Kinder Morgan reported adjusted EPS of $0.39 versus a $0.37 estimate on $4.51 billion in revenue, with year-over-year revenue growth of 13.64%. Natural Gas Pipelines delivered record-setting performance, including higher transport and gathering volumes, while the CO2 segment lagged due to softer commodity and D3 RIN prices. Williams posted full-year adjusted EBITDA of $7.75 billion, up 9%, and Q4 EPS of $0.55. Transmission, Power & Gulf adjusted EBITDA rose by $403 million, supported by Transco, while an impairment in Mid-Continent gas gathering showed uneven basin performance. Kinder Morgan’s $10 billion backlog is mostly natural gas and largely tied to power generation and LNG demand growth. Williams is allocating more than $7 billion to power innovation projects, including acquisitions and partnerships tied to LNG and power infrastructure.
"Kinder Morgan delivered adjusted EPS of $0.39 against a $0.37 estimate on $4.51 billion in revenue, up 13.64% year over year. CEO Kim Dang credited "record-setting performance in our Natural Gas Pipelines business segment", with transport volumes up 9% and gathering volumes up 19%. The CO2 segment was the weak spot, dragged by softer commodity and D3 RIN prices."
"Kinder Morgan is doubling down on what it already does best. Its $10 billion project backlog is roughly 90% natural gas, with about 60% tied to power generation. Trident Intrastate, SSE4, and Mississippi Crossing are all traditional pipeline projects. Dang says "total demand for natural gas is expected to grow by 17% through 2030, led by LNG exports", and KMI already moves 8 Bcf/d to LNG facilities, growing to 12 Bcf/d by end of 2028."
"Williams, under new CEO Chad Zamarin since July 2025, posted full-year adjusted EBITDA of $7.75 billion, up 9%, and Q4 EPS of $0.55. Transco continues to do the heavy lifting, with Transmission, Power & Gulf adjusted EBITDA of $3.71 billion, a $403 million jump. A $212 million impairment on Mid-Continent gas gathering was a reminder that not every basin is humming."
"Williams is taking a bolder step. Zamarin is putting over $7 billion of capital into power innovation projects, including the newly announced "Socrates the Younger." The Cogentrix platform, Rimrock and Saber acquisitions, and the Woodside Energy LNG partnership all push Williams further down the value c"
#lng-exports #natural-gas-pipelines #data-center-power-demand #power-generation-investment #kinder-morgan-and-williams-companies
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