Kinder Morgan (KMI) 22 Jan 252024 Q4 Earnings call transcript

Company Profile

Participants

Richard Kinder	executive
Kimberly Dang	executive
Thomas Martin	executive
David Michels	executive
Manav Gupta	analyst
Michael Blum	analyst
Sital Mody	executive
Keith Stanley	analyst
Jean Ann Salisbury	analyst
Spiro Dounis	analyst
Zackery Van Everen	analyst
John Mackay	analyst
Gabriel Moreen	analyst
Jeremy Tonet	analyst

Call transcript

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Operator

Good afternoon, and thank you for standing by, and welcome to the quarterly earnings conference call. [Operator Instructions]. Today's conference is being recorded.

If you have any objections, you may disconnect at this time. It is now my pleasure to turn the call over to Mr. Rich Kinder, Executive Chairman of Kinder Morgan. begin. may you Sir,

Richard Kinder

meaning And Exchange to begin, earnings remind call as and financial within and Michelle. Reform non-GAAP Securities do, of certain of Act release we XXXX I'd this XXXX the statements forward-looking like you Securities include the before you, Private as Litigation and we the always today of Act Thank measures. that well KMI's as

and the space statements release full and emphasis decisions, the investment which strongly Golden Basin, Southern you expansion major disclosure projects, of Mississippi we and us natural drivers excess increased the Pass line, projects the out measures and on energy opportunities capital in GCX not gas. our of actual in crossing are Southeast off will forth system, day kick expansion our of almost on our earnings midstream these forward-looking These obvious I together, of expectations the we're system natural across long-term for storage assumptions, with creating results demand. various the latest in our of on we region, targets LNG reasons, thought forward-looking for statements. I significantly as of serve growth that today, new have calls this about for announced you disclosing the to FID know are such months, Before gas customers, may all for beginning Southeast these SSX overview have supported line, are the of new returns which calendar making year, gas response net other any which our new without the to I facility. expansion in special especially of to future while enormous demand IRR will Morgan's our natural set with use these to we Kinder Bcf SEC Texas natural drivers I the to above demand America would the of in Gulf and SSI side. And of encourage with a would and these little Coast billion, the we'll In capital. serve our contracts of in it to few specific financial last transport differ those including growing regions. At as and and non-GAAP demand appropriate end the with important read be the a And X our have point system not review All specific X gas announced pipeline realize the our might of Triton the be new more projects, projects, cause approved over described those filings developments entail Southeast opportunities. at that materially Permian our entirely $X will material Board cost and present out capacity expenditures by on well and usually risk for earnings creditworthy an from factors anticipated

transaction, to opportunities business our Bakken. projects, expand sizable our as addition the other which we in exemplified announced grow seeing position In to recently these by our Outrigger are will

natural and in our for midstream to it will decades that believe EBITDA exciting this business. my seen the over drive is most in this time I'll as be they in gas I've market fact, to long come. With EPS that, that years growth to come turn In in the investments Kim. online We

Kimberly Dang

to for We grew EPS, our set And billion of commercial future financial good leverage performance. in year add very company that and expansion will just announced we contracts we terms our up day the the Trident projects previously metrics. we future. a was the XXXX new $X.X Rich. Thanks, we're we announced million and underpin we success, improved $X.X Rich EBITDA securing feet Okay. as by project, for billion X.X upsize contracts XXX cubic Today, day. MSX also with and project to successfully Bcf announced a our secured said, a in proceeding to growth today that

For the comprised and backlog, $X.X projects billion to is added quarter, the we primarily which MSX. Trident expansion in of

growing backlog many year, For billion come. the from $X to projects to pay billion will placed the today. at projects $X.X These in to the last have billion end the and billion -- at for benefits years in $X.X beginning projects service we of the $X.X of year added backlog

