Kinder Morgan, Inc. (KMI): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde complexe de l'infrastructure énergétique, Kinder Morgan, Inc. (KMI) est un titan d'opérations intermédiaires, orchestrant un réseau sophistiqué qui relie les producteurs de pétrole et de gaz aux marchés mondiaux. Avec un modèle commercial complexe qui couvre des partenariats stratégiques, des technologies de pointe et de vastes réseaux de pipelines, KMI transforme le transport d'énergie brut en un écosystème sans couture et efficace. Leur approche innovante garantit non seulement une logistique énergétique fiable, mais minimise également l'impact environnemental, positionnant l'entreprise comme un acteur critique dans le paysage énergétique en constante évolution. Plongez dans le plan fascinant de la façon dont Minder Morgan navigue dans les canaux complexes de l'infrastructure énergétique et crée de la valeur dans l'une des industries les plus dynamiques du monde.

Kinder Morgan, Inc. (KMI) - Modèle commercial: partenariats clés

Alliances stratégiques avec les principaux producteurs de pétrole et de gaz

Kinder Morgan entretient des partenariats stratégiques avec les principaux producteurs d'énergie, notamment:

Entreprise partenaire	Détails du partenariat	Volume annuel
Exxonmobil	Transport de gaz naturel	1,2 milliard de pieds cubes par jour
Chevron	Infrastructure de pipeline du bassin du Permien	500 millions de pieds cubes par jour
Coquille	Transport des liquides de la côte du golfe	350 000 barils par jour

Coentreprises avec des sociétés d'infrastructure énergétique

Kinder Morgan s'engage dans plusieurs coentreprises:

• Gulf Coast Express Pipeline LLC (partenariat 50/50 avec Sempra Energy)
• El Paso Natural Gas Company (filiale en propriété exclusive)
• Tennessee Gas Pipeline Company (100% Kinder Morgan Propriété)

Partenariats avec les entreprises de construction et d'entretien de pipelines

Les partenariats clés de la construction et de l'entretien comprennent:

Partenaire	Portée du service	Valeur du contrat annuel
Fluor Corporation	Services de construction de pipelines	275 millions de dollars
Jacobs Engineering	Maintenance des infrastructures	185 millions de dollars
Halliburton	Gestion de l'intégrité des pipelines	140 millions de dollars

Collaboration avec les agences de réglementation et les groupes environnementaux

Partenaires de collaboration réglementaire et environnementale:

• Agence de protection de l'environnement (EPA)
• Bureau de gestion des terres
• Interstate Natural Gas Association of America
• American Petroleum Institute

Investissement total de partenariat en 2023: 1,2 milliard de dollars

Kinder Morgan, Inc. (KMI) - Modèle d'entreprise: Activités clés

Transport de pipeline au gaz naturel et au pétrole

Kinder Morgan exploite environ 84 000 miles de pipelines à travers l'Amérique du Nord. Le réseau de pipelines de l'entreprise comprend:

Type de pipeline	Kilomètres totaux	Volume de transport annuel
Pipelines de gaz naturel	70 000 miles	40,7 milliards de pieds cubes par jour
Pipelines pétrolières	14 000 miles	2,1 millions de barils par jour

Opérations de stockage et de manutention des terminaux

Kinder Morgan gère une vaste infrastructure terminale:

• 246 terminaux à travers l'Amérique du Nord
• Capacité de stockage totale de 190 millions de barils
• Gère plusieurs types de produits, y compris le pétrole, les produits chimiques et les produits raffinés

Développement et expansion des infrastructures de pipeline

Détails de l'investissement annuel des infrastructures:

Catégorie d'investissement	2023 Montant d'investissement
Total des dépenses en capital	1,4 milliard de dollars
Projets d'extension	620 millions de dollars
Projets de maintenance	780 millions de dollars

Services de gestion des actifs énergétiques et logistique

Capacités de gestion de la logistique et des actifs:

