Kinder Morgan, Inc. (KMI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el complejo mundo de la infraestructura energética, Kinder Morgan, Inc. (KMI) se erige como un titán de las operaciones de Midstream, orquestando una red sofisticada que conecta a los productores de petróleo y gas con mercados globales. Con un intrincado modelo de negocio que abarca asociaciones estratégicas, tecnologías de vanguardia y amplias redes de tuberías, KMI transforma el transporte de energía en bruto en un ecosistema perfecto y eficiente. Su enfoque innovador no solo garantiza la logística energética confiable, sino que también minimiza el impacto ambiental, posicionando a la compañía como un jugador crítico en el panorama energético en constante evolución. Sumérgete en el fascinante modelo de cómo Kinder Morgan navega por los intrincados canales de infraestructura energética y crea valor en una de las industrias más dinámicas del mundo.

Kinder Morgan, Inc. (KMI) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con grandes productores de petróleo y gas

Kinder Morgan mantiene asociaciones estratégicas con grandes productores de energía que incluyen:

Empresa asociada	Detalles de la asociación	Volumen anual
Exxonmobil	Transporte de gas natural	1.200 millones de pies cúbicos por día
Cheurón	Infraestructura de tuberías de la cuenca Pérmica	500 millones de pies cúbicos por día
Caparazón	Transporte de líquidos de la costa del Golfo	350,000 barriles por día

Empresas conjuntas con compañías de infraestructura energética

Kinder Morgan se involucra en múltiples empresas conjuntas:

• Gulf Coast Express Pipeline LLC (Asociación 50/50 con Sempra Energy)
• El Paso Natural Gas Company (subsidiaria de propiedad absoluta)
• Tennessee Gas Pipeline Company (100% Kinder Morgan Propiedad)

Asociaciones con empresas de construcción y mantenimiento de tuberías

Las asociaciones clave de construcción y mantenimiento incluyen:

Pareja	Alcance del servicio	Valor anual del contrato
Fluor Corporation	Servicios de construcción de tuberías	$ 275 millones
Ingeniería de Jacobs	Mantenimiento de la infraestructura	$ 185 millones
Halliburton	Gestión de integridad de tuberías	$ 140 millones

Colaboración con agencias reguladoras y grupos ambientalistas

Socios de colaboración regulatoria y ambiental:

• Agencia de Protección Ambiental (EPA)
• Oficina de Administración de Tierras
• Asociación Interestatal de Gas Natural de América
• Instituto Americano de Petróleo

Inversión total de asociación en 2023: $ 1.2 mil millones

Kinder Morgan, Inc. (KMI) - Modelo de negocio: actividades clave

Transporte de gases naturales y tuberías de petróleo

Kinder Morgan opera aproximadamente 84,000 millas de tuberías en América del Norte. La red de tuberías de la compañía incluye:

Tipo de tubería	Total de millas	Volumen de transporte anual
Tuberías de gas natural	70,000 millas	40.7 mil millones de pies cúbicos por día
Tuberías de petróleo	14,000 millas	2.1 millones de barriles por día

Operaciones de almacenamiento y manejo de terminales

Kinder Morgan administra una amplia infraestructura terminal:

• 246 terminales en América del Norte
• Capacidad de almacenamiento total de 190 millones de barriles
• Maneja múltiples tipos de productos, incluidos petróleo, productos químicos y productos refinados.

Desarrollo y expansión de la infraestructura de tuberías

Detalles de la inversión de infraestructura anual:

Categoría de inversión	Cantidad de inversión 2023
Gastos de capital total	$ 1.4 mil millones
Proyectos de expansión	$ 620 millones
Proyectos de mantenimiento	$ 780 millones

Servicios de gestión de activos de energía y logística

Logística y capacidades de gestión de activos:

• Red de transporte de dióxido de carbono: 1.300 millas
• Producción de CO2 y recuperación mejorada de petróleo: 50,000 barriles por día
• Servicios de terminal para 2.4 millones de barriles de productos refinados diariamente

Kinder Morgan, Inc. (KMI) - Modelo de negocios: recursos clave

Red de tuberías extensa

Infraestructura total de tuberías:

Tipo de tubería	Longitud (millas)
Tuberías de gas natural	70,000
Tuberías de productos	5,200
Tuberías de CO2	1,300

Tecnologías avanzadas de monitoreo de tuberías

Inversión tecnológica:

• Sistemas de SCADA (control de supervisión y adquisición de datos)
• Tecnologías de detección de fugas en tiempo real
• Sistemas avanzados de gestión de integridad de la tubería

Capacidades de la fuerza laboral

Recursos humanos Profile:

Categoría de empleado	Número de empleados
Fuerza de trabajo total	11,100
Profesionales de ingeniería	1,850
Especialistas en operaciones	2,300

Activos terrestres y de derecho

Cartera de activos:

