Silicon Investor - KMI- a fallen high dividend yielder - for how long?

[Willitsoar] Unless the IRA is a Roth.

Willitsoar — 9/29/2026 3:35:54 PM

[E_K_S] Trans Mountain toll deal wins approval from Canadian energy regulator, raising c...

E_K_S — 9/29/2026 8:09:27 AM

Trans Mountain toll deal wins approval from Canadian energy regulator, raising contracted capacity to 90%

The Canada Energy Regulator on Monday approved Trans Mountain’s negotiated toll settlement, deeming the rates just and reasonable and establishing a new framework for tariffs and transportation services on the pipeline system.
The decision allows up ?to 90% of the pipeline's capacity ?to be contracted to shippers, up from ?80%, the regulator said.
The Trans Mountain system transports a range of crude oil and refined petroleum products to multiple destinations in British Columbia, including the Westridge Marine Terminal for export to international markets.

The regulator said Trans ?Mountain can still ensure other shippers have meaningful access to available pipeline capacity. The settlement resolves an 18-month ?dispute over tolls charged on the expanded ?pipeline, which began operations in 2024 after a C$34 ?billion ($23.98 ?billion) expansion.

The expansion project, completed in 2024, nearly tripled Trans Mountain’s nominal capacity to 890,000 barrels per day from about 300,000 bpd. The expanded pipeline began commercial operations on May 1, 2024, after the Canadian government acquired the system from Kinder Morgan ( KMI) in 2018.

Enbridge ( ENB), TC Energy ( TRP) and Pembina Pipeline ( PBA) dominate Canada’s midstream sector, known for long-term contracts, toll-based revenue and dividend growth.

[robert b furman] Hi miraje, KMI loves to dip. Not really too often. It has a classic sideways co...

robert b furman — 9/25/2026 5:46:04 PM

Hi miraje,

KMI loves to dip. Not really too often. It has a classic sideways consolidation and then another step up and sideways cosolidation it has a long way to go.

The world of pipelines is about to explode , because it literally has been.

Pipelines where they are safe really work.

The world has learned that mariner routes can have military kinetic exchanges and never tell the story. That has greatly increased the ship insurance rates. thus a high cost.

KMI has really added to their system with impressive (presold take it or, leave it and they are taking it.

Bob

[robert b furman] All GREAT TRADES! That's why I like you owning the same shares I do. We've got...

robert b furman — 9/25/2026 5:38:50 PM

All GREAT TRADES!

That's why I like you owning the same shares I do.

We've got some old holdings. My AMNF is 8 to 9 years old. KMI older.

That's all part of the benefits of getting older, proper we.

If one is in the correct stocks - they benefit from compounding and keeping up with inflation.

Have a great weekend.

Bob

[robert b furman] Totally agree. My KMI is from a long held IRA where I sold long term puts with ...

robert b furman — 9/25/2026 5:29:15 PM

Totally agree.

My KMI is from a long held IRA where I sold long term puts with the hope of them getting assigned.

Over the years The Assigned Price, less Put Premium was yielding in the low 7's - 7.5% dividend yield (for sebveral tears it was "Return of Capital - like your MLP. I did that for years, got lucky and had some assigned now and then.

Larger position in my taxable.

Need to start transferring if it ever gets cheap again. LOL

Bob

[miraje] We could be seeing 40 if KMI announced a billion or two in a stock market repurc...

miraje — 9/25/2026 1:55:57 PM

We could be seeing 40 if KMI announced a billion or two in a stock market repurchase agreement.

Down again today. I'd be happy to see it above 35 as a base. I saw some speculation that steel tariffs are driving up raw material prices for pipeline construction. If that's the case, it's pretty stupid, IMO...

[E_K_S] When you die, your heirs get a step up in basis too. I can never really sell my...

E_K_S — 9/25/2026 11:13:06 AM

When you die, your heirs get a step up in basis too. I can never really sell my home in Silicon Valley. Bought it in 1984 for $135K and have very low property tax basis (Prop 13). I pay $4k/year and neighbor pays $20K/year in property tax.

If/when I sell, I not only lose my property tax basis (you can transfer up to $1 million tax basis but is a process w/ establishing residency), my capital gains hit (State & Federal) will be close to $250K !

So, I will never sell and really can not move closer to the coast for the same reason (only a 45 min drive). The long term plan is let my heirs get the house w/ a step up in basis when I die and they will avoid the $250K Capital gain tax.

If I want to spend more time at the Coast, I will rent a beautiful Air B&B w/ beach front access.

--------------------------------------------

For me it's about qualified div income, taxed at the lower rate and peel off long term capital gains (from the taxable portfolio) over time to manage that low Federal Tax rate tier. Keep all the long term gains inside the portfolio and expect some sell off on any market correction.

I have managed my effective tax rate over the years since I have lived in NV (No State income tax) at/near 10% in the taxable account. I do little s/t term and/or swing trades.

--------------------------------------------
I continue to build my position in Enbridge Inc (ENB) 46.83 -0.52 (-1.10%) pays a qualified 5.75% dividend and you have excellent exposure to the energy Oil/NG sector. WMB, KMI & ENB my favorite in this sector.

FWIW have oversized positions in KMI w/ avg cost at $11.85 (Buys in 2020) & WMB avg cost $9.87 (Buys in 2009/2020).

Some of my best long term peerformers

[John Carragher] if kmi is bought in an ira then forget about 20% max tax on dividends as all dol...

John Carragher — 9/25/2026 10:04:22 AM

if kmi is bought in an ira then forget about 20% max tax on dividends as all dollars coming out of ira is taxed at regular income? kmi should be bought in a taxable account to tax advantage os max dividend tax?

