With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are mining, oil and gas exploration and services, pipelines, refining, and utilities.

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The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

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This year’s Fortune 500 marks the 67th running of the list.

F500-2021-262-Kinder Morgan

With over 72,000 miles of natural gas pipelines, the most in the U.S., Kinder Morgan is one of the largest oil and gas companies in North America.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-242-Kinder-Morgan

The pipeline operator has about 83,000 miles of pipelines that transport natural gas, gasoline, and crude oil in the U.S. and Canada.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

This year's Fastest-Growing Companies marks the 19th running of the list. In our annual list of public companies with the most stellar three-year profit, revenue, and stock growth, Facebook makes its first appearance.

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Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Shale rules! That’s the lesson of the latest edition of our annual list of public companies with the most stellar three-year profit, revenue, and stock growth. 

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Kinder Morgan is one of the largest energy infrastructure companies in North America, operating about 79,000 miles of pipelines and 139 terminals for natural gas, gasoline, and crude oil, among other commodities. About 40% of the natural gas produced in the U.S. goes through Kinder Morgan’s pipelines, while its terminals also handle renewable fuels, petroleum products, chemicals, vegetable oils, and other products.

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Q4 2024

Kinder Morgan (KMI): Company Profile, Stock Price, News, Rankings

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Kinder Morgan

kinder morgan

Please note that today's conference is being recorded. If you have any objections, you may disconnect at this time. It is now my pleasure to turn the call over to Mr.

Rich Kinder, Executive Chairman of Kinder Morgan. Sir, you may begin.

Thank you, Michelle. And before we begin, as we always do, I'd like to remind you that KMI's earnings release today and this call include forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities and Exchange Act of 1934 as well as certain non GAAP financial measures. Before making any investment decisions, we strongly encourage you to read our full disclosure on forward looking statements and use of non GAAP financial measures set forth at the end of our earnings release as well as review our latest filings with the SEC for important material assumptions, expectations and risk factors that may cause actual results to differ materially from those anticipated and described in such forward looking statements. I usually kick off these earnings calls with an overview of developments present and future in the midstream energy space with special emphasis on the various growth drivers for natural gas demand. These drivers are creating enormous opportunities for expansion of the natural gas pipeline and storage system across America and especially in the Gulf Coast and Southeast regions.

At the beginning of this new calendar year, I thought it might be appropriate to be a little more specific about Kinder Morgan's response to those opportunities. In the last few months, we have announced the FID of 4 new major projects, the expansion of our GCX system out of the Permian Basin, our SS4 expansion on our Southern Natural Gas System, our Mississippi crossing line which will serve SS4 and other increased demand in the Southeast and our Trident line which we announced today which will serve growing demand in the Southeast Texas region including the new Golden Pass LNG facility. Altogether, these new projects will entail capital expenditures net to us in excess of $5,000,000,000 and will have the capacity to transport over 5 Bcf a day of natural gas. And all of these projects I would point out are supported by long term contracts with creditworthy customers almost entirely on the demand side. While for obvious reasons we're not disclosing specific IRR targets for these projects, I know you realize our Board would not have approved without returns that are significantly above our cost of capital.

In addition to these projects, we are seeing other sizable opportunities to grow our business as exemplified by our recently announced Outriggers transaction, which will expand our position in the Bakken. In fact, this is the most exciting time to be in the midstream natural gas market that I've seen in my long decades in this business. We believe that our investments as they come online will drive growth in EBITDA and EPS for years to come. With that, I'll turn it over to Kim.

Okay. Thanks Rich. 2024 was a very good year in terms of our financial performance. We grew EBITDA and EPS and we improved our leverage metrics. And we set the company up for future success, securing commercial contracts to underpin $6,300,000,000 in new expansion projects that will add growth for the future.

Today, we announced we're proceeding with the $1,700,000,000 Trident project as Rich just said. And we also announced today that we successfully secured contracts to upsize our previously announced MSX project by 300,000,000 cubic feet a day to 1.8 Bcf a day. For the quarter, we added $3,500,000,000 in expansion projects to the backlog, which is primarily comprised of Trident and MSX. For the year, we have added $6,300,000,000 in projects to the backlog and placed $1,200,000,000 of projects in service, growing the backlog from $3,000,000,000 at the beginning at the end of last year to $8,100,000,000 today. These projects will pay benefits for many years to come.

