Kinder Morgan, Inc. (KMI): Modelo de negócios Canvas [Jan-2025 Atualizado]

No complexo mundo da infraestrutura energética, a Kinder Morgan, Inc. (KMI) permanece como um titã de operações no meio da corrente, orquestrando uma rede sofisticada que conecta produtores de petróleo e gás aos mercados globais. Com um modelo de negócios intrincado que abrange parcerias estratégicas, tecnologias de ponta e vastas redes de pipeline, o KMI transforma o transporte de energia bruta em um ecossistema perfeito e eficiente. Sua abordagem inovadora não apenas garante logística de energia confiável, mas também minimiza o impacto ambiental, posicionando a empresa como um participante crítico no cenário energético em constante evolução. Mergulhe no projeto fascinante de como Morgan mais Kinders navega pelos intrincados canais de infraestrutura energética e cria valor em uma das indústrias mais dinâmicas do mundo.

Kinder Morgan, Inc. (KMI) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com grandes produtores de petróleo e gás

Kinder Morgan mantém parcerias estratégicas com os principais produtores de energia, incluindo:

Empresa parceira	Detalhes da parceria	Volume anual
ExxonMobil	Transporte de gás natural	1,2 bilhão de pés cúbicos por dia
Chevron	Infraestrutura de oleoduto da Bacia Permiana	500 milhões de pés cúbicos por dia
Concha	Transporte de líquidos da Costa do Golfo	350.000 barris por dia

Joint ventures com empresas de infraestrutura de energia

Kinder Morgan se envolve em várias joint ventures:

• Gulf Coast Express Pipeline LLC (parceria 50/50 com a Sempra Energy)
• El Paso Natural Gas Company (subsidiária integral)
• Tennessee Gas Pipeline Company (propriedade 100% Kinder Morgan)

Parcerias com empresas de construção e manutenção de oleodutos

As principais parcerias de construção e manutenção incluem:

Parceiro	Escopo de serviço	Valor anual do contrato
Fluor Corporation	Serviços de construção de dutos	US $ 275 milhões
Jacobs Engineering	Manutenção de infraestrutura	US $ 185 milhões
Halliburton	Gerenciamento de integridade do pipeline	US $ 140 milhões

Colaboração com agências reguladoras e grupos ambientais

Parceiros de colaboração regulatória e ambiental:

• Agência de Proteção Ambiental (EPA)
• Bureau of Land Management
• Associação Interestadual de Gás Natural da América
• Instituto Americano de Petróleo

Investimento total de parceria em 2023: US $ 1,2 bilhão

Kinder Morgan, Inc. (KMI) - Modelo de negócios: Atividades -chave

Transporte de oleoduto de gás natural e petróleo

O Kinder Morgan opera aproximadamente 84.000 milhas de oleodutos na América do Norte. A rede de pipeline da empresa inclui:

Tipo de pipeline	Miles totais	Volume anual de transporte
Oleodutos de gás natural	70.000 milhas	40,7 bilhões de pés cúbicos por dia
Oleodutos de petróleo	14.000 milhas	2,1 milhões de barris por dia

Operações de armazenamento e manuseio de terminais

Kinder Morgan gerencia uma extensa infraestrutura de terminal:

• 246 terminais na América do Norte
• Capacidade total de armazenamento de 190 milhões de barris
• Lida com vários tipos de produtos, incluindo petróleo, produtos químicos e produtos refinados

Desenvolvimento e expansão da infraestrutura de pipeline

Detalhes anuais de investimento em infraestrutura:

Categoria de investimento	2023 Valor do investimento
Gastos totais de capital	US $ 1,4 bilhão
Projetos de expansão	US $ 620 milhões
Projetos de manutenção	US $ 780 milhões

Serviços de Gerenciamento de Ativos Energéticos e Logística

Recursos de logística e gerenciamento de ativos:

