Kinder Morgan Market Opportunity and Financial Overview
2023 Guidance
KINDER MORGAN
Performance driven by strong market fundamentals and robust demand growth for our existing & expanded services
Key metrics
Net income
Variance to
2023 Budget
2022
$2.5 billion
-1%
Adjusted Segment EBDA
$8.2 billion
+4%
Adjusted EBITDA
$7.7 billion
+2%
Distributable Cash Flow
$4.8 billion
-3%
(DCF)
Discretionary capital(a)
$2.1 billion
+$0.4 billion
Dividend share
Year-end Net Debt /
Adj. EBITDA (b)
$1.13
4.0x
+2%
~$770 million
capacity available for attractive investments,
including share repurchases, for each 0.1x
turn below ~4.5x leverage target
Note: Adjusted Segment EBDA, Adjusted EBITDA, Distributable Cash Flow (DCF), and Net Debt/Adjusted EBITDA are non-GAAP measures. See Non-GAAP Financial Measures & Reconciliations.
a) Includes growth capital & JV contributions for expansion capital & net of partner contributions for our consolidated JVs.
b) No share repurchases assumed in 2023 budget.
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