Kinder Morgan Targets $1.4B in New Gas Projects Amid LNG Demand Growth
Kinder Morgan, a leading energy infrastructure company, is poised for growth in its natural gas business. The company's CEO, Kim Dang, expects natural gas to remain its primary growth engine, driven by increasing demand tied to liquefied natural gas exports and power generation.
The company has set a target of $1.4 billion in new gas projects by year-end, which would help restore its project backlog to over $10 billion. The current backlog stands at approximately $9.6 billion, down from about $10.1 billion at the end of the first quarter as projects entered service.
The demand outlook for natural gas is strong, with Wood Mackenzie projecting a 40% increase in U.S. demand by 2035. This growth is largely driven by LNG exports and power generation. Kinder Morgan operates 80,000 miles of pipeline and serves 40% of U.S. natural gas demand.