Kinder Morgan stock: Gas backlog grows, 2027 outlook looks uneven

Published on 10/29/2026 at 17:56 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Kinder Morgan stock is in focus after record third-quarter results and a larger gas project backlog. Management also warned that some 2026 benefits may not recur in 2027.

Backlog strength meets tougher comparisons

Kinder Morgan reported record third-quarter results and a record natural-gas project backlog.
Management expects strong 2026 performance but cautioned that some favorable effects may not recur in 2027.

Kinder Morgan, US49456B1017, Illustration mit AI erstellt.

On October 21, 2026, Kinder Morgan reported record third-quarter results and expanded its project pipeline. The company said net income attributable to Kinder Morgan rose to USD 764 million from USD 628 million a year earlier. Its official earnings release also reported adjusted EPS of USD 0.35, up 21 percent, and adjusted EBITDA of USD 2.18 billion, up 9 percent.

A record gas backlog

The expansion project backlog reached USD 14.4 billion at the end of the quarter, including USD 13.2 billion of natural-gas projects, the largest such backlog in the company's history. Kinder Morgan added USD 5.4 billion of projects during the quarter and placed USD 700 million into service.

The additions include the Southeast Connector and Permian Link. Kinder Morgan expects to invest about USD 3.1 billion in Southeast Connector and about USD 1.6 billion in Permian Link. Both projects are supported by long-term take-or-pay agreements and remain subject to permits and approvals, with service targeted from 2030.

What has changed since our last report

A Zacks Equity Research account of the earnings call published on October 28 added an important qualification for investors: management identified about USD 225 million of favorable nonrecurring contributions and another USD 175 million from commodity prices. Chief Financial Officer David Michels cautioned against assuming those benefits will repeat in 2027.

That caution does not reverse the current operating momentum. Kinder Morgan expects full-year adjusted EBITDA to exceed its budget by more than 6 percent and adjusted EPS to exceed budget by more than 13 percent. The company also expects year-end net debt to adjusted EBITDA of 3.6 times, compared with a budget of 3.8 times.

Quote and income context

Lang & Schwarz showed Kinder Morgan stock at EUR 30.36 on October 29, 2026, at 17:05 Berlin time. The board approved a quarterly dividend of USD 0.2975 per share, with payment scheduled for November 16, 2026, to shareholders of record on November 2.

The real-time quote of Kinder Morgan stock provides continuously updated trading information.