KINDER MORGAN, INC.KMI
KINDER MORGAN, INC. Debt Disclosure
8. Debt
The following table provides detail on the principal amount of our outstanding debt balances:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (In millions) | |||||||||||
| Credit facility and commercial paper borrowings(a) | $ | 13 | $ | 331 | |||||||
| Corporate senior notes(b) | |||||||||||
4.30%, due June 2025 | — | 1,500 | |||||||||
1.75%, due November 2026 | 500 | 500 | |||||||||
6.70%, due February 2027 | 7 | 7 | |||||||||
2.25%, due March 2027(c) | 587 | 518 | |||||||||
6.67%, due November 2027 | 7 | 7 | |||||||||
4.30%, due March 2028 | 1,250 | 1,250 | |||||||||
7.25%, due March 2028 | 32 | 32 | |||||||||
6.95%, due June 2028 | 31 | 31 | |||||||||
5.00%, due February 2029 | 1,250 | 1,250 | |||||||||
5.10% due August 2029 | 500 | 500 | |||||||||
5.15% due June 2030 | 1,100 | — | |||||||||
8.05%, due October 2030 | 234 | 234 | |||||||||
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
2.00%, due February 2031 | 750 | 750 | |||||||||
7.40%, due March 2031 | 300 | 300 | |||||||||
7.80%, due August 2031 | 537 | 537 | |||||||||
7.75%, due January 2032 | 1,005 | 1,005 | |||||||||
7.75%, due March 2032 | 300 | 300 | |||||||||
4.80%, due February 2033 | 750 | 750 | |||||||||
5.20%, due June 2033 | 1,500 | 1,500 | |||||||||
7.30%, due August 2033 | 500 | 500 | |||||||||
5.40%, due February 2034 | 1,000 | 1,000 | |||||||||
5.30%, due December 2034 | 750 | 750 | |||||||||
5.80%, due March 2035 | 500 | 500 | |||||||||
5.85% due June 2035 | 750 | — | |||||||||
7.75%, due October 2035 | 1 | 1 | |||||||||
6.40%, due January 2036 | 36 | 36 | |||||||||
6.50%, due February 2037 | 400 | 400 | |||||||||
7.42%, due February 2037 | 47 | 47 | |||||||||
6.95%, due January 2038 | 1,175 | 1,175 | |||||||||
6.50%, due September 2039 | 600 | 600 | |||||||||
6.55%, due September 2040 | 400 | 400 | |||||||||
7.50%, due November 2040 | 375 | 375 | |||||||||
6.375%, due March 2041 | 600 | 600 | |||||||||
5.625%, due September 2041 | 375 | 375 | |||||||||
5.00%, due August 2042 | 625 | 625 | |||||||||
4.70%, due November 2042 | 475 | 475 | |||||||||
5.00%, due March 2043 | 700 | 700 | |||||||||
5.50%, due March 2044 | 750 | 750 | |||||||||
5.40%, due September 2044 | 550 | 550 | |||||||||
5.55%, due June 2045 | 1,750 | 1,750 | |||||||||
5.05%, due February 2046 | 800 | 800 | |||||||||
5.20%, due March 2048 | 750 | 750 | |||||||||
3.25%, due August 2050 | 500 | 500 | |||||||||
3.60%, due February 2051 | 1,050 | 1,050 | |||||||||
5.45%, due August 2052 | 750 | 750 | |||||||||
5.95% due August 2054 | 750 | 750 | |||||||||
7.45%, due March 2098 | 26 | 26 | |||||||||
| TGP senior notes(b) | |||||||||||
7.00%, due March 2027 | 300 | 300 | |||||||||
7.00%, due October 2028 | 400 | 400 | |||||||||
2.90%, due March 2030 | 1,000 | 1,000 | |||||||||
8.375%, due June 2032 | 240 | 240 | |||||||||
7.625%, due April 2037 | 300 | 300 | |||||||||
| EPNG senior notes(b) | |||||||||||
7.50%, due November 2026 | 200 | 200 | |||||||||
3.50%, due February 2032 | 300 | 300 | |||||||||
8.375%, due June 2032 | 300 | 300 | |||||||||
| CIG senior notes(b) | |||||||||||
4.15%, due August 2026 | 375 | 375 | |||||||||
6.85%, due June 2037 | 100 | 100 | |||||||||
EPC Building, LLC, promissory note, 3.967%, due January 2024 through December 2035 | 290 | 310 | |||||||||
Trust I Preferred Securities, 4.75%, due March 2028(d) | 221 | 221 | |||||||||
| Other miscellaneous debt(e) | 159 | 205 | |||||||||
| Total debt – KMI and Subsidiaries | 31,823 | 31,788 | |||||||||
| Less: Current portion of debt | 1,226 | 2,009 | |||||||||
| Total long-term debt – KMI and Subsidiaries(f) | $ | 30,597 | $ | 29,779 | |||||||
(a)Weighted average interest rates on borrowings at December 31, 2025 and 2024 were 3.85% and 4.60%, respectively.
