Kinder Morgan - größter Pipelineeigentümer der USA - 500 Beiträge pro Seite

[R-BgO]

...MÜSSEN als Limited Partnership angeblich so ziemlich allen Gewinn ausschütten.

Bringen derzeit so etwa 7,4% Ausschüttung.


Habe mir mal ein paar Ansichtsstücke hingelegt.

Sowas müßte weitgehend inflationsresistent sein.

[Vivian664]

Antwort auf Beitrag Nr.: 37.659.647 von R-BgO am 28.07.09 13:03:21

Dann kauf Dir Pengrowth.
Die schuetten mehr als 12% aus.
Bei mir schon seit Jahren

[chinagerd]

Antwort auf Beitrag Nr.: 37.661.003 von Vivian664 am 28.07.09 15:25:35

Vielen Dank für die Info, habe mir PGH mal angeschaut und bin sehr
zufrieden, denke mal, da ist langfristig ein Invest drin.
Gruß, chinagerd

[R-BgO]

Antwort auf Beitrag Nr.: 37.661.003 von Vivian664 am 28.07.09 15:25:35

Danke für den Tip.

Habe gesehen, daß Du meinen anderen Thread auch schon gesehen hast.

Aus meiner sicht sind das 2 verschiedene Kategorien:

Pengrowth/EV/... sind production assets und hängen damit an der Ölpreisentwicklung.

Kinder Morgan ist ein pipeline-asset, das NICHT daran hängt, sondern nur an den transportierten Volumina.

Werde mir aber wahrscheinlich auch was von den anderen zulegen.

[R-BgO]

03.08.2009 15:10
Kinder Morgan/Energy Transfer Partners Place All of Midcontinent Express Pipeline into Service

Construction of the approximately 500-mile Midcontinent Express Pipeline (MEP) is complete and natural gas transportation service commenced Saturday, Aug. 1, on the pipeline from Delhi, La., to Transcontinental Pipe Line’s Station 85 in Butler, Ala. Interim service had begun on the pipeline from Bennington, Okla., to Delhi in April. MEP is a joint venture of Kinder Morgan Energy Partners, L.P. (NYSE:KMP) and Energy Transfer Partners, L.P. (NYSE:ETP).

”We are delighted that the final leg of the Midcontinent Express Pipeline is in service,” said Steve Kean, president of Kinder Morgan’s Natural Gas Pipelines group. Kinder Morgan constructed and will operate the pipeline.

”The completion of this final segment of MEP affords shippers and producers in the Barnett Shale, Bossier Sands and other producing regions access to markets in the eastern United States,” said Lee Hanse, senior vice president of Energy Transfer’s Interstate Pipeline group.

MEP has multiple receipt and delivery points along the pipeline system, which originates in southeast Oklahoma, crosses northeast Texas, northern Louisiana and central Mississippi and ends in Alabama. Capacity is currently up to 1.25 billion cubic feet (Bcf) per day in Zone 1, which interconnects with the Columbia Gulf Transmission system in Delhi and up to 0.84 Bcf per day in Zone 2, which interconnects with the Transcontinental Gas Pipe Line system in Butler. An expansion of the pipeline is expected to be completed in 2010, which will further increase MEP’s capacity to approximately 1.8 Bcf per day in Zone 1 and 1.2 Bcf per day in Zone 2. The pipeline’s capacity, including the expansion capacity, is fully subscribed with long-term binding commitments from creditworthy shippers.

Kinder Morgan Energy Partners, L.P. (NYSE:KMP) is a leading pipeline transportation and energy storage company in North America. KMP owns an interest in or operates more than 28,000 miles of pipelines and 170 terminals. Its pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store petroleum products and chemicals and handle bulk materials like coal and petroleum coke. KMP is also the leading provider of CO2 for enhanced oil recovery projects in North America. One of the largest publicly traded pipeline limited partnerships in America, KMP has an enterprise value of over $20 billion. The general partner of KMP is owned by Kinder Morgan, Inc., a private company.

Energy Transfer Partners, L.P. (NYSE:ETP) is a publicly traded partnership owning and operating a diversified portfolio of energy assets. ETP has pipeline operations in Arizona, Colorado, Louisiana, New Mexico, and Utah, and owns the largest intrastate pipeline system in Texas. ETP’s natural gas operations include gathering and transportation pipelines, treating and processing assets, and three storage facilities located in Texas. ETP currently has more than 17,500 miles of pipeline in service and has a 50% interest in joint ventures that have approximately 500 miles of interstate pipeline in service. ETP is also one of the three largest retail marketers of propane in the United States, serving more than one million customers across the country.

