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

Stocks in this article: EPBKMIKMPKMR

Kinder Morgan Energy Partners, L.P. (NYSE: KMP) is a leading pipeline transportation and energy storage company and one of the largest publicly traded pipeline limited partnerships in America. It owns an interest in or operates approximately 53,000 miles of pipelines and 180 terminals. The general partner of KMP is owned by Kinder Morgan, Inc. (NYSE: KMI). Kinder Morgan is the largest midstream and the third largest energy company in North America with a combined enterprise value of approximately $100 billion. It owns an interest in or operates approximately 75,000 miles of pipelines and 180 terminals. Its pipelines transport natural gas, gasoline, crude oil, CO 2 and other products, and its terminals store petroleum products and chemicals and handle such products as ethanol, coal, petroleum coke and steel. KMI owns the general partner interest of KMP and El Paso Pipeline Partners, L.P. (NYSE: EPB), along with limited partner interests in KMP and EPB and shares in Kinder Morgan Management, LLC (NYSE: KMR). For more information please visit www.kindermorgan.com.

Please join Kinder Morgan at 4:30 p.m. Eastern Time on Wednesday, Oct. 17, at www.kindermorgan.com for a LIVE webcast conference call on the company’s third quarter earnings.

The non-generally accepted accounting principles, or non-GAAP, financial measures of distributable cash flow before certain items, both in the aggregate and per unit, and segment earnings before depreciation, depletion, amortization and amortization of excess cost of equity investments, or DD&A, and certain items, are presented in this news release. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income or any other GAAP measure of liquidity or financial performance. Distributable cash flow before certain items is a significant metric used by us and by external users of our financial statements, such as investors, research analysts, commercial banks and others, to compare basic cash flows generated by us to the cash distributions we expect to pay our unitholders on an ongoing basis. Management uses this metric to evaluate our overall performance. It also allows management to simply calculate the coverage ratio of estimated ongoing cash flows to expected cash distributions. Distributable cash flow before certain items is also an important non-GAAP financial measure for our unitholders because it serves as an indicator of our success in providing a cash return on investment. This financial measure indicates to investors whether or not we typically are generating cash flow at a level that can sustain or support an increase in the quarterly distributions we are paying pursuant to our partnership agreement. Our partnership agreement requires us to distribute all available cash. Distributable cash flow before certain items and similar measures used by other publicly traded partnerships are also quantitative measures used in the investment community because the value of a unit of such an entity is generally determined by the unit’s yield (which in turn is based on the amount of cash distributions the entity pays to a unitholder). The economic substance behind our use of distributable cash flow before certain items is to measure and estimate the ability of our assets to generate cash flows sufficient to make distributions to our investors.

We define distributable cash flow before certain items to be limited partners’ pretax income before certain items and DD&A, less cash taxes paid and sustaining capital expenditures for KMP, plus DD&A less sustaining capital expenditures for Rockies Express, Midcontinent Express, Fayetteville Express, KinderHawk through second quarter 2011, EagleHawk, Eagle Ford, El Paso Natural Gas, Bear Creek Storage Company, Red Cedar, Cypress and EP Midstream Investment Co., LLC, our equity method investees, less equity earnings plus cash distributions received for Express and Endeavor, additional equity investees. Distributable cash flow before certain items per unit is distributable cash flow before certain items divided by average outstanding units. “Certain items” are items that are required by GAAP to be reflected in net income, but typically either (1) do not have a cash impact, for example, goodwill impairments, allocated compensation for which we will never be responsible, and results from assets prior to our ownership that are required to be reflected in our results due to accounting rules regarding entities under common control, or (2) by their nature are separately identifiable from our normal business operations and in our view are likely to occur only sporadically, for example legal settlements, hurricane impacts and casualty losses. Management uses this measure and believes it is important to users of our financial statements because it believes the measure more effectively reflects our business’ ongoing cash generation capacity than a similar measure with the certain items included. For similar reasons, management uses segment earnings before DD&A and certain items in its analysis of segment performance and managing our business. We believe segment earnings before DD&A and certain items is a significant performance metric because it enables us and external users of our financial statements to better understand the ability of our segments to generate cash on an ongoing basis. We believe it is useful to investors because it is a measure that management believes is important and that our chief operating decision makers use for purposes of making decisions about allocating resources to our segments and assessing the segments’ respective performance.

