With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are mining, oil and gas exploration and services, pipelines, refining, and utilities.

Fortune Sector Leaders: Energy

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-262-Kinder Morgan

With over 72,000 miles of natural gas pipelines, the most in the U.S., Kinder Morgan is one of the largest oil and gas companies in North America.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-242-Kinder-Morgan

The pipeline operator has about 83,000 miles of pipelines that transport natural gas, gasoline, and crude oil in the U.S. and Canada.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

This year's Fastest-Growing Companies marks the 19th running of the list. In our annual list of public companies with the most stellar three-year profit, revenue, and stock growth, Facebook makes its first appearance.

100 Fastest-Growing Companies

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Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Shale rules! That’s the lesson of the latest edition of our annual list of public companies with the most stellar three-year profit, revenue, and stock growth. 

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Kinder Morgan is one of the largest energy infrastructure companies in North America, operating about 79,000 miles of pipelines and 139 terminals for natural gas, gasoline, and crude oil, among other commodities. About 40% of the natural gas produced in the U.S. goes through Kinder Morgan’s pipelines, while its terminals also handle renewable fuels, petroleum products, chemicals, vegetable oils, and other products.

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Kinder Morgan (KMI): Company Profile, Stock Price, News, Rankings

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Kinder Morgan

kinder morgan

Good afternoon, and thank you for standing by. Welcome to the Kinder Morgan third quarter 2026 earnings results conference call. Your lines are in a listen-only mode until the question and answer session of today's conference. At that time, you may press star followed by the number one to ask a question. Please unmute your phones and state your name when prompted. 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. Before we begin, as usual, 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, as well as certain non-GAAP financial measures.

Before making any investment decisions, we strongly encourage you to read our full disclosures 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 that may cause actual results to differ materially from those anticipated and described in such forward-looking statements.

Let me begin by sharing some projections from credible third parties that once again support our belief that the demand for natural gas is destined to dramatically increase both in America and the rest of the world in the coming years and even decades. Shell projects that global LNG demand will grow to nearly 750 million tons per year by 2050, and that's an increase of 65% from 2025.

That's an enormous increase and one that we believe will especially benefit the U.S., given the preference of international customers for sourcing their supply here. On the domestic front, the North American Electric Reliability Corporation is predicting that peak demand for electricity in this country will grow by between 225 and 245 gigawatts by 2035, and obviously, much of that astounding growth will be met by natural gas generation.

These two estimates just reinforce and strengthen what we believe is a bullish natural gas story. Let me turn to our own story at Kinder Morgan. The third quarter was another good quarter for us, with results exceeding both the comparable period in 2025 and our budget for this year. Perhaps more importantly, we made substantial additions to our backlog of new projects.

Our additions constitute one of the largest increases in any one quarter in our corporate history, and our backlog of U.S. natural gas projects now stands at an all-time record. I would add that we expect these new projects to lead to even more expansion opportunities over the coming months and years. In a broader sense, I believe the existing new projects we announced demonstrate the strength that comes from a large national midstream footprint.

That footprint, which we are constantly expanding and extending, allows us to offer more diversified connectivity to our customers as they seek alternative and expanded sources of supply. To put the size and utilization of our natural gas network in perspective, I remind you that we deliver about 40% of all the natural gas in America, including approximately 40% of all LNG feed gas and over 50% of gas exports to Mexico.

Our network connects almost every producing basin with the great majority of demand locations throughout the country. I am highly confident that our assets will allow us to continue to serve the multifaceted needs of our customers, and at the same time, deliver real and sustainable value to our shareholders. As I have said before, but it certainly deserves repeating, our strategy is not complicated. We have assets that generate large amounts of recurring cash flow.

We are in a business that is in need of substantial additional infrastructure. Because of the size and reach of our system, we are in a unique position to capture a substantial portion of that need by developing projects supported by long-term take-or-pay agreements with credit-worthy entities. Our strong cash flow allows us to build that infrastructure by using primarily our own cash without undue leverage.

We are able to earn good returns from these investments, thus increasing our EBITDA and EPS in the years ahead. For me, it is hard to think of a better strategy that combines consistent growth with minimal risk. Now let me turn it over to Kim.

Okay. Thanks, Rich. This was another outstanding quarter for Kinder Morgan. Adjusted EPS increased by 21%, adjusted EBITDA grew by 9%, and every one of our business segments contributed to that growth. Those results reflect both the strength of our assets and the outstanding execution of our employees. For the full year, we expect adjusted EPS growth to exceed budget by more than 13% and EBITDA to exceed budget by more than 6%.

