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Kinder Morgan Energy Partners Distributes $4.98 Per Unit For 2012 – Meets Annual Budget

For the year, distributable cash flow before certain items was $1.78 billion, up 17 percent from $1.53 billion for 2011. Distributable cash flow per unit before certain items was $5.07 compared to $4.68 per unit for the same period last year. Net income before certain items was $2.24 billion compared to $1.76 billion for 2011. Including certain items, net income was $1.36 billion versus $1.27 billion last year. Certain items for the year totaled a net loss of $888 million versus a net loss of $491 million for the comparable period in 2011. The certain items in 2012 were primarily attributable to the loss on disposal and re-measurement of discontinued operations to fair value related to the KMP assets that were divested in order to obtain Federal Trade Commission approval for Kinder Morgan, Inc.’s (NYSE: KMI) acquisition of El Paso Corporation.

Overview of Business Segments

The Products Pipelines business produced fourth quarter segment earnings before DD&A and certain items of $176 million, up 9 percent from $161 million for the comparable period in 2011. For the year, Products Pipelines produced $703 million in segment earnings before DD&A and certain items, up 1 percent from $694 million in 2011, but below its published annual budget of 6 percent growth.

“The increase in earnings compared to the fourth quarter of 2011 was driven by higher volumes and revenues from the Cochin Pipeline and our Southeast Terminals, along with contributions from the Kinder Morgan Crude and Condensate Pipeline which was completed in the second quarter,” Kinder said. “For the year, NGL volumes and revenues were up approximately 22 percent and 17 percent, respectively.”

Total refined products volumes decreased 1.2 percent versus the fourth quarter of 2011 (although the Florida, southern California and Arizona markets showed increases) and declined by 1.5 percent year over year. Overall segment gasoline volumes (including transported ethanol on the Central Florida Pipeline) were up 1.5 percent compared to the fourth quarter of 2011, reflecting increases across the products pipeline system except at CALNEV. Overall segment diesel volumes declined 6.2 percent versus the fourth quarter of 2011, attributable to continuing weak market demand on the West Coast and lower volumes on CALNEV due to a competing pipeline, along with lower volumes on Plantation due to favorable Gulf Coast diesel export economics. Overall segment commercial and military jet fuel volumes were down 3.9 percent compared to the fourth quarter of 2011, but virtually flat year over year.

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