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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

F O R M  10-Q  

☑  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

or

☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____to_____

Commission file number: 001-35081
image0a30a07.gif

KINDER MORGAN, INC.
(Exact name of registrant as specified in its charter)
 
Delaware80-0682103
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
1001 Louisiana Street, Suite 1000, Houston, Texas 77002
(Address of principal executive offices)(zip code)
Registrant’s telephone number, including area code: 713-369-9000

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class P Common StockKMINew York Stock Exchange
2.250% Senior Notes due 2027KMI 27 ANew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes þ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐ No þ

As of October 19, 2023, the registrant had 2,222,773,933 shares of Class P common stock outstanding.



KINDER MORGAN, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
Page
Number
 

1


KINDER MORGAN, INC. AND SUBSIDIARIES
GLOSSARY

Company Abbreviations
EPNG=El Paso Natural Gas Company, L.L.C.Ruby=Ruby Pipeline Holding Company, L.L.C.
KMBT=Kinder Morgan Bulk Terminals, Inc.SFPP=SFPP, L.P.
KMI=Kinder Morgan, Inc. and its majority-owned and/or controlled subsidiariesSNG=Southern Natural Gas Company, L.L.C.
TGP=Tennessee Gas Pipeline Company, L.L.C.
KMLT=Kinder Morgan Liquid Terminals, LLC
Unless the context otherwise requires, references to “we,” “us,” “our,” or “the Company” are intended to mean Kinder Morgan, Inc. and its majority-owned and/or controlled subsidiaries.
Common Industry and Other Terms
/d=per dayGAAP=U.S. Generally Accepted Accounting Principles
Bbl=barrelsLLC=limited liability company
BBtu=billion British Thermal Units LIBOR=London Interbank Offered Rate
Bcf=billion cubic feetMBbl=thousand barrels
CERCLA=Comprehensive Environmental Response, Compensation and Liability ActMMBbl=million barrels
MMtons=million tons
CO2
=
carbon dioxide or our CO2 business segment
NGL=natural gas liquids
DCF=distributable cash flowNYMEX=New York Mercantile Exchange
DD&A=depreciation, depletion and amortization OTC=over-the-counter
EBDA=earnings before depreciation, depletion and amortization expenses, including amortization of excess cost of equity investmentsPHMSA=Pipeline and Hazardous Materials Safety Administration
RNG=Renewable natural gas
EBITDA=earnings before interest, income taxes, depreciation, depletion and amortization expenses, and amortization of excess cost of equity investmentsROU=Right-of-Use
U.S.=United States of America
EPA=U.S. Environmental Protection AgencyWTI=West Texas Intermediate
FASB=Financial Accounting Standards Board


2

Information Regarding Forward-Looking Statements

This report includes forward-looking statements. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. They use words such as “anticipate,” “believe,” “intend,” “plan,” “projection,” “forecast,” “strategy,” “outlook,” “continue,” “estimate,” “expect,” “may,” “will,” “shall,” or the negative of those terms or other variations of them or comparable terminology. In particular, expressed or implied statements concerning future actions, conditions or events, future operating results or the ability to generate sales, income or cash flow, service debt or pay dividends, are forward-looking statements. Forward-looking statements in this report include, among others, express or implied statements pertaining to: the long-term demand for our assets and services, our anticipated dividends and capital projects, including expected completion timing and benefits of those projects.

Important factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements in this report include: the timing and extent of changes in the supply of and demand for the products we transport and handle; commodity prices; the outcomes of challenges to new regulations; our ability to mitigate the impacts of and recover expenditures made in respect of new regulations; and the other risks and uncertainties described in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” Part I, Item 3. “Quantitative and Qualitative Disclosures About Market Risk” and Part II, Item 1A. “Risk Factors” in this report, as well as “Information Regarding Forward-Looking Statements” and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 (except to the extent such information is modified or superseded by information in subsequent reports).

You should keep these risk factors in mind when considering forward-looking statements. These risk factors could cause our actual results to differ materially from those contained in any forward-looking statement. Because of these risks and uncertainties, you should not place undue reliance on any forward-looking statement. We disclaim any obligation, other than as required by applicable law, to publicly update or revise any of our forward-looking statements to reflect future events or developments.