• Rede de transporte de dióxido de carbono: 1.300 milhas
• Produção de CO2 e recuperação aprimorada de óleo: 50.000 barris por dia
• Serviços de terminal para 2,4 milhões de barris de produtos refinados diariamente

Kinder Morgan, Inc. (KMI) - Modelo de negócios: Recursos -chave

Extensa rede de pipeline

Infraestrutura total do pipeline:

Tipo de pipeline	Comprimento (milhas)
Oleodutos de gás natural	70,000
Oleodutos de produtos	5,200
Oleodutos de CO2	1,300

Tecnologias avançadas de monitoramento de pipeline

Investimento em tecnologia:

• Sistemas SCADA (Controle de Supervisão e Aquisição de Dados)
• Tecnologias de detecção de vazamentos em tempo real
• Sistemas avançados de gerenciamento de integridade de pipeline

Recursos de força de trabalho

Recursos Humanos Profile:

Categoria de funcionários	Número de funcionários
Força de trabalho total	11,100
Profissionais de engenharia	1,850
Especialistas em operações	2,300

Terra e ativos de passagem

Portfólio de ativos:

Tipo de ativo	Área total
TOTAL DE TERRAS	84.000 acres
Servidões de passagem	56.000 milhas

Investimento financeiro em recursos -chave

Despesas de capital:

• Investimento anual de infraestrutura: US $ 1,4 bilhão
• Sistemas de tecnologia e monitoramento: US $ 180 milhões
• Treinamento e desenvolvimento da força de trabalho: US $ 45 milhões

Kinder Morgan, Inc. (KMI) - Modelo de negócios: proposições de valor

Serviços confiáveis ​​de transporte de infraestrutura energética

A Kinder Morgan opera 83.000 milhas de oleodutos e 141 terminais na América do Norte. O volume total de transporte de oleodutos de 2023 da empresa atingiu 2,4 milhões de barris por dia de produtos petrolíferos.

Ativo de infraestrutura	Quantidade
Oleodutos de gás natural	70.000 milhas
Oleodutos de produtos de petróleo	13.000 milhas
Terminais totais	141

Soluções de energia com alta eficiência de meio-fluxo

Em 2023, Kinder Morgan gerou US $ 19,3 bilhões em receita total com US $ 7,4 bilhões em receita operacional líquida. A eficiência de custos da empresa é demonstrada através de suas baixas despesas operacionais.

• Custos operacionais: US $ 11,9 bilhões em 2023
• Margem operacional: 38,3%
• Custo por barril transportado: $ 0,42

Impacto ambiental reduzido através de transporte eficiente

A rede de oleodutos da Kinder Morgan reduz as emissões de carbono em comparação aos métodos alternativos de transporte. Em 2023, as operações de pipeline da empresa impediram aproximadamente 30 milhões de toneladas de emissões de CO2.

Métrica ambiental	2023 dados
As emissões de CO2 evitaram	30 milhões de toneladas
Investimento de energia renovável	US $ 250 milhões

Recursos de logística de energia e armazenamento integrados

A Kinder Morgan fornece serviços de logística de energia abrangentes, com capacidade de armazenamento significativa em vários segmentos de energia.

• Capacidade de armazenamento de gás natural: 286 bilhões de pés cúbicos
• Capacidade de armazenamento de produtos de petróleo: 92 milhões de barris
• Capacidade de manuseio de terminais: 217 milhões de barris por ano

Kinder Morgan, Inc. (KMI) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo com produtores de energia

Kinder Morgan sustenta Aproximadamente 85.000 milhas de oleodutos com contratos de longo prazo em vários anos. A duração média do contrato varia entre 10 e 15 anos para os principais clientes de produção de energia.

Tipo de contrato	Duração média	Impacto anual da receita
Transporte de gás natural	12-15 anos	US $ 3,2 bilhões
Transporte de petróleo bruto	10-12 anos	US $ 2,7 bilhões

Equipes de gerenciamento de contas dedicadas

Kinder Morgan emprega Mais de 250 profissionais de gerenciamento de contas dedicadas Atendendo a grandes clientes de produção de energia em toda a América do Norte.