As a result of the projects added to the backlog, we now expect to spend approximately $2,500,000,000 per year in expansion CapEx for the next several years, up from our prior estimate of approximately $2,000,000,000 per year. During the quarter, we also agreed to purchase a natural gas gathering and processing system in the Bakken, which is complementary to our existing Bakken assets for $640,000,000 dollars The system is backed by long term contracts from creditworthy counterparties. On a GAAP basis, the purchase price translates into an 8 times multiple. So based on the cash we receive in 2025, the multiple is approximately 6 times. In addition, in the future we expect the acquisition to reduce CapEx that we would have otherwise had to spend to expand for our customers.

As we look to the future, we continue to see additional growth opportunities in natural gas between LNG exports to Mexico, power and industrial growth. Our internal number for growth in the overall natural gas business is roughly 28 Bcf a day of growth between now and 2,030. Our assets are well positioned to serve this growth. We currently serve approximately 45% of the export LNG demand, 50% of the exports to Mexico and 45% of the power demand in the combined region of the Desert Southwest, Texas and the Southeast. 2024 was a successful year that brought numerous opportunities and nice growth and we're looking forward to further growth and capitalizing on additional opportunities in 20 25.

And with that, I'll turn it over to Tom to give you more details on the business performance.

Thanks, Kim. Starting with the Natural Gas Business Unit, transport volumes were essentially unchanged in the quarter versus the Q4 of 2023. Natural gas gathering volumes were down 7% in the quarter compared to the Q4 of 2023 driven by lower Haynesville and Bakken volumes partially offset by higher Eagle Ford volumes. Sequentially, gathering volumes were flat quarter over quarter. For the year, our gathering volumes averaged 8% below our 2024 plan, 6% over 2023.

We have budgeted for a 5% increase in gathering volumes in 2025 versus 2024 actuals. We view this slight pullback in gathering volumes to the lower prices as temporary given that higher production volumes will be necessary to meet the demand growth from LNG expected in the second half of twenty twenty five. Looking forward, we continue to see significant incremental project opportunities across our natural gas pipeline network to expand our transportation and storage capabilities in support of the growing natural gas market. On our products pipeline segment, refined products volumes were up 2% and crude and condensate volumes were down 5% in the quarter compared to the Q4 of 2023. For the full year, refined products volumes were down 3% below our plan, but 1% over 2023.

We have budgeted for a 1% increase in refined product volumes in 2025 versus 2024 actuals. In December 2024, BP North America exercises unilateral right to extend their contract for 5 years at existing rates for all of the petroleum condensate processing capacity at our facility on the Houston Ship Channel. The extension is recognition of the strategic value of Kinder Morgan's 100,000 barrels per day processing capability at our facility and the locational value of Kinder Morgan's footprint in the area. In our Terminals business segment, our liquids lease capacity remains high at 95%. Though refining cracks and blending margins have softened, they remain constructive and supportive of strong rates and utilization at our key hubs at the Houston Ship Channel and New York Harbor.

Our Jones Act tanker fleet is fully leased today, 97% leased through 2025, 94% leased through 2026 assuming likely options are exercised. We have opportunistically chartered a significant percentage of the fleet at higher market rates and extended the average length of firm contract commitments to 4 years. The CO2 segment experienced 3% lower oil production volumes, 4% lower NGL volumes and 3% lower CO2 volumes in the quarter versus the Q4 2023. For the full year, oil volumes were down 6% versus 2023, but within 1% of our budget. With that, I'll turn it over to David Michaels.

All right. Thanks, Tom. So for the quarter, we're declaring a dividend of $0.2875 per share, which is $1.15 per share annualized and up 2% from 2023. During the quarter during the Q4, we generated net income attributable to KMI of $667,000,000 or up 12% from the Q4 of 2023. We generated EPS of $0.30 up 11% from last year.

