02:55 PM EDT, 09/29/2025 (MT Newswires) -- Kinder Morgan ( KMI ) is looking at $7 billion to $11 billion in growth projects that the company could add to its backlog in the next two years, UBS said in a Monday note.

UBS said Kinder Morgan ( KMI ) has been able to grow its backlog in a competitive environment given the company's existing asset footprint and strong track record with projects delivery.

Noting that Kinder Morgan ( KMI ) had a backlog of $9.3 billion at the end of Q2, UBS said that about 10% of it is expected to come online in H2. With this, UBS expects 2025 exit rate earnings before interest, taxes, depreciation and amortization will be about $160 million higher than Q2 run rate earnings.

UBS further said that Kinder Morgan ( KMI ) sees "significant opportunity" for Southeast assets and natural gas demand in that region with projects like South System Expansion 4, Mississippi Crossing, among others.

The firm reiterated Kinder Morgan ( KMI ) as buy with a $38 price target.

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