Kinder Morgan

What Kinder Morgan does

Kinder Morgan, Inc. (NYSE: KMI) is the largest energy infrastructure company in North America, operating approximately 78,000 miles of pipelines and 136 terminals across the United States, Mexico, and Canada. Founded in 1997 and headquartered in Houston, Texas, the company moves natural gas, refined petroleum products, crude oil, CO2, and renewable fuels through four core segments: Natural Gas Pipelines (the largest, including Tennessee Gas Pipeline, Natural Gas Pipeline Company of America, El Paso Natural Gas, Southern Natural Gas, Kinder Morgan Texas Pipeline, and Gulf Coast Express), Products Pipelines, Terminals, and CO2. Kinder Morgan transports approximately 40% of U.S. natural gas production and roughly 40% of U.S. LNG feed gas supply, making its network structurally critical to U.S. energy supply.

The company generates revenue primarily through fee-based, take-or-pay transportation and storage contracts, with approximately 65% of cash flows structured on take-or-pay terms and 96% fee-based or hedged, providing high revenue visibility largely insulated from commodity price volatility. Average remaining contract tenor exceeds 9 years. Customers include LNG exporters, gas-fired power generators (including hyperscale AI data center operators such as the SoftBank Ohio consortium), upstream natural gas producers, and industrial users. The DART (Direct Access Real Time) Portal serves as the NAESB-compliant customer-facing platform for scheduling, nominations, capacity releases, and invoicing across interstate and intrastate systems.

The business model is capital-intensive and project-driven, with a $10.1 billion contracted backlog (92% natural gas) supporting organic projects including the $3.5 billion South System Expansion 4, $1.7 billion Mississippi Crossing, $1.8 billion Trident Intrastate Pipeline, and the joint Western Gateway Pipeline with Phillips 66 (target mid-2029). The company also operates energy transition ventures in renewable natural gas, Midwest LNG, and carbon capture. FY2025 revenue was $16.9 billion (+12% year-over-year) with net income of $3.1 billion and free cash flow of $3.2 billion; Q1 2026 adjusted EBITDA reached $2.54 billion (+18% year-over-year). The company has grown partly through acquisitions including Stagecoach Gas Services ($1.225 billion, 2021), Kinetrex Energy ($310 million, 2021), North American Natural Resources ($135 million, 2022), and Monument Pipeline ($505 million, 2026), and is led by CEO Kimberly Dang.

Name

Kinder Morgan

Legal name

Kinder Morgan, Inc.

Website

https://kindermorgan.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Kinder Morgan is the largest North American energy infrastructure operator, running ~78,000 miles of pipelines and 136 terminals that transport natural gas, refined products, and CO2 under long-term take-or-pay contracts serving LNG exporters, power generators, and AI data center developers.

Ownership category

akta.pro rank

Product category

Midstream Energy Infrastructure

NAICS

Pipeline Transportation of Natural Gas (48621), Pipeline Transportation of Natural Gas (4862), Pipeline Transportation of Refined Petroleum Products (486910), Pipeline Transportation of Crude Oil (48611)

SIC

Natural Gas Transmisison & Distribution (4923), Natural Gas Transmission (4922), Pipe Lines (No Natural Gas) (4610), Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

Natural Gas Pipeline Transportation (EUALADAB)

akta.pro secondary industries

Interstate / Long-Haul Natural Gas Transmission (Trunklines) (TLAGACAA), Interstate & Intrastate Natural Gas Transmission Pipelines (EUAAACAB), Refined Products Pipeline Transportation (Gasoline/Diesel/Jet) (EUALADAD)

Keywords

• Natural gas pipelines
• Energy infrastructure
• Terminal storage services
• Midstream energy transportation
• Products pipelines

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Natural Gas Transportation Services: Fee-based revenue from transporting natural gas through interstate and intrastate pipelines under long-term take-or-pay contracts with shippers. Volumes transported have grown 8% YoY driven by LNG export demand and data center power needs. Approximately 65% of cash flows are take-or-pay based.
2. Products Pipelines Transportation: Transportation of refined petroleum products including gasoline, diesel, and jet fuel through pipeline networks across the United States
3. Terminal Storage and Handling: Storage and handling services at 136 terminals across North America for renewable fuels, petroleum products, chemicals, and vegetable oils
4. Natural Gas Storage Services: Storage capacity services through entities including Stagecoach Gas Services, Bear Creek Storage, and other underground storage facilities supporting supply flexibility

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Kinder Morgan operates one of the largest energy infrastructure networks in North America, owning or operating approximately 78,000 miles of pipelines that transport natural gas, gasoline, crude oil, carbon dioxide (CO2), and other refined products, alongside 136 terminals that store and handle renewable fuels, petroleum products, chemicals, and vegetable oils. The company sells transportation and storage services primarily under long-term fee-based and take-or-pay contracts to natural gas producers, LNG exporters, power generators, utilities, refiners, and industrial shippers across the United States, Mexico, and Canada.

