Why Trump&#39;s new $12 billion farm aid package is just a Band-Aid for struggling soybean growers

By Myra P. Saefong

The federal aid is being characterized as a bridge for American farmers

The White House outlined a new $12 billion farm aid package on Monday. It could be too little, too late for growers.

The Trump administration's $12 billion aid package announced Monday may be too little, too late for American farmers - particularly soybean producers who have been suffering from the effects of a U.S.-instigated global trade war.

"I don't know a single farmer who prefers government assistance over earning their income from the market," said Shelby Bass, communications manager at AgAmerica, a nationwide agricultural-land lender.

"That said, given the current trade environment, many producers have been anticipating this support, especially soybean producers," Bass told MarketWatch via email. They have been "relying on it to manage debt and offset the impact of low prices and weaker global demand" on their operations this year.

As of early December, China had logged roughly 3 million metric tons in purchases of U.S. soybeans for the 2025-26 marketing year, far short of the 12 million metric tons the U.S. said China would purchase by the end of 2025, according to Bloomberg calculations based on data from the U.S. Agriculture Department.

Furthermore, the U.S. has promised billions of dollars in aid to Argentina, which has upset American farmers because the South American nation is a key competitor given its increasing soybean sales to China.

"The aid package is a Band-Aid," said Jake Hanley, managing director and senior portfolio specialist at Teucrium, which manages commodity and agriculture-related exchange-traded funds.

China typically accounts for 60% of all U.S. soybean exports - and if 60% of your business relies on one customer, "you have a huge risk," Hanley noted. "For a more resilient farm economy, we need a diversified customer base - plain and simple."

Up to $11 billion of the total amount will go to USDA's newly designed Farmer Bridge Assistance program, which will provide targeted, one-time bridge payments to row-crop farmers, a White House official told MarketWatch. The remaining $1 billion will be reserved for crops not included in the bridge program, with details still being determined as USDA continues to evaluate market conditions.

The funds will provide farmers with a financial bridge as President Trump's policies - including trade deals, tax cuts and a deregulatory agenda - deliver a better market environment for U.S. farmers, the official said, blaming former President Joe Biden's policies for the challenges farmers have faced.

In April, Trump announced plans to implement tariffs on most countries, including key partners such as China - which then temporarily stopped buying U.S. soybeans in retaliation, and instead increased its purchases from Brazil, Argentina and other countries.

Past precedent

While federal aid to farmers isn't new, Trump made sure to associate his name with farm aid during his first presidency, said Darin Newsom, senior market analyst at Barchart, who said he couldn't recall other recent presidents doing the same.

The USDA, during Trump's first term as president, launched a multibillion-dollar aid package, known as the Market Facilitation Program (MFP), to help U.S. farmers who were hurt by retaliatory tariffs from China and other countries.

It was initially called "Trump Bucks," noted Newsom, because the president made sure his signature was stamped on the aid checks made out to farmers, many of whom are ardent Trump supporters.

At the time, the USDA said the MFP would provide up to $12 billion in programs meant to help agricultural producers meet the costs of disrupted markets. The program was announced in late-July 2018, but farmers weren't able to begin the process of receiving those checks until September of that year, said Teucrium's Hanley.

In terms of how long it takes aid to reach farmers, Hanley said "timing varies" depending on region and county, but added that "from announcement to check in the mail [usually takes] weeks, if not months."

The MFP assigned priority based on those crops most affected by retaliatory tariffs, he added- and "soybeans are at the top of that list."

Soybean market hit hard

Overall, the U.S. farming industry faces a number of challenges "as supplies remain adequate, and often growing, while export demand remains nonexistent," said Barchart's Newsom, who is also president of Darin Newsom Analysis.

And within that industry in 2025, the soybean market has been the hardest hit, he noted.

The U.S. soybean market has become a "secondary player" on the global market due to the trade war with China, Newsom said, and this won't change unless Mother Nature gets "devilish with Brazil's 2026 crop." Brazil is now China's biggest provider of soybeans.

The fact that China can buy from the "most competitive market is a constant - and the price of Brazilian soybeans is still lower than that in the U.S.," he said.

On Nov. 1, the Trump administration announced a deal with China and said Beijing had pledged to buy at least 12 million metric tons of U.S. soybeans "during the last two months of 2025." The White House added that China would buy at least 25 million metric tons of U.S. soybeans each year for the next three years.

In late October, U.S. Treasury Secretary Scott Bessent clarified that China had actually pledged to buy 12 million metric tons during this season, which extends through February 2026.

