Companies /Energy
Kinder Morgan Inc - Class P
NYSE: KMI Oil & Gas Midstream
$31.82
▼ $0.35 (−1.07%) today
Markets closed · 4:55pm ET

Kinder Morgan (KMI) Q4 2024 Earnings

Reported Jan 22, 2025, 4:09pm ET · SEC source
$0.32
Miss −2.71%
EPS · est. $0.33
$4.0B
Miss −3.59%
Revenue · est. $4.1B
−11.8%
Trailing market
KMI vs S&P since report
3 quarters
Consecutive EPS beats

How Did KMI Stock React to Q4 2024 Earnings?

% change · around the report
0+2%Jan 22Jan 23report 4:09pm ETearnings+0.5%+0.2%
0+2%Jan 22Jan 23earnings+0.5%+0.2%
KMI +0.2%S&P 500 +0.5%
0+2%Jan 22Jan 23report 4:09pm ETearnings+0.1%+0.4%
0+2%Jan 22Jan 23earnings+0.1%+0.4%
KMI +0.4%NASDAQ +0.1%
−10%−5%0Jan 21Jan 30report 4:09pm ETearnings−0.1%−9.7%
−10%−5%0Jan 21Jan 30earnings−0.1%−9.7%
KMI −9.7%S&P 500 −0.1%
−10%−5%0Jan 21Jan 30report 4:09pm ETearnings−1.2%−9.7%
−10%−5%0Jan 21Jan 30earnings−1.2%−9.7%
KMI −9.7%NASDAQ −1.2%
−0.97%
Day of report
−0.69%
Next session
−7.81%
One week
−14.37%
30 days

S&P 500 over the same 30 days: −2.54%.

Did KMI Beat Earnings? Q4 2024 Results

No. Kinder Morgan reported Q4 2024 earnings of $0.32 a share on Jan 22, 2025, missing the $0.33 consensus estimate by 2.7%. Revenue was $4.0B against a $4.1B estimate.

Kinder Morgan fell short of Wall Street expectations in the fourth quarter of 2024, posting adjusted EPS of $0.32 against a consensus estimate of $0.33, a miss of 2.71%, while revenue of $3.99 billion trailed the $4.14 billion estimate by 3.59%, though it still edged up 0.5% year-over-year. The headline story beneath the misses, however, was one of operational momentum: net income attributable to KMI climbed 12% to $667 million, with Adjusted EBITDA rising 7% to $2.06 billion, fueled by stronger contributions across Natural Gas Pipelines, Products Pipelines, and Terminals. The most material catalyst was the announcement of the $1.70 billion Trident Intrastate Pipeline Project, a 216-mile Texas corridor serving LNG export demand, which helped push KMI's capital backlog nearly 60% higher sequentially to $8.10 billion. With growing interest in natural gas infrastructure tied to power generation and data center demand, management guided 2025 Adjusted EBITDA to $8.30 billion and Adjusted EPS to $1.27, up 10%, signaling confidence that near-term execution gaps won't derail the longer-term growth trajectory.

Key Takeaways
  • Higher contributions from Texas Intrastate system and TGP expansion projects
  • Additional contributions from STX Midstream acquisition
  • Higher rates on Products Pipelines and Jones Act tanker fleet
  • Increased petroleum coke handling at bulk terminals
  • Expansion projects placed into service at liquids terminals

“KMI had a very strong fourth quarter on increased financial contributions from our Natural Gas Pipelines, Products Pipelines and Terminals business segments, with Adjusted EBITDA up 7% versus the fourth quarter of 2023. Our balance sheet remains healthy, as we ended the year with a Net Debt-to-Adjusted EBITDA ratio of 4.0 times.”

Kinder Morgan CEO, on the earnings call

What Was Kinder Morgan's Outlook in Q4 2024?

For 2025, KMI budgeted net income attributable to KMI of $2.8 billion (up 8% vs 2024), Adjusted EPS of $1.27 (up 10%), and Adjusted EBITDA of $8.3 billion (up 4%). The company expects to declare dividends of $1.17 per share (2% increase) and end 2025 with a Net Debt-to-Adjusted EBITDA ratio of 3.8 times. Budget assumes WTI crude at $68/barrel and Henry Hub natural gas at $3.00/MMBtu. These amounts do not include contributions from the Outrigger Energy II acquisition.

KMI YoY Financials

Q4 2024 vs Q4 2023 · SEC filings Q4 2023 Q4 2024
$0$2.0B$4.0B$4.0B$4.0BRevenue$1.1B$1.1BOperating Income$594.0M$667.0MNet Income
$0$2.0B$4.0BRevenueOperating IncomeNet Income
KMI income statement, Q4 2024 versus Q4 2023
Metric Q4 2024 Q4 2023 Year over year
Revenue $4.0B $4.0B +0.4%
Operating Income $1.1B $1.1B +3.4%
Net Income $667.0M $594.0M +12.3%

KMI Revenue by Segment

Natural Gas Pipelines
Products Pipelines
Terminals
CO2

Figures from SEC filings and company reports. Not investment advice.