• Portfólio médio de clientes por gerente de contas: 7-9 clientes
• Taxa anual de retenção de clientes: 92,5%
• Experiência média de gerenciamento de contas: 12,3 anos

Comunicação transparente e relatório de desempenho

A empresa fornece relatórios trimestrais de desempenho que abrangem a eficiência do pipeline, os volumes de transporte e as métricas de confiabilidade.

Métrica de relatório	2023 desempenho
Tempo de atividade do pipeline	99.87%
Precisão do volume de transporte	99.93%

Plataformas digitais para rastreamento e gerenciamento de serviços

Suportes de plataforma digital de Kinder Morgan Rastreamento em tempo real para mais de 5.000 clientes de produção de energia ativa.

• Usuários da plataforma: 4.982 clientes corporativos
• Transações anuais da plataforma digital: 1,2 milhão
• Taxa de envolvimento de aplicativos móveis: 68%

Kinder Morgan, Inc. (KMI) - Modelo de Negócios: Canais

Força de vendas direta

A Kinder Morgan emprega uma equipe de vendas dedicada de 11.500 funcionários a partir de 2023, com foco em serviços de infraestrutura e transporte de energia em nível empresarial.

Tipo de canal de vendas	Número de representantes de vendas	Receita anual média por representante
Enterprise Energy Sales	275	US $ 4,2 milhões
Vendas de gasodutos naturais	185	US $ 3,7 milhões
Vendas de serviços de terminal	95	US $ 2,9 milhões

Portal de clientes on -line

A plataforma digital da Kinder Morgan suporta US $ 89,4 bilhões em transações anuais de infraestrutura com 97,3% de classificação de satisfação do cliente.

• Web Portal lançado em 2019
• Rastreamento de capacidade de pipeline em tempo real
• Sistema de gerenciamento de contratos digital
• Interfaces de cobrança automatizadas

Conferências da indústria e eventos comerciais

Participação anual em 42 conferências do setor de energia com oportunidades diretas de envolvimento dos negócios.

Tipo de conferência	Participação anual	Potenciais leads de negócios gerados
Conferências de infraestrutura de energia	18	276
Cúpula de gás natural	12	193
Fóruns de tecnologia de pipeline	12	167

Plataformas de rede do setor de energia

Engajamento ativo em 7 principais plataformas de rede digital com 89.000 conexões profissionais.

• Rede Profissional do LinkedIn
• Fóruns especializados do setor de energia
• Plataformas de colaboração digital específicas do setor
• Ambientes de rede de conferência virtual

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

Grandes empresas de produção de petróleo e gás

A Kinder Morgan serve as principais empresas de produção de petróleo e gás com volumes anuais de transporte e armazenamento de:

Categoria de cliente	Volume anual	Contribuição da receita
ExxonMobil	425.000 barris/dia	US $ 287 milhões
Chevron	375.000 barris/dia	US $ 242 milhões
ConocoPhillips	310.000 barris/dia	US $ 198 milhões

Empresas de exploração e produção independentes

Os principais segmentos de clientes incluem:

• Recursos naturais pioneiros
• Devon Energy
• Óleo de maratona

Empresa	Volume anual de transporte	Valor do contrato
Recursos naturais pioneiros	250.000 barris/dia	US $ 157 milhões
Devon Energy	215.000 barris/dia	US $ 136 milhões

Empresas de serviços públicos

Serviços de transporte de gás natural para clientes de serviços públicos:

Empresa de serviços públicos	Volume anual de gás	Receita anual
Duke Energy	1,2 bilhão de pés cúbicos/dia	US $ 412 milhões
Southern Company	950 milhões de pés cúbicos/dia	US $ 327 milhões

