Summary
Kinder Morgan, Inc. (KMI) reported total revenues of $3.5 billion for the second quarter of 2023, a decrease from $5.15 billion in the same period last year, primarily due to lower commodity prices impacting natural gas and product sales. Net income attributable to Kinder Morgan, Inc. for the quarter was $586 million, or $0.26 per share, down from $635 million, or $0.28 per share, in Q2 2022. Despite the revenue decline, operating income saw a slight increase due to significant reductions in the cost of sales. The company's financial position remains solid, with approximately $3.9 billion in available borrowing capacity under its credit facilities. For the first six months of 2023, total revenues were $7.39 billion, down from $9.44 billion in the prior year period, with net income attributable to Kinder Morgan, Inc. at $1.265 billion, a slight decrease from $1.302 billion. The company continues to focus on returning capital to shareholders, with a declared quarterly dividend of $0.2825 per share, a 2% increase year-over-year. KMI also repurchased $317 million of its shares in the first half of the year under its expanded $3 billion share repurchase program. The company is also navigating potential significant impacts from regulatory changes, such as the EPA's "Good Neighbor Plan," which could require substantial capital expenditures.
Financial Highlights
48 data points| Revenue | $3.50B |
| Operating Expenses | $2.47B |
| Operating Income | $1.03B |
| Net Income | $586.00M |
| EPS (Basic) | $0.26 |
| EPS (Diluted) | $0.26 |
| Shares Outstanding (Basic) | 2.24B |
| Shares Outstanding (Diluted) | 2.24B |
Key Highlights
- 1Total revenues decreased by 32% to $3.5 billion for Q2 2023 compared to $5.15 billion in Q2 2022, mainly due to lower commodity prices affecting natural gas and product sales.
- 2Net income attributable to Kinder Morgan, Inc. decreased to $586 million ($0.26/share) in Q2 2023 from $635 million ($0.28/share) in Q2 2022.
- 3Operating income increased by 2% to $1.03 billion in Q2 2023, driven by a significant reduction in the cost of sales, offsetting lower revenues.
- 4The company declared a quarterly dividend of $0.2825 per share, a 2% increase compared to the prior year's quarterly dividend.
- 5Kinder Morgan repurchased $317 million of its shares during the first six months of 2023 as part of its $3 billion share repurchase program.
- 6The company has approximately $3.9 billion in available borrowing capacity under its credit facilities as of June 30, 2023.
- 7Potential future capital expenditures of $1.5 billion to $1.8 billion are anticipated due to the EPA's "Good Neighbor Plan," though this is subject to ongoing litigation and potential mitigation through rate adjustments.