Energy Transfer Equity, L.P. (NYSE:ETE) is a publicly traded partnership, which owns the general partner of Energy Transfer Partners, L.P. and approximately 62.5 million ETP limited partner units.

[R-BgO]

31.08.2009 13:03
KMP to Acquire Gas Treating Assets from Crosstex

Kinder Morgan Energy Partners, L.P. (NYSE:KMP) today announced it has entered into a purchase and sales agreement to acquire the natural gas treating business from Crosstex Energy, L.P. (NASDAQ:XTEX) and Crosstex Energy, Inc. (NASDAQ:XTXI) for approximately $266 million, including working capital, subject to certain closing adjustments. KMP is purchasing approximately 290 amine-treating and dew-point control plants predominantly located in Texas and Louisiana, with additional facilities in Mississippi, Oklahoma, Arkansas and Kansas. The transaction will make KMP the largest provider of contract-provided treating plants in the United States.

”We are pleased to have the opportunity and financial strength to grow our company even during difficult economic times,” said Richard D. Kinder, chairman and CEO of KMP. ”These fee-based, non-regulated assets produce stable cash flow, and the acquisition is expected to be accretive to cash distributable to unitholders upon closing (expected in the fourth quarter of this year). We look forward to offering natural gas treating services to our Texas intrastate customers and to other producers in various supply basins, including the rapidly developing shale plays.”

Kinder Morgan Energy Partners, L.P. (NYSE:KMP) is a leading pipeline transportation and energy storage company in North America. KMP owns an interest in or operates more than 28,000 miles of pipelines and 170 terminals. Its pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store petroleum products and chemicals and handle bulk materials like coal and petroleum coke. KMP is also the leading provider of CO2 for enhanced oil recovery projects in North America. One of the largest publicly traded pipeline limited partnerships in America, KMP has an enterprise value of approximately $25 billion. The general partner of KMP is owned by Kinder Morgan, Inc., a private company, www.kindermorgan.com.

[R-BgO]

11.09.2009 20:42
Kinder Morgan Energy Partners launches 2-part debt sale

NEW YORK, Sept 11 (Reuters) - Kinder Morgan Energy Partners on Friday launched its $1 billion two-part debt sale, said IFR, a Thomson Reuters service.

The sale includes $400 million in 11.5-year debt expected to yield 250 basis points over U.S. Treasuries and $600 million in 30-year debt expected to yield 240 basis points over Treasuries, according to IFR.

[R-BgO]

Kinder Morgan expects to distribute dividend of $4.40 per unit in 2010, up from $4.20 in 2009

* On 7:08 pm EST, Monday November 23, 2009


HOUSTON (AP) -- Kinder Morgan Energy Partners LP said Monday that it expects to pay out an annual cash dividend of $4.40 per unit in 2010, up from $4.20 in 2009.

Chairman and CEO Richard D. Kinder also said in a statement that the energy transportation and storage company expects to invest about $1.5 billion in expansions and small acquisitions in 2010.

The board of directors will review and approve KMP's 2010 budget at its January meeting.

Shares of Kinder Morgan rose 22 cents to $56.85 in after-hours trading, after gaining 64 cents during the regular session to close at $56.63.

[R-BgO]

08.12.2009 14:06
Kinder Morgan Energy Partners Announces Closing of Underwriters' Overallotment Option

Kinder Morgan Energy Partners, L.P. (NYSE:KMP) today announced that the underwriters of its recent public offering of 4,500,000 common units purchased all 675,000 common units which were subject to their option in the underwriting agreement to cover overallotments. The exercise price for the additional common units was $55.35 (net), the same as the price of the 4,500,000 common units.

Total net proceeds from the offering including the additional units issued pursuant to the overallotment option were approximately $286 million. With the closing of this transaction, KMP has now sold approximately $1.2 billion of equity in 2009 versus its full year budget of $1 billion.

[R-BgO]

Kinder Morgan Buys Ethanol Terminals for $195 Million (Update2)
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By Jordan Burke

Jan. 19 (Bloomberg) -- Kinder Morgan Energy Partners LP, the second-largest U.S. pipeline partnership by market value, purchased three ethanol terminals for about $195 million to expand distribution across the U.S.

The terminals, in Linden, New Jersey, Baltimore and Dallas, were bought from U.S. Development Group, Houston-based Kinder Morgan said today in a statement. Kinder Morgan and U.S. Development Group will form a joint venture to manage the terminals and other Kinder Morgan assets.

Kinder Morgan said it will handle about 218,000 barrels a day of ethanol this year.

Kinder Morgan rose $1.65, or 2.6 percent, to $65.10 in New York Stock Exchange composite trading. The units have gained 35 percent in the past year. Enterprise Products Partners LP is the largest U.S. pipeline partnership by market value.

