Kinder Morgan Third Quarter 2025 Financial Results

The provided text consists of excerpts from a Kinder Morgan, Inc. (KMI) press release detailing their third-quarter 2025 financial results, along with supporting preliminary financial statements and non-GAAP measure reconciliations. The company reports flat earnings per share (EPS) compared to the third quarter of 2024 but notes a 16% increase in Adjusted EPS and a 6% rise in Adjusted EBITDA. Management commentary emphasizes KMI's optimistic outlook, driven by historic growth in global natural gas demand and a substantial $9.3 billion project backlog, mainly consisting of natural gas pipeline projects to support liquefied natural gas (LNG) exports and power generation. The financial tables offer a breakdown of performance by business segment, volume highlights, and detailed calculations for non-GAAP metrics like Free Cash Flow (FCF) and Net Debt-to-Adjusted EBITDA.

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