Kinder Morgan Inc

XMUN:2KD

Strong quarter: Kinder Morgan said second-quarter results were another strong period, with EBITDA and EPS both beating last year and the company’s own 2026 budget by wide margins.

Guidance raised: Management lifted full-year 2026 expectations to at least 5% above the original EBITDA budget and at least 12% above the original EPS budget.

Gas demand: Executives said natural gas demand remains very strong, driven by LNG exports and rising power generation needs, and that this is creating a larger pipeline project pipeline.

Backlog growing: The company’s sanctioned backlog fell to $9.6 billion after projects entered service, but management said about $400 million of projects are close to contract signing and more additions are expected later this year.

Balance sheet: Kinder Morgan ended the quarter at 3.6x leverage and said it can fund growth while still paying a growing dividend and staying within its target range.

Project momentum: Management said Mississippi Crossing, South System Expansion 4, Trident, and Western Gateway are all progressing, while Permian Link and Project 219 South remain in development and could be larger projects over time.