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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kinder Morgan Inc | NYSE:KMI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.06 | 0.33% | 18.52 | 18.565 | 18.38 | 18.53 | 7,617,777 | 18:58:37 |
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Delaware
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80-0682103
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Page
Number
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Consolidated Statements of Income - Thre
e and Six Months Ended June 30, 2017 and 2016
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Consolidated Statements of Comprehensive Income - Three
and Six Months Ended June 30, 2017 and 2016
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Consolidated Balance Sheets -
June 30, 2017 and December 31, 2016
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Consolidated Statements of Cash Flows -
Six Months Ended June 30, 2017 and 2016
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Consolidated Statements of Stockholders’ Equity -
Six Months Ended June 30, 2017 and 2016
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Liquidity and Capital Resources
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KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Millions, Except Per Share Amounts)
(Unaudited)
|
|||||||||||||||
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
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2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Natural gas sales
|
$
|
758
|
|
|
$
|
478
|
|
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$
|
1,567
|
|
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$
|
1,021
|
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Services
|
1,940
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|
|
2,034
|
|
|
3,917
|
|
|
4,148
|
|
||||
Product sales and other
|
670
|
|
|
632
|
|
|
1,308
|
|
|
1,170
|
|
||||
Total Revenues
|
3,368
|
|
|
3,144
|
|
|
6,792
|
|
|
6,339
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||||
|
|
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|
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||||||||
Operating Costs, Expenses and Other
|
|
|
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|
|
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|
|
||||||
Costs of sales
|
1,090
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|
|
752
|
|
|
2,171
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|
|
1,483
|
|
||||
Operations and maintenance
|
536
|
|
|
603
|
|
|
1,049
|
|
|
1,168
|
|
||||
Depreciation, depletion and amortization
|
577
|
|
|
552
|
|
|
1,135
|
|
|
1,103
|
|
||||
General and administrative
|
153
|
|
|
189
|
|
|
334
|
|
|
379
|
|
||||
Taxes, other than income taxes
|
91
|
|
|
110
|
|
|
195
|
|
|
218
|
|
||||
(Gain) loss on impairments and divestitures, net
|
—
|
|
|
(4
|
)
|
|
6
|
|
|
231
|
|
||||
Other (income) expense, net
|
(1
|
)
|
|
2
|
|
|
—
|
|
|
1
|
|
||||
Total Operating Costs, Expenses and Other
|
2,446
|
|
|
2,204
|
|
|
4,890
|
|
|
4,583
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating Income
|
922
|
|
|
940
|
|
|
1,902
|
|
|
1,756
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
||||||
Earnings from equity investments
|
135
|
|
|
106
|
|
|
310
|
|
|
206
|
|
||||
Gain on impairments and divestitures of equity investments, net
|
—
|
|
|
12
|
|
|
—
|
|
|
6
|
|
||||
Amortization of excess cost of equity investments
|
(15
|
)
|
|
(16
|
)
|
|
(30
|
)
|
|
(30
|
)
|
||||
Interest, net
|
(463
|
)
|
|
(471
|
)
|
|
(928
|
)
|
|
(912
|
)
|
||||
Other, net
|
20
|
|
|
17
|
|
|
36
|
|
|
30
|
|
||||
Total Other Expense
|
(323
|
)
|
|
(352
|
)
|
|
(612
|
)
|
|
(700
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Income Before Income Taxes
|
599
|
|
|
588
|
|
|
1,290
|
|
|
1,056
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income Tax Expense
|
(216
|
)
|
|
(213
|
)
|
|
(462
|
)
|
|
(367
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Net Income
|
383
|
|
|
375
|
|
|
828
|
|
|
689
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to Noncontrolling Interests
|
(7
|
)
|
|
(3
|
)
|
|
(12
|
)
|
|
(2
|
)
|
||||
|
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|
||||||||
Net Income Attributable to Kinder Morgan, Inc.
|
376
|
|
|
372
|
|
|
816
|
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|
687
|
|
||||
|
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|
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|
||||||||
Preferred Stock Dividends
|
(39
|
)
|
|
(39
|
)
|
|
(78
|
)
|
|
(78
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||
Net Income Available to Common Stockholders
|
$
|
337
|
|
|
$
|
333
|
|
|
$
|
738
|
|
|
$
|
609
|
|
|
|
|
|
|
|
|
|
||||||||
Class P Shares
|
|
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|
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|
||||||||
Basic Earnings Per Common Share
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.33
|
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|
$
|
0.27
|
|
|
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|
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|
||||||||
Basic Weighted Average Common Shares Outstanding
|
2,230
|
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|
2,229
|
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|
2,230
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|
2,229
|
|
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|
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|
|
||||||||
Diluted Earnings Per Common Share
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.33
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted Weighted Average Common Shares Outstanding
|
2,230
|
|
|
2,229
|
|
|
2,230
|
|
|
2,229
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|
||||
|
|
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|
||||||||
Dividends Per Common Share Declared for the Period
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$
|
0.125
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|
$
|
0.125
|
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|
$
|
0.250
|
|
|
$
|
0.250
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
383
|
|
|
$
|
375
|
|
|
$
|
828
|
|
|
$
|
689
|
|
Other comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
|
|
||||||
Change in fair value of hedge derivatives (net of tax (expense) benefit of $(63), $82, $(102) and $40, respectively)
|
108
|
|
|
(142
|
)
|
|
178
|
|
|
(69
|
)
|
||||
Reclassification of change in fair value of derivatives to net income (net of tax benefit of $43, $6, $55 and $69, respectively)
|
(75
|
)
|
|
(11
|
)
|
|
(96
|
)
|
|
(119
|
)
|
||||
Foreign currency
translation
adjustments (net of tax expense of $(10), $(4), $(17) and $(49), respectively)
|
38
|
|
|
7
|
|
|
51
|
|
|
85
|
|
||||
Benefit plan adjustments (net of tax expense of
$(4), $(3), $(9)
and $(6), respectively)
|
7
|
|
|
6
|
|
|
13
|
|
|
10
|
|
||||
Total other comprehensive income (loss)
|
78
|
|
|
(140
|
)
|
|
146
|
|
|
(93
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income
|
461
|
|
|
235
|
|
|
974
|
|
|
596
|
|
||||
Comprehensive income attributable to noncontrolling interests
|
(26
|
)
|
|
(3
|
)
|
|
(31
|
)
|
|
(2
|
)
|
||||
Comprehensive income attributable to Kinder Morgan, Inc.
|
$
|
435
|
|
|
$
|
232
|
|
|
$
|
943
|
|
|
$
|
594
|
|
KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Millions, Except Share and Per Share Amounts)
|
|||||||
|
June 30, 2017
|
|
December 31, 2016
|
||||
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
452
|
|
|
$
|
684
|
|
Restricted deposits
|
66
|
|
|
103
|
|
||
Accounts receivable, net
|
1,184
|
|
|
1,370
|
|
||
Fair value of derivative contracts
|
230
|
|
|
198
|
|
||
Inventories
|
438
|
|
|
357
|
|
||
Income tax receivable
|
169
|
|
|
180
|
|
||
Other current assets
|
187
|
|
|
337
|
|
||
Total current assets
|
2,726
|
|
|
3,229
|
|
||
|
|
|
|
||||
Property, plant and equipment, net
|
39,423
|
|
|
38,705
|
|
||
Investments
|
7,442
|
|
|
7,027
|
|
||
Goodwill
|
22,159
|
|
|
22,152
|
|
||
Other intangibles, net
|
3,208
|
|
|
3,318
|
|
||
Deferred income taxes
|
3,619
|
|
|
4,352
|
|
||
Deferred charges and other assets
|
1,626
|
|
|
1,522
|
|
||
Total Assets
|
$
|
80,203
|
|
|
$
|
80,305
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current Liabilities
|
|
|
|
|
|
||
Current portion of debt
|
$
|
3,224
|
|
|
$
|
2,696
|
|
Accounts payable
|
1,353
|
|
|
1,257
|
|
||
Accrued interest
|
573
|
|
|
625
|
|
||
Accrued contingencies
|
335
|
|
|
261
|
|
||
Other current liabilities
|
878
|
|
|
1,085
|
|
||
Total current liabilities
|
6,363
|
|
|
5,924
|
|
||
Long-term liabilities and deferred credits
|
|
|
|
|
|
||
Long-term debt
|
|
|
|
|
|
||
Outstanding
|
33,900
|
|
|
36,105
|
|
||
Preferred interest in general partner of KMP
|
100
|
|
|
100
|
|
||
Debt fair value adjustments
|
1,100
|
|
|
1,149
|
|
||
Total long-term debt
|
35,100
|
|
|
37,354
|
|
||
Other long-term liabilities and deferred credits
|
2,526
|
|
|
2,225
|
|
||
Total long-term liabilities and deferred credits
|
37,626
|
|
|
39,579
|
|
||
Total Liabilities
|
43,989
|
|
|
45,503
|
|
||
Commitments and contingencies (Notes 3 and 9)
|
|
|
|
|
|
||
Stockholders’ Equity
|
|
|
|
|
|
||
Class P shares, $0.01 par value, 4,000,000,000 shares authorized, 2,230,166,353
and 2,231,117,801 shares, respectively, issued and outstanding
|
22
|
|
|
22
|
|
||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, 9.75% Series A Mandatory Convertible, $1,000 per share liquidation preference, 1,600,000 shares issued and outstanding
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
42,092
|
|
|
41,739
|
|
||
Retained deficit
|
(6,482
|
)
|
|
(6,669
|
)
|
||
Accumulated other comprehensive loss
|
(483
|
)
|
|
(661
|
)
|
||
Total Kinder Morgan, Inc.’s stockholders’ equity
|
35,149
|
|
|
34,431
|
|
||
Noncontrolling interests
|
1,065
|
|
|
371
|
|
||
Total Stockholders’ Equity
|
36,214
|
|
|
34,802
|
|
||
Total Liabilities and Stockholders’ Equity
|
$
|
80,203
|
|
|
$
|
80,305
|
|
KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions)
(Unaudited)
|
|||||||
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash Flows From Operating Activities
|
|
|
|
||||
Net income
|
$
|
828
|
|
|
$
|
689
|
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
|
|||
Depreciation, depletion and amortization
|
1,135
|
|
|
1,103
|
|
||
Deferred income taxes
|
454
|
|
|
388
|
|
||
Amortization of excess cost of equity investments
|
30
|
|
|
30
|
|
||
Change in fair market value of derivative contracts
|
(5
|
)
|
|
(14
|
)
|
||
Loss on impairments and divestitures, net
|
6
|
|
|
231
|
|
||
Gain on impairments and divestitures of equity investments, net
|
—
|
|
|
(6
|
)
|
||
Earnings from equity investments
|
(310
|
)
|
|
(206
|
)
|
||
Distributions from equity investment earnings
|
208
|
|
|
203
|
|
||
Changes in components of working capital, net of the effects of acquisitions and dispositions
|
|
|
|
||||
Accounts receivable, net
|
185
|
|
|
81
|
|
||
Inventories
|
(93
|
)
|
|
49
|
|
||
Other current assets
|
—
|
|
|
7
|
|
||
Accounts payable
|
(59
|
)
|
|
(144
|
)
|
||
Accrued interest, net of interest rate swaps
|
(44
|
)
|
|
(49
|
)
|
||
Accrued contingencies and other current liabilities
|
(96
|
)
|
|
73
|
|
||
Rate reparations, refunds and other litigation reserve adjustments
|
(35
|
)
|
|
31
|
|
||
Other, net
|
(38
|
)
|
|
(121
|
)
|
||
Net Cash Provided by Operating Activities
|
2,166
|
|
|
2,345
|
|
||
|
|
|
|
||||
Cash Flows From Investing Activities
|
|
|
|
||||
Acquisitions of assets and investments, net of cash acquired
|
(4
|
)
|
|
(333
|
)
|
||
Capital expenditures
|
(1,336
|
)
|
|
(1,470
|
)
|
||
Sales of property, plant and equipment, and other net assets, net of removal costs
|
71
|
|
|
220
|
|
||
Contributions to investments
|
(548
|
)
|
|
(363
|
)
|
||
Distributions from equity investments in excess of cumulative earnings
|
214
|
|
|
81
|
|
||
Other, net
|
30
|
|
|
(15
|
)
|
||
Net Cash Used in Investing Activities
|
(1,573
|
)
|
|
(1,880
|
)
|
||
|
|
|
|
||||
Cash Flows From Financing Activities
|
|
|
|
||||
Issuances of debt
|
4,330
|
|
|
6,847
|
|
||
Payments of debt
|
(6,124
|
)
|
|
(6,800
|
)
|
||
Debt issue costs
|
(60
|
)
|
|
(6
|
)
|
||
Cash dividends - common shares
|
(560
|
)
|
|
(559
|
)
|
||
Cash dividends - preferred shares
|
(78
|
)
|
|
(76
|
)
|
||
Contributions from investment partner
|
415
|
|
|
—
|
|
||
Contributions from noncontrolling interests - net proceeds from KML IPO
|
1,247
|
|
|
—
|
|
||
Contributions from noncontrolling interests - other
|
11
|
|
|
87
|
|
||
Distributions to noncontrolling interests
|
(15
|
)
|
|
(11
|
)
|
||
Other, net
|
(1
|
)
|
|
(1
|
)
|
||
Net Cash Used in Financing Activities
|
(835
|
)
|
|
(519
|
)
|
||
|
|
|
|
||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
10
|
|
|
5
|
|
||
|
|
|
|
||||
Net decrease in Cash and Cash Equivalents
|
(232
|
)
|
|
(49
|
)
|
||
Cash and Cash Equivalents, beginning of period
|
684
|
|
|
229
|
|
||
Cash and Cash Equivalents, end of period
|
$
|
452
|
|
|
$
|
180
|
|
|
|||||||
Non-cash Investing and Financing Activities
|
|
|
|
||||
Increase in property, plant and equipment from both accruals and contractor retainage
|
$
|
159
|
|
|
|
||
Assets acquired by the assumption or incurrence of liabilities
|
$
|
—
|
|
|
$
|
43
|
|
Net assets contributed to equity investments
|
$
|
—
|
|
|
$
|
37
|
|
Supplemental Disclosures of Cash Flow Information
|
|
|
|
||||
Cash paid during the period for interest (net of capitalized interest)
|
$
|
995
|
|
|
$
|
1,047
|
|
Cash paid during the period for income taxes, net
|
1
|
|
|
5
|
|
|
Common stock
|
|
Preferred stock
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Issued shares
|
|
Par value
|
|
Issued shares
|
|
Par value
|
|
Additional
paid-in
capital
|
|
Retained
deficit
|
|
Accumulated
other
comprehensive
loss
|
|
Stockholders’
equity
attributable
to KMI
|
|
Non-controlling
interests
|
|
Total
|
||||||||||||||||||
Balance at December 31, 2016
|
2,230
|
|
|
$
|
22
|
|
|
2
|
|
|
$
|
—
|
|
|
$
|
41,739
|
|
|
$
|
(6,669
|
)
|
|
$
|
(661
|
)
|
|
$
|
34,431
|
|
|
$
|
371
|
|
|
$
|
34,802
|
|
Restricted shares
|
|
|
|
|
|
|
|
|
37
|
|
|
|
|
|
|
37
|
|
|
|
|
37
|
|
|||||||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
816
|
|
|
|
|
816
|
|
|
12
|
|
|
828
|
|
||||||||||||||
KML IPO
|
|
|
|
|
|
|
|
|
316
|
|
|
|
|
51
|
|
|
367
|
|
|
683
|
|
|
1,050
|
|
|||||||||||||
Distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(15
|
)
|
|
(15
|
)
|
|||||||||||||||
Contributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
11
|
|
|
11
|
|
|||||||||||||||
Preferred stock dividends
|
|
|
|
|
|
|
|
|
|
|
(78
|
)
|
|
|
|
(78
|
)
|
|
|
|
(78
|
)
|
|||||||||||||||
Common stock dividends
|
|
|
|
|
|
|
|
