Kinder Morgan's size is both an opportunity and a challenge. Its expansive asset footprint provides numerous investment opportunities if supply or demand bottlenecks develop. Kinder has the financial and commercial heft to execute any project, no matter the size. However, large-scale projects have been more challenging to find, though the Permian gas and related LNG projects are helping offset the loss of major efforts elsewhere due to stakeholder pushback. The shift forced Kinder out of Canada, in what we think was a wise decision, particularly as Trans Mountain pipeline costs have soared since Kinder’s exit. With limited growth prospects, management has slashed investment, strengthened the balance sheet, and focused on returning cash to shareholders through the dividend and stock buybacks. For example, it has bought over $300 million in stock so far in 2022 with some of the cash generated by better-than-expected results