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

Stocks in this article: EPB KMI KMP KMR

TGP experienced significantly higher throughput for natural gas fired power generation in both the third quarter and for the first nine months, as power operators continued to consume more natural gas. TGP’s gas-fired power generation volumes increased by 8 percent versus the third quarter of 2011 and by 20 percent during the first nine months of this year compared to the same period a year ago.

Overall segment transport volumes (including volumes from acquired pipelines for all periods) were up 11 percent in the third quarter compared to the same period last year attributable to higher volumes on Fayetteville Express and solid transport volumes on the Texas intrastate pipeline system, due in part to Eagle Ford Gathering volumes. Sales volumes on the Texas intrastates were up 6 percent compared to the third quarter of 2011.

The CO 2 business produced third quarter segment earnings before DD&A and certain items of $332 million, up 16 percent from $287 million for the same period in 2011. Due to lower NGL prices, this segment is expected to be modestly below its published annual budget of 26 percent growth.

“Growth in the third quarter compared to the same period last year was attributable to excellent oil production at SACROC, strong NGL production at the Snyder Gasoline Plant, higher production at the Katz Field and higher oil prices,” Kinder said. “This segment’s results were impacted again by lower NGL prices, which are now projected to be about 21 percent lower for the full year than was assumed when the 2012 budget was developed, which equates to a negative impact of over $50 million.”

The company continued to realize strong NGL production in the third quarter, producing gross volumes of 18.7 thousand barrels per day (MBbl/d), up 12 percent from the same period in 2011. NGL production declined compared to the second quarter this year due to planned vessel inspections in September at the Snyder plant.

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