• Réseau de transport de dioxyde de carbone: 1 300 miles
• Production de CO2 et récupération améliorée du pétrole: 50 000 barils par jour
• Services de terminaison pour 2,4 millions de barils de produits raffinés quotidiennement

Kinder Morgan, Inc. (KMI) - Modèle d'entreprise: Ressources clés

Réseau de pipeline étendu

Infrastructure totale de pipeline:

Type de pipeline	Longueur (miles)
Pipelines de gaz naturel	70,000
Pipelines de produit	5,200
Pipelines CO2	1,300

Technologies de surveillance des pipelines avancés

Investissement technologique:

• SCADA (Contrôle de supervision et acquisition de données)
• Technologies de détection des fuites en temps réel
• Systèmes avancés de gestion de l'intégrité des pipelines

Capacités de main-d'œuvre

Ressources humaines Profile:

Catégorie des employés	Nombre d'employés
Total de main-d'œuvre	11,100
Professionnels de l'ingénierie	1,850
Spécialistes des opérations	2,300

Actifs terrestres et emprises

Portfolio d'actifs:

Type d'actif	Superficie totale
Total foncier	84 000 acres
Servitudes de droit	56 000 miles

Investissement financier dans les ressources clés

Dépenses en capital:

• Investissement annuel sur les infrastructures: 1,4 milliard de dollars
• Systèmes de technologie et de surveillance: 180 millions de dollars
• Formation et développement de la main-d'œuvre: 45 millions de dollars

Kinder Morgan, Inc. (KMI) - Modèle d'entreprise: propositions de valeur

Services de transport d'infrastructures énergétiques fiables

Kinder Morgan exploite 83 000 miles de pipelines et 141 terminaux à travers l'Amérique du Nord. Le volume total du transport des pipelines totale de la société a atteint 2,4 millions de barils par jour de produits pétroliers.

Actif d'infrastructure	Quantité
Pipelines de gaz naturel	70 000 miles
Pipelines de produits pétroliers	13 000 miles
Total terminaux	141

Solutions énergétiques intermédiaires rentables

En 2023, Kinder Morgan a généré 19,3 milliards de dollars de revenus totaux avec 7,4 milliards de dollars de revenus d'exploitation nets. La rentabilité de l'entreprise est démontrée par ses faibles dépenses opérationnelles.

• Coûts d'exploitation: 11,9 milliards de dollars en 2023
• Marge opérationnelle: 38,3%
• Coût par baril transporté: 0,42 $

Réduction de l'impact environnemental grâce à un transport efficace

Le réseau de pipelines de Kinder Morgan réduit les émissions de carbone par rapport aux méthodes de transport alternatives. En 2023, les opérations de pipeline de la société ont empêché environ 30 millions de tonnes métriques d'émissions de CO2.

Métrique environnementale	2023 données
Les émissions de CO2 évitées	30 millions de tonnes métriques
Investissement d'énergie renouvelable	250 millions de dollars

Capacités de logistique et de stockage énergétiques intégrées

Kinder Morgan fournit des services de logistique énergétique complets avec une capacité de stockage importante sur plusieurs segments d'énergie.

• Capacité de stockage du gaz naturel: 286 milliards de pieds cubes
• Capacité de stockage des produits pétroliers: 92 millions de barils
• Capacité de traitement des terminaux: 217 millions de barils par an

Kinder Morgan, Inc. (KMI) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme avec les producteurs d'énergie

Kinder Morgan maintient Environ 85 000 miles de pipelines avec des contrats à long terme couvrant plusieurs années. La durée moyenne du contrat varie entre 10 et 15 ans pour les principaux clients de la production d'énergie.

Type de contrat	Durée moyenne	Impact annuel sur les revenus
Transport de gaz naturel	12-15 ans	3,2 milliards de dollars
Transport de pétrole brut	10-12 ans	2,7 milliards de dollars

Équipes de gestion des comptes dédiés

Kinder Morgan emploie Plus de 250 professionnels de la gestion des comptes dédiés Servant de grands clients de production d'énergie à travers l'Amérique du Nord.