And on an adjusted net income basis, which excludes our certain items, we generated $708,000,000 of net income and adjusted EPS of $0.32 Those two items are 12% 14% up from last year, respectively. This year over year growth was driven by a greater contributions from our natural gas products and terminals businesses with the main growth drivers being contributions from our acquired South Texas Midstream assets, which we acquired at the end of 2023, greater contributions from our Texas intrastate natural gas system as well as from natural gas projects that were placed in service. For the full year, we generated EPS of $1.17 which was up 10% over last year and our adjusted EPS was up 7% from last year. As we've messaged for the last two quarters, we finished 2024 a little bit below our budget mainly driven by commodity prices lower than what we had budgeted and lower production from our RNG plants. But despite those headwinds, we still experienced nice growth from 2023.

Moving to our balance sheet. We ended the year with $31,700,000,000 of net debt and a 4.0 times net debt to adjusted EBITDA ratio, which is right in the middle of our leverage target range of 3.5 times to 4.5 times. Our net debt decreased $112,000,000 from the beginning of 2024. And here's a high level reconciliation of that change. We generated $5,600,000,000 of cash flow from operations.

We spent $2,600,000,000 in dividends. We spent $2,700,000,000 of capital, and that's growth sustaining and our contributions to our joint ventures. And then we had about $200,000,000 of other uses and that gets you pretty close to the $112,000,000 decrease in net debt for the year. For 2025, as we previewed in December, we expect another good year of growth. We expect net income growth of 8% from 2024, EBITDA growth of 4% and adjusted EPS growth of 10%.

We also expect to see our balance sheet improve further, ending the year at 3.8 times. As we say in the press release, we'll be publishing our budget materials on February 5, and that will provide more detail behind the summary budget that we provided in December. Our budget does not include the recently announced Outrigger acquisition, which we expect to close in the Q1, and we expect that acquisition to be immediately accretive. And we expect to our year end leverage will remain at 3.8 times even after taking into account that transaction. With that, I'll turn it back to Kim.

Okay. Michelle, if you'll come on, we'll take questions. And if everyone can ask one question and one follow-up, and if you have further questions, please get back in line.

Thank you. Our first caller is Theresa Chen with Barclays. You may go ahead.

Good afternoon and thank you for taking my questions. When we look at the last update at the backlog, including CO2 and GMP, comparing the backlog today, the implied multiple of 6.4x, it's pretty compelling. So for projects like Mississippi Crossing and Trident and future natural gas infrastructure projects, can you talk about the economic moat that you have, competitive moat that you have, the financial considerations and how you can maintain these types of multiples and returns for growth projects under development?

Sure. And let me just say, there's been no change in our return criteria and the way we think about and the way we look at these projects. As you know, required returns, our required return moves around a little bit depending on the risk inherent in the cash flows. And so we do have different returns for different risk projects that make up the overall multiple of the backlog that is less than 6 times. I think that these projects are competitive.

And as you know, we on MSX, we were competing for that project. We also competed on the Trident project with other people that were attempting to build. I do think that having the infrastructure that we have, having the reputation that we have as an operator, and our ability to bring these projects in, in a timely manner, does help us to be successful as we go out and try to get new projects and new business. But this return is consistent with the returns that we have achieved over time on these projects.

Understood. And related to the Outrigger acquisition, can you expound a bit on the strategic rationale behind this and outlook for downstream synergies if Y Grade eventually flows onto Double H once converted to NGL service for example?

Yes. Let me make a couple of comments on that. So there are these assets fit in well with our existing system. So there are potential capital synergies and commercial synergies with our existing assets in this acquisition. At this point in time, we're not quantifying exactly what those are just because those can move around based on a number of different factors including the producers drilling schedule.

But I think that we're in a good position to deliver at least some of those synergies and hopefully we will get significant synergies from that. In terms of downstream synergies, I think that there are some existing contracts in place and we may have a potential for downstream synergies, but I think that will come later in time. There's nothing immediate with respect to downstream synergies.

Thank you. Our next caller is Manav Gupta with UBS. You may go ahead, sir.