(b)Notes provide for the redemption at any time at a price equal to 100% of the principal amount of the notes plus accrued interest to the redemption date plus a make whole premium and are subject to a number of restrictions and covenants. The most restrictive of these include limitations on the incurrence of liens and limitations on sale-leaseback transactions.
(c)Consists of senior notes denominated in Euros that have been converted to U.S. dollars and are respectively reported above at the December 31, 2025 exchange rate of 1.1746 U.S. dollars per Euro and at the December 31, 2024 exchange rate of 1.0354 U.S. dollars
per Euro. As of December 31, 2025 and 2024, the cumulative changes in the exchange rate of U.S. dollars per Euro since issuance had resulted in an increase of $44 million and a decrease of $25 million, respectively. As of December 31, 2025, we had outstanding associated cross-currency swap agreements which are designated as cash flow hedges.
(d)Capital Trust I (Trust I), is a 100%-owned business trust that as of December 31, 2025, had 4.4 million of 4.75% trust convertible preferred securities outstanding (referred to as the Trust I Preferred Securities). Trust I exists for the sole purpose of issuing preferred securities and investing the proceeds in 4.75% convertible subordinated debentures, which are due 2028. Trust I’s sole source of income is interest earned on these debentures. This interest income is used to pay distributions on the preferred securities. We provide a full and unconditional guarantee of the Trust I Preferred Securities. There are no significant restrictions from these securities on our ability to obtain funds from our subsidiaries by distribution, dividend, or loan. The Trust I Preferred Securities are non-voting (except in limited circumstances), pay quarterly distributions at an annual rate of 4.75%, and carry a liquidation value of $50 per security plus accrued and unpaid distributions. The Trust I Preferred Securities outstanding as of December 31, 2025 are convertible at any time prior to the close of business on March 31, 2028, at the option of the holder, into the following mixed consideration: (i) 0.7197 of a share of our Class P common stock; and (ii) $25.18 in cash without interest. We have the right to redeem these Trust I Preferred Securities at any time.
(e)Includes finance lease obligations with monthly installments. The lease terms expire between 2026 and 2070.
(f)Excludes our “Debt fair value adjustments” which, as of December 31, 2025 and 2024, increased our combined debt balances by $180 million and $102 million, respectively. In addition to all unamortized debt discount/premium amounts, debt issuance costs, and purchase accounting on our debt balances, our debt fair value adjustments also include amounts associated with the offsetting entry for hedged debt and any unamortized portion of proceeds received from the early termination of interest rate swap agreements. For further information about our debt fair value adjustments, see “—Debt Fair Value Adjustments” below.
On May 1, 2025, we issued in a registered offering, two series of senior notes consisting of $1,100 million aggregate principal amount of 5.15% senior notes due 2030 and $750 million aggregate principal amount of 5.85% senior notes due 2035 and received combined net proceeds of $1,834 million.
We and substantially all of our wholly owned domestic subsidiaries are party to a cross guarantee agreement whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of specified indebtedness of each other party to the agreement.
Current Portion of Debt
The following table details the components of our “Current portion of debt” reported on our consolidated balance sheets:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (In millions) | |||||||||||
$3.5 billion credit facility due August 20, 2027 | $ | — | $ | — | |||||||
| Commercial paper notes | 13 | 331 | |||||||||
| Current portion of senior notes | |||||||||||
4.30%, due June 2025 | — | 1,500 | |||||||||
4.15%, due August 2026 | 375 | — | |||||||||
1.75%, due November 2026 | 500 | — | |||||||||
7.50%, due November 2026 | 200 | — | |||||||||
Trust I Preferred Securities, 4.75% due March 2028(a) | 111 | 111 | |||||||||
| Current portion of other debt | 27 | 67 | |||||||||
| Total current portion of debt | $ | 1,226 | $ | 2,009 | |||||||
(a)Reflects the portion of cash consideration payable if all the outstanding securities as of the end of the reporting period were converted by the holders.
Credit Facility and Restrictive Covenants
We have a $3.5 billion revolving credit facility due August 2027 with a syndicate of lenders, which can be increased by up to $1.0 billion if certain conditions, including the receipt of additional lender commitments, are met. Borrowings under our credit facility can be used for working capital and other general corporate purposes and as backup to our commercial paper program.
