Kinder Morgan Inc: Mississippi Crossing, South System Expansion 4, and Texas Access Project

研报英文原文证据摘录

Kinder Morgan Inc: Mississippi Crossing, South System Expansion 4, and Texas Access Project

pansion on SNG.

UBS Cons.

SSE4 will move incremental volumes from MSX onward through Alabama and Georgia

Q1 0.49 0.48

to reach Southeast demand markets.

Q2E 0.33 0.32

Q3E 0.33 0.32

Texas Access Project Q4E 0.40 0.39

The Texas Access Project (TAP) represents a major enhancement to the existing KMLP 12/26E 1.54 1.49

system and will create a new, high capacity path from multiple Texas supply sources into 12/27E 1.67 1.52

KMLP. TAP will be a ~3 mile pipeline with capacity of ~1.3 Bcf/d from Jefferson County, 12/28E 1.85 1.66

Texas into Cameron Parish, LA. TAP will not increase KMLP's existing capacity but will

Manav Gupta

instead extend the supply path and increase deliveries into the constrained Southwest Analyst

Louisiana LNG corridor. manav.gupta@ubs.com

+1-212-713 4399

Stock Thoughts

Sumantra Banerjee

These three projects fit the larger themes of power and LNG-related nat gas demand in Associate Analyst

the Southeast US (including the Gulf Coast) region. MSX and SSE4 will link together to sumantra.banerjee@ubs.com

reach Southeast demand markets, including Alabama and Georgia, whereas TAP will +1-212-713 5104

connect to the Trident Intrastate project to deliver nat gas into key LNG delivery points, Ivan Scotto

such as Woodside's Louisiana LNG terminal. Associate Analyst

ivan.scotto@ubs.com

+1-212-713 3137

These projects are part of KMI's $10.1Bn project backlog (~$9.3bn of approved natural

gas projects). Beyond its existing backlog, KMI is pursuing an opportunity set of nearly

$10Bn in potential projects and aims to capture a significant portion of this pipeline.

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