Kinder Morgan vs TC Energy: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Kinder Morgan Inc (KMI)

Q3 202617 Jun – 23 Jul 2026

▲3

KMI rides AI data-center gas demand and record Q2 earnings

Data-center gas demand drives $10B backlog Kinder Morgan's project backlog grew to $10.10 billion, including new data-center contracts. The company expects U.S. gas demand to jump 27% by 2031, with about 70% of future data-center power demand in states its pipelines already serve. This locks in long-term, fee-based cash flows.
Shows the core growth driver behind KMI's rising earnings and stock.
Record Q2 earnings beat on AI-driven gas demand KMI reported record Q2 net income of $867 million and adjusted EPS of $0.37, beating estimates by 12%. Gas pipeline volumes rose 7% from LNG exports, Mexico exports, and power generation. Full-year EPS is now expected to exceed the initial budget by 12%.
Directly shows the financial results that are pushing the stock up now.
LNG exports and power demand fuel growth Rising U.S. natural gas demand from LNG exports and gas-fired power is driving KMI's growth. Over 20% of its backlog serves LNG demand and about 60% serves power generation. U.S. LNG export capacity is projected to nearly double by 2030, boosting KMI's volumes.
Explains the long-term demand tailwinds behind KMI's expansion.
Valuation and debt remain a counterweight KMI's stock may be 10.6% undervalued, but its 21.3x P/E is well above the industry average of 12.9x, leaving little room for error. Heavy net debt and risks of overbuilding or weaker contract renewals could pressure future cash flows if growth slows.
Provides the fair counterweight to the bullish drivers.

July 202617 Jun – 23 Jul 2026

▲3

KMI rides AI data-center gas demand and record Q2 earnings

Data-center gas demand drives $10B backlog Kinder Morgan's project backlog grew to $10.10 billion, including new data-center contracts. The company expects U.S. gas demand to jump 27% by 2031, with about 70% of future data-center power demand in states its pipelines already serve. This locks in long-term, fee-based cash flows.
Shows the core growth driver behind KMI's rising earnings and stock.
Record Q2 earnings beat on AI-driven gas demand KMI reported record Q2 net income of $867 million and adjusted EPS of $0.37, beating estimates by 12%. Gas pipeline volumes rose 7% from LNG exports, Mexico exports, and power generation. Full-year EPS is now expected to exceed the initial budget by 12%.
Directly shows the financial results that are pushing the stock up now.
LNG exports and power demand fuel growth Rising U.S. natural gas demand from LNG exports and gas-fired power is driving KMI's growth. Over 20% of its backlog serves LNG demand and about 60% serves power generation. U.S. LNG export capacity is projected to nearly double by 2030, boosting KMI's volumes.
Explains the long-term demand tailwinds behind KMI's expansion.
Valuation and debt remain a counterweight KMI's stock may be 10.6% undervalued, but its 21.3x P/E is well above the industry average of 12.9x, leaving little room for error. Heavy net debt and risks of overbuilding or weaker contract renewals could pressure future cash flows if growth slows.
Provides the fair counterweight to the bullish drivers.

Latest17 Jun – 23 Jul 2026

▲3

KMI rides AI data-center gas demand and record Q2 earnings

Data-center gas demand drives $10B backlog Kinder Morgan's project backlog grew to $10.10 billion, including new data-center contracts. The company expects U.S. gas demand to jump 27% by 2031, with about 70% of future data-center power demand in states its pipelines already serve. This locks in long-term, fee-based cash flows.
Shows the core growth driver behind KMI's rising earnings and stock.
Record Q2 earnings beat on AI-driven gas demand KMI reported record Q2 net income of $867 million and adjusted EPS of $0.37, beating estimates by 12%. Gas pipeline volumes rose 7% from LNG exports, Mexico exports, and power generation. Full-year EPS is now expected to exceed the initial budget by 12%.
Directly shows the financial results that are pushing the stock up now.
LNG exports and power demand fuel growth Rising U.S. natural gas demand from LNG exports and gas-fired power is driving KMI's growth. Over 20% of its backlog serves LNG demand and about 60% serves power generation. U.S. LNG export capacity is projected to nearly double by 2030, boosting KMI's volumes.
Explains the long-term demand tailwinds behind KMI's expansion.
Valuation and debt remain a counterweight KMI's stock may be 10.6% undervalued, but its 21.3x P/E is well above the industry average of 12.9x, leaving little room for error. Heavy net debt and risks of overbuilding or weaker contract renewals could pressure future cash flows if growth slows.
Provides the fair counterweight to the bullish drivers.