Read: Here's what the U.S.-China trade truce really means for the U.S. soybean market - and for farmers

AgAmerica's Bass, who has been closely following developments in the agricultural market, told MarketWatch on Monday that there has been an uptick in U.S. soybean purchases, but not enough to indicate that China will meet the 12 million-metric-ton benchmark.

The biggest impact this year has been the "cumulative strain," she said. Since the last trade war, farmers have been hit with one major shock after another - including "severe weather events, supply-chain disruptions and a pandemic that pushed borrowing costs much higher."

After several years of that, "many operations are now working with very thin liquidity and a tougher environment for securing working capital," Bass said.

"All of this is happening as a large segment of farmers approaches retirement and starts thinking seriously about transition planning," she said. "The next few years are going to play a major role in shaping what the future of the U.S. food system looks like and which operations are positioned to stay in it for the long haul."

Robert Schroeder and Victor Reklaitis in Washington, D.C. contributed to this article.

-Myra P. Saefong

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

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Miners Poised to Do Well in 2026 — Market Talk

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Next year is likely to be a strong one for mining stocks, according to Jefferies analysts. They highlight supply constraints in key commodities including copper and aluminum. Demand is expected to be resilient, and the impact of Fed rate cuts should result in earnings upgrades, the analysts say in a note. "All things considered, we are bullish on the miners, and we expect share prices for most of our coverage to rise over the next year," they say. That said, "idiosyncratic factors should also be important for each of our top picks--Freeport, Glencore, Anglo and Alcoa." Freeport should benefit from a recovery in production at its Grasberg mine. For Anglo, there are a number of drivers, including plans to offload its diamonds, met coal and nickel businesses and merge with Teck Resources. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

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Oil Oversupply to Show Up As Waterborne Stocks Land — Market Talk

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Macquarie Group anticipates a heavily oversupplied oil market for the remainder of this year and most of 2026, with stock builds already starting to materialize, principally on water but also on land. A key catalyst for Brent to break below $60 a barrel is stock builds in highly visible areas like the U.S. and Europe, global energy strategist Vikas Dwivedi says in a report. "In our view, it is a matter of time before a large percentage of the offshore stocks arrive onshore." To resolve the oversupply in a relatively timely way, "we continue to believe a step-down in oil prices and OPEC pivot will ultimately be necessary," he adds. "Were it not for the U.S. sanctions on Russian oil companies announced in October, we believe Brent would already be below $60/barrel." Brent settled down 2% at $62.49 a barrel. (anthony.harrup@wsj.com)

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Rockland Resources Arranges Financing

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Vancouver, British Columbia, December 8, 2025 –TheNewswire – RocklandResources Ltd. (the “Company” or "Rockland")(CSE: RKL) (OTCQB: BERLF)(FSE: GB2) announces thatit has arranged a non-brokered private placement of 7.5 million units("Units") at a price of $0.08 per Unit for aggregate grossproceeds of $600,000.00 (the "Offering"). Each Unit will becomprised of one common share ("Share") and one transferableShare purchase warrant of the Company ("Warrant"). EachWarrant will entitle the Subscriber to purchase one Warrant Share fora 48-month period after the Closing Date at an exercise price of $0.12per share. Net proceeds of the Financing will beused to advance the Corporation's Cole Gold Mines project in RedLake, Ontario and for general working capital purposes.

Shares issued pursuant to the Financing will be subjectto a four-month hold period according to applicable securities lawsof Canada.

Finders' fees may be payable on the privateplacement, subject to the policies of the Canadian SecuritiesExchange.

About Rockland Resources Ltd.

Rockland Resources is committed to unlocking valuethrough focused mineral exploration and discovery. The company'sflagship project is the historic Cole Gold Mines project in theprolific Red Lake district of Ontario. By leveraging geologicalexpertise, disciplined exploration and strategic project development,Rockland Resources aims to deliver meaningful growth and long-termvalue to its shareholders. Additionally, Rockland has a portfolio ofberyllium properties in Utah that it is determining next moveson.

We seek Safe Harbor.

On Behalf of the Board ofDirectors

Michael England, CEO & Director

For further information, pleasecontact:

Mike England

Email: mike@engcom.ca

Neither the Canadian Stock Exchangenorits Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).

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Titan International Files 8K - Director, Officer or Compensation Filing >TWI

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Titan International Inc. (TWI) filed a Form 8K - Director, Officer or Compensation Filing - with the U.S Securities and Exchange Commission on December 08, 2025.

