Kinder Morgan, Inc. (KMI) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

I have only two comments before turning the call over to our CEO Kim Dang and the team. First, we believe our bullish outlook on natural gas demand remains grounded in reality, and we expect to see very And we see that demand increasing to over 34 BCF per day by 2030. This astounding growth is enormously beneficial to the midstream sector, and especially to companies like Kinder Morgan that have extensive pipeline networks along the Texas-Louisiana Gulf Coast, which is the location of most of the export terminals present and future. Our throughput agreements for delivery of the feed gas are essentially take or pay in nature, which gives us great confidence in the resulting cash flow. My second comment is specific to Kendra Morgan. You will hear from Kim and the team that we finished 2025 very strong compared to 2024 and to our budget for 2025. And as you know from our earlier release of the budget for 2026, we expect more good performance this year. Once again, the chief driver of our success in both years is the extraordinary strength of our natural gas assets. And with that, I'll turn it over to Kim. Thanks, Rich. As Rich said, we had a fantastic fourth quarter, producing record results for the quarter and the year, much stronger than we anticipated when we announced our Q3 results. For the quarter, adjusted EBITDA was up 10% compared to the fourth quarter of last year, and adjusted EPS grew 22%. Those are big numbers for a stable midstream business like ours. The biggest driver of the outperformance was natural gas. It had an outstanding quarter and year. Our project backlog has increased by approximately $650 million to $10 billion. We added a little over $900 million in new projects, which was offset by $265 million of projects placed in service. The most two si...