3

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements.


KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts, unaudited)

Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Revenues 
Services$2,087 $2,028 $6,201 $6,089 
Commodity sales1,785 3,108 4,991 8,416 
Other35 41 104 116 
Total Revenues
3,907 5,177 11,296 14,621 
Operating Costs, Expenses and Other 
Costs of sales (exclusive of items shown separately below)1,405 2,717 3,591 7,294 
Operations and maintenance738 712 2,062 1,960 
Depreciation, depletion and amortization561 551 1,683 1,632 
General and administrative162 162 497 470 
Taxes, other than income taxes106 113 319 340 
Gain on divestitures and impairments, net(3)(9)(16)(30)
Other income, net— — (2)(6)
Total Operating Costs, Expenses and Other
2,969 4,246 8,134 11,660 
Operating Income938 931 3,162 2,961 
Other Income (Expense) 
Earnings from equity investments234 195 607 564 
Amortization of excess cost of equity investments(18)(19)(54)(57)
Interest, net(457)(399)(1,345)(1,087)
Other, net 3 21 7 63 
Total Other Expense
(238)(202)(785)(517)
Income Before Income Taxes700 729 2,377 2,444 
Income Tax Expense (145)(134)(509)(512)
Net Income555 595 1,868 1,932 
Net Income Attributable to Noncontrolling Interests(23)(19)(71)(54)
Net Income Attributable to Kinder Morgan, Inc.$532 $576 $1,797 $1,878 
Class P Common Stock
Basic and Diluted Earnings Per Share$0.24 $0.25 $0.80 $0.83 
Basic and Diluted Weighted Average Shares Outstanding2,230 2,253 2,238 2,262 
The accompanying notes are an integral part of these consolidated financial statements.
4


KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions, unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Net income$555 $595 $1,868 $1,932 
Other comprehensive (loss) income, net of tax  
Net unrealized (loss) gain from derivative instruments (net of taxes of $45, $(40), $(1) and $109, respectively)
(153)123 2 (366)
Reclassification into earnings of net derivative instruments loss (gain) to net income (net of taxes of $(6), $(29), $9 and $(118), respectively)
22 104 (29)396 
Benefit plan adjustments (net of taxes of $(2), $(1), $(4) and $(6), respectively)
3 2 11 18 
Total other comprehensive (loss) income (128)229 (16)48 
Comprehensive income427 824 1,852 1,980 
Comprehensive income attributable to noncontrolling interests(23)(19)(71)(54)
Comprehensive income attributable to KMI$404 $805 $1,781 $1,926 
The accompanying notes are an integral part of these consolidated financial statements.
5


KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share amounts, unaudited)

September 30, 2023December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents$80 $745 
Restricted deposits17 49 
Accounts receivable1,502 1,840 
Fair value of derivative contracts79 231 
Inventories565 634 
Other current assets190 304 
Total current assets2,433 3,803 
Property, plant and equipment, net 35,944 35,599 
Investments7,674 7,653 
Goodwill19,965 19,965 
Other intangibles, net1,652 1,809 
Deferred charges and other assets1,194 1,249 
Total Assets$68,862 $70,078 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of debt $3,130 $3,385 
Accounts payable1,430 1,444 
Accrued interest387 515 
Fair value of derivative contracts346 465 
Other current liabilities958 1,121 
Total current liabilities6,251 6,930 
Long-term liabilities and deferred credits
Long-term debt
Outstanding
27,863 28,288 
Debt fair value adjustments
8 115 
Total long-term debt27,871 28,403 
Deferred income taxes1,112 623 
Other long-term liabilities and deferred credits2,047 2,008 
Total long-term liabilities and deferred credits31,030 31,034 
Total Liabilities37,281 37,964 
Commitments and contingencies (Notes 3 and 9)
Stockholders’ Equity
Class P Common Stock, $0.01 par value, 4,000,000,000 shares authorized, 2,227,817,827 and 2,247,681,626 shares, respectively, issued and outstanding
22 22 
Additional paid-in capital41,306 41,673 
Accumulated deficit(10,652)(10,551)
Accumulated other comprehensive loss(418)(402)
Total Kinder Morgan, Inc.’s stockholders’ equity30,258 30,742 
Noncontrolling interests1,323 1,372 
Total Stockholders’ Equity31,581 32,114 
Total Liabilities and Stockholders’ Equity$68,862 $70,078 
The accompanying notes are an integral part of these consolidated financial statements.
6


KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, unaudited)
Nine Months Ended September 30,
20232022
Cash Flows From Operating Activities
Net income$1,868 $1,932 
Adjustments to reconcile net income to net cash provided by operating activities 
Depreciation, depletion and amortization1,683 1,632 
Deferred income taxes495 499 
Amortization of excess cost of equity investments54 57 
Change in fair value of derivative contracts(93)45 
Gain on divestitures and impairments, net (16)(30)
Earnings from equity investments(607)(564)
Distributions from equity investment earnings572 548 
Changes in components of working capital
Accounts receivable351 (260)
Inventories130 (165)
Other current assets89 (60)
Accounts payable(115)347 
Accrued interest, net of interest rate swaps(131)(160)
Other current liabilities(84)29 
Rate reparations, refunds and other litigation reserve adjustments(21)(189)
Other, net(6)(98)
Net Cash Provided by Operating Activities4,169 3,563 
Cash Flows From Investing Activities
Acquisition of assets, net of cash acquired(13)(488)
Capital expenditures(1,689)(1,144)
Contributions to investments(179)(60)
Distributions from equity investments in excess of cumulative earnings166 126 
Other, net(18)21 
Net Cash Used in Investing Activities(1,733)(1,545)
Cash Flows From Financing Activities
Issuances of debt 4,373 8,898 
Payments of debt (5,051)(9,569)
Debt issue costs(18)(21)
Dividends(1,898)(1,876)
Repurchases of shares(390)(333)
Proceeds from sale of noncontrolling interests— 557 
Contributions from noncontrolling interests1 1 
Distributions to noncontrolling interests(121)(85)
Other, net(29)(14)
Net Cash Used in Financing Activities(3,133)(2,442)
Net Decrease in Cash, Cash Equivalents and Restricted Deposits(697)(424)
Cash, Cash Equivalents and Restricted Deposits, beginning of period794 1,147 
Cash, Cash Equivalents and Restricted Deposits, end of period$97 $723 
7

KINDER MORGAN, INC. AND SUBSIDIARIES (Continued)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, unaudited)
Nine Months Ended September 30,
20232022
Cash and Cash Equivalents, beginning of period$745 $1,140 
Restricted Deposits, beginning of period49 7 
Cash, Cash Equivalents and Restricted Deposits, beginning of period794 1,147 
Cash and Cash Equivalents, end of period80 483 
Restricted Deposits, end of period17 240 
Cash, Cash Equivalents and Restricted Deposits, end of period97 723 
Net Decrease in Cash, Cash Equivalents and Restricted Deposits$(697)$(424)
Non-cash Investing and Financing Activities
Assets contributed to equity investment$16 $— 
ROU assets and operating lease obligations recognized including adjustments38 19 
Increase in property, plant and equipment from both accruals and contractor retainage104 23 
Supplemental Disclosures of Cash Flow Information
Cash paid during the period for interest (net of capitalized interest)1,505 1,278 
Cash paid during the period for income taxes, net10 12 
The accompanying notes are an integral part of these consolidated financial statements.
8


KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions, unaudited)

Common stockAdditional
paid-in
capital		Accumulated
deficit		Accumulated
other
comprehensive
loss		Stockholders’
equity
attributable
to KMI		Non-
controlling
interests		Total
Issued sharesPar value
Balance at June 30, 20232,229 $22 $41,387 $(10,550)$(290)$30,569 $1,340 $31,909 
Repurchases of shares(4)(73)(73)(73)
Restricted shares
3 (8)(8)(8)
Net income532 532 23 555 
Dividends
(634)(634)(634)
Distributions
— (41)(41)
Contributions
— 1 1 
Other comprehensive loss(128)(128)(128)
Balance at September 30, 20232,228 $22 $41,306 $(10,652)$(418)$30,258 $1,323 $31,581 
Common stockAdditional
paid-in
capital		Accumulated
deficit		Accumulated
other
comprehensive
loss		Stockholders’
equity
attributable
to KMI		Non-
controlling
interests		Total
Issued sharesPar value
Balance at June 30, 20222,257 $23 $41,654 $(10,540)$(592)$30,545 $1,080 $31,625 
Repurchases of shares(9)(160)(160)(160)
Restricted shares2 5 5 5 
Net income576 576 19 595 
Dividends(629)(629)(629)
Distributions— (32)(32)
Contributions— 1 1 
Impact of change in ownership interest in subsidiary190 190 311 501 
Other comprehensive income229 229 229 
Balance at September 30, 20222,250 $23 $41,689 $(10,593)$(363)$30,756 $1,379 $32,135 
The accompanying notes are an integral part of these consolidated financial statements.
9


KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(In millions, unaudited)

Common stockAdditional
paid-in
capital		Accumulated
deficit		Accumulated
other
comprehensive
loss		Stockholders’
equity
attributable
to KMI		Non-
controlling
interests		Total
Issued sharesPar value
Balance at December 31, 20222,248 $22 $41,673 $(10,551)$(402)$30,742 $1,372 $32,114 
Repurchases of shares(23)(390)(390)(390)
Restricted shares
3 26 26 26 
Net income1,797 1,797 71 1,868 
Dividends
(1,898)(1,898)(1,898)
Distributions
— (121)(121)
Contributions
— 1 1 
Other
(3)(3)(3)
Other comprehensive loss(16)(16)(16)
Balance at September 30, 20232,228 $22 $41,306 $(10,652)$(418)$30,258 $1,323 $31,581 
Common stockAdditional
paid-in
capital		Accumulated
deficit		Accumulated
other
comprehensive
loss		Stockholders’
equity
attributable
to KMI		Non-
controlling
interests		Total
Issued sharesPar value
Balance at December 31, 20212,267 $23 $41,806 $(10,595)$(411)$30,823 $1,098 $31,921 
Impact of adoption of ASU 2020-06 (Note 4)(11)(11)(11)
Balance at January 1, 20222,267 23 41,795 (10,595)(411)30,812 1,098 31,910 
Repurchases of shares(19)(333)(333)(333)
EP Trust I Preferred security conversions1 1 1 
Restricted shares2 36 36 36 
Net income1,878 1,878 54 1,932 
Dividends(1,876)(1,876)(1,876)
Distributions— (85)(85)
Contributions— 1 1 
Impact of change in ownership interest in subsidiary190 190 311 501 
Other comprehensive income48 48 48 
Balance at September 30, 20222,250 $23 $41,689 $(10,593)$(363)$30,756 $1,379 $32,135 
The accompanying notes are an integral part of these consolidated financial statements.
10


KINDER MORGAN, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. General

Organization

We are one of the largest energy infrastructure companies in North America. We own an interest in or operate approximately 82,000 miles of pipelines, 140 terminals, 700 Bcf of working natural gas storage capacity and 5.4 Bcf per year of RNG generation capacity. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2, renewable fuels and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, jet fuel, chemicals, metals, petroleum coke, and ethanol and other renewable fuels and feedstocks.

Basis of Presentation

General

Our accompanying unaudited consolidated financial statements have been prepared under the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These rules and regulations conform to the accounting principles contained in the FASB’s Accounting Standards Codification (ASC), the single source of GAAP. In compliance with such rules and regulations, all significant intercompany items have been eliminated in consolidation.

In our opinion, all adjustments, which are of a normal and recurring nature, considered necessary for a fair statement of our financial position and operating results for the interim periods have been included in the accompanying consolidated financial statements, and certain amounts from prior periods have been reclassified to conform to the current presentation. Interim results are not necessarily indicative of results for a full year; accordingly, you should read these consolidated financial statements in conjunction with our consolidated financial statements and related notes included in our 2022 Form 10-K.

The accompanying unaudited consolidated financial statements include our accounts and the accounts of our subsidiaries over which we have control or are the primary beneficiary. We evaluate our financial interests in business enterprises to determine if they represent variable interest entities where we are the primary beneficiary.  If such criteria are met, we consolidate the financial statements of such businesses with those of our own.

