“ No, Kinder Morgan has not had two classes of common stock for dividends. It operates under a "one-share-one-vote" system for its common stock, meaning each share has equal rights.
However, there were different structures and unit classes when the company was a complex set of Master Limited Partnerships (MLPs) before its 2014 consolidation:
Before the 2014 Consolidation: Kinder Morgan was primarily composed of several publicly traded entities, including Kinder Morgan Partners (KMP), Kinder Morgan Energy Partners (KMR), and El Paso Pipeline Partners (EPB), with Kinder Morgan Inc. (KMI) as the general partner.
Partnership Units: KMP's partnership agreement required it to distribute all available cash after each quarter and had different classes of limited partner interests, including common units, Class B units, and i-units. While the common and Class B units received cash distributions, KMR received distributions in the form of additional i-units.
Current Structure: In a major transaction in November 2014, KMI acquired all of the outstanding units/shares of its controlled entities, simplifying the structure into a single C-corporation, Kinder Morgan, Inc. (KMI).
Since the consolidation, KMI has a single class of common stock and pays consistent quarterly cash dividends to all common stockholders equally. “