Tipo de activo	Superficie total
Total de propiedad de tierras	84,000 acres
Servidumbres de derecho de paso	56,000 millas

Inversión financiera en recursos clave

Gasto de capital:

• Inversión anual de infraestructura: $ 1.4 mil millones
• Tecnología y sistemas de monitoreo: $ 180 millones
• Capacitación y desarrollo de la fuerza laboral: $ 45 millones

Kinder Morgan, Inc. (KMI) - Modelo de negocio: propuestas de valor

Servicios de transporte de infraestructura energética confiable

Kinder Morgan opera 83,000 millas de tuberías y 141 terminales en América del Norte. El volumen total de transporte de tuberías de 2023 de la compañía alcanzó 2,4 millones de barriles por día de productos petroleros.

Activo de infraestructura	Cantidad
Tuberías de gas natural	70,000 millas
Tuberías de productos de petróleo	13,000 millas
Terminales totales	141

Soluciones de energía de la corriente media rentable

En 2023, Kinder Morgan generó $ 19.3 mil millones en ingresos totales con $ 7.4 mil millones en ingresos operativos netos. La eficiencia de rentabilidad de la compañía se demuestra a través de sus bajos gastos operativos.

• Costos operativos: $ 11.9 mil millones en 2023
• Margen operativo: 38.3%
• Costo por barril transportado: $ 0.42

Impacto ambiental reducido a través de un transporte eficiente

La red de tuberías de Kinder Morgan reduce las emisiones de carbono en comparación con los métodos de transporte alternativos. En 2023, las operaciones de tuberías de la compañía impidieron aproximadamente 30 millones de toneladas métricas de emisiones de CO2.

Métrica ambiental	2023 datos
Emisiones de CO2 evitadas	30 millones de toneladas métricas
Inversión de energía renovable	$ 250 millones

Logística de energía integrada y capacidades de almacenamiento

Kinder Morgan proporciona servicios integrales de logística de energía con una capacidad de almacenamiento significativa en múltiples segmentos de energía.

• Capacidad de almacenamiento de gas natural: 286 mil millones de pies cúbicos
• Capacidad de almacenamiento del producto petrolero: 92 millones de barriles
• Capacidad de manejo de terminales: 217 millones de barriles por año

Kinder Morgan, Inc. (KMI) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con productores de energía

Kinder Morgan mantiene Aproximadamente 85,000 millas de tuberías con contratos a largo plazo que abarcan varios años. La duración promedio del contrato oscila entre 10 y 15 años para los principales clientes de producción de energía.

Tipo de contrato	Duración promedio	Impacto anual de ingresos
Transporte de gas natural	12-15 años	$ 3.2 mil millones
Transporte de petróleo crudo	10-12 años	$ 2.7 mil millones

Equipos de gestión de cuentas dedicados

Kinder Morgan emplea Más de 250 profesionales dedicados de gestión de cuentas Sirviendo a importantes clientes de producción de energía en América del Norte.

• Portafolio de cliente promedio por gerente de cuenta: 7-9 clientes
• Tasa anual de retención del cliente: 92.5%
• Experiencia promedio de gestión de cuentas: 12.3 años

Informes de comunicación y rendimiento transparentes

La compañía proporciona informes de rendimiento trimestrales que cubren la eficiencia de la tubería, los volúmenes de transporte y las métricas de confiabilidad.

Métrica de informes	2023 rendimiento
Tiempo de actividad de la tubería	99.87%
Precisión del volumen de transporte	99.93%

Plataformas digitales para seguimiento y gestión de servicios

La plataforma digital de Kinder Morgan es compatible con Seguimiento en tiempo real para más de 5,000 clientes de producción de energía activa.

• Usuarios de la plataforma: 4.982 clientes corporativos
• Transacciones anuales de plataforma digital: 1.2 millones
• Tasa de participación de la aplicación móvil: 68%

Kinder Morgan, Inc. (KMI) - Modelo de negocios: canales

Fuerza de ventas directa

Kinder Morgan emplea un equipo de ventas dedicado de 11,500 empleados a partir de 2023, centrándose en los servicios de infraestructura energética y transporte de nivel empresarial.

Tipo de canal de ventas	Número de representantes de ventas	Ingresos anuales promedio por representante
Ventas de energía empresarial	275	$ 4.2 millones
Ventas de tuberías de gas natural	185	$ 3.7 millones
Ventas de servicios terminales	95	$ 2.9 millones

Portal de clientes en línea

La plataforma digital de Kinder Morgan admite $ 89.4 mil millones en transacciones anuales de infraestructura con una calificación de satisfacción del cliente 97.3%.

• Portal web lanzado en 2019
• Seguimiento de capacidad de tuberías en tiempo real
• Sistema de gestión de contratos digitales
• Interfaces de facturación automatizadas

Conferencias de la industria y eventos comerciales

Participación anual en 42 conferencias del sector energético con oportunidades directas de participación comercial.

