Table of Contents

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION**Washington, DC 20549**

FORM 10-K

| [X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)    OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended**December 31, 2003**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 1-6446**Kinder Morgan, Inc.**(Exact name of registrant as specified in its charter)**Kansas
  **48-0290000
(State or other jurisdiction    of incorporation or organization)
  
(I.R.S. Employer    Identification No.)  
500 Dallas Street, Suite 1000, Houston, Texas 77002
(Address of principal    executive offices, including 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 class**  ****Name of each exchange    on which registered
Common stock, par value $5    per share    Preferred share purchase rights    Purchase Obligation of Kinder Morgan Management, LLC shares  
New York Stock Exchange    New York Stock Exchange    New York Stock Exchange**Securities registered pursuant to section 12(g) of the Act:***  **Preferred stock, Class A $5 cumulative series*(Title of class)
Indicate by check mark whether the registrant (1) has filed allreports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filing requirements forthe past 90 days: Yes x  Noo

Indicate by check mark if disclosure of delinquent filers pursuant toItem 405 of Regulation S-K is not contained herein, and will not be contained, to the bestof registrant's knowledge, in definitive proxy or information statements incorporated byreference in Part III of this Form 10-K or any amendment to this Form 10-K.  o
Indicate by checkmark whether the registrant is an accelerated filer (as defined inExchange Act Rule 12b-2):Yes x  No o

The aggregate market value of the voting and non-voting common equityheld by non-affiliates of the registrant was $5,258,619,030 at June 30, 2003.

The number of shares outstanding of the registrant's common stock, $5par value, as of February 12, 2004 was 123,702,887 shares.
**DOCUMENTS INCORPORATED BY REFERENCE**
Part III of this report incorporates by reference specific portions ofthe Registrant's Proxy Statement relating to its 2004 Annual Meeting of Stockholders.
**KINDER MORGAN, INC. AND SUBSIDIARIESCONTENTS****Page    Number**PART IItems 1 and 2:Business and Properties
3-20  Overview
6  Natural Gas Pipeline Company Of America
7TransColorado Gas Transmission Company
9  Kinder Morgan    Retail
11  Power
12  Regulation
13  Environmental    Regulation
16  Risk Factors
17Item 3:Legal Proceedings
20Item 4:Submission    of Matters to a Vote of Security Holders
21Executive Officers of the Registrant
21-23  **PART II  Item 5:Market for Registrant's    Common Equity, Related Stockholder   Matters and Issuer    Purchases of Equity Securities
24Item 6:Selected Financial Data
25-26Item 7:Management's    Discussion and Analysis of Financial Condition and   Results    of Operations
27-54    General
27    Critical Accounting Policies and    Estimates
28    Consolidated    Financial Results
30    Results Of    Operations
32    Natural Gas Pipeline Company Of America
33    TransColorado
35    Kinder Morgan Retail
37    Power
38    Earnings from Investment    in Kinder Morgan Energy Partners
40    Other    Income and (Expenses)
41    Income Taxes - Continuing Operations
41    Discontinued    Operations
42    Liquidity    and Capital Resources
42    Investment in Kinder Morgan Energy    Partners
48    Cash Flows
48    Litigation    and Environmental
51    Regulation
51    Recent    Accounting Pronouncements
52Item 7A:Quantitative    and Qualitative Disclosures About Market Risk
54-56Item 8:Financial    Statements and Supplementary Data
57-112Item 9:Changes in and Disagreements With Accountants    on Accounting and   Financial Disclosure
113Item    9A:Controls and Procedures
113    **PART IIIItem    10:Directors and    Executive Officers of the Registrant
113Item    11:Executive Compensation
113Item 12:Security Ownership of    Certain Beneficial Owners and Management   and Related Stockholder Matters
113Item 13:Certain Relationships and Related    Transactions
113Item 14:Principal Accounting Fees and    Services
114    **PART IVItem 15:Exhibits, Financial Statement    Schedules, and Reports on Form 8-K
115-120  Signatures
121  
Note: Individual financial statements of the parent company are    omitted pursuant to the provisions of Accounting Series Release No. 302.

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**PART I

Items 1.and 2.*  Business and Properties.*
In this report, unless the context requires otherwise, references to"we," "us," "our," or the "Company" are intendedto mean Kinder Morgan, Inc. (a Kansas corporation, incorporated on May 18, 1927, formerlyknown as K N Energy, Inc.) and its consolidated subsidiaries. All volumes of natural gasare stated at a pressure base of 14.73 pounds per square inch absolute and at 60 degreesFahrenheit and, in most instances, are rounded to the nearest major multiple. In thisreport, the term "MMcf" means million cubic feet, the term "Bcf" meansbillion cubic feet and the terms "dekatherms" and "MMBtus" meanmillion British Thermal Units ("Btus"). Natural gas liquids consist of ethane,propane, butane, iso-butane and natural gasoline. The following discussion should be readin conjunction with the accompanying Consolidated Financial Statements and related Notes.
***(A) General Development of Business***
We are one of the largest energy storage and transportation companiesin the United States, operating, either for ourselves or on behalf of Kinder Morgan EnergyPartners, L.P. ("Kinder Morgan Energy Partners"), over 35,000 miles of naturalgas and petroleum products pipelines and approximately 80 terminals. We own and operate(i) Natural Gas Pipeline Company of America, a major interstate natural gas pipelinesystem with approximately 9,900 miles of pipelines and associated storage facilities and(ii) TransColorado Gas Transmission Company, a 300-mile interstate natural gas pipeline inwestern Colorado and northwest New Mexico. We own interests in and operate a retailnatural gas distribution business serving approximately 241,000 customers in Colorado,Nebraska and Wyoming. We have constructed, currently operate and own interests in certainnatural gas-fired electric generation facilities. These businesses are discussed in detailin the next section of this report. Our common stock is traded on the New York StockExchange under the symbol "KMI." Our executive offices are located at 500 DallasStreet, Suite 1000, Houston Texas 77002 and our telephone number is (713) 369-9000.

On October 7, 1999, we completed the acquisition of Kinder Morgan(Delaware), Inc., a Delaware corporation and the sole stockholder of the general partnerof Kinder Morgan Energy Partners. To effect that acquisition, we issued approximately 41.5million shares of our common stock in exchange for all of the outstanding shares of KinderMorgan (Delaware). Upon closing of the transaction, Richard D. Kinder, Chairman and ChiefExecutive Officer of Kinder Morgan (Delaware), was named our Chairman and Chief ExecutiveOfficer, and we were renamed Kinder Morgan, Inc. As a result of that acquisition andcertain subsequent transactions, we own the general partner of, and have a significantlimited partner interest in, Kinder Morgan Energy Partners, the largest publicly tradedpipeline limited partnership in the United States in terms of market capitalization andthe owner and operator of the largest independent refined petroleum products pipelinesystem in the United States in terms of volumes delivered. Kinder Morgan Energy Partnersowns and/or operates a diverse group of assets used in the transportation, storage andprocessing of energy products, including refined petroleum products pipeline systems withmore than 10,000 miles of products pipeline and 39 associated terminals. Kinder MorganEnergy Partners owns over 15,000 miles of natural gas transportation pipelines, plusnatural gas gathering and storage facilities. Kinder Morgan Energy Partners also owns oroperates approximately 52 liquid and bulk terminal facilities and approximately 57 railtransloading facilities located throughout the United States, handling nearly 60 milliontons of coal, petroleum coke and other dry-bulk materials annually and having a liquidsstorage capacity of approximately 55 million barrels for refined petroleum products,chemicals and other liquid products. In addition, Kinder Morgan Energy Partners ownsKinder Morgan CO2Company, L.P., which has over1,100 miles of pipelines and transports, markets and produces carbon dioxide for use inenhanced oil recovery operations and owns interests in and/or operates six oil fields inWest Texas, all of which are using or have used carbon dioxide injection 

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operations. Additional information concerning the business of KinderMorgan Energy Partners is contained in Kinder Morgan Energy Partners' 2003 Annual Reporton Form 10-K. 

In May 2001, Kinder Morgan Management, LLC ("Kinder MorganManagement"), one of our indirect subsidiaries, issued and sold its limited liabilityshares in an underwritten initial public offering. The net proceeds from the offering wereused by Kinder Morgan Management to buy i-units from Kinder Morgan Energy Partners for$991.9 million. Upon purchase of the i-units, Kinder Morgan Management became a limitedpartner in Kinder Morgan Energy Partners and was delegated by Kinder Morgan EnergyPartners' general partner the responsibility to manage and control the business andaffairs of Kinder Morgan Energy Partners. The i-units are a class of Kinder Morgan EnergyPartners' limited partner interests that have been, and will be, issued only to KinderMorgan Management. We have certain rights and obligations with respect to thesesecurities. In addition, during 2001, in order to maintain our one percent general partnerinterest in Kinder Morgan Energy Partners' operating partnerships we made contributionstotaling $11.7 million.

In the initial public offering, we purchased ten percent of the KinderMorgan Management shares, with the balance purchased by the public. The equity interest inKinder Morgan Management (which is consolidated in our financial statements) purchased bythe public created minority interest on our balance sheet of $892.7 million at the time ofthe transaction. The earnings recorded by Kinder Morgan Management that are attributableto its shares held by the public are reported as "minority interest" in ourConsolidated Statements of Operations. On August 6, 2002, Kinder Morgan Management closedthe issuance and sale of 12,478,900 limited liability shares in an underwritten publicoffering. The net proceeds of approximately $328.6 million from the offering were used byKinder Morgan Management to buy additional i-units from Kinder Morgan Energy Partners. Wedid not purchase any of the offered shares. In addition, during 2003 and 2002, in order tomaintain our one percent general partner interest in Kinder Morgan Energy Partners'operating partnerships we made contributions totaling $1.8 million and $3.4 million,respectively. Additional information concerning the business of, and our obligations to,Kinder Morgan Management is contained in Kinder Morgan Management's 2003 Annual Report onForm 10-K.
**Business Strategy**
Our business strategy is to: (i) focus on fee-based energytransportation and storage assets that are core to the energy infrastructure of growingmarkets within North America, (ii) increase utilization of our existing assets whilecontrolling costs, (iii) make selected incremental acquisitions and expansions ofproperties that fit within our strategy and are accretive to earnings and cash flow, (iv)maximize the benefits of our financial structure to create and return value to ourstockholders as discussed following and (v) continue to align employee and shareholderincentives.

With respect to financial strategy, we intend to maintain a relativelyconservative capital structure that provides flexibility and stability, while returningvalue to our shareholders through dividends and share repurchases. During 2003, weutilized cash generated from operations to pay dividends, reduce our outstanding debt,finance our capital expenditures program and repurchase our common shares. In recentperiods, we have increased our common stock dividends in response to changes in income taxlaws that have made dividends a more efficient way to return cash to our shareholders. AtDecember 31, 2003, our total debt to total capital had been reduced to approximately 43%from over 70% in late 1999, with approximately 50% of our debt subject to floatinginterest rates.

We expect to benefit from accretive acquisitions (primarily by KinderMorgan Energy Partners) and business expansions. Kinder Morgan Energy Partners has amulti-year history of making accretive acquisitions, which benefit us through our limitedand general partner interests. This acquisition strategy 

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is expected to continue, with the availability of potential acquisitioncandidates being driven by consolidation in the energy industry, as well as realignment ofasset portfolios by major energy companies, although we can provide no assurance that suchacquisitions will occur in the future. In addition, we expect to expand, within strictguidelines as to risk, rate of return and timing of cash flows, both Natural Gas PipelineCompany of America's and TransColorado's pipeline systems and acquire natural gas retaildistribution properties that fit well with our current profile. In addition, we and KinderMorgan Energy Partners have announced that we are considering the transfer ofTransColorado to Kinder Morgan Energy Partners for fair market value, subject to variousfactors, including obtaining fairness opinions with respect to any such transaction forboth us and Kinder Morgan Energy Partners.

