Kinder Morgan (KMI) Barclays 39th Annual CEO Energy-Power Conference 2025 summary

Natural gas demand and infrastructure outlook

• Forecast for natural gas demand growth increased to 28 BCF/day between 2025–2030, driven mainly by LNG export growth and power sector needs.

• LNG export demand is projected at 20 BCF/day, with current projects under construction supporting this outlook.

• Power demand growth is fueled by data centers, population migration, and industrial onshoring, with natural gas expected to fill gaps left by renewables.

• Projections for power demand are conservative compared to utility IRPs and AI-driven estimates, suggesting potential upside.

• Current environment offers the best opportunity set for natural gas infrastructure in decades.

Major projects and expansion opportunities

• Trident pipeline, a $1.8B project, will move 2 BCF/day, primarily serving LNG demand and connecting to KMLP for expanded reach.

• Expansion opportunities exist for Trident and other pipelines, with contracted LNG capacity expected to rise from 8 to 12 BCF/day.

• Haynesville gathering and processing capacity is being expanded by $500M, adding 1 BCF/day to meet rising LNG feed gas demand.

• Texas Access Project leverages KMLP to deliver gas from Trident into South Louisiana, enhancing flexibility and expansion potential.

Competitive advantages and project pipeline

• Extensive pipeline network (63 BCF/day capacity) enables cost-effective expansions and diverse service offerings.

• Backlog has grown from $3B to $9.3B, with about half related to power sector projects.

• Opportunity set for new projects remains robust at $7–$11B, despite recent additions to the backlog.

• Power demand growth is not limited to data centers; includes coal conversions and new plants in multiple regions.