HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc.’s (NYSE: KMI) board of directors today approved a cash dividend of $0.2775 per share for the first quarter ($1.11 annualized), payable on May 16, 2022, to stockholders of record as of the close of business on May 2, 2022. This dividend is a 3% increase over the first quarter of 2021 and marks the fifth consecutive annual increase.
KMI is reporting first quarter net income attributable to KMI of $667 million, compared to $1,409 million in the first quarter of 2021; and distributable cash flow (DCF) of $1,455 million, compared to $2,329 million in the first quarter of 2021. Adjusted Earnings were $732 million for the quarter, versus $1,374 million in the first quarter of 2021. First quarter 2021 results were favorably impacted by earnings during the February 2021 Winter Storm Uri. Excluding those nonrecurring earnings, our current quarter earnings would be above the prior-year period.
“The company is off to a great start this year and once again generated robust earnings and strong coverage of this quarter’s dividend. We continue to live within our cash flow, have reduced our debt by more than $11 billion since 2015, and plan for this year to be the fifth consecutive year of increased dividends. During 2022 we expect to once again fund our expansion capital opportunities internally, meet or exceed our debt metric goal, and return excess cash to our shareholders through a dividend increase and opportunistic share repurchases,” said KMI Executive Chairman Richard D. Kinder.
“We are seeing great opportunities, both in our traditional segments and in our growing participation in the low-carbon energy evolution,” said KMI Chief Executive Officer Steve Kean. “While we are benefiting from commodity price tailwinds, we are also performing better than budget in a number of areas, which is more than offsetting some higher cost headwinds. Even excluding the commodity price tailwinds, we are above DCF plan for the quarter.”
Kean continued, “We are seeing growth in our base natural gas business as more customers seek to take advantage of the extensive firm transport and storage services we offer. That growth is coming from favorable renewals, especially on our flexible storage services, and from incremental growth opportunities. Our Stagecoach acquisition is fully integrated with our commercial and physical operations, producing the commercial opportunities we expected, and exceeding the acquisition model.
“Our Products business segment strongly outperformed the first quarter of 2021 and our Terminals segment also closed the quarter up relative to the prior year period. Our CO2 business is benefiting from higher crude prices and is also exceeding its oil production and CO2 volume targets,” Kean said.
“Our assets will be needed for a long time to come, providing the same services they do today. We have also positioned ourselves for the ongoing energy evolution. We are investing in our pipelines and terminals in support of renewable diesel and the associated feedstocks. We continue to leverage our status as a low methane emission intensity leader within our sector as interest in responsibly sourced natural gas grows within our customer base. And our investment in renewable natural gas is presenting good additional growth opportunities,” Kean concluded.
“KMI’s financial performance during the quarter was strong, as we generated earnings per share of $0.29 and DCF per share of $0.64. While these both represent a decrease from the first quarter of 2021, those 2021 results were positively impacted by the nonrecurring earnings achieved during Winter Storm Uri,” said KMI President Kim Dang. “Excluding Uri-related earnings from our 2021 results, earnings per share for the quarter were up 17% and DCF per share was up 16% as compared to the first quarter of 2021. Compared to our budget, net income attributable to KMI during the quarter was down $28 million, largely due to unsettled commodity hedges, which we treat as certain items. Adjusted Earnings, which exclude certain items, exceeded our budget for the quarter by $40 million, and DCF exceeded our budget by $62 million, or 4%. Also during the quarter, we generated $822 million of excess DCF above our declared dividend.”
For 2022, KMI budgeted to generate net income attributable to KMI of $2.5 billion and declare dividends of $1.11 per share, a 3% increase from the 2021 declared dividends. KMI also budgeted to generate 2022 DCF of $4.7 billion and Adjusted EBITDA of $7.2 billion and to end 2022 with a Net Debt-to-Adjusted EBITDA ratio of 4.3 times. KMI now expects net income, EBITDA and DCF to be favorable to budget due to stronger than expected commodity prices and favorable operating results from our Natural Gas and CO2 business segments, partially offset by higher costs.
Overview of Business Segments
“The Natural Gas Pipelines segment’s financial performance was down in the first quarter of 2022 relative to the first quarter of 2021, again due to the nonrecurring earnings during the February 2021 storm” said Dang. “Excluding the 2021 winter storm earnings, financial performance was up on higher contributions from the Texas Intrastate system, from Tennessee Gas Pipeline (TGP), from our new Stagecoach assets and from favorable pricing on the Altamont and Copano South Texas gathering systems as well as increased volumes on our KinderHawk gathering system. These were partially offset by lower contributions from El Paso Natural Gas (EPNG) and Colorado Interstate Pipeline (CIG).”
Natural gas transport volumes were up 2% compared to the first quarter of 2021, with increases on Kinder Morgan Louisiana Pipeline (KMLP), Natural Gas Pipeline of America (NGPL) and TGP due to increased deliveries to LNG customers; and from our new Stagecoach assets. These increases were partially offset by declines on EPNG due to pipeline outages; and on Wyoming Interstate Company and Cheyenne Plains Gas Pipeline due to continued declining production in the Rockies basins. Natural gas gathering volumes were up 12% from the first quarter of 2021 with higher volumes primarily on KinderHawk.
“Contributions from the Products Pipelines segment were up compared to the first quarter of 2021 as demand recovery continued,” Dang said. “Total refined products volumes were up 7%, while crude and condensate pipeline volumes were down 4% compared to the first quarter of 2021. Gasoline volumes were above the comparable period last year by 5% and diesel volumes were down 3%. Jet fuel volumes continue their strong rebound, up 38% versus the first quarter of 2021.
“Terminals segment earnings were up compared to the first quarter of 2021. In our liquids business, we saw strong gains in volumes across both our truck rack terminals and refined product hub facilities, which benefited from higher refinery utilization rates and continued demand recovery compared to the prior year period. Notwithstanding the foregoing, steep backwardation in refined product futures price curves has presented a headwind for product storage and blending economics, contributing to lower utilization rates and modest rate pressure, principally in our New York Harbor hub. In our Jones Act tanker business, where fundamentals continue to improve, the benefit from higher fleet utilization was more than off-set by lower average charter rates compared to the first quarter of 2021 as vessels were recontracted into a lower, albeit improving, rate environment,” said Dang. “Earnings in our bulk business were higher compared to the first quarter of 2021 owing to gains in both handling rates and volumes for export coal and petroleum coke.
“CO2 segment earnings were down compared to the first quarter of 2021 due to the fact that in the first quarter of 2021, the segment returned power to the grid by curtailing oil production during Winter Storm Uri under an existing contract with its power provider. Excluding the storm benefit in 2021, Q1 2022 segment financial performance was higher, primarily due to higher realized crude, NGL, and CO2 prices. Our realized weighted average crude oil price for the quarter was up 31% at $66.90 per barrel compared to $51.05 per barrel for the first quarter of 2021, while our weighted average NGL price for the quarter was up 117% from the first quarter of 2021 at $43.68 per barrel, and CO2 prices were up $0.47 or 45%,” said Dang. “First quarter 2022 combined oil production across all of our fields was flat compared to the same period in 2021 on a net to KMI basis. NGL volumes net to KMI were up 7% versus the first quarter of 2021, while CO2 sales volumes were down 10% on a net to KMI basis compared to the first quarter of 2021, due to the expiration of a carried interest following payout on a project in 2021. CO2 sales volumes were up 8% excluding that adjustment.”
Natural Gas Pipelines
Products Pipelines
Energy Transition Ventures
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of the people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines, 141 terminals, and 700 billion cubic feet of working natural gas storage capacity. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, chemicals, ethanol, metals and petroleum coke. For more information, please visit www.kindermorgan.com.
Please join Kinder Morgan, Inc. at 4:30 p.m. Eastern Time on Wednesday, April 20, at www.kindermorgan.com for a LIVE webcast conference call on the company’s first quarter earnings.
Non-GAAP Financial Measures
The non-generally accepted accounting principles (non-GAAP) financial measures of Adjusted Earnings and distributable cash flow (DCF), both in the aggregate and per share for each; segment earnings before depreciation, depletion, amortization (DD&A), amortization of excess cost of equity investments and Certain Items (Adjusted Segment EBDA); net income before interest expense, income taxes, DD&A, amortization of excess cost of equity investments and Certain Items (Adjusted EBITDA); Net Debt; Net Debt-to-Adjusted EBITDA; and Free Cash Flow (FCF).
Our non-GAAP financial measures described below should not be considered alternatives to GAAP net income attributable to Kinder Morgan, Inc. or other GAAP measures and have important limitations as analytical tools. Our computations of these non-GAAP financial measures may differ from similarly titled measures used by others. You should not consider these non-GAAP financial measures in isolation or as substitutes for an analysis of our results as reported under GAAP. Management compensates for the limitations of these non-GAAP financial measures by reviewing our comparable GAAP measures, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes.
Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in net income attributable to Kinder Morgan, Inc., but typically either (1) do not have a cash impact (for example, unsettled commodity hedges and asset impairments), or (2) by their nature are separately identifiable from our normal business operations and in our view are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation and casualty losses). We also include adjustments related to joint ventures (see “Amounts from Joint Ventures” below and the accompanying Tables 4 and 7).
Adjusted Earnings is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items. Adjusted Earnings is used by us and certain external users of our financial statements to assess the earnings of our business excluding Certain Items as another reflection of our ability to generate earnings. We believe the GAAP measure most directly comparable to Adjusted Earnings is net income attributable to Kinder Morgan, Inc. Adjusted Earnings per share uses Adjusted Earnings and applies the same two-class method used in arriving at basic earnings per share. (See the accompanying Tables 1 and 2.)
DCF is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items (Adjusted Earnings), and further by DD&A and amortization of excess cost of equity investments, income tax expense, cash taxes, sustaining capital expenditures and other items. We also include amounts from joint ventures for income taxes, DD&A and sustaining capital expenditures (see “Amounts from Joint Ventures” below). DCF is a significant performance measure useful to management and external users of our financial statements in evaluating our performance and in measuring and estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could be used for discretionary purposes such as dividends, stock repurchases, retirement of debt, or expansion capital expenditures. DCF should not be used as an alternative to net cash provided by operating activities computed under GAAP. We believe the GAAP measure most directly comparable to DCF is net income attributable to Kinder Morgan, Inc. DCF per share is DCF divided by average outstanding shares, including restricted stock awards that participate in dividends. (See the accompanying Tables 2 and 3.)
Adjusted Segment EBDA is calculated by adjusting segment earnings before DD&A and amortization of excess cost of equity investments (Segment EBDA) for Certain Items attributable to the segment. Adjusted Segment EBDA is used by management in its analysis of segment performance and management of our business. General and administrative expenses and certain corporate charges are generally not under the control of our segment operating managers, and therefore, are not included when we measure business segment operating performance. We believe Adjusted Segment EBDA is a useful performance metric because it provides management and external users of our financial statements additional insight into the ability of our segments to generate cash earnings on an ongoing basis. We believe it is useful to investors because it is a measure that management uses to allocate resources to our segments and assess each segment’s performance. We believe the GAAP measure most directly comparable to Adjusted Segment EBDA is Segment EBDA. (See the accompanying Tables 3 and 7.)