It is our intention to carry out the above business strategy, modifiedas necessary to reflect changing economic conditions and other circumstances. However, asdiscussed under "Risk Factors" elsewhere in this report, there are factors thatcould affect our ability to carry out our strategy or affect its level of success even ifcarried out.
**Developments During 2003**
•**Dividends    We increased our annual rate of cash dividends per share by $0.20 and $1.00 in the first    and third quarters of 2003, respectively, and by $0.65 in the first quarter of 2004,    reaching an annual rate of $2.25. These increases were principally in response to recently    enacted federal tax legislation and increased cash flow available to fund capital    expenditures, debt reduction, dividends and share repurchases.
  
•**Share Repurchase Program    In November 2003, we expanded our common stock repurchase program by $50 million to $500    million. Since the inception of the program in August 2001, we have repurchased    approximately $452.7 million of common stock, including $38.0 million in 2003.
  
•**North Lansing Storage Expansion    In April 2003, Natural Gas Pipeline Company of America began construction of a 10.7 Bcf    storage service expansion, all of which is subscribed under long-term contracts, at its    existing North Lansing storage field in east Texas. Construction of the approximately $38    million project is expected to be completed in May 2004.
  
•**Re-Contracting Transportation and Storage Capacity    During 2003, a year in which approximately 41% of its long-haul transportation capacity    was scheduled to expire, Natural Gas Pipeline Company of America announced several    significant new transportation and storage agreements and successfully negotiated a number    of smaller agreements to the end that, as of the end of 2003, firm transportation capacity    was approximately 98% sold out for the winter season and storage capacity was sold out    through 2004.
  
•**TransColorado Expansion    In September 2003, we announced our intention to expand TransColorado following the    signing of a 10-year, firm natural gas transportation contract with an undisclosed    shipper. The expansion will provide an additional 125,000 dekatherms per day of firm    transportation capacity on TransColorado for an incremental investment of approximately    $33 million and is expected to be completed in the third quarter of 2004.  
•**Retail Expansion    In December 2003, Retail began construction of a 60-mile natural gas pipeline from    Montrose to Ouray, Colorado to provide service to several thousand new customers. The    first phase of this 
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  **approximately $20 million project    is expected to be placed in service in the summer of 2004.***(B) Financial Information about Segments***
Note 19 of the accompanying Notes to Consolidated Financial Statementscontains financial information about our business segments. 
***(C) Narrative Description of Business*
Overview**
We are an energy and related services provider. Our principal businesssegments are: (1) Natural Gas Pipeline Company of America and certain affiliates, referredto as Natural Gas Pipeline Company of America, a major interstate natural gas pipeline andstorage system, (2) TransColorado Gas Transmission Company, referred to as TransColorado,an interstate natural gas pipeline located in western Colorado and northwest New Mexico,in which we increased our ownership interest from 50 percent to 100 percent effectiveOctober 1, 2002, (3) Kinder Morgan Retail, the regulated sale of natural gas toresidential, commercial and industrial customers and the sales of natural gas to certainutility customers under our Choice Gas Program, a program that allows utility customers tochoose their natural gas provider and (4) Power, the operation (and, in previous periods,construction) of natural gas-fired electric generation facilities. 

Natural gas transportation, storage and retail sales accounted forapproximately 95%, 93% and 90% of our consolidated revenues in 2003, 2002 and 2001,respectively. During 2003, 2002 and 2001, we did not have revenues from any singlecustomer that exceeded 10 percent of our consolidated operating revenues. The operationsof Kinder Morgan Energy Partners, a significant limited partnership equity-method investeein which we also hold the general partner interest, include (i) liquids and refinedpetroleum products pipelines, (ii) transportation and storage of natural gas, (iii) carbondioxide production and transportation, production of oil and (iv) bulk and liquidsterminals. Our equity in the earnings of Kinder Morgan Energy Partners (net of theassociated amortization in periods prior to January 1, 2002) constituted approximately60%, 65% and 40% of our income from continuing operations before interest and income taxesin 2003, 2002 and 2001, respectively. The following table gives our segment earnings, ourearnings attributable to our investment in Kinder Morgan Energy Partners and the percentof the combined total each represents, for each of the last two years. In 1999, wediscontinued our wholesale natural gas marketing, non-energy retail marketing services andnatural gas gathering and processing businesses. Notes 5 and 19 of the accompanying Notesto Consolidated Financial Statements contain additional information on asset sales and ourbusiness segments. As discussed following, certain of our operations are regulated byvarious federal and state entities.

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  **Year Ended December 31,**2003**2002**Amount**% of Total**Amount**% of Total
(Dollars in    thousands)Investment in Kinder Morgan Energy    Partners:   Equity in Earnings, Net    of Kinder Morgan     Management,    LLC Pre-tax Minority Interest 
$398,325 
 45.21% 
$338,504 
 41.70% Segment Earnings:   Natural Gas Pipeline    Company of America 
 372,017 
 42.23% 
 359,911 
 44.33%    TransColorado 
  23,112 
  2.62% 
  12,648 
  1.56%    Kinder Morgan Retail 
  65,482 
  7.43% 
  64,056 
  7.89%    Power 
  22,076 
  2.51% 
  36,673 
  4.52%    Total 
$881,012 
100.00% 
$811,792 
100.00% 
======== 
======= 
======== 
======= **Natural Gas PipelineCompany of America**
During 2003, Natural Gas Pipeline Company of America's segment earningsof $372.0 million represented approximately 42% of total segment earnings plus earningsattributable to our investment in Kinder Morgan Energy Partners, and approximately 48% ofour income from continuing operations before interest and income taxes. Through NaturalGas Pipeline Company of America, we own and operate approximately 9,900 miles ofinterstate natural gas pipelines, storage fields, field system lines and relatedfacilities, consisting primarily of two major interconnected natural gas transmissionpipelines terminating in the Chicago metropolitan area. The system is powered by 57compressor stations in mainline and storage service having an aggregate of approximately0.9 million horsepower. Natural Gas Pipeline Company of America's system has over 1,700points of interconnection with 34 interstate pipelines, 19 intrastate pipelines, a numberof gathering systems, and over 60 local distribution companies and other end users,thereby providing significant flexibility in the receipt and delivery of natural gas.Natural Gas Pipeline Company of America's Amarillo Line originates in the West Texas andNew Mexico producing areas and is comprised of approximately 4,400 miles of mainline andvarious small-diameter pipelines. The other major pipeline, the Gulf Coast Line,originates in the Gulf Coast areas of Texas and Louisiana and consists of approximately4,700 miles of mainline and various small-diameter pipelines. These two main pipelines areconnected at points in Texas and Oklahoma by Natural Gas Pipeline Company of America'sapproximately 800-mile Amarillo/Gulf Coast pipeline. In addition, Natural Gas PipelineCompany of America owns a 50% equity interest in and operates Horizon Pipeline Company,L.L.C., a joint venture with Nicor-Horizon, a subsidiary of Nicor, Inc. This joint ventureowns a natural gas pipeline in northern Illinois with a capacity of 380 MMcf per day.

Natural Gas Pipeline Company of America provides transportation andstorage services to third-party natural gas distribution utilities, marketers, producers,industrial end users and other shippers. Pursuant to transportation agreements and FederalEnergy Regulatory Commission tariff provisions, Natural Gas Pipeline Company of Americaoffers its customers firm and interruptible transportation, storage and no-noticeservices, and interruptible park and loan services. Under Natural Gas Pipeline Company ofAmerica's tariffs, firm transportation customers pay reservation charges each month plus acommodity charge based on actual volumes transported, including a fuel charge collected inkind. Interruptible transportation customers pay a commodity charge based upon actualvolumes transported. Reservation and commodity charges are both based upon geographicallocation and time of year. Under firm no-notice service, customers pay a reservationcharge for the right to have up to a specified volume of natural gas delivered but, unlikewith firm transportation service, are able to meet their peaking requirements withoutmaking specific nominations. Natural Gas Pipeline Company of America has the authority tonegotiate rates with customers if it has first offered service to those customers underits reservation and commodity charge rate structure. Natural Gas Pipeline Company ofAmerica's revenues have historically been somewhat higher in the first and fourth quartersof the calendar year, reflecting higher system utilization during the colder months.During the winter months, Natural Gas Pipeline 

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Company of America collects higher transportation commodity revenue,higher interruptible transportation revenue, winter-only capacity revenue and higher rateson certain contracts.

Natural Gas Pipeline Company of America's principal delivery marketarea encompasses the states of Illinois, Indiana and Iowa and secondary markets inportions of Wisconsin, Nebraska, Kansas, Missouri and Arkansas. Natural Gas PipelineCompany of America is the largest transporter of natural gas to the Chicago market, and webelieve that its cost of service is very competitive in the region. In 2003, Natural GasPipeline Company of America delivered an average of 1.76 trillion Btus per day of naturalgas to this market. Given its strategic location at the center of the North Americannatural gas pipeline grid, we believe that Chicago is likely to continue to be a majornatural gas trading hub for growing markets in the Midwest and Northeast.

Substantially all of Natural Gas Pipeline Company of America's pipelinecapacity is committed under firm transportation contracts ranging from one to five years.Approximately 67% of the total transportation volumes committed under Natural Gas PipelineCompany of America's long-term firm transportation contracts as of January 7, 2004 hadremaining terms of less than three years. Natural Gas Pipeline Company of Americacontinues to actively pursue the renegotiation, extension and/or replacement of expiringcontracts, and was very successful during 2003 as discussed under "DevelopmentsDuring 2003" elsewhere in this report. Nicor Gas Company, Peoples Gas Light and CokeCompany, and Northern Indiana Public Service Company (NIPSCO) are Natural Gas PipelineCompany of America's three largest customers in terms of operating revenues from tariffservices. During 2003, approximately 54 percent of Natural Gas Pipeline Company ofAmerica's operating revenues from tariff services were attributable to its eight largestcustomers. Contracts representing approximately 10% of Natural Gas Pipeline Company ofAmerica's total long-term contracted firm transport capacity as of January 7, 2004 arescheduled to expire during 2004.

Natural Gas Pipeline Company of America is one of the nation's largestnatural gas storage operators with approximately 600 Bcf of total natural gas storagecapacity, 232 Bcf of working gas capacity and up to 4.0 Bcf per day of peak deliverabilityfrom its storage facilities, which are located near the markets it serves. Natural GasPipeline Company of America owns and operates eight underground storage fields in fourstates. These storage assets complement its pipeline facilities and allow it to optimizepipeline deliveries and meet peak delivery requirements in its principal markets. NaturalGas Pipeline Company of America provides firm and interruptible gas storage servicepursuant to storage agreements and tariffs. Firm storage customers pay a monthly demandcharge irrespective of actual volumes stored. Interruptible storage customers pay amonthly charge based upon actual volumes of gas stored.