[Elroy] Biggest knock on EPD is it is an LP which is taxed as personal income. It's an ...

Elroy — 9/25/2026 9:59:34 AM

Biggest knock on EPD is it is an LP which is taxed as personal income.

It's an MLP, which results in zero tax liability for distributions until you've consumed your entire cost basis in distributions and other interesting MLP accounting items. With a yield below 7%, that should take a while. And if your cost basis gets to zero (well done!) you can always buy more.

EPD's box 1 Business Income is negative, so the taxation would only come from distributions AFTER your cost basis/capital account goes below zero.

Right?

I plan to hold EPD until death, and then my heirs will get a stepped up cost basis on the units. Seems as safe and boring as they come.

My understanding is EPD distributions are tax free, so the ~5.9% yield is comparable to an ~7.8% yield on a entity which pays taxable qualfied dividends.

Aside from the yield and taxation, any opinion on which pipeline company is better for growth, safety, whatever? I don't dive that deeply into EPD, the yield tells me it's safe and boring, which is fine for me.

---

Sell SIMO???? No way!

[robert b furman] Hi Elroy, Biggest knock on EPD is it is an LP which is taxed as personal incom...

robert b furman — 9/25/2026 9:37:02 AM

Hi Elroy,

Biggest knock on EPD is it is an LP which is taxed as personal income. $1.00 dividend x 4 = $4.00 x.60 (after .40 tax rate) = 2.40/162.00 = 1.48% = after tax dividend yield.

KMI is a C-corp and its qualified dividends have a max tax rate of 20 %. 1.19x.80 = .952/ 31.25 = 3.05%

Other than that ,EPD is a great solid company.

The IRS thanks you for your support.

Now not everyone's income gets them to 40% tax rate - but when your SIMO gets sold and pulls a 5 bagger - you just might be there (depending on youe size of position. The LP will pay annually so you get to give back 40% of that high yield vs 20% of a qualified dividend.

KMI's yield is the charm. Ever since it reduced it dividend from 2.00 to .50 almost a decade ago it has carried a negative favor. Kinder promised a return to 1.25 way back then and it has been a serial disappointment. That disappointment has throttled back the price target and resulted in a higher yield. KMI has a distinct differing plus in that is located in Houston Texas and benfits from shale drilling all around it from Hayneville gas to Ragle Ford in south Texas and the Permian in west Texas and New Mexico.

KMI handles 4% of the country's natural gas and 70% of the natural gas that gets exported via LNG. KMI has several deeep water ports in Houston and Corpus Christi.

Their largest pipelines are all along the gulf coast in Texas and Louisianna, which also feeds the refineries of the Gulf coast . They also have a pipeline sending natural gas to Mexico.

KMI is very well situated for the long term delivery of fossil fuels.

They have done an excellent job of debt reduction (which got out of hand after they turned into a C-corp from an LP) and have a backlog of projects approaching 9-10 billion, all of which is self funded from their existing assets. They went through a long period of high grossing their limited backlog and reduced debt. They are now just benefitting from that 5-7 year discipline.

Hope that helps.

Bob

Full disclosure KMI is my largest holding in number of shares and I love the stock's newly found conservative discipline (last ten years).

There are studies about stocks that reduce their dividend, and how they quickly regain the previous rate . They become great dividend growth stocks. To a large degree KMI has become that.

[Elroy] Fair enough. I find K-1 tax reporting fairly easy as long as you don't sell. T...

Elroy — 9/25/2026 9:30:36 AM

Fair enough.

I find K-1 tax reporting fairly easy as long as you don't sell. Turbo Tax handles it fine as far as I know.

That's my plan with EPD, never sell.

[E_K_S] EPD is a MLP that requires K1 reporting. I own it but not adding and/or selling...

E_K_S — 9/25/2026 9:14:28 AM

EPD is a MLP that requires K1 reporting. I own it but not adding and/or selling because of the tax reporting complexity

[Elroy] KMI remains a great long term buy and hold. Any opinion about KMI compared to E...

Elroy — 9/25/2026 8:55:37 AM

KMI remains a great long term buy and hold.

Any opinion about KMI compared to EPD? I've got the latter, and add to it every now and then for the semi-guaranteed tax free income with modest distribution growth. Seems better than a money market fund.

[robert b furman] We could be seeing 40 if KMI announced a billion or two in a stock market repurc...

robert b furman — 9/25/2026 8:44:05 AM

We could be seeing 40 if KMI announced a billion or two in a stock market repurchase agreement.

That being said the opportunity to build more pipelines while the government is accelerating the approval process is JOB # 1.

When the bureacrats put the clamp on expansion and capex, there will be time for buybacks.

In between Capex (self funded) builds free cash flow over time, and at the same time prevents excess capacity.

KMI remains a great long term buy and hold.

Bob

[E_K_S] For Kinder Morgan (KMI), Capital One Securities also initiated coverage on S...

E_K_S — 9/23/2026 7:44:16 AM

For Kinder Morgan (KMI), Capital One Securities also initiated coverage on September 22, 2026, with an Equalweight rating and a $36.00 price target.

KMI vs. WMB Coverage Comparison

TickerRatingPrice TargetImplied Upside
WMB Overweight $92.00 ~28.4%
KMI Equalweight $36.00 ~13.4%

The $36 target reflected approximately 13.4% upside from KMI's stock price around the time of the initiation. This coverage was part of the same broader launch on U.S. midstream companies, where Capital One highlighted the relative safety of U.S. infrastructure amid Middle East conflicts

Capital One Securities initiated coverage on Williams Companies (WMB) with an Overweight rating and a $92.00 price target on September 22, 2026.

