Kinder Morgan (KMI) Update - Jan 5

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From BofA Equity Research Team: KMI places Permian Highway Pipeline into service

This morning, KMI announced that it placed the Permian Highway Pipeline (PHP) into full commercial service on 1 January 2021. PHP has already been flowing volumes during the
commissioning process for several weeks before the full in-service. According to KMI, PHP’s 2.1 bcf/d capacity is fully subscribed under long-term contracts. We expect PHP to address the
anticipated Permian natural gas takeaway constraints and also help reduce natural gas flaring. KMI owns a 26.7% interest in PHP along with 26.7% each for Eagle Claw Midstream and Altus Midstream while an affiliate of an anchor shipper has a 20% interest.