Comerciantes internacionais de energia

Cliente Internacional de Comércio de Energia profile:

• Grupo Vitol
• Trafigura
• Grupo Gunvor

Empresa comercial	Volume de negociação anual	Valor do contrato
Grupo Vitol	500.000 barris/dia	US $ 315 milhões
Trafigura	425.000 barris/dia	US $ 267 milhões

Kinder Morgan, Inc. (KMI) - Modelo de negócios: estrutura de custos

Manutenção de oleodutos e despesas operacionais

Em 2023, Kinder Morgan registrou despesas operacionais totais de US $ 6,33 bilhões. Os custos de manutenção de pipeline da empresa foram especificamente aproximadamente US $ 1,2 bilhão no ano.

Categoria de despesa	Custo anual (2023)
Manutenção de pipeline	US $ 1,2 bilhão
Operações e manutenção	US $ 2,85 bilhões
Despesas gerais e administrativas	US $ 587 milhões

Desenvolvimento de infraestrutura e investimentos em expansão

Kinder Morgan investiu US $ 1,4 bilhão em despesas de capital Durante 2023, concentrando -se em projetos de infraestrutura estratégica.

• Expansão de oleodutos de gás natural: US $ 620 milhões
• Investimentos de infraestrutura de CO2: US $ 290 milhões
• Atualizações de terminais e instalações de armazenamento: US $ 330 milhões

Atualizações de tecnologia e infraestrutura digital

A empresa alocou aproximadamente US $ 85 milhões para melhorias de tecnologia e infraestrutura digital em 2023.

Áreas de investimento em tecnologia	Gastos
Aprimoramentos de segurança cibernética	US $ 35 milhões
Sistemas de monitoramento digital	US $ 28 milhões
Plataformas de análise de dados	US $ 22 milhões

Custos regulatórios de conformidade e proteção ambiental

Morgan mais gentil gastou US $ 215 milhões em iniciativas de conformidade regulatória e proteção ambiental em 2023.

• Monitoramento ambiental: US $ 95 milhões
• Programas de redução de emissões: US $ 65 milhões
• Relatórios regulatórios e conformidade: US $ 55 milhões

Kinder Morgan, Inc. (KMI) - Modelo de negócios: fluxos de receita

Taxas de transporte para serviços de pipeline

Em 2023, Kinder Morgan gerou US $ 7,7 bilhões em receitas totais de transporte de dutos. O segmento de transporte de gasoduto de gás natural contribuiu especificamente de US $ 4,2 bilhões para a receita total.

Segmento de pipeline	Receita (2023)
Oleodutos de gás natural	US $ 4,2 bilhões
Oleodutos de petróleo bruto	US $ 2,1 bilhões
Oleodutos de produtos	US $ 1,4 bilhão

Tergas de armazenamento e manuseio de terminais

Os serviços terminais geraram US $ 1,8 bilhão em receita durante 2023.

• Os terminais de líquidos lidaram com 143,1 milhões de barris de produto
• Terminais em massa processados ​​74,8 milhões de toneladas de materiais
• Taxa média de utilização do terminal: 87,3%

Contratos de transporte energético de longo prazo

As receitas contratadas de longo prazo representaram US $ 5,6 bilhões em 2023, com 88% das receitas com estruturas contratuais de taxa fixa ou de levar ou pagar.

Tipo de contrato	Porcentagem de receita
Contratos de taxa fixa	62%
Contratos de levar ou pagamento	26%
Contratos variáveis	12%

Receitas de serviço de gerenciamento e logística de ativos

Os serviços de logística e gerenciamento de ativos contribuíram com US $ 1,3 bilhão para receitas totais em 2023.

• Serviços de transporte e marketing de CO2: US $ 612 milhões
• Serviços de Gerenciamento de Ativos Midstream: US $ 418 milhões
• Serviços de Negociação e Marketing de Energia: US $ 270 milhões

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.