Tipo de conferencia	Participación anual	Posibles clientes potenciales de negocios generados
Conferencias de infraestructura energética	18	276
Cumbre de gas natural	12	193
Foros de tecnología de tuberías	12	167

Plataformas de redes del sector energético

Participación activa en 7 plataformas principales de red digital con 89,000 conexiones profesionales.

• Red profesional de LinkedIn
• Foros especializados del sector energético
• Plataformas de colaboración digital específicas de la industria
• Entornos de redes de conferencias virtuales

Kinder Morgan, Inc. (KMI) - Modelo de negocio: segmentos de clientes

Grandes compañías de producción de petróleo y gas

Kinder Morgan atiende a grandes compañías de producción de petróleo y gas con volúmenes anuales de transporte y almacenamiento de:

Categoría de clientes	Volumen anual	Contribución de ingresos
Exxonmobil	425,000 barriles/día	$ 287 millones
Cheurón	375,000 barriles/día	$ 242 millones
Conocophillips	310,000 barriles/día	$ 198 millones

Firmas de exploración y producción independientes

Los segmentos clave de los clientes incluyen:

• Recursos naturales pioneros
• Energía de Devon
• Aceite de maratón

Compañía	Volumen de transporte anual	Valor de contrato
Recursos naturales pioneros	250,000 barriles/día	$ 157 millones
Energía de Devon	215,000 barriles/día	$ 136 millones

Compañías de servicios públicos

Servicios de transporte de gas natural para clientes de servicios públicos:

Empresa de servicios públicos	Volumen de gas anual	Ingresos anuales
Energía de Duke	1.200 millones de pies cúbicos/día	$ 412 millones
Southern Company	950 millones de pies cúbicos/día	$ 327 millones

Comerciantes internacionales de energía

Cliente de comercio de energía internacional profile:

• Grupo vitol
• Traficigura
• Grupo de pistoleros

Compañía comercial	Volumen de negociación anual	Valor de contrato
Grupo vitol	500,000 barriles/día	$ 315 millones
Traficigura	425,000 barriles/día	$ 267 millones

Kinder Morgan, Inc. (KMI) - Modelo de negocio: Estructura de costos

Mantenimiento de tuberías y gastos operativos

En 2023, Kinder Morgan reportó gastos operativos totales de $ 6.33 mil millones. Los costos de mantenimiento de la tubería de la compañía específicamente fueron de aproximadamente $ 1.2 mil millones para el año.

Categoría de gastos	Costo anual (2023)
Mantenimiento de la tubería	$ 1.2 mil millones
Operaciones y mantenimiento	$ 2.85 mil millones
Gastos generales y administrativos	$ 587 millones

Desarrollo de infraestructura e inversiones de expansión

Kinder Morgan invirtió $ 1.4 mil millones en gastos de capital durante 2023, centrándose en proyectos de infraestructura estratégica.

• Expansión de tuberías de gas natural: $ 620 millones
• Inversiones de infraestructura de CO2: $ 290 millones
• Terminales y actualizaciones de la instalación de almacenamiento: $ 330 millones

Tecnología y actualizaciones de infraestructura digital

La empresa asignó aproximadamente $ 85 millones para mejoras de tecnología y infraestructura digital en 2023.

Áreas de inversión tecnológica	Gasto
Mejoras de ciberseguridad	$ 35 millones
Sistemas de monitoreo digital	$ 28 millones
Plataformas de análisis de datos	$ 22 millones

Costos de cumplimiento regulatorio y protección del medio ambiente

Kinder Morgan gastado $ 215 millones en iniciativas regulatorias de cumplimiento y protección del medio ambiente en 2023.

• Monitoreo ambiental: $ 95 millones
• Programas de reducción de emisiones: $ 65 millones
• Informes regulatorios y cumplimiento: $ 55 millones

Kinder Morgan, Inc. (KMI) - Modelo de negocios: flujos de ingresos

Tasas de transporte para servicios de tuberías

En 2023, Kinder Morgan generó $ 7.7 mil millones en ingresos totales de transporte de tuberías. El segmento de transporte de tuberías de gas natural contribuyó específicamente a $ 4.2 mil millones a los ingresos totales.

Segmento de tuberías	Ingresos (2023)
Tuberías de gas natural	$ 4.2 mil millones
Tuberías de petróleo crudo	$ 2.1 mil millones
Tuberías de productos	$ 1.4 mil millones

Cargos de almacenamiento y manejo de terminales

Los servicios terminales generaron $ 1.8 mil millones en ingresos durante 2023.