During April 2003, Natural Gas Pipeline Company of America beganconstruction of 10.7 Bcf of storage service expansion at its existing North Lansingstorage facility in east Texas, all of which incremental storage capacity is fullysubscribed under long-term contracts. Although construction on the approximately $38million project is not expected to be completed until May 2004, the service is availableat this time.
*Competition:  Natural Gas Pipeline Company of Americacompetes with other transporters of natural gas in virtually all of the markets it servesand, in particular, in the Chicago area, which is the northern terminus of Natural GasPipeline Company of America's two major pipeline segments and its largest market. Thesecompetitors include both interstate and intrastate natural gas pipelines and,historically, most of the competition has been from such pipelines with suppliesoriginating in the United States. In recent years, Natural Gas Pipeline Company of Americahas also faced competition from additional pipelines carrying Canadian-produced naturalgas into the Chicago market. The most recent example is the Alliance Pipeline, which beganservice during the 2000-2001 heating season. The additional pipeline capacity into theChicago market has increased competition for transportation into the area while, at the 

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same time, new pipelines, such as Vector Pipeline, have beenconstructed for the specific purpose of transporting gas from the Chicago area to othermarkets, generally further north and further east. The overall impact of the increasedpipeline capacity into the Chicago area, combined with additional take-away capacity andthe increased demand in the area, has created a situation that remains dynamic withrespect to the ultimate impact on individual transporters such as Natural Gas PipelineCompany of America.

Natural Gas Pipeline Company of America also faces competition withrespect to the natural gas storage services it provides. Natural Gas Pipeline Company ofAmerica has storage facilities in both market and supply areas, allowing it to offervaried storage services to customers. It faces competition from independent storageproviders as well as storage services offered by other natural gas pipelines and localnatural gas distribution companies.

The competition faced by Natural Gas Pipeline Company of America withrespect to its natural gas transportation and storage services is generally price-based,although there is also a significant component related to the variety, flexibility and thereliability of services offered by others. Natural Gas Pipeline Company of America'sextensive pipeline system, with access to diverse supply basins and significant storageassets in both the supply and market areas, makes it a strong competitor in manysituations, but most customers still have alternative sources to meet their requirements.In addition, due to the price-based nature of much of the competition faced by Natural GasPipeline Company of America, its proven track record as a low-cost provider is animportant factor in its success in acquiring and retaining customers. Additionalcompetition for storage services could result from the utilization of currentlyunderutilized storage facilities or from conversion of existing storage facilities fromone use to another. In addition, existing competitive storage facilities could, in someinstances, be expanded.
**TransColorado Gas Transmission Company(TransColorado)**
During 2003, TransColorado's segment earnings of $23.1 millionrepresented approximately 3% of total segment earnings plus earnings attributable to ourinvestment in Kinder Morgan Energy Partners and approximately 3% of our income fromcontinuing operations before interest and income taxes. Through TransColorado, we own andoperate approximately 300 miles of interstate natural gas pipelines on the Western Slopeof Colorado and Northwestern New Mexico. The system is powered by two compressor stationsin mainline service having an aggregate of approximately 10,000 horsepower.TransColorado's system, which extends from approximately 20 miles southwest of Meeker,Colorado to Bloomfield, New Mexico, has 17 points of interconnection with five interstatepipelines, one intrastate pipeline, four gathering systems, and two local distributioncompanies, thereby providing relatively significant flexibility in the receipt anddelivery of natural gas. Gas flowing south through the pipeline moves onto the El Paso,Transwestern and Southern Trail pipeline systems. TransColorado receives gas from two coalseam natural gas treating plants located in the San Juan Basin of Colorado and frompipeline and gathering system interconnections within the Paradox and Piceance Basins ofwestern Colorado. This pipeline was a 50/50 joint venture with Questar Corp. until webought Questar's interest effective October 1, 2002, thus becoming the sole owner. As aresult, our consolidated financial statements include TransColorado's results as a 50/50equity method investment prior to October 1, 2002 and on a 100% basis as a consolidatedsubsidiary thereafter. As discussed under "Business Strategy" elsewhere in thisreport, we are considering the transfer of TransColorado to Kinder Morgan Energy Partnersfor fair market value.

TransColorado provides transportation services to third-party naturalgas producers, marketers, gathering companies, local distribution companies and othershippers. Pursuant to transportation agreements and Federal Energy Regulatory Commissiontariff provisions, TransColorado offers its customers firm and interruptibletransportation and interruptible park and loan services. Under 

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TransColorado's tariffs, firm transportation customers pay reservationcharges each month plus a commodity charge based on actual volumes transported.Interruptible transportation customers pay a commodity charge based upon actual volumestransported. The underlying reservation and commodity charges are assessed pursuant to a"postage stamp" maximum recourse rate structure. TransColorado has the authorityto negotiate rates with customers if it has first offered service to those customers underits reservation and commodity charge rate structure. TransColorado's revenues havehistorically been higher during the second and third quarters of the calendar year,resulting from two factors: (i) winter heating market loads to the north of TransColoradoand (ii) summer air conditioning market loads to the south of TransColorado.

TransColorado acts principally as a feeder pipeline system from thedeveloping natural gas supply basins on the Western Slope of Colorado into the interstatenatural gas pipelines that lead away from the Blanco Hub area of New Mexico. TransColoradois the largest transporter of natural gas from the Western Slope supply basins of Coloradoand provides a competitively attractive outlet for that developing natural gas resource.In 2003, TransColorado transported an average of 462,624 dekatherms per day of natural gasfrom these supply basins. TransColorado provides a strategically important link betweenthe underdeveloped gas supply resources on the Western Slope of Colorado and the greatersouthwestern United States marketplace. During 2003, 46 percent of TransColorado'stransport business was with producers or their own marketing affiliates, 44 percent waswith third-party marketers and the remaining 10 percent was primarily with gatheringcompanies. Approximately 36 percent of TransColorado's transport business in 2003 wasconducted with its three largest customers.

Approximately 90% of TransColorado's pipeline capacity is committedunder firm transportation contracts that extend through year-end 2007. TransColorado isactively pursuing full contract subscription through 2007 and beyond.

On September 25, 2003, we announced that we had signed a 10-year, firmnatural gas transportation contract with an undisclosed shipper that will allow us toconstruct facilities to provide a 125,000 dekatherm per day expansion of capacity on theTransColorado system. The facilities consist of three new compressor stations andmodifications at two existing compressor stations, which will increase compression by morethan 20,000 horsepower. On October 31, 2003, we filed with the Federal Energy RegulatoryCommission for authority to construct the facilities and place them into service. Subjectto appropriate regulatory approvals, we expect to place the facilities into service duringthe third quarter of 2004.

The TransColorado open season for various supply laterals, mainlinecapacity expansion and mainline extension proposals ended April 30, 2003. Post open seasonnegotiations successfully led to the filing discussed above of the mainline capacityexpansion application with the Federal Energy Regulatory Commission. Negotiations withprospective shippers regarding the proposed mainline extension were primarily linked todownstream capacity negotiations on Kinder Morgan Energy Partners' proposed Silver CanyonPipeline project. Accordingly, Kinder Morgan Energy Partners is now negotiating withprospective shippers on the proposed Silver Canyon Pipeline to include previouslyidentified TransColorado mainline extension facilities as part of the Silver CanyonPipeline project.
*Competition:  TransColorado competes with othertransporters of natural gas in each of the natural gas supply basins it serves. Thesecompetitors include both interstate and intrastate natural gas pipelines and natural gasgathering systems. TransColorado is the most recent interstate pipeline entrant into eachof the competitive supply markets of the Paradox, Piceance and San Juan Basins of westernColorado. Notwithstanding, we believe that TransColorado generally is looked uponfavorably by shippers because it provides distinct advantages of larger system capacityand more direct access to market outlet than its competitors.

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TransColorado's shippers compete for market share with shippers drawingupon gas production facilities within the New Mexico portion of the San Juan Basin.TransColorado has phased its past construction and expansion efforts to coincide with theability of the interstate pipeline grid at Blanco, New Mexico to accommodate greaternatural gas volumes. The overall San Juan Basin gas production base had been a perennialfactor restricting the growth pace of TransColorado's transport from the central Rockiesnatural gas supply basins. The San Juan Basin enjoyed prolific natural gas productiongrowth related to coal seam gas development during the 1990's that hamperedTransColorado's ability to implement its full project before 1999. Natural gas productionfrom the San Juan Basin peaked during the first quarter of 2000 and has since declined onan overall basis by 10%. TransColorado's transport concurrently ramped up over that periodsuch that TransColorado now enjoys a growing share of the outlet from the San Juan Basinto the southwestern United States marketplace.

Historically, the competition faced by TransColorado with respect toits natural gas transportation services has generally been based upon the pricedifferential between the San Juan and Rocky Mountain basins. The Kern River GasTransmission expansion project, placed in service in May 2003, has had the effect ofreducing that price differential. However, given the increased number of directconnections to production facilities in the Piceance and Paradox basins and the aggressivegas supply development in each of those basins, we believe that TransColorado's transportbusiness will be less susceptible to changes in the price differential in the future.
**Kinder Morgan Retail**
During 2003, Kinder Morgan Retail's segment earnings of $65.5 millionrepresented 7% of total segment earnings plus earnings attributable to our investment inKinder Morgan Energy Partners and approximately 8% of our income from continuingoperations before interest and income taxes. As of December 31, 2003, through KinderMorgan Retail, our retail natural gas distribution business served approximately 241,000customers in Colorado, Nebraska and Wyoming through more than 11,000 miles of distributionand transmission pipelines, underground storage fields, field system lines and relatedfacilities. Kinder Morgan Retail's intrastate pipelines, distribution facilities andretail natural gas sales in Colorado, Nebraska and Wyoming are subject to the regulatoryauthority of each state's utility commission. In addition, Kinder Morgan Retail owns andoperates a small distribution system in Hermosillo, Mexico.

Kinder Morgan Retail's operations in Nebraska, Wyoming and easternColorado serve areas that are primarily rural and agricultural where natural gas is usedprimarily for space heating, crop irrigation, grain drying and processing of agriculturalproducts. In much of Nebraska, the winter heating load is balanced by irrigationrequirements in the summer and grain drying requirements in the fall. Kinder MorganRetail's operations in western Colorado serve the fast-growing resort and associatedservice areas, and rural communities. These areas are characterized primarily by naturalgas use for space heating, with historical annual growth rates of 6-8%. Kinder MorganRetail's operations include the sale of natural gas under Choice Gas programs and the saleof non-jurisdictional products and services, natural gas-related equipment, andinstallation and repair services.

To support Kinder Morgan Retail's business, underground storagefacilities are used to provide natural gas deliverability for load balancing and peaksystem demand. Storage services for Kinder Morgan Retail's natural gas distributionservices are provided by (i) three facilities in Wyoming owned by Kinder Morgan, Inc.,(ii) one facility in Colorado owned by a wholly owned subsidiary of Kinder Morgan, Inc.and (iii) one facility located in Nebraska and owned by Kinder Morgan Energy Partners. Thepeak natural gas storage withdrawal capacity available for Kinder Morgan Retail's businessis approximately 83 MMcf per day.

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Kinder Morgan Retail's natural gas distribution business relies on theintrastate pipelines it operates, Kinder Morgan Interstate Gas Transmission LLC, asubsidiary of Kinder Morgan Energy Partners, and third-party pipelines for transportationand storage services required to serve its markets. The natural gas supply requirementsfor Kinder Morgan Retail's natural gas distribution business are met through contractpurchases from third-party suppliers.

