Published
# Kinder Morgan, Inc. (KMI): Material Events, December 2025 through October 2026 ## Filings that contain financial statements - Form 8-K filed October 21, 2026, accession 0001506307-26-000130, Exhibit 99.1: preliminary (unaudited) income statement for the three and nine months ended September 30, 2026 and 2025, balance sheet at September 30, 2026 and December 31, 2025, segment EBDA and volume tables, and a cash flow summary (cash flow from operations, capital expenditures, free cash flow) for the same periods. The full cash flow statement is not included. - Form 8-K filed July 22, 2026, accession 0001506307-26-000063, Exhibit 99.1: the same set of preliminary statements for the quarter and six months ended June 30, 2026. - Form 8-K filed April 22, 2026, accession 0001506307-26-000033, Exhibit 99.1: the same set for the quarter ended March 31, 2026. - Form 8-K filed January 21, 2026, accession 0001506307-26-000002, Exhibit 99.1: the same set for the quarter and year ended December 31, 2025. - Form 10-Q, accession 0001506307-26-000132 (nine months ended September 30, 2026), carries the full unaudited financial statements and notes. ## Earnings and guidance - **October 21, 2026, third quarter 2026 results (0001506307-26-000130).** Net income attributable to KMI was $764 million versus $628 million a year earlier. EPS was $0.34 (up 21%) and Adjusted EPS $0.35 (up 21%). Adjusted EBITDA was $2.18 billion, up 9%. Revenues were $4,531 million versus $4,146 million. Nine-month net income attributable to KMI was $2,607 million and Adjusted EBITDA $6,918 million. The Board declared a third quarter dividend of $0.2975 per share ($1.19 annualized), up 2%, payable November 16, 2026. Net Debt-to-Adjusted EBITDA was 3.5 times at September 30, 2026. - **Guidance raised again.** The 2026 budget is net income attributable to KMI of $3.1 billion, Adjusted EPS of $1.36, Adjusted EBITDA of $8.6 billion and year-end leverage of 3.8 times. KMI now expects to be more than 6% favorable to budget on Adjusted EBITDA and more than 13% favorable on Adjusted EPS, and to end the year at 3.6 times. The prior marks were: more than 5% and more than 12% favorable (July 22, 2026, 0001506307-26-000063), and more than 3% favorable on the April 22 release (0001506307-26-000033). - **Certain Items in the third quarter:** $138 million of legal, environmental and other accruals (Products Pipelines) and a $71 million net gain on divestiture (Terminals), among others. Total Certain Items were $28 million. - **July 22, 2026, second quarter results (0001506307-26-000063).** Net income attributable to KMI was $867 million versus $715 million. EPS was $0.39 and Adjusted EPS $0.37 (up 32%). Adjusted EBITDA was $2,199 million (up 12%). Leverage was 3.6 times. - **April 22, 2026, first quarter results (0001506307-26-000033).** Net income attributable to KMI was $976 million versus $717 million. EPS was $0.44 and Adjusted EPS $0.48 (up 41%). Adjusted EBITDA was $2,539 million (up 18%), helped by winter storm Fern and colder-than-normal weather. KMI noted a Moody's upgrade to the equivalent of BBB+. - **January 21, 2026, fourth quarter 2025 results (0001506307-26-000002).** Net income attributable to KMI was $996 million; Adjusted EPS $0.39; Adjusted EBITDA $2,271 million. The release initially set the 2026 budget at the figures above. A 2026 annual business update presentation was announced for January 29, 2026 (0001506307-26-000007). ## Project backlog and growth projects - Expansion project backlog was $10.0 billion at year-end 2025 (0001506307-26-000002), $10.1 billion at March 31, 2026 (0001506307-26-000033), $9.6 billion at June 30, 2026 (0001506307-26-000063), and $14.4 billion at September 30, 2026 (0001506307-26-000130). The third quarter added $5.4 billion, net of $700 million placed in service. Of that, $13.2 billion is natural gas, the largest natural gas backlog in company history. - **Final investment decisions announced October 21, 2026 (0001506307-26-000130):** - Southern Natural Gas Southeast Connector: up to 2.6 Bcf/d, about 470 miles of new pipeline, KMI share of cost $3.1 billion, phased in service beginning in the fourth quarter of 2030. - Natural Gas Pipeline Company of America Permian Link: about $4.2 billion (KMI share about $1.6 billion), about 2.8 Bcf/d, about 434 miles, serving new power generation for an A-rated hyperscaler, expected in service in the third quarter of 2030. - Bear Creek Storage Expansion: about $160 million (KMI share about $120 million), April 2029. - Creekside Lateral second and third phases: $95 million and $55 million. - **Western Gateway Pipeline.