Financial Data and Key Metrics Changes - The company reported net income of $91.7 million for Q3 2025, with Adjusted EBITDA at $86.3 million [10] - Mineral and royalty production increased to 34.7 thousand BOE per day, a 5% increase from the previous quarter [10] - Distributable cash flow for the quarter was $76.8 million, representing a coverage ratio of 1.21 times [11] Business Line Data and Key Metrics Changes - The increase in production was primarily driven by strong volumes in the Permian Basin [10] - Total production volumes reached 36.3 thousand BOE per day, with 57% of oil and gas revenue coming from oil and condensate production [10][11] Market Data and Key Metrics Changes - The company is optimistic about the natural gas market outlook, particularly due to increasing demand from LNG and power sectors [11] - The company expects to see significant gas growth from the Shelby Trough, with over 50 wells anticipated to be drilled annually [5][6] Company Strategy and Development Direction - The company is pursuing acquisitions in the Haynesville expansion and is working on a development agreement covering 220,000 gross acres [4][5] - The focus remains on increasing production and distribution outlook through ongoing development agreements and new projects in the Permian [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the company, emphasizing the importance of focusing on a multi-year forecast rather than short-term fluctuations [27] - The company is well-positioned to benefit from the expected stability in natural gas markets, suggesting that now is an opportune time to invest in shares [28] Other Important Information - The company added $20 million in mineral and royalty acquisitions during the quarter, bringing total acquisitions since September 2023 to approximately $193 million [8] - Management highlighted the potential for significant inventory in the Shelby Trough and surrounding areas, indicating ongoing geological exploration [22][25] Q&A Session Summary Question: Update on KLX area discussions and interest following Expand's entry - Management indicated progress in discussions, now at the half-yard line, with expectations to finalize soon [18] - Interest in commitments remains robust, with operating partners able to exceed minimum annual commitments [20] Question: Volume trends for Q4 and 2026 - Management remains cautious about updating guidance but is optimistic about Aethon volumes and Permian developments coming online [26] Question: Natural gas differentials and hedging strategy - The company maintains a consistent hedging strategy and is focused on high-interest acreage to mitigate challenges related to Waha pricing [34][35]

Financial Data and Key Metrics Changes - The company increased the midpoint of its 2025 adjusted EBITDA guidance range to $1.13 billion, an 18% increase from the prior year adjusted EBITDA guidance [5] - Adjusted EBITDA for the third quarter was $288 million, representing an $11 million increase from the prior quarter [11] - The distributable cash flow guidance range was raised to $800 to $830 million, a midpoint increase of $45 million due to lower maintenance capital, interest, and cash taxes [12] Business Line Data and Key Metrics Changes - The pipeline segment results were in line with the second quarter, while gathering segment results were $10 million higher than the second quarter, driven by higher volumes on the Haynesville system [11] - Total gathering volumes for the Haynesville averaged 2.04 Bcf per day, a 35% increase over the third quarter of 2024 [11] - The LEAP Phase 4 expansion increased capacity from 1.9 to 2.1 Bcf per day, providing access to Gulf Coast LNG markets [7] Market Data and Key Metrics Changes - The company noted robust gas and power demand growth throughout the region, particularly in Louisiana, driven by data center activity and LNG demand [6][10] - The Northeast volumes averaged 1.09 Bcf per day, with expectations for higher volumes in the fourth quarter [11][12] - The Haynesville system demonstrated record high throughput, indicating producers' ability to respond quickly to LNG demand signals [9] Company Strategy and Development Direction - The company is focused on executing its pure play natural gas pipeline strategy and is well-positioned with a strong balance sheet to fund incremental investments [15] - The Guardian G3+ expansion will increase the total capacity of the Guardian pipeline by approximately 537 million cubic feet per day, supported by long-term contracts with investment-grade utilities [6] - The company is pursuing upstream network opportunities to enhance flexibility and reliability for customers [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position within the natural gas market, citing a positive shift in Haynesville and strong demand growth [10] - The recent Senate confirmation of two new FERC members was viewed as an encouraging sign for the regulatory environment [10] - Management remains optimistic about the future opportunities, particularly in the LNG market and industrial demand growth [10][15] Other Important Information - The company announced a third-quarter dividend of $0.82 per share, unchanged from the prior quarter, with a commitment to grow the dividend by 5% to 7% per year [14] - The committed capital for the 2025 to 2029 period has increased to $1.6 billion, reflecting 70% of the $2.3 billion backlog advancing to execution [14] Q&A Session Summary Question: Potential for network to support gas-fired generation in Louisiana - Management noted robust demand growth in Louisiana, particularly from data centers and LNG demand, and expressed confidence in capturing market share [20] Question: Growth trajectory in Haynesville and LEAP expansions - Management highlighted significant development in western Haynesville and expected continued volume growth, with a focus on maintaining market share [21][22] Question: Upstream Chicago opportunities - Management discussed the potential for the Vector, Nexus, and Midwestern pipelines to bring in incremental supply to the Chicago market [24] Question: Dividend growth potential - Management indicated that strong growth could lead to higher dividend increases, with a focus on maintaining strong coverage ratios [61][65] Question: Millennium open season status - Management described the complexity of the Millennium project and emphasized the need for patience in the regulatory process [53] Question: Market share trends in Haynesville - Management expressed confidence in maintaining or growing market share due to strong connectivity and resource quality [132]

Investment & Finance - AustralianSuper allocates A$40 billion for Australian deals [1] - Westpac plans to hire hundreds of bankers [1] Energy Sector - Woodside Energy dismisses concerns about LNG demand [1]

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 6% and adjusted EPS increased by 12% compared to the previous year [7] - Net income attributable to Kinder Morgan was $715 million, a 24% increase from the second quarter of 2024 [19] - Adjusted net income was $619 million, with adjusted EPS of $0.28, reflecting a 13% increase from the previous year [20] - The company ended the quarter with $32.3 billion in net debt and a net debt to adjusted EBITDA ratio of 4.0x, down from 4.1x in the previous quarter [21] Business Line Data and Key Metrics Changes - Natural gas transport volumes were up 3% due to LNG deliveries, while natural gas gathering volumes were down 6% [14] - Refined products and crude volumes were both up 2% compared to the previous year [15] - The CO2 segment saw a 3% decrease in oil production volumes but a 13% increase in NGL volumes [18] Market Data and Key Metrics Changes - U.S. natural gas demand is expected to grow by 20% by 2030 according to Wood Mackenzie estimates [9] - LNG feed gas demand in the U.S. is projected to increase by 3.5 BCF per day this summer compared to 2024, and more than double by 2030 [5] Company Strategy and Development Direction - The company aims to own and operate stable fee-based assets core to energy infrastructure, using cash flow to invest in attractive return projects while maintaining a solid balance sheet [13] - The strategy remains focused on expanding natural gas pipeline networks to support growing demand, particularly in LNG and power sectors [15][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of natural gas, driven by increasing global demand and U.S. LNG exports [3][5] - The federal permitting environment has improved, allowing for quicker project approvals, which is expected to benefit future growth [10][90] Other Important Information - The project backlog increased from $8.8 billion to $9.3 billion during the quarter, with $1.3 billion in new projects added [11] - The company expects significant cash tax benefits in 2026 and 2027 due to recent tax reforms [10][52] Q&A Session Summary Question: Changes in the commercial landscape and competitive advantages - Management highlighted the existing asset footprint and a strong track record in project delivery as key competitive advantages [28][29] Question: Progress on natural gas infrastructure expansion in Arizona - Management acknowledged the need for more natural gas in Arizona and mentioned ongoing discussions regarding potential projects [31] Question: Capital allocation between gas pipelines and gathering investments - Management reiterated that investment decisions are based on risk-reward assessments, with no changes in their approach [36] Question: Update on behind-the-meter opportunities - Management noted that most activity is seen from regulated utilities, with potential for independent power producers to announce projects [40] Question: Trends in gas demand and project mix - Management indicated that while LNG is a significant driver of demand growth, power demand is also expected to grow substantially [49] Question: Impact of tax reform on cash flow and project financing - Management confirmed that tax reform will provide benefits starting in 2025, but it will not change their investment strategy or return thresholds [54] Question: Concerns about potential oversupply in the LNG market - Management stated that they have not seen a slowdown in discussions with LNG customers and continue to see new projects being announced [105][106]