On December 3, 2025, the Board of Directors (Board) of Titan International, Inc. (the Company) approved the following executive leadership appointments, effective as of December 4, 2025:

* David A. Martin, age 58, previously the Company's Chief Financial Officer since June 2018, is appointed to the position of Senior Vice President and Chief Transformation Officer (SVP & CTO). Mr. Martin will lead enterprise-wide transformation initiatives focused on strategic alignment, operational agility, and long-term value creation. He will oversee the critical alignment of information technology, including acceleration of AI adoption, along with human capital, and risk management functions and initiatives. Over the last seven years, Mr. Martin's leadership as the Company's Chief Financial Officer has been pivotal in repositioning Titan's financial foundation to become a strength for future growth opportunities.

* Anthony C. Eheli, age 48, formerly the Company's Vice President and Chief Accounting Officer since March 2021, is appointed to Senior Vice President and Chief Financial Officer (SVP & CFO). Mr. Eheli previously had responsibility for Titan's global financial reporting, audit oversight, and operational controls, as well as leadership of the North American operational finance organization. Prior to joining Titan, Mr. Eheli served in several finance leadership roles at Danaher Corporation, from 2011 to 2021, and prior to that in roles of increasing responsibility at PricewaterhouseCoopers LLP, a public accounting firm ("PwC"). He brings strong financial discipline and will continue to be a strategic partner in driving Titan's long-term growth and value creation.

* James M. Pach, age 45, formerly the Company's Corporate Controller since March 2020, is appointed to Vice President and Chief Accounting Officer (VP & CAO). Mr. Pach brings expertise in financial compliance, reporting, and internal controls, and has played a key role in supporting Titan's global finance operations for the last six years. His promotion reflects the Company's commitment to continuity and excellence in financial stewardship. Prior to joining Titan, Mr. Pach worked in senior accounting roles at various public companies, and in roles of increasing responsibility at PwC.

There are no family relationships between Mr. Martin, Mr. Eheli, or Mr. Pach and any director or other executive officer of the Company, and there are no relationships or related transactions between Mr. Martin, Mr. Eheli, or Mr. Pach and the Company that would be required to be reported under Item 404 of Regulation S-K.

The Board of Directors approved salaries for the executives as follows(i) Mr. Martin's salary as SVP and CTO will remain the same at $436,000, (ii) Mr. Eheli's salary as SVP and CFO has been set at $370,000 and (iii) Mr. Pach's salary as VP and CAO has been set at $275,000. Each of the executives will continue to be eligible for annual cash incentives, along with equity grants, at the discretion of the Compensation Committee of the Board of Directors, as part of the Committee's annual performance evaluation of the Company's officers.

On December 4, 2025, Titan International, Inc. issued a press release announcing these executive leadership transitions.

The full text of this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/899751/000089975125000091/twi-20251203.htm

Any exhibits and associated documents for this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/899751/000089975125000091/0000899751-25-000091-index.htm

Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.

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Kinder Morgan Announces 2026 Financial Expectations

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$1.37 Adjusted EPS (up 8% versus third quarter guidance); nearly $8.7 billion Adjusted EBITDA; 3.8x leverage at year-end 2026; and $1.19 dividend per share

HOUSTON--(BUSINESS WIRE)--December 08, 2025--

Kinder Morgan, Inc. today announced its preliminary 2026 financial projections. "We expect approximately 4% growth in Adjusted EBITDA and 8% growth in Adjusted EPS compared to the 2025 guidance we provided on the third quarter earnings call, driven by continued execution on expansion projects in our Natural Gas Pipelines business segment," said Kim Dang, KMI Chief Executive Officer.

"We are projecting an annualized dividend of $1.19 for 2026, marking the ninth consecutive year of dividend increases. Our year-end 2026 Net Debt-to-Adjusted EBITDA ratio is forecast at 3.8 times, remaining at the low end of our 3.5x--4.5x target range and preserving flexibility for opportunistic investments," Dang concluded.

"We expect to continue benefiting from strong natural gas market fundamentals, supporting growth on our existing transportation and storage assets and creating expansion opportunities. Our base business remains stable, with growth primarily driven by expansion projects in our Natural Gas Pipelines segment," said Tom Martin, KMI President.

Summary of KMI's Expectations for 2026:

Generate $1.37 of Adjusted EPS, up 8% versus the guidance issued in the third quarter for full-year 2025.
Produce nearly $8.7 billion of Adjusted EBITDA, up 4% versus the guidance issued in the third quarter for full-year 2025.
Invest almost $3.4 billion in discretionary capital expenditures, including expansion projects and contributions to joint ventures, substantially funded from internally generated cash flow.
Return additional value to shareholders through an anticipated declared annualized $1.19 per share dividend.
End 2026 with a Net Debt-to-Adjusted EBITDA ratio of 3.8 times.

