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Phillips 66 and Kinder Morgan Finalize Joint Venture for Western Gateway Pipeline
Phillips 66 (PSX), Kinder Morgan (KMI) and HF Sinclair Corporation (DINO) announced they have finalized a joint venture agreement and made a final investment decision to move forward with the proposed Western Gateway Pipeline system. Under the joint venture, Phillips 66, Kinder Morgan and HF Sinclair will own 49.9%, 35.1% and 15% of the system, respectively. "The final investment decision reflects the strength of this industry partnership. By combining the capabilities of Phillips 66, Kinder Morgan and HF Sinclair, Western Gateway is expected to strengthen fuel supply reliability and deliver a more cost-effective, resilient path for growing markets across the West," said Phillips 66 Chairman and CEO Mark Lashier. "This project will connect our Central Corridor and Gulf Coast refining assets to our West Coast and Southwest Marketing assets and demonstrates the value of our integrated business model and the opportunities it creates."
KMI Budgets Net Income of $3.1 Billion for 2026
For 2026, KMI budgeted net income attributable to KMI of $3.1 billion, Adjusted EPS of $1.36, declared dividends of $1.19 per share, Adjusted EBITDA of $8.6 billion, and year-end Net Debt-to-Adjusted EBITDA of 3.8 times. Based on results through the second quarter, KMI currently expects to be more than 5% favorable to budget on an Adjusted EBITDA basis and more than 12% favorable to budget on Adjusted EPS for the year. The company also expects to end the year with an improved Net Debt-to-Adjusted EBITDA of 3.6 times.
Kinder Morgan Declares Q1 Cash Dividend of $0.2975
Kinder Morgan's board of directors approved a cash dividend of 29.75c per share for the first quarter, payable on May 15, 2026, to stockholders of record as of the close of business on May 4, 2026. This dividend is a 2% increase over the first quarter of 2025.
KMI Budgets Net Income of $3.1 Billion for 2026
For 2026, KMI budgeted net income attributable to KMI of $3.1 billion, flat to the previous year. KMI's 2026 budgeted adjusted net income attributable to KMI, which excludes Certain Items, is 5% higher than 2025, and Adjusted EPS is $1.36, also up 5% from 2025. KMI expects to declare dividends of $1.19 per share for 2026, a 2% increase from the dividends declared for 2025. The company also budgeted 2026 Adjusted EBITDA of $8.6 billion, up 2% versus 2025, and to end 2026 with a Net Debt-to-Adjusted EBITDA ratio of 3.8 times. While it is still early in the year, KMI is trending more than 3% favorable to budget on an Adjusted EBITDA basis due to outperformance during the sustained colder-than-normal weather in the first quarter.
Q1 Revenue Reaches $4.83B, Exceeds Expectations
Reports Q1 revenue $4.83B, consensus $4.55B. "The geopolitical landscape became even more turbulent this quarter, with conflict in the Middle East joining the ongoing war in Ukraine as a source of significant commodity price volatility," said Executive Chairman Richard D. Kinder. "As a fee-based midstream energy company with highly creditworthy shippers, we are largely insulated from that volatility. Longer-term, these global conflicts highlight the benefits of securing liquified natural gas supplies from the United States, driving incremental demand for the services we provide those shippers. And apart from geopolitics, projections for domestic natural gas demand growth, particularly in the power sector, continue to be robust."
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