Kinder Morgan
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Kinder Morgan (KMI) investor relations material

Kinder Morgan Investor presentation summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Investor presentation summary23 Feb, 2026

Infrastructure portfolio and business mix

  • Operates the largest U.S. natural gas transmission network, transporting about 40% of U.S. production and holding over 700 bcf of storage capacity.

  • Refined products segment transports 1.7 million barrels per day with 9,000 miles of pipelines and 135 million barrels of storage.

  • CO₂ segment includes 1,500 miles of pipelines and a strategic renewable natural gas platform with 6.4 bcf capacity.

Financial performance and shareholder value

  • Two-thirds of cash flows are from midstream natural gas, with 70% of cash flows take-or-pay or hedged.

  • Net Debt/Adjusted EBITDA projected at ~3.8x for YE 2026, maintaining investment-grade ratings.

  • $10 billion in committed projects at less than 6x EBITDA build multiple, with over $23 billion returned to shareholders in the past decade.

Cash flow stability and contract structure

  • 96% of 2026 budgeted cash flows are take-or-pay, fee-based, or hedged, minimizing commodity price exposure.

  • Average remaining contract terms range from 3.3 to 14.7 years across segments, with most tariffs inflation-linked or regulated.

Describe KMI's strategy for future growth beyond backlog
Explain KMI's cash flow insulation strategy
What drives increased natural gas demand volatility?
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Next Kinder Morgan earnings date

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Q1 202615 Apr, 2026
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Frequently asked questions

Oil and Gas Pipelines

Kinder Morgan is an American energy infrastructure company that specializes in the transportation and storage of natural gas, gasoline, crude oil, CO2, and other products. The company's pipelines transport natural gas, refined petroleum products, and crude oil, making it a key player in the US’s energy supply chain. Besides transportation, the company also owns and operates several storage facilities across the country. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.

Private - Public - Private - Public

Kinder Morgan was established in February 1997 by a group of investors. It was formed by the acquisition and merger of a group of pipelines and terminals originally owned by Enron Liquids Pipeline, L.P. The company's founders, Richard Kinder and William Morgan, were former executives at Enron. They aimed to create a different kind of energy company focused on pipeline transportation and storage. Over the years, Kinder Morgan expanded significantly through numerous acquisitions, consolidating various smaller energy infrastructure entities. The company was acquired and taken private in a leveraged buyout by various outside investors, including Goldman Sachs. The company went public again in 2011.

Transportation

Kinder Morgan's transportation business is a critical aspect of its operations, primarily focusing on the movement of natural gas, crude oil, gasoline, and carbon dioxide. The company owns an extensive network of pipelines, making it one of the largest pipeline operators in North America. This network facilitates the efficient and safe transportation of energy products across vast distances. Kinder Morgan's pipelines are integral to connecting energy-producing areas with consumption markets, and the infrastructure is vital for the energy sector. Two examples of public companies offering similar services are Energy Transfer and Plains All American.

Storage

Kinder Morgan's storage operations are a significant component of its business model, providing essential services in the energy sector. The company operates a diverse network of storage facilities, which include large-scale tanks and underground storage systems. These facilities are strategically located to support the energy supply chain, offering storage solutions for the same type of products that it offers transportation services for.

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