KMI is one of the largest energy infrastructure companies in North America, operating approximately 82,000 miles of pipelines and 139 terminals as of December 31, 2023. The company is primarily involved in the transportation and storage of energy products, including natural gas, petroleum products, and CO2, contributing to enhanced oil recovery . KMI's business is divided into several segments, with the Natural Gas Pipelines segment being the largest contributor, followed by Products Pipelines, Terminals, and CO2 .
- Natural Gas Pipelines - Operates major interstate and intrastate pipelines, storage systems, and LNG facilities, providing transportation and storage services that significantly contribute to the company's revenue .
- Products Pipelines - Transports refined petroleum products, crude oil, and condensate, making KMI the largest independent transporter of petroleum products in the U.S. .
- Terminals - Handles various commodities, including gasoline, diesel, and chemicals, under long-term contracts, contributing to a stable revenue stream .
- CO2 - Involved in CO2 production and transportation for enhanced oil recovery, contributing to the company's business .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Kimberly A. Dang ExecutiveBoard | Chief Executive Officer | None | Joined KMI in 2001, served as CFO (2005–2018) and President (2018–2023) before becoming CEO in August 2023. | View Report → |
Richard D. Kinder ExecutiveBoard | Executive Chairman | None | Co-founder of KMI, served as CEO until 2015, transitioned to Executive Chairman. Instrumental in KMI's growth into a leading energy infrastructure company. | |
Catherine C. James Executive | Vice President and General Counsel | Board of Friends of Fondren Library of Rice University; Member of Junior League of Houston | Joined KMI in 2019, previously served as EVP and General Counsel at Dynegy. | |
David P. Michels Executive | Vice President and CFO | None | Joined KMI in 2012, served in finance and investor relations roles before becoming CFO in April 2018. | |
Dax A. Sanders Executive | Vice President (President, Products Pipelines) | None | Joined KMI in 2000, served as Chief Strategy Officer before becoming President of Products Pipelines in July 2020. | |
John W. Schlosser Executive | Vice President (President, Terminals) | None | Joined KMI in 2001, previously served as Senior VP and Chief Commercial Officer of Terminals. Became President of Terminals in December 2014. | |
Michael J. Pitta Executive | Vice President and Chief Administrative Officer | None | Joined KMI 19 years ago, held leadership roles in HR, EHS, and operations. Became Chief Administrative Officer in February 2024. | |
Sital K. Mody Executive | Vice President (President, Natural Gas Pipelines) | None | Joined KMI in 2001, previously led the Midstream Group. Became President of Natural Gas Pipelines in February 2023. | |
Thomas A. Martin Executive | President | None | Joined KMI in 2003, previously led the Natural Gas Pipelines group. Became President in August 2023. | |
Amy W. Chronis Board | Director | Senior Partner at Deloitte (retiring June 2024); Board Member at Greater Houston Partnership, United Way of Greater Houston, Texas 2036, and Central Houston, Inc. | Elected to KMI's board in May 2024, brings over 30 years of finance and public accounting experience. | |
Anthony W. Hall, Jr. Board | Director | Chairman of the Boulé Foundation; Past Chairman of Houston Endowment Inc. | Director since 2012, brings over 40 years of legal experience and public/private sector expertise. | |
Arthur C. Reichstetter Board | Director | None | Director since 2014, extensive experience in investment management and capital markets. | |
C. Park Shaper Board | Director | Director at Service Corporation International (NYSE: SCI); Director and Audit Chair at Sunnova Energy (NYSE: NOVA) | Director since 2007, previously served as President of KMI (2000–2013). | |
Deborah A. Macdonald Board | Director | None | Director since 2011, previously served as President of Natural Gas Pipelines at KMI. | |
Michael C. Morgan Board | Director | Chairman of Triangle Peak Partners; Director of Sunnova Energy (NYSE: NOVA); Director and Chair of Compensation Committee at Stem, Inc. (NYSE: STEM) | Director since 2007, previously served as President of KMI (2001–2004). | |
Robert F. Vagt Board | Director | Lead Independent Director at Equitrans Midstream Corp. (NYSE: ETRN) | Director since 2012, extensive experience in energy operations and management, as well as public/private sector leadership. | |
Ted A. Gardner Board | Director | Managing Partner of Silverhawk Capital Partners; Chairman of CSI Compressco LP; Director of Incline Energy Partners, LP | Director since 2014, extensive experience in investment banking and energy advisory. | |
William A. Smith Board | Director | None | Director since 2014, over 40 years of experience in the energy industry, including leadership roles at Sonat Inc. and El Paso Merchant Energy. |
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Given the significant increase in your capital backlog to $5.1 billion , and the expectation of additional large projects, how do you plan to manage higher capital expenditures while maintaining your target debt-to-EBITDA ratio, especially if annual CapEx exceeds the $2.5 billion you can fund from cash flow? ,
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Considering the ongoing legal challenges to infrastructure projects, such as the issues encountered with the Cumberland project , how are you adapting your permitting strategy and risk management to mitigate the impact of potential court delays and ensure timely project completion?