Adjusted EBITDA is calculated by adjusting net income attributable to Kinder Morgan, Inc. before interest expense, income taxes, DD&A, and amortization of excess cost of equity investments (EBITDA) for Certain Items. We also include amounts from joint ventures for income taxes and DD&A (see “Amounts from Joint Ventures” below). Adjusted EBITDA is used by management and external users, in conjunction with our Net Debt (as described further below), to evaluate certain leverage metrics. Therefore, we believe Adjusted EBITDA is useful to investors. We believe the GAAP measure most directly comparable to Adjusted EBITDA is net income attributable to Kinder Morgan, Inc. (See the accompanying Tables 3 and 4.)
Amounts from Joint Ventures - Certain Items, DCF and Adjusted EBITDA reflect amounts from unconsolidated joint ventures (JVs) and consolidated JVs utilizing the same recognition and measurement methods used to record “Earnings from equity investments” and “Noncontrolling interests (NCI),” respectively. The calculations of DCF and Adjusted EBITDA related to our unconsolidated and consolidated JVs include the same items (DD&A and income tax expense, and for DCF only, also cash taxes and sustaining capital expenditures) with respect to the JVs as those included in the calculations of DCF and Adjusted EBITDA for our wholly-owned consolidated subsidiaries. (See Table 7, Additional JV Information.) Although these amounts related to our unconsolidated JVs are included in the calculations of DCF and Adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses or cash flows of such unconsolidated JVs.
Net Debt is calculated by subtracting from debt (1) cash and cash equivalents, (2) debt fair value adjustments, and (3) the foreign exchange impact on Euro-denominated bonds for which we have entered into currency swaps. Net Debt is a non-GAAP financial measure that management believes is useful to investors and other users of our financial information in evaluating our leverage. We believe the most comparable measure to Net Debt is debt net of cash and cash equivalents as reconciled in the notes to the accompanying Preliminary Consolidated Balance Sheets in Table 6.
FCF is calculated by reducing cash flow from operations for capital expenditures (sustaining and expansion). FCF is used by external users as an additional leverage metric. Therefore, we believe FCF is useful to our investors. We believe the GAAP measure most directly comparable to FCF is cash flow from operations.
Important Information Relating to Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Generally the words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” “projects,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements in this news release include, among others, express or implied statements pertaining to: the long-term demand for KMI’s assets and services; energy transition-related opportunities; KMI’s 2022 expectations; anticipated dividends; and KMI’s capital projects, including expected completion timing and benefits of those projects. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize nor their ultimate impact on our operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include: the impacts of the COVID-19 pandemic and the pace and extent of economic recovery; the timing and extent of changes in the supply of and demand for the products we transport and handle; commodity prices; counterparty financial risk; and the other risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2021 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere), and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, KMI undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.
Table 1 |
|||||||||||
Kinder Morgan, Inc. and Subsidiaries |
|||||||||||
Preliminary Consolidated Statements of Income |
|||||||||||
(In millions, except per share amounts, unaudited) |
|||||||||||
|
|
|
|
||||||||
|
Three Months Ended
|
|
%
|
||||||||
|
2022 |
|
2021 |
|
|||||||
Revenues |
$ |
4,293 |
|
$ |
5,211 |
|
|
||||
Operating costs, expenses and other |
|
|
|
||||||||
Costs of sales |
|
1,894 |
|
|
2,009 |
|
|
||||
Operations and maintenance |
|
585 |
|
|
514 |
|
|
||||
Depreciation, depletion and amortization |
|
538 |
|
|
541 |
|
|
||||
General and administrative |
|
156 |
|
|
156 |
|
|
||||
Taxes, other than income taxes |
|
111 |
|
|
110 |
|
|
||||
Gain on divestitures and impairments, net |
|
(10 |
) |
|
(4 |
) |
|
||||
Other income, net |
|
(5 |
) |
|
(1 |
) |
|
||||
Total operating costs, expenses and other |
|
3,269 |
|
|
3,325 |
|
|
||||
Operating income |
|
1,024 |
|
|
1,886 |
|
|
||||
Other income (expense) |
|
|
|
||||||||
Earnings from equity investments |
|
187 |
|
|
66 |
|
|
||||
Amortization of excess cost of equity investments |
|
(19 |
) |
|
(22 |
) |
|
||||
Interest, net |
|
(333 |
) |
|
(377 |
) |
|
||||
Other, net |
|
19 |
|
|
223 |
|
|
||||
Income before income taxes |
|
878 |
|
|
1,776 |
|
|
||||
Income tax expense |
|
(194 |
) |
|
(351 |
) |
|
||||
Net income |
|
684 |
|
|
1,425 |
|
|
||||
Net income attributable to NCI |
|
(17 |
) |
|
(16 |
) |
|
||||
Net income attributable to Kinder Morgan, Inc. |
$ |
667 |
|
$ |
1,409 |
|
|
||||
Class P Shares |
|
|
|
||||||||
Basic and diluted earnings per share |
$ |
0.29 |
|
$ |
0.62 |
|
(53 |
) % |
|||
Basic and diluted weighted average shares outstanding |
|
2,267 |
|
|
2,264 |
|
— |
% |
|||
Declared dividends per share |
$ |
0.2775 |
|
$ |
0.27 |
|
3 |
% |
|||
Adjusted Earnings (1) |
$ |
732 |
|
$ |
1,374 |
|
(47 |
) % |
|||
Adjusted Earnings per share (1) |
$ |
0.32 |
|
$ |
0.60 |
|
(47 |
) % |
Note: |
||
(1) |
Adjusted Earnings is Net income attributable to Kinder Morgan, Inc. adjusted for Certain Items, see Table 2. Adjusted Earnings per share uses Adjusted Earnings and applies the same two-class method used in arriving at basic earnings per share. |
Table 2 |
||||||||||
Kinder Morgan, Inc. and Subsidiaries |
||||||||||
Preliminary Net Income Attributable to Kinder Morgan, Inc. to Adjusted Earnings to DCF Reconciliation |
||||||||||
(In millions, unaudited) |
||||||||||
|
|
|
|
|
|
|||||
|
Three Months Ended
|
|
%
|
|||||||
|
2022 |
|
2021 |
|
||||||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
667 |
|
|
$ |
1,409 |
|
|
|
|
Total Certain Items |
|
65 |
|
|
|
(35 |
) |
|
|
|
Adjusted Earnings (1) |
|
732 |
|
|
|
1,374 |
|
|
(47 |
) % |
DD&A and amortization of excess cost of equity investments for DCF (2) |
|
623 |
|
|
|
638 |
|
|
|
|
Income tax expense for DCF (1)(2) |
|
235 |
|
|
|
419 |
|
|
|
|
Cash taxes (2) |
|
(1 |
) |
|
|
1 |
|
|
|
|
Sustaining capital expenditures (2) |
|
(125 |
) |
|
|
(107 |
) |
|
|
|
Other items (3) |
|
(9 |
) |
|
|
4 |
|
|
|
|
DCF |
$ |
1,455 |
|
|
$ |
2,329 |
|
|
(38 |
) % |
Table 3 |
||||||||||
Kinder Morgan, Inc. and Subsidiaries |
||||||||||
Preliminary Adjusted Segment EBDA, Adjusted EBITDA and DCF |
||||||||||
(In millions, except per share amounts, unaudited) |
||||||||||
|
|
|
|
|
|
|||||
|
Three Months Ended
|
|
%
|
|||||||
|
2022 |
|
2021 |
|
||||||
Natural Gas Pipelines |
$ |
1,297 |
|
|
$ |
2,094 |
|
|
(38 |
) % |
Products Pipelines |
|
299 |
|
|
|
263 |
|
|
14 |
% |
Terminals |
|
238 |
|
|
|
227 |
|
|
5 |
% |
CO2 |
|
208 |
|
|
|
291 |
|
|
(29 |
) % |
Adjusted Segment EBDA (1) |
|
2,042 |
|
|
|
2,875 |
|
|
(29 |
) % |
General and administrative and corporate charges (1) |
|
(145 |
) |
|
|
(148 |
) |
|
|
|
JV DD&A and income tax expense (1)(2) |
|
87 |
|
|
|
103 |
|
|
|
|
Net income attributable to NCI (1) |
|
(17 |
) |
|
|
(16 |
) |
|
|
|
Adjusted EBITDA |
|
1,967 |
|
|
|
2,814 |
|
|
(30 |
) % |
Interest, net (1) |
|
(377 |
) |
|
|
(383 |
) |
|
|
|
Cash taxes (2) |
|
(1 |
) |
|
|
1 |
|
|
|
|
Sustaining capital expenditures (2) |
|
(125 |
) |
|
|
(107 |
) |
|
|
|
Other items (3) |
|
(9 |
) |
|
|
4 |
|
|
|
|
DCF |
$ |
1,455 |
|
|
$ |
2,329 |
|
|
(38 |
) % |
Weighted average shares outstanding for dividends (4) |
|
2,280 |
|
|
|
2,277 |
|
|
|
|
DCF per share |
$ |
0.64 |
|
|
$ |
1.02 |
|
|
|
|
Declared dividends per share |
$ |
0.2775 |
|
|
$ |
0.27 |
|
|
|
Notes |
||
(1) |
Amounts are adjusted for Certain Items. See Tables 4 and 7 for more information. |
|
(2) |
Includes or represents DD&A, income tax expense, cash taxes and/or sustaining capital expenditures (as applicable for each item) from JVs. See Table 7 for more information. |
|
(3) |
Includes pension contributions, non-cash pension expense and non-cash compensation associated with our restricted stock program. |
|
(4) |
Includes restricted stock awards that participate in dividends. |
Table 4 |
||||||||||
Kinder Morgan, Inc. and Subsidiaries |
||||||||||
Preliminary Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA Reconciliation |
||||||||||
(In millions, unaudited) |
||||||||||
|
|
|
|
|
|
|||||
|
Three Months Ended
|
|
%
|
|||||||
|
2022 |
|
2021 |
|
||||||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
667 |
|
|
$ |
1,409 |
|
|
(53 |
) % |
Certain Items: |
|
|
|
|
|
|||||
Fair value amortization |
|
(4 |
) |
|
|
(4 |
) |
|
|
|
Legal, environmental and taxes other than income tax reserves |
|
— |
|
|
|
84 |
|
|
|
|
Change in fair value of derivative contracts (1) |
|
82 |
|
|
|
14 |
|
|
|
|
Gain on divestitures, impairments and other write-downs, net (2) |
|
— |
|
|
|
(89 |
) |
|
|
|
