Kinder Morgan Approves $4.7 Billion for Two Gas Pipeline Projects, Backlog Hits Record $14.4 Billion

Kinder Morgan said Wednesday it approved $4.7 billion as its share of investment in two natural gas pipeline joint ventures, citing rising demand from power plants, data centers and LNG exporters. Shares rose 2.7% in extended trading after the company also beat quarterly profit estimates. The company will invest about $3.1 billion in Southern Natural Gas' Southeast Connector project and $1.6 billion in Natural Gas Pipeline Company of America's Permian Link. Southeast Connector will move up to 2.6 Bcf/d through roughly 470 miles of new pipeline to US Southeast markets; Permian Link will carry about 2.8 Bcf/d from the Permian Basin near Pecos County, Texas, to NGPL's Midcontinent system via about 434 miles of new pipe. The approvals lifted Kinder Morgan's project backlog to $14.4 billion, including a record $13.2 billion of natural gas projects. Permian Link will supply gas to power providers serving an investment-grade hyperscale data-center customer. Permian Link is expected in service in the third quarter of 2030, with Southeast Connector starting in phases from the fourth quarter of 2030. Adjusted profit was 35 cents per share for the quarter ended September 30, versus analysts' estimate of 32 cents, per LSEG data.