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Kinder Morgan Inc. kicked off earnings season for North American oil and gas midstream companies, reporting lower transportation volumes across its systems but continuing to improve its balance sheet.

The Houston-based midstreamer plans to toe the line this year when it comes to spending, setting aside less than half of what it spent in 2020. With an eye on growing exports to Mexico and to global markets by way of liquefied natural gas (LNG), Kinder Morgan is focusing on two pipeline projects serving key LNG terminals off the Gulf Coast.

The company’s continued focus on capital discipline is one benefit that analysts for midstreamers emerging from the unprecedented downturn in 2020. Activity in the...