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Company Overview - Kinder Morgan, Inc. (KMI) has a market cap of $58 billion and is one of North America's largest energy infrastructure companies, focusing on the transportation, storage, and handling of various energy commodities [1] - The company operates an extensive network of pipeline systems and storage terminals, essential for power generation, heating, industrial use, and transportation [1] Stock Performance - Over the past 52 weeks, KMI stock has increased by 5.2%, underperforming the S&P 500 Index, which returned 18.1% [2] - In 2025, KMI stock dipped 5.5%, while the S&P 500 gained 17.2% on a year-to-date basis [2] - KMI has outperformed the USCF Midstream Energy Income Fund, which saw a 3.1% increase over the past year [3] Recent Earnings and Financials - Kinder Morgan's Q3 2025 earnings report showed a revenue increase of 12.1% year over year to $4.1 billion, with adjusted EPS rising 16% to $0.29 [4] - Adjusted EBITDA climbed 6% to $1.99 billion, driven by higher natural gas transport volumes [4] - The company raised its quarterly dividend to $0.2925 per share, a 2% increase from Q3 2024, and ended the quarter with a $9.3 billion project backlog [4] Future Projections - Analysts expect steady growth for Kinder Morgan in fiscal 2025, with adjusted EPS projected at $1.28, reflecting an 11.3% year-over-year increase [5] - The company's earnings track record has been mixed, matching Street expectations in two of the past four quarters and falling short in the other two [5] Analyst Ratings - KMI stock has a consensus rating of "Moderate Buy," with 21 analysts covering the stock, including ten "Strong Buys," one "Moderate Buy," and ten "Holds" [5] - The current analyst configuration is more bullish compared to two months ago, when only nine analysts gave "Strong Buy" recommendations [6]

Core Insights - Kinder Morgan reported a net income of $715 million for Q2 2025, a 24% increase from Q2 2024, with adjusted net income at $619 million, up 13% [1] - The company has a forward P/E ratio of 21.78x, significantly higher than the sector average of 12.50x, indicating strong growth expectations but potential valuation risks [1] - Kinder Morgan's stock price has increased by 7.4% over the past 52 weeks, currently trading near $27, despite a 3% decline year-to-date [2] Financial Performance - Adjusted EBITDA for Kinder Morgan reached $1.972 billion, a 6% increase, while EPS rose 23% to $0.28 [1] - For the remainder of 2025, Kinder Morgan aims for net income of at least $2.8 billion, an 8% increase, with adjusted EPS targets of $1.27, up 10% [6] - The company’s project list has expanded to $8.8 billion by Q1 2025, nearly three times the $3 billion at the end of 2023 [7] Dividend and Yield - Kinder Morgan has a dividend yield of 4.22%, slightly below the energy sector average of 4.24%, with a recent payment of $0.292 per share [4] - The company has consistently raised dividends for seven consecutive years through 2024, with a small increase of 2% in 2025 [2] Strategic Developments - Kinder Morgan and Phillips 66 announced a partnership for the Western Gateway Pipeline, which will connect refined fuel supplies from Texas to key markets in Arizona and California [5] - The project is expected to enhance long-term income and open new markets for Kinder Morgan [7] Analyst Sentiment - Analysts have a consensus "Moderate Buy" rating for Kinder Morgan, with an average price target of $31.74, indicating a potential 16% upside from current levels [8] - The overall sentiment in the energy sector remains positive, driven by solid investments in pipelines and related assets [4]

Core Insights - Kinder Morgan reported $4.15 billion in revenue for Q3 2025, a year-over-year increase of 12.1%, with EPS of $0.29 compared to $0.25 a year ago, slightly exceeding the Zacks Consensus Estimate of $4.13 billion by 0.48% [1] Financial Performance - The realized weighted average oil price was $67.74, closely aligning with the two-analyst average estimate of $67.7 [4] - Bulk transload tonnage for terminals was reported at 12.30 million metric tons, slightly below the two-analyst average estimate of 12.46 million metric tons [4] - Liquids leasable capacity for terminals was 78.70 million barrels, exceeding the average estimate of 78.58 million barrels [4] - The realized weighted average NGL price was $31.09, above the two-analyst average estimate of $30.9 [4] - Segment EBDA for Products Pipelines was $288 million, slightly below the average estimate of $289.29 million [4] - Segment EBDA for Terminals was $274 million, in line with the average estimate of $274.2 million [4] - Segment EBDA for Natural Gas Pipelines was $1.39 billion, slightly above the average estimate of $1.38 billion [4] - Segment EBDA for CO2 was $135 million, significantly below the two-analyst average estimate of $169.67 million [4] Stock Performance - Kinder Morgan's shares have returned -8.3% over the past month, contrasting with the Zacks S&P 500 composite's +2.5% change, indicating underperformance relative to the broader market [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the market in the near term [3]