Through our wholly owned subsidiary Rocky Mountain Natural Gas Companyin Colorado, Kinder Morgan Retail provides transportation services to natural gasproducers, shippers and industrial customers. Kinder Morgan Retail provides storageservices in Wyoming to its customers from its three storage fields, Oil Springs, BunkerHill and Kirk Ranch, which have 29.7 Bcf of combined total storage capacity, 11.7 Bcf ofworking gas capacity, and up to 37 MMcf per day of peak withdrawal capacity. RockyMountain Natural Gas Company operates the Wolf Creek storage facility, which has 10.1 Bcfof total storage capacity, 2.7 Bcf of working gas capacity and provides 18 MMcf per day ofwithdrawal capacity for peak day use.
*Competition:  The Kinder Morgan Retail natural gasdistribution business segment operates in areas with varying service area rules, includingstate utility commission exclusively certificated service areas, non-exclusive municipalfranchises and competitive areas. Limited competitive natural gas distribution pipelinesexist within these service areas. The primary competition for Kinder Morgan Retail'sproducts is from alternative fuels such as electric power and propane for heating use, andelectric power, propane and diesel fuel for agriculture use. Kinder Morgan Retail providesnatural gas utility services based upon cost-of-service regulation in most of its serviceareas.

Kinder Morgan Retail currently provides unbundled natural gas servicesin Nebraska and Wyoming under Choice Gas Programs. These Choice Gas Programs allowcompeting natural gas providers to sell natural gas to approximately 64% of Kinder MorganRetail's total customers at present. In unbundled areas, Kinder Morgan Retail competes asone of four or five natural gas marketing companies to provide the customer with naturalgas commodity offerings. Kinder Morgan Retail currently provides the natural gas commodityfor 52% of the end-use customers in these unbundled areas.
**Power**
Power's 2003 earnings, before non-cash charges to reduce the carryingvalue of certain of its assets, represented less than 3% of either the total of oursegment earnings plus earnings attributable to our investment in Kinder Morgan EnergyPartners or our income from continuing operations before interest and income taxes. KinderMorgan Power previously designed, developed and constructed power projects. In 2002,following a thorough assessment of the electric industry's business environment and amarked deterioration in the financial condition of certain power generating and marketingparticipants, we decided to discontinue our power development activities. We currentlyhave ownership interests in two natural gas-fired electric generation facilities inColorado, one natural gas-fired electric generation facility in Michigan and one naturalgas-fired electric generation facility in Arkansas. One of the Colorado facilities isoperated as an independent power producer, with both a long-term power sales agreement andgas supply contract. The other Colorado facility and the Michigan and Arkansas facilitiesare operated under tolling agreements. We also have a net profits interest in a thirdnatural gas-fired electric generation facility in Colorado. Kinder Morgan Power operatesthe Michigan facility for which it receives operating fees. Under the tolling agreements,purchasers of the electrical output take the commodity benefits and risks in themarketplace. Kinder Morgan Power's customers include power marketers and utilities. During2003, approximately 30% of Power's operating revenues were electric sales revenues fromXCEL Energy's Public Service Company of Colorado under a long-term contract, 

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25% were for operating the Jackson, Michigan Power facility, and 21%were revenues related to the construction of the Jackson, Michigan power facility. 

In 1998, Kinder Morgan Power acquired interests in the ThermoCompanies, which provided us with our first electric generation assets as well asknowledge and expertise with General Electric Company jet engines (LMs) configured in acombined cycle mode. Through the Thermo Companies, Kinder Morgan Power acquired theinterests in three Colorado natural gas-fired electric generating facilities discussedabove, which have a combined 380 megawatts of electric generation capacity. Kinder MorganPower used the LM knowledge to develop its proprietary "Orion" technology.Pursuant to a right we obtained in conjunction with the 1998 acquisition of the ThermoCompanies, in December 2003, we increased our investment in the Thermo Companies byissuing 1.8 million of Kinder Morgan Management shares to an entity controlled by theformer Thermo owners. For further information regarding this incremental investment, see"Power" within "Management's Discussion and Analysis of Financial Conditionand Results of Operations."

In May 2000, Kinder Morgan Power and Mirant Corporation (formerlySouthern Energy Inc.) announced plans to build a 550 megawatt natural gas-fired electricpower plant in Wrightsville, Arkansas, utilizing Kinder Morgan Power's Orion technology.Construction of this facility was completed on July 1, 2002 and commercial operationscommenced. Mirant Corporation operates and maintains the Wrightsville facility and managesthe natural gas supply and electricity sales for the project company that owns the powerplant. Kinder Morgan Power made an investment in the project company, comprised primarilyof preferred stock. This facility has not been dispatched significantly since July 1,2002. In October 2003, the project company was included in Mirant Corporation's bankruptcyfiling. In the fourth quarter of 2003, we wrote off our remaining investment in theWrightsville power facility, as further discussed in Note 6 of the accompanying Notes toConsolidated Financial Statements.

In February 2001, Kinder Morgan Power announced an agreement underwhich Williams Energy Marketing and Trading agreed to supply natural gas to and marketcapacity for 16 years for a 550-megawatt natural gas-fired Orion technology electric powerplant in Jackson, Michigan. Effective July 1, 2002, construction of this facility wascompleted and commercial operations commenced. Concurrently with commencement ofcommercial operations, (i) Kinder Morgan Power made a preferred investment in Triton PowerCompany LLC valued at approximately $105 million; and, (ii) Triton Power Company LLC,through its wholly owned subsidiary, Triton Power Michigan LLC, entered into a 40-yearlease of the Jackson power facility from the plant owner, AlphaGen Power, LLC. WilliamsEnergy Marketing and Trading supplies all natural gas to and purchases all power from thepower plant under a 16-year tolling agreement with Triton Power Michigan LLC.
*Competition: With respect to the electric generating facilitiesacquired from the Thermo entities, Kinder Morgan Power does not directly face competitionwith respect to the sale of the power generated, as it is sold to or generated for thelocal electric utility under long-term contracts. With respect to Power's investment inthe Jackson, Michigan facility, the principal impact of competition is the level ofdispatch of the plant and the related (but minor) effect on profitability.
**Regulation
*Interstate Transportation and Storage Services***
Under the Natural Gas Act and, to a lesser extent, the Natural GasPolicy Act of 1978, the Federal Energy Regulatory Commission regulates both theperformance of interstate transportation and storage services by interstate natural gaspipeline companies, and the rates charged for such services. As used in 

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this report, "FERC" refers to the Federal Energy RegulatoryCommission. 

With the adoption of FERC Order No. 636, the FERC required interstatenatural gas pipelines that perform open access transportation under blanket certificatesto "unbundle" or separate their traditional merchant sales services from theirtransportation and storage services and to provide comparable transportation and storageservices with respect to all natural gas supplies, whether such natural gas is purchasedfrom the pipeline or from other merchants such as marketers or producers. Each interstatenatural gas pipeline must now separately state the applicable rates for each unbundledservice.

On July 17, 2000, Natural Gas Pipeline Company of America filed itscompliance plan, including pro forma tariff sheets, pursuant to FERC Order Nos. 637 and637-A. The FERC directed all interstate pipelines to file pro forma tariff sheets tocomply with new regulatory requirements in these Orders regarding scheduling procedures,capacity segmentation, imbalance management services and penalty credits, or in thealternative, to explain why no changes to existing tariff provisions are necessary. OnNovember 21, 2002, the FERC issued an order approving much of Natural Gas Pipeline Companyof America's Order 637 filing, but requiring additional changes. The primary changesrelate to Natural Gas Pipeline Company of America's segmentation proposal, the ability ofshippers to designate additional primary points on a segmented release, a shipper's rightsto request discounts at alternate points and Natural Gas Pipeline Company of America'sunauthorized overrun charges. Natural Gas Pipeline Company of America made its compliancefiling on December 23, 2002 and filed for rehearing. Other parties have objected tocertain aspects of Natural Gas Pipeline Company of America's compliance filing. On May 14,2003, the FERC issued an order accepting most of Natural Gas Pipeline Company of America'scompliance filing, but requiring additional changes, particularly regarding thedesignation of additional primary points for a segmented release. This order alsoestablished an effective date for Natural Gas Pipeline Company of America's Order 637provisions of December 1, 2003. Natural Gas Pipeline Company of America made its furthercompliance filing on June 13, 2003. Limited protests have been filed. The Order No. 637tariff provisions for Natural Gas Pipeline Company of America became effective on December1, 2003, although certain aspects of these provisions are subject to FERC review of themost recent compliance filing, which is still pending FERC action.

On April 5, 2002, the D.C. Circuit issued an order largely affirmingOrder Nos. 637, et seq. The D.C. Circuit did remand the FERC's decision to impose a 5-yearcap on bids the existing shipper would have to match in the right of first refusalprocess. The D.C. Circuit also remanded the FERC's decision to allow forward-hauls andbackhauls to the same point. Finally, the D.C. Circuit held that several aspects of theFERC's segmentation policy and its policy on discounting at alternate points were not ripefor review. Numerous parties, including Natural Gas Pipeline Company of America, havefiled comments on the remanded issues.

On October 31, 2002, the FERC issued an order in response to the D.C.Circuit's remand of certain Order 637 issues. The order: (i) eliminated the requirement ofa 5-year cap on bid terms that an existing shipper would have to match in the right offirst refusal process, and found that no term matching cap at all is necessary givenexisting regulatory controls and (ii) affirmed the FERC's policy that a segmentedtransaction consisting of both a forward-haul up to contract demand and a backhaul up tocontract demand to the same point is permissible, and accordingly required, under Section5 of the Natural Gas Act, pipelines that the FERC had previously found must permitsegmentation on their systems to file tariff revisions within 30 days to permit suchsegmented forward-haul and backhaul transactions to the same point. On January 29, 2004,the FERC issued an order denying rehearing and reaffirming these rulings.

The FERC, in a Notice of Proposed Rulemaking in RM02-14-000, hasproposed new regulation of cash management practices, including establishing limits on theamount of funds that can be swept from a 

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regulated subsidiary to a non-regulated parent company. Natural GasPipeline Company of America filed comments on August 28, 2002. On June 26, 2003, the FERCissued an interim rule to be effective in August 2003, under which regulated companies arerequired to document cash management arrangements and transactions. The FERC eliminatedthe proposal that, as a prerequisite to participation in cash management programs,regulated companies must maintain a 30 percent equity balance and investment grade creditrating. On October 22, 2003, the FERC issued its final rule amending its regulationseffective November 2003 which, among other things, requires FERC-regulated entities tofile their cash management agreements with the FERC and to notify the FERC within 45 daysafter the end of the quarter when their proprietary capital ratio drops below 30 percent,and when it subsequently returns to or exceeds 30 percent. In compliance with the finalrule, Natural Gas Pipeline Company of America and TransColorado submitted their cashmanagement agreements to the FERC in December 2003. On February 11, 2004, the FERCeliminated the notification requirement discussed preceding as part of issuing Order No.646, which requires quarterly financial reporting.