• Portefeuille client moyen par gestionnaire de compte: 7-9 clients
• Taux de rétention de la clientèle annuelle: 92,5%
• Expérience moyenne de gestion du compte: 12,3 ans

Communication transparente et rapport de performance

La société fournit des rapports de performance trimestriels couvrant l'efficacité du pipeline, les volumes de transport et les mesures de fiabilité.

Métrique de rapport	Performance de 2023
Time de disponibilité du pipeline	99.87%
Précision du volume du transport	99.93%

Plateformes numériques pour le suivi des services et la gestion

Prise en charge de la plate-forme numérique de Kinder Morgan Suivi en temps réel pour plus de 5 000 clients de production d'énergie active.

• Utilisateurs de la plate-forme: 4 982 clients d'entreprise
• Transactions annuelles de plate-forme numérique: 1,2 million
• Taux d'engagement des applications mobiles: 68%

Kinder Morgan, Inc. (KMI) - Modèle d'entreprise: canaux

Force de vente directe

Kinder Morgan emploie une équipe de vente dédiée de 11 500 employés à partir de 2023, en se concentrant sur les services d'infrastructure énergétique et de transport au niveau de l'entreprise.

Type de canal de vente	Nombre de représentants commerciaux	Revenu annuel moyen par représentant
Ventes d'énergie d'entreprise	275	4,2 millions de dollars
Ventes de pipeline de gaz naturel	185	3,7 millions de dollars
Ventes de services de terminal	95	2,9 millions de dollars

Portail client en ligne

La plate-forme numérique de Kinder Morgan prend en charge 89,4 milliards de dollars de transactions d'infrastructure annuelles avec une cote de satisfaction client de 97,3%.

• Portail Web lancé en 2019
• Suivi de capacité de pipeline en temps réel
• Système de gestion des contrats numériques
• Interfaces de facturation automatisées

Conférences de l'industrie et événements commerciaux

Participation annuelle à 42 conférences du secteur de l'énergie avec des opportunités d'engagement commercial directes.

Type de conférence	Participation annuelle	Les pistes commerciales potentielles générées
Conférences d'infrastructure énergétique	18	276
Sommet au gaz naturel	12	193
Forums de la technologie des pipelines	12	167

Plates-formes de réseautage du secteur de l'énergie

Engagement actif sur 7 principales plateformes de réseautage numérique avec 89 000 connexions professionnelles.

• LinkedIn Professional Network
• Forums spécialisés du secteur de l'énergie
• Plateformes de collaboration numérique spécifiques à l'industrie
• Environnements de réseautage de conférence virtuelle

Kinder Morgan, Inc. (KMI) - Modèle d'entreprise: segments de clientèle

Grandes sociétés de production de pétrole et de gaz

Kinder Morgan sert de grandes sociétés de production de pétrole et de gaz avec des volumes annuels de transport et de stockage de:

Catégorie client	Volume annuel	Contribution des revenus
Exxonmobil	425 000 barils / jour	287 millions de dollars
Chevron	375 000 barils / jour	242 millions de dollars
Conocophillips	310 000 barils / jour	198 millions de dollars

Entreprises d'exploration et de production indépendantes

Les segments clés des clients comprennent:

• Ressources naturelles pionnières
• Devon Energy
• Huile de marathon

Entreprise	Volume de transport annuel	Valeur du contrat
Ressources naturelles pionnières	250 000 barils / jour	157 millions de dollars
Devon Energy	215 000 barils / jour	136 millions de dollars

Sociétés de services publics

Services de transport de gaz naturel pour les clients des services publics:

Entreprise de services publics	Volume de gaz annuel	Revenus annuels
Énergie duc	1,2 milliard de pieds cubes / jour	412 millions de dollars
Southern Company	950 millions de pieds cubes / jour	327 millions de dollars

Traders internationaux d'énergie

Client international de trading d'énergie profile:

• Groupe de vitol
• Trafigura
• Groupe Gunvor

Société commerciale	Volume de trading annuel	Valeur du contrat
Groupe de vitol	500 000 barils / jour	315 millions de dollars
Trafigura	425 000 barils / jour	267 millions de dollars

Kinder Morgan, Inc. (KMI) - Modèle d'entreprise: Structure des coûts

Entretien et dépenses opérationnelles des pipelines

En 2023, Kinder Morgan a déclaré des dépenses d'exploitation totales de 6,33 milliards de dollars. Les coûts de maintenance des pipelines de l'entreprise étaient en particulier d'environ 1,2 milliard de dollars pour l'année.

Catégorie de dépenses	Coût annuel (2023)
Maintenance des pipelines	1,2 milliard de dollars
Opérations et maintenance	2,85 milliards de dollars
Frais généraux et administratifs	587 millions de dollars

Développement des infrastructures et investissements d'expansion

Kinder Morgan a investi 1,4 milliard de dollars de dépenses en capital En 2023, en vous concentrant sur des projets d'infrastructure stratégique.

• Expansion des pipelines au gaz naturel: 620 millions de dollars
• Investissements d'infrastructure de CO2: 290 millions de dollars
• Terminaux et mises à niveau des installations de stockage: 330 millions de dollars

Mises à niveau de la technologie et des infrastructures numériques

La société a alloué environ 85 millions de dollars pour les améliorations de la technologie et des infrastructures numériques en 2023.

Zones d'investissement technologique	Dépenses
Améliorations de la cybersécurité	35 millions de dollars
Systèmes de surveillance numérique	28 millions de dollars
Plateformes d'analyse de données	22 millions de dollars

Coûts de conformité réglementaire et de protection de l'environnement

Kinder Morgan a dépensé 215 millions de dollars sur les initiatives de conformité réglementaire et de protection de l'environnement en 2023.

• Surveillance environnementale: 95 millions de dollars
• Programmes de réduction des émissions: 65 millions de dollars
• Rapports réglementaires et conformité: 55 millions de dollars

Kinder Morgan, Inc. (KMI) - Modèle d'entreprise: Strots de revenus

Frais de transport pour les services de pipeline

En 2023, Kinder Morgan a généré 7,7 milliards de dollars de revenus totaux de transport de pipeline. Le segment du transport du gazoduc naturel a spécifiquement contribué 4,2 milliards de dollars aux revenus totaux.

Segment de pipeline	Revenus (2023)
Pipelines de gaz naturel	4,2 milliards de dollars
Pilélines de pétrole brut	2,1 milliards de dollars
Pipelines de produit	1,4 milliard de dollars

Frais de stockage et de manutention des terminaux

Les services terminaux ont généré 1,8 milliard de dollars de revenus en 2023.

• Les terminaux Liquides ont géré 143,1 millions de barils de produit
• Les terminaux en vrac traités 74,8 millions de tonnes de matériaux
• Taux moyen d'utilisation du terminal: 87,3%

Contrats de transport d'énergie à long terme

Les revenus contractuels à long terme ont représenté 5,6 milliards de dollars en 2023, 88% des revenus ayant des structures contractuelles à fixe ou à prendre ou à payer.

Type de contrat	Pourcentage de revenus
Contrats à frais fixes	62%
Contrats à prendre	26%
Contrats variables	12%

Revenus des services de gestion des actifs et de logistique

Les services de gestion de la logistique et des actifs ont contribué 1,3 milliard de dollars au total des revenus en 2023.

• Services de transport et de marketing de CO2: 612 millions de dollars
• Services de gestion des actifs intermédiaires: 418 millions de dollars
• Services d'échange d'énergie et de marketing: 270 millions de dollars

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.