Kinder Morgan, Inc.: 2Q Above the Street; EBITDA Trending 5%+ Vs Budget, but Project Backlog Update Lands Shy of Expectations

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Kinder Morgan, Inc.: 2Q Above the Street; EBITDA Trending 5%+ Vs Budget, but Project Backlog Update Lands Shy of Expectations

J P M O R G A N North America Equity Research

22 July 2026

Kinder Morgan, Inc. Neutral

KMI, KMI US

2Q Above the Street; EBITDA Trending 5%+ Vs Budget, Price (22 Jul 26):$32.49

but Project Backlog Update Lands Shy of Expectations

Head of North America Power,

KMI reported 2Q26 adj. EBITDA of $2,199mm, above $2,100mm JPMe and Utilities, Midstream, LNG, and

Nuclear

$2,083mm Street Median, with NatGas Pipelines, Products Pipelines, and Terminals

beating. Management now sees KMI trending more than 5% above the $8.6bn 2026 Jeremy Tonet, CFA AC

adj EBITDA budget (vs. 3%+ after 1Q), with the WTI strip well above the budget (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

presenting upside risk. We attribute roughly half of the full year uplift to non-

North American Midstream

recurring/marketing items. The project backlog exiting 2Q26 stood at $9.6bn, down

$500mm QoQ, though KMI noted that the board has provided contingent approval on Vrathan Reddy

~$400mm of projects, in an effort to highlight more growth projects remain in flight. (1-212) 622-4692

vrathan.reddy@jpmchase.com

Heading into the print, we flagged a possible low bar for KMI earnings given

Eli Jossen, CFAexpectations for a notable backlog reduction given the projects entering service.

(1-212) 622-4113

However, we see the very limited true backlog additions and commentary calling for eli.jossen@jpmchase.com

at least $1bn of projects likely sanctioned in 2H26 failing to clear this low bar, likely

Francina Kolluri

driving weakness in trading tomorrow. (1-212) 270-5796

francina.kolluri@jpmchase.com

• 2Q projects entering service drives backlog stepdown. KMI placed ~ J.P. Morgan Securities LLC