Summary
Kinder Morgan, Inc. (KMI) reported its financial results for the second quarter and first six months of 2015. Total revenues for the three months ended June 30, 2015, were $3.46 billion, a decrease from $3.94 billion in the same period of 2014. Net income attributable to Kinder Morgan, Inc. was $333 million for the quarter, up from $284 million in the prior year's second quarter. For the six months ended June 30, 2015, net income attributable to Kinder Morgan, Inc. was $762 million, an increase from $571 million in the corresponding period of 2014. The company completed significant acquisitions, including Hiland Partners, LP and Vopak terminal assets, during the first half of 2015, which are expected to contribute to future growth. While revenues saw a decline, particularly in natural gas sales, the company's performance in other segments like Terminals and Products Pipelines showed growth. Interest expense increased due to higher average debt balances from acquisitions and capital expenditures. The company also reiterated its commitment to its dividend targets, expecting to meet its full-year dividend target of $2.00 per share for 2015.
Financial Highlights
51 data points| Revenue | $3.46B |
| Cost of Revenue | $1.08B |
| Gross Profit | $2.38B |
| Operating Expenses | $2.57B |
| Operating Income | $892.00M |
| Net Income | $333.00M |
| EPS (Basic) | $0.15 |
| EPS (Diluted) | $0.15 |
| Shares Outstanding (Basic) | 2.17B |
| Shares Outstanding (Diluted) | 2.19B |
Key Highlights
- 1Net income attributable to Kinder Morgan, Inc. for Q2 2015 was $333 million, an increase of 17% compared to $284 million in Q2 2014.
- 2Total revenues for Q2 2015 decreased by 12% to $3.46 billion, primarily driven by lower natural gas sales.
- 3The company completed significant acquisitions in the first half of 2015, including Hiland Partners, LP and Vopak terminal assets, which are expected to contribute to future growth.
- 4Segment earnings before depreciation, depletion, and amortization (EBDA) for the Terminals and Products Pipelines segments increased by 19% and 32%, respectively, in Q2 2015.
- 5Interest expense increased by 6% in Q2 2015 due to higher average debt balances resulting from acquisitions and capital expenditures.
- 6Kinder Morgan reiterated its 2015 full-year dividend target of $2.00 per share, representing a 15% increase over 2014 dividends.
- 7The company reported a decrease in cash and cash equivalents to $163 million as of June 30, 2015, from $315 million as of December 31, 2014.