This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Kinder Morgan operates one of North America's largest fossil fuel transportation and storage networks, a core business that defines its exclusion under midstream infrastructure. As of December 31, 2025, the company owned or operated approximately 78,000 miles of pipelines and 136 terminals, handling natural gas, refined petroleum products, and carbon dioxide. Its terminal operations alone make it the largest independent terminal operator on the continent.
This infrastructure network has a documented history of environmental and safety violations. In April 2025, the Bay Area Air Quality Management District fined Kinder Morgan $226,990 for air quality violations at its Richmond terminal, involving faulty tank roofs and excess fuel storage levels. ViolationTracker documents additional penalties, including a 2022 pipeline safety violation by subsidiary SFPP LP that resulted in a $1.49 million penalty from the Pipeline and Hazardous Materials Safety Administration (PHMSA). A 2014 report by environmental groups cited a pattern of violations, including fines for stealing coal from customer stockpiles and misleading air pollution regulators.
The company’s operations are essential infrastructure for the fossil fuel sector, with limited near-term replaceability. While Kinder Morgan is expanding its carbon dioxide transportation segment, its core network remains overwhelmingly dedicated to transporting and storing oil and gas, locking in fossil fuel dependence for decades.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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