We are also subject to the requirements of FERC Order Nos. 497, etseq., and 566, et seq., the Marketing Affiliate Rules, which prohibit preferentialtreatment by an interstate natural gas pipeline of its marketing affiliates and govern, inparticular, the provision of information by an interstate natural gas pipeline to itsmarketing affiliates. On November 25, 2003, the FERC issued Order No. 2004, adopting newStandards of Conduct to become effective February 9, 2004. Every interstate pipeline mustfile a compliance plan by that date and must be in full compliance with the Standards ofConduct by June 1, 2004. The primary change from existing regulation is to make suchstandards applicable to an interstate pipeline's interaction with many more affiliates(termed "Energy Affiliates"), including intrastate/Hinshaw pipelines, processorsand gatherers and any company involved in gas or electric markets (such as electricgenerators and electric or gas marketers) even if they do not ship on the affiliatedinterstate pipeline. Local distribution companies are excluded, however, if they do notmake sales to customers not situated on their gas distribution system. The Standards ofConduct require, inter alia, separate staffing of interstate pipelines and their EnergyAffiliates (but support functions and senior management at the central corporate level maybe shared) and strict limitations on communications from the interstate pipeline to anEnergy Affiliate. Natural Gas Pipeline Company of America filed for clarification andrehearing of Order No. 2004 on December 29, 2003, and numerous other rehearing requestshave been submitted. In the request for rehearing, Natural Gas Pipeline Company of Americaasked that intrastate/Hinshaw pipeline affiliates not be included in the definition ofEnergy Affiliates.To date the FERC hasnot acted on these hearing requests. On February 9, 2004, Natural Gas Pipeline Company ofAmerica, TransColorado Gas Transmission Company, Canyon Creek Compression Company andHorizon Pipeline Company filed their compliance plans under Order No. 2004. In addition,on February 19, 2004, all of these interstate pipelines filed a joint request with theinterstate pipelines owned by Kinder Morgan Energy Partners asking that their interactionwith intrastate/Hinshaw pipeline affiliates be exempted from the Standards of Conduct. Forus, the mandated separation from these entities would be the most burdensome requirementof the new rules.

The Pipeline Safety Improvement Act of 2002 was signed into law onDecember 17, 2002, providing guidelines in the areas of testing, education, training andcommunication. The Act requires pipeline companies to perform integrity tests on pipelinesthat exist in high population density areas that are designated as High Consequence Areas.Pipeline companies are required to perform the integrity tests within 10 years of the dateof enactment and must perform subsequent integrity tests on a seven year cycle. At least50 percent of the highest risk segments must be tested within five years of the enactmentdate. The risk ratings are based on numerous factors, including the population density inthe geographic regions served by a particular pipeline, as well as the age and conditionof the pipeline and its protective coating. Testing will consist of hydrostatic testing,internal electronic testing, or direct assessment of the piping. In addition, within oneyear of the law's enactment, pipeline companies must implement a qualification program tomake certain that employees are properly trained, using criteria the U.S. 

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Department of Transportation is responsible for providing. Natural GasPipeline Company of America estimates that the average annual incremental expenditureassociated with the Pipeline Safety Improvement Act of 2002 will be approximately $8million to $10 million dollars.
***Intrastate Transportation and Sales***
We operate an intrastate pipeline in Colorado, Rocky Mountain NaturalGas Company, which is regulated by the Public Utilities Commission for the State ofColorado as a public utility with respect to its natural gas transportation and salesservices within the state. Rocky Mountain Natural Gas Company also performs certainnatural gas transportation services in interstate commerce pursuant to Section 311 of theNatural Gas Policy Act of 1978. The Public Utilities Commission for the State of Coloradoregulates the rates, terms, and conditions of natural gas sales and transportationservices performed by public utilities in the state of Colorado. During 2002, ourintrastate pipeline in Wyoming, Northern Gas Company, was merged into Kinder Morgan, Inc.and is now operated as part of our retail distribution business in Wyoming pursuant toapprovals received from the Wyoming Public Service Commission.

The operations of our intrastate pipeline business are also affected byFERC rules and regulations issued pursuant to the Natural Gas Act and the Natural GasPolicy Act. Of particular importance are regulations that result in an increased abilityto provide interstate transportation services without the necessity of obtaining priorFERC authorization for each transaction. A key element of the program is nondiscriminatoryaccess, under which a regulated pipeline must agree, under certain conditions, totransport natural gas for any party requesting such service.
***Retail Natural Gas Distribution Services***
Our intrastate pipelines and local natural gas distribution businessesin Colorado, Nebraska and Wyoming are under the regulatory authority of each respectivestate's utility commission. In certain of the incorporated communities in which we provideretail natural gas services, we operate under franchises granted by the applicablemunicipal authorities. The duration of these franchises varies. In unincorporated areas,our natural gas utility services are not subject to municipal franchise. We have beenissued various certificates of public convenience and necessity by the regulatorycommissions in Colorado, Nebraska and Wyoming authorizing us to provide natural gasutility services within certain incorporated and unincorporated areas of those states.

We emerged as a leader in providing for customer choice in early 1996,when the Wyoming Public Service Commission issued an order allowing us to bringcompetition to 10,500 residential and commercial customers. In November 1997, we announceda similar plan to give residential and small commercial customers in Nebraska a choice ofnatural gas suppliers. This program, the Nebraska Choice Gas program, became effectiveJune 1, 1998 and is now available to all 91,000 customers served by us in Nebraska.Effective June 1, 2002 the Choice Gas program was extended to all Wyoming end-usecustomers, subject to further review by the Wyoming Public Service Commission. Theprograms have succeeded in providing a choice of suppliers, competitive prices, and newproducts and services, while maintaining reliability and security of supply. Kinder MorganRetail continues to provide all services other than the natural gas commodity supply inthese programs, and competes with other suppliers in offering natural gas supplies toretail customers.
**Environmental Regulation**
Our operations and properties are subject to extensive and evolvingfederal, state and local laws and regulations governing the release or discharge ofregulated materials into the environment or otherwise relating to environmental protectionor human health and safety. We have an environmental compliance 

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program, and we believe that our operations are in substantialcompliance with applicable environmental laws and regulations. This program focuses oncompliance with state and federal regulations relating to the Clean Air Act, the CleanWater Act, RCRA and solid waste issues and other related and applicable environmentalregulations. Numerous governmental departments issue rules and regulations to implementand enforce such laws, for which compliance is often costly and onerous. Failure to complywith applicable environmental laws may result in substantial administrative, civil, andcriminal penalties or injunctions that would restrict operations or require futurecompliance, damage awards against us, or other mandatory or consensual measures orliabilities. These laws and regulations can also impose liability for remedial costs onthe owner or operator of properties or the generators of materials, regardless of fault.Moreover, a trend in environmental law is toward stricter standards, stricter enforcement,and more restrictions on operations. This trend and other developments in environmentallaw may result in significant cost and liabilities for us.

We had an established environmental reserve at December 31, 2003 ofapproximately $14.5 million, to address remediation issues associated with approximately35 projects. These projects include several ground water and soil hydrocarbon remediationefforts under the jurisdiction and direction of various state agencies. Many of theseremediation efforts are the result of historic releases from currently non-operatingsites. Additionally, we are addressing impacts at several locations from the historic useof mercury and polychlorinated biphenyls. We believe that costs for environmentalremediation and separately ongoing compliance with applicable environmental regulationswill not have a material adverse effect on our cash flows, financial position or resultsof operations or materially diminish our ability to operate our businesses. However, therecan be no assurances that future events, such as changes in existing laws, thepromulgation of new laws, the discovery of circumstances or conditions currentlyunforeseen by us, or that the development of new facts or conditions will not cause us toincur significant unanticipated costs and liabilities.
**Risk Factors****1.****We are highly dependent upon the    earnings and distributions of Kinder Morgan Energy Partners. For 2003, approximately    45% of our total segment earnings plus earnings attributable to our investment in Kinder    Morgan Energy Partners was attributable to our general and limited partner interests in    Kinder Morgan Energy Partners. A significant decline in Kinder Morgan Energy Partners'    earnings and/or cash distributions would have a corresponding negative impact on us. For    more information on these earnings and cash distributions, please see Kinder Morgan Energy    Partners' 2003 Annual Report on Form 10-K.**  ****2.****Competition could ultimately lead to    lower levels of profits and adversely impact our ability to recontract for expiring    transportation capacity at favorable rates. For 2003, approximately 42% of our total    segment earnings plus earnings attributable to our investment in Kinder Morgan Energy    Partners were attributable to the results of operations of Natural Gas Pipeline Company of    America, an interstate natural gas pipeline that is a major supplier to the Chicago,    Illinois area. In recent periods, interstate pipeline competitors of Natural Gas Pipeline    Company of America have constructed or expanded pipeline capacity into the Chicago area,    although additional take-away capacity has also been constructed. To the extent that an    excess of supply into this market area is created and persists, Natural Gas Pipeline    Company of America's ability to recontract for expiringtransportation capacity at    favorable rates could be impaired. Contracts representing approximately 10% of Natural Gas    Pipeline Company of America's total long-term contracted firm transport capacity as of    January 7, 2004 are scheduled to expire during 2004.
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  **3.****Our large amount of floating rate debt    makes us vulnerable to increases in interest rates. At December 31, 2003, we had    approximately $1.628 billion of debt subject to floating interest rates. Approximately    $1.5 billion of this debt was long-term debt converted to floating rates through the use    of interest rate swaps. Should interest rates increase significantly, our earnings would    be adversely affected.**  ****4.****The rates we charge shippers on our    pipeline systems are subject to regulatory approval and oversight. While there are    currently no material proceedings challenging the rates on any of our natural gas pipeline    systems, regulators and shippers on these pipelines do have rights to challenge the rates    we charge under certain circumstances prescribed by applicable regulations. We can provide    no assurance that we will not face challenges to the rates we receive on our pipeline    systems in the future.**  ****5.****Sustained periods of weather    inconsistent with normal in areas served by our natural gas transportation and    distribution operations can create volatility in our earnings. Weather-related factors    such as temperature and rainfall at certain times of the year affect our earnings in our    natural gas transportation and retail natural gas distribution businesses. Sustained    periods of temperatures and rainfall that differ from normal can create volatility in our    earnings.**  ****6.****Proposed rulemaking by the FERC or    other regulatory agencies having jurisdiction could adversely impact our income and    operations. Generally speaking, new regulations or different interpretations of    existing regulations applicable to our assets could have a negative impact on our    business, financial condition and results of operations.**  ****7.****Environmental regulation and    liabilities could result in increased operating and capital costs. Our business    operations are subject to federal, state and local laws and regulations relating to    environmental protection, pollution and human health and safety. For example, if an    accidental leak or spill occurs from our pipelines or at our storage or other facilities,    we may have to pay a significant amount to clean up the leak or spill, pay for government    penalties, address natural resource damages, compensate for human exposure, install costly    pollution control equipment, or a combination of these and other measures. The resulting    costs and liabilities could negatively affect our level of earnings and cash flow. In    addition, emission controls required under federal and state environmental laws could    require significant capital expenditures at our facilities. The impact of environmental    standards or future environmental measures could increase our costs significantly. Since    the costs of environmental regulation are already significant, additional or stricter    regulation or enforcement could negatively affect our business.