Income tax Certain Items |
|
(20 |
) |
|
|
(40 |
) |
|
|
|
Other |
|
7 |
|
|
|
— |
|
|
|
|
Total Certain Items (3) |
|
65 |
|
|
|
(35 |
) |
|
|
|
DD&A and amortization of excess cost of equity investments |
|
557 |
|
|
|
563 |
|
|
|
|
Income tax expense (4) |
|
214 |
|
|
|
391 |
|
|
|
|
JV DD&A and income tax expense (4)(5) |
|
87 |
|
|
|
103 |
|
|
|
|
Interest, net (4) |
|
377 |
|
|
|
383 |
|
|
|
|
Adjusted EBITDA |
$ |
1,967 |
|
|
$ |
2,814 |
|
|
(30 |
) % |
Notes |
|
|
|
|
|
|
||
(1) |
Gains or losses are reflected in our DCF when realized. |
|||||||
(2) |
2021 amount includes a pre-tax gain of $206 million associated with the sale of a partial interest in our equity investment in NGPL Holdings LLC, offset partially by a write-down of $117 million on a long-term subordinated note receivable from an equity investee, Ruby Pipeline Holding Company, L.L.C., reported within "Other, net" and "Earnings from equity investments," respectively, on the accompanying Preliminary Consolidated Statement of Income (See Table 1.) |
|||||||
(3) |
2022 and 2021 amounts include $5 million and $117 million, respectively, reported within “Earnings from equity investments” on the accompanying Preliminary Consolidated Statement of Income. |
|||||||
(4) |
Amounts are adjusted for Certain Items. See Table 7 for more information. |
|||||||
(5) |
Represents JV DD&A and income tax expense. See Table 7 for more information. |
|||||||
|
|
Table 5 |
|||||||
Segment Volume and CO2 Segment Hedges Highlights |
|||||||
(Historical data is pro forma for acquired and divested assets, JV volumes at KMI share) |
|||||||
|
|
|
|
||||
|
Three Months Ended
|
||||||
|
2022 |
|
2021 |
||||
Natural Gas Pipelines |
|
|
|
||||
Transport volumes (BBtu/d) |
|
39,731 |
|
|
|
38,850 |
|
Sales volumes (BBtu/d) |
|
2,515 |
|
|
|
2,260 |
|
Gathering volumes (BBtu/d) |
|
2,817 |
|
|
|
2,509 |
|
NGLs (MBbl/d) (1) |
|
32 |
|
|
|
30 |
|
Products Pipelines (MBbl/d) |
|
|
|
||||
Gasoline (2) |
|
940 |
|
|
|
892 |
|
Diesel fuel |
|
369 |
|
|
|
379 |
|
Jet fuel |
|
242 |
|
|
|
175 |
|
Total refined product volumes |
|
1,551 |
|
|
|
1,446 |
|
Crude and condensate |
|
486 |
|
|
|
507 |
|
Total delivery volumes (MBbl/d) |
|
2,037 |
|
|
|
1,953 |
|
Terminals (1) |
|
|
|
||||
Liquids leasable capacity (MMBbl) |
|
78.9 |
|
|
|
79.0 |
|
Liquids utilization % |
|
92.3 |
% |
|
|
95.1 |
% |
Bulk transload tonnage (MMtons) |
|
13.0 |
|
|
|
10.9 |
|
CO2 |
|
|
|
||||
SACROC oil production |
|
19.27 |
|
|
|
19.39 |
|
Yates oil production |
|
6.79 |
|
|
|
6.14 |
|
Katz and Goldsmith oil production |
|
1.92 |
|
|
|
2.56 |
|
Tall Cotton oil production |
|
0.99 |
|
|
|
0.95 |
|
Total oil production - net (MBbl/d) (3) |
|
28.97 |
|
|
|
29.04 |
|
NGL sales volumes - net (MBbl/d) (3) |
|
9.41 |
|
|
|
8.76 |
|
CO2 sales volumes - net (Bcf/d) |
|
0.37 |
|
|
|
0.41 |
|
Realized weighted average oil price ($ per Bbl) |
$ |
66.90 |
|
|
$ |
51.05 |
|
Realized weighted average NGL price ($ per Bbl) |
$ |
43.68 |
|
|
$ |
20.14 |
|
CO2 Segment Hedges |
Remaining
|
|
2023 |
|
2024 |
|
2025 |
|
2026 |
|||||
Crude Oil (4) |
|
|
|
|
|
|
|
|
|
|||||
Price ($ per Bbl) |
$ |
61.32 |
|
$ |
58.92 |
|
$ |
58.07 |
|
$ |
58.84 |
|
$ |
64.98 |
Volume (MBbl/d) |
|
25.13 |
|
|
17.80 |
|
|
11.20 |
|
|
6.65 |
|
|
1.60 |
NGLs |
|
|
|
|
|
|
|
|
|
|||||
Price ($ per Bbl) |
$ |
54.07 |
|
$ |
75.61 |
|
|
|
|
|
|
|||
Volume (MBbl/d) |
|
4.56 |
|
|
0.45 |
|
|
|
|
|
|
|||
Midland-to-Cushing Basis Spread |
|
|
|
|
|
|
|
|
|
|||||
Price ($ per Bbl) |
$ |
0.53 |
|
|
|
|
|
|
|
|
||||
Volume (MBbl/d) |
|
23.65 |
|
|
|
|
|
|
|
|
Notes |
||
(1) |
Volumes for acquired pipelines are included for all periods. Volumes for facilities divested, idled and/or held for sale are excluded for all periods presented. |
|
(2) |
Gasoline volumes include ethanol pipeline volumes. |
|
(3) |
Net of royalties and outside working interests. |
|
(4) |
Includes West Texas Intermediate hedges. |
Table 6 |
||||||||
Kinder Morgan, Inc. and Subsidiaries |
||||||||
Preliminary Consolidated Balance Sheets |
||||||||
(In millions, unaudited) |
||||||||
|
|
|
|
|||||
|
March 31, |
|
December 31, |
|||||
|
2022 |
|
2021 |
|||||
Assets |
|
|
|
|||||
Cash and cash equivalents |
$ |
84 |
|
|
$ |
1,140 |
|
|
Other current assets |
|
2,949 |
|
|
|
2,689 |
|
|
Property, plant and equipment, net |
|
35,557 |
|
|
|
35,653 |
|
|
Investments |
|
7,545 |
|
|
|
7,578 |
|
|
Goodwill |
|
19,914 |
|
|
|
19,914 |
|
|
Deferred charges and other assets |
|
3,086 |
|
|
|
3,442 |
|
|
Total assets |
$ |
69,135 |
|
|
$ |
70,416 |
|
|
Liabilities and Stockholders' Equity |
|
|
|
|||||
Short-term debt |
$ |
3,324 |
|
|
$ |
2,646 |
|
|
Other current liabilities |
|
3,126 |
|
|
|
3,175 |
|
|
Long-term debt |
|
28,175 |
|
|
|
29,772 |
|
|
Debt fair value adjustments |
|
584 |
|
|
|
902 |
|
|
Other |
|
2,219 |
|
|
|
2,000 |
|
|
Total liabilities |
|
37,428 |
|
|
|
38,495 |
|
|
Other stockholders' equity |
|
31,292 |
|
|
|
31,234 |
|
|
Accumulated other comprehensive loss |
|
(674 |
) |
|
|
(411 |
) |
|
Total KMI stockholders' equity |
|
30,618 |
|
|
|
30,823 |
|
|
Noncontrolling interests |
|
1,089 |
|
|
|
1,098 |
|
|
Total stockholders' equity |
|
31,707 |
|
|
|
31,921 |
|
|
Total liabilities and stockholders' equity |
$ |
69,135 |
|
|
$ |
70,416 |
|
|
|
|
|
|
|||||
Net Debt (1) |
$ |
31,405 |
|
|
$ |
31,214 |
|
|
|
|
|
|
|||||
|
Adjusted EBITDA Twelve Months Ended |
|||||||
Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA |
March 31, |
|
December 31, |
|||||
2022 |
|
2021 |
||||||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
1,041 |
|
|
$ |
1,784 |
|
|
Total Certain Items |
|
1,321 |
|
|
|
1,220 |
|
|
DD&A and amortization of excess cost of equity investments |
|
2,207 |
|
|
|
2,213 |
|
|
Income tax expense (2) |
|
682 |
|
|
|
860 |
|
|
JV DD&A and income tax expense (2)(3) |
|
336 |
|
|
|
351 |
|
|
Interest, net (2) |
|
1,513 |
|
|
|
1,518 |
|
|
Adjusted EBITDA |
$ |
7,100 |
|
|
$ |
7,946 |
|
|
|
|
|
|
|||||
Net Debt-to-Adjusted EBITDA |
|
4.4 |
|
|
|
3.9 |
|
Notes |
||
(1) |
Amounts exclude (i) debt fair value adjustments; and (ii) the foreign exchange impact on our Euro denominated debt of $10 million and $64 million as of March 31, 2022 and December 31, 2021, respectively, as we have entered into swaps to convert that debt to U.S.$. In March 2022, one series of our Euro denominated debt matured and as of March 31, 2022, we have one remaining series of Euro denominated debt outstanding. |
|
(2) |
Amounts are adjusted for Certain Items. See Table 4 for more information. |
|
(3) |
Represents JV DD&A and income tax expense. See Table 7 for more information. |
Table 7 |
||||||||
Kinder Morgan, Inc. and Subsidiaries |
||||||||
Preliminary Supplemental Information |
||||||||
(In millions, unaudited) |
||||||||
|
|
|
|
|||||
|
Three Months Ended
|
|||||||
|
2022 |
|
2021 |
|||||
Segment EBDA |
|
|
|
|||||
Natural Gas Pipelines (GAAP) |
$ |
1,184 |
|
|
$ |
2,103 |
|
|
Certain Items |
|
113 |
|
|
|
(9 |
) |
|
Natural Gas Pipelines Adjusted Segment EBDA |
|
1,297 |
|
|
|
2,094 |
|
|
Products Pipelines (GAAP) |
|
299 |
|
|
|
248 |
|
|
Certain Items |
|
— |
|
|
|
15 |
|
|
Products Pipelines Adjusted Segment EBDA |
|
299 |
|
|
|
263 |
|
|
Terminals (GAAP) |
|
238 |
|
|
|
227 |
|
|
Certain Items |
|
— |
|
|
|
— |
|
|
Terminals Adjusted Segment EBDA |
|
238 |
|
|
|
227 |
|
|
CO2 (GAAP) |
|
192 |
|
|
|
286 |
|
|
Certain Items |
|
16 |
|
|
|
5 |
|
|
CO2 Adjusted Segment EBDA |
|
208 |
|
|
|
291 |
|
|
Total Segment EBDA (GAAP) |
|
1,913 |
|
|
|
2,864 |
|
|
Total Segment EBDA Certain Items |
|
129 |
|
|
|
11 |
|
|
Total Adjusted Segment EBDA |
$ |
2,042 |
|
|
$ |
2,875 |
|
|
Depreciation, depletion and amortization (GAAP) |
$ |
(538 |
) |
|
$ |
(541 |
) |
|
Amortization of excess cost of equity investments (GAAP) |
|
(19 |
) |
|
|
(22 |
) |
|
DD&A and amortization of excess cost of equity investments |
|
(557 |
) |
|
|
(563 |
) |
|
JV DD&A |
|
(66 |
) |
|
|
(75 |
) |
|
DD&A and amortization of excess cost of equity investments for DCF |
$ |
(623 |
) |
|
$ |
(638 |
) |
|
General and administrative (GAAP) |
$ |
(156 |
) |
|
$ |
(156 |
) |
|
Corporate benefit |
|
11 |
|
|
|
8 |
|
|
Certain Items |
|
— |
|
|
|
— |
|
|
General and administrative and corporate charges (1) |
$ |
(145 |
) |
|
$ |
(148 |
) |
|
Interest, net (GAAP) |
$ |
(333 |
) |
|
$ |
(377 |
) |
|
Certain Items |
|
(44 |
) |
|
|
(6 |
) |
|
Interest, net (1) |
$ |
(377 |
) |
|
$ |
(383 |
) |
|
Income tax expense (GAAP) |
$ |
(194 |
) |
|
$ |
(351 |
) |
|
Certain Items |
|
(20 |
) |
|
|
(40 |
) |
|
Income tax expense (1) |
|
(214 |
) |
|
|
(391 |
) |
|
Unconsolidated JV income tax expense (1)(2) |
|
(21 |
) |
|
|
(28 |
) |
|
Income tax expense for DCF (1) |
$ |
(235 |
) |
|
$ |
(419 |
) |
|
Net income attributable to NCI (GAAP) |
$ |
(17 |
) |
|
$ |
(16 |
) |
|
NCI associated with Certain Items (3) |
|
— |
|
|
|
— |
|
|
Net income attributable to NCI (1) |
$ |
(17 |
) |
|
$ |
(16 |
) |
|
Additional JV information |
|
|
|
|||||
Unconsolidated JV DD&A |
$ |
(77 |
) |
|
$ |
(86 |
) |
|
Less: Consolidated JV partners' DD&A |
|
(11 |
) |
|
|
(11 |
) |
|
JV DD&A |
|
(66 |
) |
|
|
(75 |
) |
|
Unconsolidated JV income tax expense (1)(2) |
|
(21 |
) |
|
|
(28 |
) |
|
JV DD&A and income tax expense (1) |
$ |
(87 |
) |
|
$ |
(103 |
) |
|
Unconsolidated JV cash taxes (2) |
