{"slug":"kinder-morgan","name":"킨더 모건","name_en":"Kinder Morgan, Inc.","ticker":"KMI","updated_at":"2026-09-11T20:25:54.83037+00:00","canonical":"https://valuechain.wiki/kinder-morgan","citable":"밸류체인 그래프 기준 킨더 모건의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 7곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-09-11 기준).","citable_en":"Per the valuechain.wiki graph, Kinder Morgan, Inc. is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 7 companies within two hops; the links are backed by 8 dated sources, 3 of them primary filings (as of 2026-09-11).","kicker":"북미 가스관·터미널","kicker_en":"North American pipeline network","lead":"킨더 모건은 천연가스·석유제품·원유·이산화탄소를 운송하고 저장·터미널 서비스를 제공해 운송료와 용량 예약료를 받는다. 파이프라인과 터미널의 건설·정비 업체에 비용을 지급하고, 수집·처리 자산 인수로 네트워크를 넓힌다.","lead_en":"Kinder Morgan earns transportation, capacity-reservation, storage, and terminal fees across natural gas, refined products, crude oil, and carbon dioxide infrastructure. It pays construction and maintenance contractors for its pipelines and terminals and expands the network through acquisitions of gathering and processing assets.","categories":[{"key":"generation-fuel-supply","ko":"발전연료 공급","en":"Power Generation Fuel Supply","theme":"power-grid","theme_ko":"전력·그리드","theme_en":"Power & Grid","theme_kind":"chain","primary":true}],"segments":{"parts":[{"name":"천연가스 파이프라인","note":"운송·저장, 수집·처리, 천연가스·NGL 판매"},{"name":"석유제품 파이프라인","note":"정제유·원유 운송과 저장, 상품 판매"},{"name":"터미널","note":"액체·벌크 화물 저장과 취급"},{"name":"이산화탄소","note":"CO2 운송·판매와 원유회수 사업"}],"total":"FY2025 총매출 169억3,700만달러(고객계약 매출 152억200만달러, SEC 10-K, 2026-02-13)","track":"C"},"segments_en":{"parts":[{"name":"Natural Gas Pipelines"},{"name":"Products Pipelines"},{"name":"Terminals"},{"name":"CO2"}],"total":"FY2025 total revenue of $16.937 billion (revenue from contracts with customers $15.202 billion, SEC Form 10-K, 2026-02-13)"},"returns_yearly":{"2021":23.8,"2022":21.2,"2023":4.1,"2024":64.4,"2025":4.8,"2026":17.5},"return_asof":"2026-09-04","value_chain":{"leading":[{"slug":"intel","name":"Intel","name_en":"Intel","tier":3,"returns_yearly":{"2021":6.1,"2022":-46.6,"2023":94.6,"2024":-59.6,"2025":84,"2026":159.6}},{"slug":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":3,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":85.3}},{"slug":"cf-industries","name":"CF 인더스트리스","name_en":"CF Industries Holdings, Inc.","tier":3,"returns_yearly":{"2021":87.2,"2022":22.3,"2023":-4.7,"2024":10.1,"2025":-7.2,"2026":74.9}},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":3,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":63.8}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":3,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":50.3}},{"slug":"dow","name":"다우","name_en":"Dow Inc.","tier":3,"returns_yearly":{"2021":6.8,"2022":-6.6,"2023":14.7,"2024":-22.8,"2025":-37.4,"2026":25.7}},{"slug":"halliburton","name":"핼리버튼","name_en":"Halliburton Company","tier":3,"returns_yearly":{"2021":22,"2022":74.5,"2023":-6.5,"2024":-23.2,"2025":7,"2026":16.8}},{"slug":"jpmorgan-chase","name":"JPMorgan