Kinder Morgan Inc: KMI Reports 2Q26 Beat, Backlog expected to Increase in coming months

Research evidence excerpt

Kinder Morgan Inc: KMI Reports 2Q26 Beat, Backlog expected to Increase in coming months

ivers of EBITDA growth). Q2E 0.33 0.32

Q3E 0.33 0.32

Operational and Financial Highlights Q4E 0.40 0.38

12/26E 1.54 1.49

FERC has issued a Final Environmental Impact Statement covering SNG's and Elba 12/27E 1.67 1.51

Express's SSE4 project and TGP's MSX project, having previously indicated it 12/28E 1.85 1.65

expects to issue orders granting certificates of public convenience and necessity

for both projects by the end of July '26. Manav Gupta

Analyst

TGP has filed an application with FERC for its ~$90MM South Texas Enhancement manav.gupta@ubs.com

Project, which will provide incremental firm nat gas transportation to South Texas +1-212-713 4399

and Mexico markets and extend shippers' transportation paths to access Sumantra Banerjee

incremental nat gas supplies. Expected ISD is 2Q28. Associate Analyst

sumantra.banerjee@ubs.com

NGPL is continuing to develop the ~$200MM (KMI's share being ~$75MM) +1-212-713 5104

Amarillo Expansion project to support growing demand in the Texas Panhandle,

Saumya Jain

including additional data center development. The project is expected to provide

Associate Analyst

incremental firm transportation capacity of up to ~550 MDth/d, and NGPL is saumya.jain@ubs.com

preparing to file an application with FERC in 3Q26. Expected ISD is 3Q28. +1-212-882 0089

KMI confirmed the Cumberland, Hiland Express, and Gulf Coast Express (GCX)

projects were placed into service in 2Q26.

Highlights (US$m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 14,882 14,709 16,497 17,902 18,235 18,926 19,761 20,403

EBIT (UBS) 5,245 5,534 5,938 6,471 6,751 7,145 7,326 7,674

Net earnings (UBS) 2,397 2,629 2,888 3,411 3,665 3,997 4,175 4,509