This press release includes budgeted Adjusted EPS, Adjusted EBITDA, and Net Debt, all of which are non-GAAP financial measures. For descriptions and reconciliations to the most comparable GAAP measures, please see "Non-GAAP Financial Measures" below.

The KMI board of directors has preliminarily reviewed the 2026 budget and will take formal action at its January meeting, expected to coincide with the issuance of fourth-quarter 2025 earnings on January 21, 2026. The 2026 budget will serve as the standard by which KMI measures performance next year and will be a factor in determining employee compensation. Kinder Morgan has posted a presentation that includes a brief overview of the 2026 budget to the Investor Relations page on its website and expects to publish a detailed 2026 Business Update presentation in late January.

About Kinder Morgan, Inc.

Kinder Morgan, Inc. is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient, and environmentally responsible manner for the benefit of the people, communities and businesses we serve. We own an interest in or operate approximately 79,000 miles of pipelines, 139 terminals, more than 700 billion cubic feet (Bcf) of working natural gas storage capacity and have renewable natural gas generation capacity of approximately 6.9 Bcf per year of gross production. 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. Learn more about our work advancing energy solutions on the lower carbon initiatives page at www.kindermorgan.com.

Important Information Relating to Forward-Looking Statements

This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Generally, the words "expects," "believes," anticipates," "plans," "will," "shall," "estimates," and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements in this news release include express or implied statements pertaining to KMI's expectations for 2025 and 2026, including expected Adjusted EPS, Adjusted EBITDA, Net Debt-to-Adjusted EBITDA, anticipated dividends, discretionary capital expenditures, KMI's financing and capital allocation strategy, and the financial performance of growth projects. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize nor their ultimate impact on our operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include: the timing and extent of changes in the supply of and demand for the products we transport and handle; commodity prices; regulatory and policy changes; delays or cost overruns affecting expansion projects; and the other risks and uncertainties described in KMI's reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2024 (under the headings "Risk Factors" and "Information Regarding Forward-Looking Statements" and elsewhere) and its subsequent reports, which are available through the SEC's EDGAR system at www.sec.gov and on our website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, KMI undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.

Non-GAAP Financial Measures

Our non-GAAP financial measures described below should not be considered alternatives to GAAP net income attributable to Kinder Morgan, Inc. or other GAAP measures and have important limitations as analytical tools. Our computations of these non-GAAP financial measures may differ from similarly titled measures used by others. You should not consider these non-GAAP financial measures in isolation or as substitutes for an analysis of our results as reported under GAAP. Management compensates for the limitations of our consolidated non-GAAP financial measures by reviewing our comparable GAAP measures identified in the descriptions of consolidated non-GAAP measures below, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes.

Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in net income attributable to Kinder Morgan, Inc., but typically either (1) do not have a cash impact (for example, unsettled commodity hedges and asset impairments), or (2) by their nature are separately identifiable from our normal business operations and in most cases are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation and casualty losses) We also include adjustments related to joint ventures (see "Amounts associated with Joint Ventures" below).

Adjusted EPS is calculated as Adjusted Net Income Attributable to Common Stock divided by our weighted average shares outstanding. Adjusted Net Income Attributable to Common Stock is calculated by adjusting Net income attributable to Kinder Morgan, Inc., the most comparable GAAP measure, for Certain Items, and further for net income allocated to participating securities and adjusted net income in excess of distributions for participating securities. We believe Adjusted Net Income Attributable to Common Stock allows for calculation of adjusted earnings per share (Adjusted EPS) on the most comparable basis with earnings per share, the most comparable GAAP measure to Adjusted EPS. Adjusted EPS applies the same two-class method used in arriving at basic earnings per share. Adjusted EPS is used by us, investors and other external users of our financial statements as a per-share supplemental measure that provides decision-useful information regarding our period-over-period performance and ability to generate earnings that are core to our ongoing operations.

Adjusted EBITDA is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items and further for DD&A, amortization of basis differences related to our joint ventures, income tax expense and interest. We also include amounts from joint ventures for income taxes and DD&A (see "Amounts associated with Joint Ventures" below). Adjusted EBITDA (on a rolling 12-months basis) is used by management, investors and other external users, in conjunction with our Net Debt (as described further below), to evaluate our leverage. Management and external users also use Adjusted EBITDA as an important metric to compare the valuations of companies across our industry. Our ratio of Net Debt-to-Adjusted EBITDA is used as a supplemental performance target for purposes of our annual incentive compensation program. We believe the GAAP measure most directly comparable to Adjusted EBITDA is net income attributable to Kinder Morgan, Inc.

