Financial Data and Key Metrics Changes - For Q4 2025, adjusted EBITDA increased by 10% compared to Q4 2024, and adjusted EPS grew by 22% [6] - Net income attributable to Kinder Morgan for Q4 2025 was $996 million, with EPS of $0.45, representing a 49% and 50% increase over Q4 2024 respectively [16] - The company achieved record levels of EBITDA and net income for the full year 2025, exceeding budget expectations [19] Business Line Data and Key Metrics Changes - In the natural gas business unit, transport volumes rose by 9% in Q4 2025 compared to Q4 2024, driven by increased LNG feed gas deliveries [10] - Natural gas gathering volumes increased by 19% in Q4 2025 compared to Q4 2024, with significant contributions from the Haynesville system [10] - Refined products volumes decreased by 2% in Q4 2025 compared to Q4 2024, while crude and condensate volumes fell by 8% in the same period [11] Market Data and Key Metrics Changes - The company estimates that feed gas demand will average 19.8 BCF per day in 2026, a 19% increase from 16.6 BCF per day in 2025, with expectations of over 34 BCF per day by 2030 [3] - The U.S. natural gas market is projected to grow with an incremental 20 BCF per day of demand growth between 2030 and 2035 [7] Company Strategy and Development Direction - Kinder Morgan's strategy focuses on capitalizing on the strong demand for natural gas, particularly through its extensive pipeline networks along the Texas-Louisiana Gulf Coast [4] - The company has a project backlog of approximately $10 billion, with additional opportunities exceeding $10 billion beyond the backlog [7] - The company aims to maintain a disciplined approach to capital allocation while continuing to strengthen its balance sheet [17] Management's Comments on Operating Environment and Future Outlook - Management expressed a bullish outlook on natural gas demand, citing strong growth drivers such as LNG feed gas requirements for new projects [3] - The company anticipates continued strong performance in 2026, supported by its natural gas assets and project backlog [4] - Management noted that the balance sheet is in great shape, with recent credit rating upgrades reflecting the company's financial strength [8] Other Important Information - The company declared a quarterly dividend of $0.2925 per share, a 2% increase from 2024 [16] - S&P upgraded Kinder Morgan to BBB Plus, indicating a strengthened financial profile [8] Q&A Session Summary Question: Can you talk about the data center opportunities and what you're seeing actively? - Management indicated that about 60% of the $10 billion backlog is associated with power projects, including data centers, and highlighted significant power demand growth in states like Georgia [24] Question: What are the next steps on the Western Gateway following the second open season? - Management stated that capital allocation is based on risk and return, and they expect to fund the project while also pursuing natural gas opportunities [30] Question: How do you think about maintaining leverage levels? - Management plans to spend about $3 billion per year in CapEx, which can be funded entirely from cash flow, allowing for capacity without significantly increasing leverage [32] Question: Can you provide an update on the Double H conversion project? - Management expects the project to come online in late Q1 or early Q2, with positive discussions ongoing for future phases [37] Question: How meaningful is Continental Resources as a customer? - Management noted that Continental represents about 3% of overall EBITDA, and the impact from their drilling halt is manageable [43] Question: Are there more non-core assets that you're looking to sell? - Management indicated that asset sales are opportunistic and based on economic decisions, with the recent EagleHawk sale being a strategic choice [45] Question: What opportunities does the industry present in light of current weather conditions? - Management highlighted that the gas transportation market is tight, and dislocations in supply or demand can create opportunities for the company [52]