Our financial position continues to strengthen as well. We ended the quarter at approximately 3.5x debt to EBITDA, the low end of our targeted range. Combined with our roughly $3 billion of annual cash flow available to fund expansion CapEx, we have significant flexibility to fund our organic growth while maintaining a strong balance sheet. That flexibility is important because our project backlog increased from $9.6 to 14.4 billion this quarter.

We added $5.4 billion in new projects and placed $700 million of projects into service. The backlog multiple remains very attractive at 5.7x. In the $5.4 billion of additions are two highly strategic joint venture projects, SNG's Southeast Connector and NGPL's Permian Link. Together, Kinder Morgan's share of these projects is approximately $4.7 billion. Both projects are supported by at least 20-year take-or-pay contracts with creditworthy shippers, providing the type of long-term stable cash flow we seek to create.

Importantly, Southeast Connector is contracted with strong investment-grade utilities, while Permian Link is contracted with an A-rated hyperscaler. These projects also highlight the quality of opportunities we see in front of us. Southeast Connector is a transformational project that connects diverse supply with one of the fastest-growing natural gas demand regions in the country.

Large load interconnection requests across the Southeast now exceed 200 gigawatts, which could represent roughly 8 Bcf a day of natural gas demand if it all came to fruition and if it was all served by gas-fired generation. Southeast Connector is designed to meet that need by delivering approximately 2.6 Bcf a day of natural gas into the region. In addition, we expect this project, like many of our other large projects, to drive future expansion opportunities.

Permian Link captures a similar compelling opportunity by moving abundant, low-cost Permian natural gas north to meet growing power demands in the Texas Panhandle. Together, these projects demonstrate how our network is uniquely positioned to connect growing supply basins with growing demand centers. More broadly, as Rich mentioned, the long-term outlook for natural gas remains exceptionally strong.

Wood Mackenzie projects North American natural gas demand to increase by approximately 46 Bcf a day by 2035, driven primarily by LNG exports and power generation demand. Projects of this size and quality do not happen by accident. The commercial creativity, customer relationships, project management and legal expertise, and the patience and perseverance required to bring these opportunities together are remarkable, and I could not be more proud of what our team has accomplished.

Finally, these projects extend our visible growth runway. Before this quarter, most of our EBITDA from our backlog was expected to be online by the end of 2025. With Permian Link and Southeast Connector entering service between 2030 and 2032, we have meaningfully extended the period of high-quality cash flow growth supported by approved projects with long-term take-or-pay contracts. Simply put, we are delivering strong results today while continuing to build a longer runway for high-quality future growth. With that, I'll turn it over to Dax to give you details on our business performance.

Thanks, Kim. Starting with the natural gas business unit, transport volumes were up 3% in the quarter versus the third quarter of 2025. The incremental demand was primarily a result of increased LNG feed gas deliveries on Tennessee Gas Pipeline and incremental demand on our intrastate system. Natural gas gathering volumes were up 14% in the quarter from the third quarter of 2025, with most all the increase coming from our KinderHawk system in the Haynesville, which was up 40%.

As we've continued to say, demand for gas on our pipes remains high and our system remains highly utilized. While we announced the sanctioning of two very important projects today, looking forward and consistent with Kim's comments, we continue to see significant incremental project opportunities across our natural gas pipeline network, driven primarily by power and LNG, and we will continue to pursue them aggressively.

In our products pipeline segment, refined product volumes were down 3% in the quarter compared to the third quarter of 2025, and crude condensate volumes were down 11%. More than half the decline in crude volumes is explained by the removal of Double H from service for the NGL conversion early in the third quarter of 2025, with the remaining decrease resulting from fewer well connects at Hiland Crude.

As previously announced, we, along with our partners, were proud to reach a final investment decision on our Western Gateway project during the third quarter. The project, which will fundamentally change the way clean products are delivered to the desert Southwest and Southern California, will ensure the availability of these products to consumers for decades to come.

Kinder Morgan's $300 million total cash investment, which includes our $250 million contribution to the JV and a $50 million investment in our non-contributed assets, has been added to our project backlog and is expected to reach in-service in 2029. In our terminals business segment, our liquids lease capacity remains high at almost 93%.