$ |
— |
|
|
$ |
— |
|
|
Unconsolidated JV sustaining capital expenditures |
$ |
(12 |
) |
|
$ |
(20 |
) |
|
Less: Consolidated JV partners' sustaining capital expenditures |
|
(2 |
) |
|
|
(1 |
) |
|
JV sustaining capital expenditures |
$ |
(10 |
) |
|
$ |
(19 |
) |
|
|
|
|
|
|||||
KMI FCF |
|
|
|
|||||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
667 |
|
|
$ |
1,409 |
|
|
Net income attributable to noncontrolling interests |
|
17 |
|
|
|
16 |
|
|
DD&A and amortization of excess cost of equity investments |
|
557 |
|
|
|
563 |
|
|
Deferred income taxes |
|
190 |
|
|
|
347 |
|
|
Earnings from equity investments |
|
(187 |
) |
|
|
(66 |
) |
|
Distribution of equity investment earnings (4) |
|
165 |
|
|
|
184 |
|
|
Working capital and other items (5) |
|
(325 |
) |
|
|
(580 |
) |
|
Cash flow from operations (GAAP) |
|
1,084 |
|
|
|
1,873 |
|
|
Capital expenditures (GAAP) |
|
(407 |
) |
|
|
(267 |
) |
|
FCF |
|
677 |
|
|
|
1,606 |
|
|
Dividends paid |
|
(616 |
) |
|
|
(597 |
) |
|
FCF after dividends |
$ |
61 |
|
|
$ |
1,009 |
|
Notes |
||
(1) |
Amounts are adjusted for Certain Items. |
|
(2) |
Amounts are associated with our Citrus, NGPL and Products (SE) Pipe Line equity investments. |
|
(3) |
Three months ended March 31, 2022 and 2021 amounts include none and less than $1 million, respectively, of noncontrolling interests associated with Certain Items. |
|
(4) |
Excludes distributions from equity investment in excess of cumulative earnings of $50 million and $18 million for the three months ended March 31, 2022 and 2021, respectively. These are included in cash flows from investing activities on our consolidated statement of cash flows. |
|
(5) |
Includes non-cash impairments recognized. See Table 4 for more information. |
Table 8 |
||||||||||
Kinder Morgan, Inc. and Subsidiaries |
||||||||||
Reconciliations of Net Income Attributable to Kinder Morgan, Inc. and DCF Excluding Uri |
||||||||||
(In millions, unaudited) |
||||||||||
|
|
|
|
|
|
|||||
|
Three Months Ended
|
|
%
|
|||||||
Reconciliation of Net Income Attributable to Kinder Morgan, Inc. Excluding Uri |
2022 |
|
2021 |
|
||||||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
667 |
|
$ |
1,409 |
|
|
|
||
Uri impact to net income attributable to Kinder Morgan, Inc. (1) |
|
— |
|
|
(840 |
) |
|
|
||
Net income attributable to Kinder Morgan, Inc. (Excluding Uri) |
$ |
667 |
|
$ |
569 |
|
|
17 |
% |
|
|
|
|
|
|
|
|||||
Reconciliation of DCF Excluding Uri |
|
|
|
|
|
|||||
DCF |
$ |
1,455 |
|
$ |
2,329 |
|
|
|
||
Uri impact to DCF (1) |
|
— |
|
|
(1,077 |
) |
|
|
||
DCF (Excluding Uri) |
$ |
1,455 |
|
$ |
1,252 |
|
|
16 |
% |
Note |
||
(1) |
The impact of Uri to our 2021 results were primarily recognized in the three months ended March 31, 2021. For a reconciliation of the full year 2021 impact of Uri, see our Investor Day Presentation accessible on our website at: https://ir.kindermorgan.com/events-and-presentations/default.aspx. |
Table 9 |
|||
Kinder Morgan, Inc. and Subsidiaries |
|||
Reconciliation of Budgeted Net Income Attributable to Kinder Morgan, Inc. to Budgeted DCF |
|||
(In billions, unaudited) |
|||
|
Budget |
||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
2.5 |
|
Total Certain Items |
|
— |
|
DD&A and amortization of excess cost of equity investments for DCF (1) |
|
2.4 |
|
Income tax expense for DCF (1)(2) |
|
0.8 |
|
Cash taxes (1) |
|
(0.1 |
) |
Sustaining capital expenditures (1) |
|
(0.9 |
) |
Other items (3) |
|
— |
|
DCF |
$ |
4.7 |
|
Table 10 |
||
Kinder Morgan, Inc. and Subsidiaries |
||
Reconciliation of Budgeted Net Income Attributable to Kinder Morgan, Inc. to Budgeted Adjusted EBITDA |
||
(In billions, unaudited) |
||
|
Budget |
|
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
2.5 |
Total Certain Items |
|
— |
DD&A and amortization of excess cost of equity investments |
|
2.2 |
Income tax expense (2) |
|
0.7 |
JV DD&A and income tax expense (1) |
|
0.3 |
Interest, net (2) |
|
1.5 |
Adjusted EBITDA |
$ |
7.2 |
Notes |
||
(1) |
Includes or represents DD&A, income tax expense, cash taxes and/or sustaining capital expenditures (as applicable for each item) from JVs. |
|
(2) |
Amounts are adjusted for Certain Items. |
|
(3) |
Aggregate adjustments for Other items (such as non-cash pension expense and non-cash compensation associated with our restricted stock program) are currently estimated to be less than $100 million. |
ХЬЮСТОН -- (BUSINESS WIRE)--Совет директоров Kinder Morgan, Inc. (NYSE: KMI) сегодня одобрил выплату дивидендов наличными в размере 0,2775 доллара на акцию за первый квартал (1,11 доллара в годовом исчислении), которые будут выплачены 16 мая 2022 года акционерам record по состоянию на конец мая 2 января 2022 года. Эти дивиденды увеличились на 3% по сравнению с первым кварталом 2021 года и стали пятым ежегодным увеличением подряд.
KMI сообщает о чистой прибыли за первый квартал, относящейся к KMI, в размере 667 миллионов долларов по сравнению с 1 409 миллионами долларов в первом квартале 2021 года; и распределяемый денежный поток (DCF) в размере 1 455 миллионов долларов по сравнению с 2 329 миллионами долларов в первом квартале 2021 года. Скорректированная прибыль за квартал составила 732 миллиона долларов против 1 374 миллионов долларов в первом квартале 2021 года. На результаты первого квартала 2021 года благоприятно повлияли доходы во время Зимнего шторма Uri в феврале 2021 года. Исключая эти разовые доходы, наша прибыль за текущий квартал была бы выше, чем за предыдущий год.
“Компания отлично начала этот год и в очередной раз получила стабильную прибыль и значительное покрытие дивидендов за этот квартал. Мы продолжаем жить в рамках нашего денежного потока, сократили наш долг более чем на 11 миллиардов долларов с 2015 года и планируем, что этот год станет пятым годом подряд увеличения дивидендов. В течение 2022 года мы ожидаем еще раз профинансировать наши возможности расширения капитала внутри компании, достичь или превысить нашу цель по показателям долга и вернуть излишки денежных средств нашим акционерам за счет увеличения дивидендов и оппортунистического выкупа акций”, - сказал исполнительный председатель KMI Ричард Д. Киндер.
“Мы видим большие возможности как в наших традиционных сегментах, так и в нашем растущем участии в развитии низкоуглеродной энергетики”, - сказал главный исполнительный директор KMI Стив Кин. “В то время как мы извлекаем выгоду из попутного ветра цен на сырьевые товары, мы также работаем лучше, чем предусмотрено бюджетом, в ряде областей, что более чем компенсирует некоторые более высокие издержки. Даже без учета попутного ветра цен на сырьевые товары мы превысили план DCF на квартал”.
Кин продолжил: “Мы наблюдаем рост нашего базового бизнеса по добыче природного газа, поскольку все больше клиентов стремятся воспользоваться широкими услугами по транспортировке и хранению, которые мы предлагаем. Этот рост обусловлен выгодными обновлениями, особенно в отношении наших гибких услуг хранения данных, а также дополнительными возможностями роста. Наше приобретение дилижансов полностью интегрировано с нашими коммерческими и физическими операциями, создавая коммерческие возможности, которые мы ожидали, и превосходя модель приобретения.
“Наш бизнес-сегмент продуктов значительно превзошел показатели первого квартала 2021 года, а наш сегмент терминалов также закрыл квартал с повышением по сравнению с предыдущим годом. Наш бизнес по производству CO2 извлекает выгоду из более высоких цен на сырую нефть, а также превышает свои целевые показатели по добыче нефти и объему выбросов CO2”, - сказал Кин.
“Наши активы будут нужны еще долгое время, предоставляя те же услуги, что и сегодня. Мы также позиционируем себя для продолжающейся энергетической эволюции. Мы инвестируем в наши трубопроводы и терминалы в поддержку возобновляемого дизельного топлива и связанного с ним сырья. Мы продолжаем использовать наш статус лидера в области выбросов метана с низкой интенсивностью в нашем секторе, поскольку интерес к ответственно поставляемому природному газу растет среди нашей клиентской базы. И наши инвестиции в возобновляемый природный газ открывают хорошие дополнительные возможности для роста”, - заключил Кин.
“Финансовые показатели KMI в течение квартала были высокими, так как мы получили прибыль на акцию в размере 0,29 доллара США и DCF на акцию в размере 0,64 доллара США. Хотя оба показателя представляют собой снижение по сравнению с первым кварталом 2021 года, на результаты 2021 года положительно повлияли разовые доходы, достигнутые во время зимнего шторма Uri”, - сказал президент KMI Ким Данг. “Исключая прибыль, связанную с Uri, из наших результатов за 2021 год, прибыль на акцию за квартал выросла на 17%, а DCF на акцию вырос на 16% по сравнению с первым кварталом 2021 года. По сравнению с нашим бюджетом чистая прибыль, приходящаяся на KMI в течение квартала, снизилась на 28 миллионов долларов, в основном из-за неурегулированных товарных хеджирований, которые мы рассматриваем как определенные статьи. Скорректированная прибыль, которая исключает определенные статьи, превысила наш бюджет за квартал на 40 миллионов долларов, а DCF превысил наш бюджет на 62 миллиона долларов, или на 4%. Кроме того, в течение квартала мы получили 822 миллиона долларов сверх объявленных дивидендов”.
