This Day On The Street
Continue to site
ADVERTISEMENT
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

Kinder Morgan Energy Partners Increases Quarterly Distribution To $1.38 Per Unit, Up 6%

Kinder Morgan Energy Partners, L.P. (NYSE: KMP) today increased its quarterly cash distribution per common unit to $1.38 ($5.52 annualized) payable on May 15, 2014, to unitholders of record as of April 30, 2014. This represents a 6 percent increase over the first quarter 2013 cash distribution per unit of $1.30 ($5.20 annualized) and is up from $1.36 per unit ($5.44 annualized) for the fourth quarter of 2013.

Chairman and CEO Richard D. Kinder said, “KMP had a strong first quarter and increased the distribution for the 51st time since current management took over in February of 1997. We earned distributable cash flow before certain items of $1.55 per unit for the first quarter, which equates to coverage in excess of our distributions of $76 million. Our five business segments produced $1.569 billion in segment earnings before DD&A and certain items, a 23 percent increase over the first quarter of 2013. Growth was led by contributions from the Copano acquisition, a dropdown from Kinder Morgan, Inc. associated with the El Paso Corporation transaction, outstanding results from the Natural Gas Pipelines group, increased oil production at our CO 2 segment and strong results from our Terminals business. We continue to see exceptional growth opportunities across all of our business segments and currently have identified approximately $14.9 billion in expansion and joint venture investments at KMP that we are confident will come to fruition and drive future growth. This compares to a backlog of $13.5 billion in projects announced in our January earnings release.”

KMP reported first quarter distributable cash flow before certain items of $693 million, up 26 percent from $550 million for the comparable period in 2013. Distributable cash flow per unit before certain items was $1.55 compared to $1.46 for the first quarter last year. First quarter net income before certain items was $788 million compared to $655 million for the same period in 2013. Including certain items, net income was $754 million compared to $792 million for the first quarter last year. Certain items for the first quarter totaled a net loss of $34 million versus a net gain of $137 million for the same period last year. Certain items for the first quarter included legal reserve adjustments.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs