Kinder Morgan (KMI) Barclays 18th Annual Americas Select Conference summary

Macro environment and energy landscape

• Recent geopolitical events have increased focus on U.S. energy supply, with the U.S. seen as a lower-risk source for oil and gas, especially from the Permian Basin, which is a major contributor to both oil and associated gas production.

• U.S. liquefaction capacity is expanding, with current capacity at 21 Bcf/d and incremental projects underway; Middle East LNG outages are expected to last 3–5 years, supporting U.S. export growth.

• U.S. gas market is projected to grow by 19 Bcf/d over the next 4–5 years, with LNG demand accounting for about 13 Bcf/d of that growth.

• Infrastructure buildout is focused on supporting LNG and power demand, with the Permian, Marcellus, and Haynesville basins as key supply sources.

Project development and capital allocation

• $10.1 billion in board-sanctioned project backlog, with 60% related to power (including data centers, demographic shifts, and coal-to-gas switching) and 20% to LNG.

• Additional $10 billion in "shadow backlog" of projects under active customer discussion but not yet board-approved; largest demand areas are the U.S. Southeast and Southwest.

• The Trident Pipeline, a major Permian egress project, is under construction and will transport 2 Bcf/d, with future brownfield expansion possible via compression.

• Recent Monument Pipeline acquisition for over $500 million is a strategic tuck-in, integrating with existing assets and expected to deliver attractive returns over time.

Organic and inorganic growth opportunities

• Well-positioned for incremental Permian gas egress expansions, with GCX pipeline expansion underway and readiness for further greenfield or looping projects as demand grows.

• Conversion of Bakken crude pipeline to NGL service is coming online, with further phases under consideration as basin production trends shift.

• Western Gateway refined products project aims to reverse pipeline flows to address changing refinery landscape in California and the Southwest; successful open season completed, with JV negotiations ongoing.

• SFPP and related refined products assets remain valuable with strong cash flows and inflation-linked tariff escalators, regardless of project outcomes.