|
|
|
(560
|
)
|
|
|
|
(560
|
)
|
|
|
|
(560
|
)
|
|||||||||||||||
Impact of adoption of ASU 2016-09 (See Note 8)
|
|
|
|
|
|
|
|
|
|
|
9
|
|
|
|
|
9
|
|
|
|
|
9
|
|
|||||||||||||||
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(16
|
)
|
|
(16
|
)
|
||||||||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
127
|
|
|
127
|
|
|
19
|
|
|
146
|
|
||||||||||||||
Balance at June 30, 2017
|
2,230
|
|
|
$
|
22
|
|
|
2
|
|
|
$
|
—
|
|
|
$
|
42,092
|
|
|
$
|
(6,482
|
)
|
|
$
|
(483
|
)
|
|
$
|
35,149
|
|
|
$
|
1,065
|
|
|
$
|
36,214
|
|
|
Common stock
|
|
Preferred stock
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Issued shares
|
|
Par value
|
|
Issued shares
|
|
Par value
|
|
Additional
paid-in
capital
|
|
Retained
deficit
|
|
Accumulated
other
comprehensive
loss
|
|
Stockholders’
equity
attributable
to KMI
|
|
Non-controlling
interests
|
|
Total
|
||||||||||||||||||
Balance at December 31, 2015
|
2,229
|
|
|
$
|
22
|
|
|
2
|
|
|
$
|
—
|
|
|
$
|
41,661
|
|
|
$
|
(6,103
|
)
|
|
$
|
(461
|
)
|
|
$
|
35,119
|
|
|
$
|
284
|
|
|
$
|
35,403
|
|
Restricted shares
|
|
|
|
|
|
|
|
|
35
|
|
|
|
|
|
|
35
|
|
|
|
|
35
|
|
|||||||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
687
|
|
|
|
|
687
|
|
|
2
|
|
|
689
|
|
||||||||||||||
Distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(11
|
)
|
|
(11
|
)
|
|||||||||||||||
Contributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
87
|
|
|
87
|
|
|||||||||||||||
Preferred stock dividends
|
|
|
|
|
|
|
|
|
|
|
(78
|
)
|
|
|
|
(78
|
)
|
|
|
|
(78
|
)
|
|||||||||||||||
Common stock dividends
|
|
|
|
|
|
|
|
|
|
|
(559
|
)
|
|
|
|
(559
|
)
|
|
|
|
(559
|
)
|
|||||||||||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
(93
|
)
|
|
(93
|
)
|
|
|
|
(93
|
)
|
|||||||||||||||
Balance at June 30, 2016
|
2,229
|
|
|
$
|
22
|
|
|
2
|
|
|
$
|
—
|
|
|
$
|
41,696
|
|
|
$
|
(6,053
|
)
|
|
$
|
(554
|
)
|
|
$
|
35,111
|
|
|
$
|
362
|
|
|
$
|
35,473
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Class P shares
|
$
|
336
|
|
|
$
|
332
|
|
|
$
|
735
|
|
|
$
|
607
|
|
Participating securities:
|
|
|
|
|
|
|
|
||||||||
Restricted stock awards(a)
|
1
|
|
|
1
|
|
|
3
|
|
|
2
|
|
||||
Net Income Available to Common Stockholders
|
$
|
337
|
|
|
$
|
333
|
|
|
$
|
738
|
|
|
$
|
609
|
|
(a)
|
As of
June 30, 2017
, there were approximately
9 million
restricted stock awards.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Unvested restricted stock awards
|
9
|
|
|
8
|
|
|
9
|
|
|
8
|
|
Convertible trust preferred securities
|
3
|
|
|
8
|
|
|
3
|
|
|
8
|
|
Mandatory convertible preferred stock(a)
|
58
|
|
|
58
|
|
|
58
|
|
|
58
|
|
|
|
June 30, 2017
|
||
Assets
|
|
|
||
Total current assets
|
|
$
|
235
|
|
Property, plant and equipment, net
|
|
2,580
|
|
|
Total goodwill, deferred charges and other assets
|
|
298
|
|
|
Total assets
|
|
$
|
3,113
|
|
Liabilities
|
|
|
||
Total current liabilities
|
|
$
|
366
|
|
Long-term debt, excluding current maturities
|
|
—
|
|
|
Total other long-term liabilities and deferred credits
|
|
371
|
|
|
Total liabilities
|
|
$
|
737
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Unsecured term loan facility, variable rate, due January 26, 2019
|
$
|
1,000
|
|
|
$
|
1,000
|
|
Senior notes, 1.50% through 8.05%, due 2017 through 2098(a)
|
12,563
|
|
|
13,236
|
|
||
Credit facility due November 26, 2019
|
—
|
|
|
—
|
|
||
Commercial paper borrowings
|
115
|
|
|
—
|
|
||
KML Credit Facility(b)
|
146
|
|
|
—
|
|
||
KMP senior notes, 2.65% through 9.00%, due 2017 through 2044(c)
|
18,885
|
|
|
19,485
|
|
||
TGP senior notes, 7.00% through 8.375%, due 2017 through 2037(d)
|
1,240
|
|
|
1,540
|
|
||
EPNG senior notes, 5.95% through 8.625%, due 2017 through 2032(e)
|
760
|
|
|
1,115
|
|
||
CIG senior notes, 4.15% and 6.85%, due 2026 and 2037
|
475
|
|
|
475
|
|
||
Kinder Morgan Finance Company, LLC, senior notes, 6.00% and 6.40%, due 2018 and 2036
|
786
|
|
|
786
|
|
||
Hiland Partners Holdings LLC, senior note, 5.50%, due 2022
|
225
|
|
|
225
|
|
||
EPC Building, LLC, promissory note, 3.967%, due 2017 through 2035
|
427
|
|
|
433
|
|
||
Trust I preferred securities, 4.75%, due March 31, 2028(f)
|
221
|
|
|
221
|
|
||
KMGP, $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock
|
100
|
|
|
100
|
|
||
Other miscellaneous debt
|
281
|
|
|
285
|
|
||
Total debt – KMI and Subsidiaries
|
37,224
|
|
|
38,901
|
|
||
Less: Current portion of debt(g)
|
3,224
|
|
|
2,696
|
|
||
Total long-term debt – KMI and Subsidiaries(h)
|
$
|
34,000
|
|
|
$
|
36,205
|
|
(a)
|
Amount includes senior notes that are denominated in Euros and have been converted to U.S. dollars and are respectively reported above at the
June 30, 2017
exchange rate of
1.1426
U.S. dollars per Euro and the
December 31, 2016
exchange rate of
1.0517
U.S. dollars per Euro. For the
six
months ended
June 30, 2017
, our debt balance increased by
$114 million
as a result of the change in the exchange rate of U.S. dollars per Euro. The increase in debt due to the changes in exchange rates is offset by a corresponding change in the value of cross-currency swaps reflected in “Deferred charges and other assets” and “ Other long-term liabilities and deferred credits” on our consolidated balance sheets. At the time of issuance, we entered into cross-currency swap agreements associated with these senior notes, effectively converting these Euro-denominated senior notes to U.S. dollars (see Note 5 “Risk Management—
Foreign Currency Risk Management
”). In June, 2017, we repaid
$786 million
of maturing
7.00%
senior notes.
|
(b)
|
The credit facility is denominated in C$ and has been converted to U.S. dollars and reported above at the June 30, 2017 exchange rate of
0.7706
U.S. dollars per C$. See
“—Credit Facilities
” below.
|
(c)
|
In February 2017, we repaid
$600 million
of maturing
6.00%
senior notes.
|
(d)
|
In April 2017, we repaid
$300 million
of maturing
7.50%
senior notes.
|
(e)
|
In April 2017, we repaid
$355 million
of maturing
5.95%
senior notes.
|
(f)
|
The Trust I Preferred Securities are convertible at any time prior to the close of business on March 31, 2028, at the option of the holder. Prior to May 25, 2017, conversions of these securities were converted into the following mixed consideration: (i)
0.7197
of a share of our Class P common stock; (ii)
$25.18
in cash without interest; and (iii)
1.100
warrants to purchase a share of our Class P common stock. Our warrants expired on May 25, 2017, along with conversion of
1.100
warrants to purchase a share of our Class P common mixed consideration.
|
(g)
|
Amounts include outstanding credit facility borrowings, commercial paper borrowings and other debt maturing within 12 months (see “—
Current Portion of Debt
” below).
|
(h)
|
Excludes our “Debt fair value adjustments” which, as of
June 30, 2017
and
December 31, 2016
, increased our combined debt balances by
$1,100 million
and
$1,149 million
, respectively. In addition to all unamortized debt discount/premium amounts, debt issuance costs
|
•
|
bankers’ acceptances or London Interbank Offered Rate loans are at an annual rate of approximately CDOR or the London Interbank Offered Rate, as the case may be, plus a fixed spread ranging from
1.50%
to
2.50%
;
|
•
|
loans in Canadian dollars or U.S. dollars are at an annual rate of approximately the Canadian prime rate or the U.S. dollar base rate, as the case may be, plus a fixed spread ranging from
0.50%
to
1.50%
, in each case, with the range dependent on the credit ratings of the Company;
|
•
|
letters of credit (under working capital facility only) will have issuance fees based on an annual rate of approximately CDOR plus a fixed spread ranging from
1.50%
to
2.50%
, with the range dependent on the credit ratings of the Company.
|
•
|
a maximum ratio of consolidated total funded debt to consolidated capitalization of
70%
;
|
•
|
restrictions on ability to incur debt;
|
•
|
restrictions on ability to make dispositions, restricted payments and investments;
|
•
|
restrictions on granting liens and on sale-leaseback transactions;
|
•
|
restrictions on ability to engage in transactions with affiliates; and
|
•
|
restrictions on ability to amend organizational documents and engage in corporate reorganization transactions.
|
Senior notes - $500 million 2.00% notes due December 2017
|
Kinder Morgan Finance Company, LLC, senior notes - $750 million 6.00% notes due January 2018
|
Senior notes - $82 million 7.00% notes due February 2018
|
KMP senior notes - $975 million 5.95% notes due February 2018
|
Senior notes - $477 million 7.25% notes due June 2018
|
|
Net open position long/(short)
|
|||
Derivatives designated as hedging contracts
|
|
|
|
|
Crude oil fixed price
|
(20.1
|
)
|
|
MMBbl
|
Crude oil basis
|
(2.7
|
)
|
|
MMBbl
|
Natural gas fixed price
|
(54.9
|
)
|
|
Bcf
|
Natural gas basis
|
(27.0
|
)
|
|
Bcf
|
Derivatives not designated as hedging contracts
|
|
|
|
|
Crude oil fixed price
|
(0.9
|
)
|
|
MMBbl
|
Crude oil basis
|
(0.5
|
)
|
|
MMBbl
|
Natural gas fixed price
|
4.6
|
|
|
Bcf
|
Natural gas basis
|
(39.0
|
)
|
|
Bcf
|
NGL and other fixed price
|
(6.1
|
)
|
|
MMBbl
|
Fair Value of Derivative Contracts
|
||||||||||||||||||
|
|
|
|
Asset derivatives
|
|
Liability derivatives
|
||||||||||||
|
|
|
|
June 30,
2017 |
|
December 31,
2016 |
|
June 30,
2017 |
|
December 31,
2016 |
||||||||
|
|
Location
|
|
Fair value
|
|
Fair value
|
||||||||||||
Derivatives designated as hedging contracts
|
|
|
|
|
|
|
|
|
|
|
||||||||
Natural gas and crude derivative contracts
|
|
Fair value of derivative contracts/(Other current liabilities)
|
|
$
|
149
|
|
|
$
|
101
|
|
|
$
|
(6
|
)
|
|
$
|
(57
|
)
|
|
|
Deferred charges and other assets/(Other long-term liabilities and deferred credits)
|
|
82
|
|
|
70
|
|
|
(2
|
)
|
|
(24
|
)
|
||||
Subtotal
|
|
|
|
231
|
|
|
171
|
|
|
(8
|
)
|
|
(81
|
)
|
||||
Interest rate swap agreements
|
|
Fair value of derivative contracts/(Other current liabilities)
|
|
69
|
|
|
94
|
|
|
—
|
|
|
—
|
|
||||
|
|
Deferred charges and other assets/(Other long-term liabilities and deferred credits)
|
|
211
|
|
|
206
|
|
|
(30
|
)
|
|
(57
|
)
|
||||
Subtotal
|
|
|
|
280
|
|
|
300
|
|
|
(30
|
)
|
|
(57
|
)
|
||||
Cross-currency swap agreements
|
|
Fair value of derivative contracts/(Other current liabilities)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
(7
|
)
|
||||
|
|
Deferred charges and other assets/(Other long-term liabilities and deferred credits)
|
|
82
|
|
|
—
|
|
|
—
|
|
|
(24
|
)
|
||||
Subtotal
|
|
|
|
82
|
|
|
—
|
|
|
(21
|
)
|
|
(31
|
)
|
||||
Total
|
|
|
|
593
|
|
|
471
|
|
|
(59
|
)
|
|
(169
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivatives not designated as hedging contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Natural gas, crude, NGL and other derivative contracts
|
|
Fair value of derivative contracts/(Other current liabilities)
|
|
12
|
|
|
3
|
|
|
(6
|
)
|
|
(29
|
)
|
||||
|
|
Deferred charges and other assets/(Other long-term liabilities and deferred credits)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||
Subtotal
|
|
|
|
12
|
|
|
3
|
|
|
(7
|
)
|
|
(30
|
)
|
||||
Total
|
|
|
|
12
|
|
|
3
|
|
|
(7
|
)
|
|
(30
|
)
|
||||
Total derivatives
|
|
|
|
$
|
605
|
|
|
$
|
474
|
|
|
$
|
(66
|
)
|
|
$
|
(199
|
)
|
Derivatives in fair value hedging relationships
|
|
Location
|
|
Gain/(loss) recognized in income
on derivatives and related hedged item
|
||||||||||||||
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap agreements
|
|
Interest, net
|
|
$
|
46
|
|
|
$
|
119
|
|
|
$
|
7
|
|
|
$
|
399
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hedged fixed rate debt
|
|
Interest, net
|
|
$
|
(47
|
)
|
|
$
|
(120
|
)
|
|
$
|
(11
|
)
|
|
$
|
(404
|
)
|
Derivatives in cash flow hedging relationships
|
|
Gain/(loss)
recognized in OCI on derivative (effective portion)(a) |
|
Location
|
|
Gain/(loss) reclassified from Accumulated OCI
into income (effective portion)(b) |
|
Location
|
|
Gain/(loss)
recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) |
||||||||||||||||||
|
|
Three Months Ended June 30,
|
|
|
|
Three Months Ended June 30,
|
|
|
|
Three Months Ended June 30,
|
||||||||||||||||||
|
|
2017
|
|
2016
|
|
|
|
2017
|
|
2016
|
|
|
|
2017
|
|
2016
|
||||||||||||
Energy commodity
derivative contracts |
|
$
|
52
|
|
|
$
|
(111
|
)
|
|
Revenues—Natural
gas sales |
|
$
|
(1
|
)
|
|
$
|
2
|
|
|
Revenues—Natural
gas sales |
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
Revenues—Product
sales and other |
|
14
|
|
|
33
|
|
|
Revenues—Product
sales and other |
|
5
|
|
|
(6
|
)
|
||||||||
|
|
|
|
|
|
Costs of sales
|
|
1
|
|
|
(2
|
)
|
|
Costs of sales
|
|
—
|
|
|
—
|
|
||||||||
Interest rate swap
agreements(c) |
|
(1
|
)
|
|
(1
|
)
|
|
Interest, net
|
|
(1
|
)
|
|
—
|
|
|
Interest, net
|
|
—
|
|
|
—
|
|
||||||
Cross-currency swap
|
|
57
|
|
|
(30
|
)
|
|
Other, net
|
|
62
|
|
|
(22
|
)
|
|
Other, net
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
$
|
108
|
|
|
$
|
(142
|
)
|
|
Total
|
|
$
|
75
|
|
|
$
|
11
|
|
|
Total
|
|
$
|
5
|
|
|
$
|
(6
|
)
|
Derivatives in cash flow hedging relationships
|
|
Gain/(loss)
recognized in OCI on derivative (effective portion)(a)
|
|
Location
|
|
Gain/(loss) reclassified from Accumulated OCI
into income (effective portion)(b)
|
|
Location
|
|
Gain/(loss)
recognized in income
on derivative
(ineffective portion
and amount
excluded from
effectiveness testing)
|
||||||||||||||||||
|
|
Six Months Ended June 30,
|
|
|
|
Six Months Ended June 30,
|
|
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
|
2017
|
|
2016
|
|
|
|
2017
|
|
2016
|
|
|
|
2017
|
|
2016
|
||||||||||||
Energy commodity
derivative contracts
|
|
$
|
120
|
|
|
$
|
(84
|
)
|
|
Revenues—Natural
gas sales
|
|
$
|
1
|
|
|
$
|
23
|
|
|
Revenues—Natural
gas sales
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
Revenues—Product
sales and other
|
|
20
|
|
|
90
|
|
|
Revenues—Product
sales and other
|
|
8
|
|
|
(5
|
)
|
||||||||
|
|
|
|
|
|
Costs of sales
|
|
4
|
|
|
(12
|
)
|
|
Costs of sales
|
|
—
|
|
|
—
|
|
||||||||
Interest rate swap
agreements(c)
|
|
(1
|
)
|
|
(5
|
)
|
|
Interest, net
|
|
(1
|
)
|
|
(1
|
)
|
|
Interest, net
|
|
—
|
|
|
—
|
|
||||||
Cross-currency swap
|
|
59
|
|
|
20
|
|
|
Other, net
|
|
72
|
|
|
19
|
|
|
Other, net
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
$
|
178
|
|
|
$
|
(69
|
)
|
|
Total
|
|
$
|
96
|
|
|
$
|
119
|
|
|
Total
|
|
$
|
8
|
|
|
$
|
(5
|
)
|
(a)
|
We expect to reclassify an approximate
$60 million
gain associated with cash flow hedge price risk management activities included in our accumulated other comprehensive loss balances as of
June 30, 2017
into earnings during the next twelve months (when the associated forecasted transactions are also expected to occur), however, actual amounts reclassified into earnings could vary materially as a result of changes in market prices.
