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KINDER MORGAN, INC.

(KMI)
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Kinder Morgan 2Q Loss Widened on Non-Cash Impairment Related to Contract Renewals

07/21/2021 | 04:54pm EDT

By Jeffrey T. Lewis

Pipeline operator Kinder Morgan Inc. reported a net loss in the second quarter that widened from a year earlier after it booked a non-cash impairment of $1.6 billion related to expected lower volumes and rates on contract renewals at a natural-gas processing facility.

The Houston-based company said it had a loss attributable to the company of $757 million, compared with a loss of $637 million in the same quarter a year earlier, while revenue rose to $3.15 billion from $2.56 billion in the second quarter of 2020. Kinder Morgan reported a basic and diluted loss per share of $0.34, compared with a loss of $0.28 in the year-earlier quarter.

The natural-gas, gasoline and crude-oil transporting company announced a $0.27 per share dividend for the quarter, an increase of 3% from the second quarter of 2020. Kinder Morgan said it expects to generate net income attributable to the company of $1.7 billion this year, and to declare dividends of $1.08 per share, also an increase of 3% from a year earlier.

The company said it foresees generating $5.4 billion of distributable cash flow this year and adjusted earnings before interest, taxes, depreciation and amortization of $7.9 billion, both of which would meet or exceed the top end of the range announced last quarter. The company expects to end this year with a net debt to adjusted EBITDA ratio of 4.0.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

07-21-21 1653ET

Stocks mentioned in the article
ChangeLast1st jan.
KINDER MORGAN, INC. 2.23% 16.49 Delayed Quote.20.63%
WTI -0.27% 73.079 Delayed Quote.46.78%
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Financials (USD)
Sales 2021 14 896 M - -
Net income 2021 1 707 M - -
Net Debt 2021 31 515 M - -
P/E ratio 2021 22,0x
Yield 2021 6,55%
Capitalization 37 375 M 37 375 M -
EV / Sales 2021 4,62x
EV / Sales 2022 5,24x
Nbr of Employees 10 524
Free-Float 95,4%
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Mean consensus HOLD
Number of Analysts 24
Last Close Price 16,49 $
Average target price 18,75 $
Spread / Average Target 13,7%
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Managers and Directors
Steven J. Kean Chief Executive Officer & Director
Kimberly Allen Dang President & Director
David Patrick Michels Chief Financial Officer & Vice President
Richard D. Kinder Executive Chairman
Mark E. Huse Chief Information Officer & Vice President
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