This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Kinder Morgan Energy Partners Increases Quarterly Distribution To $1.36 Per Unit, Up 5%

Stocks in this article: EPBKMIKMPKMR

Kinder Morgan Energy Partners, L.P. (NYSE: KMP) today increased its quarterly cash distribution per common unit to $1.36 ($5.44 annualized) payable on Feb. 14, 2014, to unitholders of record as of Jan. 31, 2014. This represents a 5 percent increase over the fourth quarter 2012 cash distribution per unit of $1.29 ($5.16 annualized) and is up from $1.35 per unit ($5.40 annualized) for the third quarter of 2013. KMP has increased the distribution 50 times since current management took over in February 1997.

Chairman and CEO Richard D. Kinder said, “KMP had a strong fourth quarter and a very successful year. We will distribute $5.33 per unit for the full year, which represents a 7 percent increase over the 2012 distribution of $4.98 per unit, and an increase of $0.05 per unit from our 2013 plan. We earned distributable cash flow before certain items of $5.39 per unit for 2013 or coverage in excess of our distributions of $22 million. For 2013, our five business segments produced $5.550 billion in segment earnings before DD&A and certain items, up 27 percent from last year. Growth was led by the dropdowns from Kinder Morgan, Inc. associated with its acquisition of El Paso Corporation in 2012, contributions from the midstream assets KMP acquired in the Copano Energy transaction in May of 2013, increased oil production in our CO 2 segment, and good results at our Products Pipelines and Terminals businesses. KMP invested $3.5 billion in expansions and acquisitions during 2013 (not including dropdowns and the Copano acquisition), which exceeded our budget of $2.9 billion. We are excited about 2014 and continue to see exceptional growth opportunities across all of our business segments. We currently have identified approximately $13.5 billion in expansion and joint venture investments at KMP that we are confident will come to fruition and drive future growth.”

KMP reported fourth quarter distributable cash flow before certain items of $635 million, up 28 percent from $495 million for the comparable period in 2012. Distributable cash flow per unit before certain items was $1.44 compared to $1.35 for the fourth quarter last year. Fourth quarter net income before certain items was $796 million compared to $669 million for the same period in 2012. Including certain items, net income was $818 million compared to $647 million for the fourth quarter last year. Certain items for the fourth quarter totaled a net gain of $22 million versus a net loss of $22 million for the same period last year. Certain items principally reflected an insurance reimbursement for damage at certain terminals in the Northeast following Hurricane Sandy.

1 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,584.37 -30.44 -0.18%
S&P 500 1,941.64 +0.36 0.02%
NASDAQ 4,413.2340 -6.2440 -0.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs