Financial Data and Key Metrics Changes - Kinder Morgan has increased its natural gas demand forecast from 20 Bcf per day to 28 Bcf per day growth between 2025 and 2030, indicating a significant upward revision in expectations [2][4] - The company projects LNG export growth to contribute 20 Bcf per day to this demand, which is higher than Wood Mackenzie's forecast of 15 Bcf per day [4] Business Line Data and Key Metrics Changes - Kinder Morgan's natural gas segment constitutes 65% of its portfolio, with refined products at 26% and CO2 energy transition at 9%, reflecting a strong focus on natural gas infrastructure [33] - The company expects to transport 11 Bcf per day of LNG feed gas by 2027, supported by ongoing project authorizations [14] Market Data and Key Metrics Changes - The demand for natural gas is expected to grow significantly due to factors such as population migration and the establishment of new industries, including data centers and manufacturing plants [6][8] - Projections indicate that LNG demand will reach 19 Bcf per day in the fourth quarter, highlighting a robust market outlook [16] Company Strategy and Development Direction - Kinder Morgan is focusing on expanding its natural gas infrastructure, particularly through projects like Trident, which is designed to meet increasing LNG feed gas demand [11][12] - The company has a backlog of projects valued at $9.3 billion, with approximately 50% associated with power generation, indicating a strategic emphasis on this area [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current opportunity set for natural gas infrastructure, describing it as the best seen in their career [9] - The administration's support for LNG exports is seen as a positive driver for demand growth, with expectations of continued strength in the natural gas market [5][48] Other Important Information - Kinder Morgan's CO2 segment is expected to benefit from new tax incentives for enhanced oil recovery (EOR) activities, although challenges remain in the renewable natural gas (RNG) sector [43][48] - The company maintains a debt to EBITDA ratio of 3.9 times, within its target range, allowing for flexibility in capital allocation for future projects [51] Q&A Session Summary Question: What is Kinder Morgan's outlook on LNG feed gas and market share? - Kinder Morgan has a significant gathering and processing position in the Haynesville and expects to grow by about 10 Bcf per day to meet demand forecasts [15] Question: How does Kinder Morgan view its capital allocation priorities? - The company plans to maintain a capital expenditure run rate of approximately $2.5 billion, funded by internally generated cash flow, while balancing growth and shareholder returns [49][50]

Core Viewpoint - Capital Power Corporation has successfully completed a bought deal offering of 11,902,500 common shares at an offering price of $43.45 per share, raising approximately $517 million in total gross proceeds [1][2]. Group 1: Public Offering Details - The public offering was initially announced on April 14, 2025, and the size was increased on April 15, 2025 [2]. - The offering included 1,552,500 common shares from the full exercise of the over-allotment option [1]. Group 2: Private Placement - Concurrently, the company issued 3,455,000 common shares to Alberta Investment Management Corporation through a private placement, generating approximately $150 million [3]. - TD Securities Inc. acted as the sole agent and bookrunner for the private placement [3]. Group 3: Use of Proceeds - The net proceeds from the offerings will primarily fund the acquisition of Hummel Station, LLC and Rolling Hills Generating, L.L.C., which own significant natural gas facilities in Pennsylvania and Ohio, respectively [4]. - The acquisition is expected to close in the third quarter of 2025, pending regulatory approvals [4]. Group 4: Future Plans - If the acquisition does not complete, the company plans to use the net proceeds for future growth opportunities, capital development expenditures, debt reduction, or other general corporate purposes [5].