Key facts
- Kinder Morgan will invest $3.1 billion in the Southeast Connector project and $1.6 billion in the Permian Link project.
- The Southeast Connector will transport natural gas through about 470 miles of new pipeline.
- The Permian Link will transport natural gas from the Permian Basin through about 434 miles of new pipeline.
- Kinder Morgan's project backlog rose to a record $14.4 billion, including $13.2 billion in natural gas projects.
- The company reported an adjusted profit of 35 cents per share, beating estimates of 32 cents per share.
Kinder Morgan announced on Wednesday its approval of $4.7 billion in shared investments for two significant natural gas pipeline projects, driven by escalating demand from power plants, data centers, and liquefied natural gas (LNG) exporters. These investments have propelled the company's natural gas project backlog to a record high. The Southeast Connector project, receiving approximately $3.1 billion, will transport up to 2.6 billion cubic feet per day (Bcf/d) of natural gas across 470 miles to the US Southeast. The Permian Link project, with an investment of $1.6 billion, is designed to move roughly 2.8 Bcf/d from the Permian Basin to NGPL's Midcontinent system via 434 miles of new pipeline. The Permian Link is slated to begin operations in the third quarter of 2030, while the Southeast Connector is expected to phase in starting in the fourth quarter of 2030. The company's adjusted profit of 35 cents per share for the September quarter surpassed analysts' expectations of 32 cents per share.