'Show Me' The Projects: Is 2026 The Year For Announcements? 2Q26 Preview

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'Show Me' The Projects: Is 2026 The Year For Announcements? 2Q26 Preview

NORTH AMERICA | Energy

Kinder Morgan EquityJuneResearch12, 2026

COMPANY UPDATE'Show Me' The Projects: Is 2026 The Year For

RATING HOLDAnnouncements? 2Q26 Preview

PRICE $31.84^

Focus remains on KMI's ability to sanction new projects out of its shadow

backlog. We remain constructive on KMI's late-decade growth opportunity, PRICE TARGET | % TO PT $34.00 | +7%

but the emergence of Boardwalk's Borealis project generates new questions 52W HIGH-LOW $34.81 - $25.60

around relavent competition - likely to be a major focus item on KMI's 2Q26 FLOAT (%) | ADV MM (USD) 87.3% | 317.15

update. Initiate 2Q26 adj. EBITDA 0.5% above Street, as we believe previously MARKET CAP $70.7B

signaled +3% upside to initial budget is conservative. $34 PT; Reit. Hold. TICKER KMI ^Prior trading day's closing price unless otherwise

noted.

Backlog visibility remains core focus for investors. Investors appreciate KMI's relative discount

to gas-levered peers (WMB, DTM & TRP), but ability to close the gap on valuation continues to

FY (Dec) CHANGE TO JEFe JEF vs CONS

hinge on KMI's ability to sanction a portion of its signaled ~$10.1bn shadow backlog into traceable

2025 2026 2025 2026

FIDs. Continues to screen as unlikely that KMI will receive credit for pre-FID opportunities given the

shadow backlog's opacity (and emerging competition - more below), but also believe expectations NA NA NA NA

are currently low as far as the quantum of near-term project announcements. If KMI is able to NA NA NA NA

sanction >$1bn+ projects it could force more appreciation KMI's signaled growth tailwinds.

Texas / Southeast are still the demand anchors. Remain most positive on Southeast and Texas

growth opportunities.