Overall natural gas demand slipped in the first quarter and prices dropped, but Kinder Morgan Inc. (KMI) said its natural gas pipeline business forged ahead and fueled earnings amid a shortage of new infrastructure that maximized the value of its existing network.

KMI

“The world needs reliable and affordable energy to advance human development, and it needs natural gas transportation and storage assets to backstop renewables,” CEO Steve Kean said during a conference call Wednesday to discuss first quarter 2023 results. “Our existing natural gas transportation and storage network is growing more valuable as the grid tightens with increasing demand over time and increasing volatility. Compounding this effect is the difficulty of siting new infrastructure in many parts of the...