• Los terminales de líquidos manejaron 143.1 millones de barriles de producto
• Las terminales masivas procesaron 74.8 millones de toneladas de materiales
• Tasa de utilización terminal promedio: 87.3%

Contratos de transporte energético a largo plazo

Los ingresos contratados a largo plazo representaron $ 5.6 mil millones en 2023, con el 88% de los ingresos con estructuras contractuales de tarifa fija o para llevar o pagar.

Tipo de contrato	Porcentaje de ingresos
Contratos de tarifa fija	62%
Contratos para llevar o pagar	26%
Contratos variables	12%

Ingresos por servicios de gestión de activos y logística

Los servicios de logística y gestión de activos contribuyeron con $ 1.3 mil millones a los ingresos totales en 2023.

• Servicios de transporte y marketing de CO2: $ 612 millones
• Servicios de gestión de activos de Midstream: $ 418 millones
• Servicios de comercio y marketing de energía: $ 270 millones

Kinder Morgan, Inc. (KMI) - Canvas Business Model: Value Propositions

Kinder Morgan, Inc. (KMI) delivers value through its vast, interconnected energy infrastructure, which is designed for reliability and long-term contracted cash flows.

Highly reliable, integrated midstream energy transportation is central to the value proposition. Kinder Morgan, Inc. (KMI) operates approximately 79,000 miles of pipelines and 139 terminals as of mid-2025. The company moves roughly 40% of the U.S. natural gas production through its systems. Furthermore, KMI holds over 700 Bcf of working natural gas storage capacity, representing about 15% of the total U.S. capacity.

The stable, fee-based service model provides insulation from commodity price swings. The vast majority of cash generated by Kinder Morgan, Inc. (KMI) is fee-based. For the 2025 fiscal year budget, the company estimated that every $1 per barrel change in average WTI crude oil price impacts Adjusted EBITDA by approximately $7 million, and each $0.10 per MMBtu change in natural gas price impacts Adjusted EBITDA by approximately $6 million. The company budgeted 2025 Adjusted EBITDA to reach $8.3 billion, up 4% from 2024. Nearly two-thirds of their Adjusted EBDA (Earnings Before Depreciation, Depletion, and Amortization) comes from take-or-pay contracts.

Kinder Morgan, Inc. (KMI) provides critical market access for natural gas, crude, and refined products. Natural gas transport volumes in the second quarter of 2025 increased 3% versus the second quarter of 2024, driven by LNG deliveries and new contracts. The company currently moves 8 Bcf/d of natural gas to LNG terminals, with expectations to grow this to 12 Bcf/d by 2028. Total delivery volumes, including refined products, rose over 2% to 2.21 million barrels per day in Q2 2025. The Terminals business segment maintained a high liquids lease capacity of 94% in Q2 2025. The Jones Act tanker fleet was reported as 100% leased through 2026 and 97% leased through 2027.

The company offers energy transition solutions to meet low-carbon mandates. Kinder Morgan, Inc. (KMI) has a growing portfolio in this area. As of Q2 2025, the total Renewable Natural Gas (RNG) generation capacity reached 6.9 Bcf per year following the Autumn Hills facility placement in service in March 2025. Kinder Morgan, Inc. (KMI) is also one of the largest Carbon Dioxide (CO2) transporters in the U.S., operating about 1,500 miles of CO2 pipelines with a transport capacity of around 1.5 Bcfd.

The infrastructure is scalable to meet surging demand, particularly from LNG and data centers. The project backlog stood at $9.3 billion as of mid-2025, with approximately 91% focused on natural gas projects. Approximately 50% of this backlog targets power demand projects. Kinder Morgan, Inc. (KMI) is actively pursuing well over 5 Bcf/d of opportunities to serve the natural gas power generation sector. A significant execution point was the Final Investment Decision (FID) on the $1.7 billion Trident Intrastate Pipeline project, which will have a capacity of 2.0 Bcf/d to serve LNG and AI data center energy needs.

Here's a quick look at the scale and financial guidance for 2025:

Metric Category	Specific Metric	2025 Real-Life Number/Amount
Financial Guidance	Budgeted Adjusted EBITDA	$8.3 billion
Financial Guidance	Budgeted Adjusted EPS	$1.27
Financial Guidance	Anticipated Annualized Dividend	$1.17 per share
Financial Guidance	Forecasted Year-End Leverage (Net Debt-to-Adjusted EBITDA)	3.8 times
Infrastructure Scale	Total Miles of Pipeline (Approximate)	79,000 miles
Infrastructure Scale	Natural Gas Storage Capacity (Bcf)	Over 700 Bcf
Throughput/Utilization	Liquids Terminals Lease Capacity (Q2 2025)	94%
Growth/Backlog	Project Backlog (Mid-2025)	$9.3 billion
Energy Transition	Annual RNG Generation Capacity	6.9 Bcf per year

The reliability is further supported by the following operational metrics:

• Natural gas transport volumes up 3% in Q1 2025 vs Q1 2024.
• LNG terminal takeaway capacity commitment on Trident Intrastate Pipeline expanded to 2.0 Bcf/d.
• CO2 pipeline transport capacity is around 1.5 Bcfd.
• Refined products volumes up 2% in Q2 2025 vs Q2 2024.