Goodwill

In addition to periodically evaluating long-lived assets and goodwill for impairment based on changes in market conditions, we evaluate goodwill for impairment on May 31 of each year. For our May 31, 2023 evaluation, we grouped our businesses into seven reporting units as follows: (i) Natural Gas Pipelines Regulated; (ii) Natural Gas Pipelines Non-Regulated; (iii) CO2; (iv) Products Pipelines (excluding associated terminals); (v) Products Pipelines Terminals (evaluated separately from Products Pipelines for goodwill purposes); (vi) Terminals and (vii) Energy Transition Ventures.

The fair value estimates used in our goodwill impairment test include Level 3 inputs of the fair value hierarchy. The inputs include valuation estimates using market and income approach valuation methodologies, which include assumptions primarily involving management’s significant judgments and estimates with respect to market multiples, comparable sales transactions, general economic conditions and the related demand for products handled or transported by our assets as well as assumptions regarding future cash flows based on production growth assumptions, terminal values and discount rates. Changes to any one or a combination of these factors would result in a change to the reporting unit fair values, which could lead to future impairment charges. Such potential non-cash impairments could have a significant effect on our results of operations.

The results of our May 31, 2023 annual impairment test indicated that for each of our reporting units, the reporting unit’s fair value exceeded the carrying value, with our Terminals reporting unit’s fair value in excess of its carrying value by less than 10% which was impacted by a decline in market multiples.

Earnings per Share

We calculate earnings per share using the two-class method. Earnings were allocated to Class P common stock and participating securities based on the amount of dividends paid in the current period plus an allocation of the undistributed earnings or excess distributions over earnings to the extent that each security participates in earnings or excess distributions
11


over earnings. Our unvested restricted stock awards, which may be restricted stock or restricted stock units issued to employees and non-employee directors and include dividend equivalent payments, do not participate in excess distributions over earnings.

The following table sets forth the allocation of net income available to shareholders of Class P common stock and participating securities:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
(In millions, except per share amounts)
Net Income Available to Stockholders$532 $576 $1,797 $1,878 
Participating securities:
Less: Net Income Allocated to Restricted Stock Awards(a)(4)(4)(11)(9)
Net Income Allocated to Class P Stockholders$528 $572 $1,786 $1,869 
Basic Weighted Average Shares Outstanding2,230 2,253 2,238 2,262 
Basic Earnings Per Share$0.24 $0.25 $0.80 $0.83 
(a)As of September 30, 2023, there were 13 million restricted stock awards outstanding.

The following table presents the maximum number of potential common stock equivalents which are antidilutive and accordingly are excluded from the determination of diluted earnings per share. As we have no other common stock equivalents, our diluted earnings per share are the same as our basic earnings per share for all periods presented.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
(In millions on a weighted average basis)
Unvested restricted stock awards13 13 13 13 
Convertible trust preferred securities3 3 3 3 

2. Losses on Impairments

Impairments

During the first quarter of 2023, we recognized an impairment of $67 million related to our investment in Double Eagle Pipeline LLC (Double Eagle). The impairment was driven by lower expected renewal rates on contracts that expire in the second half of 2023. The impairment is recognized on our accompanying consolidated statement of income for the nine months ended September 30, 2023 within “Earnings from equity investments.” Our investment in Double Eagle and associated earnings is included within our Products Pipelines business segment.

Ruby Chapter 11 Bankruptcy

On January 13, 2023, the bankruptcy court confirmed a plan of reorganization satisfactory to all interested parties regarding Ruby, which involved payment of Ruby’s outstanding senior notes with the proceeds from the sale of Ruby to Tallgrass, a settlement by KMI and Pembina of certain potential causes of action relating to the bankruptcy, and cash on hand. Our payment to the bankruptcy estate, net of payments received in respect of a long-term subordinated note receivable from Ruby, was approximately $28.5 million which was accrued for as of December 31, 2022. Consummation of the settlement and the sale of Ruby to Tallgrass occurred on January 13, 2023. We fully impaired our equity investment in Ruby in the fourth quarter of 2019 and fully impaired our investment in Ruby’s subordinated notes in the first quarter of 2021.

