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TheStreet Open House

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

Stocks in this article: EPBKMIKMPKMR

For the full year, export coal volumes increased by almost 38 percent to a record of approximately 20.7 million tons versus 2011, led by the Pier IX, IMT and Port of Houston terminals. Domestic coal volumes declined. Good results from the liquids terminals noted above also benefited earnings for 2012. In addition to Watco, the purchase in June 2011 of the Port Arthur, Texas terminal that handles petcoke for the Total refinery contributed to annual growth in this segment.

For 2012, Terminals handled 65.3 million barrels of ethanol, up 7 percent from 2011. Combined, the terminals and products pipelines business segments handled 98.4 million barrels of ethanol, an increase of 8 percent over 2011. KMP continues to handle approximately 30 percent of the ethanol used in the United States.

Kinder Morgan Canada produced fourth quarter segment earnings before DD&A and certain items of $71 million, up 38 percent from $51 million for the same period in 2011. For the year, Kinder Morgan Canada produced segment earnings before DD&A and certain items of $229 million, up 15 percent from $199 million in 2011, and well ahead of its published annual budget of 1 percent growth.

“Growth in the fourth quarter compared to the same period last year primarily resulted from favorable book taxes, but also reflected strong results at Express-Platte,” Kinder said. Trans Mountain volumes increased compared to the fourth quarter last year due to a pressure restriction in 2011 that was lifted earlier in 2012.

2013 Outlook

As previously announced, KMP expects to declare cash distributions of $5.28 per unit for 2013, a 6 percent increase over its 2012 distribution of $4.98 per unit. KMP’s 2013 budget projection includes the expected purchase (drop down) of 50 percent of El Paso Natural Gas Pipeline and a 50 percent stake in midstream assets from KMI, which would give KMP 100 percent ownership of these assets. (KMR also expects to declare distributions of $5.28 per share for 2013 and the distribution to KMR shareholders will be paid in the form of additional KMR shares.)

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