pipeline companies seem to have really done that. So I'm pretty sure that you're not interested in that. I think I know that. But you had talked about potentially creating some kind of partner structure with other players and then having like a package effectively to deliver to a potential developer or hyperscaler. Can you just talk about where that stands today, if I describe that correctly?

Question: Michael Blum - Wells Fargo Securities LLC - Analyst : Got it. Maybe just last question I think I have on gas is gas storage. So maybe you can -- maybe just start by describing your current footprint? And then a, do you see just natural uplift in EBITDA as contracts roll, like where is your contracts versus rates today? And then do you see expansion opportunities around your gas storage assets as it relates to everything else we've been talking about.

Question: Michael Blum - Wells Fargo Securities LLC - Analyst : Okay. I lied, I had another gas question. Sorry. So there's been a lot of -- in the market, like the stock market, there's been a lot of angst about the AI bubble, that's kind of vacillating here and there. I'm wondering if in your discussions with potential customers for incremental gas supply into these power projects, are you seeing any of that hesitation, or is any of that kind of angst around this AI bubble manifesting in your conversations?

Question: Michael Blum - Wells Fargo Securities LLC - Analyst : Okay. Maybe just a related question on the regulatory and the permitting environment. So I guess the question would be this administration came in sort of touting that they're going to have a better more industry-friendly environment. So I'm curious if you're actually seeing that, or how the -- how do you think they've done so far in terms of making it easier for you to do business to -- yes, permitting as well, which obviously --

Question: Michael Blum - Wells Fargo Securities LLC - Analyst : Could you expand on last comment about the supply chain? Where are you seeing the potential --

Question: Michael Blum - Wells Fargo Securities LLC - Analyst : Okay. Just one more follow-up on that. I mean there's -- obviously, you and many of your competitors are all pursuing a lot of expansion projects. Do you foresee at some point that labor becomes a constraint, or do you feel like that?

Question: Michael Blum - Wells Fargo Securities LLC - Analyst : Maybe if I just turn to capital return for a second. So obviously, you just announced your dividend and your guidance for '26. So that is what it is. But I'm wondering just holistically, your rate of EBITDA and cash flow growth is accelerating. You're going LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 3:15PM, KMI.N - Kinder Morgan Inc at Wells Fargo Energy & Power Conference to -- at least on our math, you're going to be growing EBITDA in the next bunch of years faster than the roughly 2% increase in the dividend. So I guess the question is, do you see -- would you consider, or would you think about accelerating cash return as your cash growth improves and what form would that come in? Is that -- could it be a faster dividend growth rate? Is there buybacks? Is there -- or maybe you want to keep that capital. So just curious how you're thinking about?

Question: Michael Blum - Wells Fargo Securities LLC - Analyst : Okay. And I'll squeeze one more in here --

Question: Michael Blum - Wells Fargo Securities LLC - Analyst : So maybe just to round it out in the last -- well, we are over a bit, but it's fine. Just M&A, obviously, there's a lot in your plate organically. So it just feels like maybe you don't need to do anything, but just curious what the landscape looks like? Is it even on the table, or do you just feel like, you've so much internally that it has to be pretty special.

Question: Michael Blum - Wells Fargo Securities LLC - Analyst : Great. Well, thank you very much for the time this morning. Appreciate it.