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With a market cap of $58 billion, Kinder Morgan, Inc. (KMI) is one of North America’s largest energy infrastructure companies, specializing in the transportation, storage, and handling of natural gas, refined petroleum products, crude oil, CO₂, and other energy commodities. Headquartered in Houston, the company operates an extensive network of pipeline systems and storage terminals, moving energy products essential for power generation, heating, industrial use, and transportation. Over the past 52 weeks, ...

Core Insights - Kinder Morgan reported a net income of $715 million for Q2 2025, a 24% increase from Q2 2024, with adjusted net income at $619 million, up 13% [1] - The company has a forward P/E ratio of 21.78x, significantly higher than the sector average of 12.50x, indicating strong growth expectations but potential valuation risks [1] - Kinder Morgan's stock price has increased by 7.4% over the past 52 weeks, currently trading near $27, despite a 3% decline year-to-date [2] Financial Performance - Adjusted EBITDA for Kinder Morgan reached $1.972 billion, a 6% increase, while EPS rose 23% to $0.28 [1] - For the remainder of 2025, Kinder Morgan aims for net income of at least $2.8 billion, an 8% increase, with adjusted EPS targets of $1.27, up 10% [6] - The company’s project list has expanded to $8.8 billion by Q1 2025, nearly three times the $3 billion at the end of 2023 [7] Dividend and Yield - Kinder Morgan has a dividend yield of 4.22%, slightly below the energy sector average of 4.24%, with a recent payment of $0.292 per share [4] - The company has consistently raised dividends for seven consecutive years through 2024, with a small increase of 2% in 2025 [2] Strategic Developments - Kinder Morgan and Phillips 66 announced a partnership for the Western Gateway Pipeline, which will connect refined fuel supplies from Texas to key markets in Arizona and California [5] - The project is expected to enhance long-term income and open new markets for Kinder Morgan [7] Analyst Sentiment - Analysts have a consensus "Moderate Buy" rating for Kinder Morgan, with an average price target of $31.74, indicating a potential 16% upside from current levels [8] - The overall sentiment in the energy sector remains positive, driven by solid investments in pipelines and related assets [4]

Kinder Morgan (KMI) reported $4.15 billion in revenue for the quarter ended September 2025, representing a year-over-year increase of 12.1%. EPS of $0.29 for the same period compares to $0.25 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $4.13 billion, representing a surprise of +0.48%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.29.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and ho ...

Core Viewpoint - Kinder Morgan is experiencing significant growth opportunities, with its expansion project backlog increasing dramatically, positioning the company for future earnings growth and enhanced dividend yields [2][10]. Financial Performance - Kinder Morgan reported nearly $2 billion in adjusted EBITDA for the third quarter, marking a 6% increase year-over-year, with adjusted earnings rising 16% to $0.29 per share [4][5]. - The company's gas pipeline earnings increased by 10%, driven by contributions from its Texas Interstate system and Tennessee Gas Pipeline, alongside a 6% rise in volumes [6]. Expansion Opportunities - The expansion project backlog has surged from $1.4 billion at the end of 2021 to $9.3 billion, with natural gas projects making up approximately $8.6 billion of this total [2][9]. - Key projects include Trident ($1.8 billion), South System Expansion 4 ($1.8 billion), and Mississippi Crossing ($1.7 billion), expected to enter commercial service by the second quarter of 2030 [9]. Future Growth Catalysts - Kinder Morgan anticipates delivering 12 billion cubic feet per day (Bcf/d) of gas to LNG terminals by 2028, up from 8 Bcf/d currently, driven by increasing demand from LNG and power sectors [10][11]. - The company is exploring over 10 Bcf/d of opportunities to supply gas to the U.S. power sector, particularly to meet the electricity needs of AI technologies [11]. Strategic Partnerships - A partnership with Phillips 66 is underway to potentially construct the Western Gateway Pipeline, which would transport refined products from Texas to Arizona and California, with a projected commercial service date in 2029 [12]. Dividend Growth Potential - Kinder Morgan's expansion projects are expected to accelerate earnings growth, providing the company with the capacity to increase its high-yielding dividend, which has been raised for eight consecutive years [13].

