KINDER MORGAN, INC. (KMI)

Kinder Morgan (KMI) is one of the largest energy infrastructure companies in North America. As of December 31, 2025, it owned an interest in or operated approximately 78,000 miles of pipelines, 136 terminals, about 706 Bcf of working natural gas storage capacity, and renewable natural gas generation capacity of roughly 6.9 Bcf per year of gross production. Its pipelines carry natural gas, refined petroleum products, crude oil, condensate, CO2, renewable fuels and other products, and its terminals store and handle gasoline, diesel, jet fuel, chemicals, petroleum coke, metals, ethanol and other renewable fuels and feedstocks. The strategy centers on stable, fee-based transportation and storage assets, higher utilization of existing assets, disciplined capital allocation, and a strong financial profile.

The Natural Gas Pipelines segment is the one described in detail. It includes interstate and intrastate pipelines, underground storage, LNG liquefaction and terminal facilities, and NGL fractionation, with both FERC-regulated and non-FERC-regulated assets. Its main activities are natural gas transportation, storage, sales, gathering, processing and treating, and LNG services. The segment has about 42,000 miles of wholly owned natural gas pipelines and equity interests in entities with about 25,000 more miles. Major systems include TGP, NGPL, SNG, Florida Gas Transmission, EPNG, CIG, the Texas intrastate pipelines, and gathering and processing systems such as KinderHawk and Hiland Midstream. A CO2 business with enhanced oil recovery operations, such as the Diamond M field, is also referenced, along with other segments covered in the financial statement notes. In 2025 the company acquired a North Dakota gas gathering and processing system from Outrigger Energy II for $648 million, sold its 25% interest in EagleHawk for $382 million, and placed several expansions in service, including the Evangeline Pass, Altamont Green River and Tejas South to North projects. It has a large backlog of projects under construction, including SSE4, Trident Intrastate, Mississippi Crossing, Florida Gas Transmission expansions and the TVA Cumberland pipeline, most supported by long-term contracts.

The transportation network reaches major supply areas and consumers in the western U.S., Rocky Mountain, Midwest, Texas, Louisiana, Southeastern and Northeast regions, and the LNG terminals serve southeastern markets. Customers include LNG facilities such as Venture Global's Plaquemines, utilities such as the Tennessee Valley Authority, producers, and industrial and power generation users. Natural gas pipeline, storage and LNG revenues come primarily from long-term fixed-fee contracts, in which the majority of the fee is paid for reserving capacity whether or not it is used. The weighted average remaining life was about seven years for transportation contracts and about 12 years for LNG regasification and liquefaction and associated storage contracts. Gathering, processing and fractionation revenues are mostly fee-based and depend on volumes affected by producer drilling activity. Some contracts use percent-of-proceeds, percent-of-index or keep-whole terms, and the company also earns marketing revenue from buying and selling natural gas.

In 2025, Kinder Morgan issued $1,850 million of new senior notes to repay short-term borrowings, fund maturing debt and for general corporate purposes, and repaid $1,500 million of maturing senior notes. It regularly evaluates acquisitions and divestitures.