Key Coverage Details
Price Target & Upside: The $92 price target implied a potential upside of roughly **28.3% to 28.4%** based on the stock's price around the time of the report (approximately $71.69).

Broader Thesis: The initiation was part of a broader launch of coverage on U.S. midstream companies. Capital One noted that Middle East conflicts highlighted the relative safety and security of U.S. infrastructure

[E_K_S] RBC Lifts Price Target on Kinder Morgan to $36 From $35, Keeps Sector Perform Ra...

E_K_S — 9/22/2026 6:50:58 PM

RBC Lifts Price Target on Kinder Morgan to $36 From $35, Keeps Sector Perform Rating
06:40 AM EDT, 09/22/2026 (MT Newswires) -- Kinder Morgan (KMI) has an average rating of overweight and mean price target of $36.22, according to analysts polled by FactSet. (MT Newswires covers equity, commodity and economic research from major ... (MT Newswires 06:40 AM ET 09/22/2026)

Capital One Securities Initiates Kinder Morgan at Equalweight With $36 Price Target
08:31 AM EDT, 09/22/2026 (MT Newswires) -- Kinder Morgan (KMI) has an averagerating of overweight and mean price target of $36.21, according to analysts polled by FactSet. (MT Newswires covers equity, commodity and economicresearch from major ... (MT Newswires 08:31 AM ET 09/22/2026)

[Smart_Asset] KMI is a prize. Anybody have a position in CRGY? I've made a number of small a...

Smart_Asset — 9/19/2026 5:55:22 PM

KMI is a prize.

Anybody have a position in CRGY? I've made a number of small adds since mid August. Nat gas seems to be the power producer of choice for data centers whether it's turbines or fuel cell tech.

[robert b furman] Great news. Greater cash flow and stock buybacks coming.

robert b furman — 9/19/2026 4:51:34 PM

[E_K_S] Search results confirm that Kinder Morgan (KMI) has been announced as the sole m...

E_K_S — 9/19/2026 3:45:44 PM

Search results confirm that Kinder Morgan (KMI) has been announced as the sole midstream company in the consortium for the PORTS-Pike project, and its role is to leverage its existing Ohio pipeline footprint to meet the facility's natural gas needs.

However, the specific contractual details you asked for—term, volume, and binding status—are not yet publicly available, and there is good reason to believe they haven't been finalized.

What Is Confirmed About the Arrangement

DetailStatus

Role	Kinder Morgan is the sole midstream company in the consortium organized to develop the project.
Scope	It will leverage its existing pipeline footprint in Ohio to supply natural gas to the 9.2 GW gas plant.
Context	This is part of the broader $550 billion U.S.-Japan strategic investment initiative.

Why Contract Details Are Not Yet Available The absence of term and volume details is consistent with the project's early stage. As of February 2026, Bloomberg reported that the project "hasn't secured binding commitments" and that "most suppliers are not under contract yet". The White House official stated contracts would be signed "as it progresses".

This is not unusual for a project of this scale. SB Energy's own SEC filing describes the gas generation component as "not yet financed, constructed or contracted and subject to permits and approvals". The project also had not yet filed with the Ohio Power Siting Board as of February 2026—a necessary step for pipeline construction approval.

What Kinder Morgan Brings to the Table Kinder Morgan's Tennessee Gas Pipeline (TGP) system has a substantial existing presence in Ohio, including recent maintenance work in Carroll County. More broadly, KMI's network connects to four of the five major data center corridors in the U.S., and approximately 70% of future data center power demand sits in states served by KMI assets.

This existing footprint is likely why KMI was selected: rather than building entirely new pipeline infrastructure, it can potentially leverage its TGP system to deliver gas to the Portsmouth site, with only lateral connections or capacity expansions needed.

Bottom Line The relationship is confirmed at the corporate/consortium level, but the commercial terms are still being negotiated. For specific volume and term details, you would need to monitor:

FERC filings for pipeline capacity or expansion projects
Ohio Power Siting Board (OPSB) dockets for gas lateral applications
Kinder Morgan's quarterly earnings calls for project updates

=================================================================

based on this information could not KMI be a supplier to SB Energy who ios also in Ohio? What about any of the other companies entioned that have vacilities located in Ohio?

Yes, the information you provided makes it highly plausible that Kinder Morgan (KMI) could be a gas supplier to SB Energy. The search results confirm the specific arrangement you described, and also reveal that other Ohio-based power companies have established gas supply links, though not necessarily with KMI.

Confirming the KMI-SB Energy Link Your information is corroborated: Kinder Morgan was announced as the sole midstream company in the consortium developing the PORTS-Pike project, specifically to leverage its existing Ohio pipeline footprint to meet the facility's natural gas needs. This is part of a broader strategy for KMI, as its assets serve states covering 70% of future data center power demand. While the specific contract terms (volume, duration) are not yet public, the corporate relationship is established.

Other Ohio Power Companies & Their Gas Sources The search results show that other major power companies in Ohio have their own gas supply arrangements, though these are not with KMI:

Vistra Corp (VST)
Vistra operates several plants in Ohio and has a specific project underway. Its Miami Fort Power Plant in Hamilton County is converting from coal to natural gas, and a new pipeline is being built to serve it. The Dearborn County Lateral Project, led by Texas Gas Transmission (a Boardwalk Pipelines subsidiary), will provide 265,000 Dth/d of firm natural gas transportation service to this plant. Vistra's other Ohio plants, like Hanging Rock, are served by the Texas Eastern Transmission Pipeline.