We believe the GAAP measure most directly comparable to distributable cash flow before certain items is net income. Our calculation of distributable cash flow before certain items, which begins with net income after subtracting certain items that are specifically identified in the accompanying tables, is set forth in those tables. Net income before certain items is presented primarily because we use it in this calculation. Segment earnings before DD&A as presented in our GAAP financials is the measure most directly comparable to segment earnings before DD&A and certain items. Segment earnings before DD&A and certain items is calculated by removing the certain items attributable to a segment, which are specifically identified in the footnotes to the accompanying tables, from segment earnings before DD&A. In addition, segment earnings before DD&A as presented in our GAAP financials is included on the first page of the tables presenting our financial results.

Our non-GAAP measures described above should not be considered as an alternative to GAAP net income, segment earnings before DD&A or any other GAAP measure. Distributable cash flow before certain items and segment earnings before DD&A and certain items are not financial measures in accordance with GAAP and have important limitations as analytical tools. You should not consider either of these non-GAAP measures in isolation or as a substitute for an analysis of our results as reported under GAAP. Because distributable cash flow before certain items excludes some but not all items that affect net income and because distributable cash flow measures are defined differently by different companies in our industry, our distributable cash flow before certain items may not be comparable to distributable cash flow measures of other companies. Segment earnings before DD&A and certain items has similar limitations. Management compensates for the limitations of these non-GAAP measures by reviewing our comparable GAAP measures, understanding the differences between the measures and taking this information into account in its analysis and its decision making processes.

This news release includes forward-looking statements. These forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although Kinder Morgan believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that such assumptions will materialize. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include those enumerated in Kinder Morgan’s reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, Kinder Morgan undertakes no obligation to update or review any forward-looking statement because of new information, future events or other factors. Because of these uncertainties, readers should not place undue reliance on these forward-looking statements.

 
 
Kinder Morgan Energy Partners, L.P. and Subsidiaries
Preliminary Consolidated Statement of Income
(Unaudited)
(in millions except per unit amounts)
           
 
 
Three Months Ended September 30, Nine Months Ended September 30,
  2012     2011     2012     2011  
 
Revenues $ 2,336   $ 2,111   $ 6,135   $ 5,966  
 
Costs, expenses and other
Operating expenses 1,260 1,313 3,133 3,713
Depreciation, depletion and amortization 292 247 796 685
General and administrative 131 100 379 387
Taxes, other than income taxes 63 37 169 133
Other expense (income)   (8 )   (1 )   (28 )   (15 )
  1,738     1,696     4,449     4,903  
Operating income 598 415 1,686 1,063
 
Other income (expense)
Earnings from equity investments 100 52 225 155
Amortization of excess cost of equity investments (1 ) (2 ) (5 ) (5 )
Interest, net (176 ) (128 ) (461 ) (380 )
Other, net   4     (164 )   14     (156 )
 
Income before income taxes 525 173 1,459 677
 
Income taxes   (11 )   (12 )   (40 )   (33 )
 
Income from continuing operations 514 161 1,419 644
 
Income from discontinued operations 47 55 145 145
Loss on remeasurement of discontinued operations to fair value   (178 )   -     (827 )   -  
(Loss) income from discontinued operations (131 ) 55 (682 ) 145
 
Net income   383     216     737     789  
 
Net income attributable to Noncontrolling Interests   (4 )   (1 )   (12 )   (6 )
 
Net income attributable to KMP $ 379   $ 215   $ 725   $ 783  
 
 