We own or operate numerous properties that have been used for many    years in connection with pipeline activities. While we have utilized operating and    disposal practices that were standard in the industry at the time, hydrocarbons or other    wastes may have been released on our properties or on other properties where such wastes    have been taken for disposal. In addition, many of these properties have been operated by    third parties whose management and disposal of hydrocarbons or other wastes was not under    our control. These properties and the wastes disposed thereon may be subject to laws such    as the Comprehensive Environmental Response, Compensation, and Liability Act, also known    as CERCLA or the Superfund law, which impose joint and several liability without regard to    fault or the legality of the original conduct. Under such laws and implementing    regulations, we could be required to remove or remediate previously disposed wastes or    property contamination, including groundwater contamination caused by prior owners or    operators. Imposition of such liability schemes could have a material adverse impact on    our operations and financial position.
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  **8.****The distressed financial condition of    some of our customers could have an adverse impact on us in the event these customers are    unable to pay us for the services we provide. Some of our customers are experiencing    severe financial problems. The bankruptcy of one or more of them, or some other similar    proceeding or liquidity constraint might make it unlikely that we would be able to collect    all or a significant portion of amounts owed by the distressed entity or entities. In    addition, such events might force such customers to reduce or curtail their future use of    our products and services, which could have a material adverse effect on our results of    operations and financial condition.**  ****9.****Increased regulatory requirements    relating to the integrity of our pipelines will require us to spend additional money to    comply with these requirements. Through our regulated pipeline subsidiaries, we are    subject to extensive laws and regulations related to pipeline integrity. For example,    recent federal legislation signed into law in December 2002 includes new guidelines for    the U.S. Department of Transportation and pipeline companies in the areas of testing,    education, training and communication. Compliance with existing and recently executed    regulations requires significant expenditures. Additional laws and regulations that may be    enacted in the future could significantly increase the amount of these expenditures.***Other***
Amounts we spent during 2003, 2002, and 2001 on research anddevelopment activities were not material. We employed 5,530 people at December 31, 2003,including employees of our indirect subsidiary KMGP Services Company, Inc., who arededicated to the operations of Kinder Morgan Energy Partners.

KMGP Services Company, Inc., a subsidiary of Kinder Morgan G.P., Inc.,provides employees and Kinder Morgan Services LLC, a subsidiary of Kinder MorganManagement, provides centralized payroll and employee benefits services to Kinder MorganManagement, Kinder Morgan Energy Partners and Kinder Morgan Energy Partners' operatingpartnerships and subsidiaries (collectively, "the Group"). Employees of KMGPServices Company, Inc. are assigned to work for one or more members of the Group. Thedirect costs of all compensation, benefits expenses, employer taxes and other employerexpenses for these employees are allocated and charged by Kinder Morgan Services LLC tothe appropriate members of the Group, and the members of the Group reimburse theirallocated shares of these direct costs. There is no profit or margin charged by KinderMorgan Services LLC to the members of the Group. Our human resources department providesthe administrative support necessary to implement these payroll and benefits services, andthe related administrative costs are allocated to members of the Group in accordance withexisting expense allocation procedures. The effect of these arrangements is that eachmember of the Group bears the direct compensation and employee benefits costs of itsassigned or partially assigned employees, as the case may be, while also bearing itsallocable share of administrative costs. Pursuant tothe limited partnership agreement, Kinder Morgan Energy Partners provides reimbursementfor its share of these administrative costs and such reimbursements are accounted for asdescribed above. Kinder Morgan Energy Partners reimburses Kinder Morgan Managementwith respect to the costs incurred or allocated to Kinder Morgan Management in accordancewith Kinder Morgan Energy Partners' limited partnership agreement, the Delegation ofControl Agreement among Kinder Morgan G.P., Inc., Kinder Morgan Management, Kinder MorganEnergy Partners and others, and Kinder Morgan Management's limited liability companyagreement. Our named executive officers and other employees that provide management orservices to both us and the Group are employed by us. Additionally, other of our employeesassist Kinder Morgan Energy 

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Partners in the operation of its Natural Gas Pipeline assets. Theseemployees' expenses are allocated without a profit component between us and theappropriate members of the Group.

We are of the opinion that we generally have satisfactory title to theproperties owned and used in our businesses, subject to the liens for current taxes, liensincidental to minor encumbrances, and easements and restrictions which do not materiallydetract from the value of such property or the interests therein or the use of theproperties in our businesses. We generally do not own the land on which our pipelines areconstructed. Instead, we obtain the right to construct and operate the pipelines on otherpeople's land for a period of time.
***(D) Financial Information about Geographic Areas***
All but an insignificant amount of our assets and operations arelocated in the continental United States of America.
***(E) Available Information***
We make available free of charge on or through our internet website, athttp://www.kindermorgan.com, our annual report on Form 10-K, quarterly reports onForm 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnishedpursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon asreasonably practicable after we electronically file such material with, or furnish it to,the Securities and Exchange Commission. Also, we make available free of charge within the"Investors" section of our internet website, at www.kindermorgan.com, and inprint to any shareholder who requests, the governance guidelines, the charters of theaudit committee, compensation committee and nominating and governance committee, and ourcode of business conduct and ethics (which applies to senior financial officers and thechief executive officer, among others). Requests for copies may be directed to InvestorRelations, Kinder Morgan, Inc., 500 Dallas Street, Suite 1000, Houston, Texas 77002, ortelephone (713) 369-9490. We intend to disclose any amendments to our code of businessconduct and ethics, and any waiver from a provision of that code granted to our ChiefExecutive Officer, Chief Financial Officer or Vice President and Controller, on ourinternet website within five business days following such amendment or waiver. Theinformation contained on or connected to our internet website is not incorporated byreference into this Form 10-K and should not be considered part of this or any otherreport that we file with or furnish to the Securities and Exchange Commission.

**Item 3.  *Legal Proceedings.***

The reader is directed to Note 9(B) of the accompanying Notes toConsolidated Financial Statements, which is incorporated herein by reference.

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**Item4.  *Submission of Matters to a Vote ofSecurity Holders.*
None.
**Executive Officers ofthe Registrant

(A) Identification and Business Experience of Executive Officers**
Set forth below is certain information concerning our executiveofficers. All officers serve at the discretion of the board of directors.
**  ****Name****Age**Position**  ****  **Richard D. Kinder 
59Director, Chairman and Chief Executive Officer**  ****  **Michael C. Morgan 
35Director and President**  ****  **C. Park Shaper 
35Vice President and Chief Financial Officer**  ****  **David D. Kinder 
29Vice President, Corporate Development**  ****  **Joseph Listengart 
35Vice President, General Counsel and Secretary**  ****  **Deborah A. Macdonald 
52President, Natural Gas Pipelines**  ****  **James E. Street 
47Vice President, Human Resources and Administration**  ****  **Daniel E. Watson 
45President, Retail*Richard D. Kinder is Director, Chairman and Chief Executive Officerof Kinder Morgan, Inc., Kinder Morgan Management, LLC and Kinder Morgan G.P., Inc. Mr.Kinder has served as Director, Chairman and Chief Executive Officer of Kinder MorganManagement, LLC since its formation in February 2001. He was elected Director, Chairmanand Chief Executive Officer of Kinder Morgan, Inc. in October 1999. He was electedDirector, Chairman and Chief Executive Officer of Kinder Morgan G.P., Inc. in February1997. Mr. Kinder is also a director of Baker Hughes Incorporated. Mr. Kinder is the uncleof David Kinder, Vice President, Corporate Development of Kinder Morgan Management, LLC,Kinder Morgan G.P., Inc. and Kinder Morgan, Inc.
*Michael C. Morgan is President of Kinder Morgan, Inc., KinderMorgan Management, LLC and Kinder Morgan G.P., Inc. Mr. Morgan was elected to each ofthese positions in July 2001. He was also elected Director of Kinder Morgan, Inc. inJanuary 2003. Mr. Morgan served as Vice President - Strategy and Investor Relations ofKinder Morgan Management, LLC from February 2001 to July 2001. He served as Vice President- Strategy and Investor Relations of Kinder Morgan, Inc. and Kinder Morgan G.P., Inc. fromJanuary 2000 to July 2001. He served as Vice President, Corporate Development of KinderMorgan G.P., Inc. from February 1997 to January 2000. Mr. Morgan was the Vice President,Corporate Development of Kinder Morgan, Inc. from October 1999 to January 2000. FromAugust 1995 until February 1997, Mr. Morgan was an associate with McKinsey & Company,an international management consulting firm. In 1995, Mr. Morgan received a Masters inBusiness Administration from the Harvard Business School. From March 1991 to June 1993,Mr. Morgan held various positions, including Assistant to the Chairman, at PSI Energy,Inc. Mr. Morgan received a Bachelor of Arts in Economics and a Masters of Arts inSociology from Stanford University in 1990.

21
*C. Park Shaper is Director, Vice President and Chief FinancialOfficer of Kinder Morgan Management, LLC and Kinder Morgan G.P., Inc. and Vice Presidentand Chief Financial Officer of Kinder Morgan, Inc. Mr. Shaper was elected Director ofKinder Morgan Management, LLC and Kinder Morgan G.P., Inc. in January 2003. He was electedVice President, Treasurer and Chief Financial Officer of Kinder Morgan Management, LLCupon its formation in February 2001, and served as Treasurer of Kinder Morgan Management,LLC from February 2001 to January 2004. He has served as Treasurer of Kinder Morgan, Inc.from April 2000 to January 2004 and Vice President and Chief Financial Officer of KinderMorgan, Inc. since January 2000. Mr. Shaper was elected Vice President, Treasurer andChief Financial Officer of Kinder Morgan G.P., Inc. in January 2000, and served asTreasurer of Kinder Morgan G.P., Inc. from April 2000 to January 2004. From June 1999 toDecember 1999, Mr. Shaper was President and Director of Altair Corporation, an enterprisefocused on the distribution of web-based investment research for the financial servicesindustry. He served as Vice President and Chief Financial Officer of First Data Analytics,a wholly-owned subsidiary of First Data Corporation, from 1997 to June 1999. From 1995 to1997, he was a consultant with The Boston Consulting Group. He received a Masters ofBusiness Administration degree from the J.L. Kellogg Graduate School of Management atNorthwestern University. Mr. Shaper also has a Bachelor of Science degree in IndustrialEngineering and a Bachelor of Arts degree in Quantitative Economics from StanfordUniversity.
*David D. Kinder is Vice President, Corporate Development of KinderMorgan, Inc., Kinder Morgan Management, LLC and Kinder Morgan G.P., Inc. Mr. Kinder waselected Vice President, Corporate Development of Kinder Morgan, Inc., Kinder MorganManagement, LLC and Kinder Morgan G.P., Inc. in October 2002. He served as manager ofcorporate development for Kinder Morgan, Inc. and Kinder Morgan G.P., Inc. from January2000 to October 2002. He served as an associate in the corporate development group ofKinder Morgan, Inc. and Kinder Morgan G.P., Inc. from February 1999 to January 2000. FromJune 1996 to February 1999, Mr. Kinder was in the analyst and associate program at EnronCorp. Mr. Kinder graduated cum laude with a Bachelors degree in Finance from TexasChristian University in 1996. Mr. Kinder is the nephew of Richard D. Kinder.
*Joseph Listengart is Vice President, General Counsel and Secretaryof Kinder Morgan, Inc., Kinder Morgan Management, LLC and Kinder Morgan G.P., Inc. Mr.Listengart was elected Vice President, General Counsel and Secretary of Kinder MorganManagement, LLC upon its formation in February 2001. He was elected Vice President andGeneral Counsel of Kinder Morgan G.P., Inc. and Vice President, General Counsel andSecretary of Kinder Morgan, Inc. in October 1999. Mr. Listengart was elected Kinder MorganG.P., Inc.'s Secretary in November 1998 and became an employee of Kinder Morgan G.P., Inc.in March 1998. Mr. Listengart received his Masters in Business Administration from BostonUniversity in January 1995, his Juris Doctor, magna cum laude, from Boston University inMay 1994, and his Bachelor of Arts degree in Economics from Stanford University in June1990.
*Deborah A. Macdonald is President, Natural Gas Pipelines of KinderMorgan, Inc., Kinder Morgan Management, LLC and Kinder Morgan G.P., Inc. She was electedPresident, Natural Gas Pipelines in June 2002. Ms. Macdonald served as President ofNatural Gas Pipeline Company of America from October 1999 to March 2003. Prior to joiningKinder Morgan, Ms. Macdonald worked as Senior Vice President of legal affairs for AquilaEnergy Company from January 1999 to October 1999, and was engaged in a private energyconsulting practice from June 1996 to December 1999. Ms. Macdonald received her JurisDoctor, summa cum laude, from Creighton University in May 1980 and received a Bachelorsdegree, magna cum laude, from Creighton University in December 1972.
*James E. Street is Vice President, Human Resources andAdministration of Kinder Morgan, Inc., Kinder Morgan Management, LLC and Kinder MorganG.P., Inc. Mr. Street was elected Vice President, Human Resources and Administration ofKinder Morgan Management, LLC upon its formation in February 2001. He was elected VicePresident, Human Resources and Administration of Kinder Morgan G.P., 