Talen Energy (TLN)
Talen has been actively acquiring natural gas plants in Ohio. Its recently acquired Guernsey Power Station and other assets are described as having "reliable access to gas pipeline infrastructure from the Marcellus and Utica shale formations". Talen is expanding its presence in the region to serve the growing data center market, but the specific pipelines supplying its Ohio facilities are not detailed in the search results.

Bottom Line Your premise about KMI and SB Energy is well-founded. Kinder Morgan is positioned as the midstream partner for the PORTS project. For the other companies, Vistra has a confirmed, dedicated pipeline project (via Boardwalk/Texas Gas), while Talen relies on the general pipeline infrastructure of the Marcellus/Utica region. The key difference is that KMI's link to SB Energy is a direct consortium partnership, whereas Vistra's link is a dedicated infrastructure project by another midstream operator.

===============================================

For the PORTS-Pike/SB Energy project specifically, the pipeline supplier situation is still unresolved. Williams has the most proven track record of building dedicated gas infrastructure for Ohio data centers, with multiple projects underway and the Aristotle pipeline already under construction. Kinder Morgan has the corporate relationship with SB Energy but lacks a confirmed contract or announced infrastructure plan. Given the scale of the PORTS project (1.5 Bcf/d), it's possible multiple suppliers could ultimately be involved, but as of now, Williams appears to be the most operationally engaged player in the Ohio data center gas market.
-------------------------------------------------------------------------------------
The 'Best' is yet to come for KMI. Look how WMB has taken off in the last 18 months. I believe KMI has some big deal to come. I am over weightd KMI but I do know that Robert is too.

[miraje] Some more good news, if this huge project gets past the inevitable greenie lawsu...

miraje — 9/19/2026 2:37:57 PM

Some more good news, if this huge project gets past the inevitable greenie lawsuits..

Message 35641668

...They (KMI) are leading the massive pipeline buildout, which could see up to $7 billion in investment to safely channel fuel to the plant.The supply chain for the fuel operates through a combination of unique geographical advantages and specialized infrastructure..

[robert b furman] Hi E_K_S, VP of terminals and pipelines serial sellers ( kids in college or new...

robert b furman — 8/25/2026 1:09:32 AM

Hi E_K_S,

VP of terminals and pipelines serial sellers ( kids in college or new home) ?

Board of directors all purchasing more!

At ease, folks with big picture and money are buying.

Maybe waiving the Jones Act (due to Iram War) has them unhappy? Never really know.

Bob

[robert b furman] Hi Miraje, I have always thought those who supported the Green New Deal were fu...

robert b furman — 8/24/2026 2:37:19 PM

Hi Miraje,

I have always thought those who supported the Green New Deal were funded by those who never wanted us to be competitive in fossil fuels - which is essential for US manufacturing to be competitive.

Europe is the poster child for impairing their industries to be competitive and sunsequently profitable to continue operating in a first class innovative way.

Nothing wrong with renewables when more cost effective. Unitl they manage the more reliable aspect of enerty, they will never be trult competitve. Two energy systems are always more expensive than one - unless you take money from lobbyist to say otherwise and misrepresent the tru cost of their perspective.

So good to see you posting here. Management and Kiinder in particular are huge owners of the company's stock - that is always a positive aspect for a strong showing of a stock IMO.

When the future new additions begin to create profits on a 5-6 times the cost of the project, there will be plenty of funds to buy back shares outstending and drive the improving EPS into the future (as long as the options candy doesn't exceed the repurchases. XOM and CVX as excellent in ensuring the stockholders do not have their existing ownership positions diluted.

Thanks for the excellent contributing posts and thoughts here!

Bob

[E_K_S] KMI - Kinder Morgan, Inc. - SEC Form 4 Insider Trading Screener

E_K_S — 8/24/2026 1:52:42 PM

[miraje] Hi Bob, KMI is my second largest buy and hold position. I've added shares in th...

miraje — 8/24/2026 1:02:04 PM

Hi Bob,

KMI is my second largest buy and hold position. I've added shares in the past but have never sold any.

Saw an article the other day about some recent insider sales but that, in itself, doesn't always mean much. I don't think that Richard Kinder was mentioned as a seller.

Like they say "Lay pipelines when the politicians approve them "- it isn't always that way as Biden and company proved.

Look no further than the Keystone fiasco to see the cost of political meddling. Another recent example involves greenie New Mexico Democrat regulators blocking a proposed NG pipeline (not KMI)..

finance.yahoo.com

[robert b furman] Hi Miraje, I've noted the same thing. It got a bump up in price with the Weste...

robert b furman — 8/24/2026 11:56:21 AM

Hi Miraje,

I've noted the same thing.

It got a bump up in price with the Western Gate pipeline through Vegas to California announcement.

I suspect a large short position got a squeeze on t$14.24hat. They are being shorted and unwound I'm guessing.

I expect 35.00 to be a new high area in time.

KMI is doing everything correctley.

Sel funding and selling out excess new capacity as they go strongly with permitted new projects with easy approvals from Trump and his energy secretaries who approve such.

Long term this is a slow and steady grower that will boost the dividend and buy back shares out in the future.
It is nicely up from 17's and 18's.

I think they are smart to curtail the dividend increases and aggressively add to the backlog.

Like they say "Lay pipelines when the politicians approve them "- it isn't always that way as Biden and company proved.

We'll surly benefit before 2028 comes around nd it will be a long-term winner.

Just think what could be dome if New York got a Republican Governor. With Bergum stamping new pipelines , it couold really open up some new additional lines.

In several months KMI will tell us the dividned boost for 2027 and it will finaly get to the long awaited $1.20 suggested years ago.

