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• Capital Expenditures: Over $5 billion for new projects, with $2.5 billion per year expected in expansion CapEx for the next several years.

• Backlog: Increased from $3 billion to $8.1 billion, with $6.3 billion in new projects added in 2024.

• Net Income: $667 million for the fourth quarter, up 12% from the previous year.

• EPS: $0.30 for the fourth quarter, up 11% from last year; full-year EPS of $1.17, up 10% over last year.

• Adjusted Net Income: $708 million for the fourth quarter, with adjusted EPS of $0.32, up 12% and 14% respectively from last year.

• Dividend: $0.2875 per share for the quarter, annualized at $1.15, up 2% from 2023.

• Net Debt: $31.7 billion at year-end, with a net debt to adjusted EBITDA ratio of 4.0 times.

• Transport Volumes: Natural gas transport volumes unchanged; gathering volumes down 7% for the quarter.

• Products Volumes: Up 2% for the quarter; full-year volumes down 3% below plan but 1% over 2023.

• Terminals Business: Liquids lease capacity at 95%; Jones Act tanker fleet fully leased.

• CO2 Segment: 3% lower oil production volumes, 4% lower NGL volumes, and 3% lower CO2 volumes for the quarter.

• 2025 Outlook: Expected net income growth of 8%, EBITDA growth of 4%, and adjusted EPS growth of 10%.

• Warning! GuruFocus has detected 10 Warning Signs with KMI.

Release Date: January 22, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Kinder Morgan Inc (NYSE:KMI) announced four new major projects with a capital expenditure of over $5 billion, supported by long-term contracts with creditworthy customers.

• The company reported a successful financial year in 2024, with growth in EBITDA and EPS, and improved leverage metrics.

• Kinder Morgan Inc (NYSE:KMI) has a strong position in the natural gas market, serving approximately 45% of export LNG demand and 50% of exports to Mexico.

• The company added $6.3 billion in projects to its backlog in 2024, increasing it from $3 billion to $8.1 billion.

• Kinder Morgan Inc (NYSE:KMI) expects continued growth opportunities in natural gas, projecting a 28 Bcf a day increase in demand by 2030.

Negative Points

• Natural gas gathering volumes were down 7% in the fourth quarter compared to the same period in 2023, driven by lower volumes in Haynesville and Bakken.

• The company finished 2024 slightly below its budget due to lower commodity prices and reduced production from RNG plants.

• Kinder Morgan Inc (NYSE:KMI) faces competition for new projects, which could impact the returns and success of future developments.

• The company's Q4 EBITDA was about $100 million below the initial quarterly budget, affected by commodity headwinds and RNG sales delays.

• There are challenges in expanding in the Northeast due to state-level permitting issues and commercial structure hurdles.