CapEx As backlog, up a the $X of years to billion now year expect approximately result per of for to from expansion per the year. in estimate several prior approximately the we our projects next billion spend $X.X added

a million. purchase the During the is the counterparties. assets in into our but The backed by is the agreed system price is processing Bakken basis, to quarter, On the multiple gathering we multiple and GAAP natural creditworthy $XXX existing Bakken also XXXX, translates long-term in Xx. on Xx receive contracts to a purchase an system we gas based approximately complementary for cash which from

In addition, to to the future, in that the for we would spend otherwise acquisition customers. expand have we had CapEx reduce expect to our

natural see and gas Mexico, growth. continue the to growth to LNG, industrial opportunities power future, between exports to look we in As additional we

for natural Our of in internal XXXX. business overall day gas a is roughly XX now between the growth and number growth Bcf

the nice it more LNG year Desert are serve serve the and the to and of of XXXX. And business details growth in approximately further this Southeast. to demand forward of capitalizing brought the additional numerous on turn performance. positioned XX% Texas give the the growth. region export Tom a opportunities and to XXXX opportunities exports and successful you currently Mexico on assets and that, XX% of Southwest, growth, well to to we're with I'll demand, the XX% in was that Our combined looking power over

Thomas Martin

of unit, gathering Haynesville, partially gas down volumes in Eagle quarter-over-quarter. Bakken the to volumes 'XX, of business compared volumes transport volumes. the quarter gas by were natural XXXX. essentially fourth Natural the the were the in flat Sequentially with quarter volumes, X% driven Ford were Starting lower higher Kim. quarter by gathering unchanged Thanks, quarter offset fourth in versus

year, XXXX. gathering volumes the below XXXX over averaged X% X% our For plan, our

growth increase temporary be XXXX. volumes in for We X% versus in due a LNG in XXXX higher the meet XXXX to view that in have necessary second volumes the gathering pullback as half gathering budgeted actuals. volumes expected slight production lower We prices this to of demand from will given

Looking in our in transportation segment, our pipeline expand were X%, crude our and the network to natural forward, see gas of to across gas of were compared market. In and pipeline incremental opportunities fourth products project quarter volumes growing we down storage natural capabilities XXXX. the refined products the continue to quarter volumes X% support significant up condensate and

the but For plan, X% full below refined our XXXX. year, products were down over volumes X%,

remains Morgan's Morgan's and refined the York barrels the in for in budgeted blending increase capacity per is products key of the locational constructive high petroleum segment, utilization XX%. area. In margins Harbor. day and remain and Ship Kinder have our facility value and rates the refined processing hubs capability at footprint our and They lease softened. at our business Terminals at Though extend in strategic existing volumes versus actuals. Houston X% in years X have XXX,XXX Kinder rates a 'XX We The ship unilateral for 'XX right facility for XXXX, their America value December to products of extension at processing of condensate channel. In all at our in Channel the recognition at supportive our contract North capacity exercises BP liquids Houston strong New of

through leased Act XXXX, through tanker today assuming XX% Jones Our fleet fully XX% options exercised. XXXX, are leased likely is leased

COX We amendments the to segment length have higher market experienced versus X at the fourth firm lower production volumes in quarter quarter volumes X% the contract and X% significant a fleet opportunistically the lower years. percentage The chartered and of XXXX. X% oil rates extended NGL volumes, average of COX lower

For the Michels. volumes of over David budget. With I'll full turn versus but were year, it X% to that, down our within XXXX X% oil

David Michels

All right. Thanks, Tom.

annualized share, XXXX. up $X.XX the a of and quarter, for from per X% declaring So $X.XXXX is per we're which share dividend

And or the the in generated EPS quarter the projects up contributions XXXX, which of of we gas XXXX. Texas year, attributable quarter during the that well as midstream of -- fourth KMI During main our net end acquired placed as This up XX% our the terminals $XXX year-over-year quarter, from $X.XX are XX% drivers items respectively. contributions of growth on our adjusted acquired XX% from net being certain an we income We natural up of net generated with income $X.XX. Those Texas intrastate South assets, from million which greater businesses last we $XXX service. our natural fourth products of year. excludes to from from natural contributions gas generated basis, last driven X million EPS and at gas items, from system from income XX% growth and by and were was greater adjusted