Market conditions continue to remain supportive of strong rates, and the utilization of tanks available for use is just under 96% at our key hubs on the Houston Ship Channel and in Carteret, New Jersey. While the temporary Jones Act waiver has added some market uncertainty, our tanker fleet remains exceptionally well contracted. Assuming likely options are exercised, our fleet is 100% leased to the rest of this year, 97% leased through 2027, and 80% leased through 2028.

We have opportunistically chartered a significant percentage of the fleet at higher market rates and have an average length of firm contract commitments of almost three years. The worldwide shortage in refined product supplies and the associated price dislocations have both been significant positives for our export terminals in the Houston Ship Channel Hub.

In Q3, we saw 427,000 barrels a day move across our 11 docks, which represented an increase of 39% over Q3 2025 and an all-time record. The CO2 segment saw 8% higher net oil production volumes compared to Q3 2025, which was led by an 11% increase in production at SACROC. NGL volumes were 9% higher and CO2 volumes were 3% lower. Finally, RNG volumes increased 18% as the significantly improved operations that are driving both greater uptime and hydrocarbon recovery at our facilities continued in the third quarter. I'll turn it over to David.

Okay, thank you, Dax. We're declaring a quarterly dividend of $0.2975 per share, which is $1.19 per share annualized, and an increase of 2% over 2025. We delivered a record-setting quarter once again with net income attributable to KMI and adjusted EBITDA reaching record levels for the third quarter. Our third quarter performance was also ahead of internal expectations, with EPS 15% above budget and adjusted EBITDA 6% above our budget.

This follows the first half of the year, during which we achieved similar outperformance. Turning to the quarterly financial performance, we had another very strong quarter. For the third quarter, we generated net income attributable to KMI of $764 million and EPS of $0.24. Those are 22% and 21% higher than the third quarter of 2025, respectively. Adjusted EPS was $0.35, so that's 21% up from last year.

Adjusted EBITDA grew by 9% to $2.18 billion for the quarter. Importantly, as Kim mentioned, the strength was broad-based, with all four business segments delivering higher adjusted earnings year-over-year. Natural gas saw greater contributions from EPNG, KinderHawk, TGP, and our Texas intrastate system. This performance was driven by greater volume and rates on capacity sales, park and loan contributions, expansion project contributions, and greater gathered volumes.

Our products segment benefited from favorable commodity pricing as well as greater butane blending volumes, partially offset by lower crude and refined product volumes. Our terminals segment benefited from expansion projects placed into service, higher commodity prices, stronger coal and petroleum coke handling activity, and higher Jones Act tanker rates. Our CO2 segment benefited from higher commodity prices, strong volume growth, particularly at SACROC, which was up 11% from last year.

Stepping back from the quarter, our year-to-date results have been exceptionally strong. Year to date versus 2025, EBITDA has grown 13% and adjusted EPS is up 32%. As Kim mentioned, we now expect our full year adjusted EBITDA to be more than 6% above our budget and adjusted EPS to be more than 13% above our budget. That represents well more than $515 million of additional EBITDA. As we've previously noted, during 2026, we've benefited from a handful of large items that may not be recurring.

Winter Storm Fern and extended cold weather in the Northeast, a terminals contract buyout, a favorable FERC rate true-up, an unusually favorable Waha to Houston Ship Channel spread. Collectively, these items contribute approximately $225 million to our outperformance in 2026. In addition, favorable commodity prices have contributed an additional $175 million versus our budget.

If you recall, our budgeted WTI price was $60 per barrel. At the same time, tightness continues across our U.S. infrastructure, and that provides opportunities for us to capture additional margin when disruptions occur. We expect those conditions will persist. Moving to the balance sheet, our net debt to adjusted EBITDA ratio ended the quarter at 3.5 times, which is down from 3.8 times at the beginning of the year.

Despite spending more this year due to our Monument acquisition and greater-than-budgeted CapEx, we expect to end the year at 3.6 times leverage. That's an improvement from the budget of 3.8 times, driven by the EBITDA outperformance. That puts us well below the midpoint of our leverage target range. Year to date, net debt increased $513 million, and here's a reconciliation of that. We generated $5.04 billion of cash flow from operations. We've spent $1.98 billion in dividends.

We've spent $3.07 billion in capital, and that's growth sustaining and our contributions to our JVs. The Monument acquisition was approximately $500 million, and that gets you pretty close to the $513 million debt increase for the year. I'll turn it back to Kim for Q&A.

Okay, Michelle, if you'll come on, we'll take questions.

Thank you. At this time, if you would like to ask a question, you may press star followed by the number 1. To withdraw your question, you may press star two. Please unmute your phones and state your name when prompted. Our first caller is Theresa Chen with Barclays. Your line is open.

Good afternoon, and congratulations on these major commercial milestones. I want to ask first on TGP. Following a successful non-binding open season for the 219 South project, can you talk about the progress made on solidifying customership or commitments at this point?

How are you thinking about the ultimate size and scope for this project, given the elevated amount of interest beyond the half a B offered, as well as the downstream growth opportunities, especially on the heels of the Southeast Connector FID? Do you think TGP will play a meaningful role in serving this incremental demand on SNG?

Theresa, this is Sital. How are you doing? Well, one, I am going to break this question up into a few parts. The open season that we had, the non-binding open season, in terms of interest, over 2 Bcf of interest in that open season. Where we are right now with our customers, clearly, we have been intimating to the market, and you guys that there is a demand equation here, and ultimately, will need to be solved with incremental molecules.

We do feel 219, in some form, is going to help contribute to that molecule shortfall. When we think about what the project ultimately looks like, that is going to depend on who signs at the bottom line. One of the things that we are seeing right now is timing. There are some customers that are further along than others. We are managing through that to try and see how we can stage these projects.

It may come in multiple forms. If I had to gauge where I see the CapEx landing there, roughly around $1.5 billion. Depending on ultimate interest, we could adjust from there. So strong interest. We do see the need. I think when you think about the downstream Southeast Connector, Tennessee is well positioned to serve that. Not only that, it is also that middle system power corridor that we have that I talked about on the last call. We see that corridor from Ohio, Kentucky, West Virginia to Tennessee, that is a growing demand center. All in all, I think the opportunity set there for incremental supply bodes well.

Thank you for that detailed answer, Sital. On the Southeast Connector, the press release mentioned that the project can be scaled further with additional customer commitments. What is the realistic upside here beyond the $3.1 billion net to KMI? How much bigger can this project be?

Well, so a little too early. We are in the midst of the open season. I will tell you, we had significant interest in the open season, and this was a binding open season. We are still in the process of working through the precedent agreements, the interest on the commercial side, as well as very important credit, making sure we have the credit behind. We are working through those details. But needless to say, we can scale this up to 3.5, 3.5 Bcf is plausible.

Theresa, just for context. We have enough signed commitments today to support going forward in FID-ing the project. There are other customers that came in during the open season that are interested, that we're working with on PAs, and they may come in later, and that would cause us to scale the project.

Ultimately, it depends on who signs, right? I mean, that's always the driver.

Thank you. Our next caller is Julien Dumoulin-Smith with Jefferies. Your line is open, sir.

Hey, good afternoon, team. Nicely done. Got to hand it to you. Impressive here. Let's keep focusing on the Southeast Connector while it's topical here. Maybe just to go back to that point you were bringing up on the middle system here on the power corridor, how do you think about the size and scope of that opportunity, the timeliness here? You allude to having some open seasons pending here, but just what is the scope of contemplated there? You talk about scaling it up to 3.5 Bcf a day a moment ago in parallel, but can you elaborate maybe some other parameters and texture around there?

If you're focused on Southeast Connector, we've got that open season. It'll close. We'll get some clarity around that. As far as the middle system, there are several power projects that have been evaluating capacity, and this is particularly on our 219 South project. Really the timing there is what we're talking about. There are some that are further along than others.

What we're going to have to do is really position ourselves to sanction parts of the project to be able to accommodate the immediate demand. The team is still creatively thinking on how we can accommodate the broader interest in terms of incremental scope. That's going to take a few quarters to kind of button up in some form or fashion. Ultimately, as usual, we'll sanction when we get customers that sign to the bottom line.

Awesome. Excellent. A little bit bigger picture, after adding $5 billion this quarter, how is the greater than $10 billion commentary or opportunity set change? Should investors view the Southeast Connector and Permian Link as conversion from the shadow backlog into a more formal backlog? Or as you just alluded to a second ago, as continued customer activity effectively replenish that funnel? I don't want to put words in your mouth, but I'd love to hear how you kind of frame that shadow today.

The shadow backlog today, there is substantial remaining shadow backlog. I would say that, as we talked about in our comments, adding these big projects leads to further opportunities. We think that, and we have talked about some of them on this call, but as a result of getting these signed up, this project signed up, it will create bottlenecks in other places that we will have to alleviate that will lead to more projects.