We maintain a $3.5 billion commercial paper program through the private placement of short-term notes which matures in August 2027. The notes mature up to 270 days from the date of issue and are not redeemable or subject to voluntary prepayment by us prior to maturity. The notes are sold at par value less a discount representing an interest factor or if interest bearing, at par. Borrowings under our commercial paper program reduce the borrowings allowed under our credit facility.
Depending on the type of loan request, our borrowings under our credit facility bears interest at either (i) SOFR, plus (x) a credit spread adjustment and (y) an applicable margin ranging from 1.000% to 1.750% per annum based on our credit ratings or (ii) the greatest of (1) the Federal Funds Rate plus 0.5%; (2) the Prime Rate; or (3) SOFR for a one-month eurodollar loan, plus (x) a credit spread adjustment, (y) 1%, and (z) in each case, an applicable margin ranging from 0.100% to 0.750% per annum based on our credit rating. Standby fees for the unused portion of the credit facility will be calculated at a rate ranging from 0.100% to 0.250%.
Our credit facility contains financial and various other covenants that apply to us and our subsidiaries and are common in such agreements, including a maximum ratio of Consolidated Net Indebtedness to Consolidated EBITDA (as defined in the credit facility, as amended) of 5.50 to 1.00, for any four-fiscal-quarter period. Other negative covenants include restrictions on our and certain of our subsidiaries’ ability to incur debt, grant liens, make fundamental changes, or engage in certain transactions with affiliates, or in the case of certain material subsidiaries, permit restrictions on dividends, distributions, or making or prepayments of loans to us or any guarantor. Our credit facility also restricts our ability to make certain restricted payments if an event of default (as defined in the credit facility) has occurred and is continuing or would occur and be continuing.
As of December 31, 2025, we had no borrowings outstanding under our credit facility, $13 million borrowings outstanding under our commercial paper program, and $10 million in letters of credit. Our availability under our credit facility as of December 31, 2025 was approximately $3,477 million. For the years ended December 31, 2025, 2024, and 2023, we were in compliance with all required covenants.
Maturities of Debt
The scheduled maturities of the outstanding debt balances, excluding debt fair value adjustments as of December 31, 2025, are summarized as follows:
| Year | Total | |||||||
| (In millions) | ||||||||
| 2026 | $ | 1,226 | ||||||
| 2027 | 942 | |||||||
| 2028 | 1,867 | |||||||
| 2029 | 1,781 | |||||||
| 2030 | 2,367 | |||||||
| Thereafter | 23,640 | |||||||
| Total | $ | 31,823 | ||||||
Debt Fair Value Adjustments
The following table summarizes the “Debt fair value adjustments” included on our accompanying consolidated balance sheets:
| December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| (In millions) | ||||||||||||||
| Purchase accounting debt fair value adjustments | $ | 337 | $ | 385 | ||||||||||
| Carrying value adjustment to hedged debt | (101) | (241) | ||||||||||||
Unamortized portion of proceeds received from the early termination of interest rate swap agreements | 149 | 167 | ||||||||||||
| Unamortized debt discounts, net | (67) | (70) | ||||||||||||
| Unamortized debt issuance costs | (138) | (139) | ||||||||||||
| Total debt fair value adjustments | $ | 180 | $ | 102 | ||||||||||
Fair Value of Financial Instruments
The carrying value and estimated fair value of our outstanding debt balances is disclosed below:
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Carrying value | Estimated fair value(a) | Carrying value | Estimated fair value(a) | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Total debt | $ | 32,003 | $ | 31,966 | $ | 31,890 | $ | 30,794 | |||||||||||||||
(a)Included in the estimated fair value are amounts for our Trust I Preferred Securities of $217 million and $201 million as of December 31, 2025 and 2024, respectively.
We used Level 2 input values to measure the estimated fair value of our outstanding debt balance as of both December 31, 2025 and 2024.
Interest Rates, Interest Rate Swaps and Contingent Debt
The weighted average interest rate on all of our borrowings was 5.59% during 2025 and 5.83% during 2024. Information on our interest rate swaps is contained in Note 13. For information about our contingent debt agreements, see Note 12 “Commitments and Contingent Liabilities—Contingent Debt.”
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 8, 2023 | |
| 2021 | Feb 7, 2022 | |
| 2020 | Feb 5, 2021 | |
| 2019 | Feb 12, 2020 | |
| 2018 | Feb 8, 2019 | |
| 2017 | Feb 9, 2018 | |
| 2016 | Feb 10, 2017 | |
| 2015 | Feb 16, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.