On its third-quarter 2026 earnings call, held on Oct. 21, 2026, Kinder Morgan (NYSE:KMI) announced it had added $5.4 billion in new infrastructure projects to expand its natural gas network. The expansion pushes the company's backlog (its portfolio of approved future construction projects) to an all-time high of $14.4 billion. That long-term visibility provides investors with predictable cash flow growth, backed by 20-year customer commitments. Three key takeaways from management's presentation stand out for long-term investors. Management expanded its project pipeline by sanctioning two major joint ventures for natural gas transport. Demand for power generation drives these investments, and they carry an attractive project multiple of 5.7 times. That's a favorable return profile for long-term capital. The newly sanctioned projects rely on 20-year take-or-pay contracts (agreements requiring customers to pay whether or not they use capacity). These long-term commitments from investment-grade utilities and a high-credit technology customer extend visible growth well beyond 2025. It's a structure that protects project returns against volume drops.
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