Product overview

Kinder Morgan is one of the largest energy infrastructure companies in North America, operating as a diversified midstream operator with a multi-segment portfolio. The company operates approximately 78,000 miles of pipelines and 136 terminals across four core business segments: Natural Gas Pipelines (the largest segment including interstate and intrastate systems), Products Pipelines (refined petroleum products), Terminals (largest independent terminal operator in North America), and CO2. The Natural Gas Pipelines segment includes major interstate systems (Tennessee Gas Pipeline, Natural Gas Pipeline Company of America, El Paso Natural Gas, Southern Natural Gas, Elba Express) and intrastate Texas operations (Kinder Morgan Tejas Pipeline, Kinder Morgan Texas Pipeline, Gulf Coast Express). The company also offers energy transition services including Renewable Natural Gas (RNG), Midwest LNG, and CCUS. Customers access pipeline capacity and manage nominations through the DART (Demand Access Real Time) Portal, a NAESB-compliant customer platform. Major growth projects include the Trident Intrastate Pipeline ($1.8B, 219 miles), Western Gateway Pipeline (with Phillips 66, mid-2029), South System Expansion 4 ($3.5B), and Mississippi Crossing Project ($1.7B).

Differentiator

Problem solved

Functional benefit

Products and services

• Natural Gas Pipelines Largest business segment operating approximately 78,000 miles of pipelines that transport natural gas from producing basins (Permian, Haynesville, Eagle Ford, Appalachia) to market destinations including LNG export terminals, power generation facilities, utilities, and industrial users. Interstate systems are FERC-regulated and serve enterprise shippers under long-term take-or-pay contracts.
• Products Pipelines Pipeline systems transporting refined petroleum products including gasoline, diesel, and jet fuel across the United States. Includes SFPP (West), CALNEV Pipe Line, Central Florida Pipeline, and SE Products Pipeline Corporation, serving refiners, marketers, and downstream customers with fee-based transportation services.
• Terminals The largest independent terminal operator in North America with 136 terminals storing and handling renewable fuels, petroleum products, chemicals, vegetable oils, and other products across the United States, providing storage, distribution, blending, and logistical services to enterprise customers.
• CO2 Pipeline and Production Operations CO2 pipeline and production operations for enhanced oil recovery (used to increase crude oil production from aging fields) and industrial CO2 applications, representing Kinder Morgan's legacy CO2 segment under Kinder Morgan CO2 Company.
• DART (Direct Access Real Time) Portal Customer-facing web portal enabling pipeline capacity management, nominations, flowing gas, invoicing, capacity release, and contract management for enterprise pipeline customers. NAESB-compliant system supporting both interstate and intrastate pipeline operations, with multi-factor authentication and electronic signature integration.
• Kinder Morgan Treating Natural gas treating services including dehydration, CO2 removal, and other processing solutions for natural gas producers and gatherers, helping customers meet pipeline quality specifications.
• Kinder Morgan Gas Marketing Marketing and trading services for natural gas that provide market access and price risk management for natural gas producers, utilities, and industrial buyers via Kinder Morgan's pipeline-connected supply portfolio.
• Renewable Natural Gas (RNG) Renewable natural gas produced from landfill gas, with seven landfill gas-to-power facilities from the North American Natural Resources acquisition and plans to convert up to four facilities into RNG production for distribution to customers seeking low-carbon fuel.
• Midwest LNG LNG production and distribution services for Midwest markets, including LNG facilities acquired through the 2021 Kinetrex Energy acquisition, supplying off-pipeline and transportation fuel customers in Indiana and surrounding states.
• Carbon Capture, Utilization, and Storage (CCUS) Carbon capture and storage infrastructure services for industrial emitters, leveraging Kinder Morgan's existing CO2 pipeline expertise and right-of-way to develop CCUS projects as part of the company's energy transition strategy.
• Kinder Morgan Gas Natural de Mexico Pipeline operations in Mexico including the Mier-Monterrey Pipeline stretching from the US-Mexico border to Monterrey, serving Mexican industrial and power generation natural gas markets with cross-border supply.
• Utopia Pipeline System 270-mile ethane pipeline from Harrison County, Ohio to Windsor, Ontario that transports ethane as plastic feedstock for the Canadian petrochemical industry; operated by Kinder Morgan Canada.
• Stagecoach Gas Services (Natural Gas Storage) Natural gas storage services providing supply flexibility through multiple underground storage facilities (including Bear Creek Storage and others) in the Northeast U.S., supporting utility, producer, and industrial customer seasonal and peak demand requirements.