Chase","name_en":"JPMorgan Chase","tier":3,"returns_yearly":{"2021":27.7,"2022":-12.6,"2023":30.6,"2024":44.3,"2025":37.3,"2026":12.9}},{"slug":"lilly-eli","name":"일라이 릴리","name_en":"Lilly (Eli)","tier":3,"returns_yearly":{"2021":66.1,"2022":34.3,"2023":60.9,"2024":33.3,"2025":40.2,"2026":10.3}},{"slug":"west-pharmaceutical-services","name":"웨스트 파마슈티컬 서비스","name_en":"West Pharmaceutical Services","tier":2,"returns_yearly":{"2021":65.9,"2022":-49.7,"2023":50,"2024":-6.8,"2025":-15.7,"2026":23.8}},{"slug":"linde","name":"Linde","name_en":"Linde","tier":2,"returns_yearly":{"2021":33.4,"2022":-4.4,"2023":27.7,"2024":3.2,"2025":3.2,"2026":14.6}},{"slug":"o-reilly-automotive","name":"오라일리 오토모티브","name_en":"O’Reilly Automotive","tier":2,"returns_yearly":{"2021":56,"2022":19.5,"2023":12.6,"2024":24.8,"2025":15.4,"2026":-3.6}},{"slug":"united-airlines-holdings","name":"유나이티드항공","name_en":"United Airlines Holdings, Inc.","tier":2,"returns_yearly":{"2021":1.2,"2022":-13.9,"2023":9.4,"2024":135.3,"2025":15.2,"2026":-3.9}},{"slug":"phillips-66","name":"필립스 66","name_en":"Phillips 66","tier":1,"returns_yearly":{"2021":8.5,"2022":49.6,"2023":33.1,"2024":-11.6,"2025":17.5,"2026":101.8}},{"slug":"eog-resources","name":"EOG 리소스","name_en":"EOG Resources, Inc.","tier":1,"returns_yearly":{"2021":88.6,"2022":56.9,"2023":-2,"2024":4.3,"2025":-11.4,"2026":44.6}},{"slug":"exxonmobil","name":"엑슨모빌","name_en":"ExxonMobil","tier":1,"returns_yearly":{"2021":57.6,"2022":87.4,"2023":-6.3,"2024":11.3,"2025":16,"2026":35.2}}],"benefiting":[],"analysis":"북미 가스관·터미널 기업. 강세가 이어졌고 2026년 +17.5%다. 수요단(평균 +59.6%)이 본주(+17.5%)를 앞서 있어 고객 쪽 움직임이 먼저 가는 구도다. 연결 노드 중 가장 앞선 곳은 필립스 66(+101.8%), 가장 처진 곳은 엑슨모빌(+35.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Kinder Morgan, Inc. operates across North American pipeline network. Momentum stayed firm and it is +17.5% in 2026. The demand side (avg +59.6%) leads the stock (+17.5%), so customer moves come first here. Among connected nodes the furthest ahead is Phillips 66 (+101.8%) and the furthest behind is ExxonMobil (+35.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It pays construction and maintenance contractors for its pipelines and terminals and expands the network through acquisitions of gathering and processing assets.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"Outrigger Energy II LLC","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-02-13","basis":"운전자본 조정을 포함한 Outrigger Energy II 자산 최종 취득가","value":648000000,"period":"acquisition completed 2025-02-18","basis_en":"Final purchase price for the Outrigger Energy II assets, including working-capital adjustments","qualifier":null},"note":"킨더 모건은 Outrigger Energy II의 노스다코타 가스 수집·처리 자산을 인수했다. 발표 단계 자료의 약 6억 4천만 달러와 달리 최종 10-K는 운전자본 조정을 포함한 취득가를 6억 4,800만 달러로 확정했다.","note_en":"Kinder Morgan acquired Outrigger Energy II's North Dakota gas gathering and processing assets. Earlier reports cited roughly $640 million, while the final Form 10-K records a $648 million purchase price including working-capital adjustments.