Kinder Morgan, Inc.

I have only two comments before turning the call over to our CEO Kim Dang and the team. First, we believe our bullish outlook on natural gas demand remains grounded in reality, and we expect to see very And we see that demand increasing to over 34 BCF per day by 2030. This astounding growth is enormously beneficial to the midstream sector, and especially to companies like Kinder Morgan that have extensive pipeline networks along the Texas-Louisiana Gulf Coast, which is the location of most of the export terminals present and future. Our throughput agreements for delivery of the feed gas are essentially take or pay in nature, which gives us great confidence in the resulting cash flow. My second comment is specific to Kendra Morgan. You will hear from Kim and the team that we finished 2025 very strong compared to 2024 and to our budget for 2025. And as you know from our earlier release of the budget for 2026, we expect more good performance this year. Once again, the chief driver of our success in both years is the extraordinary strength of our natural gas assets. And with that, I'll turn it over to Kim.

Thanks, Rich. As Rich said, we had a fantastic fourth quarter, producing record results for the quarter and the year, much stronger than we anticipated when we announced our Q3 results. For the quarter, adjusted EBITDA was up 10% compared to the fourth quarter of last year, and adjusted EPS grew 22%. Those are big numbers for a stable midstream business like ours. The biggest driver of the outperformance was natural gas. It had an outstanding quarter and year. Our project backlog has increased by approximately $650 million to $10 billion. We added a little over $900 million in new projects, which was offset by $265 million of projects placed in service. The most two significant additions are Florida gas transition projects, both supported by long-term shipper contracts. Our backlog multiple remains below six times, which will drive very nice growth over the next few years. In addition, we're working on greater than $10 billion in project opportunities beyond the backlog. While we won't be successful on all of those, it gives you a sense of the tremendous market opportunity. We believe we will continue to find attractive opportunities for years to come. Wood and Mack currently projects the U.S. natural gas market will continue to grow over the longer term with an incremental 20 BCF a day of demand growth between 2030 and 2035. Now, quick update on our three largest projects, MSX, South System 4, and Trident. We started construction on Trident last week. And for MSX and South System 4, we received our FERC scheduling order. The FERC anticipates issuing our final certificate by July 31, which is the schedule we requested but ahead of our original expectation. There's still a lot of work ahead, but all three projects are on budget and on or ahead of schedule. Another positive, last week S&P upgraded KMI to BBB+. That shows our balance sheet is in great shape. On the management front, I want to take a moment to recognize Tom Martin, who will retire at the end of this month, for his wise counsel and the value he has helped deliver to our shareholders over his 23 years with the company. As we have previously announced, Tom will continue to serve as an advisor to the OTC and the board, so we'll continue to benefit from his perspective. We're excited to have Dax, who many of you know from his long tenure at the company, step into the president's role. I'm looking forward to working with him closely as we continue to execute on our strategy. To sum it up, we had a great quarter and year. We also strengthened our balance sheet and advanced key projects. With a $10 billion backlog and tremendous potential beyond that, we're set up for a very exciting future. With that, I'll turn it over to David.

Oh, Tom.