Core Insights - Kinder Morgan reported $4.15 billion in revenue for Q3 2025, a year-over-year increase of 12.1% and a surprise of +0.48% over the Zacks Consensus Estimate of $4.13 billion [1] - The company's EPS for the same period was $0.29, which is consistent with the consensus estimate, indicating no EPS surprise [1] Financial Performance Metrics - Realized weighted average oil price was $67.74, slightly above the average estimate of $67.7 [4] - Terminals - Bulk transload tonnage was 12.30 MMTon, below the estimated 12.46 MMTon [4] - Terminals - Liquids leasable capacity was 78.70 MMBBL, exceeding the estimate of 78.58 MMBBL [4] - Realized weighted average NGL price was $31.09, above the estimated $30.9 [4] - Segment EBDA for Products Pipelines was $288 million, slightly below the estimate of $289.29 million [4] - Segment EBDA for Terminals was $274 million, in line with the estimate of $274.2 million [4] - Segment EBDA for Natural Gas Pipelines was $1.39 billion, slightly above the estimate of $1.38 billion [4] - Segment EBDA for CO2 was $135 million, significantly below the estimate of $169.67 million [4] Stock Performance - Kinder Morgan's shares have returned -6% over the past month, while the Zacks S&P 500 composite has increased by +1.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Dividends - The company expects to declare dividends of $1.17 per share for 2025, a 2% increase from the 2024 declared dividends of $1.15 per share[112]. - The company declared a quarterly dividend of $0.2925 per share for Q3 2025, a 2% increase from Q3 2024[173]. - Declared dividends per share increased by $0.005 (2%) to $0.2925 for the three months and by $0.015 (2%) to $0.8775 for the nine months ended September 30, 2025[140]. Financial Performance - Revenues increased by $447 million (12%) for the three months ended September 30, 2025, and by $1,316 million (12%) for the nine months ended September 30, 2025, compared to the prior year periods[134]. - Operating income rose by $48 million (5%) for the three months and by $84 million (3%) for the nine months ended September 30, 2025, compared to the respective prior year periods[134]. - Net income attributable to Kinder Morgan, Inc. was $628 million for the three months and $2,060 million for the nine months ended September 30, 2025, showing a slight increase of $3 million for the three months and $114 million (6%) for the nine months compared to the prior year[140]. - Adjusted Net Income attributable to Kinder Morgan, Inc. increased by $91 million (16%) and $170 million (9%) for the three and nine months ended September 30, 2025, respectively, compared to the prior year periods[144]. - Adjusted EBITDA increased to $1,991 million for the three months and $6,120 million for the nine months ended September 30, 2025, compared to $1,880 million and $5,875 million in the prior year[140]. Costs and Expenses - Costs of sales increased by $371 million (36%) for the three months and by $984 million (32%) for the nine months ended September 30, 2025, primarily due to higher natural gas prices and volumes[136]. - General and administrative expenses increased by $7 million (4%) and $28 million (5%) for the three and nine months ended September 30, 2025, respectively, due to higher benefit-related and labor costs[146]. - Interest, net decreased by $10 million (2%) for the three months and by $43 million (3%) for the nine months ended September 30, 2025, attributed to lower interest rates on fixed-to-variable interest rate swaps[138]. Investments and Acquisitions - The company invested $648 million in the acquisition of Outrigger Energy II LLC, which includes a natural gas processing facility with a capacity of 0.27 Bcf/d and a 104-mile pipeline[111]. - The company plans to invest $3.0 billion in expansion projects, acquisitions, and contributions to joint ventures during 2025[112]. - Total capital expenditures for the nine months ended September 30, 2025, were $2,206 million, with expected total capital investments for 2025 at $4,086 million[180]. Debt and Cash Flow - The company's Net Debt as of September 30, 2025, is calculated at $32,580 million, with cash and cash equivalents of $71 million[129]. - Cash flows from operations generated $4,225 million in the first nine months of 2025, up from $4,125 million in 2024, reflecting a $100 million increase[171]. - Short-term debt as of September 30, 2025, was $1,081 million, down from $2,009 million as of December 31, 2024[175]. - Working capital deficits improved by $1,160 million from December 31, 2024, primarily due to a $1,125 million decrease in senior notes maturing in the next twelve months[176]. Segment Performance - Segment EBDA for Natural Gas Pipelines increased by $106 million (8%) and $270 million (7%) for the three and nine months ended September 30, 2025, respectively[148]. - Revenues for the Products Pipelines segment decreased by $34 million (5%) and $184 million (8%) for the three and nine months ended September 30, 2025, respectively[156]. - The East segment of Natural Gas Pipelines saw a $60 million (10%) increase for the three months ended September 30, 2025, driven by increased rates related to weather-driven demand[153]. - Midstream segment EBDA increased by $48 million (11%) for the three months ended September 30, 2025, primarily due to increased demand for services on Texas intrastate systems[155]. Market and Operational Risks - The company’s expectations for 2025 involve risks and uncertainties, advising caution in reliance on forward-looking statements[113]. - There have been no material changes in market risk exposures affecting the disclosures presented as of December 31, 2024[195].