12


3. Debt

The following table provides information on the principal amount of our outstanding debt balances:
September 30, 2023December 31, 2022
(In millions, unless otherwise stated)
Current portion of debt
$3.5 billion credit facility due August 20, 2027
$— $— 
$500 million credit facility due November 16, 2023
— — 
Commercial paper notes(a)320 — 
Current portion of senior notes
3.15% due January 2023
— 1,000 
Floating rate, due January 2023— 250 
3.45% due February 2023
— 625 
3.50% due September 2023
— 600 
5.625% due November 2023
750 750 
4.15% due February 2024
650 — 
4.30% due May 2024
600 — 
4.25% due September 2024
650 — 
Trust I preferred securities, 4.75%, due March 2028(b)
111 111 
Current portion of other debt49 49 
Total current portion of debt3,130 3,385 
Long-term debt (excluding current portion)
Senior notes27,232 27,638 
EPC Building, LLC, promissory note, 3.967%, due 2023 through 2035
316 330 
Trust I preferred securities, 4.75%, due March 2028
109 109 
Other206 211 
Total long-term debt27,863 28,288 
Total debt(c)$30,993 $31,673 
(a)Weighted average interest rate on borrowings at September 30, 2023 was 5.50%.
(b)Reflects the portion of cash consideration payable if all the outstanding securities as of the end of the reporting period were converted by the holders.
(c)Excludes our “Debt fair value adjustments” which, as of September 30, 2023 and December 31, 2022, increased our total debt balances by $8 million and $115 million, respectively.

We and substantially all of our wholly owned domestic subsidiaries are parties to a cross guarantee agreement whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of specified indebtedness of each other party to the agreement.

On January 31, 2023, we issued in a registered offering $1,500 million aggregate principal amount of 5.20% senior notes due 2033 for net proceeds of $1,485 million, which were used to repay short-term borrowings, maturing debt and for general corporate purposes.

Credit Facilities and Restrictive Covenants

As of September 30, 2023, we had no borrowings outstanding under our credit facilities, $320 million borrowings outstanding under our commercial paper program and $81 million in letters of credit. Our availability under our credit facilities as of September 30, 2023 was $3.6 billion. For the period ended September 30, 2023, we were in compliance with all required covenants.

13


Fair Value of Financial Instruments

The carrying value and estimated fair value of our outstanding debt balances are disclosed below:
September 30, 2023December 31, 2022
Carrying
value		Estimated
fair value(a)		Carrying
value		Estimated
fair value(a)
(In millions)
Total debt$31,001 $28,451 $31,788 $30,070 
(a)Included in the estimated fair value are amounts for our Trust I Preferred Securities of $199 million and $195 million as of September 30, 2023 and December 31, 2022, respectively.

We used Level 2 input values to measure the estimated fair value of our outstanding debt balance as of both September 30, 2023 and December 31, 2022.

4. Stockholders’ Equity

Class P Common Stock

On July 19, 2017, our board of directors approved a $2 billion share buy-back program that began in December 2017. On January 18, 2023, our board of directors approved an increase in our share repurchase authorization to $3 billion. During the nine months ended September 30, 2023, we repurchased 23 million of our shares for $390 million at an average price of $16.62 per share. Subsequent to September 30, 2023 and through October 19, 2023, we repurchased 5 million shares for $83 million at an average price of $16.38 per share. All shares we have repurchased are canceled and are no longer outstanding.

Dividends

The following table provides information about our per share dividends:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Per share cash dividend declared for the period$0.2825 $0.2775 $0.8475 $0.8325 
Per share cash dividend paid in the period0.2825 0.2775 0.8425 0.825 

On October 18, 2023, our board of directors declared a cash dividend of $0.2825 per share for the quarterly period ended September 30, 2023, which is payable on November 15, 2023 to shareholders of record as of the close of business on October 31, 2023.

Adoption of Accounting Pronouncement

On January 1, 2022, we adopted Accounting Standards Update (ASU) No. 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” This ASU (i) simplifies an issuer’s accounting for convertible instruments by eliminating two of the three models in Subtopic 470-20 that require separate accounting for embedded conversion features, (ii) amends diluted earnings per share calculations for convertible instruments by requiring the use of the if-converted method and (iii) simplifies the settlement assessment entities are required to perform on contracts that can potentially settle in an entity’s own equity by removing certain requirements. Using the modified retrospective method, the adoption of this ASU resulted in a pre-tax adjustment of $14 million to unwind the remaining unamortized debt discount within “Debt fair value adjustments” on our consolidated balance sheet and an adjustment of $11 million to unwind the balance of the conversion feature classified in “Additional paid in capital” on our consolidated statement of stockholders’ equity for the nine months ended September 30, 2022.

