Group 1 - The focus of iREIT+HOYA Capital is on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1][2] - The midstream energy segment benefits from steady fee-based income despite the overall volatility in the energy industry [2] - iREIT+HOYA Capital offers investment research on various asset classes including REITs, ETFs, closed-end funds, preferreds, and dividend champions, targeting dividend yields up to 10% [2]

1Q 2026 Investor Presentation February 2026 Elba LNG Disclosure Forward-Looking Statements / Non-GAAP Financial Measures / Industry & Market Data General – The information contained in this presentation does not purport to be all-inclusive or to contain all information that prospective investors may require. Prospective investors are encouraged to conduct their own analysis and review of information contained in this presentation as well as important additional information available on the Securities and Ex ...

Core Insights - Pipeline companies are ideal long-term investments due to their stable cash flows from long-term contracts and growing energy demand [1][16] Group 1: Enbridge - Enbridge is a leading North American energy infrastructure company, transporting 30% of North America's crude oil and 20% of the natural gas consumed in the U.S. [4] - The company has a low-risk business model, with over 90% of earnings from regulated rate structures or take-or-pay contracts, allowing for stable cash flows [5] - Enbridge has a current dividend yield of 5.6% and has increased its dividend for 31 consecutive years, with expected cash flow growth of 3% per share this year and around 5% annually beyond 2026 [7][5] Group 2: Kinder Morgan - Kinder Morgan operates the largest U.S. gas transmission network, transporting 40% of the country's production [8] - The company has locked in 70% of its annual cash flows from take-or-pay contracts and hedging agreements, with a current dividend yield of 3.6% [10][11] - Kinder Morgan has $10 billion in commercially secured expansion projects expected to complete through 2030, enhancing its growth visibility [11] Group 3: Williams - Williams is a leading gas infrastructure company, handling a third of the gas produced in the U.S., positioning it well for a projected 35% surge in gas demand over the next decade [12] - The company is investing $15.5 billion into growth capital projects through 2033, including $7 billion into gas-fired power innovation projects [14] - Williams has paid dividends for over 50 consecutive years, with a current yield of 2.9% and an expected earnings growth rate of over 10% annually through 2030 [15]

Core Viewpoint - Kinder Morgan's recent earnings report shows strong performance, with adjusted EPS and total revenues exceeding estimates, driven primarily by the Natural Gas Pipelines segment [2][3]. Financial Performance - Kinder Morgan reported Q4 2025 adjusted EPS of 39 cents, beating the Zacks Consensus Estimate of 37 cents, and increased from 32 cents year over year [2]. - Total quarterly revenues reached $4.5 billion, surpassing the Zacks Consensus Estimate of $4.4 billion, and up from $4 billion in the prior-year quarter [2]. Segmental Analysis - **Natural Gas Pipelines**: Adjusted EBDA rose to $1.63 billion from $1.43 billion year over year, achieving record results due to higher contributions from Texas Intrastate system and increased transport volumes [4]. - **Product Pipelines**: EBDA increased to $307 million from $299 million year over year, attributed to higher transport rates [5]. - **Terminals**: Generated EBDA of $294 million, up from $282 million year over year, with liquids utilization at 92.9%, down from 95.2% [6]. - **CO2**: EBDA decreased to $145 million from $161 million year over year [6]. Operational Highlights - Total operating costs increased to $3.14 billion from $2.88 billion, with operational and maintenance expenses at $787 million, up from $761 million [7]. - Kinder Morgan's project backlog stood at $10 billion, with natural gas projects making up approximately 90% of this backlog [7]. Balance Sheet - As of December 31, 2025, Kinder Morgan reported $63 million in cash and cash equivalents, with long-term debt at $30.6 billion [8]. Outlook - For 2026, Kinder Morgan projects net income attributable to KMI at $3.1 billion and adjusted EPS at $1.36 per share, with budgeted Adjusted EBITDA of $8.6 billion [9]. - The company anticipates a net debt-to-adjusted EBITDA ratio of 3.8x by the end of 2026 [9]. Estimate Trends - Since the earnings release, there has been a downward trend in estimates for Kinder Morgan [10][12]. VGM Scores - Kinder Morgan has a subpar Growth Score of D, a Momentum Score of D, and a Value Score of D, placing it in the bottom 40% for value investors [11].

