El Paso Energy Capital Trust I PFD CV TR SECS

Strong Q3 results + broad-based outperformance (good) - Adjusted EPS +21% YoY; Adjusted EBITDA +9% YoY; all 4 segments contributed (Natural Gas, Products, Terminals, CO2). - Q3 net income attributable to KMI $764M, EPS $0.24 (+22% YoY). - Management also highlighted Q3 was 15% above budget on EPS and 6% above budget on adjusted EBITDA; record-setting quarter levels (net income, adjusted EBITDA).

Raise/confirm full-year outlook and extend growth visibility (good + opportunity) - Full-year expectations: Adjusted EPS > budget by 13%+ and EBITDA > budget by 6%+. - Project backlog growth was a key driver: backlog increased from $9.6B to $14.4B in the quarter (+ $5.4B additions); $700M placed into service. - Backlog multiple remains attractive at ~5.7x. - “Visible runway” extended: most EBITDA from backlog previously expected by end of 2025; with Permian Link + Southeast Connector entering service 2030–2032, the high-quality cash flow period lengthens (less near-term funnel concern).

Two major take-or-pay projects add stability and potential upside (surprising + opportunity) - Southeast Connector (SNG) + Permian Link (NGPL) were the centerpiece $5.4B additions; Kinder Morgan share ~$4.7B. - Both supported by 20+ year take-or-pay contracts with creditworthy shippers; contracts described as investment-grade utilities for Southeast Connector and A-rated hyperscaler for Permian Link. - Southeast Connector scale: designed to deliver ~2.6 Bcf/day, and management indicated it can be scaled up to ~3.5 Bcf/day with additional commitments (open season in progress). - TGP 219 South (related discussion): strong interest from the open season; CapEx landing estimate around $1.5B cited for a brownfield-focused start, with ultimate size depending on shipper commitments and timing.