Finance: draft 13-week cash view by Friday.

Kinder Morgan, Inc. (KMI) - Canvas Business Model: Customer Relationships

You're looking at how Kinder Morgan, Inc. (KMI) locks in its revenue stream, which is all about deep, long-term relationships with massive energy players. Honestly, for a company this size, customer relationships aren't about marketing; they're about ironclad agreements.

Dedicated account management for large B2B clients

Kinder Morgan, Inc.'s customer base is strictly B2B, serving natural gas producers, local distribution companies, power generators, refiners, and chemical manufacturers. The relationship management focuses on these large entities, ensuring their complex energy needs are met consistently. The company's appeal to these clients is its scale; Kinder Morgan transports roughly 40% of the natural gas consumed in the United States.

Long-term, non-cancellable contract negotiation (take-or-pay)

This is the bedrock of Kinder Morgan, Inc.'s financial stability. The company structures its business model around long-term, fee-based contracts, often structured as take-or-pay agreements. Approximately 95% of Kinder Morgan, Inc.'s revenue is derived from these contracted services. The average remaining contract life for transportation assets is approximately 7 years, while storage assets average about 4 years. This structure provides predictable cash flows, insulating the company from commodity price volatility. For 2025, the company budgeted Adjusted EBITDA of $8.3 billion, underpinned by this contract stability.

The focus on natural gas growth is clear in the contract commitments:

• Secured contracts to move 7 billion cubic feet per day (Bcf/d) to LNG facilities, projected to rise to 11 Bcf/d by the end of 2027.
• The Q2 2025 project backlog stood at $9.3 billion, with 93% dedicated to natural gas projects.
• The Texas Access Project (TAP) is underpinned by binding agreements for 1.0 Bcf/d of firm transportation for a new LNG customer.

High-touch service for complex logistics and scheduling

For customers relying on the vast pipeline network-which spans approximately 79,000 miles-operational excellence is the high-touch service. When a major expansion project is underway, the service level involves detailed scheduling and capacity assurance. For example, the Bridge project, an approximately $431 million undertaking, is designed to deliver 325 million cubic feet per day (MMcf/d) of firm transportation capacity. Similarly, the Gulf Coast Express Pipeline LLC expansion, a $455 million project, is set to increase natural gas deliveries by 570 million ft³/d.

Regulatory compliance and risk mitigation support

A key part of the relationship is providing assurance that the infrastructure operates within the complex regulatory landscape. This is supported by Kinder Morgan, Inc.'s strong credit profile, which signals reliability to partners. As of late 2025, the company's senior unsecured ratings were Fitch BBB+, Moody's Baa2, and S&P BBB, with all three agencies assigning a positive outlook. This strong rating helps credit-worthy customers feel secure in their long-term commitments. The company budgeted net income attributable to KMI of $2.8 billion for 2025.

Strategic partnerships for joint infrastructure development

Kinder Morgan, Inc. engages in joint ventures for major infrastructure builds, meaning customer relationships often evolve into capital partnerships. The company budgeted $2.3 billion in discretionary capital expenditures for 2025, which includes contributions to joint ventures. These partnerships are critical for large-scale, long-term capacity additions.

Here's a look at some of the major, long-term contracted projects that represent these partnerships:

Project Name	Estimated Capital Cost (KMI Share)	Firm Capacity Provided	Expected In-Service Timing
Trident Intrastate Pipeline	Approximately $1.6 billion (Total)	Approximately 1.5 billion ft3/d	First quarter of 2027
Bridge Project	Approximately $431 million (Total)	325 MMcf/d	Not specified in detail for in-service
Gulf Coast Express Pipeline LLC Expansion	Approximately $161 million (KMI Share)	570 million ft3/d increase	Mid-2026

The company's commitment to shareholder returns, demonstrated by a projected annualized dividend of $1.17 per share for 2025, is also a key factor in maintaining long-term partner confidence.

Kinder Morgan, Inc. (KMI) - Canvas Business Model: Channels

You're looking at the physical arteries that move the energy Kinder Morgan, Inc. (KMI) sells-the sheer scale of this infrastructure is what locks in their customer base. These channels are the tangible assets that generate their contracted cash flows, so understanding their capacity and reach is key to valuing the business.

Physical Pipeline Network and Storage Assets

Kinder Morgan, Inc. (KMI) operates an immense network across North America, primarily focused on natural gas, refined products, and carbon dioxide (CO2). The company is the largest natural gas pipeline operator in the United States, moving about 40% of the natural gas consumed in the country.