For we and up EPS the last was was year. adjusted which full year, of XX% last our year, over X% $X.XX, up from generated EPS

our last the growth production budget, But prices those driven experienced XXXX. XXXX, X bit finished we from plants. we by than quarters, from headwinds, for mainly budgeted messaged little lower we've had RNG what despite and our lower nice As a commodity below we still

range the EBITDA of We Moving right debt $XX.X ratio, X.Xx middle net to net year ended sheet. and a balance our to X.Xx billion is adjusted X.Xx. leverage of to of the in target with our debt which

and Our net million of ventures. dividends. the flow contributions other $XXX billion for the billion beginning uses, We that net had and in gets reconciliation of of debt we decrease our capital $XXX decreased sustaining $X.X that from then spent pretty to joint generated the high-level to about of change, of XXXX. close you year. billion from growth million operations. $X.X a we here's that's in million $XXX and debt spent our And And We $X.X cash

we good we December, as expect previewed XXXX, year growth. in of For another

from growth and net XX%. XXXX, expect X% of income of adjusted X% growth growth EBITDA EPS We of

expect also see further, the We ending our X.Xx. at sheet to improve year balance

release, more said that that in December. materials we February X we budget the on detail provided the provide behind and press publishing we'll be summary our budget As in will

immediately X.Xx that taking not to leverage the Our first include it recently -- to which our expect at transaction. With to budget close we year-end be account Outrigger in we turn I'll the expect into announced Kim. and back accretive to remain acquisition, we and after even that, that will expect acquisition does quarter,

Kimberly Dang

come I and you'll X have in you line. if then And can questions. please back get And questions, X if further will follow-up. on. everyone ask question Michelle, take

Operator

[Operator Instructions].

Our first Barclay. caller is Theresa Chen with

Unknown Analyst

When of GMP COX at comparing the multiple the the and compelling. we of pretty the X.Xx including backlog implied backlog, it's today, last look update

considerations gas moat competitive maintain and how Crossing about have talk you Trident like can projects, economic and moat Missispic So for financial for a have projects that multiples the you returns of and you infrastructure can growth future types you and development. projects the these natural that under

Kimberly Dang

criteria we And say, about our think we me way the let at these there's just no projects. look been in and Sure. the and return way change

As the a in you know, return little moves our around returns, required the risk bit inherent depending flows. on cash required

risk returns make overall have is backlog do different multiple we for so And the different the than Xx. of projects that that less up

MSX, that And are for competitive. know, these as competing we were project. think that projects I on you we --

new out returns does and have time on having us also have successful we this projects on and that we go build that to infrastructure were other and these our over in new ability consistent we projects a we manner business. people with is to Trident operator timely get We the think an as project to competed that the help do having have, try I But achieved projects. the with the to be attempting bring return these that as that reputation

Unknown Analyst

converted service, to the flows outlook bit behind strategic HH related Altice for once on and to for you downstream if NGL a And on Y-grade example. Understood. expand this the synergies can acquisition, rationale eventually to

Kimberly Dang

Yes.

me comments a on of that. couple make Let

So there existing fit assets are these well -- systems. with our in

based quantifying on producers' commercial in a that. just synergies. to potential there at can position those schedule. capital synergies So a this those exactly on think in acquisition. point are we're drilling And time, and different including are this not factors, move with good that our we're and of synergies But number the some because what synergies of At hopefully, I least get around will existing we deliver those significant assets

will downstream that of think we synergies, come in to a potential there some that downstream I There's downstream contracts synergies. and place, synergies, in but In time. have with for immediate nothing may existing think respect are terms later I

Operator

Gupta caller next UBS. Our Manav is with

Manav Gupta

Quick observation.

