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Mar 31
Kinder Morgan Q1 2025 Earnings Report
Kinder Morgan posted stable results with modest growth in adjusted earnings and a robust project backlog.
Key Takeaways
Kinder Morgan delivered a solid Q1 2025 performance with $717M in net income and strong results from its Natural Gas Pipelines and CO₂ segments. The company added $900M to its project backlog and completed a $640M acquisition.
Net income reached $717M with an adjusted EPS of $0.34.
Revenue for the quarter totaled $4.241B.
Adjusted EBITDA grew slightly to $2.157B.
The project backlog increased to $8.8B, with 91% tied to natural gas projects.
Kinder Morgan
Kinder Morgan
Kinder Morgan Revenue by Segment
Revenue by Segment
Natural Gas Pipelines Revenue
CapyFin.comProducts Pipelines Revenue
CapyFin.comTerminals Revenue
CapyFin.comCO2 Revenue
CapyFin.com Forward Guidance
Kinder Morgan expects to exceed its 2025 budget due to the Outrigger acquisition, with modest growth across net income, dividends, and EBITDA.
Positive Outlook
- Net income projected to reach $2.8B in 2025.
- Adjusted EPS forecasted at $1.27.
- Dividends expected to increase 2% to $1.17 per share.
- Adjusted EBITDA guidance set at $8.3B.
- Net Debt-to-EBITDA ratio forecasted to improve to 3.8x.
Challenges Ahead
- Products Pipelines segment faces pressure from facility maintenance.
- CO₂ segment challenged by declining RIN prices.
- Gathering volumes weak due to Haynesville softness.
- Tariffs on steel remain a potential risk, albeit mitigated.
- Free cash flow after dividends was negative at -$246M in Q1.
Revenue & Expenses
Visualization of income flow from segment revenue to net income