Kinder Morgan has announced US$5.4 billion of additions to its expansion project backlog. It has the largest natural gas project backlog in the company’s history. Earnings per share (EPS) and Adjusted EPS are both 21% higher than 2025.
Chief Executive Officer Kim Dang said, “This quarter we increased our expansion project backlog to US$14.4 billion, including the largest natural gas project backlog in company history at US$13.2 billion. Two new major projects in the backlog include Southern Natural Gas Company’s (SNG) Southeast Connector and Natural Gas Pipeline Company of America’s (NGPL) Permian Link. Each project is designed to transport over 2.5 billion f3/d of natural gas and will be among the largest natural gas pipeline projects to be constructed in decades. The Southeast Connector Project is especially transformative in that it will deliver abundant Marcellus/Utica supply to the Southeast, one of the fastest growing demand centers in the country.
“As noted above, the expansion project backlog at the end of the third quarter was US$14.4 billion, up US$4.7 billion from the 2Q26, with US$5.4 billion of additions net of US$700 million in projects placed in service. More than 75% of the total backlog is associated with projects supporting power generation and local distribution company demand. As our record-setting performance indicates, the strong interest from our customers in developing additional natural gas infrastructure continues to grow.
SNG has reached a final investment decision to proceed with the Southeast Connector Project (SEC Project) after securing sufficient long-term, take-or-pay transportation agreements with shippers. The SEC Project is designed to transport up to 2.6 billion f3/d of natural gas and includes approximately 470 miles of new pipeline and new and expanded compression infrastructure to serve growing markets in the Southeast. The project can be scaled further with additional customer commitments. The KMI share of the total project cost is expected to be US$3.1 billion, though final capacity and capital expenditure levels will be determined depending on the ultimate project scope. Subject to the timely receipt of all required permits and approvals, the SEC Project is expected to be placed in service in phases beginning in the 4Q30.
NGPL has reached a final investment decision to proceed with its Permian Link Project. The approximately US$4.2 billion project (KMI-share approximately US$1.6 billion) is designed to provide approximately 2.8 billion f3/d of natural gas transportation capacity through the construction of approximately 434 miles of new pipeline and related compression, metering, and interconnect facilities. The project will serve new power generation for an A-rated hyperscaler and is supported by long-term, take-or-pay transportation agreements. Subject to the timely receipt of all required permits and approvals, the Permian Link Project is expected to be placed in service in the third quarter of 2030.