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/1506307/000150630726000011/kmi-20251231.htm","title":"KINDER MORGAN, INC. 10-K (2026-02-13)","title_en":"KINDER MORGAN, INC. 10-K (2026-02-13)","excerpt":"Outrigger Energy II 자산의 최종 취득가는 6억 4,800만 달러다.","excerpt_en":"from Outrigger Energy II LLC for a purchase price of $648 million"},{"stance":"mentions","publisher":"East Daley Analytics","publisher_en":"East Daley Analytics","kind":"analysis","lang":"en","published_at":"2025-01-23","url":"https://eastdaley.com/daley-note/844mm-outrigger-deal-kills-two-birds-for-kmi","title":"$844MM Outrigger Deal Kills Two Birds for KMI","title_en":"$844MM Outrigger Deal Kills Two Birds for KMI","excerpt":"분석은 발표 당시 바켄 수집·처리 자산 거래를 6억 4,400만 달러로 집계했다.","excerpt_en":"KMI will buy Outrigger Energy II's Bakken G&P assets for $644MM"},{"stance":"mentions","publisher":"Investing.com 한국어","publisher_en":"Investing.com Korea","kind":"analysis","lang":"ko","published_at":"2025-01-17","url":"https://kr.investing.com/news/company-news/article-93CH-1334353","title":"킨더 모건 주가, 강력한 성장 속에 52주 최고가 $30.24 기록","title_en":"Kinder Morgan shares reach a 52-week high amid strong growth","excerpt":"킨더 모건은 Outrigger Energy II에서 6억 4천만 달러 규모의 천연가스 자산을 인수한다.","excerpt_en":"Kinder Morgan is acquiring approximately $640 million of natural gas assets from Outrigger Energy II."}]},{"direction":"revenue","counterparty":"Shell LNG North America","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2020-08-27","basis":"Shell의 엘바 아일랜드 액화설비 연 250만 톤 처리능력 오프테이크 비중","value":100,"period":"20-year contract","basis_en":"Shell offtake share of Elba Island's 2.5 mtpa liquefaction capacity","qualifier":null},"note":"Shell은 킨더 모건이 운영하는 엘바 아일랜드 액화설비의 전 용량을 장기 임차해 오프테이크한다. 이 계약은 액화·터미널 서비스 수요를 장기간 고정한다.","note_en":"Shell leases and takes the full capacity of the Kinder Morgan-operated Elba Island liquefaction plant. The arrangement locks in long-term demand for liquefaction and terminal services.","sources":[{"stance":"confirms","publisher":"Kinder Morgan, Inc.","publisher_en":"Kinder Morgan, Inc.","kind":"ir","lang":"en","published_at":"2020-08-27","url":"https://ir.kindermorgan.com/news/news-details/2020/Kinder-Morgan-Announces-Commercial-In-Service-of-the-Final-Unit-at-the-Elba-Island-Liquefaction-Facility/default.aspx","title":"킨더 모건, 엘바 아일랜드 액화설비 최종 유닛 상업운전 개시 발표","title_en":"Kinder Morgan Announces Commercial In-Service of the Final Unit at the Elba Island Liquefaction Facility","excerpt":"Shell LNG NA는 20년 계약으로 엘바 아일랜드 액화설비 처리능력의 100%를 예약했다.","excerpt_en":"The project is supported by a 20-year contract with Shell LNG NA, LLC, who is subscribed to 100 percent of the liquefaction capacity."