|
(b)
|
Amounts reclassified were the result of the hedged forecasted transactions actually affecting earnings (i.e., when the forecasted sales and purchases actually occurred).
|
(c)
|
Amounts represent our share of an equity investee’s accumulated other comprehensive loss.
|
Derivatives not designated as accounting hedges
|
|
Location
|
|
Gain/(loss) recognized in income on derivatives
|
||||||||||||||
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Energy commodity derivative contracts
|
|
Revenues—Natural gas sales
|
|
$
|
5
|
|
|
$
|
(11
|
)
|
|
$
|
11
|
|
|
$
|
(5
|
)
|
|
|
Revenues—Product sales and other
|
|
7
|
|
|
(12
|
)
|
|
19
|
|
|
(14
|
)
|
||||
|
|
Costs of sales
|
|
—
|
|
|
3
|
|
|
—
|
|
|
(2
|
)
|
||||
Interest rate swap agreements
|
|
Interest, net
|
|
—
|
|
|
24
|
|
|
—
|
|
|
77
|
|
||||
Total(a)
|
|
|
|
$
|
12
|
|
|
$
|
4
|
|
|
$
|
30
|
|
|
$
|
56
|
|
|
Net unrealized
gains/(losses)
on cash flow
hedge derivatives
|
|
Foreign
currency
translation
adjustments
|
|
Pension and
other
postretirement
liability adjustments
|
|
Total
accumulated other
comprehensive loss
|
||||||||
Balance as of December 31, 2016
|
$
|
(1
|
)
|
|
$
|
(288
|
)
|
|
$
|
(372
|
)
|
|
$
|
(661
|
)
|
Other comprehensive gain before reclassifications
|
178
|
|
|
32
|
|
|
13
|
|
|
223
|
|
||||
Gains reclassified from accumulated other comprehensive loss
|
(96
|
)
|
|
—
|
|
|
—
|
|
|
(96
|
)
|
||||
KML IPO
|
—
|
|
|
44
|
|
|
7
|
|
|
51
|
|
||||
Net current-period other comprehensive income
|
82
|
|
|
76
|
|
|
20
|
|
|
178
|
|
||||
Balance as of June 30, 2017
|
$
|
81
|
|
|
$
|
(212
|
)
|
|
$
|
(352
|
)
|
|
$
|
(483
|
)
|
|
Net unrealized
gains/(losses)
on cash flow
hedge derivatives
|
|
Foreign
currency
translation
adjustments
|
|
Pension and
other
postretirement
liability adjustments
|
|
Total
accumulated other
comprehensive loss
|
||||||||
Balance as of December 31, 2015
|
$
|
219
|
|
|
$
|
(322
|
)
|
|
$
|
(358
|
)
|
|
$
|
(461
|
)
|
Other comprehensive (loss) gain before reclassifications
|
(69
|
)
|
|
85
|
|
|
10
|
|
|
26
|
|
||||
Gains reclassified from accumulated other comprehensive loss
|
(119
|
)
|
|
—
|
|
|
—
|
|
|
(119
|
)
|
||||
Net current-period other comprehensive (loss) income
|
(188
|
)
|
|
85
|
|
|
10
|
|
|
(93
|
)
|
||||
Balance as of June 30, 2016
|
$
|
31
|
|
|
$
|
(237
|
)
|
|
$
|
(348
|
)
|
|
$
|
(554
|
)
|
•
|
Level 1 Inputs—quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;
|
•
|
Level 2 Inputs—inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability; and
|
•
|
Level 3 Inputs—unobservable inputs for the asset or liability. These unobservable inputs reflect the entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances (which might include the reporting entity’s own data).
|
|
Balance sheet asset
fair value measurements by level
|
|
|
|
Net amount
|
||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Gross amount
|
|
Contracts available for netting
|
|
Cash collateral held(b)
|
||||||||||||||||
As of June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Energy commodity derivative contracts(a)
|
$
|
10
|
|
|
$
|
233
|
|
|
$
|
—
|
|
|
$
|
243
|
|
|
$
|
(12
|
)
|
|
$
|
(7
|
)
|
|
$
|
224
|
|
Interest rate swap agreements
|
—
|
|
|
280
|
|
|
—
|
|
|
280
|
|
|
(13
|
)
|
|
—
|
|
|
267
|
|
|||||||
Cross-currency swap agreements
|
—
|
|
|
82
|
|
|
—
|
|
|
82
|
|
|
(20
|
)
|
|
—
|
|
|
62
|
|
|||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Energy commodity derivative contracts(a)
|
$
|
6
|
|
|
$
|
168
|
|
|
$
|
—
|
|
|
$
|
174
|
|
|
$
|
(43
|
)
|
|
$
|
—
|
|
|
$
|
131
|
|
Interest rate swap agreements
|
—
|
|
|
300
|
|
|
—
|
|
|
300
|
|
|
(18
|
)
|
|
—
|
|
|
282
|
|
|
Balance sheet liability
fair value measurements by level
|
|
|
|
Net amount
|
||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Gross amount
|
|
Contracts available for netting
|
|
Collateral posted(b)
|
||||||||||||||||
As of June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Energy commodity derivative contracts(a)
|
$
|
(4
|
)
|
|
$
|
(11
|
)
|
|
$
|
—
|
|
|
$
|
(15
|
)
|
|
$
|
12
|
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
Interest rate swap agreements
|
—
|
|
|
(30
|
)
|
|
—
|
|
|
(30
|
)
|
|
13
|
|
|
—
|
|
|
(17
|
)
|
|||||||
Cross-currency swap agreements
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
(21
|
)
|
|
20
|
|
|
—
|
|
|
(1
|
)
|
|||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Energy commodity derivative contracts(a)
|
$
|
(29
|
)
|
|
$
|
(82
|
)
|
|
$
|
—
|
|
|
$
|
(111
|
)
|
|
$
|
43
|
|
|
$
|
37
|
|
|
$
|
(31
|
)
|
Interest rate swap agreements
|
—
|
|
|
(57
|
)
|
|
—
|
|
|
(57
|
)
|
|
18
|
|
|
—
|
|
|
(39
|
)
|
|||||||
Cross-currency swap agreements
|
—
|
|
|
(31
|
)
|
|
—
|
|
|
(31
|
)
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
(a)
|
Level 1 consists primarily of New York Mercantile Exchange natural gas futures. Level 2 consists primarily of OTC West Texas Intermediate swaps and options.
|
(b)
|
Cash margin deposits held and posted by us associated with our energy commodity contract positions and OTC swap agreements and reported within “Other current liabilities” and “Restricted deposits,” respectively, on our accompanying consolidated balance sheets. Any cash collateral paid or received is reflected in this table, but only to the extent that it represents variation margins. Any amount associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts or those that are determined solely on their volumetric notional amounts are excluded from this table.
|
Significant unobservable inputs (Level 3)
|
|||||||||||||||
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Derivatives-net asset (liability)
|
|
|
|
|
|
|
|
||||||||
Beginning of Period
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
(15
|
)
|
Total gains or (losses) included in earnings
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(9
|
)
|
||||
Settlements
|
—
|
|
|
5
|
|
|
—
|
|
|
24
|
|
||||
End of Period
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or (losses) relating to assets held at the reporting date
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Carrying
value
|
|
Estimated
fair value
|
|
Carrying
value
|
|
Estimated
fair value
|
||||||||
Total debt
|
$
|
38,324
|
|
|
$
|
39,915
|
|
|
$
|
40,050
|
|
|
$
|
41,015
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Natural Gas Pipelines
|
|
|
|
|
|
|
|
||||||||
Revenues from external customers
|
$
|
2,093
|
|
|
$
|
1,882
|
|
|
$
|
4,261
|
|
|
$
|
3,852
|
|
Intersegment revenues
|
2
|
|
|
1
|
|
|
5
|
|
|
2
|
|
||||
CO
2
|
307
|
|
|
304
|
|
|
610
|
|
|
606
|
|
||||
Terminals
|
|
|
|
|
|
|
|
||||||||
Revenues from external customers
|
486
|
|
|
487
|
|
|
973
|
|
|
952
|
|
||||
Intersegment revenues
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
||||
Products Pipelines
|
|
|
|
|
|
|
|
||||||||
Revenues from external customers
|
413
|
|
|
398
|
|
|
811
|
|
|
789
|
|
||||
Intersegment revenues
|
5
|
|
|
3
|
|
|
9
|
|
|
8
|
|
||||
Kinder Morgan Canada
|
60
|
|
|
63
|
|
|
119
|
|
|
122
|
|
||||
Corporate and intersegment eliminations(a)
|
1
|
|
|
5
|
|
|
3
|
|
|
7
|
|
||||
Total consolidated revenues
|
$
|
3,368
|
|
|
$
|
3,144
|
|
|
$
|
6,792
|
|
|
$
|
6,339
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Segment EBDA(b)
|
|
|
|
|
|
|
|
||||||||
Natural Gas Pipelines
|
$
|
907
|
|
|
$
|
967
|
|
|
$
|
1,962
|
|
|
$
|
1,961
|
|
CO
2
|
221
|
|
|
204
|
|
|
439
|
|
|
391
|
|
||||
Terminals
|
304
|
|
|
302
|
|
|
611
|
|
|
562
|
|
||||
Products Pipelines
|
324
|
|
|
292
|
|
|
611
|
|
|
469
|
|
||||
Kinder Morgan Canada
|
43
|
|
|
46
|
|
|
86
|
|
|
92
|
|
||||
Total Segment EBDA
|
1,799
|
|
|
1,811
|
|
|
3,709
|
|
|
3,475
|
|
||||
DD&A
|
(577
|
)
|
|
(552
|
)
|
|
(1,135
|
)
|
|
(1,103
|
)
|
||||
Amortization of excess cost of equity investments
|
(15
|
)
|
|
(16
|
)
|
|
(30
|
)
|
|
(30
|
)
|
||||
General and administrative and corporate charges
|
(145
|
)
|
|
(184
|
)
|
|
(326
|
)
|
|
(374
|
)
|
||||
Interest expense, net
|
(463
|
)
|
|
(471
|
)
|
|
(928
|
)
|
|
(912
|
)
|
||||
Income tax expense
|
(216
|
)
|
|
(213
|
)
|
|
(462
|
)
|
|
(367
|
)
|
||||
Total consolidated net income
|
$
|
383
|
|
|
$
|
375
|
|
|
$
|
828
|
|
|
$
|
689
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
||||
Natural Gas Pipelines
|
$
|
50,858
|
|
|
$
|
50,428
|
|
CO
2
|
4,106
|
|
|
4,065
|
|
||
Terminals
|
9,898
|
|
|
9,725
|
|
||
Products Pipelines
|
8,421
|
|
|
8,329
|
|
||
Kinder Morgan Canada
|
1,762
|
|
|
1,572
|
|
||
Corporate assets(c)
|
5,158
|
|
|
6,108
|
|
||
Assets held for sale
|
—
|
|
|
78
|
|
||
Total consolidated assets
|
$
|
80,203
|
|
|
$
|
80,305
|
|
(a)
|
Includes a management fee for services we perform as operator of an equity investee.
|
(b)
|
Includes revenues, earnings from equity investments, other, net, less operating expenses, and other (income) expense, net, loss on impairments and divestitures, net and loss on impairments and divestitures of equity investments, net.
