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]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $277 million for the second quarter, a decrease of $3 million from the previous quarter [13] - Committed capital for 2025 and 2026 has increased to approximately $385 million and $230 million respectively, reflecting new growth projects reaching FID, an increase of approximately $150 million from the first quarter disclosure [14][16] - The company was upgraded to investment grade by both Moody's and S&P, solidifying its status as a full investment grade entity [17] Business Line Data and Key Metrics Changes - The pipeline segment results were $3 million lower than the first quarter, driven by a planned rate step down on the Guardian pipeline and seasonally lower EBITDA from interstate and joint venture pipelines [13] - Total gathering volume for the Haynesville averaged 1.74 Bcf per day, an all-time record throughput for a quarter and a 16% increase over the second quarter of 2024 [13] - In the Northeast, volumes averaged 1.17 Bcf per day, a decrease from the first quarter due to maintenance and timing of producer activity [14] Market Data and Key Metrics Changes - The company forecasts a 16 Bcf per day increase in LNG free gas demand through 2035 from facilities that have access to its Haynesville system [10] - The PGM auction cleared at over $329 per megawatt day, a 22% increase from last year's auction, indicating significant power demand growth [10] - The company expects demand growth of more than 40% over the next twenty years in the PJM and MISO electric markets [11] Company Strategy and Development Direction - The company is focused on executing its $2.3 billion organic project backlog, with $1.1 billion already reaching FID [19] - The current federal administration is creating a more favorable environment for energy infrastructure projects, streamlining approval processes [11][12] - The company is exploring additional modernization investment opportunities across its interstate assets to ensure reliability and maintain high service levels [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in reaffirming the 2025 adjusted EBITDA guidance range and the early outlook for 2026 [5] - The company sees a positive shift in the Haynesville as producers begin to respond to LNG demand [9] - Management highlighted strong power demand growth driven by electrification, onshoring of manufacturing, and demand for AI computing and data centers [10] Other Important Information - The company announced a second 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 [18] - The company is actively pursuing greenfield storage opportunities in response to LNG demand ramp [110] Q&A Session Summary Question: Insights on New York's power generation and Millennium expansion - Management noted strong power demand in New York, with both plants served by Millennium operating at high load factors, indicating a need for additional generation [24] - Positive regulatory changes are being observed, with a recognition of the need for additional infrastructure in the state [25] Question: Haynesville activity and producer responses - Management indicated that private producers are ramping up activity in the Haynesville, with expectations for public producers to follow as pricing and demand increase [26][28] Question: Data center lateral investments - Management highlighted strong power demand growth in PJM and MISO, with ongoing utility scale expansions driven by this demand [31] Question: CapEx for 2025 and spending expectations - Management expects to land within the guidance range for CapEx, with a ramp in spending anticipated in the second half of the year [37] Question: Gas sourcing for Guardian project and upstream expansions - Management confirmed that gas will be sourced at the Joliet hub, with discussions ongoing about upstream expansions [41][43] Question: LNG market dynamics and competitive landscape - Management noted favorable short-term conditions for LEAP, with ongoing expansions to enhance delivery point connectivity into the LNG header system [46][48] Question: Bolt-on acquisition strategy - Management remains open to bolt-on opportunities that align with their core strategy of growing pipeline segments with high-quality counterparties [55][57] Question: Impact of the new federal administration on permitting - Management described the current administration as a positive influence, working to reduce friction in large-scale infrastructure investments [60][61] Question: 2026 EBITDA guidance and project FID timing - Management reaffirmed confidence in the 2026 early outlook, indicating that project FIDs are occurring as expected [64] Question: Expansion capacity on Nexus and Midwest utilities - Management discussed the potential for expansion on Nexus, with significant capacity available for future growth [78][79]