Financial Data and Key Metrics Changes - For Q4 2025, adjusted EBITDA increased by 10% compared to Q4 2024, and adjusted EPS grew by 22% [5] - Net income attributable to Kinder Morgan for Q4 2025 was $996 million, with EPS of $0.45, representing increases of 49% and 50% respectively compared to Q4 2024 [14] - The company achieved record levels for EBITDA and net income in 2025, exceeding budget expectations [16] Business Line Data and Key Metrics Changes - Natural gas transport volumes rose by 9% in Q4 2025 compared to Q4 2024, with a 5% increase for the full year [9] - Natural gas gathering volumes increased by 19% in Q4 2025 compared to Q4 2024, with a full-year increase of 4% [9] - Refined products volumes decreased by 2% in Q4 2025 compared to Q4 2024, while crude and condensate volumes fell by 8% in the same period [10] Market Data and Key Metrics Changes - The company expects feed gas demand to average 19.8 BCF per day in 2026, a 19% increase from 16.6 BCF per day in 2025, with projections of over 34 BCF per day by 2030 [3] - The utilization of liquid lease capacity remains high at 93%, with tank utilization at key hubs reaching 99% [12] Company Strategy and Development Direction - Kinder Morgan's strategy focuses on expanding its natural gas assets, with a project backlog increasing to approximately $10 billion [5] - The company is exploring over $10 billion in additional project opportunities beyond the current backlog [6] - The management emphasizes a disciplined approach to capital allocation while maintaining a strong balance sheet, with a net debt to adjusted EBITDA ratio improving to 3.8 times [16] Management's Comments on Operating Environment and Future Outlook - Management expressed a bullish outlook on natural gas demand, driven by the need for additional LNG feed gas for export facilities [3] - The company anticipates continued strong performance in 2026, supported by the strength of its natural gas assets [4] - Management noted that the financial profile has strengthened, with recent credit rating upgrades from S&P and Fitch [16] Other Important Information - The company completed a significant asset sale, generating a gain that contributed to the strong financial results [15] - The management team is undergoing a transition, with Tom Martin retiring and Dax stepping into the president's role [7] Q&A Session Summary Question: Can you discuss the data center opportunities and the 70% exposure mentioned? - The backlog includes about 60% associated with power projects, with significant growth expected in states like Georgia [22] Question: What are the next steps for the Western Gateway project? - The project is being evaluated based on risk and return, with a focus on long-term shipper contracts [26] Question: How do you view leverage levels and capital allocation? - The company plans to spend about $3 billion per year in CapEx, which can be funded entirely from cash flow [28] Question: What is the impact of the Double H conversion project? - The project is expected to come online in late Q1 or early Q2, with positive discussions ongoing for future phases [31] Question: How significant is Continental Resources as a customer? - Continental represents about 3% of Kinder Morgan's overall EBITDA, and the impact from their drilling halt is manageable [36] Question: Are there more non-core assets for sale? - The recent asset sale was opportunistic, and the company is open to selling assets at the right price [39] Question: What are the opportunities in the Midwest for NGPL? - There are significant discussions and binding commitments for projects, with a focus on securing returns before progressing [50]

Kinder Morgan Inc (NYSE:KMI) reported financial results for the fourth quarter after the market close on Wednesday. Here’s a rundown of the report. Kinder Morgan shares are trending higher. Why are KMI shares climbing?Kinder Morgan Beats Revenue, EPS Estimates In Q4Kinder Morgan reported fourth-quarter revenue of $4.51 billion, beating the consensus estimate of $4.31 billion, according to Benzinga Pro. The energy infrastructure company reported adjusted quarterly earnings of 39 cents per share, beating anal ...

Article content Adjusted Net Income Attributable to Kinder Morgan, Inc. (KMI) is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items. Adjusted Net Income Attributable to Kinder Morgan, Inc. is used by us, investors, and other external users of our financial statements as a supplemental measure that provides decision-useful information regarding our period-over-period performance and ability to generate earnings that are core to our ongoing operations. We believe the GAAP ...

