KINDER MORGAN, INC.
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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FY2025 · Filed Feb 13, 2026
KMI$29.96-0.8%Stored close · as of Nov 6, 2026
Contents
Recent Developments
The following is a listing of significant developments and updates related to our major acquisition, divestiture, projects, and financing transactions. “Capital Scope” is estimated for our share of the described project and includes portions not yet completed. All expected in-service dates for projects listed below assume timely receipt and continued effectiveness of all necessary permits and approvals.
| Asset or project | Description | Activity | Approx. Capital Scope (KMI Share) |
|---|---|---|---|
| Acquisition or divestiture | |||
| Gas gathering and processing system acquisition | Acquisition of a natural gas gathering and processing system in North Dakota from Outrigger Energy II which includes a 0.27 Bcf/d processing facility and a 104-mile, large-diameter, high-pressure rich gas gathering header pipeline with 0.35 Bcf/d of capacity connecting supplies from the Williston Basin area to high-demand markets. | Completed February 2025. | $648 million |
| EagleHawk divestiture | Sold our 25% non-operated equity interest in EagleHawk. | Completed December 2025. | $382 million |
| Projects placed in service | |||
| TGP and SNG Evangeline Pass projects | Two-phase 2 Bcf/d project serving Venture Global’s Plaquemines LNG facility (Plaquemines). With the first phase, TGP is providing approximately 0.9 Bcf/d natural gas transportation capacity to Plaquemines. With the second phase, TGP and SNG is jointly providing volumes up to the remaining 1.1 Bcf/d to Plaquemines. Supported by a long-term contract. | First phase placed in service in July 2024. Second phase placed in service in July 2025. | $661 million |
| Altamont Green River pipeline project | Constructed 43 miles of 20-inch pipeline and associated compression providing approximately 0.15 Bcf/d of capacity from the Uinta basin to the Western Chipeta processing plant. | Placed in service September 2025. | $263 million |
| Tejas South to North expansion | South Texas to Houston Market expansion project. First phase added compression on Tejas’ mainline and second phase constructed 14 miles of pipeline looping. Combined these projects provide approximately 0.781 Bcf/d of capacity to key markets. Supported by long-term contracts. | First phase placed in service in February 2025. Second phase placed in service in June 2025. | $145 million |
| Asset or project | Description | Activity | Approx. Capital Scope (KMI Share) |
|---|---|---|---|
| Other Construction Projects | |||
| Natural Gas Pipelines | |||
| South System Expansion 4 (SSE4) | Expansion project designed to increase SNG’s South Line capacity by approximately 1.3 Bcf/d. Expansion will be completed in two phases and is almost entirely comprised of brownfield looping and horsepower compression additions on the SNG and Elba Express pipeline systems. Supported by long-term contracts. | First phase expected in-service date is fourth quarter of 2028. Second phase expected in-service date is fourth quarter of 2029. | $1,830 million |
| Trident Intrastate pipeline project | Project is designed to construct 216-mile pipeline which will provide approximately 2.0 Bcf/d of capacity from Katy, Texas to the LNG and industrial corridor near Port Arthur, Texas. Supported by long-term contracts. | First phase expected in-service date is first quarter of 2027. Second phase expected in-service date is fourth quarter 2028. | $1,799 million |
| Mississippi Crossing project | Project is designed to transport up to 2.1 Bcf/d of natural gas through the construction of approximately 208 miles of 42-inch and 36-inch pipeline and three new compressor stations. Project will originate near Greenville, Mississippi, and terminates near Butler, Alabama, with connections to the existing TGP system and third-party pipelines. Supported by long-term contracts. | Expected in-service date is second quarter 2028. | $1,703 million |
| Florida Gas Transmission (FGT) projects | Phase IX project designed to construct 82 miles of pipeline looping, as well as new and upgraded compressor station turbines, which will expand capacity to multiple locations across FGT’s market area. South Florida project designed to construct 37-mile lateral to supply the South Florida area, along with compression and a new meter station. Combined, projects will provide approximately 0.8 Bcf/d of additional capacity. Both projects supported by long-term contracts. | Phase IX expected in-service date is fourth quarter 2028 and South Florida project expected in-service date is first quarter 2030. | $700 million |
| KinderHawk Plantation North expansion | New Plantation treating plant for an added 1.0 Bcf/d of treating at 3.75% CO2, and four pipeline loop/expansions for hydraulic relief. | Expected in-service date is fourth quarter of 2026. | $516 million |
| Elba Express Bridge project | Project includes a 71-mile extension of Elba Express’s pipeline system into South Carolina and is designed to provide 0.325 Bcf/d of firm transportation capacity. Supported by long-term contracts. | Expected in-service date is second quarter of 2030. | $430 million |
| TVA Cumberland project | Project includes a new 32-mile pipeline to transport approximately 0.245 Bcf/d of natural gas from the existing TGP system to Tennessee Valley Authority’s (TVA) proposed 1,450 megawatt generation facility at an existing site in Cumberland, Tennessee. Supported by a long-term contract. | Expected in-service date is first quarter of 2026. | $231 million |
| North Extension project | Project to expand NGPL’s natural gas transportation capacity from its existing Iowa-Illinois receipt zones to a new proposed interconnect in NGPL’s market delivery zone. Project is designed to provide up to 0.21 Bcf/d of incremental firm transportation service. Supported by a long-term contract. | Expected in-service date is fourth quarter of 2028. | $170 million |
| GCX pipeline expansion | Expansion project designed to increase natural gas deliveries by 0.57 Bcf/d from the Permian Basin to South Texas markets. Supported by long-term contracts. | Expected in-service date is second quarter of 2026. | $161 million |
| Hiland Express project (Double H Pipeline system conversion) | Project to convert Double H Pipeline system from crude oil to NGL service, providing Williston Basin producers and midstream companies with pipeline capacity to key market hubs. | Expected in-service date is first quarter of 2026. | $158 million |
| Pelican project | Horsepower replacement project of existing units which will increase TGP’s capacity in southeast Louisiana by 0.29 Bcf/d. Supported by a long-term contract. | Expected in-service date is fourth quarter of 2027. | $135 million |
| Asset or project | Description | Activity | Approx. Capital Scope (KMI Share) |
|---|---|---|---|
| Texas Access project (TAP) | TAP is designed to provide KMLP shippers with firm transportation from Texas, including firm receipts from Trident Intrastate pipeline, to new and existing markets in South Louisiana. Supported by customer contracts with a new LNG customer for 1.0 Bcf/d of firm transportation. | Expected in-service date is fourth quarter of 2028. | $112 million |
| Diamond M expansion | Enhanced oil recovery expansion at our Diamond M field that will result in peak oil production of approximately 5,400 Bbl/d. | First phase placed in service in October 2024. Expected in-service for second and third phases is in 2026. Peak production of all three phases expected in 2027. | $209 million |
Financings
During 2025, we issued $1,850 million of new senior notes to repay short-term borrowings, to fund maturing debt and for general corporate purposes and repaid a combined $1,500 million of maturing senior notes.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.