Core Insights - Kinder Morgan (KMI) reported third-quarter results that met consensus expectations, with adjusted EBITDA of $1.991 billion, aligning with the forecast of $1.99 billion, and maintained its dividend [2] - The company highlighted a robust growth outlook, particularly through its "shadow backlog" and the recently announced binding open season for the Western Gateway pipeline project [1][2] Financial Performance - KMI's adjusted EBITDA for the third quarter was $1.991 billion, consistent with market expectations [2] - The company affirmed an expected budget beat for 2025, attributed to its $640 million Outrigger acquisition [2] Project Developments - The Western Gateway pipeline will transport refined products from Texas to Arizona and California, addressing product demand as California refineries close [2] - The project includes new pipeline construction between Borger and Phoenix, connecting to KMI's existing SFPP pipeline, which will reverse flow into California [3] - KMI's project backlog remains steady at $9.3 billion, with a notable "shadow backlog" representing a $10 billion opportunity set, primarily in natural gas investments [4] Market Position and Growth - KMI has contracts to transport 8 billion cubic feet per day (Bcf/d) of natural gas to LNG export facilities, with plans to increase this to 12 Bcf/d by 2028 as U.S. export capacity grows [4] - The company possesses ample free cash flow and leverage capacity, allowing it to pursue growth opportunities without compromising its balance sheet [5]

Core Insights - Kinder Morgan Inc. (KMI) reported third-quarter 2025 adjusted earnings per share of 29 cents, meeting the Zacks Consensus Estimate and increasing from 25 cents year over year [1][9] - Total quarterly revenues reached $4.15 billion, surpassing the Zacks Consensus Estimate of $4.13 billion and up from $3.70 billion in the prior-year quarter [1][9] Business Performance - The in-line earnings and better-than-expected revenue were primarily driven by activities related to natural gas pipelines [2] - Natural Gas Pipelines segment saw adjusted earnings before depreciation, depletion, and amortization (EBDA) rise to $1.4 billion from $1.27 billion year over year, benefiting from higher transported and gathering volumes [3] - Product Pipelines segment's EBDA increased to $288 million from $276 million, attributed to higher diesel fuel volumes [4] - Terminals segment generated EBDA of $274 million, up from $267 million, with liquids utilization at 94.6% [4] - CO2 segment's EBDA decreased to $136 million from $160 million year over year [5] Operational Highlights - Total expenses related to operations and maintenance were $786 million, down from $790 million a year ago, while total operating costs increased to $3.08 billion from $2.68 billion [6] - KMI reported a project backlog of $9.3 billion at the end of the September quarter, with a significant portion related to natural gas projects [6] Financial Position - As of September 30, 2025, KMI had $71 million in cash and cash equivalents, with long-term debt amounting to $31.3 billion [7] Future Outlook - For the year, KMI projected net income attributable to the company at $2.8 billion and estimated adjusted EPS at $1.27, with a net debt-to-adjusted EBITDA ratio anticipated at 3.8x by the end of 2025 [8]