12:06 PM EST, 11/13/2025 (MT Newswires) -- Kinder Morgan ( KMI ) is positioned for long-term growth through 2030, driven by growth in the natural gas pipelines segment, RBC Capital Markets said Wednesday in a report.

RBC said KMI recently reported adjusted earnings before interest, taxes, depreciation and amortization of $1.99 billion, in line with consensus, and reaffirmed expectations to exceed its 2025 budget of $8.3 billion. The firm cited contributions from the Outrigger acquisition and natural-gas pipeline outperformance, partially offset by lower D3 RIN prices and renewable natural-gas volumes.

RBC said KMI's project backlog remained at $9.3 billion at the end of Q3, with about $8.4 billion of natural-gas-focused projects, and noted that KMI is pursuing more than $10 billion of additional potential projects that support liquefied natural gas exports, power, Mexico exports and industrial demand.

RBC now forecasts adjusted EBITDA of $8.35 billion for 2025, $8.68 billion for 2026 and $9.15 billion for 2027, and introduced estimates through 2030 based only on projects already in the $9.3 billion backlog.

The firm maintained its sector perform rating and lifted its price target to $30 from $28.

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