Kinder Morgan, Inc. (KMI) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

all include forward-looking statements within the meeting of the Private Securities Litigation Reform Act of 1995 and the Securities and Exchange Act of 1934, as well as certain non-GAAP financial measures. Before making any investment decisions, we strongly encourage you to read our full disclosures on forward-looking statements and use of non-GAAP financial measures set forth at the end of our earnings release, as well as review our latest filings with the SEC for important material assumptions, expectations, and risk factors that may cause actual results to differ materially from those anticipated and described in such forward-looking statements. On several of these investor calls, I've expressed my view and that of other leaders and experts in our industry about the potential for extraordinary growth in the demand for natural gas in America and abroad. This optimistic view of the market and its favorable impact on the growth and prosperity of midstream energy companies like Kinder Morgan was embraced during the last year or so by a significant number of investors and analysts. That view seemed to accelerate with the perceived opportunity for natural gas to fuel AI and data centers. Recently, that optimistic view has been questioned by some on a couple of different grounds. First, in the aftermath of the Deep Seek announcement, it seemed to some critics that growth in gas demand for data centers and electric power in general was too optimistic. Secondly, the announcement of expanded tariffs by the Trump administration inspired others to question whether this would result in less demand for US LNG, thereby reducing the amount of feed gas required in this country. Let me try to put all of this in perspective by detailing how we view the drivers of natural gas demand...