Kinder Morgan sees modest Q4 earnings bump
US midstream company Kinder Morgan (KMI) said January 18 it had Q4 2022 net income of $670mn, a modest increase from $637mn in the comparable 2021 period, with adjusted earnings for the period rising to $708mn from $609mn.
Distributable cash flow increased to $1.2bn from $1.09bn, enabling a 3% increase its dividend for the quarter to $0.2775/share, payable on February 15, 2023 to shareholders of record on January 31, 2023.
The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business.
“Heightened concerns about energy security this year cast a spotlight on the US LNG export sector,” KMI CEO Steve Kean said. “Our own and independent analysts project that demand from LNG facilities is expected to double in the coming years, and we are moving forward with projects to provide additional transport capacity for that growing market.”
Among those is the approved Evangeline Pass project, a two-phase, $678mn project that will expand and modify KMI’s Tennessee Gas Pipeline to enable feed gas deliveries to Venture Global’s proposed Plaquemines LNG facility in Louisiana.
KMI used its Q4 earnings release to announce that Kean would step down as CEO on August 1, 2023 after eight years in the position, but will remain on the company’s board of directors. He will be replaced by KMI president Kim Dang, who has also served as CFO.