XX%. than growth favorable moves you adjusted of looking the I'm macro I And December X, growth it's year help think push or just understand factors CapEx progresses, XXXX? you could up. an your you of X% EPS some even EPS today, on you already when and the trends number higher this And which can hoping announced were for help us XX% in as

Kimberly Dang

Sure.

one what we I some have sensitivity to think currently, than budgeted. bit commodity prices. commodity So higher are a prices we that And little

Now have there's we then some crude, there's rent natural gas, and sensitivity.

we've the some all got first last a you on We've the those on little together, on upside so downside upside today, when X. bit picture. commodity net of And the there's one. But overall got

Now commodity in it's and prices early the year move. can

to is I point. And David the not in The his the as think don't said this that bank Outrigger so at can comments, you take budget. in acquisition,

that for tankers largely some and we've positive with so right will where that on be line current our market the expense, be now, the a a Jones think think, potential, I got the budget. There's budgeted And rates there's in to Act we are I upside interest is. that's versus -- accretive going

the So mean, there G&P as weather. deplete inventory over result -- a I continue high, time, we I the could some stay think upside in volumes winter to of if storage you see if prices that's and on

winter parts better bit did different it's I in weather. what a we than moving of little budget. we winter a in weather our to budgeted year. There's with think lot the early probably But the respect again,

the changing we but I'd to at start just so sticking point And guidance. are say, is budget, in We're a this nice time, to not it our our year.

Manav Gupta

administration, like in which yesterday. quick how announced the this are we understand, $XXX trying really this pushing follow-up And as trend for X keeps new of into X, we trend and a data positive investment power looks to just it My could very rising demand come that? of with AI is, the the is years this have on here centers these for goals billion fits Perfect. continue I'm still macro execution, Kinder in X, and X stages where terms early like to

Kimberly Dang

Yes.

I power in there. needed we to trends the early are be think data the and center going that's

And given to their the development, the so the well. see encouragement American Energy I think this that has desire data do administration center on that

a day. demand in terms for we that are nice though, And trend natural about plays I going XXXX. a as opening my think part at numbers, X between Bcf lot have Bcf those day we gas up a power Bcf grow all and is Bcf numbers power are I And a think think in comments, day demand a only numbers XX into long-term there power now X demand. of natural demand I've said of that day. seen is of gas the than much to in a I by XX that demand. higher

of And above so are I is think upside potential there Bcf we for XX the growth projecting. the that

Operator

with Our next caller Blum Michael is Wells Fargo.

Michael Blum

a going it So does the infrastructure to seems staying announcement, Texas, it's recent It be campus like in Abilene, not... Trump's President which -- I'm there? data involved large if projects of maybe on one center

Kimberly Dang

on. hear you, hang I can

Michael Blum

Great. Okay.

Sorry about that.

me hear you okay? So

Kimberly Dang

Yes.

in Soft Texas.

Michael Blum

data center announcement center in large Texas. Okay. includes AI data Trump's a Abilene,

I close to wondering if think I'm which an you there there's And -- for your of -- do you availability you? is if So have some pretty to address it? opportunity pipelines.

Sital Mody

this is Michael, good announcement. One, a So it's Sital.

it's intrastate area. Our around footprint, NGPL the all footprint, in our

going are again, the I that to once folks of there's think lot an it's But opportunity. a opportunity. chasing be

in So I some think to of well positioned partake we're that growth.

Michael Blum

on of just and then how like Morgan also project? potential ask Texas to a that's the Great. tell Louisiana, us progressing I open the that Header you Okay. project. scope And Can about wanted season Kinder

Sital Mody

Absolutely.

we segment is of open part strategy there multiple from overall commitments binding is the needed one, lot interconnectivity to of part here and that gas season I directions. do of all the build have with So a closed, think the coming

for so kind us I extending possibility this leg of the establish Louisiana think And is into platform prospective with corridor. good a that of that to initial the

this first position this you when to future about think will and here think for contracted I growth. us and well is go, that so it, And ready phase

Kimberly Dang

we existing And we economics that time. let that from project we potential, but then the header project there at expansion on me would get approved future it's terms another that. that have the that just further in would that, future Trident get of -- in be is And

Sital Mody

Yes.

expansion clarify, It's of connect a Trident. it to is corridor the to the pipes line. just the something that KMLP So Tritan one be will itself, the and is potentially it from into leg down can Louisiana

Kimberly Dang

future. Right. But in the

Sital Mody

sense? right. make That's future. the In that Michael, does

Michael Blum

Yes. Thank you.