В бюджете KMI на 2022 год предусмотрено получение чистой прибыли, относящейся к KMI, в размере 2,5 миллиарда долларов и объявление дивидендов в размере 1,11 доллара на акцию, что на 3% больше по сравнению с объявленными дивидендами за 2021 год. KMI также заложила в бюджет на 2022 год DCF в размере 4,7 миллиарда долларов и скорректированную EBITDA в размере 7,2 миллиарда долларов, а к концу 2022 года соотношение чистого долга к скорректированной EBITDA составит 4,3 раза. KMI теперь ожидает, что чистая прибыль, EBITDA и DCF будут благоприятными для бюджета из-за более высоких, чем ожидалось, цен на сырьевые товары и благоприятных операционных результатов в наших бизнес-сегментах природного газа и CO2, частично компенсируемых более высокими затратами.
Обзор бизнес-сегментов
“Финансовые показатели сегмента трубопроводов природного газа снизились в первом квартале 2022 года по сравнению с первым кварталом 2021 года, опять же из-за разовых доходов во время февральского шторма 2021 года”, - сказал Данг. “Без учета доходов от зимних штормов 2021 года финансовые показатели выросли за счет увеличения взносов от техасской внутригосударственной системы, газопровода Теннесси (TGP), наших новых активов Stagecoach и выгодных цен на системы сбора Altamont и Copano South Texas, а также увеличения объемов нашей системы сбора KinderHawk. Это было частично компенсировано более низкими взносами от El Paso Natural Gas (EPNG) и Colorado Interstate Pipeline (CIG).”
Объемы транспортировки природного газа выросли на 2% по сравнению с первым кварталом 2021 года, за счет увеличения поставок Kinder Morgan Louisiana Pipeline (KMLP), Natural Gas Pipeline of America (NGPL) и TGP за счет увеличения поставок потребителям СПГ; а также за счет наших новых активов Stagecoach. Это увеличение было частично компенсировано снижением добычи на EPNG из-за перебоев в трубопроводах, а также на газопроводе Wyoming Interstate Company и Cheyenne Plains из-за продолжающегося снижения добычи в бассейнах Скалистых гор. Объемы сбора природного газа выросли на 12% по сравнению с первым кварталом 2021 года, причем более высокие объемы были в основном на KinderHawk.
“Вклад сегмента продуктопроводов вырос по сравнению с первым кварталом 2021 года, поскольку восстановление спроса продолжалось”, - сказал Данг. “Общий объем нефтепродуктов вырос на 7%, в то время как объемы транспортировки сырой нефти и конденсата снизились на 4% по сравнению с первым кварталом 2021 года. Объемы бензина были выше аналогичного периода прошлого года на 5%, а объемы дизельного топлива снизились на 3%. Объемы производства авиатоплива продолжают стремительно расти, увеличившись на 38% по сравнению с первым кварталом 2021 года.
“Прибыль сегмента терминалов выросла по сравнению с первым кварталом 2021 года. В нашем бизнесе по производству жидкостей мы увидели значительный рост объемов как на наших терминалах для грузовых автомобилей, так и на узлах переработки нефтепродуктов, чему способствовали более высокие показатели загрузки нефтеперерабатывающих заводов и продолжающееся восстановление спроса по сравнению с предыдущим годом. Несмотря на вышесказанное, резкое отклонение кривых цен на фьючерсы на продукты переработки создало встречный ветер для экономики хранения и смешивания продуктов, способствуя снижению коэффициента использования и умеренному давлению на тарифы, главным образом в нашем портовом узле в Нью-Йорке. В нашем танкерном бизнесе Jones Act, где фундаментальные показатели продолжают улучшаться, выгода от более высокой загрузки флота была более чем компенсирована более низкими средними чартерными ставками по сравнению с первым кварталом 2021 года, поскольку суда были переоборудованы в более низкие, хотя и улучшающиеся условия ”, - сказал Данг. “Прибыль в нашем оптовом бизнесе была выше по сравнению с первым кварталом 2021 года благодаря увеличению как скорости перевалки, так и объемов экспорта угля и нефтяного кокса.
“Прибыль сегмента CO2 снизилась по сравнению с первым кварталом 2021 года из-за того, что в первом квартале 2021 года сегмент вернул электроэнергию в сеть, сократив добычу нефти во время зимнего шторма Uri в соответствии с существующим контрактом со своим поставщиком электроэнергии. Без учета выгоды от шторма в 2021 году финансовые показатели сегмента в 1 квартале 2022 года были выше, в первую очередь из-за более высоких цен на реализованную сырую нефть, ШФЛУ и CO2. Наша реализованная средневзвешенная цена на сырую нефть за квартал выросла на 31% до 66,90 доллара за баррель по сравнению с 51,05 доллара за баррель в первом квартале 2021 года, в то время как наша средневзвешенная цена на ШФЛУ за квартал выросла на 117% по сравнению с первым кварталом 2021 года и составила 43,68 доллара за баррель, а цены на CO2 выросли на 0,47 доллара, или на 45%”, - сказал Данг. “В первом квартале 2022 года совокупная добыча нефти на всех наших месторождениях не изменилась по сравнению с аналогичным периодом 2021 года в пересчете на KMI. Объемы ШФЛУ в пересчете на KMI выросли на 7% по сравнению с первым кварталом 2021 года, в то время как объемы продаж CO2 снизились на 10% в пересчете на KMI по сравнению с первым кварталом 2021 года из-за истечения перенесенных процентов после выплаты по проекту в 2021 году. Объемы продаж CO2 выросли на 8% без учета этой корректировки”.
Трубопроводы природного газа
Продуктопроводы
Предприятия по переходу к энергетике
Kinder Morgan, Inc. (NYSE: KMI) - одна из крупнейших компаний энергетической инфраструктуры в Северной Америке. Доступ к надежной и доступной энергии является важнейшим компонентом улучшения жизни во всем мире. Мы стремимся предоставлять услуги по транспортировке и хранению энергии безопасным, эффективным и экологически ответственным образом на благо людей, сообществ и предприятий, которым мы служим. Мы владеем долей участия или управляем примерно 83 000 милями трубопроводов, 141 терминалом и 700 миллиардами кубических футов действующих мощностей по хранению природного газа. Наши трубопроводы транспортируют природный газ, нефтепродукты, сырую нефть, конденсат, CO2 и другие продукты, а наши терминалы хранят и обрабатывают различные товары, включая бензин, дизельное топливо, химикаты, этанол, металлы и нефтяной кокс. Для получения дополнительной информации, пожалуйста, посетите www.kindermorgan.com .
Пожалуйста, присоединяйтесь к Kinder Morgan, Inc. в 4:30 вечера по Восточному времени в среду, 20 апреля, в www.kindermorgan.com для ПРЯМОЙ трансляции телефонной конференции о доходах компании за первый квартал.
Финансовые показатели, Не относящиеся к ОПБУ
Не-общепринятые принципы бухгалтерского учета (не-GAAP) финансовые показатели Скорректированной прибыли и распределяемого денежного потока (DCF), как в совокупности, так и на акцию для каждой; прибыль сегмента до вычета износа, истощения, амортизации (DD&A), амортизация избыточной стоимости инвестиций в акционерный капитал и определенных статей (Скорректированная сегментная EBDA); чистая прибыль до вычета процентных расходов, налогов на прибыль, DD&A, амортизации избыточной стоимости инвестиций в акционерный капитал и определенных статей (Скорректированная EBITDA); Чистый долг; Отношение чистого долга к скорректированной EBITDA; и Свободный денежный поток (FCF).
Наши финансовые показатели, не относящиеся к GAAP, описанные ниже, не должны рассматриваться как альтернативы чистой прибыли по GAAP, относящейся к Kinder Morgan, Inc. или другим показателям GAAP, и имеют важные ограничения в качестве аналитических инструментов. Наши расчеты этих финансовых показателей, не относящихся к GAAP, могут отличаться от показателей с аналогичным названием, используемых другими. Вам не следует рассматривать эти финансовые показатели, не относящиеся к GAAP, изолированно или в качестве замены анализа наших результатов, представленных в соответствии с GAAP. Руководство компенсирует ограничения этих финансовых показателей, не относящихся к GAAP, путем анализа наших сопоставимых показателей GAAP, понимания различий между показателями и учета этой информации в своем анализе и процессах принятия решений.
Определенные статьи в качестве корректировок, используемых для расчета наших финансовых показателей, не относящихся к GAAP, являются статьями, которые согласно GAAP должны отражаться в чистой прибыли, относящейся к Kinder Morgan, Inc., но обычно либо (1) не оказывают влияния на денежные средства (например, неурегулированное хеджирование товаров и обесценение активов), либо (2) по своему характеру могут быть отделены от наших обычных деловых операций и, по нашему мнению, могут возникать лишь эпизодически (например, определенные юридические урегулирования, введение в действие нового налогового законодательства и убытки от несчастных случаев). Мы также включаем корректировки, связанные с совместными предприятиями (см. “Суммы от совместных предприятий” ниже и прилагаемые таблицы 4 и 7).
Скорректированная прибыль рассчитывается путем корректировки чистой прибыли, относящейся к Kinder Morgan, Inc., по определенным статьям. Скорректированная прибыль используется нами и некоторыми внешними пользователями нашей финансовой отчетности для оценки прибыли нашего бизнеса, исключая определенные статьи, как еще одно отражение нашей способности генерировать прибыль. Мы считаем, что показатель GAAP, наиболее непосредственно сопоставимый с Скорректированной прибылью, - это чистая прибыль, относящаяся к Kinder Morgan, Inc. Скорректированная прибыль на акцию использует Скорректированную прибыль и применяет тот же метод двух классов, который использовался при расчете базовой прибыли на акцию. (См. прилагаемые таблицы 1 и 2.)
DCF рассчитывается путем корректировки чистой прибыли, относящейся к Kinder Morgan, Inc., по определенным статьям (Скорректированная прибыль), а затем с помощью DD &A и амортизации избыточной стоимости инвестиций в акционерный капитал, расходов по налогу на прибыль, налогов на денежные средства, капитальных затрат на поддержание и других статей. Мы также включаем суммы от совместных предприятий для уплаты налогов на прибыль, DD&A и капитальных затрат на поддержание (см. “Суммы от совместных предприятий” ниже). DCF является важным показателем эффективности, полезным для руководства и внешних пользователей нашей финансовой отчетности при оценке нашей деятельности, а также при измерении и оценке способности наших активов генерировать денежные доходы после обслуживания нашего долга, уплаты налогов наличными и расходования резервного капитала, который может быть использован для дискреционных целей, таких как дивиденды, выкуп акций, погашение долга или капитальные затраты на расширение. DCF не следует использовать в качестве альтернативы чистым денежным средствам, полученным от операционной деятельности, рассчитанным в соответствии с GAAP. Мы считаем, что показатель GAAP, наиболее непосредственно сопоставимый с DCF, - это чистая прибыль, относящаяся к Kinder Morgan, Inc. DCF на акцию - это DCF, деленный на среднее количество размещенных акций, включая ограниченные премии по акциям, которые участвуют в дивидендах. (См. прилагаемые таблицы 2 и 3.)
