KMI will pay a first-quarter cash dividend of $0.38 per share, up from $0.32 in the same period a year ago and significantly more than the consensus estimate of $0.31 per share. Revenues totaled $3.06 billion, up from $1.86 billion in the same period a year ago and higher than the consensus estimate of $2.92 billion. Revenue was slightly lower sequentially, however.
Chairman and CEO Richard Kinder had this to say about KMI:
KMI’s growth will continue to be driven by its ownership of the general partners of KMP and EPB, which generate stable and increasing cash flow from their diversified assets. … We currently have identified more than $12 billion in expansion and joint venture investments across the Kinder Morgan companies, and we are pursuing customer commitments for many more projects.
He also commented on KMP’s performance. It is virtually identical to his comment on KMP’s results in the fourth quarter:
We see exceptional growth opportunities across all of our business segments, as there is a need to build additional midstream infrastructure to move or store oil, gas and liquids from the prolific shale plays in the United States and the oilsands in Alberta, along with increasing demand for export coal and CO2. We currently have identified more than $11 billion in expansion and joint venture investments at KMP and we are pursuing customer commitments for many more projects.
What’s missing is Kinder’s reference to expansion and investment that the company plans to wrap up soon. KMP expects to complete its acquisition of Copano Energy LLC (NASDAQ: CPNO) early next month. The $5 billion acquisition was announced in late January.
KMI still expects to declare 2013 cash dividends of $1.57 per share. KMP expects to distribute $5.28 per common unit in 2013.
Shares of KMI are up about 0.1% in after hours trading at $37.80 in a 52-week range of $30.51 to $39.39.
Shares of KMP are down about 1.4% in after-hours trading, at $89.26 in a 52-week range of $74.15 to $90.60.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
