Kinder Morgan (KMI) added $5.4 billion to its expansion project backlog in the third quarter, lifting the total to $14.4 billion and putting natural gas at a record $13.2 billion of that sum.

The energy-infrastructure operator said the backlog received $5.4 billion of additions, with $700 million of projects placed in service, for a net increase of $4.7 billion. More than 75% of the backlog is tied to projects supporting power generation and local distribution company demand, the company said.

Net income attributable to KMI was $764 million, up from $628 million a year earlier. Adjusted net income attributable to KMI was $792 million, 22% higher than the third quarter of 2025. Adjusted EBITDA was $2.18 billion, up 9% versus the year-ago third quarter. EPS was $0.34 and Adjusted EPS was $0.35, each 21% higher than the third quarter of 2025.

Two new major projects entered the backlog: Southern Natural Gas Company’s Southeast Connector and Natural Gas Pipeline Company of America’s Permian Link. Each is designed to transport more than 2.5 billion cubic feet per day of natural gas.

Southern Natural Gas reached a final investment decision on the Southeast Connector after securing long-term, take-or-pay transportation agreements. The project is designed to transport up to 2.6 Bcf/d and includes about 470 miles of new pipeline. KMI’s share of the total project cost is expected to be $3.1 billion. Subject to permits, the company said the project is expected to be placed in service in phases beginning in the fourth quarter of 2030.

NGPL’s Permian Link, an approximately $4.2 billion project with a KMI share of about $1.6 billion, is designed to provide about 2.8 Bcf/d of capacity through about 434 miles of new pipeline. The company said the project will serve new power generation for an A-rated hyperscaler and is supported by long-term, take-or-pay agreements. Subject to permits, it is expected to be placed in service in the third quarter of 2030.

President Dax Sanders said Natural Gas Pipelines financial performance was up in the third quarter of 2026 versus the year-ago quarter on higher contributions from El Paso Natural Gas, KinderHawk, Tennessee Gas Pipeline, and the Texas Intrastate system. Natural gas transport volumes were up 3% compared with the third quarter of 2025, primarily due to LNG deliveries on Tennessee Gas Pipeline and increased demand on the Texas Intrastate system. Natural gas gathering volumes were up 14%, primarily on KinderHawk.

Products Pipelines had favorable contributions versus the year-ago third quarter, primarily from commodity pricing, more than offset by legal, environmental, and other expense accruals treated as Certain Items. Total refined products volumes were down 3% due to a higher commodity price environment. Crude and condensate volumes were down 11% due to lower gathered volumes in the Bakken and the conversion of the Double H pipeline to natural gas liquids service. Certain Items for the three months ended September 30, 2026 included $138 million of legal, environmental, and other accruals versus none in the year-ago quarter.

Terminals earnings were up versus the third quarter of 2025 on higher liquids contributions from expansion projects, higher commodity prices, stronger coal and petroleum coke handling, and higher Jones Act tanker rates. CO2 segment earnings were up on higher commodity prices and higher crude and NGL volumes; SACROC volumes were up 11% and NGL sales volumes were up 9%.

The board approved a cash dividend of $0.2975 a share for the third quarter ($1.19 annualized), a 2% increase over the third quarter of 2025. The company said it generated stable cash flow from operations of $5 billion and free cash flow, after capital expenditures and dividends, of $230 million year-to-date through the third quarter, and ended the quarter with a Net Debt-to-Adjusted EBITDA ratio of 3.5 times.

For 2026, KMI budgeted Adjusted EBITDA of $8.6 billion and Adjusted EPS of $1.36. The company currently expects to be more than 6% favorable to budget on an Adjusted EBITDA basis and more than 13% favorable on an Adjusted EPS basis, and expects to end the year with a Net Debt-to-Adjusted EBITDA ratio of 3.6 times.