Kinder Morgan, Inc. (NYSE:KMI) Q3 2023 Earnings Conference Call October 18, 2023 4:30 PM ET
Company Participants
Rich Kinder - Executive Chairman
Kim Dang - CEO
Tom Martin - President
David Michels - VP and CFO
Anthony Ashley - President, CO2 & Energy Transition Ventures
Sital Mody - President, Natural Gas Pipelines
Dax Sanders - President, Products Pipelines
Conference Call Participants
Jeremy Tonet - JPMorgan
Jean Ann Salisbury - Bernstein
Brian Reynolds - UBS
Tristan Richardson - Scotiabank
Neal Dingmann - Truist Securities
Keith Stanley - Wolfe Research
Gabe Moreen - Mizuho
Zack Van Everen - TPH & Company
Sunil Sibal - Seaport Global Securities
Operator
Good afternoon and thank you for standing by, and welcome to the Quarterly Earnings Conference Call. [Operator Instructions] Today's conference is being recorded. If you have any objections, you may disconnect at this time.
It is now my pleasure to turn the conference over to Mr. Rich Kinder, Executive Chairman of Kinder Morgan. Sir, you may begin.
Rich Kinder
Okay. Thank you, Michelle. And before we begin, I'd like to remind you as usual that KMI's earnings released 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.
My remarks at the beginning of our second quarter investor call, I talked about future demand for natural gas and why that makes us bullish about the future of KMI. The biggest portion of that growth in demand is attributable to LNG. So let me follow up on this call by reviewing the latest estimates regarding future U.S. feedgas demand to serve the country's LNG export facilities.
S&P Global Commodity Insights estimates LNG feedgas demand at 13.1 Bcf a day for 2023 and projects that it will grow to 24.7 Bcf a day in 2028 and to 27.5 Bcf a day in 2023, IEA estimates that U.S. LNG exports, as a share of global LNG supply will grow from 20% in 2022 to almost 30% in 2026. All of these numbers demonstrate incredible growth, which is driven, of course, by new LNG export facilities could have been FID, most of which are currently under construction.