Kinder Morgan, Inc
Kinder Morgan owns and operates one of the largest networks of energy infrastructure in North America, moving natural gas, refined products, crude oil, CO2 and related commodities through pipelines, terminals and storage assets. The company earns most of its revenue from fee-based transportation and midstream services, with additional exposure to commodity-linked sales in parts of its CO2 and other businesses.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueInterstate and intrastate natural gas transportation, gathering, processing and related services.
Transportation of refined products, crude oil and transmix through pipeline systems.
Storage, handling and logistics services for liquids, petroleum products and other commodities.
CO2 production, transportation and sales used primarily in enhanced oil recovery.
Renewable natural gas and other smaller midstream and commodity-related activities.
Products
Reported · share of revenue- Firm Services35.1 %
- Natural Gas Sales26.0 %
- Product Other Than Natural Gas20.1 %
- Feebasedservices17.9 %
- Other Commodity0.8 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Kinder Morgan sells primarily to producers, shippers, refiners, utilities and industrial customers that need reliable transportation or handling of energy commodities. Its fee-based model depends on long-term contracts, throughput volumes and the continued need for pipeline and terminal capacity in the basins and markets it serves.
They buy gathering, processing and takeaway capacity to move gas from producing basins to market.
They contract for firm transportation and storage to secure access to regional demand centers.
They use products pipelines and terminals to move refined products, crude oil and transmix.
They rely on gas infrastructure for reliable supply and balancing of regional demand.
They purchase CO2 supply and transportation for enhanced oil recovery operations.
Strategy
Kinder Morgan is focused on expanding fee-based midstream infrastructure through targeted growth projects, acquisitions and joint ventures. The company is also optimizing existing assets, adding services where demand supports it, and maintaining disciplined capital allocation while returning cash to shareholders.
Natural gas pipelines and gathering systems are the main earnings engine and benefit from basin growth.
Higher throughput and new services improve returns without requiring entirely new networks.
Joint ventures and expansions extend reach while sharing capital requirements and project risk.
Geography
2025Kinder Morgan is overwhelmingly North America-focused, with its core network concentrated in the United States and selected cross-border or regional energy corridors. The 2025 filings highlight Texas intrastate systems, North Dakota gathering and processing, and western U.S. pipeline activity, showing that basin-level production trends and regional demand directly affect utilization and expansion opportunities.
Share of the revenue the company reports by geography.
Risks
Kinder Morgan’s results depend on commodity production, customer demand and the ability to keep pipeline and terminal capacity utilized. The business also faces regulatory, competitive and operational risks typical of large energy infrastructure networks, including price volatility, customer defaults, project delays and asset impairment risk when market conditions weaken.
- Commodity supply and demand weaknessImpact: HighLikelihood: Medium
Pipeline and terminal utilization depends on continued production and end-market demand in served regions.
Exposure - Commodity price volatilityImpact: HighLikelihood: Medium
Lower prices can reduce producer activity, contract renewals and the economics of CO2 and other commodity-linked assets.
Exposure: CO2 segment and some midstream businesses
- Customer credit and bankruptcy riskImpact: HighLikelihood: Medium
Large shippers and counterparties may default or renegotiate contracts, reducing revenue and collections.
Exposure: Contracted transportation and storage customers
- Competition from alternative transport and storageImpact: MediumLikelihood: Medium
Shippers may choose competing pipelines, rail, truck, barge or self-built infrastructure if pricing or location is better.
Exposure - Joint venture governance and execution riskImpact: MediumLikelihood: Low
Third-party partners may have approval rights and different incentives, creating delays or impasses.
Exposure: JV-owned infrastructure and expansion projects
Accounting
Judgemental itemsFee-based transportation revenue is more stable, while commodity sales fluctuate with prices and volumes.
Impact: Quarterly comparability and margin volatility
Hedging contracts can create non-cash gains or losses that affect reported revenue and costs of sales.
Impact: Reported earnings volatility
Management must test assets when market conditions or forecasts change, especially in commodity-sensitive businesses.
Impact: Potential write-downs in CO2 and midstream assets
Equity earnings, JV DD&A and tax items are adjusted in EBITDA metrics and can affect comparability.
Impact: Adjusted EBITDA and segment performance presentation
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Last updated: 24/09/2026