Core Viewpoint - Kinder Morgan is experiencing significant growth driven by a projected 20% increase in U.S. gas demand by 2030, leading to new expansion opportunities and a $1.3 billion investment in expansion projects during the second quarter [1][5]. Expansion Projects - The company has approved several major expansion projects, including: - Trident Phase 2, increasing capacity from 1.5 Bcf/d to 2 Bcf/d with an estimated cost of $1.8 billion, expected completion in Q1 2027 [5]. - Texas Access Project, a $112 million expansion with a projected in-service date in Q4 2028 [5]. - KinderHawk Expansion, with over $500 million expected investment [5]. - NGPL joint venture expansions totaling $264 million, expected to enter service in 2028 [6]. Growth Backlog - Kinder Morgan's growth project backlog has increased to $9.3 billion through 2030, up from $8.1 billion at the end of the previous year and $3 billion at the end of 2023 [6]. Earnings Visibility - The majority of the projects are backed by long-term contracts and government-regulated rate structures, providing significant visibility into earnings growth over the coming years [7]. Future Growth Catalysts - Analysts predict that U.S. LNG export capacity will more than double by 2030, with Kinder Morgan's contracts to supply gas to LNG facilities increasing from 8 Bcf/d to 12 Bcf/d by 2028 [8]. - Rising power demand from AI data centers, reshoring of manufacturing, and electrification is driving the need for more gas-fired power plants, with half of Kinder Morgan's backlog supporting this demand [9]. Acquisition Strategy - The company has made strategic acquisitions, such as a $640 million purchase of a natural gas gathering and processing system in North Dakota, which enhances income and allows for capital reallocation [10]. Dividend Growth - Kinder Morgan is positioned to continue increasing its dividend, having achieved eight consecutive years of growth, supported by new projects entering commercial service [11].

Core Viewpoint - Steel Dynamics, Inc. (STLD) reported a decline in earnings per share for the first quarter of 2025, but exceeded consensus estimates, indicating resilience despite challenging market conditions [1][2]. Financial Performance - Earnings per share for Q1 2025 were $1.44, down from $3.67 year-over-year, but above the Zacks Consensus Estimate of $1.40 [1]. - Net sales decreased by approximately 6.9% year-over-year to $4,369.2 million, surpassing the Zacks Consensus Estimate of $4,146.2 million [1]. - Steel operations net sales were $3,067 million, down around 8.9% year-over-year, with steel shipments of approximately 3.5 million tons, slightly above the estimate of 3.45 million tons [2]. - The average external product selling price for steel was $998 per ton, down from $1,201 per ton year-over-year and $1,011 per ton in the previous quarter, missing the estimate of $1,019 per ton [3]. - Metal recycling operations generated net sales of $534.9 million, up 5.4% year-over-year, with ferrous shipments stable at around 1.45 million gross tons, below the estimate of 1.49 million gross tons [4]. - Steel fabrication operations reported sales of approximately $352.3 million, down 21.2% year-over-year, with shipments of 135,581 tons, exceeding the estimate of 126,841 tons [5]. - Cash and cash equivalents at the end of the quarter were $1,186.9 million, up 14.1% year-over-year, while long-term debt increased by 44.6% to $3,777.1 million [6]. Industry Outlook - The company maintains a positive outlook on domestic steel demand, expecting it to remain strong through 2025 and beyond, supported by improved order activity and strengthening steel prices [7]. - Strong demand for U.S.-produced, lower-carbon steel products and reduced import levels are anticipated to support pricing and demand [8]. - The ongoing trend of onshoring manufacturing and expected investments in fixed assets are seen as key factors enhancing the competitiveness of the domestic steel industry [8]. - Recent preliminary determinations by the International Trade Commission on coated flat-rolled steel are expected to help curb unfair imports, benefiting STLD as the largest non-automotive flat-rolled steel coater in the U.S. [9]. Price Performance - Shares of Steel Dynamics have decreased by 9.6% over the past year, compared to a 39.9% decline in its industry [11].