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Kinder Morgan Inc Class P KMI

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Morningstar’s Analysis

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Kinder Morgan’s 2022 Guidance Looks Solid

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Kinder’s 2022 guidance looks solid with consistent growth, excluding winter storm Uri impacts, in our view. The guidance is largely consistent with our own forecasts, and we don’t expect to make material changes to our fair value estimate or narrow moat rating. Adjusted EBITDA is expected to be $7.2 billion, up 5% from 2021 excluding Uri. The main drivers of the improved performance are a full year of Stagecoach earnings, project completions in the fourth quarter of 2021, and a healthy oil and gas price environment. With growth capital spending targeted at $1.3 billion, there’s ample scope for deleveraging and buybacks. Leverage is expected to reach 4.3 times by the end of the year, and incremental share buybacks of up to $750 million could be made on an opportunistic basis. 

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Company Profile

Business Description

Kinder Morgan is one of the largest midstream energy firms in North America with 70,000 miles of U.S. natural gas pipelines and nearly 10,000 miles of oil and refined products pipelines. The company is active in the transportation, storage, and processing of natural gas, crude oil, refined products, natural gas liquids, and carbon dioxide. The majority of Kinder Morgan's cash flows stem from fee-based contracts for handling, moving, and storing fossil fuel products.

1001 Louisiana Street, Suite 1000
Houston, TX, 77002
T +1 713 369-9000
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 10,524