Kinder Morgan Inc. (KMI) continued to improve its balance sheet in the final three months of 2020, but the company is toeing the line when it comes to spending this year, focusing on projects supporting the rampant growth in exports.

Fuel mix energy demand 2040

Speaking during a conference call Wednesday, CEO Steven Kean said 2020 “has shown us how important it is to have our priorities and principles straight.” Natural gas, KMI’s core business, saw lower transportation volumes because of lower commodity prices and Covid-19. However, the midstreamer brought online the long-awaited, and often contentious, Permian Highway Pipeline, only three months later than its original target.

With an eye on growing exports to Mexico and in the form of liquefied natural gas (LNG), the midstream giant expects to...