22

Inc. and Kinder Morgan, Inc. in August 1999. From October 1996 toAugust 1999, Mr. Street was Senior Vice President, Human Resources and Administration forCoral Energy, a subsidiary of Shell Oil Company. Mr. Street received a Masters of BusinessAdministration degree from the University of Nebraska at Omaha and a Bachelor of Sciencedegree from the University of Nebraska at Kearney.
*Daniel E. Watson is President, Retail for Kinder Morgan, Inc. Mr.Watson was elected President, Retail in October 1999. Mr. Watson also holds the title ofPresident of Rocky Mountain Natural Gas Company, a Kinder Morgan, Inc. subsidiary. He hasserved as President, Rocky Mountain Natural Gas Company since October 1999. BetweenOctober 1999 and June 2002, Mr. Watson served as President of Northern Gas Company,another Kinder Morgan, Inc. subsidiary prior to its merger into Kinder Morgan, Inc. Priorto our acquisition of Kinder Morgan (Delaware), Inc. Mr. Watson held the position of GroupVice President and General Manager for our gas distribution and intrastate pipelines fromApril 1997 to October 1999. From July 1990 to April 1997 he held various natural gassupply and marketing positions for us. Mr. Watson received a Bachelor of Science degree inGeological Engineering in December, 1979, and a Bachelor of Science degree in MiningEngineering in May 1980, from the South Dakota School of Mines and Technology.
**(B) Involvement in Certain Legal Proceedings**
None.

23
**PART II

Item 5.  *Market for Registrant's Common Equity,Related Stockholder Matters and Issuer       Purchases ofEquity Securities.*
Our common stock is listed for trading on the New York Stock Exchangeunder the symbol "KMI." Dividends paid and the price range of our common stockby quarter for the last two years are provided below. In January 2004, we increased ourquarterly common dividend to $0.5625 per share.
  **Market**Price Per Share**  **2003**2002  **Low**High**Low**High  Quarter Ended:     March 31 
$42.25 
$46.85 
$36.81 
$57.50      June 30 
$44.00 
$56.97 
$37.11 
$52.62      September 30 
$51.45 
$54.97 
$33.10 
$44.02      December 31 
$51.72 
$59.27 
$30.05 
$42.98     **Dividends Paid Per Share**2003**2002  Quarter Ended:     March 31 
$0.15
$0.05     June 30 
$0.15
$0.05     September 30 
$0.40
$0.10     December 31 
$0.40
$0.10      Stockholders as of February 12, 2004 
38,000 (approximately)
There were no sales of unregistered equity securities during the periodcovered by this report.

Information required by this item is contained under the caption"Equity Compensation Plan Information" in our Proxy Statement related to the2004 Annual Meeting of Stockholders, to be filed pursuant to Section 14 of the SecuritiesExchange Act of 1934, and is incorporated herein by reference.
**Our Purchases of Our Common Stock****Period**Total    Number ofShares Purchased1**Average    Price Paid per Share**Total    Number of     Shares Purchased as    Part of Publicly     Announced Plansor Programs2**Maximum    Number (or Approximate Dollar    Value) of Shares that May    Yet Be Purchased Underthe Plans or ProgramsOctober 1 to      October 31, 2003 
 95,800     
$ 53.95    
8,941,800    
$52,120,437     
=======    
=========    
===========     November 1 to      November 30, 2003 
 91,000     
$ 52.60    
9,032,800    
$47,332,244     
=======    
=========    
===========     December 1 to      December 31, 2003 
      -     
$     -    
9,032,800    
$47,332,244     
=======    
=========    
===========       **Total**
186,800     
$ 53.23    
9,032,800    
$47,332,244     
=======     
=======    
=========    
===========     1
All purchases were made    pursuant to our repurchase plan.2
On August 14, 2001, we    announced a plan to repurchase $300 million of our outstanding common stock, which program    was increased to $400 million, $450 million and $500 million in February 2002, July 2002    and November 2003, respectively.
24
**Item 6.  *SelectedFinancial Data.*
Five-Year ReviewKinder Morgan, Inc. and Subsidiaries
**Year Ended December 31,**2003**2002**2001**2000
 **19991**
(In thousands    except per share amounts)Operating Revenues 
$1,097,897 
$1,015,255 
$1,054,907 
$2,678,956 
$1,834,094 Gas Purchases and Other Costs of Sales 
   354,261 
   311,224 
   339,301 
 1,925,971 
 1,052,654 Other Operating Expenses2
   387,543 
   467,364 
   331,287 
   357,842 
   485,738 **Operating Income**
   356,093 
   236,667 
   384,319 
   395,143 
   295,702 Other Income and (Expenses)3
   270,211 
   206,063 
       308 
   (87,977)
   (81,151)Income from Continuing Operations  Before Income Taxes 
   626,304 
   442,730 
   384,627 
   307,166 
   214,551 Income Taxes 
   244,600 
   135,019 
   159,557 
   123,017 
    79,124 **Income from Continuing Operations**
   381,704 
   307,711 
   225,070 
   184,149 
   135,427 Loss from Discontinued Operations,  Net of Tax 
         - 
    (4,986)
         - 
   (31,734)
  (395,319)**Net Income (Loss)**
   381,704 
   302,725 
   225,070 
   152,415 
  (259,892)Less-Preferred Dividends 
         - 
         - 
         - 
         - 
       129 Less-Premium Paid on Preferred  Stock Redemption 
         - 
         - 
         - 
         - 
       350 **Earnings (Loss) Available for**  **Common Stock**
$  381,704 
$  302,725 
$  225,070 
$  152,415 
$ (260,371)
========== 
========== 
========== 
========== 
========== **  ****Basic Earnings (Loss) Per Common Share:**Continuing Operations 
$     3.11 
$     2.52 
$     1.95 
$     1.62 
$     1.68 Discontinued Operations 
         - 
     (0.04)
         - 
     (0.28)
     (4.92)Total Basic Earnings (Loss)  Per Common Share 
$     3.11 
$     2.48 
$     1.95 
$     1.34 
$    (3.24)
========== 
========== 
========== 
========== 
========== **  **Number of Shares Used in Computing   Basic Earnings (Loss) Per    Common Share 
   122,605 
   122,184 
   115,243 
   114,063 
    80,284 
========== 
========== 
========== 
========== 
========== **  ****Diluted Earnings (Loss) Per Common    Share:**Continuing Operations 
$     3.08 
$     2.49 
$     1.86 
$     1.61 
$     1.68 Discontinued Operations 
         - 
     (0.04)
         - 
     (0.28)
     (4.92)Total Diluted Earnings (Loss) Per  Common Share 
$     3.08 
$     2.45 
$     1.86 
$     1.33 
$    (3.24)
========== 
========== 
========== 
========== 
==========   Number of Shares Used in Computing   Diluted Earnings (Loss) Per     Common Share 
   123,824 
   123,402 
   121,326 
   115,030 
    80,358 
========== 
========== 
========== 
========== 
==========   **Dividends Per Common Share**
$     1.10 
$     0.30 
$     0.20 
$     0.20 
$     0.65 
========== 
========== 
========== 
========== 
==========   **Capital Expenditures**4
$  160,804 
$  174,953 
$  124,171 
$   85,654 
$   92,841 
========== 
========== 
========== 
========== 
========== **  **1 Reflects the acquisition of    Kinder Morgan (Delaware), Inc. on October 7, 1999.2 Includes charges of $44.5    million and $134.5 million in 2003 and 2002, respectively, to reduce the carrying value of    certain power assets; see Note 6 of the accompanying Notes to Consolidated Financial    Statements.3 Includes significant impacts    from sales of assets. See Note 1 (Q) of the accompanying Notes to Consolidated Financial    Statements.4 Capital Expenditures shown    are for continuing operations only.
25
**Five-Year Review (Continued)Kinder Morgan, Inc. and Subsidiaries******As of December 31,******2003******2002******2001******2000******1999**
(In    thousands except per share amounts)**Total Assets**
$10,036,711
$10,102,750
$9,513,121
$8,396,678
$9,393,834
===========
===========
==========
==========
==========  **Capitalization:**Common Equity 
$ 2,666,117
 39%
$ 2,354,997
 37%
$2,259,997
 39%
$1,777,624
 39%
$1,649,615
 32%Deferrable Interest      Debentures1
    283,600
  4%
          -
  - 
         -
  - 
         -
  - 
         -
  - Preferred Capital      Trust Securities1
          -
  - 
    275,000
  4%
   275,000
  5%
   275,000
  6%
   275,000
  5%Minority Interests 
  1,010,140
 15%
    967,802
 15%
   817,513
 14%
     4,910
  - 
     9,523
  - Outstanding Notes      and Debentures2
  2,837,487
 42%
  2,852,181
 44%
 2,409,798
 42%
 2,478,983
 55%
 3,293,326
 63%Total Capitalization    
$ 6,797,344
100%
$ 6,449,980
100%
$5,762,308
100%
$4,536,517
100%
$5,227,464
100%
===========
=== 
===========
=== 
==========
=== 
==========
=== 
==========
===   **Book Value Per****  Common    Share**
$     21.62
$     19.35
$    18.24
$    15.53
$    14.64
===========
===========
==========
==========
==========        1As a result of a recent change in accounting    standards, the subsidiary trusts associated with these securities are no longer    consolidated, effective December 31,  2003. See Note 20 of the    accompanying Notes to Consolidated Financial Statements.2Excluding the value of interest rate swaps.    See Note 14 of the accompanying Notes to Consolidated Financial Statements. 
In June 2001, the Financial Accounting Standards Board issued Statementof Financial Accounting Standards No. 142, *Goodwill and Other Intangible Assets,*referredto in the following discussion as "SFAS 142." SFAS 142, which supercededAccounting Principles Board Opinion No. 17, *Intangible Assets,* addresses financialaccounting and reporting for (i) intangible assets acquired individually or with a groupof other assets (but not those acquired in a business combination) at acquisition and (ii)goodwill and other intangible assets subsequent to their acquisition. SFAS 142 is requiredto be applied starting with fiscal years beginning after December 15, 2001. We adoptedSFAS 142 effective January 1, 2002.

