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/day and further growth expected as global LNG demand rises and Middle East supply faces outages.

• U.S. gas market is projected to grow by about 19 Bcf/day over the next 4-5 years, with LNG demand accounting for a significant portion of this growth.

Project development and growth opportunities

• The company has a $10.1 billion board-sanctioned project backlog, with about 60% related to power and 20% to LNG, supported by binding agreements with creditworthy counterparties.

• The Trident Pipeline, a key project for Permian gas egress, is under construction and will transport 2 Bcf/day, with potential for quick brownfield expansion.

• A $10 billion shadow backlog consists of projects under active customer discussion, mainly focused on power demand in the U.S. Southeast and Southwest, with significant opportunities in infrastructure.

Strategic partnerships and acquisitions

• Participation in the SoftBank-led consortium for a 9.2 GW data center project in Ohio highlights unique positioning, though no binding agreements are yet in place.

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