Kinder Morgan Inc at Barclays CEO Energy & Power Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Theresa Chen - Barclays Services Corp - Analyst : Kim, I'd like to start with a discussion of Kinder's a robust outlook for natural gas infrastructure demand growth. Since we spoke at last year's conference, Kinder has increased its forecast for natural gas demand growth through the end of the decade and beyond? And can you talk more about the recent drivers of this incrementally positive outlook as well as other potential needle movers to look out for from here?

Question: Theresa Chen - Barclays Services Corp - Analyst : Yeah. Within that extremely robust opportunity set and the outlook, Kinder has also been very busy over the past 12 months on the commercialization front. And among the major projects in the backlog intended to support this growth at Trident. I want to talk about that for a second. Okay. So recently upsized to 2 Bcf per day to satisfy incremental LNG feed gas demand. Can you talk about the strategic importance of Trident to KMI. And how should we think about the likelihood that a Phase 3 potentially would move forward? And should we anticipate more capacity from further phases to support LNG feed gas needs as well.

Question: Theresa Chen - Barclays Services Corp - Analyst : Got it. And tackling the LNG feed gas side from a different angle. Okay. So now that you would expect to transport 11 Bcf per day of LNG feed gas by the end of 2027. So given the LNG-related project authorizations have continued to accelerate under the current administration, how can Kinder position itself, particularly within the Haynesville to capture greater market share within LNG feed gas going forward and potentially bring upside to this estimate of 11. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 2:20PM, KMI.N - Kinder Morgan Inc at Barclays CEO Energy & Power Conference

Question: Theresa Chen - Barclays Services Corp - Analyst : Got it. And I want to also talk about the Texas Access Project which aims to utilize KMLP to deliver gas off of Trident into South Louisiana further supporting your LNG feed gas strategy. How does this fit in within your overall footprint and strategy? And what are the growth opportunities along this.

Question: Theresa Chen - Barclays Services Corp - Analyst : Great. And aside from LNG feed gas, which is the primary driver of near-term growth, of course. And to your earlier point, Kim, power generation is another major contributor to the positive outlook for gas infrastructure, in part, supported by the anticipated proliferation of data centers to come. So now that the proposed copper state connector is unlikely to move forward following the sanctioning of competing project, could you provide color on other major project opportunities that Kinder is currently assessing to support the growing gas to power load and where are KMI's competitive advantages in winning these potential projects.

Question: Theresa Chen - Barclays Services Corp - Analyst : Fascinating. With the steadily increasing demand for transmission infrastructure across the US to your point, do you expect returns to trend higher from here? I mean even just looking at that $9.3 billion sanctioned backlog, can you tell us about the economics that you've observed have evolved? And from a regional perspective, where do you think the most attractive returns are?

Question: Theresa Chen - Barclays Services Corp - Analyst : Got it. We spend over half the time on natural gas. Turning to maybe the less sexy part of the business but equally important in cash yielding. On the liquids side of things. So Tell us about how these assets fit within your portfolio? And also from the lens of commodity exposure, obviously, on the natural gas side, very minimal commodity exposure, if any. On the liquid side, there is a little bit more sensitivity to crude price, which this year has beared some volatility. How do you see that evolving going forward? And would just let to get your thoughts here?

Question: Theresa Chen - Barclays Services Corp - Analyst : Thank you for that comprehensive answer. I do want to touch on the CO2 segment and how you see the future for the segment evolving. So on one hand, the recently halved OBBA includes tax incentives to support EOR activities. However, elsewhere in the fixed segment, the RNG business has faced intermittent operational challenges as the facilities have come online, plus headwinds due to lackluster D3 RIN prices. So how do you view the path forward for the CO2 segment?

Question: Theresa Chen - Barclays Services Corp - Analyst : Fair enough. And finally, I'd like to discuss Kinder's capital allocation priorities from here. With this lengthy runway of potential gas infrastructure projects. Would you consider increasing run rate CapEx above the $2.5 billion run rate over the next few years to support more growth opportunities. And how do you plan to balance growth in general versus maintaining comfortable leverage and returning cash to shareholders?