My cost is $14.24 a share and I'm patiently enjoying am 8.4% dividend yield. Too high to add to, but surely not selling a share.

KMI is a classic stock that dropped the dividend to reduce debt and then rebuilt the dividend quickly. It remains my largest share position.

I'm a long term buy and hold owner.

Bob

[miraje] What's with KMI? Another down day with no negative news that I can find..

miraje — 8/24/2026 10:35:40 AM

[E_K_S] This is the area you want to invest in; Crescent Energy Company Cl A (CRGY) ...

E_K_S — 8/17/2026 10:44:08 AM

This is the area you want to invest in; Crescent Energy Company Cl A (CRGY) came up on my screen but I missed it. Would like to build a position at/below $10.5/share. Nice div too

The three pipeline projects you mentioned—the Gulf Coast Express (GCX) expansion, the Hugh Brinson Pipeline, and the Blackcomb Pipeline—are all located in the state of Texas, USA. Their primary common purpose is to transport natural gas out of the Permian Basin to other markets, relieving a major bottleneck .

Here is a breakdown of each project's location and specific details.

Project Locations and Details

Pipeline ProjectLocation / RouteKey Details

Gulf Coast Express (GCX) Expansion	From the Permian Basin (near Coyanosa, TX) to the Agua Dulce hub in South Texas .	An expansion of an existing pipeline adding about 570 MMcf/d of capacity, brought into service in mid-2026 .
Hugh Brinson Pipeline	From the Waha hub in West Texas to Maypearl, TX (south of the Dallas-Fort Worth metroplex) .	A new ~400-mile, 42-inch pipeline that entered commercial service in 2026, with a Phase I capacity of 1.5 Bcf/d .
Blackcomb Pipeline	From the Permian Basin to the Agua Dulce hub in South Texas .	A new ~366-mile pipeline with a capacity of up to 2.5 Bcf/d, expected to start operating later in 2026 .

What They All Have in Common These projects are all designed to address a critical challenge for the energy industry: increasing natural gas takeaway capacity from the Permian Basin .

The Permian Basin is one of the most productive oil and gas regions in the world, but its rapid growth has historically outpaced the pipeline infrastructure needed to transport the natural gas produced alongside the oil. This led to a bottleneck at the Waha hub, frequently causing local natural gas prices to drop significantly or even go negative .

By adding new capacity and providing routes to different markets (such as the Gulf Coast for LNG exports and North Texas for local demand), these pipelines are crucial for:

Alleviating the bottleneck: Providing much-needed "egress" for the basin's growing production .
Supporting Permian oil production: Ensuring that associated natural gas can be moved out, preventing constraints that would limit oil drilling and completion activity .
Improving prices: The new capacity has already had a positive effect, with Waha prices rallying due to the added takeaway capacity from projects like the GCX expansion

[Bill Wolf] The Americas’ Challenge to Middle East Oil Won’t Let Up August 17, 2026 at 12:00...

Bill Wolf — 8/17/2026 8:30:07 AM

The Americas’ Challenge to Middle East Oil Won’t Let Up
August 17, 2026 at 12:00 AM EDT
By Javier Blas

Javier Blas is a Bloomberg Opinion columnist covering energy and commodities. He is coauthor of “The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources.”
.
.
.

Waha prices have since rallied to plus $2 per million Btu thanks to the opening of new pipeline capacity, including the expansion of the Gulf Coast Express, developed by Kinder Morgan Inc., and the opening of a the brand-new Hugh Brinson Pipeline, by Energy Transfer LP. Another new conduit, the Blackcomb Pipeline, from a consortium led by WhiteWater, is expected to start operating later this year.

.
.
.
The global oil map has been redrawn far more than is commonly perceived. The upheaval in the Middle East will guarantee that more money backs regional developments in the Americas, pushing production ever higher and further shifting the industry toward the West. A new land of oil — all within close reach of Washington.

bloomberg.com

[Smart_Asset] KMI is already oversized in my portfolio but I might add anyway. finance.yahoo....

Smart_Asset — 8/12/2026 2:27:17 PM

KMI is already oversized in my portfolio but I might add anyway.

finance.yahoo.com

<<Underpinning Western Gateway are primarily 10-year, take-or-pay contracts. This contract structure means Kinder Morgan and its JV partners get paid regardless of whether customers ship volumes on the pipeline. As a result, it will provide the company with very durable cash flows, which is ideal for supporting its dividend. Take-or-pay contracts currently provide 65% of its cash flow, with most of the rest coming from steady fee-based sources (26%) or commodity price hedges (5%).

In commenting on its investment in the announcement press release, CEO Kim Dang noted that the company expects to "earn attractive returns on our investment based on the incremental project earnings above those of our contributed assets." That implies it will generate incremental, highly visible cash flows to bolster its already stable cash flow base from a relatively modest additional investment ($250 million).

The incremental stable cash flows of Western Gateway should support Kinder Morgan's ability to continue growing its dividend in 2029 and beyond. The company has increased its high-yielding payout for nine straight years. Kinder Morgan has significant visible growth ahead, with $9.6 billion in growth capital projects in its backlog at the end of the second quarter, with expected in-service dates through mid-2030. Most of those projects are gas pipelines ($8.8 billion), so Western Gateway will provide some additional diversification to its growth profile.>>

[miraje] That's very good news for Phoenix and Las Vegas, as they will no longer be depen...

miraje — 8/11/2026 11:49:40 AM

That's very good news for Phoenix and Las Vegas, as they will no longer be dependent on nutty greens in California for fuel supplies. Lower costs as well. Won't solve their water shortage problem, though..