|
(c)
|
Includes cash and cash equivalents, margin and restricted deposits, certain prepaid assets and deferred charges, including income tax related assets, risk management assets related to debt fair value adjustments, corporate headquarters in Houston, Texas and miscellaneous corporate assets (such as information technology, telecommunications equipment and legacy operations) not allocated to the reportable segments.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Income tax expense
|
$
|
216
|
|
|
$
|
213
|
|
|
$
|
462
|
|
|
$
|
367
|
|
Effective tax rate
|
36.1
|
%
|
|
36.2
|
%
|
|
35.8
|
%
|
|
34.8
|
%
|
Condensed Consolidating Statements of Income and Comprehensive Income
for the Three Months Ended June 30, 2017
(In Millions)
(Unaudited)
|
||||||||||||||||||||||||||||
|
|
Parent
Issuer and Guarantor |
|
Subsidiary
Issuer and Guarantor - KMP |
|
Subsidiary
Guarantors |
|
Subsidiary
Non-Guarantors |
|
Consolidating Adjustments
|
|
Consolidated KMI
|
||||||||||||||||
Total Revenues
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
3,002
|
|
$
|
—
|
|
$
|
402
|
|
|
$
|
(45
|
)
|
|
$
|
3,368
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Costs, Expenses and Other
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Costs of sales
|
|
—
|
|
|
—
|
|
|
1,041
|
|
—
|
|
83
|
|
|
(34
|
)
|
|
1,090
|
|
|||||||||
Depreciation, depletion and amortization
|
|
4
|
|
|
—
|
|
|
488
|
|
—
|
|
85
|
|
|
—
|
|
|
577
|
|
|||||||||
Other operating expenses
|
|
10
|
|
|
—
|
|
|
686
|
|
—
|
|
94
|
|
|
(11
|
)
|
|
779
|
|
|||||||||
Total Operating Costs, Expenses and Other
|
|
14
|
|
|
—
|
|
|
2,215
|
|
|
262
|
|
|
(45
|
)
|
|
2,446
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating (loss) income
|
|
(5
|
)
|
|
—
|
|
|
787
|
|
|
140
|
|
|
—
|
|
|
922
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Earnings from consolidated subsidiaries
|
|
747
|
|
—
|
|
739
|
|
|
110
|
|
—
|
|
17
|
|
|
(1,613
|
)
|
|
—
|
|
||||||||
Earnings from equity investments
|
|
—
|
|
—
|
|
—
|
|
|
135
|
|
—
|
|
—
|
|
|
—
|
|
|
135
|
|
||||||||
Interest, net
|
|
(177
|
)
|
—
|
|
4
|
|
|
(273
|
)
|
—
|
|
(17
|
)
|
|
—
|
|
|
(463
|
)
|
||||||||
Amortization of excess cost of equity investments and other, net
|
|
—
|
|
—
|
|
—
|
|
|
1
|
|
—
|
|
4
|
|
|
—
|
|
|
5
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income Before Income Taxes
|
|
565
|
|
|
743
|
|
|
760
|
|
|
144
|
|
|
(1,613
|
)
|
|
599
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income Tax Expense
|
|
(189
|
)
|
—
|
|
(1
|
)
|
|
(18
|
)
|
—
|
|
(8
|
)
|
|
—
|
|
|
(216
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net Income
|
|
376
|
|
|
742
|
|
|
742
|
|
|
136
|
|
|
(1,613
|
)
|
|
383
|
|
||||||||||
Net Income Attributable to Noncontrolling Interests
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net Income Attributable to Controlling Interests
|
|
376
|
|
|
742
|
|
|
742
|
|
|
136
|
|
|
(1,620
|
)
|
|
376
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Preferred Stock Dividends
|
|
(39
|
)
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
||||||||
Net Income Available to Common Stockholders
|
|
$
|
337
|
|
|
$
|
742
|
|
|
$
|
742
|
|
|
$
|
136
|
|
|
$
|
(1,620
|
)
|
|
$
|
337
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net Income
|
|
$
|
376
|
|
|
$
|
742
|
|
|
$
|
742
|
|
|
$
|
136
|
|
|
$
|
(1,613
|
)
|
|
$
|
383
|
|
||||
Total other comprehensive income
|
|
59
|
|
—
|
|
168
|
|
|
194
|
|
—
|
|
52
|
|
|
(395
|
)
|
|
78
|
|
||||||||
Comprehensive income
|
|
435
|
|
|
910
|
|
|
936
|
|
|
188
|
|
|
(2,008
|
)
|
|
461
|
|
||||||||||
Comprehensive income attributable to noncontrolling interests
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
(26
|
)
|
|
(26
|
)
|
||||||||
Comprehensive income attributable to controlling interests
|
|
$
|
435
|
|
|
$
|
910
|
|
—
|
|
$
|
936
|
|
|
$
|
188
|
|
|
$
|
(2,034
|
)
|
|
$
|
435
|
|
Condensed Consolidating Statements of Income and Comprehensive Income
for the Three Months Ended June 30, 2016
(In Millions)
(Unaudited)
|
||||||||||||||||||||||||||||||
|
|
Parent
Issuer and Guarantor |
|
Subsidiary
Issuer and Guarantor - KMP |
|
Subsidiary
Guarantors |
|
Subsidiary
Non-Guarantors |
|
Consolidating Adjustments
|
|
Consolidated KMI
|
||||||||||||||||||
Total Revenues
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
2,777
|
|
$
|
—
|
|
$
|
371
|
|
$
|
—
|
|
$
|
(12
|
)
|
|
$
|
3,144
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Operating Costs, Expenses and Other
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Costs of sales
|
|
—
|
|
|
—
|
|
|
693
|
|
|
60
|
|
|
(1
|
)
|
|
752
|
|
||||||||||||
Depreciation, depletion and amortization
|
|
4
|
|
|
—
|
|
|
470
|
|
—
|
|
78
|
|
—
|
|
—
|
|
|
552
|
|
||||||||||
Other operating expenses
|
|
30
|
|
|
2
|
|
|
683
|
|
—
|
|
196
|
|
—
|
|
(11
|
)
|
|
900
|
|
||||||||||
Total Operating Costs, Expenses and Other
|
|
34
|
|
|
2
|
|
|
1,846
|
|
|
334
|
|
|
(12
|
)
|
|
2,204
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Operating (loss) income
|
|
(26
|
)
|
|
(2
|
)
|
|
931
|
|
|
37
|
|
|
—
|
|
|
940
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Earnings from consolidated subsidiaries
|
|
752
|
|
—
|
|
734
|
|
—
|
|
52
|
|
—
|
|
17
|
|
—
|
|
(1,555
|
)
|
|
—
|
|
||||||||
Earnings from equity investments
|
|
—
|
|
—
|
|
—
|
|
—
|
|
118
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
118
|
|
||||||||
Interest, net
|
|
(176
|
)
|
—
|
|
34
|
|
—
|
|
(316
|
)
|
—
|
|
(13
|
)
|
—
|
|
—
|
|
|
(471
|
)
|
||||||||
Amortization of excess cost of equity investments and other, net
|
|
1
|
|
—
|
|
—
|
|
—
|
|
(6
|
)
|
—
|
|
6
|
|
—
|
|
—
|
|
|
1
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Income Before Income Taxes
|
|
551
|
|
|
766
|
|
|
779
|
|
|
47
|
|
|
(1,555
|
)
|
|
588
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Income Tax Expense
|
|
(179
|
)
|
—
|
|
(1
|
)
|
—
|
|
(16
|
)
|
—
|
|
(17
|
)
|
—
|
|
—
|
|
|
(213
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net Income
|
|
372
|
|
|
765
|
|
|
763
|
|
|
30
|
|
|
(1,555
|
)
|
|
375
|
|
||||||||||||
Net Income Attributable to Noncontrolling Interests
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3
|
)
|
|
(3
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net Income Attributable to Controlling Interests
|
|
372
|
|
|
765
|
|
|
763
|
|
|
30
|
|
|
(1,558
|
)
|
|
372
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Preferred Stock Dividends
|
|
(39
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(39
|
)
|
||||||||
Net Income Available to Common Stockholders
|
|
333
|
|
|
765
|
|
|
763
|
|
|
30
|
|
|
(1,558
|
)
|
|
333
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net Income
|
|
$
|
372
|
|
|
$
|
765
|
|
|
$
|
763
|
|
|
$
|
30
|
|
|
$
|
(1,555
|
)
|
|
$
|
375
|
|
||||||
Total other comprehensive (loss) income
|
|
(140
|
)
|
—
|
|
(213
|
)
|
—
|
|
(223
|
)
|
—
|
|
8
|
|
—
|
|
428
|
|
|
(140
|
)
|
||||||||
Comprehensive income
|
|
232
|
|
|
552
|
|
|
540
|
|
|
38
|
|
|
(1,127
|
)
|
|
235
|
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3
|
)
|
|
(3
|
)
|
||||||||
Comprehensive income attributable to controlling interests
|
|
$
|
232
|
|
|
$
|
552
|
|
|
$
|
540
|
|
|
$
|
38
|
|
|
$
|
(1,130
|
)
|
|
$
|
232
|
|
Condensed Consolidating Statements of Income and Comprehensive Income
for the Six Months Ended June 30, 2017
(In Millions)
(Unaudited)
|
||||||||||||||||||||||||
|
|
Parent
Issuer and Guarantor |
|
Subsidiary
Issuer and Guarantor - KMP |
|
Subsidiary
Guarantors |
|
Subsidiary
Non-Guarantors |
|
Consolidating Adjustments
|
|
Consolidated KMI
|
||||||||||||
Total Revenues
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
6,060
|
|
|
$
|
777
|
|
|
$
|
(63
|
)
|
|
$
|
6,792
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Costs, Expenses and Other
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Costs of sales
|
|
—
|
|
|
—
|
|
|
2,058
|
|
|
154
|
|
|
(41
|
)
|
|
2,171
|
|
||||||
Depreciation, depletion and amortization
|
|
8
|
|
|
—
|
|
|
964
|
|
|
163
|
|
|
—
|
|
|
1,135
|
|
||||||
Other operating expenses
|
|
25
|
|
|
—
|
|
|
1,354
|
|
|
227
|
|
|
(22
|
)
|
|
1,584
|
|
||||||
Total Operating Costs, Expenses and Other
|
|
33
|
|
|
—
|
|
|
4,376
|
|
|
544
|
|
|
(63
|
)
|
|
4,890
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating (loss) income
|
|
(15
|
)
|
|
—
|
|
|
1,684
|
|
|
233
|
|
|
—
|
|
|
1,902
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Earnings from consolidated subsidiaries
|
|
1,593
|
|
|
1,570
|
|
|
212
|
|
|
35
|
|
|
(3,410
|
)
|
|
—
|
|
||||||
Earnings from equity investments
|
|
—
|
|
|
—
|
|
|
310
|
|
|
—
|
|
|
—
|
|
|
310
|
|
||||||
Interest, net
|
|
(354
|
)
|
|
10
|
|
|
(555
|
)
|
|
(29
|
)
|
|
—
|
|
|
(928
|
)
|
||||||
Amortization of excess cost of equity investments and other, net
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
8
|
|
|
—
|
|
|
6
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income Before Income Taxes
|
|
1,224
|
|
|
1,580
|
|
|
1,649
|
|
|
247
|
|
|
(3,410
|
)
|
|
1,290
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income Tax Expense
|
|
(408
|
)
|
|
(3
|
)
|
|
(35
|
)
|
|
(16
|
)
|
|
—
|
|
|
(462
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Income
|
|
816
|
|
|
1,577
|
|
|
1,614
|
|
|
231
|
|
|
(3,410
|
)
|
|
828
|
|
||||||
Net Income Attributable to Noncontrolling Interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(12
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Income Attributable to Controlling Interests
|
|
816
|
|
|
1,577
|
|
|
1,614
|
|
|
231
|
|
|
(3,422
|
)
|
|
816
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Preferred Stock Dividends
|
|
(78
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(78
|
)
|
||||||
Net Income Available to Common Stockholders
|
|
$
|
738
|
|
|
$
|
1,577
|
|
|
$
|
1,614
|
|
|
$
|
231
|
|
|
$
|
(3,422
|
)
|
|
$
|
738
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Income
|
|
$
|
816
|
|
|
$
|
1,577
|
|
|
$
|
1,614
|
|
|
$
|
231
|
|
|
$
|
(3,410
|
)
|
|
$
|
828
|
|
Total other comprehensive income
|
|
127
|
|
|
274
|
|
|
293
|
|
|
73
|
|
|
(621
|
)
|
|
146
|
|
||||||
Comprehensive income
|
|
943
|
|
|
1,851
|
|
|
1,907
|
|
|
304
|
|
|
(4,031
|
)
|
|
974
|
|
||||||
Comprehensive income attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
||||||
Comprehensive income attributable to controlling interests
|
|
$
|
943
|
|
|
$
|
1,851
|
|
|
$
|
1,907
|
|
|
$
|
304
|
|
|
$
|
(4,062
|
)
|
|
$
|
943
|
|
Condensed Consolidating Statements of Income and Comprehensive Income
for the Six Months Ended June 30, 2016
(In Millions)
(Unaudited)
|
||||||||||||||||||||||||
|
|
Parent
Issuer and Guarantor |
|
Subsidiary
Issuer and Guarantor - KMP |
|
Subsidiary
Guarantors |
|
Subsidiary
Non-Guarantors |
|
Consolidating Adjustments
|
|
Consolidated KMI
|
||||||||||||
Total Revenues
|
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
5,602
|
|
|
$
|
741
|
|
|
$
|
(21
|
)
|
|
$
|
6,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Costs, Expenses and Other
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Costs of sales
|
|
—
|
|
|
—
|
|
|
1,345
|
|
|
136
|
|
|
2
|
|
|
1,483
|
|
||||||
Depreciation, depletion and amortization
|
|
9
|
|
|
—
|
|
|
934
|
|
|
160
|
|
|
—
|
|
|
1,103
|
|
||||||
Other operating expenses
|
|
49
|
|
|
4
|
|
|
1,499
|
|
|
468
|
|
|
(23
|
)
|
|
1,997
|
|
||||||
Total Operating Costs, Expenses and Other
|
|
58
|
|
|
4
|
|
|
3,778
|
|
|
764
|
|
|
(21
|
)
|
|
4,583
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating (loss) income
|
|
(41
|
)
|
|
(4
|
)
|
|
1,824
|
|
|
(23
|
)
|
|
—
|
|
|
1,756
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Earnings from consolidated subsidiaries
|
|
1,410
|
|
|
1,331
|
|
|
75
|
|
|
31
|
|
|
(2,847
|
)
|
|
—
|
|
||||||
Earnings from equity investments
|
|
—
|
|
|
—
|
|
|
212
|
|
|
—
|
|
|
—
|
|
|
212
|
|
||||||
Interest, net
|
|
(346
|
)
|
|
97
|
|
|
(637
|
)
|
|
(26
|
)
|
|
—
|
|
|
(912
|
)
|
||||||
Amortization of excess cost of equity investments and other, net
|
|
1
|
|
|
—
|
|
|
(11
|
)
|
|
10
|
|
|
—
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income (Loss) Before Income Taxes
|
|
1,024
|
|
|
1,424
|
|
|
1,463
|
|
|
(8
|
)
|
|
(2,847
|
)
|
|
1,056
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income Tax Expense
|
|
(337
|
)
|
|
(3
|
)
|
|
(10
|
)
|
|
(17
|
)
|
|
—
|
|
|
(367
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Income (Loss)
|
|
687
|
|
|
1,421
|
|
|
1,453
|
|
|
(25
|
)
|
|
(2,847
|
)
|
|
689
|
|
||||||
Net Income Attributable to Noncontrolling Interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Income (Loss) Attributable to Controlling Interests
|
|
687
|
|
|
1,421
|
|
|
1,453
|
|
|
(25
|
)
|
|
(2,849
|
)
|
|
687
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Preferred Stock Dividends
|
|
(78
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(78
|
)
|
||||||
Net Income (Loss) Available to Common Stockholders
|
|
609
|
|
|
1,421
|
|
|
1,453
|
|
|
(25
|
)
|
|
(2,849
|
)
|
|
609
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Income (Loss)
|
|
$
|
687
|
|
|
$
|
1,421
|
|
|
$
|
1,453
|
|
|
$
|
(25
|
)
|
|
$
|
(2,847
|
)
|
|
$
|
689
|
|
Total other comprehensive (loss) income
|
|
(93
|
)
|
|
(161
|
)
|
|
(229
|
)
|
|
132
|
|
|
258
|
|
|
(93
|
)
|
||||||
Comprehensive income
|
|
594
|
|
|
1,260
|
|
|
1,224
|
|
|
107
|
|
|
(2,589
|
)
|
|
596
|
|
||||||
Comprehensive income attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||
Comprehensive income attributable to controlling interests
|
|
$
|
594
|
|
|
$
|
1,260
|
|
|
$
|
1,224
|
|
|
$
|
107
|
|
|
$