Operator

latus Dingmann is . call next Neal Our Securities.

Unknown Analyst

Jack specifically? regards exports Neal. is on your in This Wilson Can at to least LNG for you to speak positioning

Kimberly Dang

Yes. Sure. serve market. of XX% that We about

that. It's under XX%. just it's So

LNG that that about position a over contracts got day. Not is online think that grow total our will the I for that's Bcf we've all time. into is XX.X but of place in exports we today,

and that And the the to for the a supply. facilities get some contract then just there. make to upstream lot times, molecules for get more less it's to I a than and connect the them see further more in and opportunities. lot future day on of addition, capture be XX day capacity sure systems header opportunity they back little they that's a XX as are can said facilities. And growth that is of of between LNG that range then or opportunities set trying XXXX so than to those priced a sometimes of looking today. Bcf to we'll included -- of therefore, there's looking think And Bcf are the times, we we insurance before, go of and export now capacity the of And capacity in a competitively in then the to some directly for back the to is is facility the customers those initial some focused XX

to initial lead times, projects So a projects. of lot future those

So the side. opportunity there's LNG a of lot export on

Operator

Our caller is next with Stanley Keith Research. Wolfe

Keith Stanley

did First this about acquisitions at you How point. acquisition an curious, thinking question, ago. a incremental of weeks you're just just couple

So investment the increased opportunities. on have one greatly organic hand, you

So make improved deals probably accretive you also much probably some it's at point. capacity. currency want excess and have a to But you pretty easy this financial

are and about So just thinking M&A? factors how you balancing those

Kimberly Dang

Yes.

So we M&A on basis. a opportunistic very think about

hard they're or predict it. skilled and And to it's can't we for poor, so that. budget

Our of acquisitions criteria hasn't changed. terms in

the still it's So same.

So then and fruition. just we it each we're evaluate the not to modifying one as comes criteria,

all to of generated So right now, we with internally fund are contracts fully our cash. able

We have issue acquisition, If it equity, have to sense. some we opposed no need make but issue would to saw huge not big, equity. to economic

view so to just the And that opportunity the came of we have deal would it overall in context before when us.

Keith Stanley

one, Second wanted just quarter. on up the to follow

million R&G QX $XXX EBITDA there commodities, factors? headwinds. particular? in the else about the those and for So the flag anything you initial quarter -- some was and quarterly you'd talked of budget about the Or below is volumes main are Is

David Michels

some The there -- relative were the of commodity RINs of part had of were next sales the year in had what RNG expected. year then a And produced the headwind the the had of quarter we was pushed in We we the because was we into down liquidity market. it. some out to that -- lack

contributed hit the you But that to ones. So it. also main

Operator

with America. caller Our Bank is Jean Ann next Salisbury of

Jean Ann Salisbury

been might projects lower mostly be really power CapEx, being future to announced multiples year so CapEx yet. more the to typical over or laterals absolute Most call like what see SNG, projects better of the shift any Morgan type diameter, data shift the but you're forward, in Kinder MSX, centers. you end-user not From do to or like has large here big projects, ready that Trident. of which GCX, has past plants

Kimberly Dang

hard to That's -- it's call.

to on going opportunities fronts. we're think I have both

because types singles a more power the a and opportunities to of lot largely And more you've I that to that's of connecting customers. do projects lot a just harder things. that larger to lot probably in different and think those to come have come of It's the got come plants, potential what and and to together the do. doubles, because bring looking evaluating the on those, harder to I call we complicated put said, just again, large-scale competition It's shots do make being to to of some call at. those, face have a just we're you factors that that fruition. opportunities lot to got your you've have together But the possible.

smaller lot to Jean of just doubles. and So the it We to But just than have are Ann. be part in we'll this going continue It's of a could infrequent singles of just -- more year. that number I a very one -- fortunate combination things, a we be that larger it's [indiscernible]. we think year do a to opportunities, ones were got them going

