Investor Frequently Asked Questions

For more information on Kinder Morgan please refer to our investor presentations and our SEC filings

  1. Kinder Morgan is the largest midstream and the third largest energy company in North America. We own an interest in or operate approximately 84,000 miles of pipelines and 155 terminals. Our pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and our terminals store petroleum products and chemicals and handle such products as ethanol, coal, petroleum coke and steel.

    • Focused on stable fee-based assets that are core to North American energy infrastructure with market-leading positions in each segment of our business
    • Leverage our asset footprint to seek attractive capital investment opportunities, both expansion and acquisition
    • For more information on Kinder Morgan please refer to our investor presentations, and our SEC filings
  2. Kinder Morgan is focused on cash flow and makes its money typically by charging fees for use of the capacity of its pipelines, terminals and other assets.  These assets are managed under one publicly traded C-Corp (KMI). ;  On November 26, 2014 Kinder Morgan Inc. (NYSE: KMI) finalized the acquisition of  all of the outstanding units it did not already own of Kinder Morgan Energy Partners, L.P. (KMP) which was a diversified midstream energy MLP owning principally fee-based pipeline and terminal assets that transport and or store natural gas, refined products (such as gasoline, jet fuel and diesel), bulk products (such as coal, petcoke and steel), crude oil and carbon dioxide, as well as other products.  Under this transaction Kinder Morgan Inc. (KMI) also purchased all of the outstanding units it did not already own of El Paso Pipeline Partners, L.P. (EPB) which was a pure-play natural gas pipeline MLP focused on fee-based interstate natural gas transportation and liquefied natural gas (LNG) terminals.

    On May 30, 2017, Kinder Morgan announced the IPO of Kinder Morgan Canada Limited, Kinder Morgan’s Canadian business that owns an interest in or operates an integrated network of pipeline systems and terminal facilities in Canada.  Kinder Morgan Canada Limited trades on the Toronto Stock Exchange (TSX) under ticker symbol “KML”. 

  3. We focus on cash flow instead of net income because we believe cash is the best gauge of underlying asset performance.  Kinder Morgan’s Distributable Cash Flow (DCF) has historically been an accurate proxy for sustainable cash flow.  The main difference between net income and DCF is net income is reduced by GAAP depreciation and DCF is reduced by sustaining capital.

    Some believe GAAP depreciation is a good measure for the annual costs needed to maintain assets.  We believe a vastly more precise determination of expenses and capital required to maintain safe, reliable, compliant assets can be derived using a project by project, asset by asset bottom-up approach incorporating asset-specific characteristics and current technologies.

    There are multiple reasons why sustaining capital is more precise than GAAP depreciation.  First, sustaining capital varies greatly by the specific asset characteristics (age of pipe, pipeline diameter, amount of compression, size of compressor units, utilization of the system, number of high-consequence areas on the system, geography, historical maintenance of the pipe, and others).  Second, technological advancements have significantly improved and are expected to continue to lower maintenance costs.  Third, GAAP depreciation is based on the book value of assets.  There can be a meaningful disconnect between book value and actual value of an asset depending on several factors including if an asset has been owned for a long period of time or if it was recently acquired.

    It is also important to note that a material amount of the dollars we spend maintaining our assets is recorded as operating expenses, not maintenance capital.  “Pipeline integrity” and “third party damage prevention” are two significant maintenance categories for pipelines, and the vast majority of these expenditures are recorded as operating expenses.  This includes remediation work involving inspection digs and repair work which might include recoating, sleeving, or the replacement of a pipeline joint.  Under GAAP accounting, a substantial amount of pipe must be replaced in order for the work to be capitalized.

    Operating expenses and sustaining capital are both deducted in determining DCF.  However, GAAP depreciation does not take in to account expenses already incurred to maintain and extend the lives of our assets, despite the fact these expenses are already deducted from operating income.  

