Earnings Highlights KMI & LBRT

Kinder Morgan (KMI)
Kinder Morgan estimates Lower 48 LNG export demand growth to be around 16 Bcf/d by 2030.  The company thinks that a trade war with China is unlikely to affect LNG export demand as China hasn’t imported any US LNG since February 2025.  As a result, Kinder Morgan remains bullish on LNG export demand growth out of the US.

The company doesn't believe the tariffs will have a significant impact on their LNG projects. Kinder Morgan estimates the impact of tariffs to be about 1% of project costs.  The company is not yet seeing signs of recessionary demand loss in Lower 48 natural gas demand.


Liberty Energy (LBRT)
Liberty Energy saw strong sequential improvement in utilization across their frac fleet, reaching new heights in operational efficiencies.  While North American producers have yet to change their 2025 plans, the company expects their customers to assess a range of scenarios in anticipation of commodity price pressure.


The recent pause on tariffs has momentarily eased pressure on the global economy, and in turn, global oil demand concerns.  While the current downturn in commodity prices is not immediately driving changes in North American activity, Liberty Energy expects oil producers are evaluating a range of scenarios in anticipation of oil price pressure.  Natural gas producers could prove to be beneficiaries of potentially lower associated gas production in the oil basins.