KMI Eyes $0.8B for Expansion Projections, JV Contributions
1/20 4:38 PM
KMI Eyes $0.8B for Expansion Projections, JV Contributions OAKHURST, N.J. (DTN) --- Kinder Morgan, Inc. in its fourth quarter earnings release today said it expects to invest $800 million in expansion projects and contributions to joint ventures during 2021, while its 2021 budget contemplates $2.1 billion in net income attributable to KMI. Fourth quarter 2020 net income attributable to KMI was $607 million, down from net income of $610 million attributable to KMI in the fourth quarter 2019 as financial contributions from all of its business segments decline on lower energy demand due to the pandemic, lower commodity prices and the December 2018 sale of Kinder Morgan Canada Limited and the U.S. Cochin Pipeline. "Despite the pandemic's continued drag on the economy and energy demand, our company weathered the fourth quarter well, producing substantial earnings as expected and robust coverage in this quarter's dividend," said KMI Executive Chairman Richard D. Kinder. --Natural gas transport volumes down 2% compared to 4Q19 --Q4 crude and condensate pipeline volumes down 26% from year ago --Total refined products volumes fell 13% from 4Q19 --Gasoline volumes DN 10% versus comparable period last year, diesel up 7%, jet down 47% (c) Copyright 2021 DTN, LLC. All rights reserved.
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