Kinder Morgan, Inc. (KMI): Business Model Canvas [Dec-2025 Updated]

As someone who's spent two decades dissecting infrastructure giants, let me tell you: Kinder Morgan, Inc.'s business model is the definition of rock-solid, fee-based energy transport. You won't find much commodity price speculation here; instead, they rely on long-term, take-or-pay contracts that account for roughly 64% of their cash flows, underpinning a projected $8.3 billion Adjusted EBITDA for 2025 while they push forward on a $9.3 billion project backlog. If you want to see precisely how the largest U.S. gas network owner structures its value, resources, and costs to keep the cash flowing reliably, check out the full Business Model Canvas we've mapped out below.

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

You're looking at the core relationships Kinder Morgan, Inc. (KMI) relies on to move product across North America. These aren't just casual agreements; they are deep, capital-intensive collaborations that underpin significant portions of KMI's fee-based revenue structure.

Joint ventures with Phillips 66 for pipeline expansion

Kinder Morgan, Inc. is partnered with Phillips 66 on the proposed Western Gateway Pipeline project, which aims to increase refined product capacity from Texas to Arizona and California. The binding open season for this project began on October 20, 2025, and is set to close on December 19, 2025. The proposed system is designed to be an approximately 1,300-mile liquid products pipeline, involving new construction from Borger, Texas, to Phoenix, Arizona, alongside flow reversals on existing infrastructure like KMI's SFPP pipeline.

Strategic alliances with major utilities like Southern Company

A key strategic venture involves Southern Company through the Southern Natural Gas (SNG) pipeline system. Southern Company acquired a 50 percent equity interest in the SNG system, which is an approximately 7,000-mile pipeline network. Kinder Morgan, Inc. continues to operate the system, and the companies pursue growth opportunities within this strategic venture.

Equity partners in pipelines, including ExxonMobil and Energy Transfer

Kinder Morgan Texas Pipeline LLC (KMTP), a KMI subsidiary, is involved in the Permian Highway Pipeline (PHP) Project. Exxon Mobil Corporation, through its subsidiary XTO Energy, signed a letter of intent to support this project, potentially contracting for up to 450,000 Dth/d of capacity. The PHP Project was designed to transport up to 2 billion cubic feet per day (Bcf/d) of natural gas.

For context on scale, as of early 2022, Kinder Morgan, Inc. operated approximately 70,000 miles of pipelines.

Here are the details on some of the major infrastructure assets tied to these relationships:

Technology collaboration with Palantir for operational optimization

Kinder Morgan, Inc. has a multi-year partnership with Palantir Technologies Inc. to deploy the Foundry data integration software platform. This deployment is focused on KMI's U.S.-based gas storage operations. Foundry is used to analyze millions of data points from sensors, contracts, storage assets, electricity consumption, weather data, grid data, and commodities data.

This collaboration enables data-driven decisions on:

• Gas storage optimization
• Maintenance scheduling
• Grid integrity monitoring

Key suppliers of specialized pipeline and terminal equipment

Kinder Morgan, Inc.'s capital deployment supports ongoing procurement from equipment suppliers. The company's preliminary 2025 financial expectations included a plan to invest US$2.3 billion in discretionary capital expenditures, which covers expansion projects and contributions to joint ventures, funded from internally generated cash flow. The company projected ending 2025 with an Adjusted EBITDA of US$8.3 billion.

The company's overall asset base includes approximately 79,000 miles of pipelines and 139 terminals as of September 30, 2025.

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

The core of Kinder Morgan, Inc.'s (KMI) business model centers on the physical movement and storage of energy products, underpinned by long-term contractual stability. This involves the day-to-day operation of its massive infrastructure footprint.

Kinder Morgan, Inc. owns an interest in or operates approximately 79,000 miles of pipelines throughout North America as of mid-2025. This extensive network is critical for transporting natural gas, gasoline, crude oil, and carbon dioxide (CO2).

The company is actively executing on a substantial capital program, reflected in its project backlog. As of late 2025, Kinder Morgan, Inc. was managing a project backlog valued at approximately $9.3 billion. A significant majority of this work, about 93%, is dedicated to natural gas projects, with roughly $8.4 billion specifically tied to natural gas infrastructure expansion. This execution is crucial for meeting surging demand from U.S. liquefied natural gas (LNG) exports and power generation, including AI data centers.

