Kinder Morgan : Third Quarter 2025 2025 EPNG Third Quarter

‌CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) (excluding footnotes)

EL PASO NATURAL GAS COMPANY, L.L.C.

As of September 30, 2025 and December 31, 2024 and

For the Three and Nine Months Ended September 30, 2025 and 2024

‌TABLE OF CONTENTS

Consolidated Financial Statements (Unaudited)

Page Number

Consolidated Balance Sheets 2

Consolidated Statements of Income and Comprehensive Income 1

Consolidated Statements of Cash Flows 3

Consolidated Statements of Member's Equity 4

‌CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(In millions, unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

	2025		2024		2025		2024
Revenues	$	209	$	206	$	622	$	621
Operating Costs and Expenses
Operations and maintenance		69		64		190		194
Depreciation and amortization		26		26		79		77
General and administrative		14		14		42		40
Taxes, other than income taxes		8		8		24		24
Other income, net		-		-		-		(8)
Total Operating Costs and Expenses		117		112		335		327
Operating Income		92		94		287		294
Other Income (Expense)
Interest, net		(11)		(11)		(34)		(35)
Other, net		(2)		1		(1)		1
Total Other Expense		(13)		(10)		(35)		(34)
Income Before Income Taxes		79		84		252		260
Income Tax Expense		(1)		-		(1)		-
Net Income		78		84		251		260
Other Comprehensive Loss
Adjustments to postretirement benefit plan	- -				(1)		-
Comprehensive Income	$ 78 $ 84				$ 250		$ 260

	‌CONSOLIDATED BALANCE SHEETS
	(In millions, unaudited)
		September 30, 2025	December 31, 2024
	ASSETS
Current assets
Cash and cash equivalents		$ -	$ -
Accounts receivable		75	90
Inventories		51	47
Prepayments		4	25
Other current assets		8	11
Total current assets		138	173
Property, plant and equipment, net		2,283	2,271
Goodwill		565	565
Notes receivable from affiliate		26	25
Postretirement benefits assets		166	169
Deferred charges and other assets		121	133
Total Assets		$ 3,299	$ 3,336

LIABILITIES AND MEMBER'S EQUITY

Current liabilities

Accounts payable	$ 57	$ 68
Accrued taxes	26	21
Contractual deposits	21	20
Contractual liabilities	20	13
Regulatory liabilities	2	10
Natural gas imbalance payable	2	11
Other current liabilities	22	12
Total current liabilities	150	155
Long-term liabilities and deferred credits
Long-term debt	800	800
Debt fair value adjustments	46	52
Regulatory liabilities	70	65
Other long-term liabilities and deferred credits	43	35
Total long-term liabilities and deferred credits	959	952
Total Liabilities	1,109	1,107
Member's Equity
Member's equity	2,158	2,196
Accumulated other comprehensive income	32	33
Total Member's Equity	2,190	2,229
Total Liabilities and Member's Equity	$ 3,299	$ 3,336

‌CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions, unaudited)

Nine Months Ended September 30,

	2025	2024
Cash Flows From Operating Activities
Net income	$ 251	$ 260
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	79	77
Other non-cash items	(2)	(2)
Changes in components of working capital:
Accounts receivable	15	3
Prepayments	21	18
Accounts payable	2	(4)
Other current assets and liabilities	6	5
Other long-term assets and liabilities	32	10
Net Cash Provided by Operating Activities	404	367
Cash Flows From Investing Activities
Capital expenditures	(106)	(102)
Net change in notes receivable from affiliate	(1)	-
Other, net	(8)	1
Net Cash Used in Investing Activities	(115)	(101)
Cash Flows From Financing Activities
Contributions from Member	8	19
Distributions to Member	(297)	(285)
Net Cash Used in Financing Activities	(289)	(266)
Net Change in Cash and Cash Equivalents	-	-
Cash and Cash Equivalents, beginning of period	-	-
Cash and Cash Equivalents, end of period	$ -	$ -
Non-cash Investing and Financing Activities
Increase in property, plant and equipment accruals		$ 3
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest (net of capitalized interest)	$ 30	31

‌Nine Months Ended September 30,

	2025	2024
Beginning Balance	$ 2,229	$ 2,148
Net income	251	260
Contributions	8	19
Distributions	(297)	(285)
Other comprehensive loss	(1)	-
Ending Balance	$ 2,190	$ 2,142