** On August 11, 2026, KMI, Phillips 66 and HF Sinclair announced a final joint venture agreement and final investment decision for an approximately 1,300-mile, 230,000 barrel-per-day refined products system to Arizona and California, expected in service in 2029 subject to permits. Ownership is Phillips 66 49.9%, KMI 35.1%, HF Sinclair 15% (0001506307-26-000130). - **Projects placed in service in the second quarter of 2026** (0001506307-26-000063): Tennessee Gas Pipeline Cumberland (May 26), Hiland Express conversion of the Double H system to NGL service (April 29), and the Gulf Coast Express expansion (June 23). Together about $660 million at KMI's share. ## M&A and divestitures - **Monument Pipeline acquisition: announced April 22, 2026, closed May 1, 2026.** The April 22 release said KMI "has agreed to acquire" the Monument Pipeline natural gas system serving Houston (about 225 miles) for $505 million in cash, expected to close in the second quarter (0001506307-26-000033). No 8-K reports the closing. The Form 10-Q (0001506307-26-000132) states that on May 1, 2026 KMI "completed the acquisition" from ARM Energy Holdings for $503 million including working capital adjustments, within Natural Gas Pipelines. - **Tampa terminals sale: closed.** The third quarter release says KMI completed the sale of three dry bulk terminals in Tampa, Florida to affiliates of Watco Companies for a $139 million transaction paid in cash and additional preferred equity interests in Watco (0001506307-26-000130). The 10-Q dates the divestiture September 1, 2026 and states net consideration of $136 million after working capital adjustments: $81 million of cash and $55 million of additional equity investment interests (0001506307-26-000132). A $71 million net gain is a Certain Item. ## Capital actions and financing - **Senior notes offering, July 28, 2026 (8-K filed August 3, 2026, 0001104659-26-089797).** KMI agreed to sell $1.15 billion of 5.550% Senior Notes due August 1, 2036 and $600 million of 6.150% Senior Notes due August 1, 2056, with interest accruing from August 6, 2026. Proceeds are for general corporate purposes, including repayment of commercial paper and refinancing upcoming maturities. The October 21 release confirms the notes were issued on August 6, 2026 (0001506307-26-000130). - **Revolving credit facility, May 21, 2026 (8-K filed May 28, 2026, 0001506307-26-000049).** KMI amended and restated its $3.5 billion revolving credit agreement with Barclays Bank PLC as administrative agent, extending maturity from August 20, 2026 to May 21, 2031 and raising the swingline sublimit from $50 million to $400 million. - **Dividends.** Quarterly dividends of $0.2975 per share were declared in April, July and October 2026 (versus $0.2925 for the fourth quarter of 2025, declared January 21, 2026). ## Management and governance - **April 22, 2026 (0001506307-26-000033).** Chief Operating Officer James E. Holland plans to retire effective September 4, 2026. Kenneth W. Grubb, Vice President and Chief Project Officer, was appointed to succeed him as of that date. The October 21 release lists Dax Sanders as President; the January release quoted Tom Martin in that role. - **Annual meeting, May 13, 2026 (8-K filed May 19, 2026, 0001506307-26-000043).** Eleven directors were elected, PricewaterhouseCoopers LLP was ratified as auditor for 2026, and the advisory vote on executive compensation was approved (1,605,994,160 for, 77,788,484 against). ## Routine filings not summarized Regulation FD notices of investor conference participation were filed on December 5, 2025 (0001506307-25-000071), February 23, 2026 (0001506307-26-000016), April 27, 2026 (0001506307-26-000037), May 15, 2026 (0001506307-26-000041), August 10, 2026 (0001506307-26-000111), September 4, 2026 (0001506307-26-000115) and September 28, 2026 (0001506307-26-000123). They carry no financial news.