The new pipeline will save California's bacon as well. They're on the energy edge right now and if Chevron, for example, finally gets fed up with the regulations, taxes and hostility and exits the State, then CA can turn out the lights..

[E_K_S] Phillips 66, Kinder Morgan, HF Sinclair to move forward with $5B Western Gateway...

E_K_S — 8/11/2026 8:35:05 AM

Phillips 66, Kinder Morgan, HF Sinclair to move forward with $5B Western Gateway Pipeline

Phillips 66 ( PSX), Kinder Morgan ( KMI), and HF Sinclair ( DINO) said Tuesday they have finalized a joint venture agreement and made a final investment decision to build the proposed $5B Western Gateway Pipeline system, with completion targeted in 2029.

Western Gateway is a proposed 1,300-mile refined products pipeline system that would create a new fuel supply path from St. Louis, Missouri, and expanded Gulf Coast origin points to Arizona and California.

With a design capacity of 230K bbl/day, the project is also being developed to allow for future expansion with limited capital and no new pipe necessary as future demand requires.

Upon completion of the new build pipeline from Borger into Phoenix, Kinder Morgan’s ( KMI) existing SFPP East Line and West Line assets would be contributed to the joint venture at a value of ~$1.5B, and the company would make ~$250M in cash contributions; Phillips 66 ( PSX) and HF Sinclair ( DINO) would make cash contributions of ~$2.5B and ~$750M to the project.

Under the joint venture, Phillips 66 ( PSX), Kinder Morgan ( KMI), and HF Sinclair ( DINO) will own 49.9%, 35.1%, and 15% of the system, respectively.

Fresh Stock Ideas, Ev

[Bill Wolf] On Tuesday, Phillips 66 PSX and two partners officially sanctioned a $5 billion ...

Bill Wolf — 8/11/2026 8:32:55 AM

On Tuesday, Phillips 66 PSX and two partners officially sanctioned a $5 billion project, called the Western Gateway Pipeline system, to build a 900-mile pipeline to ferry 230,000 barrels a day of gasoline, jet fuel and diesel from the Texas Panhandle to Arizona and California. In Phoenix, the new pipe will connect with an existing 500-mile pipeline that ends in Colton, Calif., about an hour east of Los Angeles.

The pipeline should start moving fuel in 2029 at a level that almost makes up for two recent refinery closures. One partner, pipeline operator Kinder Morgan KMI, owns the segment of line between Arizona and California. It currently takes fuel out of California, but the company will reverse the flow to send fuel into the Golden State. Another partner, oil refiner HF Sinclair DINO, owns a minority stake. The companies said they would move fuels from refineries in Texas, Oklahoma and near St. Louis.

wsj.com

[robert b furman] Hi Bill, Argus adjusted their price targetto $38.00 this morning as well. Bob

robert b furman — 7/28/2026 7:36:48 AM

[Bill Wolf] Morgan Stanley Adjusts Price Target on Kinder Morgan to $38 From $36, Maintains ...

Bill Wolf — 7/28/2026 7:02:30 AM

Morgan Stanley Adjusts Price Target on Kinder Morgan to $38 From $36, Maintains Equalweight Rating
06:33:35 AM ET, 07/28/2026 - MT Newswires

06:33 AM EDT, 07/28/2026 (MT Newswires) -- Kinder Morgan Inc Class P (KMI) has an average rating of overweight and mean price target of $36.11, according to analysts polled by FactSet.

[robert b furman] Hi Miraje, Thanks for the excellent recap. I like the grow the backlog with a ...

robert b furman — 7/23/2026 7:54:05 PM

Hi Miraje,

Thanks for the excellent recap.

I like the grow the backlog with a 5.6 multiple.

Keep the 3.6 debt to EBITDA,and make hay when the sun shines.

The day may come when permitting is tough again.

When projects can't be done, buy back shares and boost the dividend.

Strong conservative business = long term buy and hold.

Thanks again for the good read!

Bob

[miraje] Hi Bob, IMO, this project needs to get done ASAP. SoCal and LV will remain high...

miraje — 7/23/2026 12:17:39 PM

Hi Bob,

IMO, this project needs to get done ASAP. SoCal and LV will remain highly vulnerable to supply disruption until it's completed..

finance.yahoo.com

... Sanders said Kinder Morgan and Phillips 66 continue to move forward on Western Gateway. He said partnership agreements have taken longer than expected because of the complexity of the proposed arrangement, but the company aims to complete documents within the next month or two and, assuming progress continues, move to a final investment decision...

[robert b furman] Good Morning E_K_S, For a stodgy utility like business, dare I say blow out num...

robert b furman — 7/23/2026 9:37:40 AM

Good Morning E_K_S,

For a stodgy utility like business, dare I say blow out numbers from KMI.

"We also achieved very strong results from capital expansion project execution this quarter, placing approximately $660 million (KM-share) in expansion projects into service. These included Tennessee Gas Pipeline's (TGP) Cumberland Project that will serve a new natural gas-fired power plant in Tennessee; Hiland Express, a conversion of our Double H Pipeline system from crude oil to natural gas liquids service; and the eagerly anticipated Gulf Coast Express pipeline expansion to increase natural gas flows from the Permian Basin to South Texas markets. These revenue-generating expansion projects now join our strong base business, adding to our unparalleled network of pipeline and storage assets.

"As a result of placing those large projects into service, our project backlog at the end of the second quarter of 2026 was $9.6 billion, down $500 million from the first quarter of 2026, although the board today provided contingent approval on almost $400 million in projects that are not yet in the backlog. Natural gas projects account for approximately 92% of our project backlog, and more than 60% of the backlog is associated with projects supporting power generation and local distribution company demand. Even beyond the backlog, we continue to see strong interest from our customers in developing additional natural gas infrastructure.