Jean Ann Salisbury

as to about basin think talk you've And makes back. follow-up, volumes a cadence most and you in coming and you higher Haynesville far you're That prices for saying then that have Great. thought, kind falling seen come how today's I count more that can back? Yes. forecasting sense. rig the some strip of producers of need than would them is

Sital Mody

Jean, is this Stifel. Yes.

on, the seeing kind are activity currently in So as I we think Haynesville. in lot we're a of if hope a sustained, pick I expectation of last it as little see did in Haynesville. of what you'll year, end pullback of more price back result And this demand see activity the think is, seeing LNG light we in the a Haynesville of the coming any we the of environment. is and price up the

Operator

caller is Spiro Dounis next Our Citi. from

Spiro Dounis

to to again. backlog want go back project just I the

we Now annually. $X.X of in it if we've $XX Kim, mentioned billion, you about in. I a XXXX, you track $X.X all that at the sort And largest here. guess a And while through year to billion seen gets billion

and this of kind curious, Jan you that in projects did visibility data over maybe this sounds of you to at way last same demand the year. being also is added in of getting mention unsanctioned about what stages repeat. time, year. FIDs 'XX. early the to coming at LNG billion hard It center here, in $X And But through some potentially your that, sort of the new that just on the least So backlog from was think right context,

just that about a we predict, you again, do to see thinking [indiscernible]. when So do it's know like we I but as year hard think

Kimberly Dang

been spectacular year what backlog year. I say Well, has big pretty and really is hope in projects. X additions terms next this of would But a I

So day, again, and gas, large a in again now growth natural Bcf outlined be between have of we there's amount to a and growth it's XX That's demand lot -- but across all Southern we've States Texas a to assets, good happening United the the Southeast Southwest. out that's across really desert where in got that's or or that's whether going going of a going the XXXX. in of just position

think $X.X And our on give that filled tried we've to year things think there that time, I few so believe. terms I in to a And grow but you in what's million happen. the we is expectations opportunity to per for over there. But -- of I going

so we happen to to continue be I placing that's backlog. that we projects But is we're add expect also think what going service. would to to this And in

add And time. tell much exactly so can not sure how we you how over to

Spiro Dounis

That's Understood. Yes. helpful. Okay.

occurred that Obviously, weather of weather quarter. the some far have along LA had the guys about that also I assets you so got kind thinking just know We've in quickly, U.S. the Gulf out Coast. just here events we region. question, Second and in have first some cold fires,

events curious in either just operations of of has quarter? the much kind first impacted how so those So far

Kimberly Dang

Yes.

right then X we but down will up. California, volumes went to had able but our and weather, days In off, we were job. mantations I back our terms for And mean done in cold those have go I something out on a on. guys no the they I make pipes, think would assets. of largely fantastic mean, operations some impact get on We on be it

able weather. the fires from So or [ operate really terms no impact from being in cold to ] of

Operator

TPH. Our is with caller Van next Zack Everen

Zackery Van Everen

you first the Maybe just color of the be any more that Can a have? it contracted? type contracting great. pipeline high on maybe Or Bakken touch what there acquisition. X MVC, is level, mostly would on the plant Is

Sital Mody

Yes, sure.

some obligations I Stifel. contracts overall fits think backed is of firm the kind strategy. this the NBC asset there. kind are Most well with of One, integrated of our in So

footprint, river As us of that we We've the kind area. north of with is familiar river. about always for think that things does the the this one of gives been south asset it us processing of the you're

And opens move so we leverage think it I flexibility we forward. that some as up can potential

Zackery Van Everen

today, shippers. And you. announcing anchor Trident. about the you LNG just industrial on high-level maybe them then touch out LNG? Or contracts? some Could Is I know on it, and demand. and is X Golden Pass Got came know there it as of demand I of of one makes demand press know just That the being well? release sense. you mostly shortly power maybe makeup kind in seeing that after industrial the talking the also