Скорректированный показатель EBDA сегмента рассчитывается путем корректировки прибыли сегмента до DD&A и амортизации избыточной стоимости инвестиций в акционерный капитал (показатель EBDA сегмента) по определенным статьям, относящимся к сегменту. Скорректированный показатель EBDA сегмента используется руководством при анализе эффективности сегмента и управлении нашим бизнесом. Общие и административные расходы, а также некоторые корпоративные расходы, как правило, не контролируются операционными менеджерами нашего сегмента и, следовательно, не включаются при оценке операционных показателей бизнес-сегмента. Мы считаем, что Скорректированный показатель EBDA по сегментам является полезным показателем эффективности, поскольку он дает руководству и внешним пользователям нашей финансовой отчетности дополнительную информацию о способности наших сегментов генерировать денежные доходы на постоянной основе. Мы считаем, что это полезно для инвесторов, поскольку это мера, которую руководство использует для распределения ресурсов между нашими сегментами и оценки эффективности каждого сегмента. Мы считаем, что показатель GAAP, наиболее непосредственно сопоставимый с Скорректированной EBDA сегмента, - это показатель EBDA сегмента. (См. прилагаемые таблицы 3 и 7.)
Скорректированная EBITDA рассчитывается путем корректировки чистой прибыли, относящейся к Kinder Morgan, Inc., до вычета процентных расходов, налогов на прибыль, DD&A и амортизации избыточной стоимости инвестиций в акционерный капитал (EBITDA) по определенным статьям. Мы также включаем суммы от совместных предприятий в налог на прибыль и DD&A (см. “Суммы от совместных предприятий” ниже). Скорректированный показатель EBITDA используется руководством и внешними пользователями в сочетании с нашим Чистым долгом (как описано ниже) для оценки определенных показателей левереджа. Поэтому мы считаем, что скорректированная EBITDA полезна для инвесторов. Мы считаем, что показатель GAAP, наиболее непосредственно сопоставимый с скорректированной EBITDA, - это чистая прибыль, приходящаяся на Kinder Morgan, Inc. (См. прилагаемые таблицы 3 и 4.)
Суммы от совместных предприятий - Определенные статьи, DCF и Скорректированная EBITDA отражают суммы от неконсолидированных совместных предприятий (СП) и консолидированных СП с использованием тех же методов признания и оценки, которые использовались для учета “Прибыли от инвестиций в акционерный капитал” и “Неконтролирующих долей участия (NCI)” соответственно. Расчеты DCF и Скорректированной EBITDA, относящиеся к нашим неконсолидированным и консолидированным совместным предприятиям, включают те же статьи (DD&A и расходы по налогу на прибыль, а только для DCF также налоги на денежные средства и капитальные затраты на поддержание) в отношении совместных предприятий, что и те, которые включены в расчеты DCF и Скорректированной EBITDA для наших полностью-собственные консолидированные дочерние компании. (См. Таблицу 7, Дополнительная Информация О СП.) Хотя эти суммы, относящиеся к нашим неконсолидированным совместным предприятиям, включены в расчеты DCF и Скорректированной EBITDA, такое включение не следует понимать как подразумевающее, что мы контролируем операции и связанные с ними доходы, расходы или денежные потоки таких неконсолидированных совместных предприятий.
Чистый долг рассчитывается путем вычитания из долга (1) денежных средств и их эквивалентов, (2) корректировок справедливой стоимости долга и (3) влияния валютных курсов на облигации, деноминированные в евро, по которым мы заключили валютные свопы. Чистый долг - это финансовый показатель, не относящийся к ОПБУ, который, по мнению руководства, полезен инвесторам и другим пользователям нашей финансовой информации при оценке нашего кредитного плеча. Мы считаем, что наиболее сопоставимым показателем с Чистым долгом является долг за вычетом денежных средств и их эквивалентов, как указано в примечаниях к прилагаемым Предварительным Консолидированным балансам в Таблице 6.
FCF рассчитывается путем уменьшения денежного потока от операций на капитальные затраты (поддержание и расширение). FCF используется внешними пользователями в качестве дополнительного показателя кредитного плеча. Поэтому мы считаем, что FCF полезен для наших инвесторов. Мы считаем, что показатель GAAP, наиболее непосредственно сопоставимый с FCF, - это денежный поток от операционной деятельности.
Важная информация, касающаяся Прогнозных заявлений
Этот пресс-релиз содержит прогнозные заявления по смыслу Закона США о реформе судебных разбирательств по частным ценным бумагам 1995 года и Раздела 21E Закона о ценных бумагах и биржах 1934 года. Как правило, слова “ожидает”, “полагает”, “ожидает”, “планирует”, “будет”, "должен”, “оценки”, “проекты” и подобные выражения обозначают прогнозные заявления, которые, как правило, не являются историческими по своей природе. Прогнозные заявления в этом пресс-релизе включают, среди прочего, явные или подразумеваемые заявления, касающиеся: долгосрочного спроса на активы и услуги KMI; возможностей, связанных с энергетическим переходом; ожиданий KMI на 2022 год; ожидаемых дивидендов; и капитальных проектов KMI, включая ожидаемые сроки завершения и выгоды от них проекты. Прогнозные заявления подвержены рискам и неопределенностям и основаны на убеждениях и предположениях руководства, основанных на имеющейся у них в настоящее время информации. Хотя KMI считает, что эти прогнозные заявления основаны на разумных предположениях, она не может дать никаких гарантий относительно того, когда или если какие-либо такие прогнозные заявления осуществятся, а также их окончательного влияния на нашу деятельность или финансовое состояние. Важные факторы, которые могут привести к тому, что фактические результаты будут существенно отличаться от тех, которые выражены или подразумеваются в этих прогнозных заявлениях, включают: последствия пандемии COVID-19 и темпы и масштабы восстановления экономики; сроки и масштабы изменений в предложении и спросе на продукты, которые мы перевозим и обрабатываем.; цены на сырьевые товары; финансовый риск контрагента; и другие риски и неопределенности, описанные в отчетах KMI, поданных в Комиссию по ценным бумагам и биржам (SEC), включая ее Годовой отчет по форме 10-K за год, закончившийся 31 декабря 2021 года (под заголовками “Факторы риска” и “Информация о Прогнозные заявления” и в других местах), а также его последующие отчеты, которые доступны через систему EDGAR SEC по адресу www.sec.gov и на нашем веб-сайте по адресу ir.kindermorgan.com . Прогнозные заявления действительны только на дату, когда они были сделаны, и, за исключением случаев, предусмотренных законом, KMI не берет на себя никаких обязательств по обновлению каких-либо прогнозных заявлений из-за новой информации, будущих событий или других факторов. Из-за этих рисков и неопределенностей читателям не следует чрезмерно полагаться на эти прогнозные заявления.
Table 1 |
|||||||||||
Kinder Morgan, Inc. and Subsidiaries |
|||||||||||
Preliminary Consolidated Statements of Income |
|||||||||||
(In millions, except per share amounts, unaudited) |
|||||||||||
|
|
|
|
||||||||
|
Three Months Ended
|
|
%
|
||||||||
|
2022 |
|
2021 |
|
|||||||
Revenues |
$ |
4,293 |
|
$ |
5,211 |
|
|
||||
Operating costs, expenses and other |
|
|
|
||||||||
Costs of sales |
|
1,894 |
|
|
2,009 |
|
|
||||
Operations and maintenance |
|
585 |
|
|
514 |
|
|
||||
Depreciation, depletion and amortization |
|
538 |
|
|
541 |
|
|
||||
General and administrative |
|
156 |
|
|
156 |
|
|
||||
Taxes, other than income taxes |
|
111 |
|
|
110 |
|
|
||||
Gain on divestitures and impairments, net |
|
(10 |
) |
|
(4 |
) |
|
||||
Other income, net |
|
(5 |
) |
|
(1 |
) |
|
||||
Total operating costs, expenses and other |
|
3,269 |
|
|
3,325 |
|
|
||||
Operating income |
|
1,024 |
|
|
1,886 |
|
|
||||
Other income (expense) |
|
|
|
||||||||
Earnings from equity investments |
|
187 |
|
|
66 |
|
|
||||
Amortization of excess cost of equity investments |
|
(19 |
) |
|
(22 |
) |
|
||||
Interest, net |
|
(333 |
) |
|
(377 |
) |
|
||||
Other, net |
|
19 |
|
|
223 |
|
|
||||
Income before income taxes |
|
878 |
|
|
1,776 |
|
|
||||
Income tax expense |
|
(194 |
) |
|
(351 |
) |
|
||||
Net income |
|
684 |
|
|
1,425 |
|
|
||||
Net income attributable to NCI |
|
(17 |
) |
|
(16 |
) |
|
||||
Net income attributable to Kinder Morgan, Inc. |
$ |
667 |
|
$ |
1,409 |
|
|
||||
Class P Shares |
|
|
|
||||||||
Basic and diluted earnings per share |
$ |
0.29 |
|
$ |
0.62 |
|
(53 |
) % |
|||
Basic and diluted weighted average shares outstanding |
|
2,267 |
|
|
2,264 |
|
— |
% |
|||
Declared dividends per share |
$ |
0.2775 |
|
$ |
0.27 |
|
3 |
% |
|||
Adjusted Earnings (1) |
$ |
732 |
|
$ |
1,374 |
|
(47 |
) % |
|||
Adjusted Earnings per share (1) |
