Description

Kinder Morgan’s $4 Billion Annual Capex Plan — Can New Pipelines Sustain EBITDA Growth?

Kinder Morgan, Inc. reported solid financial and operational results for the third quarter of 2026, with improvements across all core business segments. The company’s adjusted earnings per share increased by 21%, and adjusted EBITDA grew by 9% compared to the same period in 2025. Net income attributable to the company rose 22% year-over-year to $764 million, while adjusted EBITDA for the quarter reached $2.18 billion, reflecting broad-based strength particularly in natural gas transport and gathering, terminals, refined products, and CO2 segments. Kinder Morgan’s natural gas volumes increased modestly, driven mainly by higher LNG feed gas deliveries and increased activity on intrastate systems. The products pipeline segment experienced volume declines, partly due to the removal of an asset from service and reduced well connects, though this was offset by favorable commodity pricing and greater blending volumes.