Q: What is Kinder Morgan (KMI) Q4 2024 Earnings Call Transcript Summary?

The final result you summarize based on positive and negative content needs to be objective, neutral, and dialectical.

Here are the specific viewpoints from the earnings call:

Bullish Points:

1. Kinder Morgan announced the FID of four new major projects, entailing capital expenditures in excess of $5 billion and the capacity to transport over 5 Bcf a day of natural gas.

2. All new projects are supported by long-term contracts with creditworthy customers.

3. Kinder Morgan secured commercial contracts to underpin $6.3 billion in new expansion projects for future growth.

4. The company added $3.5 billion in expansion projects to the backlog for the quarter and $6.3 billion for the year, growing the backlog to $8.1 billion.

5. Kinder Morgan expects to spend approximately $2.5 billion per year in expansion capex for the next several years, up from the prior estimate of $2 billion per year.

6. The company agreed to purchase a natural gas gathering and processing system in the Bakken for $640 million, which is complementary to existing assets and backed by long-term contracts.

7. Kinder Morgan serves approximately 45% of the export LNG demand, 50% of the exports to Mexico, and 45% of the power demand in the combined region of the Desert Southwest, Texas, and the Southeast.

8. The company declared a dividend of $0.2875 per share, up 2% from 2023.

9. Kinder Morgan generated net income attributable to KMI of $667 million for the quarter, up 12% from the fourth quarter of 2023.

10. The company expects net income growth of 8%, EBITDA growth of 4%, and adjusted EPS growth of 10% for 2025.

Bearish Points:

1. Natural gas gathering volumes were down 7% in the quarter compared to the fourth quarter of 2023.

2. For the year, gathering volumes averaged 8% below the 2024 plan.

3. Refined products volumes were down 3% below the plan for the full year.

4. The CO2 segment experienced 3% lower oil production volumes, 4% lower NGL volumes, and 3% lower CO2 volumes in the quarter versus the fourth quarter of 2023.

5. Kinder Morgan finished 2024 a little bit below the budget, mainly driven by commodity prices lower than budgeted and lower production from RNG plants.

For more information about Kinder Morgan(KMI)'s earnings call, you can read the relevant news: Kinder Morgan (KMI) Q4 2024 Earnings Call Transcript