Sital Mody

behind will ability even through X.X from large all -- in I contracts could -- So can't demand that we've the power some got some pipe I tell expand we time with way up we've I the large customers think power continue the guided we've any that at potentially the Since but the spoken, Bcf on behind capital-efficient we industrials the to end-use get now the of you X.X expansion. to some last the say this. won't we names, the work and to

Operator

Our caller with Mackay Goldman Sachs. John next is

John Mackay

want guess, frame speaking, a First would from that I billion you Spiro's cash? you year. I that on number do Just you spend dividend? can go a one, Is Can move a you setting Is think, just question. question back how up, to I the to, ceiling much on on year think $X.X is kind can touching of for Is that helpful. a up generally us free higher? a a be that think leverage that? how that And about that

Kimberly Dang

Sure.

very we X allocated going years. on at based all going that I next generally is to and billion years, in the $X.X the you projects could we -- mean mean average what I it's think be going mean over not it looking other could and we perfectly billion we things I it's be $X And think we it So to be billion, have that are what years think to spend. where perfectly likely billion highly to the $X.X can yes. That year. year. $X.X it's is are X have several not $X per be each billion others where probably

be on depends and to of we're per in it our timing. project So out you year to time. We of generated internally can sense give can trying invest a fund over billion lumpy, terms opportunities capital cash. But the that of we $X.X what see

balance need find the at we've shape frame, expect X.Xx. that concerns year of for capital and time more some it it's in sheet end Xx no the can our lumpy So [ ] at during than little 'XX at external We we a good that. bit got if that. is in that and in

so balance that And and those the sheet absorb can once we'll lumpiness out come that. on, grow of on projects we

pointed what's years made to because have look billion. X have And backlog noted if think increases to then, significant projects the we take beyond I number in have [indiscernible] XX%. billion, we you of $X.X the to up at that, update and we if I as of number So backlog as think time. But new the add $X.X earlier, you growth estimate some the And we you over will additional -- out continue some that backlog that someone it. get potential

assuming So based be of there we're is out fill able capital that we'll ]. opportunities bit on a to [ little that our

John Mackay

one big can on the on across I that for these there you more of some appreciate leverage added. of talked projects Is now there could a a going kind operating returns? system kind Maybe the of rest that a knock-on second be these you've lot just share Kinder the of footprint about anything rest We've adding you're to you think about that. Is me. the to effects gas. marquee lot moving kind of

Sital Mody

again. Stifel is This Sure.

you about put facilities. that centers data guys for us power with establish coming -- arteries of in think there's and kind capillaries opportunities we in leverage as to kind around across -- As of general, and to the in are these footprint just developments to our you these

expansion Ann projects. to of west that also the opportunities that that in see talked those an capital-efficient And the can areas some the strategic One other that There's and projects opportunities we applies looking across some we about for might of kind the things can type Southwest, of at primary was small secondary We're these be expand. of further out area large top the -- on opportunities. really where moving Jean expansions footprint.

Kimberly Dang

of point over that's that I'd pipeline to help Tennessee upside MSX. the And will on that. and more is our market the some that and flexibility us and potentially could give legs to the into ], great value thing time, are and like deliver give other will us come -- sharing the with BillConnect intrastate hopefully, ability And gas [ operating our Trident out Texas [indiscernible]. over time, of our going some customers X And then to customers. to well it

Richard Kinder

new an the needs system I think most the that is here that system. bridges message that deliver country the of team the have trying we unparalleled natural delivery of is gas to all part the

next several earnings whole in We have home over strategy that expansion EBITDA. lends and move we're the forward great think, of And all is extended have footprint we of growth system that's coming nice saying, what opportunities and real this I the expanded, years with to our we and of growth that drive really have. to itself off lots

Operator

Our next is caller Moreen Gabe Mizuho. with

Gabriel Moreen

I performed, that saying holding just is [indiscernible]. off Pete's share price to the how on making Days the themself, start future want in case and good for work serving Analyst has based think a Pete's by I the

permitting conservatism a want X conservative. Is intrastate and that? INS And [indiscernible] built the I interstate some had a to maybe that the marked regime years you've is your think in greenfield almost right-of-way first D.C. said, question new wish administration, anything in the something kind that of any for think discussions with of on being fitting can ask expedite with you question which sized project, list time? is single I on in permitting there into change there is So into that

Kimberly Dang

Yes.