Had the provisions of SFAS 142 been in effect during the periods priorto January 1, 2002 presented above, goodwill amortization would have been eliminated,increasing net income and associated per share amounts as follows:
**Year Ended December 31,****2003******2002******2001******2000******1999**
(In    thousands, except per share amounts)Reported Net Income    (Loss) 
$381,704 
$302,725 
$225,070 
$152,415 
$(259,892)Add Back: Goodwill    Amortization,   Net of    Related Tax Benefit 
       - 
       - 
  16,198 
  17,368 
    5,449 Adjusted Net Income    (Loss) 
$381,704 
$302,725 
$241,268 
$169,783 
$(254,443)
======== 
======== 
======== 
======== 
========= Reported Earnings    (Loss) per Diluted Share 
$   3.08 
$   2.45 
$   1.86 
$   1.33 
$   (3.24)
======== 
======== 
======== 
======== 
========= Earnings (Loss) per    Diluted Share, as Adjusted 
$   3.08 
$   2.45 
$   1.99 
$   1.48 
$   (3.17)
======== 
======== 
======== 
======== 
========= 
26
**  ****Item 7.*****Management's Discussion and Analysis of Financial    Condition and Results of Operations.***
**General**

In this report, unless the context requires otherwise, references to"we," "us," "our," or the "Company" are intendedto mean Kinder Morgan, Inc. and its consolidated subsidiaries. The following discussionshould be read in conjunction with the accompanying Consolidated Financial Statements andrelated Notes. Specifically, as discussed in Notes 4, 5 and 7 of the accompanying Notes toConsolidated Financial Statements, we have engaged in acquisitions (including the October1999 acquisition of Kinder Morgan (Delaware), Inc., the indirect owner of the generalpartner interest in Kinder Morgan Energy Partners, L.P., a publicly traded master limitedpartnership, referred to in this report as "Kinder Morgan Energy Partners"), anddivestitures (including the discontinuance of certain lines of business and the transferof certain assets to Kinder Morgan Energy Partners) that may affect comparisons offinancial position and results of operations between periods.

We are a provider of energy and related services through our directownership and operation of energy-related assets, and through our ownership interests inand operation of Kinder Morgan Energy Partners, a publicly traded master limitedpartnership. Our energy-related assets owned and operated directly (which, during 2004,are budgeted to contribute approximately 48% of the total of our segment earnings plusearnings attributable to our investment in Kinder Morgan Energy Partners) include naturalgas pipelines, natural gas storage facilities, retail natural gas distribution facilitiesand a relatively small investment in natural gas-fired power generation facilities. Ourinvestment in Kinder Morgan Energy Partners, (which, during 2004, is budgeted tocontribute approximately 52% of the total of our segment earnings plus earningsattributable to our investment in Kinder Morgan Energy Partners) includes ownership of thegeneral partner interest, as well as ownership of limited partner units and shares ofKinder Morgan Management, LLC. 

As described under "Business Strategy" elsewhere in thisreport, our strategy and focus continues to be on ownership of fee-based energy-relatedassets which are core to the energy infrastructure of the country and serve growingmarkets. These assets tend to have relatively stable cash flows while presenting us withopportunities to expand our facilities to serve additional customers and nearby markets.We evaluate the performance of our investment in these assets using, among other measures,segment earnings and return on investment. We will define these measures and then presentthem by segment in the analysis of our results of operations that follows.

The variability of our operating results is attributable to a number offactors including (i) national and local markets for energy and related services,including the effects of competition, (ii) the impact of regulatory proceedings, (iii) theeffect of weather on customer energy and related services usage, as well as our operationand construction activities, (iv) increases or decreases in interest rates, (v) the degreeof our success in controlling costs and identifying and carrying out profitable expansionprojects and (vi) changes in taxation policy or rates. Certain of these factors are beyondour direct control, but we operate a structured risk management program to mitigatecertain of the risks associated with changes in the price of natural gas, interest ratesand weather (relative to historical norms). The remaining risks are primarily mitigatedthrough our strategic and operational planning and monitoring processes. See "RiskFactors" elsewhere in this report.

After the divestitures discussed above, our remaining businesses (apartfrom our investment in Kinder Morgan Energy Partners) constitute four business segments.Our largest business segment and our primary source of operating income is Natural GasPipeline Company of America, which owns and 

27

operates a major interstate natural gas pipeline system that runs fromnatural gas producing areas in West Texas and the Gulf of Mexico to its principal marketarea of Chicago, Illinois. In accordance with our strategy to increase operational focuson core assets, we have worked toward renewing existing agreements and entering into newagreements to fully utilize the transportation and storage capacity of Natural GasPipeline Company of America's system. As a result, Natural Gas Pipeline Company of Americasold virtually all of its capacity through the 2003-2004 winter season. Natural GasPipeline Company of America continues to pursue opportunities to connect its system topower generation facilities and, in addition, has extended its system to East St. Louis,Illinois.

Our other business segments consist of (i) our TransColorado system, a300-mile natural gas pipeline and related facilities extending from approximately 20 milessouthwest of Meeker, Colorado to Bloomfield, New Mexico, (ii) our retail distribution ofnatural gas to approximately 241,000 customers in Colorado, Wyoming and Nebraska and (iii)our investment in, in some cases, operation of, and in previous periods construction ofelectric power generation facilities. The TransColorado system receives gas from two coalseam natural gas treating plants located in the San Juan Basin of Colorado and frompipeline and gathering system interconnections within the Paradox and Piceance Basins ofwestern Colorado. We purchased the remaining 50 percent interest in TransColorado that wedid not already own from Questar Corp. in the fourth quarter of 2002 and have announcedplans to expand the system (see "TransColorado" following and Note 4 of theaccompanying Notes to Consolidated Financial Statements). Our retail natural gasdistribution operations are located, in part, in areas where significant growth isoccurring and we expect to participate in that growth through increased natural gasdemand. Our power segment owns interests in and, in some cases, operates power generationfacilities and continues to hold preferred investments in two gas-fired power plantsconstructed by us and placed into operation in 2002. During the fourth quarter of 2002, weannounced that we were discontinuing our power development activities and we revaluedcertain of our power assets. We also revalued certain of our power assets during thefourth quarter of 2003. See "Power" following and Note 6 of the accompanyingNotes to Consolidated Financial Statements.
**Critical Accounting Policies andEstimates**
Our discussion and analysis of financial condition and results ofoperations are based on our consolidated financial statements, prepared in accordance withaccounting principles generally accepted in the United States of America and containedwithin this report. Certain amounts included in or affecting our financial statements andrelated disclosure must be estimated, requiring us to make certain assumptions withrespect to values or conditions which cannot be known with certainty at the time thefinancial statements are prepared. The reported amounts of our assets and liabilities,revenues and expenses and associated disclosures with respect to contingent assets andobligations are necessarily affected by these estimates. We evaluate these estimates on anongoing basis, utilizing historical experience, consultation with experts and othermethods we consider reasonable in the particular circumstances. Nevertheless, actualresults may differ significantly from our estimates.

In preparing our financial statements and related disclosures, we mustuse estimates in determining the economic useful lives of our assets, obligations underour employee benefit plans, provisions for uncollectible accounts receivable, unbilledrevenues for our natural gas distribution deliveries for which meters have not yet beenread, exposures under contractual indemnifications and various other recorded or disclosedamounts. Certain of these accounting estimates are of more significance in our financialstatement preparation process than others.

In our retail natural gas distribution business, because we readcustomer meters on a cycle basis, we are required to estimate the amount of revenue earnedas of the end of each period for which service has been rendered but meters have not yetbeen read. We have available historical information for these 

28

meters and, together with weather-related data that is indicative ofnatural gas demand, we are able to make reasonable estimates. In our natural gas pipelinebusinesses, we are similarly required to make estimates for services rendered but forwhich actual metered volumes are not available at reporting dates. As with our retailnatural gas distribution business, we have historical data available to assist us in theestimation process, but the variations in volume are greater, introducing a largerpossibility of error. We believe our estimates, which are corrected to reflect actualmetered volumes in the next accounting month, provide acceptable approximations of theactual revenue earned during any period, especially given that the majority of ourrevenues in the pipeline business are derived from demand charges, which do not vary withthe actual amount of gas transported.

With respect to the amount of income or expense we recognize inassociation with our retiree medical plans, we must make a number of assumptions withrespect to both future financial conditions (for example, medical costs, returns on fundassets and market interest rates) as well as future actions by plan participants (forexample, when they will retire and how long they will live after retirement). Most ofthese assumptions have relatively minor impacts on the overall accounting recognitiongiven to these plans, but two assumptions in particular, the discount rate and the assumedlong-term rate of return on fund assets, can have significant effects on the amount ofexpense recorded and liability recognized. The selection of these assumptions is discussedin Note 15 of the accompanying Notes to Consolidated Financial Statements. While webelieve our choices for these assumptions are appropriate in the circumstances, otherassumptions could also be reasonably applied and, therefore, we note that, at our currentlevel of retiree medical funding, (i) a change of 1% in the long-term return assumptionwould increase (decrease) our annual retiree medical expense by approximately $5,680($5,234) in comparison to that recorded in 2003 and (ii) a 1% change in the discount ratewould increase (decrease) our accumulated postretirement benefit obligation by $83,546($77,626) compared to those balances as of December 31, 2003.

With respect to our environmental exposure, we utilize both internalstaff and external experts to assist us in identifying environmental issues and inestimating the costs and timing of remediation efforts. These estimates are affected bythe choice of remediation methods as well as the expected timing and length of the effort.Often, as the remediation evaluation and effort progresses, additional information isobtained, requiring revisions to estimated costs. These revisions are reflected in ourincome in the period in which they are reasonably determinable.

We are subject to litigation as the result of our business operationsand transactions. We utilize both internal and external counsel in evaluating ourpotential exposure to adverse outcomes from judgments or settlements. To the extent thatactual outcomes differ from our estimates, or additional facts and circumstances cause usto revise our estimates, our earnings will be affected.

We record a valuation allowance to reduce our deferred tax assets to anamount that is more likely than not to be realized. While we have considered futuretaxable income and prudent and feasible tax planning strategies in determining the amountof our valuation allowance, any change in the amount that we expect to ultimately realizewill be included in income in the period in which such a determination is reached. Inaddition, we do business in a number of states with differing laws concerning how incomesubject to each state's tax structure is measured and at what effective rate such incomeis taxed. Therefore, we must make estimates of how our income will be apportioned amongthe various states in order to arrive at an overall effective tax rate. Changes in oureffective rate, including any effect on previously recorded deferred taxes, are recordedin the period in which the need for such change is identified.

As discussed under "Risk Management" in Item 7A of thisreport, we enter into derivative contracts (natural gas futures, swaps and options) solelyfor the purpose of mitigating risks that accompany our 

29

normal business activities, including interest rates and the price ofnatural gas and associated transportation. We account for these derivative transactions ashedges in accordance with the authoritative accounting guidelines, marking the derivativesto market at each reporting date, with the unrealized gains and losses either recognizedas part of comprehensive income or, in the case of interest rate swaps, as a valuationadjustment to the underlying debt. Any inefficiency in the performance of the hedge isrecognized in income currently and, ultimately, the financial results of the hedge arerecognized concurrently with the financial results of the underlying hedged item. All butan insignificant amount of our natural gas related derivatives are for terms of 18 monthsor less, allowing us to utilize widely available, published forward pricing curves indetermining all of our appropriate market values. Our interest rate swaps are similar innature to many other such financial instruments and are valued for us by commercial bankswith expertise in such valuations.
**Consolidated Financial Results****Year Ended December 31,****2003******2002******2001**
(In thousands    except per share amounts)Operating Revenues 
$1,097,897 
$1,015,255  
$1,054,907 Gas Purchases and Other Costs of Sales 
   354,261 
   311,224  
   339,301 General and Administrative Expenses 
    71,741 
    73,496  
    73,319 Other Operating Expenses1
   315,802 
   393,868  
   257,968 Operating Income 
   356,093 
   236,667  
   384,319 Other Income and (Expenses) 
   270,211 
   206,063  
       308 Income Taxes 
   244,600 
   135,019 ********************************************************************************************************************************************************************** |
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