Kinder Morgan Q3 2026 Earnings Call

Kinder Morgan posted record third quarter earnings with $5.4 billion of new projects lifting its project backlog to $14.4 billion.

“Last call, there was some skepticism about whether we could really bring these projects along”

New Projects

Southeast Connector and Permian Link joint ventures represent $4.7 billion of Kinder Morgan's capital with 20-year take-or-pay contracts.

Financial Results

Adjusted EPS rose 21% year-over-year to $0.35 with adjusted EBITDA climbing 9% to $2.18 billion.

Full-Year Guidance

Management expects full-year 2026 adjusted EBITDA to beat budget by more than 6% and adjusted EPS by more than 13%.

Project Details

Southeast Connector delivers 2.6 Bcf/d of natural gas to the Southeast with potential demand of 8 Bcf/d.

Permian Link

Permian Link moves Permian gas north to Texas Panhandle for growing power demand with an A-rated hyperscaler.

“Permian Link is contracted with an A-rated hyperscaler”

Growth Runway

New projects extend Kinder Morgan's growth runway into 2030-2032 with $300 million Western Gateway project sanctioned.

Operational Highlights

Terminals segment set record export dock volumes of 427,000 bbl/d up 39% from previous year.

2026 Outperformance

2026 outperformance included $225 million non-recurring items and $175 million from commodity prices above budget.

2027 Guidance

Management declined to preview 2027 guidance but cautioned 2026 outperformance items unlikely to repeat.

Shadow Backlog

Kinder Morgan's shadow backlog may convert to signed projects with more opportunities beyond formal backlog.

What's Next

Kinder Morgan expects to fund 100% of joint-venture capital from balance sheet while maintaining JV ratings.