Calculation of Limited Partners' interest in net income (loss) attributable to KMP

Income from continuing operations attributable to KMP $ 509 $ 161 $ 1,400 $ 640
Less: Pre-acquisition earnings allocated to General Partner (36 ) - (23 ) -
Less: General Partner's remaining interest   (367 )   (298 )   (1,024 )   (870 )
Limited Partners' interest 106 (137 ) 353 (230 )
Add: Limited Partners' interest in discontinued operations   (128 )   54     (668 )   142  
Limited Partners' interest in net income $ (22 ) $ (83 ) $ (315 ) $ (88 )
 

Limited Partners' net income (loss) per unit:

Income from continuing operations $ 0.30 $ (0.41 ) $ 1.02 $ (0.71 )
Income (loss) from discontinued operations   (0.36 )   0.16     (1.93 )   0.44  
Net income (loss) $ (0.06 ) $ (0.25 ) $ (0.91 ) $ (0.27 )
Weighted average units outstanding   356     331     345     323  
 
Declared distribution / unit $ 1.26   $ 1.16   $ 3.69   $ 3.45  
 
 
Three Months Ended September 30, Nine Months Ended September 30,
  2012     2011     2012     2011  
Segment earnings before DD&A and amortization of excess investments
Products Pipelines $ 150 $ 103 $ 492 $ 304
Natural Gas Pipelines 405 19 877 319
CO 2 327 295 988 823
Terminals 183 179 565 525
Kinder Morgan Canada   56     48     158     150  
$ 1,121   $ 644   $ 3,080   $ 2,121  
 
 
Kinder Morgan Energy Partners, L.P. and Subsidiaries
Preliminary Earnings Contribution by Business Segment
(Unaudited)
(in millions except per unit amounts)
           
Three Months Ended September 30, Nine Months Ended September 30,
  2012     2011     2012     2011  
Segment earnings before DD&A and amort. of excess investments (1)
Products Pipelines $ 185 $ 178 $ 527 $ 533
Natural Gas Pipelines (2) 383 247 900 661
CO 2 332 287 989 813
Terminals 184 181 554 517
Kinder Morgan Canada   56     48     158     148  
Total   1,140     941     3,128     2,672  
 
Segment DD&A and amortization of excess investments
Products Pipelines $ 32 $ 27 $ 90 $ 81
Natural Gas Pipelines (3) 72 50 166 114
CO 2 110 116 326 329
Terminals 51 49 153 144
Kinder Morgan Canada   14     14     42     42  
Total   279     256     777     710  
 
Segment earnings contribution
Products Pipelines (1) $ 153 $ 151 $ 437 $ 452
Natural Gas Pipelines (1) 311 197 734 547
CO 2 (1) 222 171 663 484
Terminals (1) 133 132 401 373
Kinder Morgan Canada (1) 42 34 116 106
General and administrative (1) (4) (115 ) (102 ) (324 ) (301 )
Interest, net (1) (5)   (172 )   (132 )   (452 )   (393 )
Net income before certain items 574 451 1,575 1,268
Certain items
Loss on disposal and remeasurement of discontinued operations to fair value (178 ) (167 ) (827 ) (167 )
Allocated non-cash compensation - 1 - (84 )
Acquisition costs (6) (3 ) (1 ) (3 ) (2 )
Legal expenses (7) - 1 - (1 )
Legal reserves (8) (9 ) (69 ) (9 ) (234 )
Pre-acquisition earnings allocated to general partner (9) 36 - 23 -
Environmental reserves (34 ) (7 ) (34 ) (7 )
Mark to market and ineffectiveness of certain hedges (10) (5 ) 8 (8 ) 10
Insurance deductible, casualty losses and reimbursements (11) (2 ) (1 ) 10 1
Gain (loss) on sale of assets and asset disposition expenses (12) 8 - 15 15
Prior period asset write-off (13) - - - (10 )
Other (14)   (4 )   -     (5 )   -  
Sub-total certain items (191 ) (235 ) (838 ) (479 )
Net income $ 383   $ 216   $ 737   $ 789  
Less: Pre-acquisition earnings allocated to General Partner (36 ) - (23 ) -
Less: General Partner's remaining interest in net income (15) (365 ) (298 ) (1,017 ) (871 )
Less: Noncontrolling Interests in net income   (4 )   (1 )   (12 )   (6 )
Limited Partners' net income (loss) $ (22 ) $ (83 ) $ (315 ) $ (88 )
 