Good morning. A quick observation. I think on December 9, when you announced your CapEx, you were looking for an adjusted EPS growth of 8% and today it's already 10%. And I'm hoping as the year progresses, this number just moves up. And can you help us understand some of the macro trends or favorable factors, which could help you push even higher than 10% EPS growth in 2025?

Sure. So I think, one, that we have some sensitivity to commodity prices. And currently commodity prices are a little bit higher than what we budgeted. Now there's crude, there's natural gas and then we have some rent sensitivity. And so we've got upside on the first two.

We've got a little bit of downside on the last one. But when you net all those together, today there's some upside on the overall commodity picture. Now it's early in the year and commodity prices can move. And so I don't think you can take that to the bank at this point. The Outrigger acquisition, as David said in his comments, is not in the budget.

And so there's that's going to be accretive and will be a positive versus our budget. There's the potential I think first some upside on the Jones Act tankers that we've got. Right now I think interest expense, the rates that we budgeted are largely in line with where the current market is. So I think there If the prices stay high, I mean, you could see some upside on GMP volumes over time. And if we continue to deplete the inventory that's in storage as a result of winter weather, I think the winter weather, we probably did a little bit better than what we budgeted with respect to winter weather.

But again, it's early in the year. There's a lot of different moving parts in our budget. And so I'd just say at this point in time, we are not changing our guidance. We're sticking to our budget, but it is a nice start to the year.

Perfect. My quick follow-up is, it looks like we have a new administration, which is really pushing the AI goals here, dollars 500,000,000,000 investment announced yesterday. And I'm trying to understand, in terms of this execution, are we still in very early stages of this positive macro trend where this trend could continue for like 5, 7, 8 or 9 years as these data centers come on and the demand for power just keeps rising and how Kyndra fits into that? Thank you.

Yes. I think we are early in the data center trend and the power that's going to be needed there. And so I think that the encouragement that this administration has given on the data center development, their desire to see American Energy do well. I think all plays into a nice long term trend for natural gas demand. So I said in my opening comments, we think the natural gas demand is going to grow by 28 Bcf a day between now and 2,030 and part of that is power demand.

And those numbers though we only have power demand up about 3 Bcf a day. And I think there are a lot of numbers that are much higher than that 3 Bcf a day in terms of power demand. I've seen numbers at 10 Bcf a day. And so I think there is a potential for upside above the 28 Bcf of growth that we are projecting.

Thank you. Our next caller is Michael Blum with Wells Fargo. You may go ahead, sir.

Thanks. Good afternoon, everyone. So maybe staying on President Trump's recent AI infrastructure announcement, it does one of the projects involved there seems like it's going to be a large data center campus in Abilene, Texas, which if I'm not mistaken, but

Okay, great. So sorry about that. So you hear me okay?

Okay. Trump's AI data center announcement includes a large data center in Abilene, Texas, so which I think is pretty close to some of your pipelines. I'm wondering if there's an opportunity there for you and do you have availability to address it?

So Michael, this is Stifel. 1, it's a good announcement. Our intrastate footprint or NGPL footprint, it's all in and around the area. I think it's an opportunity. But once again, there's a lot of folks that are going to be chasing the opportunity.

So I think we're well positioned to partake in some of that growth.

Okay, great. And then, I also want to ask about the open season on Kindermore, Louisiana, like a Texas header project. Can you just tell us how that's progressing and the potential scope of that project? Thanks.

Absolutely. So part of one, I think the open season closed and we do have binding commitments to build that segment. Part of the overall strategy here is there is a lot of interconnectivity needed with all the gas coming from multiple directions. And so I think this is a good platform for us to establish that kind of initial leg with the prospective possibility of extending that into the Louisiana corridor. And so I think that when you think about it, this first phase here is contracted and ready to go and this will position us well for future growth.

And let me just further on that. The existing header is in the TriNet project in terms of the economics that we get from that. And then future, it's there we have future expansion potential, but that would be another project that we would get approved at that time.

Yes. So just to clarify, the KMLP expansion is one of the pipes that it will connect to is Trident. It's separate from the part from Trident itself and it can potentially be a leg into the Louisiana corridor down the line.

In the future. That's right. Michael, does that make sense?

