Kinder Morgan 2Q Loss Widened on Non-Cash Impairment Related to Contract Renewals
July 21 2021 - 5:06PM
Dow Jones News
By Jeffrey T. Lewis
Pipeline operator Kinder Morgan Inc. reported a net loss in the
second quarter that widened from a year earlier after it booked a
non-cash impairment of $1.6 billion related to expected lower
volumes and rates on contract renewals at a natural-gas processing
facility.
The Houston-based company said it had a loss attributable to the
company of $757 million, compared with a loss of $637 million in
the same quarter a year earlier, while revenue rose to $3.15
billion from $2.56 billion in the second quarter of 2020. Kinder
Morgan reported a basic and diluted loss per share of $0.34,
compared with a loss of $0.28 in the year-earlier quarter.
The natural-gas, gasoline and crude-oil transporting company
announced a $0.27 per share dividend for the quarter, an increase
of 3% from the second quarter of 2020. Kinder Morgan said it
expects to generate net income attributable to the company of $1.7
billion this year, and to declare dividends of $1.08 per share,
also an increase of 3% from a year earlier.
The company said it foresees generating $5.4 billion of
distributable cash flow this year and adjusted earnings before
interest, taxes, depreciation and amortization of $7.9 billion,
both of which would meet or exceed the top end of the range
announced last quarter. The company expects to end this year with a
net debt to adjusted EBITDA ratio of 4.0.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
July 21, 2021 16:53 ET (20:53 GMT)
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