Kinder Morgan completed the acquisition of Outrigger Energy for $648 million, adding a 0.27 Bcf/d processing facility and a 104-mile gathering pipeline in the Williston Basin. This acquisition is expected to enhance the Natural Gas Pipelines business segment.

The company expects to invest $3.0 billion in expansion projects, acquisitions, and contributions to joint ventures during 2025. This includes $1.698 billion remaining to be spent on expansion capital expenditures.

The company expects to declare dividends of $1.17 per share for 2025, a 2% increase from the 2024 declared dividends of $1.15 per share. This signals management's confidence in the company's ability to generate sustainable cash flow.

The company emphasizes that sustaining capital expenditures are necessary to maintain safe and efficient operations, meet customer needs, and comply with operating policies and applicable law.

Thomas A. Martin will retire from his role as President of KMI effective January 31, 2026, and Dax A. Sanders will become President of KMI. This demonstrates proactive succession planning by the management team.

The Chief Executive Officer and Chief Financial Officer concluded that the design and operation of the company's disclosure controls and procedures were effective as of March 31, 2025.

The company added a risk factor addressing the potential adverse effects of uncertainty and changes in U.S. trade policies, including tariffs, trade agreements, or other trade restrictions.

The 14th Court of Appeals reversed and remanded the case to the trial court for fact discovery and further proceedings to resolve disputed issues of material fact. We believe we have numerous and substantial defenses and intend to continue to vigorously defend this case.

On March 11, 2025, the case was mediated without resolution. We believe we have numerous and substantial defenses to support our vigorous defense at the trial or appellate levels if necessary.

The $55 million (11%) decrease in Midstream resulted from the impacts of (i) non-cash mark-to-market derivative contracts used to hedge forecasted commodity sales and purchases, which increased costs of sales partially offset by an increase in revenues; and (ii) in the 2024 period, a gain on sale of assets, all of which we treated as Certain Items.

The $22 million (29%) decrease in Crude and Condensate was driven by a planned ten-year turnaround in first quarter 2025 at our KM Condensate Processing facility and lower average commodity rates on our Bakken Crude assets.

The $10 million (9%) increase in Oil and Gas Producing activities resulted primarily from the impact of non-cash mark-to-market derivative hedge contracts which increased revenues, and which we treated as Certain Items.

Operations and maintenance increased $31 million in 2025 compared to 2024. Increased costs were primarily driven by greater activity levels and inflation, including integrity and labor costs.

The $5 million (8%) decrease in Bulk was primarily due to (i) a decrease attributable to higher shortfall payments in 2024 related to our coal handling activities and (ii) higher labor and maintenance expense partially offset by 2024 demurrage costs incurred at our International Marine Terminal.

General and administrative expenses increased $12 million, and corporate charges was flat in 2025 compared to 2024. The combined changes primarily include higher labor and benefit-related costs and higher legal costs.

The company has RNG generation capacity of approximately 6.9 Bcf per year of gross production. CO2 segment benefits from increased RIN sales margin from increased volumes partially offset by lower prices.

The filing does not provide significant details regarding specific technological advancements or R&D investments beyond the existing investments in RNG projects.

The filing does not provide significant details regarding digital transformation efforts.

Capital commitments related to Natural Gas Pipelines business segment increased by $382 million.

The company continues to allocate capital to sustaining capital expenditures to maintain the operational integrity and extend the useful life of its assets.

The company uses interest rate swap agreements to manage its exposure to interest rate fluctuations. As of March 31, 2025, approximately $4,906 million of the principal amount of debt balances were subject to variable interest rates.

The company is involved in several governmental proceedings involving groundwater and soil remediation efforts under state or federal administrative orders or related remediation programs.

KMLT and KMBT are participating in the allocation process for the Portland Harbor Superfund Site, with the non-judicial allocation process expected to be complete by December 31, 2026.

The company has challenged the EPA's Good Neighbor Plan, which would require installation of more stringent air pollution controls on internal combustion engines.

The company added a risk factor addressing the potential adverse effects of uncertainty and changes in U.S. trade policies, including tariffs, trade agreements, or other trade restrictions.

The company is involved in various legal and regulatory matters arising from the day-to-day operations of its businesses.

Fluctuations in consolidated sales revenue reflect changes in commodity prices and volumes, and the costs of sales associated with purchases will usually have a commensurate and offsetting impact.