Kinder Morgan (KMI)

Kinder Morgan formally announced the FID of the Permian Link pipeline. The pipeline will run from Pecos County in West Texas north into the Texas Panhandle, with an option extending east toward Beckham County. The $4.2 billion project (KMI’s share is $1.6 billion) is designed to provide 2.8 Bcf/d of natural gas transportation capacity through the construction of 434 miles of new pipeline and related compression, metering, and interconnect facilities. The project will serve new power generation for an A-rated hyperscaler and is supported by long-term, take-or-pay transportation agreements. The Permian Link pipeline is expected to be placed in service in Q3 2030.

Southern Natural Gas (SNG) has reached FID to proceed with the interstate Southeast Connector Project (SEC Project) after achieving sufficient long-term take-or-pay transportation agreements with shippers. The SEC Project is designed to transport up to 2.6 Bcf/d of natural gas and includes approximately 470 miles of new pipeline and new and expanded compression infrastructure. The new supply line would connect with Tennessee Gas Pipeline, Columbia Gulf, Texas Eastern, and Midwestern Gas Transmission in Tennessee, ultimately feeding SNG’s network. The project is primarily intended to bring Marcellus/Utica gas from Appalachia into the Southeast. The project can be scaled further with additional customer commitments. KMI’s share of the total project cost is expected to be $3.1 billion. The SEC Project is expected to be placed in service in phases beginning in Q4 2030.

Liberty Energy (LBRT)

Liberty Energy achieved record natural gas substitution across their frac fleets, driven by continued investment in natural gas fueled equipment and optimization through the company’s digital intelligence layer.

As a result, producer well economics have strengthened, with a more constructive forward curve for 2027 oil pricing providing attractive hedging opportunities for producers. These improvements further reinforce an already tight frac market, where modestly higher completion activity has absorbed much of the industry’s available capacity.

Liberty Energy’s Q3 2026 earnings call language for the frac market went from "improved modestly" from their Q2 2026 earnings call to a tight frac market now. Current Lower 48 rig additions in Q3 2026 imply demand for 15-18 more frac crews in 2027. Liberty said most 2027 fleets are already placed and modest price gains continue as attrition and underinvestment limit frac crew supply.

Confirming what Halliburton said on their Q3 2026 earnings call, Liberty Energy also said that private producers are driving the activity increases while public producers remain cautious.

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