Kinder Morgan Inc - Ordinary Shares - Class P

Strong Natural Gas Demand Growth: Kinder Morgan (KMI) forecasts an increase in U.S. natural gas demand from approximately 109 Bcf per day by 2024 to a growth range of 20 Bcf to 28 Bcf per day by 2030. This growth is primarily driven by increased LNG export demand, which is estimated to rise by about 16 Bcf per day, fueled by existing projects under construction or those that have achieved Final Investment Decision (FID).

Positive Financial Performance with Strong Backlog: KMI reported a net income of $717 million for the first quarter, down 4% year-over-year, but adjusted net income was $766 million, representing a 1% increase. The company added $900 million in projects to its backlog, elevating the total backlog to $8.8 billion, with over 70% focused on serving power demand, suggesting a robust pipeline of opportunities in the growing energy sector.

Resilience Amid Economic Concerns: Despite the potential for recession impacting energy equities, KMI's refined product volumes were up 2%, and natural gas demand remains strong. The company estimates its gathering volumes will average 5% above 2024, indicating stability in performance despite economic volatility.