Kinder Morgan, Inc. (NYSE:KMI) Q2 2024 Earnings Call Transcript July 17, 2024 4:30 PM ET

Company Participants

Rich Kinder - Executive Chairman
Kim Dang - CEO
Tom Martin - President
David Michels - VP and CFO
Sital Mody - President, Natural Gas Pipelines
Anthony Ashley - President, CO2 & Energy Transition Ventures

Conference Call Participants

Manav Gupta - UBS
John Mackay - Goldman Sachs
Keith Stanley - Wolfe Research
Jeremy Tonet - JPMorgan
Theresa Chen - Barclays
Spiro Dounis - Citi
Michael Blum - Wells Fargo
Tristan Richardson - Scotiabank
Harry Mateer - Barclays
Sunil Sibal - Seaport Global Securities

Operator

Welcome to the Quarterly Earnings Conference Call. All lines have been placed on a listen-only mode until the question-and-answer session of today's call. Today's call is also being recorded. If you do have any objections, you may disconnect at this time. And I would now like to turn the call over to Rich Kinder, Executive Chairman of Kinder Morgan. Thank you. You may begin.

Rich Kinder

Thank you, Sue. As usual, before we begin, I'd like to remind you 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 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.

Now on these investor calls, I'd like to share with you our perspective on key issues that affect our Midstream Energy segment. I previously discussed increased demand for natural gas resulting from the astounding growth in LNG export facilities. And last quarter, I talked about the expected growth in the need for electric power as another significant driver of natural gas demand. Since that call, there has been extensive discussion on this topic with the consensus developing that electricity demand will increase dramatically by the end of the decade, driven in large part by AI and new data centers. I'm a firm believer in anecdotal evidence, particularly when it comes from the actual users of that power and the utilities who will supply it, and from the regulators who have to make sure that the need gets satisfied. And the anecdotal evidence over the last few months has been jaw-dropping. Let me give you just a few examples.