Kinder Morgan reported record fourth-quarter and full-year results driven by natural gas transport and gathering volume growth. Adjusted EPS beat expectations, and revenue reached $4.51B. A $10B project backlog is largely focused on natural gas, with a significant portion tied to power generation and data centers. Enbridge delivered steady Q1 2026 performance supported by diversified Canadian and US operations. Mainline volumes averaged 3.2 million barrels per day, and the system was apportioned throughout the year. Adjusted EBITDA was roughly flat, with Gas Distribution and Storage leading. Enbridge’s US utility acquisitions are expected to support an 8%+ rate base CAGR. Both companies pay dividends, but Enbridge offers a higher yield and a longer annual increase streak.
"Enbridge offers a yield nearly twice Kinder Morgan's, plus a 31-year streak of annual dividend increases. Kinder Morgan still carries the scar of the 2015 cut from $0.51 to $0.125 quarterly, and the current $0.2975 payout sits well below that pre-cut peak. KMI's leverage is cleaner at 3.8x net debt/EBITDA versus Enbridge at 5.0x, the top of its target range."
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