Core Viewpoint - The analysis compares Ultrapar Participacoes S.A. (UGP) and Kinder Morgan (KMI) to determine which stock is more attractive for value investors [1] Group 1: Zacks Rank and Earnings Outlook - UGP has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while KMI has a Zacks Rank of 3 (Hold) [3] - The Zacks Rank system favors stocks with positive revisions to earnings estimates, suggesting that UGP has an improving earnings outlook [3] Group 2: Valuation Metrics - UGP has a forward P/E ratio of 13.06, significantly lower than KMI's forward P/E of 23.74 [5] - UGP's PEG ratio is 1.69, while KMI's PEG ratio is 2.65, indicating UGP may be undervalued relative to its expected earnings growth [5] - UGP's P/B ratio is 1.68 compared to KMI's P/B of 2.21, further supporting UGP's valuation attractiveness [6] Group 3: Value Grades - UGP has a Value grade of A, while KMI has a Value grade of D, highlighting UGP's superior valuation metrics [6] - The combination of Zacks Rank and Style Scores indicates that UGP is a more favorable option for value investors compared to KMI [6]

Group 1 - Kinder Morgan, Inc. (NYSE: KMI) is recognized as one of the 12 Dividend Stocks with High Insider Buying, indicating strong confidence from insiders in the company's future performance [1]. - On February 3, 2026, Director William A. Smith purchased 3,000 shares, increasing his ownership by 6%, which reflects positive sentiment from the board regarding the company's long-term operations [2]. - Conversely, Vice President John W. Schlosser sold 6,166 shares on February 5, 2026, for a total of $185,523, leaving him with 195,038 shares, contributing to the company's insider ownership of 12.79% [3]. Group 2 - The Board of Directors announced a cash dividend of $0.2925 per share for Q4 2026, marking a 2% increase from the Q4 2024 dividend, payable on February 17, 2026, to unitholders as of February 2, 2026 [4]. - Kinder Morgan, Inc. is a North American energy infrastructure company specializing in the transportation and storage of natural gas and crude oil, founded in 1997 and headquartered in Texas [5].

Core Insights - The article discusses the significance of insider buying in dividend stocks amidst concerns over a recent executive order affecting CEO pay, dividends, and stock buybacks in the U.S. defense sector [2][3][4] Group 1: Insider Buying and Market Sentiment - Insider buying is highlighted as a reliable indicator for investors, as insiders possess first-hand information about their companies [4] - The article references Peter Lynch's philosophy that insiders buy shares when they believe the price will rise, emphasizing the importance of insider transactions [5] Group 2: Methodology for Stock Selection - The list of 12 dividend stocks with high insider buying was compiled using the Finviz stock screener, focusing on stocks with insider ownership of 10% or more [8] - The stocks were ranked based on insider ownership and included data on hedge fund holdings from Q3 2025 to provide additional insights into investor interest [8][10] Group 3: Company-Specific Insights - Paychex, Inc. (NASDAQ:PAYX) has a dividend yield of 4.45% and insider ownership of 10.32%, with significant insider purchases made on February 5, 2026 [11] - Kinder Morgan, Inc. (NYSE:KMI) has a dividend yield of 3.72% and insider ownership of 12.79%, with notable insider activity including a purchase by a director on February 3, 2026, and a dividend increase of 2% announced for Q4 2026 [15][18]

Core Viewpoint - The pipeline sector features high-quality dividend stocks, with Oneok and Kinder Morgan being prominent players, each offering attractive dividends and growth potential. Oneok Overview - Oneok's current dividend yield is over 5%, significantly higher than the S&P 500's 1.1% yield, with a history of nearly 100% dividend growth over the past decade [3][4] - The company aims to pay out less than 85% of its stable cash flow in dividends, allowing for capital retention for growth investments [4] - Oneok has several organic expansion projects, including an LPG export terminal and a gas pipeline, expected to be operational by 2028, and anticipates capturing hundreds of millions in annual synergies from recent acquisitions [4] Kinder Morgan Overview - Kinder Morgan has a current dividend yield of 3.7% and plans to increase its payout by about 2% this year, marking its ninth consecutive year of dividend increases [6][9] - The company cut its dividend over a decade ago to maintain a strong financial profile, with a lower payout ratio of around 50% of stable cash flow [7] - Kinder Morgan is investing heavily in expanding its gas pipeline network, with $10 billion in projects expected to be completed by mid-2030 and an additional $10 billion in expansion projects planned [9] Investment Comparison - Oneok is positioned as a better option for investors prioritizing current income due to its higher dividend yield and faster expected growth in dividends [10] - Conversely, Kinder Morgan offers higher growth potential, making it more suitable for investors seeking total returns [10]

