KMI · 10-K filed 13 Feb 2026 · year to 31 Dec 2025

Kinder Morgan

20 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Other companies

Euro

exposed to its price · $543 million

As of December 31, 2025, we had a notional principal amount of $543 million of cross-currency swap agreements that effectively convert all of our fixed-rate Euro denominated debt, including annual interest payments and the payment of principal at maturity, to U.S. dollar denominated debt at fixed rates.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

OPEC+

exposed to its pricenamed as a risk

These factors include, among other things (i) weather conditions and events such as hurricanes in the U.S.; (ii) domestic and global economic conditions; (iii) the activities of the OPEC and other countries that are significant producers of crude oil (OPEC+); (iv) governmental regulation; (v) armed conflict or political instability in crude oil and natural gas producing countries; (vi) the foreign supply of and demand for crude oil and natural gas; (vii) the price of foreign imports; (viii) the proximity and availability of storage and transportation infrastructure and processing and treating facilities; and (ix) the availability and prices of alternative fuel sources.Risk factors (Item 1A)

Also named by APA, CHRD, CPAY, CRC, CRGY, DMLP, KRP, MUR and 9 more

Places

McElmo Dome CO2 field

operates innamed as a risk

Although the EPA recently announced its intention to reconsider certain findings underlying the agency’s regulation of GHGs, as well as mandatory GHG reporting requirements, the EPA’s current regulations require us to report GHG emissions in the U.S. from sources such as our larger natural gas compressor stations, fractionated NGL, and production of naturally occurring CO2 (for example, from our McElmo Dome CO2 field), even when such production is not emitted to the atmosphere.Risk factors (Item 1A)

Federally managed lands

operates innamed as a risk

We gather, process, or transport crude oil, natural gas, or NGL from several areas, including lands that are federally managed.Risk factors (Item 1A)

Commodities and inputs

Crude oil

exposed to its price · $87named as a risk

The revenues, cash flows, profitability, and future growth of some of our businesses (and the carrying values of certain of their respective assets, which include related goodwill) depend to a large degree on prevailing crude oil, NGL, and natural gas prices.Risk factors (Item 1A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Natural gas

exposed to its price · $38named as a risk

Sharp declines in the prices of crude oil, NGL, or natural gas, or a prolonged unfavorable price environment, may result in a commensurate reduction in our revenues, income, and cash flows from our businesses that produce, process, or purchase and sell crude oil, NGL, or natural gas, and could have a material adverse effect on the carrying value (which includes assigned goodwill) of our CO2 business segment’s proved reserves, and to a lesser extent, certain assets in certain midstream businesses within our Natural Gas Pipelines business segment and certain assets within our Products Pipelines business segment.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Natural gas liquids (NGL)

exposed to its price · $3named as a risk

We engage in hedging arrangements to reduce our direct exposure to fluctuations in the prices of crude oil, natural gas, and NGL, including differentials between regional markets.Risk factors (Item 1A)

Also named by AM, APA, AR, CHRD, CNX, CRGY, DOW, DVN and 17 more

Steel

depends onnamed as a risk

Our business requires access to steel and other materials to construct and maintain our pipelines.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Regulators

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk

Further, the FERC has initiated and may continue to initiate investigations to determine whether our interstate natural gas pipeline rates are just and reasonable.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

For example, the EPA finalized methane and volatile organic compound emissions standards in late 2023 and, although EPA priorities have shifted under the current U.S. presidential administration, several states continue to pursue aggressive climate and emissions-reduction programs, which could require us to comply with obligations that are more stringent than those imposed by the EPA.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject tonamed as a risk

We also anticipate incurring substantial costs associated with PHMSA’s requirements for reconfirming the MAOP of certain gas pipelines.Risk factors (Item 1A)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more

California Air Resources Board (CARB)

subject tonamed as a risk

The State of California has enacted legislation requiring climate-related disclosures, and the California Air Resources Board (CARB) has begun implementation of such legislation, which requires that certain companies doing business in California submit reporting of GHG emissions.Risk factors (Item 1A)

Also named by CMI, CRC, CVLG, F, FND, GM, GNRC, HTLD and 11 more

California Public Utilities Commission (CPUC)

subject tonamed as a risk

The FERC or state public utility commissions, such as the CPUC, may establish pipeline tariff rates that have a negative impact on us.Risk factors (Item 1A)

Also named by EIX, ENPH, PAGP, SRE, VZ, ZM

Transportation Security Administration (TSA)

subject to

This senior management team is involved in all significant cybersecurity decisions, including efforts undertaken to comply with the security directives issued by the TSA.Cybersecurity (Item 1C)

Also named by ALK, BKH, CHRW, CP, CSX, DAL, EXC, EXPD and 13 more

Laws and programs

Jones Act

subject to · at least 75%named as a risk

The Jones Act requires, among other things, that at least 75% of our common stock be owned at all times by U.S. citizens, as defined under the Jones Act, in order for us to own and operate vessels in the U.S. coastwise trade.Risk factors (Item 1A)

Also named by EPD, GD, KEX, MPLX, RSG, SUN

U.S. tariffs

subject tonamed as a risk

Any imposition of or increase in tariffs on imports of steel or other materials, as well as corresponding price increases for such materials available domestically, could increase our construction costs and our costs to maintain our assets.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

CERCLA

subject tonamed as a risk

These properties and any hazardous substances released and wastes disposed at or from them may be subject to U.S. laws such as CERCLA, which impose joint and several liability without regard to fault or the legality of the original conduct.Risk factors (Item 1A)

Also named by AA, AAOI, ALB, AN, APD, APLD, ATI, AWK and 27 more

Pipeline Safety Act

subject tonamed as a risk

Additionally, Congress is working on the reauthorization of the Pipeline Safety Act, which could further expand PHMSA’s current rulemaking agenda and/or statutory authority in certain areas.Risk factors (Item 1A)

European Union methane regulation

subject tonamed as a risk

In addition, the European Union has approved a law to impose limits on methane emissions applicable to imports of natural gas and crude oil beginning in 2030.Risk factors (Item 1A)

Technology

Carbon capture and sequestration

competes withnamed as a risk

In addition, to the extent that companies pursuing development of carbon capture and sequestration technology are successful, they could compete with us for customers who purchase CO2 for use in enhanced oil recovery operations.Risk factors (Item 1A)