Kinder Morgan, Inc.
Energy · Oil & Gas Storage & Transportation
Structural. Largest US natural gas transporter - moves ~40% of US gas consumption, with pipelines feeding ~50% of US LNG export capacity. 8B (Q1 2026), up sharply from $3B mid-2024, driven by LNG feed-gas commitments (Plaquemines, Rio Grande, Corpus Christi Stage III) and new power-gen demand from data centers in Texas/Southeast.
- LNG export buildout requires 6-8 Bcf/d incremental feed gas by 2028 - KMI sits on the corridors ($LNG, $VG, $TELL offtake)
- Data-center gas demand (Texas/Virginia/Georgia) adds a second leg; signed Mississippi Crossing + South System 4 expansions
- ~64% of cash flow take-or-pay, ~26% fee-based - minimal commodity exposure on core book
- Investment-grade balance sheet (~4.0x ND/EBITDA target), dividend coverage >2x DCF
- CO2 segment (EOR + carbon capture optionality) re-rated as carbon-management theme matures
- FERC rate cases + permitting risk (Mountain Valley-style delays could push project ISD)
- Interest-rate sensitivity - 50% of equity story is the ~4-5% dividend yield
- LNG export pace dependent on DOE permit approvals + offtaker FIDs ($TELL Driftwood, $NEXT Rio Grande Phase II uncertain)
- CO2 EOR revenue tied to WTI crude; ~10% of EBITDA still has commodity beta
- Pipeline integrity capex + methane regs (EPA + state) raise maintenance burden
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