KINDER MORGAN, INC.KMI
KINDER MORGAN, INC. Segments Disclosure
15. Reportable Segments
Our reportable business segments are:
•Natural Gas Pipelines—the ownership and operation of (i) major interstate and intrastate natural gas pipeline and storage systems; (ii) natural gas gathering systems and natural gas processing and treating facilities; (iii) NGL fractionation facilities and transportation systems; and (iv) LNG regasification, liquefaction, and storage facilities;
•Products Pipelines—the ownership and operation of refined petroleum products, crude oil, and condensate pipelines that primarily deliver, among other products, gasoline, diesel and jet fuel, crude oil, renewable fuels, and condensate to various markets, plus the ownership and/or operation of associated product terminals and petroleum pipeline transmix facilities;
•Terminals—the ownership and/or operation of (i) liquids and bulk terminal facilities located throughout the U.S. that store and handle various commodities including gasoline, diesel fuel, chemicals, metals, petroleum coke, and ethanol and other renewable fuels and feedstocks; and (ii) Jones Act-qualified tankers;
•CO2—(i) the production, transportation, and marketing of CO2 to oil fields that use CO2 as a flooding medium to increase recovery and production of crude oil from mature oil fields; (ii) ownership interests in and/or operation of oil fields and gasoline processing plants in West Texas; (iii) the ownership and operation of a crude oil pipeline system in West Texas; and (iv) the ownership and operation of RNG and LNG facilities.
Our reportable segments are strategic business units that offer different products and services, have different marketing strategies and are managed separately. The Company’s chief operating decision maker (CODM) is represented by the Office of the Chairman which consists of our Executive Chairman, Chief Executive Officer and President. Our CODM evaluates performance principally based on each reportable segment’s earnings before DD&A expenses including amortization of excess cost of equity investments (EBDA), which excludes general and administrative expenses and corporate charges, interest expense, net, and income tax expense. The CODM uses budgeted Segment EBDA compared to actual results to evaluate performance and allocate certain resources for each segment.
We consider each period’s earnings before all non-cash DD&A expenses to be an important measure of business segment performance for our reporting segments. We account for intersegment sales at market prices, while we account for asset transfers at book value.
Effective January 1, 2025, amortization of basis differences related to our joint ventures (previously known as amortization of excess cost of equity investments) is included within “Earnings from equity investments” in our accompanying consolidated statements of income for the years ended December 31, 2025, 2024, and 2023, and therefore is included within Segment EBDA. As a result, Segment EBDA for the years ended December 31, 2024 and 2023 have been adjusted to conform to the current presentation in the tables below.
During 2025, 2024, and 2023, we did not have revenues from any single external customer that exceeded 10% of our consolidated revenues.
Financial information by segment follows:
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||||||||||||||
| Natural Gas Pipelines | Products Pipelines | Terminals | CO2 | Corporate and Eliminations | Total | ||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||
| Revenues from external customers | $ | 10,990 | $ | 2,686 | $ | 2,094 | $ | 1,167 | $ | — | $ | 16,937 | |||||||||||||||||||||||
| Intersegment revenues | 19 | — | 10 | 3 | (32) | — | |||||||||||||||||||||||||||||
| Total revenues | 11,009 | 2,686 | 2,104 | 1,170 | (32) | 16,937 | |||||||||||||||||||||||||||||
| Costs of sales | (4,299) | (1,112) | (50) | (94) | |||||||||||||||||||||||||||||||
| Labor | (331) | (132) | (282) | (53) | |||||||||||||||||||||||||||||||