$ |
0.32 |
|
$ |
0.60 |
|
(47 |
) % |
Note: |
||
(1) |
Adjusted Earnings is Net income attributable to Kinder Morgan, Inc. adjusted for Certain Items, see Table 2. Adjusted Earnings per share uses Adjusted Earnings and applies the same two-class method used in arriving at basic earnings per share. |
Table 2 |
||||||||||
Kinder Morgan, Inc. and Subsidiaries |
||||||||||
Preliminary Net Income Attributable to Kinder Morgan, Inc. to Adjusted Earnings to DCF Reconciliation |
||||||||||
(In millions, unaudited) |
||||||||||
|
|
|
|
|
|
|||||
|
Three Months Ended
|
|
%
|
|||||||
|
2022 |
|
2021 |
|
||||||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
667 |
|
|
$ |
1,409 |
|
|
|
|
Total Certain Items |
|
65 |
|
|
|
(35 |
) |
|
|
|
Adjusted Earnings (1) |
|
732 |
|
|
|
1,374 |
|
|
(47 |
) % |
DD&A and amortization of excess cost of equity investments for DCF (2) |
|
623 |
|
|
|
638 |
|
|
|
|
Income tax expense for DCF (1)(2) |
|
235 |
|
|
|
419 |
|
|
|
|
Cash taxes (2) |
|
(1 |
) |
|
|
1 |
|
|
|
|
Sustaining capital expenditures (2) |
|
(125 |
) |
|
|
(107 |
) |
|
|
|
Other items (3) |
|
(9 |
) |
|
|
4 |
|
|
|
|
DCF |
$ |
1,455 |
|
|
$ |
2,329 |
|
|
(38 |
) % |
Table 3 |
||||||||||
Kinder Morgan, Inc. and Subsidiaries |
||||||||||
Preliminary Adjusted Segment EBDA, Adjusted EBITDA and DCF |
||||||||||
(In millions, except per share amounts, unaudited) |
||||||||||
|
|
|
|
|
|
|||||
|
Three Months Ended
|
|
%
|
|||||||
|
2022 |
|
2021 |
|
||||||
Natural Gas Pipelines |
$ |
1,297 |
|
|
$ |
2,094 |
|
|
(38 |
) % |
Products Pipelines |
|
299 |
|
|
|
263 |
|
|
14 |
% |
Terminals |
|
238 |
|
|
|
227 |
|
|
5 |
% |
CO2 |
|
208 |
|
|
|
291 |
|
|
(29 |
) % |
Adjusted Segment EBDA (1) |
|
2,042 |
|
|
|
2,875 |
|
|
(29 |
) % |
General and administrative and corporate charges (1) |
|
(145 |
) |
|
|
(148 |
) |
|
|
|
JV DD&A and income tax expense (1)(2) |
|
87 |
|
|
|
103 |
|
|
|
|
Net income attributable to NCI (1) |
|
(17 |
) |
|
|
(16 |
) |
|
|
|
Adjusted EBITDA |
|
1,967 |
|
|
|
2,814 |
|
|
(30 |
) % |
Interest, net (1) |
|
(377 |
) |
|
|
(383 |
) |
|
|
|
Cash taxes (2) |
|
(1 |
) |
|
|
1 |
|
|
|
|
Sustaining capital expenditures (2) |
|
(125 |
) |
|
|
(107 |
) |
|
|
|
Other items (3) |
|
(9 |
) |
|
|
4 |
|
|
|
|
DCF |
$ |
1,455 |
|
|
$ |
2,329 |
|
|
(38 |
) % |
Weighted average shares outstanding for dividends (4) |
|
2,280 |
|
|
|
2,277 |
|
|
|
|
DCF per share |
$ |
0.64 |
|
|
$ |
1.02 |
|
|
|
|
Declared dividends per share |
$ |
0.2775 |
|
|
$ |
0.27 |
|
|
|
Notes |
||
(1) |
Amounts are adjusted for Certain Items. See Tables 4 and 7 for more information. |
|
(2) |
Includes or represents DD&A, income tax expense, cash taxes and/or sustaining capital expenditures (as applicable for each item) from JVs. See Table 7 for more information. |
|
(3) |
Includes pension contributions, non-cash pension expense and non-cash compensation associated with our restricted stock program. |
|
(4) |
Includes restricted stock awards that participate in dividends. |
Table 4 |
||||||||||
Kinder Morgan, Inc. and Subsidiaries |
||||||||||
Preliminary Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA Reconciliation |
||||||||||
(In millions, unaudited) |
||||||||||
|
|
|
|
|
|
|||||
|
Three Months Ended
|
|
%
|
|||||||
|
2022 |
|
2021 |
|
||||||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
667 |
|
|
$ |
1,409 |
|
|
(53 |
) % |
Certain Items: |
|
|
|
|
|
|||||
Fair value amortization |
|
(4 |
) |
|
|
(4 |
) |
|
|
|
Legal, environmental and taxes other than income tax reserves |
|
— |
|
|
|
84 |
|
|
|
|
Change in fair value of derivative contracts (1) |
|
82 |
|
|
|
14 |
|
|
|
|
Gain on divestitures, impairments and other write-downs, net (2) |
|
— |
|
|
|
(89 |
) |
|
|
|
Income tax Certain Items |
|
(20 |
) |
|
|
(40 |
) |
|
|
|
Other |
|
7 |
|
|
|
— |
|
|
|
|
Total Certain Items (3) |
|
65 |
|
|
|
(35 |
) |
|
|
|
DD&A and amortization of excess cost of equity investments |
|
557 |
|
|
|
563 |
|
|
|
|
Income tax expense (4) |
|
214 |
|
|
|
391 |
|
|
|
|
JV DD&A and income tax expense (4)(5) |
|
87 |
|
|
|
103 |
|
|
|
|
Interest, net (4) |
|
377 |
|
|
|
383 |
|
|
|
|
Adjusted EBITDA |
$ |
1,967 |
|
|
$ |
2,814 |
|
|
(30 |
) % |
Notes |
|
|
|
|
|
|
||
(1) |
Gains or losses are reflected in our DCF when realized. |
|||||||
(2) |
2021 amount includes a pre-tax gain of $206 million associated with the sale of a partial interest in our equity investment in NGPL Holdings LLC, offset partially by a write-down of $117 million on a long-term subordinated note receivable from an equity investee, Ruby Pipeline Holding Company, L.L.C., reported within "Other, net" and "Earnings from equity investments," respectively, on the accompanying Preliminary Consolidated Statement of Income (See Table 1.) |
|||||||
(3) |
2022 and 2021 amounts include $5 million and $117 million, respectively, reported within “Earnings from equity investments” on the accompanying Preliminary Consolidated Statement of Income. |
|||||||
(4) |
Amounts are adjusted for Certain Items. See Table 7 for more information. |
|||||||
(5) |
Represents JV DD&A and income tax expense. See Table 7 for more information. |
|||||||
|
|
Table 5 |
|||||||
Segment Volume and CO2 Segment Hedges Highlights |
|||||||
(Historical data is pro forma for acquired and divested assets, JV volumes at KMI share) |
|||||||
|
|
|
|
||||
|
Three Months Ended
|
||||||
|
2022 |
|
2021 |
||||
Natural Gas Pipelines |
|
|
|
||||
Transport volumes (BBtu/d) |
|
39,731 |
|
|
|
38,850 |
|
Sales volumes (BBtu/d) |
|
2,515 |
|
|
|
2,260 |
|
Gathering volumes (BBtu/d) |
|
2,817 |
|
|
|
2,509 |
|
NGLs (MBbl/d) (1) |
|
32 |
|
|
|
30 |
|
Products Pipelines (MBbl/d) |
|
|
|
||||
Gasoline (2) |
|
940 |
|
|
|
892 |
|
Diesel fuel |
|
369 |
|
|
|
379 |
|
Jet fuel |
|
242 |
|
|
|
175 |
|
Total refined product volumes |
|
1,551 |
|
|
|
1,446 |
|
Crude and condensate |
|
486 |
|
|
|
507 |
|
Total delivery volumes (MBbl/d) |
|
2,037 |
|
|
|
1,953 |
|
Terminals (1) |
|
|
|
||||
Liquids leasable capacity (MMBbl) |
|
78.9 |
|
|
|
79.0 |
|
Liquids utilization % |
|
92.3 |
% |
|
|
95.1 |
% |
Bulk transload tonnage (MMtons) |
|
13.0 |
|
|
|
10.9 |
|
CO2 |
|
|
|
||||
SACROC oil production |
|
19.27 |
|
|
|
19.39 |
|
Yates oil production |
|
6.79 |
|
|
|
6.14 |
|
Katz and Goldsmith oil production |
|
1.92 |
|
|
|
2.56 |
|
Tall Cotton oil production |
|
0.99 |
|
|
|
0.95 |
|
Total oil production - net (MBbl/d) (3) |
|
28.97 |
|
|
|
29.04 |
|
NGL sales volumes - net (MBbl/d) (3) |
|
9.41 |
|
|
|
8.76 |
|
CO2 sales volumes - net (Bcf/d) |
|
0.37 |
|
|
|
0.41 |
|
Realized weighted average oil price ($ per Bbl) |
$ |
66.90 |
|
|
$ |
51.05 |
|
Realized weighted average NGL price ($ per Bbl) |
$ |
43.68 |
|
|
$ |
20.14 |
|
CO2 Segment Hedges |
Remaining
|
|
2023 |
|
2024 |
|
2025 |
|
2026 |
|||||
Crude Oil (4) |
|
|
|
|
|
|
|
|
|
|||||
Price ($ per Bbl) |
$ |
61.32 |
|
$ |
58.92 |
|
$ |
58.07 |
|
$ |
58.84 |
|
$ |
64.98 |
Volume (MBbl/d) |
|
25.13 |
|
|
17.80 |
|
|
11.20 |
|
|
6.65 |
|
|
1.60 |
NGLs |
|
|
|
|
|
|
|
|
|
|||||
Price ($ per Bbl) |
$ |
54.07 |
|
$ |
75.61 |
|
|
|
|
|
|
|||
Volume (MBbl/d) |
|
4.56 |
|
|
0.45 |
|
|
|
|
|
|
|||
Midland-to-Cushing Basis Spread |
|
|
|
|
|
|
|
|
|
|||||
Price ($ per Bbl) |
$ |
0.53 |
|
|
|
|
|
|
|
|
||||
Volume (MBbl/d) |
|
23.65 |
|
|
|
|
|
|
|
|
Notes |
||
(1) |
Volumes for acquired pipelines are included for all periods. Volumes for facilities divested, idled and/or held for sale are excluded for all periods presented. |
|
(2) |
Gasoline volumes include ethanol pipeline volumes. |
|
(3) |
Net of royalties and outside working interests. |
|
(4) |
Includes West Texas Intermediate hedges. |
Table 6 |
||||||||
Kinder Morgan, Inc. and Subsidiaries |
||||||||
Preliminary Consolidated Balance Sheets |
||||||||
(In millions, unaudited) |
||||||||
|
|
|
|
|||||
|
March 31, |
|
December 31, |
|||||
|
2022 |
|
2021 |
|||||
Assets |
|
|
|
|||||
Cash and cash equivalents |
$ |
84 |
|
|
$ |
1,140 |
|
|
Other current assets |
|
2,949 |
|
|
|
2,689 |
|
|
Property, plant and equipment, net |
|
35,557 |
|
|
|
35,653 |
|
|
Investments |
|
7,545 |
|
|
|
7,578 |
|
|
Goodwill |
|
19,914 |
|
|
|
19,914 |
|
|
Deferred charges and other assets |
|
3,086 |
|
|
|
3,442 |
|
|
Total assets |
$ |
69,135 |
|
|
$ |
70,416 |
|
|
Liabilities and Stockholders' Equity |
|
|
|
|||||
Short-term debt |
$ |
3,324 |
|
|
$ |
2,646 |
|
|
Other current liabilities |
|
3,126 |
|
|
|
3,175 |
|
|
Long-term debt |
|
28,175 |
|
|
|
29,772 |
|
|
Debt fair value adjustments |
|
584 |
|
|
|
902 |
|
|
Other |
|
2,219 |
|
|
|
2,000 |
|
|
Total liabilities |
|
37,428 |
|
|
|
38,495 |
|
|
Other stockholders' equity |
|
31,292 |
|
|
|
31,234 |
|
|
Accumulated other comprehensive loss |
|
(674 |
) |