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With the reported weakness in gathering and processing volumes due to lower commodity prices , and uncertainty about G&P volumes into 2025 , what measures are you taking to address this softness and what is your outlook for this segment?
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As you engage in discussions with power plants across multiple states and see significant opportunities in power demand , but currently have no concrete plans to provide power directly , how do you intend to capture the full value of this power demand growth, and would you consider expanding into power generation or behind-the-meter solutions in the future? ,
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Given that only about 25% of your storage capacity is at market-based rates and some contracts are yet to roll over , how much incremental revenue do you expect from rolling these contracts to higher market rates, and over what timeframe will this tailwind materialize?
Research analysts who have asked questions during KINDER MORGAN earnings calls.
Jeremy Tonet
JPMorgan Chase & Co.
4 questions for KMI
John Mackay
Goldman Sachs Group, Inc.
4 questions for KMI
Keith Stanley
Wolfe Research, LLC
4 questions for KMI
Michael Blum
Wells Fargo & Company
4 questions for KMI
Jean Ann Salisbury
Bank of America
3 questions for KMI
Manav Gupta
UBS Group
3 questions for KMI
Theresa Chen
Barclays PLC
3 questions for KMI
Zackery Van Everen
Tudor, Pickering, Holt & Co.
3 questions for KMI
Neal Dingmann
Truist Securities
2 questions for KMI
Brandon Bingham
Scotiabank
1 question for KMI
Gabriel Moreen
Mizuho Financial Group, Inc.
1 question for KMI
Harry M
Barclays
1 question for KMI
Jack Wilson
Truist Securities
1 question for KMI
Jason Gabelman
TD Cowen
1 question for KMI
Spiro Dounis
Citigroup Inc.
1 question for KMI
Zack Van Everen
TPH&Co.
1 question for KMI
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Outrigger Energy II LLC | 2025 | KMI plans to acquire assets from Outrigger Energy II LLC for $640 million in cash, which include a natural gas gathering/processing system, a 0.27 Bcf/d processing facility, and a 104-mile high-pressure pipeline; the deal, expected to close in Q1 2025 and funded with short‐term borrowings and cash on hand, is aimed at enhancing connectivity from the Williston Basin to high-demand markets while reducing future capital expenditures. |
AVAD Energy Partners (North McElroy Unit) | 2024 | KMI acquired AVAD Energy Partners’ interest in the North McElroy Unit for $60 million on June 10, 2024; the asset, located in Crane County, Texas and producing 1,250 barrels per day, is viewed as a strong candidate for CO2 flooding that aligns with its CO2 business segment strategy. |
Parallel Petroleum | 2023 | KMI completed the acquisition of Parallel Petroleum's interest in the Diamond M Field for $15 million on June 1, 2023; the field, producing 466 barrels per day adjacent to the SACROC field, is currently under waterflood operations with planned enhancements via CO2 flooding beginning in 2024, supporting its CO2 business initiatives. |
North American Natural Resources, Inc. (NANR) | 2022 | KMI completed the acquisition of NANR and its sister companies on August 11, 2022 for $132 million, gaining seven landfill gas-to-power facilities in Michigan and Kentucky; planned RNG conversion for three facilities is expected to significantly expand its renewable natural gas portfolio. |
Mas CanAm, LLC | 2022 | KMI acquired Mas CanAm, LLC on July 19, 2022 for $358 million, obtaining three landfill assets (including an RNG facility in Arlington, TX and two medium Btu facilities in Shreveport, LA and Victoria, TX) to advance its low‑carbon energy strategy, with the deal reflecting an EBITDA multiple of approximately 8 times. |
Recent press releases and 8-K filings for KMI.
