Companies /Energy

Kinder Morgan Inc - Class P

NYSE: KMI Oil & Gas Midstream
$31.54
▼ $0.48 (−1.50%) today
Markets closed · 10:58pm ET

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

Market Reaction

% 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%
−12%−8%−4%0Jan 21Jan 30report 4:09pm ETearnings−0.1%−9.7%
−12%−8%−4%0Jan 21Jan 30earnings−0.1%−9.7%
KMI −9.7%S&P 500 −0.1%
−12%−8%−4%0Jan 21Jan 30report 4:09pm ETearnings−1.2%−9.7%
−12%−8%−4%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

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

Forward Guidance & Outlook

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 Revenue by Segment

Natural Gas Pipelines
Products Pipelines
Terminals
CO2

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