|
(2,591
|
)
|
|
$
|
594
|
|
Condensed Consolidating Balance Sheets as of June 30, 2017
(In Millions)
(Unaudited)
|
||||||||||||||||||||||||
|
|
Parent
Issuer and Guarantor |
|
Subsidiary
Issuer and Guarantor - KMP |
|
Subsidiary
Guarantors |
|
Subsidiary
Non-Guarantors |
|
Consolidating
Adjustments
|
|
Consolidated KMI
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
422
|
|
|
$
|
(6
|
)
|
|
$
|
452
|
|
Other current assets - affiliates
|
|
9,432
|
|
|
4,949
|
|
|
15,990
|
|
|
766
|
|
|
(31,137
|
)
|
|
—
|
|
||||||
All other current assets
|
|
246
|
|
|
87
|
|
|
1,740
|
|
|
206
|
|
|
(5
|
)
|
|
2,274
|
|
||||||
Property, plant and equipment, net
|
|
253
|
|
|
—
|
|
|
30,770
|
|
|
8,400
|
|
|
—
|
|
|
39,423
|
|
||||||
Investments
|
|
665
|
|
|
—
|
|
|
6,648
|
|
|
129
|
|
|
—
|
|
|
7,442
|
|
||||||
Investments in subsidiaries
|
|
27,176
|
|
|
28,902
|
|
|
5,118
|
|
|
4,025
|
|
|
(65,221
|
)
|
|
—
|
|
||||||
Goodwill
|
|
13,789
|
|
|
22
|
|
|
5,168
|
|
|
3,180
|
|
|
—
|
|
|
22,159
|
|
||||||
Notes receivable from affiliates
|
|
1,228
|
|
|
20,794
|
|
|
1,195
|
|
|
514
|
|
|
(23,731
|
)
|
|
—
|
|
||||||
Deferred income taxes
|
|
5,963
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,344
|
)
|
|
3,619
|
|
||||||
Other non-current assets
|
|
158
|
|
|
208
|
|
|
4,287
|
|
|
181
|
|
|
—
|
|
|
4,834
|
|
||||||
Total assets
|
|
$
|
58,946
|
|
|
$
|
54,962
|
|
|
$
|
70,916
|
|
|
$
|
17,823
|
|
|
$
|
(122,444
|
)
|
|
$
|
80,203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current portion of debt
|
|
$
|
1,174
|
|
|
$
|
975
|
|
|
$
|
806
|
|
|
$
|
269
|
|
|
$
|
—
|
|
|
$
|
3,224
|
|
Other current liabilities - affiliates
|
|
6,784
|
|
|
15,362
|
|
|
8,317
|
|
|
674
|
|
|
(31,137
|
)
|
|
—
|
|
||||||
All other current liabilities
|
|
339
|
|
|
346
|
|
|
1,923
|
|
|
542
|
|
|
(11
|
)
|
|
3,139
|
|
||||||
Long-term debt
|
|
12,841
|
|
|
18,293
|
|
|
3,299
|
|
|
667
|
|
|
—
|
|
|
35,100
|
|
||||||
Notes payable to affiliates
|
|
1,937
|
|
|
448
|
|
|
20,983
|
|
|
363
|
|
|
(23,731
|
)
|
|
—
|
|
||||||
Deferred income taxes
|
|
—
|
|
|
—
|
|
|
712
|
|
|
1,632
|
|
|
(2,344
|
)
|
|
—
|
|
||||||
All other long-term liabilities and deferred credits
|
|
722
|
|
|
100
|
|
|
1,239
|
|
|
465
|
|
|
—
|
|
|
2,526
|
|
||||||
Total liabilities
|
|
23,797
|
|
|
35,524
|
|
|
37,279
|
|
|
4,612
|
|
|
(57,223
|
)
|
|
43,989
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total KMI equity
|
|
35,149
|
|
|
19,438
|
|
|
33,637
|
|
|
13,211
|
|
|
(66,286
|
)
|
|
35,149
|
|
||||||
Noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,065
|
|
|
1,065
|
|
||||||
Total stockholders’ Equity
|
|
35,149
|
|
|
19,438
|
|
|
33,637
|
|
|
13,211
|
|
|
(65,221
|
)
|
|
36,214
|
|
||||||
Total Liabilities and Stockholders’ Equity
|
|
$
|
58,946
|
|
|
$
|
54,962
|
|
|
$
|
70,916
|
|
|
$
|
17,823
|
|
|
$
|
(122,444
|
)
|
|
$
|
80,203
|
|
Condensed Consolidating Balance Sheets as of December 31, 2016
(In Millions)
|
||||||||||||||||||||||||
|
|
Parent
Issuer and Guarantor |
|
Subsidiary
Issuer and Guarantor - KMP |
|
Subsidiary
Guarantors |
|
Subsidiary
Non-Guarantors |
|
Consolidating
Adjustments
|
|
Consolidated KMI
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
471
|
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
205
|
|
|
$
|
(1
|
)
|
|
$
|
684
|
|
Other current assets - affiliates
|
|
5,739
|
|
|
1,999
|
|
|
13,207
|
|
|
655
|
|
|
(21,600
|
)
|
|
—
|
|
||||||
All other current assets
|
|
269
|
|
|
139
|
|
|
1,935
|
|
|
205
|
|
|
(3
|
)
|
|
2,545
|
|
||||||
Property, plant and equipment, net
|
|
242
|
|
|
—
|
|
|
30,795
|
|
|
7,668
|
|
|
—
|
|
|
38,705
|
|
||||||
Investments
|
|
665
|
|
|
2
|
|
|
6,236
|
|
|
124
|
|
|
—
|
|
|
7,027
|
|
||||||
Investments in subsidiaries
|
|
26,907
|
|
|
29,421
|
|
|
4,307
|
|
|
4,028
|
|
|
(64,663
|
)
|
|
—
|
|
||||||
Goodwill
|
|
13,789
|
|
|
22
|
|
|
5,167
|
|
|
3,174
|
|
|
—
|
|
|
22,152
|
|
||||||
Notes receivable from affiliates
|
|
516
|
|
|
21,608
|
|
|
1,132
|
|
|
412
|
|
|
(23,668
|
)
|
|
—
|
|
||||||
Deferred income taxes
|
|
6,647
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,295
|
)
|
|
4,352
|
|
||||||
Other non-current assets
|
|
72
|
|
|
206
|
|
|
4,455
|
|
|
107
|
|
|
—
|
|
|
4,840
|
|
||||||
Total assets
|
|
$
|
55,317
|
|
|
$
|
53,397
|
|
|
$
|
67,243
|
|
|
$
|
16,578
|
|
|
$
|
(112,230
|
)
|
|
$
|
80,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current portion of debt
|
|
$
|
1,286
|
|
|
$
|
600
|
|
|
$
|
687
|
|
|
$
|
123
|
|
|
$
|
—
|
|
|
$
|
2,696
|
|
Other current liabilities - affiliates
|
|
3,551
|
|
|
13,299
|
|
|
4,197
|
|
|
553
|
|
|
(21,600
|
)
|
|
—
|
|
||||||
All other current liabilities
|
|
432
|
|
|
362
|
|
|
2,016
|
|
|
422
|
|
|
(4
|
)
|
|
3,228
|
|
||||||
Long-term debt
|
|
13,308
|
|
|
19,277
|
|
|
4,095
|
|
|
674
|
|
|
—
|
|
|
37,354
|
|
||||||
Notes payable to affiliates
|
|
1,533
|
|
|
448
|
|
|
20,520
|
|
|
1,167
|
|
|
(23,668
|
)
|
|
—
|
|
||||||
Deferred income taxes
|
|
—
|
|
|
—
|
|
|
681
|
|
|
1,614
|
|
|
(2,295
|
)
|
|
—
|
|
||||||
Other long-term liabilities and deferred credits
|
|
776
|
|
|
111
|
|
|
821
|
|
|
517
|
|
|
—
|
|
|
2,225
|
|
||||||
Total liabilities
|
|
20,886
|
|
|
34,097
|
|
|
33,017
|
|
|
5,070
|
|
|
(47,567
|
)
|
|
45,503
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total KMI equity
|
|
34,431
|
|
|
19,300
|
|
|
34,226
|
|
|
11,508
|
|
|
(65,034
|
)
|
|
34,431
|
|
||||||
Noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
371
|
|
|
371
|
|
||||||
Total stockholders’ Equity
|
|
34,431
|
|
|
19,300
|
|
|
34,226
|
|
|
11,508
|
|
|
(64,663
|
)
|
|
34,802
|
|
||||||
Total Liabilities and Stockholders’ Equity
|
|
$
|
55,317
|
|
|
$
|
53,397
|
|
|
$
|
67,243
|
|
|
$
|
16,578
|
|
|
$
|
(112,230
|
)
|
|
$
|
80,305
|
|
Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2017
(In Millions)
(Unaudited)
|
|||||||||||||||||||||||||
|
|
Parent
Issuer and Guarantor |
|
Subsidiary
Issuer and Guarantor - KMP |
|
Subsidiary
Guarantors |
|
Subsidiary
Non-Guarantors |
|
Consolidating Adjustments
|
|
Consolidated KMI
|
|||||||||||||
Net cash (used in) provided by operating activities
|
|
$
|
(1,460
|
)
|
|
$
|
2,076
|
|
|
$
|
5,813
|
|
|
$
|
509
|
|
|
$
|
(4,772
|
)
|
|
$
|
2,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Acquisitions of assets and investments, net of cash acquired
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|||||||
Capital expenditures
|
|
(23
|
)
|
|
—
|
|
|
(1,062
|
)
|
|
(251
|
)
|
|
—
|
|
|
(1,336
|
)
|
|||||||
Sales of property, plant and equipment, and other net assets, net of removal costs
|
|
5
|
|
|
—
|
|
|
45
|
|
|
21
|
|
|
—
|
|
|
71
|
|
|||||||
Contributions to investments
|
|
(215
|
)
|
|
—
|
|
|
(327
|
)
|
|
(6
|
)
|
|
—
|
|
|
(548
|
)
|
|||||||
Distributions from equity investments in excess of cumulative earnings
|
|
1,025
|
|
|
—
|
|
|
195
|
|
|
—
|
|
|
(1,006
|
)
|
|
214
|
|
|||||||
Funding (to) from affiliates
|
|
(2,806
|
)
|
|
657
|
|
|
(4,013
|
)
|
|
(482
|
)
|
|
6,644
|
|
|
—
|
|
|||||||
Other, net
|
|
(8
|
)
|
|
30
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
30
|
|
|||||||
Net cash (used in) provided by investing activities
|
|
(2,022
|
)
|
|
687
|
|
|
(5,166
|
)
|
|
(710
|
)
|
|
5,638
|
|
|
(1,573
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Issuances of debt
|
|
4,187
|
|
|
—
|
|
|
—
|
|
|
143
|
|
|
—
|
|
|
4,330
|
|
|||||||
Payments of debt
|
|
(4,858
|
)
|
|
(600
|
)
|
|
(659
|
)
|
|
(7
|
)
|
|
—
|
|
|
(6,124
|
)
|
|||||||
Debt issue costs
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(54
|
)
|
|
—
|
|
|
(60
|
)
|
|||||||
Cash dividends - common shares
|
|
(560
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(560
|
)
|
|||||||
Cash dividends - preferred shares
|
|
(78
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(78
|
)
|
|||||||
Funding from (to) affiliates
|
|
4,356
|
|
|
406
|
|
|
2,444
|
|
|
(562
|
)
|
|
(6,644
|
)
|
|
—
|
|
|||||||
Contributions from investment partner
|
|
—
|
|
|
—
|
|
|
415
|
|
|
—
|
|
|
—
|
|
|
415
|
|
|||||||
Contributions from parents/net proceeds from KML IPO
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
1,253
|
|
|
(1,251
|
)
|
|
—
|
|
|||||||
Contributions from noncontrolling interests - net proceeds from KML IPO
|
|
7
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
1,240
|
|
|
1,247
|
|
||||||
Contributions from noncontrolling interests - other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
11
|
|
|||||||
Distributions to parents
|
|
—
|
|
|
(2,569
|
)
|
|
(2,854
|
)
|
|
(365
|
)
|
|
5,788
|
|
|
—
|
|
|||||||
Distributions to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
(15
|
)
|
|||||||
Other, net
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||||
Net cash provided by (used in) financing activities
|
|
3,047
|
|
|
(2,763
|
)
|
|
(656
|
)
|
|
408
|
|
|
(871
|
)
|
|
(835
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net (decrease) increase in cash and cash equivalents
|
|
(435
|
)
|
|
—
|
|
|
(9
|
)
|
|
217
|
|
|
(5
|
)
|
|
(232
|
)
|
|||||||
Cash and cash equivalents, beginning of period
|
|
471
|
|
|
—
|
|
|
9
|
|
|
205
|
|
|
(1
|
)
|
|
684
|
|
|||||||
Cash and cash equivalents, end of period
|
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
422
|
|
|
$
|
(6
|
)
|
|
$
|
452
|
|
Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2016
(In Millions)
(Unaudited)
|
||||||||||||||||||||||||
|
|
Parent
Issuer and Guarantor |
|
Subsidiary
Issuer and Guarantor - KMP |
|
Subsidiary
Guarantors |
|
Subsidiary
Non-Guarantors |
|
Consolidating Adjustments
|
|
Consolidated KMI
|
||||||||||||
Net cash (used in) provided by operating activities
|
|
$
|
(1,949
|
)
|
|
$
|
2,976
|
|
|
$
|
5,368
|
|
|
$
|
326
|
|
|
$
|
(4,376
|
)
|
|
$
|
2,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Acquisitions of assets and investments, net of cash acquired
|
|
(2
|
)
|
|
—
|
|
|
(331
|
)
|
|
—
|
|
|
—
|
|
|
(333
|
)
|
||||||
Capital expenditures
|
|
(37
|
)
|
|
—
|
|
|
(929
|
)
|
|
(504
|
)
|
|
—
|
|
|
(1,470
|
)
|
||||||
Sales of property, plant and equipment, and other net assets, net of removal costs
|
|
—
|
|
|
—
|
|
|
220
|
|
|
—
|
|
|
—
|
|
|
220
|
|
||||||
Contributions to investments
|
|
(343
|
)
|
|
—
|
|
|
(13
|
)
|
|
(7
|
)
|
|
—
|
|
|
(363
|
)
|
||||||
Distributions from equity investments in excess of cumulative earnings
|
|
1,443
|
|
|
298
|
|
|
68
|
|
|
—
|
|
|
(1,728
|
)
|
|
81
|
|
||||||
Funding to affiliates
|
|
(1,670
|
)
|
|
(770
|
)
|
|
(2,416
|
)
|
|
(228
|
)
|
|
5,084
|
|
|
—
|
|
||||||
Other, net
|
|
—
|
|
|
(54
|
)
|
|
37
|
|
|
2
|
|
|
—
|
|
|
(15
|
)
|
||||||
Net cash used in investing activities
|
|
(609
|
)
|
|
(526
|
)
|
|
(3,364
|
)
|
|
(737
|
)
|
|
3,356
|
|
|
(1,880
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuances of debt
|
|
6,847
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,847
|
|
||||||
Payments of debt
|
|
(5,191
|
)
|
|
(500
|
)
|
|
(1,104
|
)
|
|
(5
|
)
|
|
—
|
|
|
(6,800
|
)
|
||||||
Debt issue costs
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
||||||
Cash dividends - common shares
|
|
(559
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(559
|
)
|
||||||
Cash dividends - preferred shares
|
|
(76
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(76
|
)
|
||||||
Funding from affiliates
|
|
1,429
|
|
|
882
|
|
|
2,333
|
|
|
440
|
|
|
(5,084
|
)
|
|
—
|
|
||||||
Contributions from parents
|
|
—
|
|
|
—
|
|
|
—
|
|
|
87
|
|
|
(87
|
)
|
|
—
|
|
||||||
Contributions from noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
87
|
|
|
87
|
|
||||||
Distributions to parents
|
|
—
|
|
|
(2,832
|
)
|
|
(3,234
|
)
|
|
(90
|
)
|
|
6,156
|
|
|
—
|
|
||||||
Distributions to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(11
|
)
|
||||||
Other, net
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Net cash provided by (used in) financing activities
|
|
2,443
|
|
|
(2,450
|
)
|
|
(2,005
|
)
|
|
432
|
|
|
1,061
|
|
|
(519
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net (decrease) increase in cash and cash equivalents
|
|
(115
|
)
|
|
—
|
|
|
(1
|
)
|
|
26
|
|
|
41
|
|
|
(49
|
)
|
||||||
Cash and cash equivalents, beginning of period
|
|
123
|
|
|
—
|
|
|
12
|
|
|
142
|
|
|
(48
|
)
|
|
229
|
|
||||||
Cash and cash equivalents, end of period
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
168
|
|
|
$
|
(7
|
)
|
|
$
|
180
|
|
|
Three Months Ended June 30,
|
|
|
|||||||||||
|
2017
|
|
2016
|
|
Earnings
increase/(decrease) |
|||||||||
|
(In millions, except percentages)
|
|||||||||||||
Segment EBDA(a)
|
|
|
|
|
|
|
|
|||||||
Natural Gas Pipelines
|
$
|
907
|
|
|
$
|
967
|
|
|
$
|
(60
|
)
|
|
(6
|
)%
|
CO
2
|
221
|
|
|
204
|
|
|
17
|
|
|
8
|
%
|
|||
Terminals
|
304
|
|
|
302
|
|
|
2
|
|
|
1
|
%
|
|||
Products Pipelines
|
324
|
|
|
292
|
|
|
32
|
|
|
11
|
%
|
|||
Kinder Morgan Canada
|
43
|
|
|
46
|
|
|
(3
|
)
|
|
(7
|
)%
|
|||
Total Segment EBDA(b)
|
1,799
|
|
|
1,811
|
|
|
(12
|
)
|
|
(1
|
)%
|
|||
DD&A
|
(577
|
)
|
|
(552
|
)
|
|
(25
|
)
|
|
(5
|
)%
|
|||
Amortization of excess cost of equity investments
|
(15
|
)
|
|
(16
|
)
|
|
1
|
|
|
6
|
%
|
|||
General and administrative and corporate charges(c)
|
(145
|
)
|
|
(184
|
)
|
|
39
|
|
|
21
|
%
|
|||
Interest, net(d)
|
(463
|
)
|
|
(471
|
)
|
|
8
|
|
|
2
|
%
|
|||
Income before income taxes
|
599
|
|
|
588
|
|
|
11
|
|
|
2
|
%
|
|||
Income tax expense
|
(216
|
)
|
|
(213
|
)
|
|
(3
|
)
|
|
(1
|
)%
|
|||
Net income
|
383
|
|
|
375
|
|
|
8
|
|
|
2
|
%
|
|||
Net income attributable to noncontrolling interests
|
(7
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
(133
|
)%
|
|||
Net income attributable to Kinder Morgan, Inc.