Core Viewpoint - Kinder Morgan (KMI) shares have experienced a positive trend, marking seven consecutive sessions of gains, with a recent increase of 1% to $32.32 on Friday [1] Performance Summary - The energy infrastructure company saw a total gain of 4.5% over the preceding six sessions [1] - KMI's stock has risen by 17% over the past month [1] Company Insights - Kinder Morgan is noted for leveraging its irreplaceable position in the U.S. energy sector [1]

Infrastructure and Capacity - As of December 31, 2025, the company owned and operated approximately 78,000 miles of pipelines and 136 terminals, with a working natural gas storage capacity of approximately 706 Bcf[20]. - The company owns and operates a total of 10,725 miles of pipeline with a design capacity of 6.41 Bcf/d for EPNG/Mojave and 6.00 Bcf/d for CIG[34]. - The company has approximately 42,000 miles of wholly owned natural gas pipelines and equity interests in entities with approximately 25,000 miles of additional pipelines[32]. - The company owns and operates a total of 11,760 miles of pipeline in the East Region, with a design capacity of 14.56 Bcf/d and processing capacity of 76 MBbl/d[33]. - The company operates 47 liquids terminals with a total capacity of 78.7 MMBbl and 24 bulk terminals[48]. Projects and Acquisitions - The company completed the acquisition of a natural gas gathering and processing system in North Dakota for $648 million, which includes a 0.27 Bcf/d processing facility[22]. - The first phase of the TGP and SNG Evangeline Pass project, providing approximately 0.9 Bcf/d of natural gas transportation capacity, was placed in service in July 2024, with a total capital scope of $661 million[22]. - The South System Expansion 4 project is expected to increase capacity by approximately 1.3 Bcf/d, with a total capital scope of $1,830 million, and is expected to be completed in two phases by the fourth quarter of 2029[23]. - The Trident Intrastate pipeline project aims to provide approximately 2.0 Bcf/d of capacity, with a total capital scope of $1,799 million, and is expected to be completed by the fourth quarter of 2028[23]. - The Mississippi Crossing project is designed to transport up to 2.1 Bcf/d of natural gas, with an expected in-service date in the second quarter of 2028 and a capital scope of $1,703 million[23]. Financial Performance and Strategy - The company issued $1,850 million of new senior notes during 2025 to repay short-term borrowings and fund maturing debt[25]. - The business strategy focuses on stable, fee-based energy transportation and storage assets, with an emphasis on increasing utilization and controlling costs[29]. - The company aims to maintain a strong financial profile and enhance shareholder value through disciplined capital allocation and expansion projects[29]. - The profitability of the refined petroleum products pipeline transportation business is driven by the volume of products transported and the prices received, with demand generally stable except during high price periods or recessions[43]. - The company does not rely on any single customer for more than 10% of its total consolidated revenues, indicating a broad customer base[64]. Regulatory Compliance and Environmental Impact - The company is subject to extensive federal, state, and local regulations, impacting its operational and financial strategies[65]. - The FERC has the authority to impose civil penalties of nearly $1.6 million per day for regulatory violations, emphasizing the importance of compliance[69]. - The company is subject to extensive federal, state, and local laws and regulations related to environmental protection, which may require significant capital expenditures for compliance[83]. - The company is required to conduct additional assessments to identify risks in Moderate Consequence Areas (MCAs) for gas pipelines as part of its pipeline safety obligations[97]. - The company anticipates that GHG regulations may increase demand for carbon sequestration technologies, which have been successfully demonstrated in its enhanced oil recovery operations[95]. Employee and Operational Management - The company employed 11,028 full-time personnel as of December 31, 2025, including approximately 867 full-time hourly personnel under collective bargaining agreements expiring between 2026 and 2029[104]. - The company is committed to equal opportunity employment and provides ongoing career development programs to support employee growth[108]. - Employee development is supported through various programs, including workforce training and tuition reimbursement, aimed at maximizing employee potential[109]. - The compensation program is linked to both long- and short-term strategic financial and operational objectives, including competitive base salaries and benefits[110]. Market Competition - The company competes in the natural gas infrastructure market with a focus on location, rates, and reliability of service, facing competition from both interstate and intrastate pipelines[38]. - The company competes with other independent terminals and major oil companies in the liquids terminal market, leveraging its large capacity to attract customers[52]. Waste Management and Safety - The company generates both hazardous and non-hazardous wastes, subject to the Federal Resource Conservation and Recovery Act (RCRA) and comparable state statutes[84]. - The company is required to develop and maintain pipeline integrity management programs under PHMSA regulations, which have expanded safety obligations[96][97]. - The company aims to outperform the annual industry average total recordable incident rate (TRIR) of 0.9 for 2025[105].