Kinder Morgan Inc on Wednesday reported a 39 % year-on-year improve to $1.06 billion in adjusted internet revenue for the primary quarter (Q1) and declared $0.2975 in dividend per share, up 2 % from the identical three-month interval final 12 months.
Internet earnings earlier than adjustment for nonrecurring or extraordinary gadgets elevated to $976 million for Q1 2026 from $717 million for Q1 2025.
The midstream power firm’s adjusted earnings per share of $0.48 beat the Zacks Consensus Estimate, which averages projections by brokerage analysts, of $0.38.
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Houston, Texas-based Kinder Morgan’s monetary efficiency improved year-over-year on greater gasoline transport volumes, the impression of upper commodity costs on the merchandise pipelines enterprise and better terminal charges, offsetting a lower in transported liquids.
“The Pure Gasoline Pipelines enterprise section’s monetary efficiency was up within the first quarter of 2026 relative to the primary quarter of 2025, on greater contributions from our Texas Intrastate system, largely because of chilly winter climate”, Kinder Morgan president Dax Sanders mentioned in an internet assertion.
“Pure gasoline transport volumes have been up 8 % in comparison with the primary quarter of 2025, primarily because of LNG deliveries on Tennessee Gasoline Pipeline.
“Pure gasoline gathering volumes have been up 15 % from the primary quarter of 2025 throughout our belongings, with our KinderHawk system seeing the biggest progress.
“Contributions from the Merchandise Pipelines enterprise section have been up in comparison with the primary quarter of 2025 because of greater commodity costs benefiting our transmix enterprise, the restoration of retroactive fee will increase following a positive courtroom choice, and the impression within the first quarter of 2025 of a turnaround at our condensate processing facility.
“Whole refined merchandise volumes have been down 2 % in comparison with the primary quarter of 2025. Crude and condensate volumes have been down 12 % in comparison with the primary quarter of 2025, as a result of conversion of our Double H pipeline to pure gasoline liquids service, partially offset by greater volumes on Kinder Morgan Crude and Condensate Pipeline”.
“Terminals enterprise section earnings have been up in comparison with the primary quarter of 2025. The rise was led by our liquids terminals enterprise, which benefited from greater charges and ancillary charges at our Houston Ship Channel hub services, in addition to the popularity of funds to be obtained in reference to the early termination of sure storage agreements in 2026. Earnings from our bulk terminals and Jones Act tanker fleet, which stays absolutely contracted underneath time period constitution agreements, have been additionally up versus the prior 12 months interval.
“CO2 enterprise section earnings, which embody Vitality Transition Ventures, have been up in comparison with the primary quarter of 2025, excluding Sure Objects, due primarily to contributions from the renewable pure gasoline enterprise and decrease energy prices in our CO2 operations. These have been partially offset by decrease realized crude oil and NGL [natural gas liquids] costs in comparison with the prior 12 months interval”.
Gasoline transport volumes totaled 49.48 trillion British thermal items (TBtu). Kinder Morgan offered 3.89 TBtu of gasoline. Its gasoline gathering volumes totaled 4.32 TBtu. Transported NGLs totaled 44,000 barrels per day (bpd).
Kinder Morgan delivered 1.55 million bpd of refined merchandise and 420,000 bpd of crude and condensate.
Income totaled $4.83 billion, up from $4.24 billion for Q1 2025. Working earnings elevated to $1.44 billion from $1.15 billion. Earnings earlier than earnings taxes was $1.29 billion, up from $929 million for Q1 2025.
Free money circulation after dividend funds was $687 million, in comparison with $396 million for Q1 2025. Kinder Morgan paid $654 million in dividends in Q1 2026.
It exited the quarter with $72 million in money and money equivalents and $2.64 billion in different present belongings.
Brief-term debt stood at $2.19 billion. Kinder Morgan owed $3 billion in different present liabilities.
For the entire 12 months Kinder Morgan expects $3.1 billion in internet revenue, flat in opposition to 2025. It expects adjusted internet revenue to extend 5 % from 2025. Adjusted EBITDA can also be projected to extend 2 % in opposition to 2025 to $8.6 billion.
“The geopolitical panorama turned much more turbulent this quarter, with battle within the Center East becoming a member of the continuing conflict in Ukraine as a supply of great commodity worth volatility. As a fee-based midstream power firm with extremely creditworthy shippers, we’re largely insulated from that volatility”, mentioned government chair Richard D. Kinder.
Chief government Kim Dang added, “With greater than 65,000 miles of pure gasoline pipelines linked to all main basins and demand facilities, together with greater than 700 billion cubic ft of working gasoline storage capability, we’re nicely poised to help demand progress throughout the nation. Certainly, the expansion in utilization of our 5 main pure gasoline pipeline methods has been astounding. In 2016, the annual common utilization of these methods was 74 %. In 2025, utilization reached 90 %”.
“Reflecting that top utilization and the sturdy demand we see coming, our challenge backlog on the finish of the primary quarter of 2026 was $10.1 billion, up $145 million from the fourth quarter of 2025, as we added $375 million of tasks whereas putting $230 million of tasks in service”, Dang mentioned.
“Pure gasoline tasks account for about 92 % of our challenge backlog and almost 60 % of the backlog is related to tasks supporting energy technology and native distribution firm demand”.
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