I think the industry fundamentals in natural gas, as we talked about also in our opening comments, remain very strong. We are confident that there will be meaningful additions, conversions, if you will, into the backlog over time.

All right. Fair enough. I will leave it. Actually, just quickly, lastly, on Southeast Connector in particular, how does it fit into the broader permitting reform regime? Just quickly, if you can comment on that.

How does it fit into the permitting reform?

Okay. The bill that is in Congress obviously has not passed yet. The current permitting regime, I think we are very comfortable with and had very good success working with the FERC to get MSX and South System 4 both permits from the FERC within a year, which is the fastest in recent time on permits of this size. I think that the current permitting regime, we will be able to get those projects done.

No concerns there. I think the permit bill that is in Congress is a good one. I think it does some things that could help on where we have seen certain projects, not ours, run into problems. For one, it eliminates the state's ability to what I will call game the 401 water permit. It eliminates the vacatur as a remedy of the court, and it strengthens the Nationwide Permit 12 program.

I think it would be great if it got passed. We think it would be very helpful, and we are very supportive of it, but we are very comfortable completing these projects under the current permit in the current permitting environment.

Excellent. I appreciate it. Thank you, guys. Nicely done.

Thank you. Our next caller is Jeremy Tonet with JPMorgan.

I just wanted to follow up on the capital opportunity set as you have been describing here. You announced some pretty sizable projects here. Just wondering, I guess, as you think about what could be coming forward here, do you see other projects of this type of size, or were these kind of the two big ones that you had seen? How do you think about run rate CapEx at this point?

Okay. Let me say, it is hard to project exactly what is going to be coming in, but Sital just talked about another $1.5 billion project. We have talked about other projects that we think will come about as a result of Southeast Connector. I think the reason for the shadow backlog back in the beginning was because people did not believe in the opportunity set that we were seeing on natural gas.

We were providing this number to try to help you understand the opportunity set. I think, at this point, with a $14.4 billion backlog, I hope we have established some credibility about being able to bring these things to fruition. With respect to run rate, I think it is probably going to be around $4 billion-ish for the next few years in terms of the CapEx that we would expect to spend.

Got it. That is very helpful there. Thanks. Dave, wanted to pick up, I think, on some of the comments you laid out when looking forward to 2027, some one-time upside optimization that I would imagine is not baked into the guide for next year. It seems as far as major projects coming online, it is more Trident, but that is very late 2027, more 2028 weighted. I know it is premature to ask, but just any other thoughts as we think about 2027 when we are modeling it, the EBITDA?

Yeah. We are going to avoid giving any previewing the 2027 guide for right now. Yeah, I think it is important to note that some of those items that we experienced this year, it is unlikely that we are going to see those again next year. Winter weather is always hard to predict, but we are not going to budget a colder or more severe winter weather than we normally do. The commodity price uplift piece, that just depends on. You guys all have your own commodity price deck, so you can put that in there. We will give you the sensitivities that we will have in the budget.

Let me just address growth for the longer term other than 2027. As David said, we are in the middle of our budget process. We will get through that. No concerns here about our ability to grow long term over the next 3 to 5 years. As you can see, we have $14.4 billion in projects that will bring in quite a bit of cash flow.

But it is true that because those projects do not come on evenly over all the years, the growth is not going to be even every single year. An example of that is Trident, only 30% of the contracted EBITDA comes on in 2027. 2026, because it has some of these items, is going to be a difficult year to replicate, but the underlying business here, all of our underlying businesses here remain very strong. The projects are going to deliver enormous benefits as they come online.

Got it. Thank you. I will leave it there.

Thank you. Our next caller is Praneeth Satish with Wells Fargo. Your line is open, sir.

Thanks. Good afternoon, and congrats on an incredible quarter here with project FIDs. Maybe just going back to TGP 219 South. I guess we were a little bit surprised with the $1.5 billion CapEx estimate. Seems lower than we would have thought. Does that $1.5 billion get you all the way to a 2 Bcf per day project, or is that based on the 500 MMcf per day open season that you went out with? I guess, where does this project transition from brownfield to greenfield?

Well, look, it ultimately depends on the shipper receipt deliveries, right? I can tell you, if we scale to a 2 Bcf to 3 Bcf number, it would be higher than the $1.5 billion. We're really focused on, at this point, just the brownfield component, and then ultimately we'll adjust accordingly with incremental volume adds. That's the way I would think about that.