Net income before certain items $ 574 $ 451 $ 1,575 $ 1,268
Less: Noncontrolling Interest before certain items   (5 )   (4 )   (16 )   (13 )
Net income attributable to KMP before certain items 569 447 1,559 1,255
Less: General Partner's interest in net income before certain items (15)   (367 )   (301 )   (1,025 )   (876 )
Limited Partners' net income before certain items 202 146 534 379
Depreciation, depletion and amortization (16) 331 292 913 834
Book (cash) taxes - net - 9 7 19
Express & Endeavor contribution - 2 3 8
Sustaining capital expenditures (17)   (78 )   (55 )   (174 )   (140 )
DCF before certain items $ 455   $ 394   $ 1,283   $ 1,100  
 
Net income / unit before certain items $ 0.57   $ 0.44   $ 1.55   $ 1.17  
DCF / unit before certain items $ 1.28   $ 1.19   $ 3.72   $ 3.40  
Weighted average units outstanding   356     331     345     323  
 
Notes ($ million)

(1)

 

Excludes certain items:

3Q 2011 - Products Pipelines $(75), Natural Gas Pipelines $(167), CO2 $8, Terminals $(1)
YTD 2011 - Products Pipelines $(229), Natural Gas Pipelines $(177), CO2 $10, Terminals $8, KMC $2, general and administrative expense $(93)
3Q 2012 - Products Pipelines $(35), Natural Gas Pipelines $(109), CO2 $(5), Terminals $(1), general and administrative expense $(18), interest expense $(9)
YTD 2012 - Products Pipelines $(35), Natural Gas Pipelines $(698), CO2 $(1), Terminals $11, general and administrative expense $(62), interest expense $(22)

(2)

Includes $62 in 3Q 2011 and $175 YTD 2011, and $47 in 3Q 2012 and $152 YTD 2012 related to assets classified for GAAP purposes as discontinued operations.

Also excludes $71 in 3Q 2012 and $131 YTD 2012 from our drop down asset group for periods prior to our acquisition date of August 1, 2012.

(3)

Includes $7 in 3Q 2011 and $20 YTD 2011, and $0 in 3Q 2012 and $7 YTD 2012 of DD&A expense related to assets classified for GAAP purposes as discontinued operations. $14 in 3Q 2012

Also excludes and $31 YTD 2012 of DD&A expense from our drop down asset group for periods prior to our acquisition date of August 1, 2012.

(4)

General and administrative expense includes income tax that is not allocable to the segments: 3Q 2011 - $2, YTD 2011 - $7, 3Q 2012 - $2, YTD 2012 - $7. Also excludes $12 in 3Q 2012 and $55 YTD 2012 of G&A expense from our drop down asset group for periods prior to our acquisition date of August 1, 2012.

(5)

Interest expense excludes interest income that is allocable to the segments: 3Q 2011 - $6, YTD 2011 - $15, 3Q 2012 - $5, YTD 2012 - $13. Also excludes $8 in 3Q 2012 and $21 YTD 2012 of interest expense from our drop down asset group for periods prior to our acquisition date of August 1, 2012.

(6)

Acquisition expense items related to closed acquisitions previously capitalized under prior accounting standards.

(7)

Legal expenses associated with Certain Items such as legal settlements and pipeline failures.

(8)

Legal reserve adjustments related to the rate case litigation of west coast Products Pipelines.

(9)

Earnings from our drop down asset group for periods prior to our acquisition date of August 1, 2012.

