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Kinder Morgan (KMI) investor relations material

Kinder Morgan 2025 Wolfe Research Utilities, Midstream & Clean Energy Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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2025 Wolfe Research Utilities, Midstream & Clean Energy Conference summary30 Sep, 2025

Market positioning and infrastructure

  • Holds the largest interstate natural gas pipeline network in the U.S., touching 40% of daily produced molecules and supplying significant portions to LNG exports, power generation, and exports to Mexico.

  • Well-positioned to secure new infrastructure opportunities due to extensive existing assets and network reach.

  • Sees robust demand growth for natural gas, especially in Texas, Louisiana, and the Southeast, driven by LNG buildout, industrial demand, and power generation.

  • Actively debottlenecking systems and expanding to meet growing demand, with major projects like Trident underway.

  • Opportunities for growth are geographically diverse, with projects spanning Texas, Louisiana, the Southeast, and up to the Midwest.

Project pipeline and capital allocation

  • Current sanctioned project backlog has grown from $3B to $9B in 18 months, with over $10B in additional projects under development.

  • Expects project backlog to fluctuate as projects are built and new ones are sanctioned, with visibility to extend growth for years.

  • Smaller projects are sanctioned more quickly, while larger ones take longer; some new projects could be market-ready by Q1 or Q2 next year.

  • Annual capital spending is expected around $2.5B, supporting single-digit annual EBITDA and high single-digit EPS growth, though results may be lumpy.

  • Leverage is expected to decline as projects come online, with current debt to EBITDA at 3.9x, within the long-term target range.

Execution risks and regulatory environment

  • Permitting environment has improved, with FERC streamlining processes and reducing approval times by five months.

  • Construction execution is robust, with good contractor participation and costs at or below budget, though equipment like turbines and compressors is becoming tighter.

  • Regional differences affect project execution, with Texas and the Southeast more favorable for pipeline builds than coastal states.

  • Regulatory improvements have shifted focus from permitting to equipment and labor availability, with some projects potentially coming online early.

  • Proactively considering early equipment purchases to stay ahead of supply chain constraints.

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Q3 202522 Oct, 2025
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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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