The scale of these core assets is best captured in the numbers below, based on late 2025 operational data:

Asset Type	Metric	Capacity/Length/Count
Natural Gas Pipelines	Miles Operated/Interest Held	Approximately 66,000 miles
Products and Crude Pipelines	Miles Operated/Interest Held	Approximately 9,500 miles
CO2 Pipelines	Miles Operated/Interest Held	About 1,500 miles
CO2 Pipeline Capacity	Transport Capacity	Around 1.5 billion cubic feet per day (Bcfd)
Liquids and Bulk Terminals	Number of Terminals	143 terminals
Liquids Storage Capacity	Total Capacity	Approximately 135 million barrels (mmbbl)
Natural Gas Storage Capacity	Working Gas Capacity	Over 700 billion cubic feet (Bcf)
Dry Bulk Handling Capacity	Annual Tons Handled	Approximately 50 million tons

The company's natural gas storage is significant, representing about 15% of total U.S. capacity.

Marine Transport via Owned and Operated Vessels

Kinder Morgan, Inc. (KMI) maintains a dedicated marine fleet to support its products and crude oil logistics, which is a key channel for moving product to specific markets. This fleet is concentrated in the U.S. domestic trade, known as the Jones Act trade.

• Number of Jones Act-qualified product tankers owned: 16 vessels.
• Cargo capacity per tanker: 330,000 barrels.
• The fleet is noted as the largest and most modern in the industry for that trade.

Direct Connections to LNG Export Facilities and Power Plants

This is a major growth channel, directly linking supply basins to global demand via the Gulf Coast. The company has secured significant long-term contracts to move feed gas to these facilities. The focus here is on firm capacity commitments, which drive stable revenue.

Here's the quick math on committed LNG transport capacity:

• Current long-term contracts to move natural gas to LNG facilities: 8 Billion cubic feet per day (Bcf/d).
• Expected volume via projects under construction by the end of 2028: Expected to grow to 12 Bcf/d.
• Capacity on the Evangeline Pass expansion (Phase 2) to Venture Global LNG Inc.'s Plaquemines LNG terminal: 2 Bcf/d, ramping into 2025.
• Trident Intrastate Pipeline project capacity: Designed to deliver 1.5 Bcf/d to Texas LNG terminals by early 2027.

Furthermore, Kinder Morgan, Inc. (KMI) is actively pursuing opportunities to serve the power generation sector, with management noting they are pursuing well over 5 Bcf/d of opportunities for that market.

Interconnections with Third-Party Pipeline Systems

The value of Kinder Morgan, Inc. (KMI)'s network is amplified by its connectivity, allowing it to act as a central hub and transporter between producers, processors, and end-users, including other major pipelines. The natural gas system connects to every important supply area in the U.S.

Key interconnections and transport reach include:

• The natural gas pipelines connect to major consuming domestic markets and supply areas like the Eagle Ford, Marcellus, Bakken, Utica, Uinta, Permian, Haynesville, Fayetteville, and Barnett.
• The NGPL system, in which KMI has an interest, provides access to all major natural gas supply basins directly and through numerous interconnects with intrastate and interstate pipeline systems.
• The Elba Express Company, LLC system is a bidirectional system transporting natural gas between the Elba Island LNG terminal and the Transco pipeline.
• The Fayetteville Express Pipeline (FEP), a joint venture, brings gas from the Fayetteville Shale to pipelines serving the Midwest and Northeast.

Finance: draft 13-week cash view by Friday.

Kinder Morgan, Inc. (KMI) - Canvas Business Model: Customer Segments

You're looking at Kinder Morgan, Inc. (KMI) to understand exactly who pays the bills for that massive infrastructure footprint. Honestly, the customer base is diverse, but it's heavily weighted toward long-term, fee-based contracts, which is why the company projects an Adjusted EBITDA of $8.3 billion for the 2025 fiscal year.

Natural Gas Producers and Marketers

This group represents the upstream side of KMI's core business. Kinder Morgan, Inc. is a critical link for producers, moving their product from the wellhead to processing centers, power plants, and export facilities. The company transports roughly 40% of the natural gas produced in the United States through its extensive network of approximately 66,000 miles of natural gas pipelines. This segment is clearly the engine, as Natural Gas Pipelines accounts for approximately two-thirds of KMI's cash flows. In the second quarter of 2025, KMI transported about 44,585 billion British thermal units per day (BBtu/d) of natural gas. The gathering volumes, which represent gas collected directly from producers, showed strong momentum, rising 9% year-over-year in the third quarter of 2025, with Haynesville Shale throughput approaching new daily volume records in October.

Electric Utilities and Power Generation Facilities

This is a major demand center for KMI's natural gas. The growth here is significant, driven by the need for reliable power, especially with the rise of AI data centers. In the first quarter of 2025, natural gas transport volumes were up 3% compared to the prior year, specifically due to power plant deliveries on the Tennessee Gas Pipeline (TGP). KMI is actively pursuing well over 5 Bcf/d of new opportunities specifically to serve this power generation market. To put that into perspective for project planning, approximately 50% of the company's current $9.3 billion project backlog is dedicated to infrastructure supporting power generation needs.

