Prepared Remarks:

Operator

Good afternoon, and welcome to the quarterly earnings conference call. At this time, I would like to inform all participants that today's call is being recorded. [Operator instructions] I would now like to turn the call over to Mr. Rich Kinder, executive chairman of Kinder Morgan.

Thank you, sir. You may begin.

Rich Kinder -- Executive Chairman

OK. Thank you, Michelle. Before we begin, I'd like to remind you, as I always do, that KMI's earnings release today and this call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities and Exchange Act of 1934 as well as certain non-GAAP financial measures. Before making any investment decisions, we strongly encourage you to read our full disclosures on forward-looking statements and use of non-GAAP financial measures set forth at the end of our earnings release as well as review our latest filings with the SEC for important material assumptions, expectations, and risk factors that may cause actual results to differ materially from those anticipated and described in such forward-looking statements.

Let me begin by today, we formally announced our dividend increase for 2022, taking the annual payout to $1.11. That's the fifth consecutive annual increase. Also, as Steve Kean and the team will tell you, the year is off to a good start. Now, I want to talk about broader issues that impact all of us.

Since our last call in January, seismic events have occurred. The Russian invasion of Ukraine has shaken the world order as we know it, with a dramatic impact on the economy of Europe and indeed, the entire world predicting how this whole tragic situation will be finally resolved is far beyond my capabilities, but I'm pretty certain the impact on the energy segment of the economy will be significant at least over the next several years. This crisis has demonstrated the continued dependence of the world on fossil fuels, especially natural gas and the inability to develop a satisfactory substitute in the short to intermediate term. This situation is illustrated by the frantic efforts of Europe to wean itself from its overwhelming reliance on Russian natural gas.