Quantifiable outcome

• Approximately 40% of U.S. LNG feed gas transported through Kinder Morgan pipelines
• +5 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Phillips 66coreStrategic or Co-development Partner · 20 April 2026Joint development of the Western Gateway Pipeline project connecting Midwest and Gulf Coast refinery supply to Phoenix, Arizona and California markets via new-build pipeline from Borger, Texas combined with reversed Kinder Morgan existing pipelines. Project targets mid-2029 in-service date following successful second open season securing sufficient long-term shipper commitments.
• Citadel Energy MarketingminorChannel Partner/ Reseller/ DistributorExpanded natural gas pipeline transportation capacity on Kinder Morgan's El Paso Natural Gas Pipeline from the Rocky Mountains to Arizona by 37%, now holding approximately 100 MMcf/d through March 2031. Positions Citadel ahead of anticipated growth in Southwest gas demand driven by AI data center development in Arizona.
• SoftBank/AI Data Center ConsortiumminorChannel Partner/ Reseller/ DistributorKinder Morgan identified as sole midstream partner in SoftBank's 9.2 GW data center facility in Ohio featuring a $33 billion gas power plant, providing natural gas infrastructure to support power generation for AI computing facilities.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• MPLX: Midstream MLP focused on crude oil and natural gas gathering/processing, pipelines, and terminal/storage assets. Comparable fee-based contract structure and similar downstream/Marcellus exposure.
• ONEOK: Midstream operator focused on natural gas gathering/processing, NGL pipelines, and natural gas pipelines. Comparable fee-based business model and similar exposure to LNG export growth and U.S. production basins.
• Enterprise Products Partners: Large diversified midstream MLP with natural gas, NGL, crude oil, and refined products pipelines plus terminal assets. Operates comparable fee-based transportation and storage model with similar customer mix including LNG and petrochemical end markets.
• Energy Transfer: Diversified midstream operator with extensive natural gas, NGL, crude, and refined products pipeline systems. Directly comparable scale and asset mix to Kinder Morgan, with significant overlap in Permian, Gulf Coast, and LNG-related markets.
• TC Energy: Canadian-based operator of major natural gas and liquids pipeline systems across North America. Directly comparable asset class with similar FERC/NEB regulatory exposure, LNG pipeline commitments, and power-generation customer base.
• Plains All American Pipeline: Midstream operator focused on crude oil and NGL transportation, storage, and marketing. Overlap with Kinder Morgan's crude oil and refined products pipeline segments.
• Western Midstream Partners: Midstream partnership focused on natural gas, NGL, crude oil, and produced water services, primarily in the Permian, Delaware, and DJ basins. Comparable fee-based contract structure with focus on major U.S. production basins.
• Williams Companies: Major natural gas-focused midstream operator with large interstate pipeline network and gathering/processing assets. Closest direct competitor to Kinder Morgan in natural gas transmission, with overlapping LNG and power generation customer base.
• Enbridge: North American pipeline operator with major crude oil, natural gas, and liquids pipelines in the U.S. and Canada. Comparable diversified midstream platform with similar long-term contract structures and energy infrastructure scale.

Broad incumbents

• Phillips 66: Integrated downstream/refining/marketing major and Western Gateway joint venture partner with Kinder Morgan. Overlaps with KMI's refined products pipeline segment and is a strategic partner rather than direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube-nocookie.com/channel/UCGodkFZt8Ca8Gb9DVtbigmQ/featured
• Facebookfacebook.com/KinderMorganInc
• LinkedInlinkedin.com/company/kinder-morgan
• Xx.com/Kinder_Morgan

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries18 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A11 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kinder Morgan