},{"stance":"mentions","publisher":"Houston Chronicle","publisher_en":"Houston Chronicle","kind":"news","lang":"en","published_at":"2019-02-05","url":"https://www.chron.com/business/article/Kinder-Morgan-begins-weeks-long-startup-process-13588964.php","title":"Kinder Morgan begins weeks-long startup process for Elba Island LNG","title_en":"Kinder Morgan begins weeks-long startup process for Elba Island LNG","excerpt":"Shell은 킨더 모건과 20년 계약을 맺었다.","excerpt_en":"Shell entered into a 20-year deal with Kinder Morgan"}]},{"direction":"revenue","counterparty":"엑슨모빌","counterparty_slug":"exxonmobil","confidence":"high","metric":{"type":"amount","unit":"USD/Dth/month","as_of":"2026-05-29","basis":"ExxonMobil Oil Corporation FT-1 계약의 월간 dekatherm당 예약요율","value":12.1667,"period":"2026-07-01 to 2031-10-31","basis_en":"Monthly reservation rate per dekatherm under ExxonMobil Oil Corporation's FT-1 agreement","qualifier":null},"note":"엑슨모빌은 킨더 모건의 El Paso Natural Gas 운송계약 고객이다. 규제요율표는 예약료가 실제 수송량과 관계없이 지급되는 계약임을 명시한다.","note_en":"ExxonMobil is a transportation-contract customer of Kinder Morgan's El Paso Natural Gas system. The filed tariff states that the reservation charge is payable regardless of volumes transported.","sources":[{"stance":"confirms","publisher":"El Paso Natural Gas Company, L.L.C. / FERC","publisher_en":"El Paso Natural Gas Company, L.L.C. / FERC","kind":"filing","lang":"en","published_at":"2026-05-29","url":"https://pipeline2.kindermorgan.com/Documents/PDFView.aspx?code=EPNG&fname=RP26-893-000_Negotiated_Rate_Agreement_Filing_-_Exxon-20260529154035.pdf","title":"El Paso Natural Gas FERC Gas Tariff: Negotiated Rate Agreement Filing RP26-893-000","title_en":"El Paso Natural Gas FERC Gas Tariff: Negotiated Rate Agreement Filing RP26-893-000","excerpt":"엑슨모빌 운송계약의 기간과 협상 예약요율을 제시한다.","excerpt_en":"ExxonMobil Oil Corporation 7/1/2026 - 10/31/2031"}]},{"direction":"revenue","counterparty":"EOG 리소스","counterparty_slug":"eog-resources","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-05-29","basis":"EOG Resources 운송계약의 상대별 공개 금액","value":null,"period":"tariff effective 2026-07-01","basis_en":"Counterparty-specific disclosed value of EOG Resources' transportation agreement","qualifier":"confirmed_no_disclosed_value"},"note":"EOG 리소스는 킨더 모건의 El Paso Natural Gas 규제요율표에 운송계약 고객으로 등재돼 있다. 공개된 해당 표 구간에서는 이 상대의 계약 금액을 확인하지 못했다.","note_en":"EOG Resources is listed as a transportation-contract customer in Kinder Morgan's El Paso Natural Gas tariff. The disclosed tariff section reviewed does not provide a counterparty-specific contract value.","sources":[{"stance":"confirms","publisher":"El Paso Natural Gas Company, L.L.C. / FERC","publisher_en":"El Paso Natural Gas Company, L.L.C. / FERC","kind":"filing","lang":"en","published_at":"2026-05-29","url":"https://pipeline2.kindermorgan.com/Documents/PDFView.aspx?code=EPNG&fname=RP26-893-000_Negotiated_Rate_Agreement_Filing_-_Exxon-20260529154035.pdf","title":"El Paso Natural Gas FERC Gas Tariff: Negotiated Rate Agreement Filing RP26-893-000","title_en":"El Paso Natural Gas FERC Gas Tariff: Negotiated Rate Agreement Filing RP26-893-000","excerpt":"요율표에 EOG 리소스 운송계약이 등재돼 있다.","excerpt_en":"Section 5.13 EOG Resources, Inc. #610720-FT1EPNG"}]},{"direction":"revenue","counterparty":"필립스 66","counterparty_slug":"phillips-66","confidence":"high","metric":null,"note":"킨더 모건은 자회사 El Paso Natural Gas를 통해 필립스 66의 에너지 트레이딩 법인과 10년짜리 확정 천연가스 운송 계약을 맺었다.","note_en":"Kinder Morgan, through its El Paso Natural Gas