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Kinder Morgan Energy Partners Increases Quarterly Distribution To $1.26 Per Unit

Stocks in this article: EPB KMI KMP KMR

Total refined products volumes decreased 2.5 percent compared to the third quarter of 2011. Overall segment gasoline volumes (including transported ethanol on the Central Florida Pipeline) were down 3.5 percent compared to the third quarter of 2011 attributable to lower volumes on Plantation, Pacific and CALNEV (reflecting ongoing weak demand, higher retail prices and lower volumes transported to and on CALNEV due to a competing pipeline), offset somewhat by an increase in gasoline and ethanol volumes on Central Florida Pipeline of 7.4 percent versus the third quarter last year. Overall segment diesel volumes declined 2.6 percent versus the same period last year, although they were up on Plantation (due to increased volumes related to a refinery upgrade). Overall segment commercial and military jet fuel volumes were up 1.2 percent compared to the third quarter of 2011, due primarily to a 1.9 percent increase in commercial volumes on Pacific and an increase in military volumes on CALNEV resulting from a recently completed project in Barstow, Calif.

The Products Pipelines segment handled 8.9 million barrels of biofuels (ethanol and biodiesel) in the third quarter, up 12 percent from the same period a year ago. Once again this segment realized significant growth in biodiesel barrels stored and blended, and continues to make investments in assets across its operations to accommodate more biofuels.

The Natural Gas Pipelines business produced third quarter segment earnings before DD&A and certain items of $383 million, up 54 percent from $247 million for the comparable period in 2011, and is currently expected to exceed its published annual budget of 19 percent growth due to the dropdowns, as described below.

“Growth in the third quarter compared to the same period last year was driven by the TGP and EPNG dropdowns, contributions from our Eagle Ford assets, good results at Kinder Morgan Treating (benefiting from SouthTex acquisition) and higher earnings at Fayetteville Express (contracts ramping up),” Kinder said. Earnings declined on the Texas intrastate pipeline system compared to the third quarter last year due to timing associated with integrity management projects and specific repair costs to a well at the Markham storage facility. KMIGT and Trailblazer also produced lower results.

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