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Earnings Calls

Last Earnings Call

Fiscal Period
Q2 2026
Call Date
Jul 22, 2026
AI Summary
Q2 2026

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.

Key Financials
Adjusted EBITDA
12%
Adjusted EPS
32%
Net income attributable to Kinder Morgan
$867 million
EPS
$0.39
Adjusted EPS
$0.37
Backlog
$9.6 billion
Contingently approved projects
almost $400 million
Projects placed into service
more than $650 million
Leverage
3.6x
Quarterly dividend
$0.2975 per share
Cash flow from operations
$3.45 billion
Dividends paid year-to-date
$1.315 billion
Total capital spent year-to-date
$1.92 billion
Monument acquisition
$500 million
Natural Gas transport volumes
7%
Natural Gas gathering volumes
26%
Products refined product volumes
5%
Products crude and condensate volumes
16%
Terminals liquids lease capacity
93%
Terminals tank utilization
approximately 99%
CO2 net oil production volumes
10%
SACROC production
15%
CO2 NGL volumes
9%
CO2 volumes
5%
RNG volumes
8%
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