Kinder Morgan Announced Q4 2023 Results

SEATTLE (Oil Monster): Kinder Morgan Inc. (KMI) announced results for the fourth quarter of 2023.

The company reported earnings per share (EPS) of $0.27 during the quarter, down by 10% when compared with the corresponding quarter a year before. The distributable cash flow (DCF) per share of $0.52 too was down by 4% year-on-year. The net income attributable to the company stood at $594 million, down significantly from $670 million in the fourth quarter of 2022. Also, the adjusted earnings dipped from $708 million to $633 million over the previous year.

The company reported net income of $2.4 billion and Adjusted EBITDA of $7.6 billion for the year.

The dip in earnings is primarily due to increased interest expense than anticipated in the budget guidance for the year. The company finished slightly behind its budget, on account of lower commodity prices.

The board of directors approved a cash dividend of $0.2825 per share, which will be payable on February 15, 2024, to stockholders of record as of the close of business on January 31, 2024.

KMI continued to execute on expansion projects in all of its business segments, especially in Natural Gas Pipelines business segment. Also, it completed acquisition of STX Midstream for $1.8 billion during the quarter.