So a build. X certificate years I mean is we Grenades, FERC go usually us generally interstate Horseshoes permitting difference to intrastate and Hand and get think don't X-ish X years, we in pipes about where take have And pipes years. the X to just years

of that came projects. line MSX between difference System and we with time schedules you sanction you when So or Trident that South the line that's see the sort X. in these time up see the these We

year, we we they done would say with administration. were what So late line that in thought the would last under prior get I

extent But in line it court. and that in of their to FERC really want the we format that speeds that to is we that get side that primary it's sure I earlier. can the potentially service the And we flip the so [indiscernible]. FERC get think FERC to make a to good [indiscernible] defend be Is permit we extent that time the going could is

skip to them want don't their shortcut processes. we or so of any And

faster this dependable out, So a can we get good sure want that permit hopefully, but they that do make under administration. to we FERC

Gabriel Moreen

know not-too-distant there'll And change nat kind guidance $X.XX It's what's know year this of the gas details more piece future. ask you've prices. in just higher last, bit I gas XX some that? to that it's one not a sensitivity big And I to the on could maybe your But in things. got the of I behind want be than know on

Kimberly Dang

the that sensitivity past. in we've the That's had

gathering So not it's because contract they to producers price anything on and some quantify that our with the pay, hard been can tariff up pay new, the prices. gas of side, can they the some It's the move down move Gabe.

what's that's this so year. -- And

way are it. We to trying able middle the the this been range, find And to were we quantify for of do right to investors. a and it we've year, in

no again, from So prior difference years.

Operator

with Tonet Jeremy JPMorgan.

Jeremy Tonet

to circle there. Just wanted look administration, new back, guess, new out I

of issues the has state-level the permitting in Kinder's Just impacted projects. expansions of wondering, looked type with forward before, those but moving calculus Northeast at

Just you're tracking wondering if anything.

would of the outlook. make maybe the clearly, do mean, side gas you look guess, might is process just I I you otherwise there, need I On on anything changed Northeast for would or kind of guess, but in the things that change, the permitting logistics more side kind your the differently. see federal that permitting that laws, at

Kimberly Dang

Yes. and see federal mean, can the stay it's changing to several the Northeast. get there. the it real problem not I the I don't in anything No, permits, we permits that permit

you're is fixed the say of RTO IPP. the if pass-through commercial it's operator thing other the demand I'd Northeast structure about not The charges commercial operator, allow structure an for does the with

on capacity. And for to so that harder the it it a basis IPPs for makes firm contract

those we any largest change. are have X seen and hurdles so the And not

Jeremy Tonet

I XXXX big time to dating might Express, go move production, construction at the led inflation it. background At on see cost be And the I running was time the myself everyone point steel issues. in that time, here. bit as think, some a in little But and I far at environment to basins think frame point. and pig a we and industry with back, in [indiscernible] as described supply is the as Understood of Rockies out was Got and it around and the push if the same same that inflationary there the unconventional boar now.

about, I risks you. you out you with going think Just And how E&Cs wondering can protect best forward? those think you see there guess, that

Just wondering, very you see thoughtful all in I'm sure your guys but latest thoughts. this, wanted are to

Kimberly Dang

Yes.

agreement in already We and purchased engaged by pipes, pipes. future. of compression X all not-too-distant the we but to some do have the on purchase will to think go in an deal, going are big on I we procurement on I'm others, so pipe the not pipe, already

to working mitigate risk. So think to we try are that hard we're -- I

Operator

am I showing this At questions. further no time,

Richard Kinder

evening. very Thank much. a pleasant Have you Great. all

Operator

Thank you. call. conference This concludes today's

disconnect and at ahead go time. this may You

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