KINDER MORGAN, INC. PP&E Disclosure
Straight-Line Estimated Useful Life | Composite Depreciation Rates | December 31, | |||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| (Years) | (%) | (In millions) | |||||||||||||||||||||
| Interstate Natural Gas FERC-Regulated | |||||||||||||||||||||||
| Pipelines (Natural gas) | 1.09-6.67 | $ | 12,583 | $ | 12,376 | ||||||||||||||||||
| Equipment (Natural gas) | 1.09-6.67 | 10,118 | 9,488 | ||||||||||||||||||||
| Other(a) | 0.00-33 | 1,124 | 1,143 | ||||||||||||||||||||
| Accumulated depreciation, depletion, and amortization | (11,092) | (10,712) | |||||||||||||||||||||
| Depreciable assets | 12,733 | 12,295 | |||||||||||||||||||||
| Land | 54 | 51 | |||||||||||||||||||||
| Construction work in process | 454 | 568 | |||||||||||||||||||||
| Total interstate natural gas FERC-regulated | 13,241 | 12,914 | |||||||||||||||||||||
| Other | |||||||||||||||||||||||
Pipelines (Natural gas, liquids, refined products, crude oil and CO2) | 5-40 | 0.09-33.33 | 9,697 | 8,933 | |||||||||||||||||||
Equipment (Natural gas, liquids, refined products, crude oil, CO2 and terminals) | 5-40 | 0.09-33.33 | 21,425 | 20,243 | |||||||||||||||||||
| Other(a) | 3-10 | 0.00-33.33 | 5,790 | 5,587 | |||||||||||||||||||
| Accumulated depreciation, depletion, and amortization | (12,970) | (11,470) | |||||||||||||||||||||
| Depreciable assets | 23,942 | 23,293 | |||||||||||||||||||||
| Land | 785 | 786 | |||||||||||||||||||||
| Construction work in process | 1,363 | 1,020 | |||||||||||||||||||||
| Total other | 26,090 | 25,099 | |||||||||||||||||||||
| Property, plant, and equipment, net | $ | 39,331 | $ | 38,013 | |||||||||||||||||||
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 PP&E Disclosures
The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.
Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.