| Fuel and power | (87) | (90) | (20) | (141) | |||||||||||||||||||||||||||||||
| Field - non-labor(a) | (901) | (209) | (558) | (242) | |||||||||||||||||||||||||||||||
Taxes, other than income taxes | (287) | (45) | (55) | (51) | |||||||||||||||||||||||||||||||
Earnings (loss) from equity investments | 817 | 58 | (2) | 23 | |||||||||||||||||||||||||||||||
| Other segment items(b) | 159 | 1 | 6 | — | |||||||||||||||||||||||||||||||
Total Segment EBDA(c) | $ | 6,080 | $ | 1,157 | $ | 1,143 | $ | 612 | 8,992 | ||||||||||||||||||||||||||
| DD&A | (2,453) | ||||||||||||||||||||||||||||||||||
| General and administrative and corporate charges | (746) | ||||||||||||||||||||||||||||||||||
| Interest, net(d) | (1,801) | ||||||||||||||||||||||||||||||||||
| Income tax expense | (832) | ||||||||||||||||||||||||||||||||||
| Net income | $ | 3,160 | |||||||||||||||||||||||||||||||||
Other segment activity information: | |||||||||||||||||||||||||||||||||||
| DD&A | $ | 1,173 | $ | 358 | $ | 518 | $ | 378 | $ | 26 | $ | 2,453 | |||||||||||||||||||||||
| Capital expenditures | 2,092 | 242 | 326 | 328 | 38 | 3,026 | |||||||||||||||||||||||||||||
Segment balance sheet information: | |||||||||||||||||||||||||||||||||||
| Investments | 6,962 | 381 | 122 | 67 | — | 7,532 | |||||||||||||||||||||||||||||
| Other intangibles, net | 900 | 403 | 13 | 414 | — | 1,730 | |||||||||||||||||||||||||||||
| Total assets(e) | 52,546 | 8,044 | 7,917 | 3,608 | 633 | 72,748 | |||||||||||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||||||||||||||
| Natural Gas Pipelines | Products Pipelines | Terminals | CO2 | Corporate and Eliminations | Total | ||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||
| Revenues from external customers | $ | 8,930 | $ | 2,955 | $ | 2,013 | $ | 1,202 | $ | — | $ | 15,100 | |||||||||||||||||||||||
| Intersegment revenues | 12 | — | 9 | 2 | (23) | — | |||||||||||||||||||||||||||||
| Total revenues | 8,942 | 2,955 | 2,022 | 1,204 | (23) | 15,100 | |||||||||||||||||||||||||||||
| Costs of sales | (2,837) | (1,394) | (42) | (82) | |||||||||||||||||||||||||||||||
| Labor | (322) | (128) | (273) | (50) | |||||||||||||||||||||||||||||||
| Fuel and power | (74) | (92) | (20) | (153) | |||||||||||||||||||||||||||||||
| Field - non-labor(a) | (854) | (193) | (558) | (241) | |||||||||||||||||||||||||||||||
Taxes, other than income taxes | (269) | (43) | (53) | (60) | |||||||||||||||||||||||||||||||
| Earnings from equity investments | 748 | 57 | 8 | 27 | |||||||||||||||||||||||||||||||
| Other segment items(b) | 59 | 2 | 15 | 40 | |||||||||||||||||||||||||||||||
| Total Segment EBDA(f)(g) | $ | 5,393 | $ | 1,164 | $ | 1,099 | $ | 685 | 8,341 | ||||||||||||||||||||||||||
| DD&A | (2,354) | ||||||||||||||||||||||||||||||||||
| General and administrative and corporate charges | (736) | ||||||||||||||||||||||||||||||||||
| Interest, net(d) | (1,844) | ||||||||||||||||||||||||||||||||||
| Income tax expense | (687) | ||||||||||||||||||||||||||||||||||
| Net income | $ | 2,720 | |||||||||||||||||||||||||||||||||
Other segment activity information: | |||||||||||||||||||||||||||||||||||
| DD&A | $ | 1,105 | $ | 365 | $ | 508 | $ | 354 | $ | 22 | $ | 2,354 | |||||||||||||||||||||||
| Capital expenditures | 1,654 | 210 | 385 | 346 | 34 | 2,629 | |||||||||||||||||||||||||||||
Segment balance sheet information: | |||||||||||||||||||||||||||||||||||
| Investments | 7,252 | 387 | 132 | 74 | — | 7,845 | |||||||||||||||||||||||||||||
| Other intangibles, net | 687 | 597 | 18 | 458 | — | 1,760 | |||||||||||||||||||||||||||||
| Total assets(e) | 50,402 | 8,639 | 8,086 | 3,583 | 697 | 71,407 | |||||||||||||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||||||||||||||
| Natural Gas Pipelines | Products Pipelines | Terminals | CO2 | Corporate and Eliminations | Total | ||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||
| Revenues from external customers | $ | 9,152 | $ | 3,066 | $ | 1,911 | $ | 1,205 | $ | — | $ | 15,334 | |||||||||||||||||||||||
