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KMI NYSE· Kinder Morgan Inc.
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KMI NYSE· Kinder Morgan Inc.
Earnings report Q4 2023

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Kinder Morgan, Inc. (KMI) reported third quarter 2020 net income attributable to KMI of $455 million, compared to $506 million for the third quarter of 2019. KMI's third quarter distributable cash flow (DCF) was $1.14 billion, up from $1.13 billion for the comparable period in 2019.

KMI's Natural Gas Pipelines segment earnings before depreciation, depletion and amortization (EBDA) were $1.14 billion, up 6% from the third quarter of 2019. The increase was driven by contributions from the Elba Liquefaction project, the Gulf Coast Express pipeline, and various other expansion projects that were placed into service.

The Products Pipelines segment EBDA was $304 million, down 11% from the third quarter of 2019. The decrease was primarily due to lower refined products volumes as a result of the COVID-19 pandemic.

The Terminals segment EBDA was $227 million, down 10% from the third quarter of 2019. The decrease was primarily due to lower bulk volumes as a result of the COVID-19 pandemic.

The CO2 segment EBDA was $191 million, down 20% from the third quarter of 2019. The decrease was primarily due to lower oil and NGL prices and lower volumes as a result of the COVID-19 pandemic.

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Kinder Morgan Reports Mixed Results Amid Pandemic Challenges

Segments of revenue

Kinder Morgan's Natural Gas Pipelines segment saw an increase in earnings before depreciation, depletion and amortization (EBDA) to $1.14 billion, up 6% from the third quarter of 2019. However, the Products Pipelines, Terminals, and CO2 segments saw decreases in EBDA of 11%, 10%, and 20% respectively, primarily due to the impacts of the COVID-19 pandemic.

Strengths

The company's strength lies in its Natural Gas Pipelines segment, which saw a 6% increase in EBDA, driven by contributions from the Elba Liquefaction project, the Gulf Coast Express pipeline, and various other expansion projects that were placed into service.

Challenges

The company faced challenges in its Products Pipelines, Terminals, and CO2 segments, which saw decreases in EBDA of 11%, 10%, and 20% respectively. These decreases were primarily due to lower volumes and prices as a result of the COVID-19 pandemic.

Noteworthy

Despite the challenges posed by the pandemic, Kinder Morgan's distributable cash flow (DCF) increased slightly to $1.14 billion, up from $1.13 billion for the comparable period in 2019.

Summary

Kinder Morgan's latest quarter results were mixed, with strength in its Natural Gas Pipelines segment being offset by decreases in its other segments due to the impacts of the COVID-19 pandemic. However, the company was able to increase its distributable cash flow slightly, demonstrating its resilience amid challenging conditions.

Source documents

Form 10-K  filed on Feb 20, 2024
129 pages scanned

Reference data

Company financials Q4 revenue 3.84B
Analyst estimates Q4 EPS beat by 15.70%
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