Kinder Morgan Reports Solid Q1 2025 Results, Increases Dividend and Expands $8.8B Project Pipeline
Kinder Morgan, Inc. (NYSE: KMI) posted strong first-quarter 2025 results, underpinned by stable cash generation and robust demand for natural gas. The company declared a quarterly dividend of $0.2925 per share, up 2% year-over-year, payable May 15 to shareholders of record as of April 30.
Net income attributable to KMI stood at $717 million, down slightly from $746 million a year ago. However, adjusted net income grew 1% to $766 million, and adjusted EBITDA reached $2.16 billion. Cash flow from operations totaled $1.2 billion, with $396 million in free cash flow after capex. The Net Debt-to-Adjusted EBITDA ratio ended at 4.1x.
Operationally, strength in the Natural Gas Pipelines, CO₂, and Terminals segments offset temporary weakness in Products Pipelines due to a scheduled turnaround. Notably, gas transport volumes rose 3% year-over-year, with LNG terminal and power plant deliveries driving growth.
The company completed its $640 million acquisition of Outrigger Energy II’s North Dakota gas infrastructure and added $900 million in new capital projects, growing the project backlog to $8.8 billion. Key additions include the $431 million Bridge expansion, $3.4 billion SSE4 expansion, $1.6 billion Trident Pipeline, and $1.7 billion MSX initiative.
Kinder Morgan reaffirmed full-year guidance, projecting $2.8 billion in net income (+8%), $1.27 adjusted EPS (+10%), and $8.3 billion in adjusted EBITDA (+4%). The outlook excludes upside from the Outrigger acquisition.
On the leadership front, President Tom Martin will retire in January 2026, with Dax Sanders slated to succeed him. The company also brought online its Autumn Hills RNG plant, raising RNG capacity to 6.9 Bcf annually, and expanded its renewable fuel infrastructure in Louisiana.