(10)

Actual gain or loss will continue to be taken into account in earnings before DD&A at time of physical transaction.

(11)

Insurance deductible, write-off of assets, expenses and insurance reimbursements related to casualty losses.

(12)

Gain or loss on sale of assets and expenses related to the preparation of assets for sale.

(13)

Natural Gas Pipelines write-off of receivable for fuel under-collected prior to 2011.

(14)

Imputed interest on Cochin acquisition, FX gain on Cochin note payable, Terminals severance and overhead credit on certain items capex, and other unallocated severance.

(15)

General Partner's interest in net income reflects a reduction for the KinderHawk acquisition GP incentive giveback of $7 in 3Q and $21 YTD 2011, and $6 in 3Q and $19 YTD 2012.

(16)

Includes Kinder Morgan Energy Partner's (KMP) share of Rockies Express (REX), Midcontinent Express (MEP), Fayetteville Express (FEP), KinderHawk (2011), Cypress, EagleHawk, Eagle Ford (2012), Midstream (2012), Red Cedar, EPNG (2012), and Bear Creek (2012) DD&A: 3Q 2011 - $36, YTD 2011 - $124, and 3Q 2012 - $52, YTD 2012 - $136.

(17)

Includes KMP share of REX, MEP, FEP, Cypress, EagleHawk, Eagle Ford, Red Cedar, EPNG, and Bear Creek sustaining capital expenditures: 3Q 2011 - $0, YTD 2011 - $3, and 3Q 2012 - $8, YTD 2012 - $13.

 
 
Volume Highlights
(historical pro forma for acquired assets)
           
 
 
Three Months Ended September 30, Nine Months Ended September 30,
  2012     2011     2012     2011  
Products Pipelines
Pacific, Calnev, and CFPL (MMBbl)
Gasoline (1) 68.4 70.6 201.4 205.7
Diesel 27.4 28.9 78.5 82.0
Jet Fuel   21.7     21.7     65.5     64.0  
Sub-Total Refined Product Volumes - excl. Plantation 117.5 121.2 345.4 351.7
Plantation (MMBbl)
Gasoline 29.7 31.1 91.5 91.5
Diesel 8.9 8.3 27.2 28.7
Jet Fuel   6.6     6.4     18.5     18.9  
Sub-Total Refined Product Volumes - Plantation 45.2 45.8 137.2 139.1
Total (MMBbl)
Gasoline (1) 98.1 101.7 292.9 297.2
Diesel 36.3 37.2 105.7 110.7
Jet Fuel   28.3     28.1     84.0     82.9  
Total Refined Product Volumes 162.7 167.0 482.6 490.8
NGLs (2)   8.5     7.6     23.1     19.8  
Total Delivery Volumes (MMBbl) 171.2 174.6 505.7 510.6
Ethanol (MMBbl) (3) 8.9 8.0 24.1 23.0
 
Natural Gas Pipelines (4) (5)
Transport Volumes (Bcf) 1,772.1 1,598.1 5,175.8 4,708.9
Sales Volumes (Bcf) 228.7 215.1 657.2 598.7
 
CO 2
Southwest Colorado Production - Gross (Bcf/d) (6) 1.2 1.2 1.2 1.2
Southwest Colorado Production - Net (Bcf/d) (6) 0.5 0.5 0.5 0.5
Sacroc Oil Production - Gross (MBbl/d) (7) 30.0 29.4 28.4 28.9
Sacroc Oil Production - Net (MBbl/d) (8) 25.0 24.5 23.7 24.1
Yates Oil Production - Gross (MBbl/d) (7) 20.6 21.5 20.9 21.7
Yates Oil Production - Net (MBbl/d) (8) 9.3 9.5 9.3 9.6
Katz Oil Production - Gross (MBbl/d) (7) 1.8 0.5 1.7 0.3
Katz Oil Production - Net (MBbl/d) (8) 1.5 0.4 1.4 0.3
NGL Sales Volumes (MBbl/d) (9) 9.3 8.4 9.3 8.4
Realized Weighted Average Oil Price per Bbl (10) (11) $ 88.64 $ 70.43 $ 88.39 $ 69.54
Realized Weighted Average NGL Price per Bbl (11) $ 44.27 $ 68.86 $ 51.53 $ 65.53
 