  4. There are 3 publicly traded equities within the Kinder Morgan family:
    -   Kinder Morgan, Inc. (NYSE: KMI)
    -   Kinder Morgan Canada Limited (TSX: KML)
    -   Kinder Morgan 9 ¾ PFD (NYSE: KMI/PA) Mandatory Convert (October 26, 2018)
    -   Kinder Morgan Canada Limited 5.25% PFD Series 1 (TSX: KML.PR.A)
    -   Kinder Morgan Canada Limited 5.20% PFD Series 3 (TSX: KML.PR.C)

  5. Kinder Morgan, Inc. filed its IPO and began trading on the New York Stock Exchange (NYSE) on February 10, 2011 under ticker symbol “KMI”

    Kinder Morgan Canada Limited began trading on the Toronto Stock Exchange (TSX) after filing its IPO on May 30, 2017 under ticker symbol “KML”

    Kinder Morgan Energy Partners, L.P. traded on the New York Stock Exchange (NYSE) from February 18, 1997 until November 26, 2014 under ticker symbol “KMP” (predecessor IPO July 30, 1992 under ticker symbol “ENP”)

    Kinder Morgan Management, LLC traded from its IPO on May 14, 2001 until November 26, 2014 on the New York Stock Exchange (NYSE) under ticker symbol “KMR”

    El Paso Pipeline Partners, L.P. traded from its IPO on November 15, 2007 until November 26, 2014 on the New York Stock Exchange (NYSE) under ticker symbol “EPB”

  6. KMP (no longer publicly traded) had two 2-for-1 unit splits in its history, one declared on 09/2/1997 and another declared on 07/19/2001

  7. KMI is structured as a C-Corp, and pays a regular cash dividend to its shareholders

  8. KMI shareholders receive an annual 1099 pertaining to their dividend income (NO K-1 or UBTI)

  9. Kinder Morgan Inc. does NOT generate a K-1; instead, investors would receive a 1099.

  10. If you own KMI shares through a broker, please contact your brokerage firm for your 1099. If you own KMI shares directly, please contact Computershare to request your 1099

  11. KMI is classified as a corporation for U.S. federal income tax purposes. A distribution of cash by KMI to a stockholder who is a U.S. holder will generally be included in such U.S. holder’s income as ordinary dividend income to the extent of KMI’s current and accumulated ‘‘earnings and profits’’ as determined under U.S. federal income tax laws and regulations (also known as a “qualified dividend” for KMI).  A portion of the cash distributed to KMI shareholders by KMI may exceed KMI’s current and accumulated earnings and profits. Distributions of cash in excess of KMI’s current and accumulated earnings and profits will be treated first as a non-taxable return of capital reducing a U.S. holder’s adjusted tax basis in such U.S. holder’s shares of KMI common stock and, to the extent the distribution exceeds such stockholder’s adjusted tax basis, as capital gain from the sale or exchange of such shares of KMI common stock.

  12. No, Kinder Morgan does not offer a DRIP; however, you can purchase your shares through computershare our transfer agent and establish a DRIP with their service.

  13. Kinder Morgan does not offer a direct investment program and KMI must be bought through a broker or through our transfer agent Computershare.

    Computershare:  (800) 847-4351

  14. Our fiscal year follows the calendar year; the first quarter ends March 31, second quarter ends June 30, third quarter ends September 30, and fourth quarter ends December 31.

  15. 1001 Louisiana Street, Suite 1000
    Houston, Texas 77002

  16. You can call KMI Investor Relations at (713) 369-9490 or (800) 324-2900, or email the team at

  17. You can sign up to automatically receive e-mail alerts at the following link:

  18. The transfer agent for Kinder Morgan is Computershare, who can be contacted at Computershare Website or by calling (800) 847-4351


Kinder Morgan (NYSE: KMI)

Media Contacts

(713) 420-NEWS (6397)

(866) 775-5789

For general and business questions click on Contact Us.

Investor Relations Contacts

Investor Relations
(713) 369-9490
(800) 348-7320
1001 Louisiana Street, Suite 1000
Houston, Texas  77002

Shareholder Services
Information for investors with shares held direct through transfer agent. For shares held at a brokerage, investors should contact their investment advisor.
KMI:  (800) 847-4351
ComputerShare website

KMP:  (800) 519-3111
KMR:  (877) 373-6374
EPB:  (888) 417-4835