Ity appears our long held investment in KMI has turned out as hoped, a self-internally funded growth stock .

Back log is 92% natural gas projects and more than 60% of the backlog is associated with projects supporting power generation and local distribution company demand.

There is an additional 400 million to be added to the backlog,

Net debt to adjusted EBITDA ratio of 3.6. For those new to KMI, a long term goal was to reach below 4.0. This marks a debt level very much on the low side. It appears KMI is well on its way to either more share buybacks , or an increase in the dividend pay out,eother very good news.

Several brokergages have increased KMI's price target to $36.00 this morning.

A very strong report - especilly for a utility like natural gas pipeline company - which happens to be ideally situated in the middle of natural gas fields that are producing gas and natural gas liquids as a biproduct of strong drilling in the Permain and other Texas shale deposits.

All of which is building local Texas power plants and LNG exports to the world, much in need of reliable LNG deliveries.

KMI remains a long-term hold in my portfolio.

Bob

[Bill Wolf] UPDATE 3-Kinder Morgan beats profit estimates on strong gas flows, raises outloo...

Bill Wolf — 7/22/2026 9:15:54 PM

UPDATE 3-Kinder Morgan beats profit estimates on strong gas flows, raises outlook
06:31:40 PM ET, 07/22/2026 - Reuters
Adds details throughout

By Varun Sahay

July 22 (Reuters) - U.S. pipeline operator Kinder Morgan KMI.N raised its full-year outlook and beat Wall Street expectations for second-quarter profit on Wednesday, driven by higher natural gas volumes and rising power demand.

U.S. pipeline companies are gaining from booming oil and gas output in the Permian Basin and rising natural gas demand amid record LNG exports and surging electricity demand from AI operations, cryptocurrency mining and data centers.

Kinder Morgan, one of North America's largest energy infrastructure companies, now expects adjusted EBITDA 5% higher than what it had originally planned and adjusted earnings per share to be more than 12% higher.

The company said its project backlog stood at $9.6 billion at the end of the second quarter ended June 30, down $500 million sequentially.

On its post-earnings call, the pipeline operator said it expects to bring $1 billion of projects into service in the second half of 2026.

The company said the Gulf Coast Express expansion filled up quickly after launch, reflecting strong demand for pipelines to move gas out of the Permian Basin, and added that it was discussing additional takeaway options with customers.

U.S. natural gas prices in the Permian Basin remain under pressure as limited pipeline capacity lags production.

The Houston, Texas-based firm posted adjusted profit of 37 cents per share in the second quarter, up from 28 cents per share a year earlier and above analysts' estimate of 32 cents per share, according to data compiled by LSEG.

Quarterly revenue rose to $4.47 billion, topping analysts' expectations of $4.23 billion. Adjusted EBITDA came in at $2.2 billion, compared with estimates of $2.05 billion.

The company said it transported about 47,886 billion British thermal units (Btu) of natural gas per day in the quarter, compared with 44,818 billion Btu per day in the year-ago period.

However, its total delivery volumes, which also include refined products such as jet fuel and diesel fuel, fell to 2.044 million barrels per day in the second quarter, from 2.213 million bpd a year ago.

[E_K_S] Kinder Morgan (KMI) beat both revenue and EPS estimates for Q2 2026. Q2 2026 Ke...

E_K_S — 7/22/2026 8:17:50 PM

Kinder Morgan (KMI) beat both revenue and EPS estimates for Q2 2026.

Q2 2026 Key Results vs. Wall Street Expectations

MetricConsensus EstimateActual ReportedResult

Adjusted EPS	~$0.31 – $0.32	$0.37 (GAAP EPS: $0.39)	Beat (+~$0.05 to $0.06)
Revenue	~$4.20B – $4.29B	$4.48B	Beat (+~$200M–$280M)

Highlights from the Press Release

Record Performance: Record second-quarter net income attributable to KMI ($867 million) and record Adjusted EBITDA ($2.199 billion, up 12% YoY).
Raised Full-Year 2026 Guidance: KMI now expects full-year 2026 Adjusted EBITDA to track >5% above budget and Adjusted EPS to track >12% above budget.
Capital & Backlog: Placed ~$660 million (KMI share) of expansion projects into service during the quarter (including Cumberland, Hiland Express, and Gulf Coast Express expansion), bringing the active project backlog to $9.6 billion (92% natural gas infrastructure).
Dividend: Declared a Q2 cash dividend of $0.2975 per share ($1.19 annualized), representing a 2% increase YoY.

[robert b furman] Hi mirage, Totally agree with you. Planting seeds for tomorrow's better harves...

robert b furman — 4/23/2026 12:38:59 PM

Hi mirage,

Totally agree with you.

Planting seeds for tomorrow's better harvest.

The one thing we need to do is stay alive. <smile>

Bob

[miraje] Kinder is watching free cashflow to avoid debt, and with self funding building ...

miraje — 4/23/2026 12:19:11 PM

Kinder is watching free cashflow to avoid debt, and with self funding building a power house of future free cash flow, that will boost the dividend for all of my future needs.

Yes, KMI is in major growth mode and I'll take the small dividend increase for accelerated future profits down the road. IMO, stock price 2% down right now is an over reaction to dividend disappointment, despite an otherwise stellar report.

[Smart_Asset] Thanks Bob. KMI is my largest divi stock at $25.74 is up 21.1%. About 60% qual...

Smart_Asset — 4/23/2026 11:29:40 AM

Thanks Bob.