Financial Performance - Fourth quarter net income attributable to Kinder Morgan, Inc. was $996 million, a 49% increase from $667 million in the fourth quarter of 2024[6] - Adjusted EBITDA for the fourth quarter was $2,271 million, up 10% compared to the fourth quarter of 2024[6] - Earnings per share (EPS) reached $0.45, a 50% increase from the fourth quarter of 2024, while Adjusted EPS was $0.39, up 22%[6] - Revenues for Q4 2025 reached $4.508 billion, a 16% increase from $3.987 billion in Q4 2024[41] - Net income attributable to Kinder Morgan, Inc. was $996 million for Q4 2025, up 49% from $667 million in Q4 2024[45] - Adjusted Net Income attributable to Kinder Morgan, Inc. increased by 22% to $866 million in Q4 2025 from $708 million in Q4 2024[45] - Adjusted EBITDA for the year ended December 31, 2025 was $8.391 billion, a 6% increase from $7.938 billion in 2024[45] - Net income attributable to Kinder Morgan, Inc. for the year ended December 31, 2025, was $3,056 million, a 17% increase from $2,613 million in 2024[56] - Adjusted EBITDA for the year ended December 31, 2025, reached $8,391 million, up from $7,938 million in 2024, representing a 5.7% growth[56] Cash Flow and Dividends - The company generated cash flow from operations of $1.7 billion and free cash flow (FCF) of $0.9 billion, representing increases of 12% and 18% respectively from the prior year[7] - KMI's 2026 budgeted adjusted net income is projected to be 5% higher than 2025, with Adjusted EPS expected to be $1.36, also up 5%[12] - The company plans to declare dividends of $1.19 per share for 2026, a 2% increase from 2025[12] - Declared dividends per share increased by 2% to $0.2925 in Q4 2025 from $0.2875 in Q4 2024[41] - Free cash flow (FCF) for the year ended December 31, 2025, was $2,891 million, compared to $3,006 million in 2024, indicating a decrease of 3.8%[59] Project and Operational Highlights - The project backlog at the end of the fourth quarter of 2025 was $10 billion, with natural gas projects accounting for approximately 90% of this backlog[10] - KMI completed a sale of its 25% non-operated interest in BPX Gathering LLC for $396 million, resulting in a pre-tax gain on sale of $123 million[23] - KMI has begun construction on the $1.8 billion Trident Intrastate Pipeline, expected to be in service in phases starting in 2027[23] - Natural gas transport volumes increased to 48,353 BBtu/d in Q4 2025, up 4.1% from 44,507 BBtu/d in Q4 2024[53] - Total refined product volumes decreased slightly to 1,612 MBbl/d in Q4 2025, compared to 1,644 MBbl/d in Q4 2024, reflecting a 1.9% decline[53] Financial Metrics and Ratios - Adjusted Net Income Attributable to Kinder Morgan, Inc. is calculated by adjusting net income for Certain Items, providing insight into core operational performance[31] - Adjusted EBITDA is utilized to evaluate leverage and is calculated by adjusting net income for Certain Items, DD&A, income tax expense, and interest[32] - The ratio of Net Debt-to-Adjusted EBITDA is a key performance target for the annual incentive compensation program[34] - Free Cash Flow (FCF) is calculated by reducing cash flow from operations for capital expenditures, providing additional insight into cash flow generation[36] - The company’s net debt as of December 31, 2025, was $31,716 million, slightly down from $31,725 million in 2024[56] Market Outlook and Risks - Total demand for natural gas is projected to grow by 17% through 2030, with long-term contracts to move 8 Bcf/d of natural gas feedstocks to LNG facilities, expected to increase to 12 Bcf/d by the end of 2028[8] - Forward-looking statements include expectations for long-term demand for KMI's assets and services, anticipated dividends, and capital projects[37] - Important factors affecting future performance include commodity prices, changes in supply and demand, and regulatory approvals for expansion projects[38] - The company emphasizes that forward-looking statements are subject to risks and uncertainties, and actual results may differ materially[38] Cost and Expense Analysis - Operating income for the year ended December 31, 2025 was $4.724 billion, compared to $4.384 billion in 2024[41] - Interest expense for the year ended December 31, 2025 was $1.801 billion, slightly down from $1.844 billion in 2024[41] - Total operating costs for the year ended December 31, 2025 were $12.213 billion, an increase from $10.716 billion in 2024[41] Commodity Pricing - Realized weighted average oil price for Q4 2025 was $66.34 per Bbl, down from $67.24 per Bbl in Q4 2024[53] - Liquids utilization percentage for Q4 2025 was 92.9%, a decrease from 95.2% in Q4 2024[53]