|
|
(411 |
) |
|
Total KMI stockholders' equity |
|
30,618 |
|
|
|
30,823 |
|
|
Noncontrolling interests |
|
1,089 |
|
|
|
1,098 |
|
|
Total stockholders' equity |
|
31,707 |
|
|
|
31,921 |
|
|
Total liabilities and stockholders' equity |
$ |
69,135 |
|
|
$ |
70,416 |
|
|
|
|
|
|
|||||
Net Debt (1) |
$ |
31,405 |
|
|
$ |
31,214 |
|
|
|
|
|
|
|||||
|
Adjusted EBITDA Twelve Months Ended |
|||||||
Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted EBITDA |
March 31, |
|
December 31, |
|||||
2022 |
|
2021 |
||||||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
1,041 |
|
|
$ |
1,784 |
|
|
Total Certain Items |
|
1,321 |
|
|
|
1,220 |
|
|
DD&A and amortization of excess cost of equity investments |
|
2,207 |
|
|
|
2,213 |
|
|
Income tax expense (2) |
|
682 |
|
|
|
860 |
|
|
JV DD&A and income tax expense (2)(3) |
|
336 |
|
|
|
351 |
|
|
Interest, net (2) |
|
1,513 |
|
|
|
1,518 |
|
|
Adjusted EBITDA |
$ |
7,100 |
|
|
$ |
7,946 |
|
|
|
|
|
|
|||||
Net Debt-to-Adjusted EBITDA |
|
4.4 |
|
|
|
3.9 |
|
Notes |
||
(1) |
Amounts exclude (i) debt fair value adjustments; and (ii) the foreign exchange impact on our Euro denominated debt of $10 million and $64 million as of March 31, 2022 and December 31, 2021, respectively, as we have entered into swaps to convert that debt to U.S.$. In March 2022, one series of our Euro denominated debt matured and as of March 31, 2022, we have one remaining series of Euro denominated debt outstanding. |
|
(2) |
Amounts are adjusted for Certain Items. See Table 4 for more information. |
|
(3) |
Represents JV DD&A and income tax expense. See Table 7 for more information. |
Table 7 |
||||||||
Kinder Morgan, Inc. and Subsidiaries |
||||||||
Preliminary Supplemental Information |
||||||||
(In millions, unaudited) |
||||||||
|
|
|
|
|||||
|
Three Months Ended
|
|||||||
|
2022 |
|
2021 |
|||||
Segment EBDA |
|
|
|
|||||
Natural Gas Pipelines (GAAP) |
$ |
1,184 |
|
|
$ |
2,103 |
|
|
Certain Items |
|
113 |
|
|
|
(9 |
) |
|
Natural Gas Pipelines Adjusted Segment EBDA |
|
1,297 |
|
|
|
2,094 |
|
|
Products Pipelines (GAAP) |
|
299 |
|
|
|
248 |
|
|
Certain Items |
|
— |
|
|
|
15 |
|
|
Products Pipelines Adjusted Segment EBDA |
|
299 |
|
|
|
263 |
|
|
Terminals (GAAP) |
|
238 |
|
|
|
227 |
|
|
Certain Items |
|
— |
|
|
|
— |
|
|
Terminals Adjusted Segment EBDA |
|
238 |
|
|
|
227 |
|
|
CO2 (GAAP) |
|
192 |
|
|
|
286 |
|
|
Certain Items |
|
16 |
|
|
|
5 |
|
|
CO2 Adjusted Segment EBDA |
|
208 |
|
|
|
291 |
|
|
Total Segment EBDA (GAAP) |
|
1,913 |
|
|
|
2,864 |
|
|
Total Segment EBDA Certain Items |
|
129 |
|
|
|
11 |
|
|
Total Adjusted Segment EBDA |
$ |
2,042 |
|
|
$ |
2,875 |
|
|
Depreciation, depletion and amortization (GAAP) |
$ |
(538 |
) |
|
$ |
(541 |
) |
|
Amortization of excess cost of equity investments (GAAP) |
|
(19 |
) |
|
|
(22 |
) |
|
DD&A and amortization of excess cost of equity investments |
|
(557 |
) |
|
|
(563 |
) |
|
JV DD&A |
|
(66 |
) |
|
|
(75 |
) |
|
DD&A and amortization of excess cost of equity investments for DCF |
$ |
(623 |
) |
|
$ |
(638 |
) |
|
General and administrative (GAAP) |
$ |
(156 |
) |
|
$ |
(156 |
) |
|
Corporate benefit |
|
11 |
|
|
|
8 |
|
|
Certain Items |
|
— |
|
|
|
— |
|
|
General and administrative and corporate charges (1) |
$ |
(145 |
) |
|
$ |
(148 |
) |
|
Interest, net (GAAP) |
$ |
(333 |
) |
|
$ |
(377 |
) |
|
Certain Items |
|
(44 |
) |
|
|
(6 |
) |
|
Interest, net (1) |
$ |
(377 |
) |
|
$ |
(383 |
) |
|
Income tax expense (GAAP) |
$ |
(194 |
) |
|
$ |
(351 |
) |
|
Certain Items |
|
(20 |
) |
|
|
(40 |
) |
|
Income tax expense (1) |
|
(214 |
) |
|
|
(391 |
) |
|
Unconsolidated JV income tax expense (1)(2) |
|
(21 |
) |
|
|
(28 |
) |
|
Income tax expense for DCF (1) |
$ |
(235 |
) |
|
$ |
(419 |
) |
|
Net income attributable to NCI (GAAP) |
$ |
(17 |
) |
|
$ |
(16 |
) |
|
NCI associated with Certain Items (3) |
|
— |
|
|
|
— |
|
|
Net income attributable to NCI (1) |
$ |
(17 |
) |
|
$ |
(16 |
) |
|
Additional JV information |
|
|
|
|||||
Unconsolidated JV DD&A |
$ |
(77 |
) |
|
$ |
(86 |
) |
|
Less: Consolidated JV partners' DD&A |
|
(11 |
) |
|
|
(11 |
) |
|
JV DD&A |
|
(66 |
) |
|
|
(75 |
) |
|
Unconsolidated JV income tax expense (1)(2) |
|
(21 |
) |
|
|
(28 |
) |
|
JV DD&A and income tax expense (1) |
$ |
(87 |
) |
|
$ |
(103 |
) |
|
Unconsolidated JV cash taxes (2) |
$ |
— |
|
|
$ |
— |
|
|
Unconsolidated JV sustaining capital expenditures |
$ |
(12 |
) |
|
$ |
(20 |
) |
|
Less: Consolidated JV partners' sustaining capital expenditures |
|
(2 |
) |
|
|
(1 |
) |
|
JV sustaining capital expenditures |
$ |
(10 |
) |
|
$ |
(19 |
) |
|
|
|
|
|
|||||
KMI FCF |
|
|
|
|||||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
667 |
|
|
$ |
1,409 |
|
|
Net income attributable to noncontrolling interests |
|
17 |
|
|
|
16 |
|
|
DD&A and amortization of excess cost of equity investments |
|
557 |
|
|
|
563 |
|
|
Deferred income taxes |
|
190 |
|
|
|
347 |
|
|
Earnings from equity investments |
|
(187 |
) |
|
|
(66 |
) |
|
Distribution of equity investment earnings (4) |
|
165 |
|
|
|
184 |
|
|
Working capital and other items (5) |
|
(325 |
) |
|
|
(580 |
) |
|
Cash flow from operations (GAAP) |
|
1,084 |
|
|
|
1,873 |
|
|
Capital expenditures (GAAP) |
|
(407 |
) |
|
|
(267 |
) |
|
FCF |
|
677 |
|
|
|
1,606 |
|
|
Dividends paid |
|
(616 |
) |
|
|
(597 |
) |
|
FCF after dividends |
$ |
61 |
|
|
$ |
1,009 |
|
Notes |
||
(1) |
Amounts are adjusted for Certain Items. |
|
(2) |
Amounts are associated with our Citrus, NGPL and Products (SE) Pipe Line equity investments. |
|
(3) |
Three months ended March 31, 2022 and 2021 amounts include none and less than $1 million, respectively, of noncontrolling interests associated with Certain Items. |
|
(4) |
Excludes distributions from equity investment in excess of cumulative earnings of $50 million and $18 million for the three months ended March 31, 2022 and 2021, respectively. These are included in cash flows from investing activities on our consolidated statement of cash flows. |
|
(5) |
Includes non-cash impairments recognized. See Table 4 for more information. |
Table 8 |
||||||||||
Kinder Morgan, Inc. and Subsidiaries |
||||||||||
Reconciliations of Net Income Attributable to Kinder Morgan, Inc. and DCF Excluding Uri |
||||||||||
(In millions, unaudited) |
||||||||||
|
|
|
|
|
|
|||||
|
Three Months Ended
|
|
%
|
|||||||
Reconciliation of Net Income Attributable to Kinder Morgan, Inc. Excluding Uri |
2022 |
|
2021 |
|
||||||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
667 |
|
$ |
1,409 |
|
|
|
||
Uri impact to net income attributable to Kinder Morgan, Inc. (1) |
|
— |
|
|
(840 |
) |
|
|
||
Net income attributable to Kinder Morgan, Inc. (Excluding Uri) |
$ |
667 |
|
$ |
569 |
|
|
17 |
% |
|
|
|
|
|
|
|
|||||
Reconciliation of DCF Excluding Uri |
|
|
|
|
|
|||||
DCF |
$ |
1,455 |
|
$ |
2,329 |
|
|
|
||
Uri impact to DCF (1) |
|
— |
|
|
(1,077 |
) |
|
|
||
DCF (Excluding Uri) |
$ |
1,455 |
|
$ |
1,252 |
|
|
16 |
% |
Note |
||
(1) |
The impact of Uri to our 2021 results were primarily recognized in the three months ended March 31, 2021. For a reconciliation of the full year 2021 impact of Uri, see our Investor Day Presentation accessible on our website at: https://ir.kindermorgan.com/events-and-presentations/default.aspx. |
Table 9 |
|||
Kinder Morgan, Inc. and Subsidiaries |
|||
Reconciliation of Budgeted Net Income Attributable to Kinder Morgan, Inc. to Budgeted DCF |
|||
(In billions, unaudited) |
|||
|
Budget |
||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
2.5 |
|
Total Certain Items |
|
— |
|
DD&A and amortization of excess cost of equity investments for DCF (1) |
|
2.4 |
|
Income tax expense for DCF (1)(2) |
|
0.8 |
|
Cash taxes (1) |
|
(0.1 |
) |
Sustaining capital expenditures (1) |
|
(0.9 |
) |
Other items (3) |
|
— |
|
DCF |
$ |
4.7 |
|
Table 10 |
||
Kinder Morgan, Inc. and Subsidiaries |
||
Reconciliation of Budgeted Net Income Attributable to Kinder Morgan, Inc. to Budgeted Adjusted EBITDA |
||
(In billions, unaudited) |
||
|
Budget |
|
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
2.5 |
Total Certain Items |
|
— |
DD&A and amortization of excess cost of equity investments |
|
2.2 |
Income tax expense (2) |
|
0.7 |
JV DD&A and income tax expense (1) |
|
0.3 |
Interest, net (2) |
|
1.5 |
Adjusted EBITDA |
$ |
7.2 |
Notes |
||
(1) |
Includes or represents DD&A, income tax expense, cash taxes and/or sustaining capital expenditures (as applicable for each item) from JVs. |
|
(2) |
Amounts are adjusted for Certain Items. |
|
(3) |
Aggregate adjustments for Other items (such as non-cash pension expense and non-cash compensation associated with our restricted stock program) are currently estimated to be less than $100 million. |