Summary

• The Permian Basin has spent much of the past year producing natural gas at a discount that often turned negative.
• The Kinder Morgan Gulf Coast Express expansion, which adds 570 million cubic feet per day of capacity, came online in late May 2026. The pricing response has been immediate.
• The Blackcomb pipeline, with a capacity of approximately 2.5 billion cubic feet per day, is targeted for service in the fourth quarter of 2026.
• The Hugh Brinson pipeline, with a capacity of approximately 1.5 billion cubic feet per day, is scheduled in stages across the third and fourth quarters of 2026.

The Permian Basin has spent much of the past year producing natural gas at a discount that often turned negative, with associated gas exceeding local takeaway capacity and Waha cash trading at price levels that no