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Kinder Morgan (KMI) investor relations material
Kinder Morgan 2025 Wells Fargo 24th Annual Energy and Power Symposium summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.2025 Wells Fargo 24th Annual Energy and Power Symposium summary9 Dec, 2025
Financial guidance and capital allocation
Forecasts 4% EBITDA growth and 8% earnings growth from 2025 to 2026, with leverage at 3.8x debt/EBITDA by end of 2025.
Expansion CapEx guidance raised to over $3 billion per year for the next few years, reflecting a robust project backlog and new opportunities.
Backlog of approved expansion projects stands at $9.3 billion, up from $3 billion two years ago, with 90% focused on natural gas.
Additional $10 billion in potential projects, mainly natural gas, driven by power demand, LNG exports, and regional growth.
Dividend growth remains conservative to preserve capital for expansion, with potential for faster growth as projects come online.
Project pipeline and market opportunities
Significant growth in natural gas demand expected between 2024 and 2030, driven by LNG exports, power generation, and exports to Mexico.
Major projects include the Southern Natural Gas expansion (SS4), expected in service by 2029, and the Bridge Project in South Carolina, online by 2030.
Opportunities for further expansion in the Southeast and Southwest, including Arizona and New Mexico, with both natural gas and refined products projects.
Refined products pipeline expansion in partnership with P66 targets the Phoenix market, with open season closing soon and FID expected in Q1.
Market dynamics in Arizona and Nevada driven by California refinery shutdowns, creating new transport opportunities.
Regulatory, supply chain, and risk management
Regulatory environment has improved, with faster Corps of Engineers permitting and FERC rescinding rules that delayed project starts.
FERC now commits to 12-month permit issuance for large projects, with ongoing efforts to further compress timelines.
Supply chain constraints, especially in compression equipment, could impact new projects, but current backlog is secure.
No significant labor constraints observed yet, but ongoing monitoring continues.
Credit risk managed by focusing on regulated utilities and requiring collateral for less creditworthy counterparties.
Given CapEx, when will dividend growth accelerate?
Beyond FERC, what are the next project gating items?
What drives the Arizona refined products project?
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Next Kinder Morgan earnings date
Q4 202521 Jan, 2026
Next Kinder Morgan earnings date
Q4 202521 Jan, 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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