subsidiary, entered into a 10-year firm natural gas transportation agreement with Phillips 66 Energy Trading.","sources":[{"stance":"confirms","publisher":"Kinder Morgan","publisher_en":"Kinder Morgan","kind":"filing","lang":"en","published_at":"2024-03-26","url":"https://pipeline2.kindermorgan.com/Documents/EPNG/RP24-577-000_Non-Conforming_Agreement_Update_%28Phillips_66%29-20240326165733.pdf","title":"El Paso Natural Gas와 Phillips 66 Energy Trading 간 FT-1 운송 계약","title_en":"FT-1 Transportation Service Agreement between El Paso Natural Gas and Phillips 66 Energy Trading","excerpt":"계약 운송수요는 하루 35,000 Dth이며 계약기간은 2024년 5월 1일부터 2034년 4월 30일까지다.","excerpt_en":"Transportation Contract Demand: 35,000 Dth/d. Contract term: May 1, 2024 through April 30, 2034."}]},{"direction":"cost","counterparty":"Barriere Construction","counterparty_slug":null,"confidence":"mid","metric":{"type":"contract_value","unit":"USD","as_of":"2019-09-21","basis":"Barriere가 공개한 킨더 모건 발주 프로젝트 가치","value":6900000,"period":"IMT Yard Expansion Phase 3A","basis_en":"Kinder Morgan project value disclosed by Barriere","qualifier":null},"note":"Barriere는 킨더 모건의 IMT 야드 확장 공사에서 토목·전기 기반시설을 시공했다. 시공사 프로젝트 페이지가 킨더 모건을 고객으로 밝히고 전체 프로젝트 가치를 공개한다.","note_en":"Barriere performed civil and electrical-infrastructure work for Kinder Morgan's IMT yard expansion. The contractor's project page identifies Kinder Morgan as the client and discloses the total project value.","sources":[{"stance":"confirms","publisher":"Barriere Construction","publisher_en":"Barriere Construction","kind":"ir","lang":"en","published_at":"2019-09-21","url":"https://www.barriere.com/projects/imt-yard-expansion-phase-3a/","title":"IMT Yard Expansion Phase 3A","title_en":"IMT Yard Expansion Phase 3A","excerpt":"고객은 킨더 모건이며 프로젝트 가치는 690만 달러다.","excerpt_en":"CLIENT Kinder Morgan ... VALUE $6.9M"}]},{"direction":"cost","counterparty":"IHI E&C","counterparty_slug":null,"confidence":"mid","metric":{"type":"contract_value","unit":"USD","as_of":"2019-02-05","basis":"IHI E&C 시공계약의 상대별 공개 금액","value":null,"period":"Elba Island LNG construction","basis_en":"Counterparty-specific disclosed value of the IHI E&C construction contract","qualifier":"confirmed_no_disclosed_value"},"note":"킨더 모건은 엘바 아일랜드 LNG 수출터미널 건설을 IHI E&C에 발주했다. 기사에는 터미널 전체 사업비가 나오지만 IHI E&C에 지급한 계약액은 따로 공개되지 않았다.","note_en":"Kinder Morgan awarded IHI E&C the construction contract for the Elba Island LNG export terminal. The article gives the overall facility cost but does not disclose the amount paid specifically to IHI E&C.","sources":[{"stance":"confirms","publisher":"Houston Chronicle","publisher_en":"Houston Chronicle","kind":"news","lang":"en","published_at":"2019-02-05","url":"https://www.chron.com/business/article/Kinder-Morgan-begins-weeks-long-startup-process-13588964.php","title":"Kinder Morgan begins weeks-long startup process for Elba Island LNG","title_en":"Kinder Morgan begins weeks-long startup process for Elba Island LNG","excerpt":"터미널 시공계약은 IHI E&C에 발주됐다.","excerpt_en":"awarded a contract to build the terminal to ... IHI E&C"}]}]}