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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We have a contract coming off this year where we are going to lose about 18,000 barrels a day going over to the Kinder Morgan system.”
OKE is losing roughly 18,000 bbl/day of Bakken NGL volume to Kinder Morgan's system as a contract rolls off, a modest volume gain for KMI.
“So the partnership is fifty-fifty with Kinder Morgan.”
Kinder Morgan is Phillips 66's 50/50 partner on the proposed Western Gateway refined-products pipeline, contributing existing pipeline infrastructure.
“Building off of Rick's comments about how Mid-Con product margins would likely improve if Kinder and Phillips 66 pipeline gets built.”
The proposed Kinder Morgan / Phillips 66 Mid-Continent product pipeline is cited as a project that could pull volumes out of the Mid-Con and lift MPC's regional netbacks if it proceeds.
“As a reminder, so this is largely our investments with Kinder Morgan, we have another investment that we co-own in North Georgia and -- as you can imagine, they are tied to a lot of the same things driving our utility investment.”
Southern Company Gas holds pipeline investments co-owned with Kinder Morgan in North Georgia; potential FERC-regulated expansion is tied to the same large-load and data-center growth driving Southern's own utility capex, a positive read-through for Kinder Morgan's pipeline segment.
“We already have 50% interest in the Southern Natural pipeline that kind of overlays our Southeast service territory that's our largest midstream investment, Kinder Morgan operates that on behalf of our partnership”
Southern Company holds a 50% interest in the Southern Natural Gas pipeline, its largest midstream investment, which is operated by Kinder Morgan on behalf of the partnership; upside capex opportunities are tied to expansion of this and other Kinder Morgan-operated pipelines.
“if you look in the state of Georgia, where Georgia Power, recently, I think the end of November filed a revised IRP. And they're projecting 53 gigawatts of power demand between now and the early 2030s.”
Kinder Morgan cites Georgia Power's (Southern Company) projected 53 GW of power-demand growth as an example of the large gas-demand opportunity from utilities.
“we're not the operator. Energy Transfer is the operator.”
Energy Transfer is the operator of the Florida Gas Transmission projects in which Kinder Morgan is a partner.
“Fitch upgraded us to BBB+ during the summer of 2025”
Fitch upgraded Kinder Morgan to BBB+ in summer 2025, one of several rating-agency upgrades cited.
“we're on positive outlook by Moody's.”
Kinder Morgan carries a positive outlook from Moody's, part of broad rating-agency recognition of its improved credit profile.
“Another positive last week, S&P upgraded KMI to BBB+.”
S&P Global Ratings upgraded Kinder Morgan to BBB+, reflecting the strengthened balance sheet.
“with Continental Resources effectively saying they're going to stop drilling in the Bakken.”
Continental Resources signaling a halt to Bakken drilling is a negative volume read-through, though KMI says Bakken is only ~3% of its EBITDA and the impact is manageable.
“On January 16, 2026, KMI and Phillips 66 announced the start of the second open season on their proposed Western Gateway Pipeline system.”
Kinder Morgan and Phillips 66 are partnering on the proposed Western Gateway Pipeline via a 50-50 joint venture, a growth project for both.
“We currently expect to exceed our full year budget due to the contributions from the Outrigger acquisition.”
KMI's $650M Outrigger acquisition is contributing enough to push full-year results above budget.
“can you talk about your project positioning relative to 1 Oak's competing Sunbelt project”
An analyst frames ONEOK's Sunbelt pipeline as a competing project to KMI's Western Gateway in the Southwest refined-products market.
“We were already on positive outlook by both S&P and Moody's, and we look for a favorable resolution of those in the near term.”
KMI notes S&P Global Ratings had it on positive outlook, with a favorable ratings resolution expected.
“We were already on positive outlook by both S&P and Moody's, and we look for a favorable resolution of those in the near term.”
KMI notes Moody's had it on positive outlook, with a favorable ratings resolution expected.
“Fitch upgraded our senior unsecured rating to BBB+.”
Fitch upgraded KMI's senior unsecured rating to BBB+, recognizing a strengthened financial profile.
Kinder Morgan delivered a record Q4 and full year with EPS of $0.45, up 50%, and adjusted EPS growing 22% as Haynesville gathering volumes surged 19% with record throughput. The project backlog grew to $10 billion with Florida Gas Transmission additions, and growth CAPEX was raised to $3 billion per year from $2.5 billion. FY2025 delivered adjusted EPS +13% versus the +10% budget, and MSX and SS4 permitting was accelerated with FERC certificate expected by July. S&P upgraded Kinder Morgan to BBB+, confirming the strengthening credit profile.
Demand | Capex Investment | Competitive Dynamics | Capital Allocation | M&A | Revenue Growth | Cloud & AI | Regulation Policy | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 12 | 7 | 3 | 3 | 3 | 2 | 2 | 2 |
| 2025Q1 | 9 | 7 | 3 | 1 | 3 | 2 | 2 | |
| 2025Q2 | 13 | 11 | 5 | 3 | 1 | 2 | 3 | |
| 2025Q3 | 10 | 13 | 6 | 4 | 1 | 3 | 3 | |
| 2025Q4 | 11 | 8 | 3 | 6 | 2 | 2 | 2 | 1 |
| 2026Q1 | 7 | 9 | 3 | 4 | 2 | 3 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 12 | 9 | 13 | 10 | 11 | 7 |
| Capex Investment | 7 | 7 | 11 | 13 | 8 | 9 |
| Competitive Dynamics | 3 | 3 | 5 | 6 | 3 | 3 |
| Capital Allocation | 3 | 1 | 3 | 4 | 6 | 4 |
| M&A | 3 | 3 | 1 | 2 | 2 | |
| Revenue Growth | 2 | 1 | 3 | 2 | 3 | |
| Cloud & AI | 2 | 2 | 2 | 3 | 2 | |
| Regulation Policy | 2 | 2 | 3 | 1 | 2 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Theresa Chen | Barclays | 12 (0%) |
| Keith Stanley | Wolfe Research | 12 (0%) |
| Jeremy Tonet | JPMorgan | 12 (0%) |
| Mike Blum | Wells Fargo | 11 (0%) |
| Zack Everen | Tudor, Pickering, Holt | 10 (0%) |
| Manav Gupta | UBS | 10 (0%) |
| Jean Salisbury | Bank of America | 9 (22%) |
| Jason Gabelman | TD Cowen | 8 (0%) |
| John Mackay | Goldman Sachs | 8 (0%) |
| Brandon Bingham | Scotiabank | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 2 | 13 (0%) |
| Wolfe Research | 1 | 12 (0%) |
| Goldman Sachs | 3 | 12 (0%) |
| JPMorgan | 1 |
| 12 (0%) |
| Wells Fargo | 1 | 11 (0%) |
| UBS | 1 | 10 (0%) |
| Tudor, Pickering, Holt | 1 | 10 (0%) |
| Bank of America | 1 | 9 (22%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
KMI Kinder Morgan | 9 | +13.5% | |
| EPD Enterprise Products Partners L.P. | 5 | -6.7% | |
| OKE ONEOK | 9 | +19.6% | |
| TRGP Targa Resources | 5 | -15.6% | |
| WMB Williams Companies | 6 | -0.6% |