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Kinder Morgan Inc Class P KMI

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Morningstar’s Analysis

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Kinder Morgan Delivers Solid 3Q, Continues to See Strong Storage Opportunities

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Kinder Morgan’s third-quarter results were solid, and the company reaffirmed its 2021 adjusted EBITDA guidance of $7.9 billion. We maintain our fair value estimate and no-moat rating while incorporating these results into our model. Kinder’s most important segment, natural gas pipelines, generated flat results, as growth from LNG-related demand and the startup of the Permian Highway was offset by weakness elsewhere, including the Fayetteville Express pipeline. However, we expect more growth in 2022 as U.S. LNG export capacity expands because Kinder currently handles about 50% of U.S. LNG transportation volumes.

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Company Profile

Business Description

Kinder Morgan is one of the largest midstream energy firms in North America with 70,000 miles of U.S. natural gas pipelines and nearly 10,000 miles of oil and refined products pipelines. The company is active in the transportation, storage, and processing of natural gas, crude oil, refined products, natural gas liquids, and carbon dioxide. The majority of Kinder Morgan's cash flows stem from fee-based contracts for handling, moving, and storing fossil fuel products.

1001 Louisiana Street, Suite 1000
Houston, TX, 77002
T +1 713 369-9000
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 10,524