- Kinder Morgan boasts the largest U.S. interstate natural gas network, touching 40% of domestic production and supplying 45% of LNG feed gas, 40% of Southern power generation, and 50% of cross-border flows to Mexico.
- The company has $9 billion of sanctioned projects and sees over $10 billion of additional opportunities across Texas, Louisiana, the Southeast, the West Coast and its NGPL corridor, with some projects targeting sanction in Q1–Q2 2026.
- Kinder Morgan plans to spend approximately $2.5 billion annually on growth projects, targeting single-digit EBITDA growth and high single-digit EPS growth while reducing leverage from the current 3.9x debt/EBITDA toward its 3.5–4.5x goal.
- Permitting timelines have improved, with FERC certificate processes accelerated by over five months, though equipment lead times—especially for compressor units—are tightening, prompting early procurement plans.
- On LNG, the company secures take-or-pay contracts to underpin infrastructure investments, expecting U.S. export facilities to remain competitive and well-utilized amid potential global capacity overbuilds.
- Kinder Morgan raised its U.S. natural gas demand forecast to 28 Bcf/d between 2025 and 2030, driven by 20 Bcf/d of LNG export growth versus WoodMac’s 22 Bcf/d projection.
- The $1.8 B Trident pipeline expansion will add 2 Bcf/d of capacity, increasing Kinder’s contracted LNG feed gas from 8 to 12 Bcf/d and supporting 11 Bcf/d of LNG transport by 2027.
- Project backlog grew from $3 B to $9.3 B over the past year, yet the overall $7–$11 B opportunity set remains intact; approximately 50 % of the backlog is power-related, leveraging a 63 Bcf/d interstate system.
- Kinder will maintain a $2.5 B annual expansion CapEx run rate funded by internal cash flow, with debt/EBITDA at 3.9× (target range 3.5–4.5×), enabling continued growth and modest dividend increases.
- Adjusted EBITDA rose 6% and adjusted EPS advanced 12% year-over-year in Q2 2025.
- Net income reached $715 million (up 24% YoY) with EPS of $0.32, and the quarterly dividend was increased 2% to $0.295 per share.
- Project backlog grew to $9.3 billion from $8.8 billion, fueled by $1.3 billion of new awards and $0.75 billion placed in service; ~50% of backlog serves power demand with a 5.6× multiple.
- Approved $500 million of CapEx for the Kinderhawk Haynesville gathering expansion, with full facilities expected in service by Q4 2026.
- Permitting has accelerated under FERC Order 871, featuring a 50% increase in the prior-notice limit and a one-year waiver of the five-month waiting period.
- Kinder Morgan, Inc. has entered into an underwriting agreement on April 22, 2025, to sell $1.1 billion of 5.150% Senior Notes maturing in 2030 and $750 million of 5.850% Senior Notes maturing in 2035.
- The offering details include distinct pricing for public issuance and underwriter purchase, with interest payable semi-annually beginning December 1, 2025, and a closing date set for May 1, 2025.
- The proceeds are intended for general corporate purposes, including refinancing upcoming debt maturities and repaying commercial paper borrowings, and the notes are fully guaranteed without security.
- Q1 2025 Financial Performance: Reported net income of $717 million, Adjusted EBITDA of $2,157 million, and robust operational cash flow of $1.2 billion amid challenging market conditions .
- Dividend Announcement: Approved a cash dividend of $0.2925 per share (annualized $1.17), a 2% increase over Q1 2024, with the dividend payable on May 15, 2025 .
- Capital Investments & Expansion: Expanded its project backlog to $8.8 billion and completed a $640 million acquisition of Outrigger Energy II’s gathering and processing system, underpinning further investments in power and pipeline expansion .
- Strong Natural Gas Demand: Achieved record natural gas demand with a 10% increase in residential/commercial usage and a 15% rise in LNG demand .
- Financial Balance Sheet Note: Despite a 4% decline in net income due to unfavorable hedge mark-to-market impacts, adjusted EPS remained stable; net debt stood at $32.8 billion with a 4.1x net debt-to-EBITDA ratio .