|
376
|
|
|
372
|
|
|
4
|
|
|
1
|
%
|
|||
Preferred Stock Dividends
|
(39
|
)
|
|
(39
|
)
|
|
—
|
|
|
—
|
%
|
|||
Net income available to common stockholders
|
$
|
337
|
|
|
$
|
333
|
|
|
$
|
4
|
|
|
1
|
%
|
|
Six Months Ended June 30,
|
|
|
|||||||||||
|
2017
|
|
2016
|
|
Earnings
increase/(decrease) |
|||||||||
|
(In millions, except percentages)
|
|||||||||||||
Segment EBDA(a)
|
|
|
|
|
|
|
|
|||||||
Natural Gas Pipelines
|
$
|
1,962
|
|
|
$
|
1,961
|
|
|
$
|
1
|
|
|
—
|
%
|
CO
2
|
439
|
|
|
391
|
|
|
48
|
|
|
12
|
%
|
|||
Terminals
|
611
|
|
|
562
|
|
|
49
|
|
|
9
|
%
|
|||
Products Pipelines
|
611
|
|
|
469
|
|
|
142
|
|
|
30
|
%
|
|||
Kinder Morgan Canada
|
86
|
|
|
92
|
|
|
(6
|
)
|
|
(7
|
)%
|
|||
Total Segment EBDA(b)
|
3,709
|
|
|
3,475
|
|
|
234
|
|
|
7
|
%
|
|||
DD&A
|
(1,135
|
)
|
|
(1,103
|
)
|
|
(32
|
)
|
|
(3
|
)%
|
|||
Amortization of excess cost of equity investments
|
(30
|
)
|
|
(30
|
)
|
|
—
|
|
|
—
|
%
|
|||
General and administrative and corporate charges(c)
|
(326
|
)
|
|
(374
|
)
|
|
48
|
|
|
13
|
%
|
|||
Interest, net(d)
|
(928
|
)
|
|
(912
|
)
|
|
(16
|
)
|
|
(2
|
)%
|
|||
Income before income taxes
|
1,290
|
|
|
1,056
|
|
|
234
|
|
|
22
|
%
|
|||
Income tax expense
|
(462
|
)
|
|
(367
|
)
|
|
(95
|
)
|
|
(26
|
)%
|
|||
Net income
|
828
|
|
|
689
|
|
|
139
|
|
|
20
|
%
|
|||
Net income attributable to noncontrolling interests
|
(12
|
)
|
|
(2
|
)
|
|
(10
|
)
|
|
(500
|
)%
|
|||
Net income attributable to Kinder Morgan, Inc.
|
816
|
|
|
687
|
|
|
129
|
|
|
19
|
%
|
|||
Preferred Stock Dividends
|
(78
|
)
|
|
(78
|
)
|
|
—
|
|
|
—
|
%
|
|||
Net income available to common stockholders
|
$
|
738
|
|
|
$
|
609
|
|
|
$
|
129
|
|
|
21
|
%
|
(a)
|
Includes revenues, earnings from equity investments, and other, net, less operating expenses, other expense (income), net, losses on impairments and divestitures, net and gain on impairments and divestitures of equity investments, net. Operating expenses include costs of sales, operations and maintenance expenses, and taxes, other than income taxes.
|
(b)
|
Three and six month 2017 amounts include a net increase in earnings of
$42 million
and
$79 million
, respectively, and three and six month 2016 amounts include net decreases in earnings of $12 million and $311 million, respectively, related to the combined effect of the certain items impacting Total Segment EBDA. The extent to which these items affect each of our business segments is discussed below in the footnotes to the tables within “—Segment Earnings Results.”
|
(c)
|
Three and six month 2017 amounts include a decrease in expense of
$4 million
and an increase in expense of
$3 million
, respectively, and three and six month 2016 amounts include net increases in expense of $19 million and $24 million, respectively, related to the combined effect of the certain items related to general and administrative expense and corporate charges disclosed below in “—General and Administrative and Corporate Charges, Interest, net and Noncontrolling Interests.”
|
(d)
|
Three and six month 2017 amounts include net decreases in expense of
$5 million
and
$17 million
, respectively, and three and six month 2016 amounts include net decreases in expense of $40 million and $109 million, respectively, related to the combined effect of the certain items related to interest expense, net of unallocable interest income disclosed below in “—General and Administrative and Corporate Charges, Interest, net and Noncontrolling Interests.”
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In millions, except per share amounts)
|
||||||||||||||
Net Income Available to Common Stockholders
|
$
|
337
|
|
|
$
|
333
|
|
|
$
|
738
|
|
|
$
|
609
|
|
Add/(Subtract):
|
|
|
|
|
|
|
|
||||||||
Certain items before book tax(a)
|
(51
|
)
|
|
(9
|
)
|
|
(93
|
)
|
|
226
|
|
||||
Book tax certain items(b)
|
17
|
|
|
1
|
|
|
29
|
|
|
(102
|
)
|
||||
Certain items after book tax
|
(34
|
)
|
|
(8
|
)
|
|
(64
|
)
|
|
124
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Noncontrolling interest certain items(c)
|
1
|
|
|
(3
|
)
|
|
1
|
|
|
(9
|
)
|
||||
Net income available to common stockholders before certain items
|
304
|
|
|
322
|
|
|
675
|
|
|
724
|
|
||||
Add/(Subtract):
|
|
|
|
|
|
|
|
||||||||
DD&A expense(d)
|
686
|
|
|
656
|
|
|
1,357
|
|
|
1,308
|
|
||||
Total book taxes(e)
|
225
|
|
|
236
|
|
|
486
|
|
|
515
|
|
||||
Cash taxes(f)
|
(48
|
)
|
|
(37
|
)
|
|
(45
|
)
|
|
(39
|
)
|
||||
Other items(g)
|
11
|
|
|
10
|
|
|
24
|
|
|
20
|
|
||||
Sustaining capital expenditures(h)
|
(156
|
)
|
|
(137
|
)
|
|
(260
|
)
|
|
(245
|
)
|
||||
DCF
|
$
|
1,022
|
|
|
$
|
1,050
|
|
|
$
|
2,237
|
|
|
$
|
2,283
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding for dividends(i)
|
2,239
|
|
|
2,237
|
|
|
2,239
|
|
|
2,237
|
|
||||
DCF per common share
|
$
|
0.46
|
|
|
$
|
0.47
|
|
|
$
|
1.00
|
|
|
$
|
1.02
|
|
Declared dividend per common share
|
$
|
0.125
|
|
|
$
|
0.125
|
|
|
$
|
0.250
|
|
|
$
|
0.250
|
|
(a)
|
Consists of certain items summarized in footnotes (b) through (d) to the “
—
Results of Operations
—
Consolidated Earnings Results” tables included above, and described in more detail below in the footnotes to tables included in both our management’s discussion and analysis of segment results and “
—
General and Administrative and Corporate Charges, Interest, net and Noncontrolling Interests.”
|
(b)
|
Represents income tax provision on certain items, plus discrete income tax certain items.
|
(c)
|
Represents noncontrolling interests share of certain items.
|
(d)
|
Includes DD&A and amortization of excess cost of equity investments. Three and six month 2017 amounts also include $94 million and $192 million, respectively, and three and six month 2016 amounts also include $88 million and $175 million, respectively, of our share of certain equity investees' DD&A, net of the DD&A associated with noncontrolling interests in KML and consolidating joint venture partners’ share of DD&A.
|
(e)
|
Excludes book tax certain items. Three and six month 2017 amounts also include $26 million and $53 million, respectively, and three and six month 2016 amounts also include $24 million and $46 million, respectively, of our share of taxable equity investees’ book tax expense.
|
(f)
|
Three and six month 2017 amounts also include $(45) million for both periods, and three and six month 2016 amounts include $(30) million and $(34) million, respectively, of our share of taxable equity investees’ cash taxes.
|
(g)
|
Consists primarily of non-cash compensation associated with our restricted stock program.
|
(h)
|
Three and six month 2017 amounts include $(27) million and $(45) million, respectively, and three and six month 2016 amounts include $(20) million and $(42) million, respectively, of our share of equity investees’ sustaining capital expenditures.
|
(i)
|
Includes restricted stock awards that participate in common share dividends.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In millions, except operating statistics)
|
||||||||||||||
Revenues(a)
|
$
|
2,095
|
|
|
$
|
1,883
|
|
|
$
|
4,266
|
|
|
$
|
3,854
|
|
Operating expenses
|
(1,312
|
)
|
|
(1,004
|
)
|
|
(2,584
|
)
|
|
(1,943
|
)
|
||||
Loss on impairments and divestitures, net(b)
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(121
|
)
|
||||
Earnings from equity investments(b)
|
109
|
|
|
84
|
|
|
255
|
|
|
156
|
|
||||
Other, net
|
15
|
|
|
9
|
|
|
25
|
|
|
15
|
|
||||
Segment EBDA(b)
|
907
|
|
|
967
|
|
|
1,962
|
|
|
1,961
|
|
||||
Certain items(b)
|
(2
|
)
|
|
(8
|
)
|
|
(38)
|
|
|
130
|
|
||||
Segment EBDA before certain items
|
$
|
905
|
|
|
$
|
959
|
|
|
$
|
1,924
|
|
|
$
|
2,091
|
|
|
|
|
|
|
|
|
|
||||||||
Change from prior period
|
Increase/(Decrease)
|
||||||||||||||
Revenues before certain items
|
$
|
218
|
|
|
12
|
%
|
|
$
|
397
|
|
|
10
|
%
|
||
Segment EBDA before certain items
|
$
|
(54
|
)
|
|
(6
|
)%
|
|
$
|
(167
|
)
|
|
(8
|
)%
|
||
|
|
|
|
|
|
|
|
||||||||
Natural gas transport volumes (BBtu/d)(c)
|
28,187
|
|
|
27,414
|
|
|
28,753
|
|
|
28,171
|
|
||||
Natural gas sales volumes (BBtu/d)(c)
|
2,247
|
|
|
2,281
|
|
|
2,405
|
|
|
2,306
|
|
||||
Natural gas gathering volumes (BBtu/d)(c)
|
2,673
|
|
|
2,993
|
|
|
2,693
|
|
|
2,993
|
|
||||
Crude/condensate gathering volumes (MBbl/d)(c)
|
261
|
|
|
299
|
|
|
267
|
|
|
299
|
|
(a)
|
Three and six month 2017 amounts include increases in revenue of $7 million and $22 million, respectively, and three and six month 2016 amounts include decreases in revenue of $26 million and $32 million, respectively, related to non-cash mark-to-market derivative contracts used to hedge forecasted natural gas, NGL and crude oil sales. Three and six month 2016 amounts also include increases in revenue of $39 million for both periods associated with revenue collected on a customer’s early buyout of a long-term natural gas storage contract.
|
(b)
|
In addition to the revenue certain items described in footnote (a) above: three and six month 2017 amounts also include decreases in earnings of $5 million and $6 million, respectively, from other certain items. Also, six month 2017 amount includes an increase in earnings from equity investments of $22 million on the sale of a claim related to the early termination of a long-term natural gas transportation contract of an equity investee as a result of a customer bankruptcy proceeding, and three and six month 2016 amounts also include decreases in earnings of $5 million and $16 million, respectively, related to losses on impairments and divestitures, and six month 2016 amount also includes decreases in earnings of (i) $106 million of project write-offs; (ii) $13 million related to an equity investment impairment; and (iii) $2 million from other certain items.
|
(c)
|
Joint venture throughput is reported at our ownership share. Volumes for acquired pipelines are included at our ownership share for the entire period, however, EBDA contributions from acquisitions are included only for the periods subsequent to their acquisition.
