Kinder Morgan, Inc. Liquidation Value

Kinder Morgan, Inc. (KMI) presents a deeply negative liquidation recovery posture as of March 31, 2026, consistent with the prior filing and characteristic of large-scale regulated pipeline infrastructure companies. MFFAIS reports a cash liquidation value of approximately negative $35.0B and an operating liquidation value of approximately negative $34.4B, indicating equity holders receive zero recovery under any liquidation scenario.

The asset side is dominated by PP&E net of $39.7B and goodwill of $20.1B. Under liquidation haircuts, PP&E at 50-70% yields roughly $19.8B-$27.8B recoverable, while goodwill ($20.1B) and intangibles net of $1.7B are assigned zero recovery value, eliminating approximately $21.8B of book assets. Long-term equity investments of $7.7B (unconsolidated JVs) carry meaningful haircut risk given illiquidity and structural subordination. Total gross assets per XBRL are $73.1B; after haircuts, realizable value falls well below total liabilities at face.

The liability stack is the primary driver of negative recovery. Long-term debt (noncurrent) stands at $29.9B, with current debt of $2.2B, totaling approximately $32.1B of face-value funded debt. Noncurrent liabilities total $35.3B, which includes $3.1B deferred tax liabilities and $2.3B deferred credits/other noncurrent. The Obligated Group disclosure confirms $31.2B of Guaranteed Notes outstanding as of March 31, 2026, up slightly from $31.2B at December 31, 2025. Total face-value liabilities of $40.5B against haircut assets produce the large negative equity recovery. Current liabilities increased materially quarter-over-quarter, rising from $4.0B (Obligated Group basis) to $4.9B, driven by an $885M increase in senior notes maturing within twelve months and $162M increase in derivative contract liabilities. The working capital deficit widened $907M to negative $2.5B.

Q1 2026 versus Q4 2025 (year-end prior filing): total assets grew modestly ($73.1B vs. $73.0B at December 31, 2025 per tag data), PP&E increased slightly, and the debt maturity profile shifted more current. No new impairments, restructurings, or material asset sales are disclosed. The Moody's upgrade to Baa1 (from Baa2) is credit-positive but does not affect liquidation math. Capital commitments of $1.9B for PP&E remain off-balance sheet. Environmental accruals of $175M are face-value liabilities in liquidation. Expansion capex of $805M in Q1 2026 adds incrementally to PP&E base but is not yet reflected in any premium over book.