Q3 2025 Kinder Morgan Inc Earnings Call Transcript
Key Points
- Kinder Morgan Inc (KMI) reported a strong quarter with EBITDA up 6% and adjusted EPS growing 16% year-on-year.
- The company expects to exceed its full-year budget due to contributions from the Outrigger acquisition.
- Natural gas segment, which accounts for two-thirds of KMI's business, is outperforming its budget.
- KMI's expansion backlog remains robust at $9.3 billion, with a disciplined approach to capital deployment.
- The company is actively pursuing over $10 billion in potential projects, primarily in natural gas, underscoring continued demand for its services.
- Lower-than-budgeted D3 RIN prices and RNG volumes have impacted the company's outperformance.
- Refined product volumes were down 1% in the quarter compared to the third quarter of 2024.
- Crude and condensate volumes were down 3% in the quarter compared to the third quarter of 2024.
- CO2 segment experienced 4% lower oil production volumes and 14% lower CO2 volumes in the quarter versus the third quarter of 2024.
- RNG volumes are much closer to budget, but RINs prices remain weak, affecting financial performance.
Good afternoon, and thank you for standing by. Welcome to the third-quarter 2025 earnings results conference call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.
It is now my pleasure to turn the call over to Mr. Rich Kinder, Executive Chairman of Kinder Morgan.
Thank you, Michelle. As usual, before we begin, I'd like to remind you that KMI's earnings release today and this call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities and Exchange Act of 1934 and as well as certain non-GAAP financial measures.
Before making any investment decision, we strongly encourage you to read our full disclosure on forward-looking statements and use of non-GAAP financial measures set forth at the end of our earnings release as well as review our latest filings with the SEC for important material assumptions, expectations and risk factors
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