Kinder Morgan is one of the largest energy infrastructure companies in North America, owning and operating roughly 67,000 miles of natural gas pipelines and storage facilities across the U.S. The company transports over 40% of U.S. natural gas consumption, including more than 40% of LNG feed gas demand and roughly 50% of gas exported to Mexico. Customers — utilities, LNG exporters, power generators, and industrial users — pay Kinder Morgan to reserve and use capacity on its pipelines and storage facilities. The business model is heavily fee-based: roughly two-thirds of EBITDA comes from take-or-pay contracts, where customers pay a fixed fee regardless of actual usage. Natural gas pipelines account for roughly two-thirds of EBITDA, with key assets including Tennessee Gas Pipeline, Southern Natural Gas, El Paso Natural Gas, and extensive Texas intrastate pipelines. The remaining EBITDA comes from refined products pipelines (~13%), liquids and bulk terminals (~13%), and a CO2/enhanced oil recovery segment (~7%). Kinder Morgan's growth strategy centers on expanding its natural gas infrastructure to serve rising LNG export and power generation demand. The company's Board-approved project backlog stood at $10B at year-end 2025, with major projects including Mississippi Crossing, South System Expansion 4, and Trident. Kinder Morgan targets roughly $3B per year in growth CapEx, funded from internally generated cash flow.