Core Viewpoint - Kinder Morgan is experiencing significant growth opportunities, with its expansion project backlog increasing dramatically, positioning the company for future earnings growth and enhanced dividend yields [2][10]. Financial Performance - Kinder Morgan reported nearly $2 billion in adjusted EBITDA for the third quarter, marking a 6% increase year-over-year, with adjusted earnings rising 16% to $0.29 per share [4][5]. - The company's gas pipeline earnings increased by 10%, driven by contributions from its Texas Interstate system and Tennessee Gas Pipeline, alongside a 6% rise in volumes [6]. Expansion Opportunities - The expansion project backlog has surged from $1.4 billion at the end of 2021 to $9.3 billion, with natural gas projects making up approximately $8.6 billion of this total [2][9]. - Key projects include Trident ($1.8 billion), South System Expansion 4 ($1.8 billion), and Mississippi Crossing ($1.7 billion), expected to enter commercial service by the second quarter of 2030 [9]. Future Growth Catalysts - Kinder Morgan anticipates delivering 12 billion cubic feet per day (Bcf/d) of gas to LNG terminals by 2028, up from 8 Bcf/d currently, driven by increasing demand from LNG and power sectors [10][11]. - The company is exploring over 10 Bcf/d of opportunities to supply gas to the U.S. power sector, particularly to meet the electricity needs of AI technologies [11]. Strategic Partnerships - A partnership with Phillips 66 is underway to potentially construct the Western Gateway Pipeline, which would transport refined products from Texas to Arizona and California, with a projected commercial service date in 2029 [12]. Dividend Growth Potential - Kinder Morgan's expansion projects are expected to accelerate earnings growth, providing the company with the capacity to increase its high-yielding dividend, which has been raised for eight consecutive years [13].

Core Insights - Kinder Morgan reported $4.15 billion in revenue for Q3 2025, a year-over-year increase of 12.1% and a surprise of +0.48% over the Zacks Consensus Estimate of $4.13 billion [1] - The company's EPS for the same period was $0.29, which is consistent with the consensus estimate, indicating no EPS surprise [1] Financial Performance Metrics - Realized weighted average oil price was $67.74, slightly above the average estimate of $67.7 [4] - Terminals - Bulk transload tonnage was 12.30 MMTon, below the estimated 12.46 MMTon [4] - Terminals - Liquids leasable capacity was 78.70 MMBBL, exceeding the estimate of 78.58 MMBBL [4] - Realized weighted average NGL price was $31.09, above the estimated $30.9 [4] - Segment EBDA for Products Pipelines was $288 million, slightly below the estimate of $289.29 million [4] - Segment EBDA for Terminals was $274 million, in line with the estimate of $274.2 million [4] - Segment EBDA for Natural Gas Pipelines was $1.39 billion, slightly above the estimate of $1.38 billion [4] - Segment EBDA for CO2 was $135 million, significantly below the estimate of $169.67 million [4] Stock Performance - Kinder Morgan's shares have returned -6% over the past month, while the Zacks S&P 500 composite has increased by +1.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Dividends - The company expects to declare dividends of $1.17 per share for 2025, a 2% increase from the 2024 declared dividends of $1.15 per share[112]. - The company declared a quarterly dividend of $0.2925 per share for Q3 2025, a 2% increase from Q3 2024[173]. - Declared dividends per share increased by $0.005 (2%) to $0.2925 for the three months and by $0.015 (2%) to $0.8775 for the nine months ended September 30, 2025[140]. Financial Performance - Revenues increased by $447 million (12%) for the three months ended September 30, 2025, and by $1,316 million (12%) for the nine months ended September 30, 2025, compared to the prior year periods[134]. - Operating income rose by $48 million (5%) for the three months and by $84 million (3%) for the nine months ended September 30, 2025, compared to the respective prior year periods[134]. - Net income attributable to Kinder Morgan, Inc. was $628 million for the three months and $2,060 million for the nine months ended September 30, 2025, showing a slight increase of $3 million for the three months and $114 million (6%) for the nine months compared to the prior year[140]. - Adjusted Net Income attributable to Kinder Morgan, Inc. increased by $91 million (16%) and $170 million (9%) for the three and nine months ended September 30, 2025, respectively, compared to the prior year periods[144]. - Adjusted EBITDA increased to $1,991 million for the three months and $6,120 million for the nine months ended September 30, 2025, compared to $1,880 million and $5,875 million in the prior year[140]. Costs and Expenses - Costs of sales increased by $371 million (36%) for the three months and by $984 million (32%) for the nine months ended September 30, 2025, primarily due to higher natural gas prices and volumes[136]. - General and administrative expenses increased by $7 million (4%) and $28 million (5%) for the three and nine months ended September 30, 2025, respectively, due to higher benefit-related and labor costs[146]. - Interest, net decreased by $10 million (2%) for the three months and by $43 million (3%) for the nine months ended September 30, 2025, attributed to lower interest rates on fixed-to-variable interest rate swaps[138]. Investments and Acquisitions - The company invested $648 million in the acquisition of Outrigger Energy II LLC, which includes a natural gas processing facility with a capacity of 0.27 Bcf/d and a 104-mile pipeline[111]. - The company plans to invest $3.0 billion in expansion projects, acquisitions, and contributions to joint ventures during 2025[112]. - Total capital expenditures for the nine months ended September 30, 2025, were $2,206 million, with expected total capital investments for 2025 at $4,086 million[180]. Debt and Cash Flow - The company's Net Debt as of September 30, 2025, is calculated at $32,580 million, with cash and cash equivalents of $71 million[129]. - Cash flows from operations generated $4,225 million in the first nine months of 2025, up from $4,125 million in 2024, reflecting a $100 million increase[171]. - Short-term debt as of September 30, 2025, was $1,081 million, down from $2,009 million as of December 31, 2024[175]. - Working capital deficits improved by $1,160 million from December 31, 2024, primarily due to a $1,125 million decrease in senior notes maturing in the next twelve months[176]. Segment Performance - Segment EBDA for Natural Gas Pipelines increased by $106 million (8%) and $270 million (7%) for the three and nine months ended September 30, 2025, respectively[148]. - Revenues for the Products Pipelines segment decreased by $34 million (5%) and $184 million (8%) for the three and nine months ended September 30, 2025, respectively[156]. - The East segment of Natural Gas Pipelines saw a $60 million (10%) increase for the three months ended September 30, 2025, driven by increased rates related to weather-driven demand[153]. - Midstream segment EBDA increased by $48 million (11%) for the three months ended September 30, 2025, primarily due to increased demand for services on Texas intrastate systems[155]. Market and Operational Risks - The company’s expectations for 2025 involve risks and uncertainties, advising caution in reliance on forward-looking statements[113]. - There have been no material changes in market risk exposures affecting the disclosures presented as of December 31, 2024[195].

