Kinder Morgan, Inc. is the largest natural gas pipeline operator in North America, moving approximately 40% of the continent’s natural gas consumption and production through a network spanning 79,000 miles of pipeline and 700 billion cubic feet (Bcf) of natural gas storage capacity. Headquartered in Houston, Texas, Kinder Morgan operates across the United States and Canada, with assets covering natural gas, refined products, crude oil, carbon dioxide (COâ‚‚), and terminals.
Kinder Morgan Company Overview
Founded in 1997 by Richard Kinder and William Morgan following a management buyout of Enron Liquids Pipeline, Kinder Morgan grew rapidly through acquisition to become one of North America’s most significant midstream infrastructure companies. It trades on the New York Stock Exchange under the ticker KMI and reported full-year 2024 revenues of approximately $7.8 billion.
The company operates through four primary business segments: Natural Gas Pipelines, Products Pipelines, Terminals, and COâ‚‚. Natural Gas Pipelines accounts for the majority of earnings before depreciation, depletion, and amortisation (EBDDA), reflecting Kinder Morgan’s core position in interstate gas transmission and storage.
Pipeline Network & Storage Assets
Kinder Morgan’s natural gas pipeline portfolio includes some of the most strategically positioned infrastructure in North America. Key systems include the Tennessee Gas Pipeline, one of the longest natural gas pipelines in the US at roughly 11,900 miles; the El Paso Natural Gas Pipeline, a major supplier to California and the Southwest; and the Southern Natural Gas Pipeline, serving the southeastern United States.
Natural gas storage capacity of approximately 700 Bcf is spread across multiple facilities, positioning Kinder Morgan as a critical buffer between supply and demand during seasonal peaks and supply disruptions. This storage infrastructure is detailed further in our 2026 outlook on underground gas storage as an energy insurance policy.
The Products Pipelines segment transports refined petroleum products — gasoline, diesel, jet fuel — across roughly 9,500 miles of pipeline, primarily in the western United States. Kinder Morgan is the largest independent transporter of refined products in North America by volume.
Terminal Operations
Kinder Morgan’s Terminals segment operates more than 140 terminals across North America, handling bulk commodities, petroleum products, and liquids. Key facilities include the Pasadena Terminal in Texas, one of the largest refined products terminals on the US Gulf Coast, and multiple Jones Act tanker operations serving the domestic marine market.
The terminals network handles approximately 55 million tonnes of dry bulk and liquids annually, spanning a range of commodities including petroleum coke, coal, fertilisers, and steel. For operators assessing North American storage and terminal infrastructure, Kinder Morgan’s footprint is covered in our global tank terminals guide.
COâ‚‚ Segment
Kinder Morgan is one of the largest transporters of carbon dioxide in the United States, operating approximately 1,500 miles of CO₂ pipeline primarily in the Permian Basin. The segment supplies CO₂ to oil producers for enhanced oil recovery (EOR) — a process that simultaneously extends the productive life of mature fields and stores CO₂ underground.
As carbon capture and storage (CCS) investment accelerates across North America, Kinder Morgan’s existing COâ‚‚ infrastructure and operational experience positions it as a potential participant in emerging industrial decarbonisation projects, though no major CCS contracts had been announced at the time of publication.
2026 Projects & Strategic Direction
Kinder Morgan’s 2026 capital programme is weighted towards natural gas infrastructure expansion, driven by rising demand from liquefied natural gas (LNG) export terminals and gas-fired power generation — particularly load growth from AI data centres across Texas and the southeastern US. The company has guided for approximately $2.3 billion in capital expenditure for 2025–2026, with the majority allocated to gas transmission expansions.
A significant 2026 development is the Western Gateway Pipeline project, a proposed new pipeline connecting Permian Basin production to Gulf Coast markets. Kinder Morgan and Phillips 66 announced a binding open season for the project, signalling shipper interest is sufficient to proceed with development — full details are covered in our article on the Phillips 66 and Kinder Morgan Western Gateway Pipeline announcement.
The company has also expanded its backlog of projects serving LNG export capacity additions. Gulf Coast LNG terminals rely on high-pressure gas transmission to feed liquefaction trains, and Kinder Morgan’s pipeline systems serve several of the largest export facilities currently operating or under construction.
Kinder Morgan in the North American Midstream Market
Kinder Morgan competes directly with Enterprise Products Partners, Williams Companies, and Energy Transfer across multiple segments of the North American midstream sector. Its scale in natural gas transmission and storage gives it a structural advantage in long-haul gas markets, while its refined products and terminals network provides revenue diversification.
The company’s fee-based, contracted revenue model — approximately 93% of 2024 revenues were take-or-pay or fee-based — provides earnings stability that distinguishes it from commodity-exposed producers. This model is broadly consistent with the approach taken by the top pipeline companies globally in 2026, where contracted throughput underpins investor confidence.
Kinder Morgan Company Snapshot
| Founded | 1997 |
|---|---|
| Headquarters | Houston, Texas, USA |
| Stock Ticker | KMI (NYSE) |
| Pipeline Network | ~79,000 miles |
| Natural Gas Storage | ~700 Bcf |
| Terminals | 140+ across North America |
| COâ‚‚ Pipeline | ~1,500 miles |
| 2024 Revenue | ~$7.8 billion |
| Employees | ~10,800 |
| Primary Segments | Natural Gas Pipelines, Products Pipelines, Terminals, COâ‚‚ |
What does Kinder Morgan do?
Kinder Morgan is a midstream energy infrastructure company operating approximately 79,000 miles of pipeline and over 140 terminals across North America. It transports and stores natural gas, refined petroleum products, crude oil, and carbon dioxide, and is the largest natural gas pipeline operator on the continent.
Where does Kinder Morgan operate?
Kinder Morgan operates primarily in the United States, with assets concentrated in Texas, the Gulf Coast, California, the Southeast, and the Rocky Mountain region. It also has pipeline and terminal operations in Canada.
How much natural gas storage capacity does Kinder Morgan have?
Kinder Morgan operates approximately 700 billion cubic feet (Bcf) of natural gas storage capacity across its pipeline systems, making it one of the largest natural gas storage operators in North America.
What is the Western Gateway Pipeline project?
The Western Gateway Pipeline is a proposed new pipeline project announced by Kinder Morgan and Phillips 66 following a binding open season. It is designed to transport natural gas and liquids from Permian Basin production areas to Gulf Coast markets, supporting growing LNG export demand.
Who are Kinder Morgan’s main competitors?
Kinder Morgan’s primary competitors in the North American midstream sector include Enterprise Products Partners, Williams Companies, and Energy Transfer — all of which operate large-scale natural gas and liquids pipeline systems across overlapping geographies.