|
|
Segment EBDA before certain items
increase/(decrease)
|
|
Revenues before
certain items
increase/(decrease)
|
||||||||||
|
(In millions, except percentages)
|
||||||||||||
SNG
|
$
|
(74
|
)
|
|
(75
|
)%
|
|
$
|
(127
|
)
|
|
(95
|
)%
|
CIG
|
(14
|
)
|
|
(22
|
)%
|
|
(12
|
)
|
|
(14
|
)%
|
||
Hiland Midstream
|
(12
|
)
|
|
(23
|
)%
|
|
41
|
|
|
29
|
%
|
||
South Texas Midstream
|
(9
|
)
|
|
(13
|
)%
|
|
(5
|
)
|
|
(2
|
)%
|
||
TGP
|
40
|
|
|
16
|
%
|
|
38
|
|
|
11
|
%
|
||
Elba Express
|
10
|
|
|
43
|
%
|
|
12
|
|
|
55
|
%
|
||
Texas Intrastate Natural Gas Pipeline Operations
|
8
|
|
|
11
|
%
|
|
274
|
|
|
51
|
%
|
||
All others (including eliminations)
|
(3
|
)
|
|
(1
|
)%
|
|
(3
|
)
|
|
(1
|
)%
|
||
Total Natural Gas Pipelines
|
$
|
(54
|
)
|
|
(6
|
)%
|
|
$
|
218
|
|
|
12
|
%
|
|
Segment EBDA before certain items
increase/(decrease)
|
|
Revenues before
certain items
increase/(decrease)
|
||||||||||
|
(In millions, except percentages)
|
||||||||||||
SNG
|
$
|
(157
|
)
|
|
(73
|
)%
|
|
$
|
(265
|
)
|
|
(95
|
)%
|
CIG
|
(29
|
)
|
|
(20
|
)%
|
|
(27
|
)
|
|
(15
|
)%
|
||
Hiland Midstream
|
(12
|
)
|
|
(12
|
)%
|
|
90
|
|
|
36
|
%
|
||
South Texas Midstream
|
(24
|
)
|
|
(17
|
)%
|
|
(8
|
)
|
|
(2
|
)%
|
||
TGP
|
36
|
|
|
6
|
%
|
|
38
|
|
|
5
|
%
|
||
Elba Express
|
20
|
|
|
44
|
%
|
|
22
|
|
|
49
|
%
|
||
Texas Intrastate Natural Gas Pipeline Operations
|
9
|
|
|
5
|
%
|
|
542
|
|
|
48
|
%
|
||
All others (including eliminations)
|
(10
|
)
|
|
(1
|
)%
|
|
5
|
|
|
1
|
%
|
||
Total Natural Gas Pipelines
|
$
|
(167
|
)
|
|
(8
|
)%
|
|
$
|
397
|
|
|
10
|
%
|
•
|
decreases of $74 million (75%) and $157 million (73%), respectively, from SNG due to our sale of a 50% interest in SNG to The Southern Company on September 1, 2016;
|
•
|
decreases of $14 million (22%) and $29 million (20%), respectively, from CIG primarily due to a decrease in tariff rates effective January 1, 2017 as a result of a rate case settlement entered into in 2016;
|
•
|
decreases of $12 million (23%) and $12 million (12%), respectively, from Hiland Midstream primarily due to lower crude oil margins driven by lower crude oil gathering and delivery volumes. The increase revenues of $41 million and $90 million, respectively, resulted primarily from an increase in natural gas revenue due to higher commodity prices which was largely offset by a corresponding increase in costs of sales;
|
•
|
decreases of $9 million (13%) and $24 million (17%), respectively, from South Texas Midstream primarily due to lower service revenues resulting primarily from lower volumes partially offset by higher natural gas and NGL prices;
|
•
|
increases of $40 million (16%) and $36 million (6%), respectively, from TGP primarily due to higher firm transportation revenues driven by incremental capacity sales and an expansion project placed in service fourth quarter 2016;
|
•
|
increases of $10 million (43%) and $20 million (44%), respectively, from Elba Express primarily due to an expansion project placed in service in December 2016; and
|
•
|
increases of $8 million (11%) and $9 million (5%), respectively, from our Texas intrastate natural gas pipeline operations (including the operations of its Kinder Morgan Tejas, Border, Kinder Morgan Texas, North Texas and Mier-Monterrey Mexico pipeline systems) primarily due to higher transportation margins as a result of higher volumes and higher park and loan revenues partially offset by lower storage margins. The increase in revenues of $274 million and $542 million, respectively, resulted primarily from an increase in sales revenue due to higher commodity prices which was largely offset by a corresponding increase in costs of sales.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In millions, except operating statistics)
|
||||||||||||||
Revenues(a)
|
$
|
307
|
|
|
$
|
304
|
|
|
$
|
610
|
|
|
$
|
606
|
|
Operating expenses
|
(95
|
)
|
|
(102
|
)
|
|
(192
|
)
|
|
(200
|
)
|
||||
Gain (loss) on impairments and divestitures, net(b)
|
—
|
|
|
1
|
|
|
1
|
|
|
(20
|
)
|
||||
Other expense
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Earnings from equity investments(b)
|
9
|
|
|
2
|
|
|
20
|
|
|
5
|
|
||||
Segment EBDA(b)
|
221
|
|
|
204
|
|
|
439
|
|
|
391
|
|
||||
Certain items(b)
|
(1
|
)
|
|
24
|
|
|
3
|
|
|
61
|
|
||||
Segment EBDA before certain items
|
$
|
220
|
|
|
$
|
228
|
|
|
$
|
442
|
|
|
$
|
452
|
|
|
|
|
|
|
|
|
|
||||||||
Change from prior period
|
Increase/(Decrease)
|
||||||||||||||
Revenues before certain items
|
$
|
(16
|
)
|
|
(5
|
)%
|
|
$
|
(20
|
)
|
|
(3
|
)%
|
||
Segment EBDA before certain items
|
$
|
(8
|
)
|
|
(4
|
)%
|
|
$
|
(10
|
)
|
|
(2
|
)%
|
||
|
|
|
|
|
|
|
|
||||||||
Southwest Colorado CO
2
production (gross)(Bcf/d)(c)
|
1.3
|
|
|
1.2
|
|
|
1.3
|
|
|
1.2
|
|
||||
Southwest Colorado CO
2
production (net)(Bcf/d)(c)
|
0.6
|
|
|
0.6
|
|
|
0.7
|
|
|
0.6
|
|
||||
SACROC oil production (gross)(MBbl/d)(d)
|
27.4
|
|
|
29.7
|
|
|
27.9
|
|
|
30.1
|
|
||||
SACROC oil production (net)(MBbl/d)(e)
|
22.8
|
|
|
24.8
|
|
|
23.2
|
|
|
25.1
|
|
||||
Yates oil production (gross)(MBbl/d)(d)
|
17.4
|
|
|
18.7
|
|
|
17.6
|
|
|
18.9
|
|
||||
Yates oil production (net)(MBbl/d)(e)
|
7.7
|
|
|
8.3
|
|
|
7.8
|
|
|
8.4
|
|
||||
Katz, Goldsmith and Tall Cotton oil production (gross)(MBbl/d)(d)
|
8.0
|
|
|
6.8
|
|
|
7.6
|
|
|
6.8
|
|
||||
Katz, Goldsmith and Tall Cotton oil production (net)(MBbl/d)(e)
|
6.7
|
|
|
5.7
|
|
|
6.5
|
|
|
5.8
|
|
||||
NGL sales volumes (net)(MBbl/d)(e)
|
9.9
|
|
|
10.3
|
|
|
10.0
|
|
|
10.1
|
|
||||
Realized weighted-average oil price per Bbl(f)
|
$
|
57.80
|
|
|
$
|
62.17
|
|
|
$
|
57.97
|
|
|
$
|
60.85
|
|
Realized weighted-average NGL price per Bbl(g)
|
$
|
22.47
|
|
|
$
|
17.73
|
|
|
$
|
23.49
|
|
|
$
|
15.57
|
|
(a)
|
Three and six month 2017 amounts include unrealized losses of $8 million and $13 million, respectively, and three and six month 2016 amounts include unrealized losses of $18 million and $28 million, respectively, related to non-cash mark to market derivative contracts used to hedge forecasted commodity sales. Three and six months 2017 amounts also include an increase in revenues of $9 million related to the settlement of a CO2 customer sales contract.
|
(b)
|
In addition to the revenue certain items described in footnote (a) above: six month 2017 amount also includes a $1 million decrease in expense related to source and transportation project write-offs, and three and six month 2016 amounts also include decreases of $6 million and $12 million, respectively, in equity earnings for our share of a project write-off recorded by an equity investee, and six month 2016 amount also includes a $21 million increase in expense related to source and transportation project write-offs.
|
(c)
|
Includes McElmo Dome and Doe Canyon sales volumes.
|
(d)
|
Represents 100% of the production from the field. We own approximately 97% working interest in the SACROC unit, an approximately 50% working interest in the Yates unit, an approximately 99% working interest in the Katz unit and a 99% working interest in the Goldsmith Landreth unit and a 100% working interest in the Tall Cotton field.
|
(e)
|
Net after royalties and outside working interests.
|
(f)
|
Includes all crude oil production properties.
|
(g)
|
Includes production attributable to leasehold ownership and production attributable to our ownership in processing plants and third party processing agreements.
|
|
Segment EBDA before certain items
increase/(decrease)
|
|
Revenues before
certain items
increase/(decrease)
|
||||||||||
|
(In millions, except percentages)
|
||||||||||||
Source and Transportation Activities
|
$
|
8
|
|
|
11
|
%
|
|
$
|
6
|
|
|
7
|
%
|
Oil and Gas Producing Activities
|
(16
|
)
|
|
(10
|
)%
|
|
(19
|
)
|
|
(8
|
)%
|
||
Intrasegment eliminations
|
—
|
|
|
—
|
%
|
|
(3
|
)
|
|
(43
|
)%
|
||
Total CO
2
|
$
|
(8
|
)
|
|
(4
|
)%
|
|
$
|
(16
|
)
|
|
(5
|
)%
|
|
Segment EBDA before certain items
increase/(decrease)
|
|
Revenues before
certain items
increase/(decrease)
|
||||||||||
|
(In millions, except percentages)
|
||||||||||||
Source and Transportation Activities
|
$
|
11
|
|
|
7
|
%
|
|
$
|
8
|
|
|
5
|
%
|
Oil and Gas Producing Activities
|
(21
|
)
|
|
(7
|
)%
|
|
(24
|
)
|
|
(5
|
)%
|
||
Intrasegment eliminations
|
—
|
|
|
—
|
%
|
|
(4
|
)
|
|
(24
|
)%
|
||
Total CO
2
|
$
|
(10
|
)
|
|
(2
|
)%
|
|
$
|
(20
|
)
|
|
(3
|
)%
|
•
|
increases of $8 million (11%) and $11 million (7%), respectively, from our Source and Transportation activities primarily due to higher revenues of $6 million and $8 million, respectively, driven by increased volumes of $8 million and $15 million, respectively, partially offset by lower contract sales prices of $2 million and $7 million, respectively, and $2 million and $3 million, respectively, related to increased earnings from an equity investee; and
|
•
|
decreases of $16 million (10%) and $21 million (7%), respectively, from our Oil and Gas Producing activities primarily due to decreased revenues of $19 million and $24 million, respectively, driven by lower volumes of $9 million and $21 million, respectively, and lower commodity prices of $10 million and $3 million, respectively, partially offset $3 million for both periods in reduced operating expenses.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In millions, except operating statistics)
|
||||||||||||||
Revenues(a)
|
$
|
487
|
|
|
$
|
488
|
|
|
$
|
974
|
|
|
$
|
953
|
|
Operating expenses
|
(194
|
)
|
|
(195
|
)
|
|
(373
|
)
|
|
(386
|
)
|
||||
Gain (loss) on impairments and divestitures, net(b)
|
—
|
|
|
3
|
|
|
(7
|
)
|
|
(17
|
)
|
||||
Other income (expense)
|
1
|
|
|
—
|
|
|
1
|
|
|
|
|||||
Earnings from equity investments
|
7
|
|
|
5
|
|
|
12
|
|
|
11
|
|
||||
Other, net
|
3
|
|
|
1
|
|
|
4
|
|
|
1
|
|
||||
Segment EBDA(b)
|
304
|
|
|
302
|
|
|
611
|
|
|
562
|
|
||||
Certain items(b)
|
(5
|
)
|
|
(7
|
)
|
|
(10
|
)
|
|
9
|
|
||||
Segment EBDA before certain items
|
$
|
299
|
|
|
$
|
295
|
|
|
$
|
601
|
|
|
$
|
571
|
|
|
|
|
|
|
|
|
|
||||||||
Change from prior period
|
Increase/(Decrease)
|
||||||||||||||
Revenues before certain items
|
$
|
7
|
|
|
1
|
%
|
|
$
|
32
|
|
|
3
|
%
|
||
Segment EBDA before certain items
|
$
|
4
|
|
|
1
|
%
|
|
$
|
30
|
|
|
5
|
%
|
||
|
|
|
|
|
|
|
|
||||||||
Bulk transload tonnage (MMtons)
|
14.6
|
|
|
14.0
|
|
|
29.0
|
|
|
26.1
|
|
||||
Ethanol (MMBbl)
|
15.8
|
|
|
16.3
|
|
|
33.4
|
|
|
31.6
|
|
||||
Liquids leasable capacity (MMBbl)
|
87.8
|
|
|
86.1
|
|
|
87.8
|
|
|
86.1
|
|
||||
Liquids utilization %(c)
|
94.7
|
%
|
|
94.9
|
%
|
|
94.7
|
%
|
|
94.9
|
%
|
(a)
|
Three and six month 2017 amounts include increases in revenue of $3 million and $5 million, respectively, and three and six month 2016 amounts include increases in revenue of $11 million and $16 million, respectively, from the amortization of a fair value adjustment (associated with the below market contracts assumed upon acquisition) from our Jones Act tankers.
|
(b)
|
In addition to the revenue certain items described in footnote (a) above: three and six month 2017 amounts also include (i) $1 million and $8 million, respectively, related to losses on impairments and divestitures, net: and (ii) decreases in expense of $3 million for both periods related to other certain items, and six months 2017 amounts also include $10 million decrease in expense related to a true-up of accrued dredging costs, and three and six month 2016 amounts also include increases in expense of $4 million and $5 million, respectively, related to other certain items, and six month 2016 amount also includes $20 million related to losses on impairments and divestitures, net.
|
(c)
|
The ratio of our actual leased capacity to our estimated potential capacity.
|
|
Segment EBDA before certain items
increase/(decrease)
|
|
Revenues before
certain items
increase/(decrease)
|
||||||||||
|
(In millions, except percentages)
|
||||||||||||
Marine Operations
|
$
|
8
|
|
|
22
|
%
|
|
$
|
19
|
|
|
35
|
%
|
Gulf Liquids
|
4
|
|
|
6
|
%
|
|
9
|
|
|
10
|
%
|
||
Southeast
|
(4
|
)
|
|
(21
|
)%
|
|
(3
|
)
|
|
(7
|
)%
|
||
Held for sale operations
|
(3
|
)
|
|
(100
|
)%
|
|
(14
|
)
|
|
(93
|
)%
|
||
All others (including intrasegment eliminations)
|
(1
|
)
|
|
(1
|
)%
|
|
(4
|
)
|
|
(1
|
)%
|
||
Total Terminals
|
$
|
4
|
|
|
1
|
%
|
|
$
|
7
|
|
|
1
|
%
|
|
Segment EBDA before certain items
increase/(decrease)
|
|
Revenues before
certain items
increase/(decrease)
|
||||||||||
|
(In millions, except percentages)
|
||||||||||||
Marine Operations
|
$
|
21
|
|
|
31
|
%
|
|
$
|
34
|
|
|
32
|
%
|
Gulf Liquids
|
13
|
|
|
10
|
%
|
|
21
|
|
|
12
|
%
|
||
Southeast
|
(5
|
)
|
|
(14
|
)%
|
|
(3
|
)
|
|
(4
|
)%
|
||
Held for sale operations
|
(8
|
)
|
|
(100
|
)%
|
|
(25
|
)
|
|
(81
|
)%
|
||
All others (including intrasegment eliminations)
|
9
|
|
|
3
|
%
|
|
5
|
|
|
1
|
%
|
||
Total Terminals
|
$
|
30
|
|
|
5
|
%
|
|
$
|
32
|
|
|
3
|
%
|
•
|
increases of $8 million (22%) and $21 million (31%), respectively, from our Marine Operations related to the incremental earnings from the May 2016, July 2016, September 2016, December 2016 and March 2017 deliveries of the Jones Act tankers, the
Magnolia State, Garden State, Bay State, American Endurance
and
American Freedom
, respectively, partially offset by decreased charter rates on the
Golden State
,
Pelican State, Sunshine State and Empire State
Jones Act tankers;
|
•
|
increases of $4 million (6%) and $13 million (10%), respectively, from our Gulf Liquids terminals, primarily related to higher volumes as a result of various expansion projects, including the recently commissioned Kinder Morgan Export Terminal and North Docks terminal;
|
•
|
decreases of $4 million (21%) and $5 million (14%), respectively, from our Southeast terminals, primarily related to the expiration of a coal customer contract in September 2016; and
|
•
|
decreases of $3 million (100%) and $8 million (100%), respectively, from our sale of certain bulk terminal facilities to an affiliate of Watco Companies, LLC in December 2016 and early 2017.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In millions, except operating statistics)
|
||||||||||||||
Revenues
|
$
|
418
|
|
|
$
|
401
|
|
|
$
|
820
|
|
|
$
|
797
|
|
Operating expenses(a)
|
(100
|
)
|
|
(141
|
)
|
|
(229
|
)
|
|
(294
|
)
|
||||
Gain (loss) on impairments and divestitures, net(b)
|
—
|
|
|
5
|
|
|
—
|
|
|
(73
|
)
|
||||
Other expense
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
||||
Earnings from equity investments
|
10
|
|
|
15
|
|
|
23
|
|
|
28
|
|
||||
Gain on divestiture of equity investment(c)
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
||||
Other, net
|
(3
|
)
|
|
—
|
|
|
(2
|
)
|
|
(1
|
)
|
||||
Segment EBDA(a)(b)(c)
|
324
|
|
|
292
|
|
|
611
|
|
|
469
|
|
||||
Certain items(a)(b)(c)
|
(34
|
)
|
|
3
|
|
|
(34
|
)
|
|
111
|
|
||||
Segment EBDA before certain items
|
$
|
290
|
|
|
$
|
295
|
|
|
$
|
577
|
|
|
$
|
580
|
|
|
|
|
|
|
|
|
|
||||||||
Change from prior period
|
Increase/(Decrease)
|
||||||||||||||
Revenues before certain items
|
$
|
17
|
|
|
4
|
%
|
|
$
|
23
|
|
|
3
|
%
|
||
Segment EBDA before certain items
|
$
|
(5
|
)
|
|
(2
|
)%
|
|
$
|
(3
|
)
|
|
(1
|
)%
|
||
|
|
|
|
|
|
|
|
||||||||
Gasoline (MMBbl)(d)
|
96.4
|
|
|
95.0
|
|
|
185.7
|
|
|
183.6
|
|
||||
Diesel fuel (MMBbl)
|
32.2
|
|
|
32.2
|
|
|
61.3
|
|
|
61.7
|
|
||||
Jet fuel (MMBbl)
|
28.0
|
|
|
26.0
|
|
|
53.7
|
|
|
51.1
|
|
||||
Total refined product volumes (MMBbl)(e)
|
156.6
|
|
|
153.2
|
|
|
300.7
|
|
|
296.4
|
|
||||
NGL (MMBbl)(e)
|
11.0
|
|
|
9.7
|
|
|
20.6
|
|
|
19.0
|
|
||||
Crude and condensate (MMBbl)(e)
|
30.1
|
|
|
27.9
|
|
|
61.5
|
|
|
58.8
|
|
||||
Total delivery volumes (MMBbl)
|
197.7
|
|
|
190.8
|
|
|
382.8
|
|
|
374.2
|
|
||||
Ethanol (MMBbl)(f)
|
10.7
|
|
|
10.7
|
|
|
20.6
|
|
|
20.8
|
|
(a)
|
Three and six month 2017 amounts include a decrease in expense of a $34 million for both periods related to a right-of-way settlement, and three and six month 2016 amounts include increases in expense of $20 million for both periods related to a legal settlement. Six month 2016 amount also includes $31 million of rate case liability estimate adjustments associated with prior periods.
