Kinder Morgan Inc. on Wednesday reported $615 million in adjusted net income attributable to common shares for the second quarter, up 13 percent from the same three-month period last year thanks to higher volumes of transported natural gas and refined oil products.
The adjusted earnings per share (EPS) of $0.28 was in line with the Zacks Consensus Estimate. Kinder Morgan closed lower at $27.91 on the New York Stock Exchange on Wednesday.
Adjusted net profit attributable to Kinder Morgan was $619 million. This metric is different from the company’s adjusted net profit attributable to common stock, which is equal to adjusted net profit attributable to Kinder Morgan minus net profit allotted to participating securities and adjusted net profit in excess of distributions for participating securities.
Before adjustment for nonrecurring items, net profit attributable to Kinder Morgan was $715 million, up from $575 million for Q2 2024.
Adjusted earnings before interest, taxes, depreciation and amortization grew six percent from $1.86 billion to $1.97 billion.
Kinder Morgan’s natural gas pipelines carried 44.59 trillion British thermal units per day (Btupd) during Q2 2025, up from 43.12 trillion Btupd in Q2 2024, while sales volumes also rose to 2.83 trillion Btupd.
Its products pipelines transported 1.02 million barrels per day (MMbpd) of gasoline, 369,000 bpd of diesel fuel and 325,000 bpd of jet fuel – up from one MMbpd, 354,000 bpd and 313,000 bpd respectively.
“The Natural Gas Pipelines business segment’s improved financial performance in the second quarter of 2025 relative to the second quarter of 2024 was due primarily to continued higher contributions from both our Texas Intrastate system and Tennessee Gas Pipeline (TGP)”, said Kinder Morgan president Tom Martin.
“Natural gas transport volumes were up 3 percent compared to the second quarter of 2024 primarily due to LNG deliveries on TGP, as well as new contracts and LNG deliveries on our Texas Intrastate system”.
Earlier this month Kinder Morgan put into service the second phase of the Evangeline Pass project, which involved modifications and upgrades to portions of the TGP and SNG systems in Mississippi and Louisiana. The project enabled the delivery of about two billion cubic feet a day (Bcfd) of gas to Venture Global Inc.’s Plaquemines LNG facility.
“Natural gas gathering volumes were down 6 percent from the second quarter of 2024, across most of our G&P assets, primarily our Haynesville system”, Martin added.
“While volumes were up across all commodities handled by the Products Pipelines business segment, contributions from the business segment were down compared to the second quarter of 2024 due to weak commodity prices and the expiration of legacy contracts in advance of our Double H pipeline conversion to natural gas liquids service. Both of these impacts were partially offset by higher transport rates and volumes”.
Since July, 2,500 bpd of capacity for Tucson, Arizona, has been added to the SFPP East Line.
Meanwhile earnings from the terminals segment increased mainly thanks to the tanker fleet benefitting from higher rates. The fleet remains fully contracted.
“While tonnage at our bulk terminals was down slightly due to higher coal tons handled in the prior year period resulting from the Baltimore bridge collapse, earnings from our bulk terminals were essentially flat to the second quarter of 2024”, Martin said.
“CO2 business segment earnings, which include Energy Transition Ventures, were down compared to the second quarter of 2024 due to lower CO2 and D3 RIN prices, partially offset by higher D3 RIN volumes generated through increased renewable natural gas sales”, Martin added.
Total revenues were $4.04 billion for Q2 2025, compared to $3.57 billion for Q2 2024. Operating income climbed from $1.04 billion to $1.15 billion. Income before income taxes was $919 million, up from $770 million for Q2 2024.
Q2 2025 added $1.3 billion to project backlog. The total backlog stood at $9.3 billion, net of approximately $750 million in projects started up. Natural gas projects accounted for about 93 percent of the backlog.
“We currently have long-term contracts to move almost 8 billion cubic feet per day of natural gas to LNG facilities and, upon completion of projects under construction, that amount is expected to grow to almost 12 Bcf/d by the end of 2028”, said chief executive Kim Dang. “We are also pursuing a substantial number of additional LNG feedgas opportunities.
“Overall, total demand for natural gas is expected to grow by 20 percent through 2030, led by LNG exports.
“We are also actively pursuing well over 5 Bcf/d of opportunities to serve the natural gas power generation sector. Approximately 50 percent of our backlog is associated with projects supporting power generation”.
“With 66,000 miles of natural gas pipelines connected to all major basins and demand centers, along with over 700 Bcf of working gas storage capacity, we are confident that we will secure our share of additional natural gas infrastructure projects supporting rising natural gas demand”, Dang added.
Kinder Morgan ended Q2 2025 with $82 million in cash and cash equivalents and $2.4 billion in other current assets. Short-term debt stood at $788 million while other current liabilities totaled $2.85 billion.
For the full year, it expects to increase net income attributable to the company by eight percent, adjusted EPS by 10 percent and adjusted EBITDA by four percent.
Kinder Morgan expects to pay $1.17 in dividend per share on an annualized basis this year, up two percent versus 2024.
To contact the author, email jov.onsat@rigzone.com
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