TC Energy Corp (TRP)

Q3 202630 Jul – 30 Sep 2026

▲4

TC Energy lifts outlook, sells Mexico pipeline, advances Coastal GasLink Phase 2

Strong Q2 and raised 2026 EBITDA guidance TC Energy beat second-quarter profit estimates and now expects full-year comparable EBITDA at the top of its $11.6–$11.8 billion range. It also sanctioned about $3 billion of new gas pipeline projects in 2026, including $500 million approved in the quarter. Higher earnings and new growth work support the stock.
This is the period's core earnings and growth news that directly lifts investor expectations for TRP.
CEO raises long-term North American gas demand forecast Management now sees North American natural gas demand growing by 51 billion cubic feet a day by 2035, up from 40 billion a year ago, driven by data centers, electrification and coal-to-gas switching. More demand means more need for TC Energy's pipelines and future expansion projects.
It explains the long-term demand backdrop that underpins TRP's growth story and pipeline expansions.
Sells Guadalajara-Manzanillo pipeline for C$560 million TC Energy agreed to sell its Mexican Guadalajara-Manzanillo pipeline to ESENTIA affiliates for about C$560 million and will redeploy the cash into North American growth projects. The sale trims non-core assets and funds higher-return opportunities, though the price versus lost income was not disclosed.
It is a new capital-recycling move that shifts money toward growth and supports the investment case.
Coastal GasLink Phase 2 proceeds after LNG Canada approval LNG Canada's positive final investment decision satisfied conditions for TC Energy's Coastal GasLink Phase 2, which will nearly double capacity on the existing route. LNG Canada leads construction, limiting TC Energy's cost and schedule exposure, and ties the company to future LNG export volumes.
It is a major new project confirmation that adds long-term contracted growth with limited capital risk.

August 202630 Jul – 30 Sep 2026

▲4

TC Energy lifts outlook, sells Mexico pipeline, advances Coastal GasLink Phase 2

Strong Q2 and raised 2026 EBITDA guidance TC Energy beat second-quarter profit estimates and now expects full-year comparable EBITDA at the top of its $11.6–$11.8 billion range. It also sanctioned about $3 billion of new gas pipeline projects in 2026, including $500 million approved in the quarter. Higher earnings and new growth work support the stock.
This is the period's core earnings and growth news that directly lifts investor expectations for TRP.
CEO raises long-term North American gas demand forecast Management now sees North American natural gas demand growing by 51 billion cubic feet a day by 2035, up from 40 billion a year ago, driven by data centers, electrification and coal-to-gas switching. More demand means more need for TC Energy's pipelines and future expansion projects.
It explains the long-term demand backdrop that underpins TRP's growth story and pipeline expansions.
Sells Guadalajara-Manzanillo pipeline for C$560 million TC Energy agreed to sell its Mexican Guadalajara-Manzanillo pipeline to ESENTIA affiliates for about C$560 million and will redeploy the cash into North American growth projects. The sale trims non-core assets and funds higher-return opportunities, though the price versus lost income was not disclosed.
It is a new capital-recycling move that shifts money toward growth and supports the investment case.
Coastal GasLink Phase 2 proceeds after LNG Canada approval LNG Canada's positive final investment decision satisfied conditions for TC Energy's Coastal GasLink Phase 2, which will nearly double capacity on the existing route. LNG Canada leads construction, limiting TC Energy's cost and schedule exposure, and ties the company to future LNG export volumes.
It is a major new project confirmation that adds long-term contracted growth with limited capital risk.

Latest30 Jul – 30 Sep 2026

▲4

TC Energy lifts outlook, sells Mexico pipeline, advances Coastal GasLink Phase 2

Strong Q2 and raised 2026 EBITDA guidance TC Energy beat second-quarter profit estimates and now expects full-year comparable EBITDA at the top of its $11.6–$11.8 billion range. It also sanctioned about $3 billion of new gas pipeline projects in 2026, including $500 million approved in the quarter. Higher earnings and new growth work support the stock.
This is the period's core earnings and growth news that directly lifts investor expectations for TRP.
CEO raises long-term North American gas demand forecast Management now sees North American natural gas demand growing by 51 billion cubic feet a day by 2035, up from 40 billion a year ago, driven by data centers, electrification and coal-to-gas switching. More demand means more need for TC Energy's pipelines and future expansion projects.
It explains the long-term demand backdrop that underpins TRP's growth story and pipeline expansions.
Sells Guadalajara-Manzanillo pipeline for C$560 million TC Energy agreed to sell its Mexican Guadalajara-Manzanillo pipeline to ESENTIA affiliates for about C$560 million and will redeploy the cash into North American growth projects. The sale trims non-core assets and funds higher-return opportunities, though the price versus lost income was not disclosed.
It is a new capital-recycling move that shifts money toward growth and supports the investment case.
Coastal GasLink Phase 2 proceeds after LNG Canada approval LNG Canada's positive final investment decision satisfied conditions for TC Energy's Coastal GasLink Phase 2, which will nearly double capacity on the existing route. LNG Canada leads construction, limiting TC Energy's cost and schedule exposure, and ties the company to future LNG export volumes.
It is a major new project confirmation that adds long-term contracted growth with limited capital risk.