|
(b)
|
Three and six month 2016 amounts include a decrease in expense of a $5 million and an increase in expense of a $8 million, respectively, of non-cash impairment charges related to the sale of a Transmix facility; and six month 2016 amount also includes an increase in expense of $64 million related to the Palmetto project write-off.
|
(c)
|
Three and six month 2016 amounts include $12 million of gains for both periods related to the sale of an equity investment.
|
(d)
|
Volumes include ethanol pipeline volumes.
|
(e)
|
Joint venture throughput is reported at our ownership share.
|
(f)
|
Represents total ethanol volumes, including ethanol pipeline volumes included in gasoline volumes above.
|
|
Segment EBDA before certain items
increase/(decrease)
|
|
Revenues before
certain items
increase/(decrease)
|
||||||||||
|
(In millions, except percentages)
|
||||||||||||
Plantation Pipe Line
|
$
|
(4
|
)
|
|
(24
|
)%
|
|
$
|
—
|
|
|
—
|
%
|
Cochin
|
(4
|
)
|
|
(13
|
)%
|
|
4
|
|
|
10
|
%
|
||
Crude & Condensate Pipeline
|
3
|
|
|
6
|
%
|
|
10
|
|
|
20
|
%
|
||
Double H pipeline
|
2
|
|
|
14
|
%
|
|
2
|
|
|
12
|
%
|
||
All others (including eliminations)
|
(2
|
)
|
|
(1
|
)%
|
|
1
|
|
|
—
|
%
|
||
Total Products Pipelines
|
$
|
(5
|
)
|
|
(2
|
)%
|
|
$
|
17
|
|
|
4
|
%
|
|
Segment EBDA before certain items
increase/(decrease)
|
|
Revenues before
certain items
increase/(decrease)
|
||||||||||
|
(In millions, except percentages)
|
||||||||||||
Plantation Pipe Line
|
$
|
(3
|
)
|
|
(9
|
)%
|
|
$
|
—
|
|
|
—
|
%
|
Cochin
|
(4
|
)
|
|
(7
|
)%
|
|
4
|
|
|
5
|
%
|
||
Crude & Condensate Pipeline
|
3
|
|
|
3
|
%
|
|
8
|
|
|
7
|
%
|
||
Double H pipeline
|
4
|
|
|
15
|
%
|
|
4
|
|
|
11
|
%
|
||
All others (including eliminations)
|
(3
|
)
|
|
(1
|
)%
|
|
7
|
|
|
1
|
%
|
||
Total Products Pipelines
|
$
|
(3
|
)
|
|
(1
|
)%
|
|
$
|
23
|
|
|
3
|
%
|
•
|
decreases of $4 million (24%) and $3 million (9%), respectively, from our equity investment in Plantation Pipe Line primarily due to higher operating costs attributable to a project write-off and higher pipeline environmental costs;
|
•
|
decreases of $4 million (13%) and $4 million (7%), respectively, from Cochin primarily due to higher operating costs largely due to increased pipeline integrity and foreign exchange costs partially offset by higher services revenues due to higher volumes;
|
•
|
increases of $3 million (6%) and $3 million (3%), respectively, from Kinder Morgan Crude & Condensate Pipeline primarily due to higher services revenues driven by an increase in pipeline throughput volumes from existing customers; and
|
•
|
increases of $2 million (14%) and $4 million (15%), respectively, from our Double H pipeline primarily due to higher service revenues driven by higher volumes.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In millions, except operating statistics)
|
||||||||||||||
Revenues
|
$
|
60
|
|
|
$
|
63
|
|
|
$
|
119
|
|
|
$
|
122
|
|
Operating expenses
|
(23
|
)
|
|
(21
|
)
|
|
(43
|
)
|
|
(39
|
)
|
||||
Other, net
|
6
|
|
|
4
|
|
|
10
|
|
|
9
|
|
||||
Segment EBDA
|
$
|
43
|
|
|
$
|
46
|
|
|
$
|
86
|
|
|
$
|
92
|
|
|
|
|
|
|
|
|
|
||||||||
Change from prior period
|
Increase/(Decrease)
|
||||||||||||||
Revenues
|
$
|
(3
|
)
|
|
(5
|
)%
|
|
$
|
(3
|
)
|
|
(2
|
)%
|
||
Segment EBDA
|
$
|
(3
|
)
|
|
(7
|
)%
|
|
$
|
(6
|
)
|
|
(7
|
)%
|
||
|
|
|
|
|
|
|
|
||||||||
Transport volumes (MMBbl)(a)
|
27.5
|
|
|
28.7
|
|
|
55.1
|
|
|
57.3
|
|
(a)
|
Represents Trans Mountain pipeline system volumes.
|
|
Three Months Ended June 30,
|
|
|
|||||||||||
|
2017
|
|
2016
|
|
Increase/(decrease)
|
|||||||||
|
(In millions, except percentages)
|
|||||||||||||
General and administrative and corporate charges(a)
|
$
|
145
|
|
|
$
|
184
|
|
|
$
|
(39
|
)
|
|
(21
|
)%
|
Certain items(a)
|
4
|
|
|
(19
|
)
|
|
23
|
|
|
121
|
%
|
|||
General and administrative and corporate charges before certain items(a)
|
$
|
149
|
|
|
$
|
165
|
|
|
$
|
(16
|
)
|
|
(10
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Interest, net(b)
|
$
|
463
|
|
|
$
|
471
|
|
|
$
|
(8
|
)
|
|
(2
|
)%
|
Certain items(b)
|
5
|
|
|
40
|
|
|
(35
|
)
|
|
(88
|
)%
|
|||
Interest, net, before certain items
|
$
|
468
|
|
|
$
|
511
|
|
|
$
|
(43
|
)
|
|
(8
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Net income (loss) attributable to noncontrolling interests
|
$
|
7
|
|
|
$
|
3
|
|
|
$
|
4
|
|
|
133
|
%
|
Noncontrolling interests associated with certain items(c)
|
(1
|
)
|
|
3
|
|
|
(4
|
)
|
|
(133
|
)%
|
|||
Net income attributable to noncontrolling interests before certain items
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
—
|
%
|
|
Six Months Ended June 30,
|
|
|
|||||||||||
|
2017
|
|
2016
|
|
Increase/(decrease)
|
|||||||||
|
(In millions, except percentages)
|
|||||||||||||
General and administrative and corporate charges(a)
|
$
|
326
|
|
|
$
|
374
|
|
|
$
|
(48
|
)
|
|
(13
|
)%
|
Certain items(a)
|
(3
|
)
|
|
(24
|
)
|
|
21
|
|
|
88
|
%
|
|||
General and administrative and corporate charges before certain items(a)
|
$
|
323
|
|
|
$
|
350
|
|
|
$
|
(27
|
)
|
|
(8
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Interest, net(b)
|
$
|
928
|
|
|
$
|
912
|
|
|
$
|
16
|
|
|
2
|
%
|
Certain items(b)
|
17
|
|
|
109
|
|
|
(92
|
)
|
|
(84
|
)%
|
|||
Interest, net, before certain items
|
$
|
945
|
|
|
$
|
1,021
|
|
|
$
|
(76
|
)
|
|
(7
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Net income (loss) attributable to noncontrolling interests
|
$
|
12
|
|
|
$
|
2
|
|
|
$
|
10
|
|
|
500
|
%
|
Noncontrolling interests associated with certain items(c)
|
(1
|
)
|
|
9
|
|
|
(10
|
)
|
|
(111
|
)%
|
|||
Net income attributable to noncontrolling interests before certain items
|
$
|
11
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
—
|
%
|
(a)
|
Three and six month 2017 amounts include (i) increases in expense of $2 million and $7 million, respectively, of acquisition and asset sale related costs; and (ii) decreases in expense of $6 million for both periods related to other certain items. Six month 2017 amount also includes increases in expense of $2 million related to certain corporate litigation matters. Three and six month 2016 amounts include (i) increases in expense of $4 million and $8 million, respectively, related to certain corporate legal matters; (ii) increases in expense of $12 million for both periods related to severance costs; (iii) increases in expense of $5 million and $8 million, respectively, related to acquisition costs; and (iv) a decrease in expense of $2 million and $4 million, respectively, related to other certain items.
|
(b)
|
Three and six month 2017 amounts include (i) decreases in interest expense of $14 million and $29 million, respectively, related to debt fair value adjustments associated with acquisitions; (ii) increases in interest expense of $1 million and $4 million, respectively, related to non-cash true-ups of our estimates of swap ineffectiveness; and (iii) increases in interest expense of $8 million for both periods related to other certain items. Three and six month 2016 amounts include decreases in interest expense of (i) $18 million and $37 million, respectively, related to debt fair value adjustments associated with acquisitions; and (ii) $22 million and $72 million, respectively, related to non-cash true-ups of our estimates of swap ineffectiveness.
|
(c)
|
Three and six month 2016 amounts include losses of $3 million and $9 million, respectively, associated with Natural Gas Pipelines segment certain items and disclosed above in “—Natural Gas Pipelines.”
|
|
Six Months Ended June 30, 2017
|
|
2017 Remaining
|
|
Total
|
||||||
|
(In millions)
|
||||||||||
Sustaining capital expenditures(a)
|
$
|
260
|
|
|
$
|
361
|
|
|
$
|
621
|
|
KMI Discretionary capital investments(b)(c)
|
$
|
1,335
|
|
|
$
|
1,013
|
|
|
$
|
2,348
|
|
KML Discretionary capital investments
|
$
|
176
|
|
|
$
|
638
|
|
|
$
|
814
|
|
(a)
|
Six
months ended June 30, 2017, 2017 Remaining, and Total 2017 amounts include $45 million, $66 million, and $111 million, respectively, for our proportionate share of sustaining capital expenditures of unconsolidated joint ventures.
|
(b)
|
Six months ended June 30, 2017 is net of $216 million of contributions from certain partners for capital investments at non-wholly owned consolidated subsidiaries offset by $512 million of our contributions to certain unconsolidated joint ventures for capital investments, and excludes $94 million of net changes from accrued capital expenditures, contractor retainage and other.
|
(c)
|
2017 Remaining amount includes our estimated contributions to certain unconsolidated joint ventures, net of contributions estimated from certain partners in non-wholly owned consolidated subsidiaries for capital investments.
|
•
|
a $102 million decrease associated with net changes in working capital items and non-current assets and liabilities, primarily driven, among other things, by a decrease in cash related to gas in underground storage inventory resulting from an increase in storage injections and price increases; and
|
•
|
a $77 million decrease in operating cash flow resulting from the combined effects of adjusting net income for the period-to-period $139 million increase in non-cash items including the following: (i) net losses on impairments and divestitures of assets and equity investments (see discussion above in “—Results of Operations”); (ii) change in fair market value of derivative contracts; (iii) DD&A expenses (including amortization of excess cost of equity investments); (iv) deferred income taxes; and (v) earnings from equity investments.
|
•
|
a $329 million decrease in expenditures for acquisitions of assets and investments, primarily driven by the $324 million portion of the purchase price we paid in the 2016 period for the BP terminals acquisition;
|
•
|
a $134 million reduction in capital expenditures primarily due to lower expenditures related to natural gas expansion projects; and
|
•
|
a $133 million increase in cash for distributions received from equity investment in excess of cumulative earnings, primarily driven by the higher distributions from Midcontinent Express Pipeline LLC and Ruby Pipeline Holding Company, L.L.C.; partially offset by
|
•
|
a $185 million increase in cash used for contributions to equity investments primarily due to the contributions we made in 2017 to Utopia Holding LLC, Fayetteville Express Pipeline LLC and SNG; and
|
•
|
a $149 million lower cash proceeds from sales of property, plant and equipment and other net assets, primarily driven by the higher proceeds we received in 2016 from sales of other long-lived assets.
|
•
|
a $1,895 million net increase in cash used related to debt activity as a result of net debt payments in the 2017 period compared with net debt proceeds in the 2016 period. See Note 3 “Debt” for further information regarding our debt activity; partially offset by
|
•
|
a $1,171 million decrease in cash used due to contributions from noncontrolling interests, primarily reflecting $1,247 million in net proceeds received from the May 2017 KML IPO, compared with $84 million of contributions received from BP for its 25% share of a newly formed joint venture in the 2016 period; and
|
•
|
a $415 million increase in cash resulting from contributions received in the 2017 period from EIG, consisting of $386 million for the sale of a 49% partnership interest in ELC and $29 million as additional contributions for 2017 capital expenditures.
|
Three months ended
|
|
Total quarterly dividend per share for the period
|
|
Date of declaration
|
|
Date of record
|
|
Date of dividend
|
||
December 31, 2016
|
|
$
|
0.125
|
|
|
January 18, 2017
|
|
February 1, 2017
|
|
February 15, 2017
|
March 31, 2017
|
|
$
|
0.125
|
|
|
April 19, 2017
|
|
May 1, 2017
|
|
May 15, 2017
|
June 30, 2017
|
|
$
|
0.125
|
|
|
July 19, 2017
|
|
July 31, 2017
|
|
August 15, 2017
|
Period
|
|
Total dividend per share for the period
|
|
Date of declaration
|
|
Date of record
|
|
Date of dividend
|
||
October 26, 2016 through January 25, 2017
|
|
$
|
24.375000
|
|
|
October 19, 2016
|
|
January 11, 2017
|
|
January 26, 2017
|
January 26, 2017 through April 25, 2017
|
|
$
|
24.375000
|
|
|
January 18, 2017
|
|
April 11, 2017
|
|
April 26, 2017
|
April 26, 2017 through July 25, 2017
|
|
$
|
24.375000
|
|
|
April 19, 2017
|
|
July 11, 2017
|
|
July 26, 2017
|
3.1
|
|
*
|
|
|
|
|
|
3.2
|
|
*
|
|
|
|
|
|
10.1
|
|
|
|
|
|
|
|
10.2
|
|
*
|
|
|
|
|
|
31.1
|
|
|
|
|
|
|
|
31.2
|
|
|
|
|
|
|
|
32.1
|
|
|
|
|
|
|
|
32.2
|
|
|
|
|
|
|
|
101
|
|
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) our Consolidated Statements of Income for the three and six months ended June 30, 2017 and 2016; (ii) our Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2017 and 2016; (iii) our Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016; (iv) our Consolidated Statements of Cash Flows for the six months ended June 30, 2017 and 2016; (v) our Consolidated Statements of Stockholders’ Equity for the six months ended June 30, 2017 and 2016; and (vi) the notes to our Consolidated Financial Statements.
|
|
KINDER MORGAN, INC.
|
|
|
|
Registrant
|
Date:
|
July 24, 2017
|
|
By:
|
|
/s/ Kimberly A. Dang
|
|
|
|
|
|
Kimberly A. Dang
Vice President and Chief Financial Officer
(principal financial and accounting officer)
|
1 Year Kinder Morgan Chart |
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