Kinder Morgan posts record quarter and adds $5.4 billion of pipeline projects to its backlog

Kinder Morgan reported the best third quarter in its history and said its backlog of natural gas pipeline projects has never been bigger, as LNG exports and rising power demand pull more gas across its network.

Net income attributable to Kinder Morgan rose to $764 million, or 34 cents a share, from $628 million a year earlier, according to the earnings release the pipeline operator filed with an 8-K on Wednesday. Adjusted EPS climbed 21% to 35 cents, and adjusted EBITDA rose 9% to $2.18 billion.

The board declared a quarterly dividend of 29.75 cents a share, or $1.19 annualized, up 2% from a year earlier. It is payable Nov. 16 to holders of record on Nov. 2.

A bigger backlog

Kinder Morgan's project backlog rose to $14.4 billion at the end of the quarter, up $4.7 billion from the second quarter, after $5.4 billion of additions net of $700 million of projects placed in service. Natural gas projects account for a record $13.2 billion of the total.

Two new projects anchor the increase: Southern Natural Gas's Southeast Connector and Natural Gas Pipeline Company of America's Permian Link. Each is designed to move more than 2.5 billion cubic feet of gas a day and will be "among the largest natural gas pipeline projects to be constructed in decades," CEO Kim Dang said in the release.

More than 75% of the backlog is tied to projects that support power generation and local distribution company demand, the company said. Natural gas transport volumes rose 3% from a year earlier.

Beating the budget

Kinder Morgan said it now expects 2026 adjusted EBITDA to come in more than 6% above its $8.6 billion budget and adjusted EPS more than 13% above its $1.36 budget. It expects to end the year with net debt at 3.6 times adjusted EBITDA, better than the 3.8 times it budgeted.

By the numbers

• Net income: $764 million, vs. $628 million
• Adjusted EPS: $0.35, up 21%
• Adjusted EBITDA: $2.18 billion, up 9%
• Project backlog: $14.4 billion
• Quarterly dividend: $0.2975, up 2%

Sources

1. Kinder Morgan, Inc., Form 8-K (Item 2.02) with Exhibit 99.1 earnings release dated Oct. 21, 2026, accession 0001506307-26-000130

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