Kinder Morgan Energy Partners reports 'solid' Q4, increased cash flow

By Lisa Kerner

Charlotte, N.C., Jan. 18 - Kinder Morgan Energy Partners, LP's fourth quarter was "solid," according to chairman and chief executive officer Richard D. Kinder, who provided details during the company's earnings call on Wednesday.

Fourth-quarter distributable cash flow before certain items was $424.9 million, up 16% from $366.2 million for the prior-year period.

For the full year, Kinder Morgan reported distributable cash flow before certain items of $1.52 billion, up 12% from $1.36 billion for 2010.

To further growth, the company invested more than $2.6 billion in expansions, joint ventures and acquisitions in 2011.

During the fourth quarter, Kinder Morgan sold common units valued at about $152.5 million under its at-the-market program and raised about $1.02 billion through equity offerings and its at-the-market program.

Kinder Morgan declared a quarterly cash distribution per common unit of $1.16 payable on Feb. 14 to unitholders of record as of Jan. 31, a 3% increase over the fourth-quarter 2010 cash distribution per unit of $1.13, a company news release said.

Looking ahead, the company expects to generate cash flow in excess of distributions of about $70 million and to invest about $1.7 billion in expansions, including contributions to joint ventures, and small acquisitions for 2012. Over $490 million of the equity required for the investment program is expected to be funded by Kinder Morgan Management, LLC dividends, the release said.

Kinder Morgan is a petroleum pipeline company based in Houston.

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