Kinder Morgan, Inc. Declares Quarterly Cash Dividend, Payable on Feb. 15, 2017; Provides Dividend Guidance for the Full Year 2017; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Full Year 2017; Appoints Kimberly Dang to its Board of Directors
January 18, 2017 at 04:05 pm EST
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Kinder Morgan, Inc. announced that its board of directors approved a cash dividend of $0.125 per share for the quarter ($0.50 annualized) payable on Feb. 15, 2017, to common shareholders of record as of the close of business on Feb. 1, 2017.
The company provided dividend guidance for the full year 2017. For the period, the company expected to declare dividends of $0.50 per share.
The company reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company's revenues were $3,389 million against $3,636 million a year ago. Operating income were $934 million against loss of $244 million a year ago. Income before income taxes was $388 million against loss of $693 million a year ago. Adjusted EBITDA were $1,830 million against $1,947 million a year ago. Net loss attributable to the company was $209 million compared to loss of $695 million a year ago. Basic and diluted earnings per share were $0.08 compared to loss of $0.32 a year ago.
For the full year 2016, the company revenues were $13,058 million against $14,403 million a year ago. Operating income were $3,572 million against $2,447 million a year ago. Income before income taxes was $1,638 million against $772 million a year ago. Adjusted EBITDA were $7,245 million against $7,372 million a year ago. Net loss attributable to the company was $708 million compared to $253 million a year ago. Basic and diluted earnings per share were $0.25 compared to $0.10 a year ago. Net debt as on December 31, 2016 was $38,160 million compared to $41,224 million a year ago.
The company provided earnings guidance for the full year 2017. For the full year, the company expected adjusted EBITDA of approximately $7.2 billion.
The company's board of directors unanimously elected to the board Kimberly Dang, vice president and chief financial officer. Dang joined company in 2001 and has served as chief financial officer of the company since 2005. In 2014, Dang joined the Office of the Chairman of company, which also includes Richard D. Kinder, executive chairman, and Steven J. Kean, president and CEO.
Kinder Morgan, Inc. specializes in transporting and storing oil and gas. Net sales (including intragroup) break down by activity as follows:
- transport, processing and storage of natural gas (70.2%);
- transport of refined oil products (13.5%): gasoline, diesel, liquefied natural gas (LNG), etc.;
- transshipment and storage of petroleum products, dry and liquid bulk services (10.3%): fuel, coal, petroleum coke, cement, alumina, salt, chemical products, etc.;
- transport and sale of carbon dioxide (6%). The group also develops crude oil production activity in the Permian Basin in West Texas.
The United States accounts for 99.2% of net sales.
Kinder Morgan, Inc. Declares Quarterly Cash Dividend, Payable on Feb. 15, 2017; Provides Dividend Guidance for the Full Year 2017; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Full Year 2017; Appoints Kimberly Dang to its Board of Directors
KINDER MORGAN, INC. 