| Intersegment revenues | 16 | — | 6 | 4 | (26) | — | |||||||||||||||||||||||||||||
| Total revenues | 9,168 | 3,066 | 1,917 | 1,209 | (26) | 15,334 | |||||||||||||||||||||||||||||
| Costs of sales | (3,258) | (1,588) | (33) | (77) | |||||||||||||||||||||||||||||||
| Labor | (300) | (121) | (254) | (49) | |||||||||||||||||||||||||||||||
| Fuel and power | (79) | (88) | (19) | (137) | |||||||||||||||||||||||||||||||
| Field - non-labor(a) | (801) | (185) | (535) | (232) | |||||||||||||||||||||||||||||||
Taxes, other than income taxes | (262) | (42) | (55) | (55) | |||||||||||||||||||||||||||||||
Earnings (loss) from equity investments | 746 | (6) | 9 | 23 | |||||||||||||||||||||||||||||||
| Other segment items(b) | 38 | (3) | 10 | — | |||||||||||||||||||||||||||||||
| Total Segment EBDA(g)(h) | $ | 5,252 | $ | 1,033 | $ | 1,040 | $ | 682 | 8,007 | ||||||||||||||||||||||||||
| DD&A | (2,250) | ||||||||||||||||||||||||||||||||||
| General and administrative and corporate charges | (759) | ||||||||||||||||||||||||||||||||||
| Interest, net(d) | (1,797) | ||||||||||||||||||||||||||||||||||
| Income tax expense | (715) | ||||||||||||||||||||||||||||||||||
| Net income | $ | 2,486 | |||||||||||||||||||||||||||||||||
Other segment activity information: | |||||||||||||||||||||||||||||||||||
| DD&A | $ | 1,041 | $ | 367 | $ | 493 | $ | 325 | $ | 24 | $ | 2,250 | |||||||||||||||||||||||
| Capital expenditures | 1,299 | 221 | 406 | 355 | 36 | 2,317 | |||||||||||||||||||||||||||||
(a)Includes outside services, pipeline integrity maintenance, materials and supplies and other operating costs.
(b)Includes miscellaneous operating and non-operating items primarily related to gains and losses associated with divestitures, impairments and/or equity investments, as applicable.
(c)Includes non-cash mark-to-market derivative hedge contract gain (loss) amounts of $37 million, $(1) million, and $4 million for our Natural Gas Pipelines, Products Pipelines, and CO2 business segments, respectively.
(d)We do not attribute interest and debt expense to any of our reportable business segments.
(e)Corporate includes cash and cash equivalents, restricted deposits, certain prepaid assets and deferred charges, risk management assets related to derivative contracts, corporate headquarters in Houston, Texas and miscellaneous corporate assets (such as IT, telecommunications equipment, and legacy activity) not allocated to our reportable segments.
(f)Includes non-cash mark-to-market derivative hedge contract gain (loss) amounts of $(75) million and $(2) million for our Natural Gas Pipelines and CO2 business segments, respectively.
(g)Segment EBDA previously reported (before reclassifications) for the years ended December 31, 2024 and 2023 were $5,427 million and $5,282 million, $1,173 million and $1,062 million, $1,099 million and $1,040 million, and $692 million and $689 million, respectively, for our Natural Gas Pipelines, Products Pipelines, Terminals, and CO2 business segments, respectively.
(h)Includes non-cash mark-to-market derivative hedge contract gain (loss) amounts of $122 million, $1 million and $(4) million for our Natural Gas Pipelines, Products Pipelines and CO2 business segments, respectively.
Following is geographic information regarding the revenues and long-lived assets of our business:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Revenues from external customers | |||||||||||||||||
| U.S. | $ | 16,926 | $ | 15,057 | $ | 15,255 | |||||||||||
Mexico | 11 | 43 | 79 | ||||||||||||||
| Total consolidated revenues from external customers | $ | 16,937 | $ | 15,100 | $ | 15,334 | |||||||||||
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Long-term assets, excluding goodwill and other intangibles | |||||||||||||||||
| U.S. | $ | 48,115 | $ | 46,972 | $ | 46,328 | |||||||||||
Mexico | 65 | 70 | 72 | ||||||||||||||
| Total consolidated long-lived assets | $ | 48,180 | $ | 47,042 | $ | 46,400 | |||||||||||
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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.