Thank you. Our next caller is Neal Dingmann with Truist Securities. You may go ahead, sir.

Hey, good afternoon. This is Jack Wilson on for Neal. Can you please speak to your positioning in regards to LNG export specifically?

Yes, sure. We serve about 50% of that market. So it's just under that, it's 45%. I think our total contract that we've got in place for LNG exports is about 10.7 Bcf a day. Not all of that is online today, but that's the position that we will grow into over time.

I think it's a little less than 10 today. And then the opportunity set is in the range of 15 Bcf a day is the future capacity that is included in the 28 Bcf a day of growth that we see between now and 2,030. And that's so we'll be focused on trying to capture some of those opportunities. And then a lot of times as we said before, there's the initial opportunities to connect to the header systems or directly to those facilities. And then a lot of times, LNG export facilities and customers are looking for to go back further back up stream to get more competitively priced supply.

And in addition sometimes some of them are looking for some insurance capacity and therefore they contract for more than just the capacity of the facility to make sure that they can get molecules there. So a lot of times those initial projects lead to future projects. So there's a lot of opportunity on the export LNG side.

Thank you. Our next caller is Keith Stanley with Wolfe Research.

Hi, good afternoon. First question, just curious, you just did an acquisition a couple of weeks ago. How you're thinking about incremental acquisitions at this point? So on the one hand, you have greatly increased organic investment opportunities. So you probably want some excess financial capacity.

But you also have a much improved currency. And it's probably pretty easy to make deals accretive at this point. So just how are you balancing those factors and thinking about M and A?

Yes. So we think about M and A on a very opportunistic basis. And so we can't predict that. And therefore it's hard to budget or schedule for it. Our criteria in terms of acquisitions hasn't changed.

So it's still the same. So we're not modifying the criteria and then we just evaluate each one as it comes to fruition. So right now, we are able to fully fund all of our CapEx with internally generated cash. We have no need to issue equity. If we saw some big huge acquisition, not opposed to issuing equity, but it would have to make economic sense.

And so we would just have to view it in the context of the overall deal when that opportunity came before us.

Thanks for that. The second one just wanted to follow-up on the quarter. So Q4 EBITDA was is about $100,000,000 below the initial quarterly budget and you talked about commodities, volumes and some of the RNG headwinds. Is there anything else you'd flag for the quarter in particular? Are those the main factors?

The commodity headwind was part of it. We had some the RNG sales were down relative to what we had expected. And then we had some of the RINs that we produced in the quarter were pushed out of the year into the next year because there was a lack of liquidity in the market. So that also contributed to it, but you hit the main ones.

Thank you. Our next caller is Jean Ann Salisbury with Bank of America.

Hi. Most of what Kinder Morgan has announced over the past year has been typical large diameter, big CapEx projects, so S and G, GCX, MSX, Trident. From here forward, do you see any shift in the type of the future projects to being mostly more like end user projects like laterals to power plants or data centers, which might be lower absolute CapEx, but better multiples or you're not really ready to call that shift yet?

That's it's hard to call. I think we're going to have opportunities on both fronts. I think more of the opportunities probably come in what I call the singles and doubles connecting the power plants that types of things. And that's largely just because the larger projects to do those, you've got to put together a lot of customers. It's just a lot more complicated and a lot harder to do.

But that being said, we do have some large scale opportunities that we're evaluating and looking at, that have the potential to come to fruition. It's just harder to call your shots on those, again because you face competition and you've got to bring a lot of different factors have to come together to make those possible. So, it could it's going to continue just to be a combination of things, Jean Ann. But I do think that the larger ones will are going to be more infrequent than we'll just have a lot of smaller opportunities, singles and doubles. Got it.

It's harder than home run. We just we were very fortunate this year that we got a number of them in 1 year.

Yes. That makes sense. Great. And then as a follow-up, can you kind of talk about how you're forecasting the cadence of Haynesville volumes coming back? I think rig count in that basin is falling more than most would have thought and you've seen some producers saying that you need far higher prices than today's strip for them to come back.

