Kinder Morgan Q2 Profit Rises - Quick Facts

(RTTNews) - Kinder Morgan Inc. (KMI) reported that its second-quarter net income attributable to the company was $284 million or $0.27 per class P share, compared to $277 million or $0.27 per class P share in the comparable quarter last year.

Revenues for the quarter rose to $3.94 billion, from $3.38 billion in the prior year quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share on revenues of $3.78 billion for the quarter. Analysts' estimates typically exclude special items.

Further, KMI's board of directors increased the quarterly cash dividend to $0.43 per share payable on Aug. 15, 2014, to shareholders of record as of July 31, 2014.

As previously announced, KMI expects to declare dividends of at least $1.72 per share for 2014, an 8 percent increase over its 2013 declared dividend of $1.60 per share. Growth in 2014 is expected to be driven by continued strong performance at KMP and contributions from EPB.

Kinder Morgan Energy Partners, L.P. (KMP) posted second quarter net income attributable to the company of $661 million or $0.43 per share, compared to $1.0 million or $1.41 per share in the comparable quarter last year.

Net income per unit before certain items was $0.49, same as last year.

Revenue for the latest quarter was $3.56 million, up from $3.02 million in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share on revenues of $3.35 billion for the quarter. Analysts' estimates typically exclude special items.

The company increased its quarterly cash distribution per common unit to $1.39 payable on Aug. 14, 2014, to unitholders of record as of July 31, 2014.

KMP expects to declare cash distributions of $5.58 per unit for 2014. KMP expects to exceed its distributable cash flow per unit target primarily as a result of the positive impact of its APT acquisition, TGP's strong performance including a north to south firm transportation expansion and additional long-term contracts on its EPNG pipeline system. KMP's $5.58 distributable cash flow per unit target for its 2014 budget, which would be a 5 percent increase over the $5.33 per unit it declared for 2013, was announced in December 2013.

Kinder Morgan Management, LLC (KMR) also expects to declare distributions of at least $5.58 per share for 2014, and the distribution to KMR shareholders will be paid in the form of additional KMR shares.)