LNG Exporters and Industrial Consumers

The international demand for U.S. energy makes LNG exporters a crucial customer segment. KMI is positioned to move a substantial portion of the gas destined for liquefaction terminals, moving over 40% of the volume headed to these facilities as of late 2025. In the second quarter of 2025, KMI had long-term contracts to move 8 Bcf/d of natural gas to LNG facilities, with plans to grow that to 12 Bcf/d by 2028. The growth in transport volumes in Q3 2025, which was 6% year-over-year, was primarily driven by these higher LNG feedgas deliveries. Industrial consumers, often clustered near the Gulf Coast, also drive demand for the new capacity being built, such as the $1.8 billion Trident Intrastate Pipeline project designed to move gas to the Port Arthur industrial corridor.

Major Integrated Oil Companies (e.g., ExxonMobil, Shell)

While KMI's focus has shifted toward natural gas, its Products Pipelines segment remains a significant customer base, serving major integrated oil companies that need to move refined products from their refineries to market. This segment, which includes crude and condensate, accounted for about 26% of the business mix based on 2025 budgeted Total Adjusted Segment EBDA. In the first quarter of 2025, total refined products volumes were up 2%, and crude and condensate volumes were up 4% year-over-year. The company is also actively pursuing growth here, with approximately 50% of its over $10 billion in potential projects focused on refined product tankage.

Refiners and Chemical Manufacturers

These customers rely on KMI's extensive liquids infrastructure for storage and transportation of finished products. As the largest independent transporter and terminal operator of refined products in the U.S., Kinder Morgan, Inc. transports around 1.7 million barrels per day (mmbbld) of refined product volumes. Specific Q2 2025 throughput numbers show the breakdown of this customer demand:

Product Type	Q2 2025 Volume (Barrels per Day)
Gasoline	1,020,000
Diesel Fuel	369,000
Jet Fuel	325,000

The stability of this segment is key; about 40% of KMI's total cash flows come from highly stable refined product operations. However, performance can be lumpy; for instance, Q1 2025 earnings were impacted by a planned ten-year turnaround at their petroleum condensate processing facility in the Houston Ship Channel.

To give you a clearer picture of the operational scale serving these diverse customers, here's a snapshot of key volumes as of mid-2025:

• Total pipeline network mileage: Approximately 79,000 miles of pipelines operated or owned.
• Natural Gas Storage capacity: Over 700 billion cubic feet (Bcf) of working gas storage.
• Total Liquids Storage capacity: 135 million barrels (mmbbl).
• Project Backlog (Committed Customer Work): $9.3 billion as of Q3 2025.

If you're tracking the health of the pipeline business, watch the Net Debt-to-Adjusted EBITDA ratio, which management targets to be 3.8 times by the end of 2025, showing they are managing the capital required to serve these customers responsibly.

Finance: draft the cash flow impact analysis for the $10 billion in potential natural gas projects by next Tuesday.

Kinder Morgan, Inc. (KMI) - Canvas Business Model: Cost Structure

You're looking at the major outflows for Kinder Morgan, Inc. (KMI) as we move through late 2025. These costs are heavily weighted toward maintaining and expanding the physical assets that generate their fee-based revenue.

High fixed costs for pipeline and terminal operation/maintenance are the bedrock of KMI's expense profile. These costs are largely unavoidable because the infrastructure must run safely and reliably, regardless of immediate throughput fluctuations. For instance, in the second quarter of 2025, the company reported significant operational outlays:

• Costs of Sales: $1,211 million for Q2 2025.
• Operational Expenses: $773 million for Q2 2025.

The operating margin felt some pressure, decreasing to 25.6% in the third quarter of 2025 from 27.4% year-over-year, partly due to these rising costs. That's a key area to watch.

Significant debt service on total debt of roughly $32.47 billion reflects the capital-intensive nature of the midstream business. While the target debt level is around that $32.47 billion mark, the actual reported long-term debt was $31,688 million as of June 30, 2025. The cost of servicing this debt, measured by net interest expense, was $452 million in the second quarter of 2025. The leverage ratio remains a focus, ending Q3 2025 at a Net Debt-to-Adjusted EBITDA ratio of 3.9 times.

Capital expenditures for expansion, budgeted at $2.3 billion for 2025, show a commitment to growth, though figures vary slightly depending on the reporting period. The preliminary 2025 financial expectations indicated an investment of $2.3 billion in discretionary capital expenditures, including expansion projects. Separately, the final 2025 budget reaffirmed plans to invest $2.5 billion in growth projects for the year. For the first half of 2025, total capital expenditures reached $1,413 million, with $959 million specifically earmarked for expansion projects.

Here's a quick look at the major quantifiable costs and capital deployment for the 2025 period:

Cost Category	Metric/Period	Amount
Long-Term Debt (Balance)	As of June 30, 2025	$31,688 million
Net Interest Expense (Debt Service)	Q2 2025	$452 million
Discretionary Capital Expenditures (Budget)	Full Year 2025 Forecast	$2.3 billion
Expansion Capital Expenditures (Actual)	First Half of 2025	$959 million
Adjusted EBITDA (Forecast)	Full Year 2025	$8.3 billion

Regulatory compliance and environmental remediation costs are inherent to operating critical energy infrastructure across multiple jurisdictions. While specific, isolated dollar amounts for these categories in the 2025 budget aren't explicitly detailed in the latest reports, the company notes that tariffs could impact project costs by about 1%, which speaks to external cost pressures.

Personnel and administrative expenses are part of the overall operating structure. Management evaluates performance using metrics like Project EBITDA, which is calculated before General and Administrative expenses (G&A), suggesting these are tracked but not broken out as a primary cost driver in the same way as debt service or CapEx in the high-level summaries. You know that people costs are always a factor.

Finance: draft 13-week cash view by Friday.

Kinder Morgan, Inc. (KMI) - Canvas Business Model: Revenue Streams

Kinder Morgan, Inc. (KMI) revenue streams are heavily anchored in fee-based contracts, providing a stable foundation for cash generation.

Transportation and storage fees from natural gas pipelines form a core component of the revenue base. The Natural Gas Pipelines segment is expected to be a primary growth driver for 2025, benefiting from strong natural gas market fundamentals on existing assets and expansion projects. Kinder Morgan, Inc. currently has long-term contracts to move almost 8 billion cubic feet per day (Bcf/d) of natural gas to LNG facilities, a figure projected to grow to almost 12 Bcf/d by the end of 2028 upon completion of projects under construction. The company also has an interest in over 700 billion cubic feet (bcf) of working storage capacity, which is about 15% of U.S. capacity.

A significant portion of cash flows is secured through contractual arrangements. Take-or-pay contract revenue accounts for about 64% of cash flows, meaning Kinder Morgan, Inc. is entitled to payment regardless of throughput. An additional 26% of cash flows are fee-based with fixed fees collected irrespective of commodity price. Honestly, nearly two-thirds of their Adjusted EBDA (Earnings Before Depreciation, Depletion, and Amortization) come from these take-or-pay contracts, acting as a buffer against market volatility.

Revenue from terminal and product handling fees (liquids and bulk) is also material. The Terminals business segment saw increased financial contributions in the second and third quarters of 2025 versus the prior year periods. The Products Pipelines segment transports around 1.7 million barrels per day (mmbbld) of refined product volumes and holds a total liquids storage capacity of 135 million barrels (mmbbl). Furthermore, the Jones Act tanker fleet is reported as 100% leased through the remainder of 2025, and through 2026 if options are exercised.

The company has established clear financial targets for the fiscal year. The Projected Adjusted EBITDA of $8.3 billion for 2025 represents a 4% increase from the 2024 forecast of $8 billion. This is supported by a budgeted Net Income attributable to Kinder Morgan, Inc. of $2.8 billion.

The Revenue from CO2 and Energy Transition Ventures (RNG) segment contributes to the overall revenue mix. The CO2 business segment, which includes Energy Transition Ventures (ETV), experienced lower earnings in the second and third quarters of 2025 compared to 2024, driven by lower CO2 and D3 RIN prices. However, this was partially offset by higher D3 RIN volumes generated through increased Renewable Natural Gas (RNG) sales. As of 2024 data, Kinder Morgan, Inc. had an RNG production capacity of 6.4 bcf.

Here are the key 2025 financial expectations Kinder Morgan, Inc. has set:

Financial Metric	2025 Budget/Projection	Comparison to 2024 Forecast
Projected Adjusted EBITDA	$8.3 billion	Up 4% from $8 billion
Projected Adjusted EPS	$1.27	Up 8% from $1.17
Anticipated Annualized Dividend	$1.17 per share	Increase over 2024 dividend
Projected Net Income (GAAP)	$2.8 billion	Up 8% from $2.7 billion
Forecasted Net Debt-to-Adjusted EBITDA (Year-End)	3.8 times	In the lower part of the 3.5x-4.5x target range

The revenue generation model is further supported by operational performance metrics:

• Q3 2025 Adjusted EBITDA was $1,991 million, up 6% versus Q3 2024.
• Q2 2025 Revenue was reported at $4.04 billion.
• Trailing Twelve Months (TTM) Revenue ending Q3 2025 reached $16.42 billion.
• The company expects to invest $2.3 billion in discretionary capital expenditures in 2025.