Terminals
Liquids Leasable Capacity (MMBbl) 60.2 59.5 60.2 59.5
Liquids Utilization % 92.9 % 93.2 % 92.9 % 93.2 %
Bulk Transload Tonnage (MMtons) (11) 23.7 26.7 74.2 74.8
Ethanol (MMBbl) 15.7 15.5 49.9 44.9
 
Trans Mountain (MMBbls - mainline throughput) 28.1 25.6 79.9 75.2

(1)

 

Gasoline volumes include ethanol pipeline volumes.

(2)

Includes Cochin and Cypress.

(3)

Total ethanol handled including pipeline volumes included in gasoline volumes above.

(4)

Includes KMIGT, Texas Intrastates, KMNTP, Monterrey, Trailblazer, TransColorado, REX, MEP, KMLA, FEP, TGP, and EPNG pipeline volumes.

(5)

Volumes for acquired pipelines are included for all periods.

(6)

Includes McElmo Dome and Doe Canyon sales volumes.

(7)

Represents 100% production from the field.

(8)

Represents KMP's net share of the production from the field.

(9)

Net to KMP.

(10)

Includes all KMP crude oil properties.

(11)

Hedge gains/losses for Oil and NGLs are included with Crude Oil.

(12)

Includes KMP's share of Joint Venture tonnage.

 
 
KINDER MORGAN ENERGY PARTNERS, L.P. AND SUBSIDIARIES
PRELIMINARY ABBREVIATED CONSOLIDATED BALANCE SHEET
(Unaudited)
(in millions)
   
 
September 30, December 31,
  2012     2011  
ASSETS
 

Cash and cash equivalents

$ 532 $ 409

Other current assets ((1))

3,236 1,167

Property, plant and equipment, net

19,326 15,596

Investments

3,070 3,346

Goodwill, deferred charges and other assets

  7,429     3,585  
TOTAL ASSETS $ 33,593   $ 24,103  
 
LIABILITIES AND PARTNERS' CAPITAL
 
Liabilities
Notes payable and current maturities of long-term debt $ 2,697 $ 1,638
Other current liabilities (1) 1,865 1,481
Long-term debt 15,217 11,183
Debt fair value adjustments 1,530 1,055
Other   1,227     1,142  
Total liabilities 22,536 16,499
 
Partners' capital
Accumulated other comprehensive income 178 3
Other partners' capital   10,726     7,505  
Total KMP partners' capital   10,904     7,508  
Noncontrolling interests   153     96  
Total partners' capital   11,057     7,604  
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 33,593   $ 24,103  
 
 

Total Debt, net of cash and cash equivalents, and excluding the debt fair value adjustments

$ 17,382 $ 12,412
 
Segment earnings before DD&A and certain items $ 4,278 $ 3,810
G&A (410 ) (388 )
Income taxes   53     55  
EBITDA (2) (3) $ 3,921 $ 3,477
 
Debt to EBITDA 4.0 (4 ) 3.6

(1)

 

Includes assets / liabilities held for sale

(2)

EBITDA is last twelve months

(3)

EBITDA includes add back of KMP's share of REX, MEP, FEP, Cypress, EagleHawk, Eagle Ford (beginning 2012), Red Cedar, Midstream (beginning 2Q 2012), EPNG (beginning in 3Q 2012), and Bear Creek (beginning in 3Q 2012) DD&A.

(4)

Reduced net debt by $(1,760) for the sale of the FTC assets, which is expected to close in November 2012. Without this adjustment, Debt to EBITDA would be 4.4.





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