Kinder Morgan, Inc. (NYSE:KMI) will release earnings results for the fourth quarter, after the closing bell on Wednesday, Jan. 21.Analysts expect the Houston, Texas-based company to report quarterly earnings at 37 cents per share, up from 32 cents per share in the year-ago period. The consensus estimate for Kinder Morgan's quarterly revenue is $4.33 billion, up from $3.99 billion a year earlier, according to data from Benzinga Pro.On Dec. 8, Kinder Morgan said it sees FY26 adjusted EPS of $1.37.Kinder Morga ...

Kinder Morgan, Inc. (NYSE:KMI) will release earnings results for the fourth quarter, after the closing bell on Wednesday, Jan. 21.Analysts expect the Houston, Texas-based company to report quarterly earnings at 37 cents per share, up from 32 cents per share in the year-ago period. The consensus estimate for Kinder Morgan's quarterly revenue is $4.33 billion, up from $3.99 billion a year earlier, according to data from Benzinga Pro.On Dec. 8, Kinder Morgan said it sees FY26 adjusted EPS of $1.37.Kinder Morga ...

Key Takeaways KMI is set to report Q4 results on Jan. 21, with EPS estimated at 36 cents and revenues at $4.4 billion.Revenues and earnings from natural gas pipelines are projected to rise year over year in Q4.KMI has an Earnings ESP of 0.00%, reducing the likelihood of a Q4 earnings beat.Kinder Morgan Inc. (KMI) is set to report fourth-quarter 2025 results on Jan. 21, after the closing bell.Let us examine the factors that are expected to have impacted this pipeline operator’s quarterly performance. However ...

Kinder Morgan, Inc. (NYSE:KMI) is one of the 12 Best American Energy Stocks to Buy Now. On January 16, Scotiabank increased its price target on Kinder Morgan, Inc. (NYSE:KMI) from $27 to $29 and maintained its Sector Perform rating on the stock. The research firm updated its price targets for energy infrastructure companies under its coverage. Scotiabank pointed out that strong power demand and LNG exports are creating new opportunities for the sector. This led the firm to see an upward bias in its long-t ...

Core Insights - Kinder Morgan (KMI) is expected to report quarterly earnings of $0.36 per share, reflecting a 12.5% increase year-over-year [1] - Revenue forecasts stand at $4.42 billion, indicating a 10.9% year-over-year growth [1] - The consensus EPS estimate has remained unchanged over the past 30 days, suggesting analysts have reassessed their projections [1] Earnings Estimates and Market Reactions - Changes in earnings estimates are crucial for predicting investor reactions to stock performance [2] - Empirical research shows a strong correlation between earnings estimate revisions and short-term stock price performance [2] Analyst Forecasts for Key Metrics - Analysts project 'Terminals - Bulk transload tonnage' to reach 12 million tons, down from 13 million tons in the same quarter last year [4] - The 'Segment EBDA- CO2' is estimated at $150.69 million, compared to $158.00 million a year ago [5] - 'Segment EBDA- Terminals' is forecasted to be $278.21 million, slightly down from $281.00 million in the previous year [5] - 'Segment EBDA- Products Pipelines' is expected to be $302.05 million, consistent with the previous year's figure of $302.00 million [6] - 'Segment EBDA- Natural gas Pipelines' is projected to reach $1.56 billion, up from $1.39 billion in the same quarter last year [6] Stock Performance - Kinder Morgan shares have returned +4.1% over the past month, outperforming the Zacks S&P 500 composite's +2% change [6] - The company holds a Zacks Rank 3 (Hold), indicating it is expected to mirror overall market performance in the near future [6]