Net Debt is calculated by subtracting from debt (1) cash and cash equivalents, (2) debt fair value adjustments, and (3) the foreign exchange impact on Euro-denominated bonds for which we have entered into currency swaps to convert that debt to U.S. dollars. Net Debt, on its own and in conjunction with our Adjusted EBITDA (on a rolling 12-months basis) as part of a ratio of Net Debt-to-Adjusted EBITDA, is a non-GAAP financial measure that is used by management, investors, and other external users of our financial information to evaluate our leverage. Our ratio of Net Debt-to-Adjusted EBITDA is also used as a supplemental performance target for purposes of our annual incentive compensation program. We believe the most comparable measure to Net Debt is total debt. 2026 budgeted Net Debt is calculated as budgeted total debt of $32.7 billion, less cash and cash equivalents, which are expected to be immaterial; 2026 budgeted Net Debt does not include budgeted debt fair value adjustments or the budgeted foreign exchange impact on our Euro denominated debt, as these amounts are impractical to predict and are expected to be immaterial.

Amounts associated with Joint Ventures - Certain Items and Adjusted EBITDA reflect amounts from unconsolidated joint ventures (JVs) and consolidated JVs utilizing the same recognition and measurement methods used to record "Earnings from equity investments" and "Noncontrolling interests," respectively. The calculation of Adjusted EBITDA related to our unconsolidated and consolidated JVs include the same adjustments (DD&A, amortization of basis differences, and income tax expense) with respect to the JVs as those included in the calculation of Adjusted EBITDA for our wholly owned consolidated subsidiaries; further, we remove the portion of these adjustments attributable to non-controlling interests. Although these amounts related to our unconsolidated JVs are included in the calculation of Adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses, or cash flows of such unconsolidated JVs.

 
                                  Table 1 
                    Kinder Morgan, Inc. and Subsidiaries 
 Reconciliation of Projected Net Income Attributable to Kinder Morgan, Inc. 
                        to Projected Adjusted EBITDA 
                          (In billions, unaudited) 
 
                                             2025 Forecast     2026 Budget 
------------------------------------------  ---------------  --------------- 
Net income attributable to Kinder Morgan, 
 Inc. (GAAP)                                   $       2.9    $       3.1 
Total Certain Items (1)                                 --             -- 
DD&A                                                   2.4            2.5 
Income tax expense (2)                                 0.8            0.9 
Interest, net (2)                                      1.8            1.8 
Amounts associated with joint ventures 
   Unconsolidated JV DD&A (3)                          0.4            0.4 
   Remove consolidated JV partners' DD&A              (0.1)          (0.1) 
   Unconsolidated JV income tax expense 
    (4)                                                0.1            0.1 
------------------------------------------  ----  --------       -------- 
Adjusted EBITDA                                $       8.3    $       8.7 
------------------------------------------  ----  --------       -------- 
 
 
                                  Table 2 
                    Kinder Morgan, Inc. and Subsidiaries 
 Reconciliation of Projected Net Income Attributable to Kinder Morgan, Inc. 
       to Projected Adjusted Net Income Attributable to Common Stock 
                          (In billions, unaudited) 
 
                                             2025 Forecast     2026 Budget 
------------------------------------------  ---------------  --------------- 
Net income attributable to Kinder Morgan, 
 Inc. (GAAP)                                   $        2.9    $       3.1 
Total Certain Items (1)                                  --             -- 
Net income allocated to participating 
securities and other (1)(5)                              --             -- 
------------------------------------------  ----  ---------  ---  -------- 
Adjusted Net Income Attributable to Common 
 Stock (6)                                     $        2.9    $       3.1 
------------------------------------------  ----  ---------  ---  -------- 
 
 
Notes 
------------------------------------------------------------------------------ 
(1)   Aggregate adjustments are currently estimated to be less than $100 
      million. 
(2)   Amounts are adjusted for Certain Items. 
(3)   Includes amortization of basis differences related to our JVs. 
(4)   Includes the tax provision on Certain Items recognized by the investees 
      that are taxable entities associated with our Citrus, NGPL and Products 
      (SE) Pipe Line equity investments. 
(5)   Participating securities consist of unvested stock awards issued to 
      employees and non-employee directors. These awards receive dividend 
      equivalents but do not share in net losses or distributions in excess of 
      earnings. Other includes Adjusted net income in excess of distributions 
      for participating securities. 
(6)   Adjusted Net Income Attributable to Common Stock is used to calculate 
      Adjusted EPS.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251208490866/en/

CONTACT: Dave Conover

Media Relations

newsroom@kindermorgan.com

Investor Relations

(800) 348-7320

km_ir@kindermorgan.com

www.kindermorgan.com

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