KMI is my largest divi stock at $25.74 is up 21.1%. About 60% qualified long term. At my first reading of the 1Q results I thought of adding but will stand pat.

[robert b furman] Hi SA, Dividend is .2975 x 4 = $1.19 annually. X div = May 4th with Dividend P...

robert b furman — 4/23/2026 11:24:57 AM

Hi SA,

Dividend is .2975 x 4 = $1.19 annually.

X div = May 4th with Dividend Payable May 15th (first dividend at new rate).

Kinder has become skimpy on dividend increases - his promised $1.25 has taken years to reach.

On the plus side, his opportunities have increased tremendously with Trump as President. Burgum has fast-tracked many pipeline opportunities for Natural gas and LNG exports.

When it comes to pipelines, get them in the ground as fast as you can. Once you have an existing pipeline/easement, no one can build the next one in the same easement as inexpensively as the original builder.

Kinder is watching free cashflow to avoid debt, and with self funding building a power house of future free cash flow, that will boost the dividend for all of my future needs.

KMI is my largest share count in my portfolio.

I sold puts on Kinder Morgan ever since the dividend got "KINDERED". Hoping to get shares assigned. I did have quite a tew get assigned at the $18.00 price and wrote 2 and 3 times the number of 18 puts at 13, 15, which helped pay for the 18's.

It is still a great stock, but under my dividend yield requirement at current prices (which are here to stay). IMO

Bob

[Bill Wolf] Kinder Morgan beats by $0.09, beats on revs; guides FY26 EPS below consensus 04:...

Bill Wolf — 4/23/2026 6:52:28 AM

Kinder Morgan beats by $0.09, beats on revs; guides FY26 EPS below consensus
04:18:39 PM ET, 04/22/2026 - Briefing.com
Reports Q1 (Mar) earnings of $0.48 per share, excluding non-recurring items, $0.09 better than the FactSet Consensus of $0.39; revenues rose 13.8% year/year to $4.83 bln vs the $4.63 bln FactSet Consensus. Co issues downside guidance for FY26, sees EPS of $1.36, excluding non-recurring items, vs. $1.40 FactSet Consensus.FY26 net income expected at $3.1 bln, flat yr/yr.

[Smart_Asset] Average estimates are $4.55B revenues and $.39 earnings. Looks like revenues of...

Smart_Asset — 4/22/2026 4:42:46 PM

Average estimates are $4.55B revenues and $.39 earnings.

Looks like revenues of $4.828B and $.44 earnings.

Dividend of $.29 per share payable on 5/15(ex 5/4).

I consider KMI a one off beneficiary of the data storage story. Both BE and GEV burn nat gas fuel cells behind the meter.

[miraje] Good news.. Message 35494086

miraje — 4/20/2026 5:47:03 PM

[Smart_Asset] <
Smart_Asset — 2/27/2026 9:29:52 PM
<<RBC maintained its sector perform rating on the stock and raised its price target to $32 from $30.>>

Closed today at $33.27, so much for the 'new' price target.

I think KMI could go much higher based on providing on site power to many of the new data storage projects. The current backlash against utilizing utilities with the possibility of government action will certainly influence data storage builders to favor on site power.

KMI is arguably my best long term performer and I will continue to add.

[E_K_S] Kinder Morgan's Backlog Supports Long-Term Growth, RBC Says 03:07 PM EST, 0...

E_K_S — 2/27/2026 7:53:31 PM

Kinder Morgan's Backlog Supports Long-Term Growth, RBC Says

03:07 PM EST, 02/27/2026 (MT Newswires) -- Kinder Morgan (KMI) sees stronger long-term cash flow visibility, underpinned by its roughly $10 billion project backlog, primarily focused on natural gas infrastructure supporting power generation and liquefied natural gas demand, RBC Capital Markets said in a note emailed Friday.

The brokerage noted that about $9.1 billion of the backlog is tied to natural gas projects, with nearly 80% supporting power generation and LNG demand.

RBC expects the backlog, which has an average in-service date of early 2028 and sub-6x earnings before interest, taxes, depreciation, and amortization build multiples, to drive just over a 4% adjusted EBITDA compound annual growth rate through 2030, according to the note.

RBC maintained its sector perform rating on the stock and raised its price target to $32 from $30.

[E_K_S] RBC Capital Adjusts Price Target on Kinder Morgan to $32 From $30, Maintains...

E_K_S — 2/27/2026 7:52:20 PM

RBC Capital Adjusts Price Target on Kinder Morgan to $32 From $30, Maintains Sector Perform Rating

09:24 AM EST, 02/27/2026 (MT Newswires) -- Kinder Morgan Inc Class P (KMI) has an average rating of overweight and mean price target of $32.61, according to analysts polled by FactSet.

(MT Newswires covers equity, commodity and economic research from

[E_K_S] Barclays Adjusts Kinder Morgan Price Target to $34 From $32, Maintains Overweigh...

E_K_S — 2/20/2026 7:36:05 PM

Barclays Adjusts Kinder Morgan Price Target to $34 From $32, Maintains Overweight Rating

08:41 AM EST, 02/20/2026 (MT Newswires) -- Kinder Morgan Inc Class P (KMI) has an average rating of overweight and mean price target of $32.50, according toanalysts polled by FactSet. (MT Newswires covers equity, commodity andeconomic research ... (MT Newswires 08:41 AM ET 02/20/2026)

Been peeling off a few KMI & WMB both at/near all time highs. Still have over sized position bought 2020 at an avg price of $11.87

WMB	Overweight	$92.00	~28.4%
KMI	Equalweight	$36.00	~13.4%