What’s Driven Kinder Morgan’s Growth over the Years?

Kinder Morgan (KMI) has put ~$54 billion towards asset investments and acquisitions since its inception. Of this, ~$25 billion were related to expansions while the remaining ~$29 billion were spent on acquisitions.

The above graph shows KMI’s invested capital over the years. It also gives a breakdown of the invested capital by type and segment. The Natural Gas Pipelines segment accounted for ~$29 billion of the capital spent, followed by $9.1 billion for the Terminals segment.

KMI’s growth capital forecast for 2016 is ~$2.8 billion, a reduction of $500 million from its budget of ~$3.3 billion. The company expects to generate excess cash sufficient to fund its growth capital needs for 2016 and does not plan to access capital markets.