Key Takeaways KMI's Expanding Backlog: Powering the Electricity Boom The leading midstream energy company experienced a surge in its project backlog during the June quarter of 2025. The backlog grew to $9.3 billion from $8.8 billion, reflecting strong demand for its services and thereby securing incremental fee-based revenues. Thus, KMI will likely generate more cash flows for its shareholders. In the June quarter, Kinder Morgan took on $1.3 billion in new projects, which is quite encouraging. Key developme ...