Kinder Morgan (KMI) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 19, 2023 4:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to the Quarterly Earnings Conference Call. Today's call is being recorded. If you have any objections, you may disconnect at this time. All participants are in a listen-only mode until the question-and-answer session of today's call. [Operator Instructions]

I would now like to turn the call over to Mr. Rich Kinder, Executive Chairman of Kinder Morgan. You may begin.

Rich Kinder

Thank you, Jordan. Before we begin, I'd like to remind you as we always do that KMI's earnings release today and this call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities and Exchange Act of 1934, as well as certain non-GAAP financial measures. Before making any investment decisions, we strongly encourage you to read our full disclosures on forward-looking statements and use of non-GAAP financial measures set forth at the end of our earnings release as well as review our latest filings with the SEC for important material assumptions. Expectations and risk factors that may cause actual results to differ materially from those anticipated and described in such forward-looking statements.

About the most important thing a Board of Directors does is to structure and implement orderly succession planning and I'm proud of the job we've done at Kinder Morgan. In our 26-year history, we've only had two CEOs and we'll welcome our third on August 1st. This will be Steve Kean’s last investment call as CEO and I want to thank him for all his dedication and hard work in that position for the last eight years. And for his service to the company over the past two decades. He's been a fine leader of the organization with the ability to understand the big picture and still pay attention to the details and I can assure you that's a unique combination. We're happy that Steve will stay on our Board and I'm sure he will continue to contribute to our success in that role.

As all of you know, Kim Dang, our current President, will succeed Steve and Tom Martin, the long-term President of our Natural Gas segment will replace Kim as President. Kim, Tom and I will constitute the office of the Chair. We announced all this back in January and the transition has proceeded very smoothly. Kim joined Kinder Morgan in 2001 and Tom in 2003. So they both have long experience with the company and in the midstream energy business. They've both been outstanding contributors to our success and I know they will be great leaders of the company in the coming months and years.