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Accumulated Other Comprehensive Loss

Changes in the components of our “Accumulated other comprehensive loss” not including noncontrolling interests are summarized as follows:
Net unrealized
gains/(losses)
on cash flow
hedge derivatives		Pension and
other
postretirement
liability adjustments		Total
accumulated other
comprehensive loss
(In millions)
Balance as of December 31, 2022
$(164)$(238)$(402)
Other comprehensive gain before reclassifications2 11 13 
Gain reclassified from accumulated other comprehensive loss(29)— (29)
Net current-period change in accumulated other comprehensive loss(27)11 (16)
Balance as of September 30, 2023$(191)$(227)$(418)
Net unrealized
gains/(losses)
on cash flow
hedge derivatives		Pension and
other
postretirement
liability adjustments		Total
accumulated other
comprehensive loss
(In millions)
Balance as of December 31, 2021$(172)$(239)$(411)
Other comprehensive (loss) gain before reclassifications(366)18 (348)
Loss reclassified from accumulated other comprehensive loss396 — 396 
Net current-period change in accumulated other comprehensive loss30 18 48 
Balance as of September 30, 2022$(142)$(221)$(363)

5.  Risk Management

Certain of our business activities expose us to risks associated with unfavorable changes in the market price of natural gas, NGL and crude oil. We also have exposure to interest rate and foreign currency risk as a result of the issuance of our debt obligations. Pursuant to our management’s approved risk management policy, we use derivative contracts to hedge or reduce our exposure to some of these risks.

Energy Commodity Price Risk Management

As of September 30, 2023, we had the following outstanding commodity forward contracts to hedge our forecasted energy commodity purchases and sales:
Net open position long/(short)
Derivatives designated as hedging contracts
Crude oil fixed price(18.2)MMBbl
Crude oil basis(1.1)MMBbl
Natural gas fixed price(56.2)Bcf
Natural gas basis(48.0)Bcf
NGL fixed price(0.8)MMBbl
Derivatives not designated as hedging contracts
Crude oil fixed price(1.6)MMBbl
Crude oil basis(6.7)MMBbl
Natural gas fixed price(6.9)Bcf
Natural gas basis(98.3)Bcf
NGL fixed price(1.0)MMBbl

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As of September 30, 2023, the maximum length of time over which we have hedged, for accounting purposes, our exposure to the variability in future cash flows associated with energy commodity price risk is through December 2027.

Interest Rate Risk Management

We utilize interest rate derivatives to hedge our exposure to both changes in the fair value of our fixed rate debt instruments and variability in expected future cash flows attributable to variable interest rate payments. The following table summarizes our outstanding interest rate contracts as of September 30, 2023:
Notional amountAccounting treatmentMaximum term
(In millions)
Derivatives designated as hedging instruments
Fixed-to-variable interest rate contracts(a)(b)$6,800 Fair value hedgeMarch 2035
Derivatives not designated as hedging instruments
Variable-to-fixed interest rate contracts3,445 Mark-to-MarketDecember 2023
(a)The principal amount of hedged senior notes consisted of $2,050 million included in “Current portion of debt” and $4,750 million included in “Long-term debt” on our accompanying consolidated balance sheet.
(b)During the nine months ended September 30, 2023, certain optional expedients as set forth in Topic 848 – Reference Rate Reform were elected on certain of these contracts to preserve fair value hedge accounting treatment. See Note 10 for further information on Topic 848.

Foreign Currency Risk Management

We utilize foreign currency derivatives to hedge our exposure to variability in foreign exchange rates. The following table summarizes our outstanding foreign currency contracts as of September 30, 2023:
Notional amountAccounting treatmentMaximum term
(In millions)
Derivatives designated as hedging instruments
EUR-to-USD cross currency swap contracts(a)