RBC Capital analysts provided their key takeaways from Kinder Morgan, Inc. (NYSE:KMI) Investor Day. According to the analysts, the company is entering 2023 in a relatively strong position, with a strong balance sheet and all segments poised for growth.

While EBDA should grow, higher interest rates and elevated pension costs are likely to drive a decline in DCF per unit based on the company's budget. That said, the company expects to exit 2023 at 4.0x Net Debt/Adjusted EBITDA providing it with the significant financial flexibility to pursue additional high-return growth projects and/or return more cash to shareholders via buybacks.

The analysts do not expect the company to lever up to its target to buy back shares, but would not be surprised to see some level of opportunistic share repurchase.