Core Insights - Kinder Morgan (KMI) reported third-quarter results that met consensus expectations, with adjusted EBITDA of $1.991 billion, aligning with the forecast of $1.99 billion, and maintained its dividend [2] - The company highlighted a robust growth outlook, particularly through its "shadow backlog" and the recently announced binding open season for the Western Gateway pipeline project [1][2] Financial Performance - KMI's adjusted EBITDA for the third quarter was $1.991 billion, consistent with market expectations [2] - The company affirmed an expected budget beat for 2025, attributed to its $640 million Outrigger acquisition [2] Project Developments - The Western Gateway pipeline will transport refined products from Texas to Arizona and California, addressing product demand as California refineries close [2] - The project includes new pipeline construction between Borger and Phoenix, connecting to KMI's existing SFPP pipeline, which will reverse flow into California [3] - KMI's project backlog remains steady at $9.3 billion, with a notable "shadow backlog" representing a $10 billion opportunity set, primarily in natural gas investments [4] Market Position and Growth - KMI has contracts to transport 8 billion cubic feet per day (Bcf/d) of natural gas to LNG export facilities, with plans to increase this to 12 Bcf/d by 2028 as U.S. export capacity grows [4] - The company possesses ample free cash flow and leverage capacity, allowing it to pursue growth opportunities without compromising its balance sheet [5]

Core Insights - Kinder Morgan Inc. (KMI) reported third-quarter 2025 adjusted earnings per share of 29 cents, meeting the Zacks Consensus Estimate and increasing from 25 cents year over year [1][9] - Total quarterly revenues reached $4.15 billion, surpassing the Zacks Consensus Estimate of $4.13 billion and up from $3.70 billion in the prior-year quarter [1][9] Business Performance - The in-line earnings and better-than-expected revenue were primarily driven by activities related to natural gas pipelines [2] - Natural Gas Pipelines segment saw adjusted earnings before depreciation, depletion, and amortization (EBDA) rise to $1.4 billion from $1.27 billion year over year, benefiting from higher transported and gathering volumes [3] - Product Pipelines segment's EBDA increased to $288 million from $276 million, attributed to higher diesel fuel volumes [4] - Terminals segment generated EBDA of $274 million, up from $267 million, with liquids utilization at 94.6% [4] - CO2 segment's EBDA decreased to $136 million from $160 million year over year [5] Operational Highlights - Total expenses related to operations and maintenance were $786 million, down from $790 million a year ago, while total operating costs increased to $3.08 billion from $2.68 billion [6] - KMI reported a project backlog of $9.3 billion at the end of the September quarter, with a significant portion related to natural gas projects [6] Financial Position - As of September 30, 2025, KMI had $71 million in cash and cash equivalents, with long-term debt amounting to $31.3 billion [7] Future Outlook - For the year, KMI projected net income attributable to the company at $2.8 billion and estimated adjusted EPS at $1.27, with a net debt-to-adjusted EBITDA ratio anticipated at 3.8x by the end of 2025 [8]

Core Viewpoint - Kinder Morgan (KMI) has outlined a $10 billion natural gas project plan, anticipating double-digit earnings growth per share driven by increasing demand from liquefied natural gas and artificial intelligence [1] Group 1: Company Overview - Kinder Morgan's stock fell by 3.4% in early trading on Thursday [1] - The company is focusing on a significant investment in natural gas infrastructure [1] Group 2: Market Context - The projected earnings growth is linked to the rising demand for liquefied natural gas and advancements in artificial intelligence [1]