Okay, that makes sense. Then maybe switching to the Permian here. So Permian Link adding another 2.8 Bcf per day of takeaway. I guess, how do you think about the risk of overbuilding in the Permian? I know that you're protected on this project because of the take-or-pay contracts, but I guess I'm thinking more about some of the other pipes, some of your older pipes like Gulf Coast Express, and when those come off contract.

Do you see any risk there on the recontracting side, or do you think we're all too conservative with our Permian supply growth estimates here on the gas side, and there's going to be enough gas to fill all these pipes?

Here's how I think about those pipes. Our intrastate system, I talked about this on the last call, Permian Highway and GCX, they're in the heart of the demand centers that are coming in and further developing. Our focus has shifted to really focus on these demand pulls. What we see there, especially across our PHP pipeline system, is we see a power demand center corridor forming.

To the extent that there's any push pull back by any of the producers that are underpinning the project, we see demand pull. The same thing is out there in our Gulf Coast systems. Both of these pipes were some of the first pipes built, so from a cost perspective, relatively low on the cost spectrum. What we see there is GCX. There's so much incremental LNG demand that is yet to come. I think we feel pretty good about that. Overall, our focus has been on market pull. We see those underpinned by long-term contracts. From a portfolio perspective, we feel pretty good.

Yeah. Sital's point, we've got like 6,000 miles of intrastate pipe and 145 Bcf of storage, and those pipes tie into that, are part of that system, and tie into a lot of demand. We feel good from a demand pull standpoint that those pipes will continue to have opportunities.

Thank you. Our next caller is Manav Gupta with UBS.

Good afternoon. Just for the record, we always viewed your claims of $10 billion shadow backlog very credibly, and you did say that the two projects add further credibility. Even if they would not have been announced, we would have been very confident that your backlog would end well over $10 billion before year-end. Just wanted to put that out there.

Quick question. I wanted to go a little to Trident. There's a lot of gas getting on the Gulf Coast, and you have the ability to eventually move it around. Can you give us an update on what the phase 1 and phase 2 of Trident is looking like and how you'll be able to help other industrial companies and LNG producers by being able to move the gas around Gulf Coast?

Okay. Let me talk. Trident is on time and on budget and should be delivered in February of next year. Sital, you want to talk about the market?

Yeah. Look, we've talked about this when we sanctioned the project. Trident, we saw a need. There's an industrial corridor developing around Trident, both from a power perspective and then on the industrial side. Beyond that, we ultimately pulled. You get down to the LNG corridor, and we saw the need to go from there further west to the Gulf Coast corridor, and we see incremental demand.

That coupled with our Texas header, our KMLP header, and the KMLP expansions that we've got, we've got an ability to serve the Texas, Louisiana Gulf Coast, and we see significant demand developing there as well. As Rich alluded to earlier, when you get these stems inside and you get ancillary, secondary, and tertiary expansions off of those stems. We feel pretty good about that, and we think we can help on the demand side as this demand develops.

Perfect. My quick follow was a little bit just focused on the Florida gas market. It is a steadily growing gas market. If you could comment on it and obviously talk a little bit about your next phase of expansion at FGT, how that is progressing. Thank you.

Well, I will talk broadly. As you know, we are not the operator of FGT. We will let Energy Transfer talk about the details. But I will tell you this. We have been talking about this thematically in the Southeast. We see strong demand in Florida, we do. FGT sanctioned a few projects already. We are obviously in discussions with other customers on future potential expansions.

We see the demand profile as being strong. I will just leave it at that. As you know, we are not the operator there. We work with the operator, but we feel pretty good about the asset as well. It is not just SGT, but we have SNG, who also can help serve some of that growing market.

Thank you. Our next caller is Jean Ann Salisbury with Bank of America.

Hi. Congrats on the great quarter. Can you speak to whether the anchor hyperscaler of Permian Link is planning to be online prior to when Permian Link starts, and you'll kind of replace it as the gas source? Or if you're planning to ramp together, and so your timing is basically linked to their timing?

Well, without getting into the customer details, I'll tell you, we are trying to accommodate multiple customers on this project. We've got an anchor hyperscaler, but we had significant interest. We're also talking to those other customers. I think the anchor tenant obviously is driving the need for speed.

Kinder Morgan (KMI) Q3 2026 Earnings Call Transcript

Company Participants