Gene, this is Seifel. Yes, so I think last year we did see a little pullback in the Haynesville as a result of kind of the price environment. In light of what we're seeing currently and the expectation of the LNG demand coming on, we are seeing activity pick back up in the Haynesville. And if any of this price is sustained as kind of we hope it is, I think you'll see a lot more activity in the Haynesville.

Okay. That's helpful. Thank you. That's all for me.

Thank you. Our next caller is Spiro Dounis from Citi. You may go ahead, sir.

Thanks, operator. Good afternoon, team. Just want to go back to the project backlog again. Now at $8,100,000,000 largest we've seen in a while here and Kim you mentioned the $2,500,000,000 a year annually and I guess if we sort of track that through 2028, gets you to about $10,000,000,000 all in. So just curious is that the right way to think about maybe your visibility on the sort of unsanctioned backlog from here at least through 'twenty eight?

And in that context, kind of what GM was getting at, you added over $5,000,000,000 of projects in this last year. It's not hard to repeat, but at the same time, you also did mention being in the early stages of data center demand and potentially some new LNG FIDs coming this year. So when do you think we do see a year like that again? I know it's hard to predict, but just thinking about it, you think it's coming

to us. Well, I hope next year. But this has been a pretty spectacular year is what I would say in terms of backlog additions and then 4 really big projects. So, but again we have outlined there's going to be a lot of growth in natural gas 28 Bcf a day again between now and 2,030. That's a large amount of demand growth and it's all happening across the Southern United States where we've just got a really good position of assets whether that's in Texas or that's going across to the Southeast or that's going out to the Desert Southwest.

And so I think we've tried to give you $2,500,000,000 a year, yes, that we filled in a few things there. But in terms of our expectations on what's going to happen, but I think there is the opportunity for that to grow over time, I believe. And so I think that's what we would expect to happen, is that we continue to add to this backlog. But we're also going to be placing projects in service. And so not sure how to tell you exactly how much we can add over time.

Okay. Yes, understood. That's helpful. Second question quickly, just thinking about some weather events that have kind of occurred so far here in the Q1. Obviously, you have the LA fires, I know you guys have assets out in that region.

We've also had some cold weather just along U. S. Gulf Coast. So just curious how much either of those events has kind of impacted operations so far in the Q1?

Yes. In terms of California, no impact on our assets. I mean, we were down for 2 days on some pipes, but I think those volumes will largely be able to make up. And then on the cold weather, I mean our operations guys have done a fantastic job. We went out and manned stations and we had something go off, but they would get it right back on.

So really no impact in terms of being able to operate from the fires or from the cold weather.

Great. I'll leave it there. Thanks for the time.

Thank you. Our next caller is Zach VanEveren with TPH. You may go ahead, sir.

Hey, thanks for taking my question. Maybe first one on the Bakken acquisition. Can you maybe touch on a high level, what type of contracting that plant in the pipeline had? Is it MVCs? Is it mostly contracted?

Or just any more color there would be great.

Yes, sure. So this is Stifel. One, I think the asset fits well in our kind of overall integrated strategy. Most of the contracts are kind of MVC backed with some firm obligations there. As we think about the footprint, one of the things that this asset does for us is it gives us processing north of the river.

We've always been kind of south of the river, if you're familiar with that area. And so I think it opens up some potential flexibility that we can leverage as we move forward.

Got you. That makes sense. And then maybe just one on Trident. I know that shortly after announcing it, Golden Pass came out talking about them being one of the anchor shippers. I know in the press release today, you kind of know LNG and industrial demand.

Could you touch on maybe just the high level makeup of the demand contracts? Is it mostly LNG or is there also some power and industrial demand you're seeing as well?

So I will tell you this, since the last time we've spoken, I can't I won't say any names, but we've got some power behind power demand behind the contracts and we continue to work with industrials and the large some of the large end use customers on the ability to potentially even expand the pipe from the 1.5 that we've got it at now all the way up to the 2.8 Bcf that we think we could get through some capital efficient expansion.

Got you. Super helpful. I appreciate the time today. Thanks.

Thank you. Our next caller is John McKay with Goldman Sachs.

Kinder Morgan (KMI) Q4 2024 Earnings Call Transcript

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