By Houston Business Journal

Kinder Morgan Energy Partners LP reported Wednesday an improved second quarter in terms of both net income and revenue.

Kinder Morgan posted net income of $365 million, or 35 cents per share, on $1.96 billion in revenue for the second quarter 2010, compared to a net income of $328 million, or 34 cents per share, on $1.65 billion in revenue for the same period in 2009.

Analysts polled by Thomson First Call were on average expecting the Houston-based energy transportation and storage company to post earnings per share of 39 cents.

In its second quarter 2010 report, Kinder Morgan (NYSE: KMP) also said it has a distributable cash flow of $322.3 million, up 18 percent from $274.2 million for the same period a year before.

The company also on Wednesday increased its quarterly cash distribution to $1.09 per unit.

The distribution represents a 4 percent increase over the second 2009 distribution of $1.05 per unit.

Copyright 2010 American City Business Journals
Copyright 2010