Storage and handling services are a key activity, provided across its network of 139 terminals. These terminals manage storage and handling for renewable fuels, petroleum products, chemicals, and vegetable oils. For liquids storage specifically, the company has a total capacity of 135 million barrels (mmbbl).

Kinder Morgan, Inc. is also developing projects in the energy transition space. The company has renewable natural gas (RNG) generation capacity reported at approximately 6.9 Bcf per year as of the first quarter of 2025. Furthermore, the company is at work on RNG projects, with three landfill sites each valued at $48.5 million. The CO2 segment, which supports enhanced oil recovery, saw its earnings decline in the third quarter of 2025 due to lower CO2 prices.

Securing long-term, fee-based transportation contracts is the mechanism that stabilizes cash flows. This forms the foundation of the business model's resilience. The stability is evident in the contract mix:

• 95% of cash flows are protected by being tied to take-or-pay, fee-based, or hedged structures.
• Of that protected revenue, approximately 64% is from take-or-pay contracts.
• Another 26% of revenue is derived from fee-based contracts, where rates are predetermined irrespective of commodity prices.

The company projects an Adjusted EBITDA of $8.3 billion for the 2025 fiscal year, representing a 4% increase from the 2024 forecast. This operational strength supports the projected annualized dividend of $1.17 per share for 2025. Finance: draft 13-week cash view by Friday.

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

You're looking at the physical and contractual backbone that lets Kinder Morgan, Inc. (KMI) generate its highly stable cash flows. These aren't just assets; they are the essential infrastructure that underpins nearly every dollar of their projected $8.3 billion Adjusted EBITDA for the 2025 fiscal year.

Extensive North American Pipeline Network (Largest U.S. Gas Network)

Kinder Morgan, Inc. (KMI) operates one of the most significant energy infrastructure footprints in North America. This network is critical because it connects major supply basins to demand centers across the continent. As of Q1 2025, Kinder Morgan, Inc. (KMI) owned an interest in or operated approximately 79,000 miles of total pipelines. More specifically, their natural gas pipeline network, which constitutes the largest U.S. gas network, spans approximately 66,000 miles. This system is so vast that the company transports about 40% of the natural gas consumed in the United States. The scale of this physical network is being actively expanded, evidenced by a project backlog that stood at $8.8 billion at the end of Q1 2025, with natural gas projects making up 91% of that backlog.

Natural Gas Storage and Contractual Stability

The storage capacity acts as a crucial buffer and balancing mechanism for the natural gas system, especially given the growth in LNG exports and power demand. Kinder Morgan, Inc. (KMI) holds more than 700 Bcf of working natural gas storage capacity as of early 2025. This physical capacity is secured by a highly contracted revenue model. Honestly, a key strength is that 95% of Kinder Morgan, Inc. (KMI)'s cash flows are protected by take-or-pay, fee-based, or hedged contracts. For the storage segment specifically, the take-or-pay and hedged contract rate is even higher at 88%. This structure is what allows the company to project a 2025 Net Debt-to-Adjusted EBITDA ratio of 3.8 times, showing financial discipline despite funding growth.

Here's a quick look at the quantitative scale of these core physical and contractual resources as of late 2025:

Marine Transport Fleet

Beyond pipelines and storage, Kinder Morgan, Inc. (KMI) maintains a specialized fleet for refined products transport under the Jones Act, which mandates domestic construction and crewing. The company owns 16 Jones Act product tankers. Each of these medium-range vessels has a cargo capacity of approximately 330,000 barrels. This fleet provides a stable, fee-based revenue stream for the Terminals segment.

Specialized Technical and Regulatory Expertise

The ability to execute on the massive project backlog-currently over $9 billion and pursuing an additional $10 billion in potential projects-demonstrates deep technical and regulatory know-how. This expertise is being heavily deployed in natural gas infrastructure, with projects like the $3.7 billion South System Expansion 4 (SSE4) and the $1.8 billion Mississippi Crossing (MSX) project submitted for FERC approval in mid-2025. The company's success in securing favorable ratings, such as the Fitch upgrade to BBB+ in August 2025, is directly tied to its ability to fund this growth capital internally and maintain favorable leverage levels.

The key operational metrics supporting this resource base include:

• Natural Gas Transport Volumes up 6% year-over-year in Q3 2025.
• Natural Gas Gathering Volumes up 9% year-over-year in Q3 2025.
• Renewable Natural Gas generation capacity of approximately 6.9 Bcf per year as of Q1 2025.
• Projected 2025 Adjusted EPS of $1.27, up 10% from 2024.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.