To contact the reporter on this story: Jordan Burke in New York at [e-mail].

Last Updated: January 19, 2010 16:04 EST

[R-BgO]

Breaking Down Kinder Morgan Energy Partners' 2009 Results
by: Avi Morris January 22, 2010 | about: KMP
Avi Morris picture Avi Morris


Kinder Morgan (KMP), one of the largest MLPs, reported results for Q4 and 2009 on Wednesday (earnings call transcript here). They had an excellent year but assessing results is complicated because they keep adding more pipeline capacity throughout the year. There is no good measure similar to same store sales, a concept used by retailers, to evaluate organic growth. Growth in revenues and income is partially due to operating a bigger company, making it difficult to understand how much is attributable to internal growth. And the numbers can get complicated, very complicated!

In 2009, distributable cash flow grew 12% to $1.2 billion. They added a new measure which I have been asking for, distributable cash flow per unit. It was $4.25 in 2009 up from $4.15 in 2008, allowing them to pay a distribution of $4.20 in 2009.

Richard Kinder, CEO, was proud they had a strong Q4 and year in 2009. After distributing a record payment to unit holders, KMP ended with $14 million in excess coverage. He added that KMP invested $3.3 billion on new infrastructure projects, organic expansions and acquisitions.

The Products Pipelines division produced full year segment earnings before DD&A and certain items of $635 million, up 11% from the prior year. The Natural Gas Pipelines business produced full year segment earnings before DD&A and certain items of $788 million, up 5%. Growth in 2009 was driven by the completion of 3 large natural gas pipeline projects. Their CO2 business generated full year segment earnings before DD&A and certain items of $796 million, up almost 5%. The Terminals business produced segment earnings before DD&A and certain items of $576 million, up 7%.

KMP expects its business segments in 2010 to generate $3.4 billion in segment earnings before DD&A, an increase of $400 million over 2009 and plans to distribute $1.4 billion to limited partners. KMP anticipates investing $1.5 billion in expansion and small acquisitions during 2010.

Kinder Morgan has been operating since 1996 when Kinder & Morgan "fleeced" Enron by buying their small pipeline business. KMP has a superb track record of continuous growth. The partnership units are at a record level of $65. The announced distribution rate of $4.40 in 2010 is another record. But this is not meant to be a ringing endorsement. The yield based on the new distribution rate is 6.8%, only 300 basis points above the 10-year Treasury bond yield. These are yield instruments and relatively low yields send a signal that security levels may be too high. All MLPs are vulnerable to a pullback after the index has doubled in just one year. However long term demand for more pipelines and energy infrastructure continues strong. The long term is good but the short term is less clear.

[R-BgO]

Kinder Morgan Energy Partners, L.P. and Kinder Morgan Management, LLC File 2009 Annual Reports
HOUSTON, Mar 04, 2010 (BUSINESS WIRE) -- Kinder Morgan Energy Partners, L.P. (NYSE: KMP) and Kinder Morgan Management, LLC (NYSE: KMR) have filed their annual reports on Form 10-K for the year ended Dec. 31, 2009, with the Securities and Exchange Commission (SEC). KMP filed its annual report on Feb. 23, 2010, and KMR filed its annual report on Feb. 26, 2010.

KMP and KMR make available, free of charge on their web site, www.kindermorgan.com, their annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other information they file with or furnish to the SEC. Unitholders of KMP and shareholders of KMR may also receive a hard copy of the respective annual report on Form 10-K, which includes the audited financial statements, free of charge upon request. Requests should be sent to Kinder Morgan Energy Partners, L.P. or Kinder Morgan Management, LLC, at the following address: 500 Dallas Street, Suite 1000, Houston, Texas 77002, Attention: Investor Relations.

Kinder Morgan Energy Partners, L.P. is a leading pipeline transportation and energy storage company in North America. KMP owns an interest in or operates approximately 28,000 miles of pipelines and 180 terminals. Its pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store petroleum products and chemicals and handle bulk materials like coal and petroleum coke. KMP is also the leading provider of CO2 for enhanced oil recovery projects in North America. One of the largest publicly traded pipeline limited partnerships in America, KMP has an enterprise value of over $29 billion. The general partner of KMP is owned by Kinder Morgan, Inc., a private company. Kinder Morgan Management is a limited partner in KMP and manages and controls its business and affairs. For more information please visit www.kindermorgan.com.

[Glottobeck]

Habe KMP mal für längere Zeit im Depot gehabt und permanent Probleme
mit der Besteuerung der Dividende gehabt.Als dann am Ende 35% US-Steuer abgezogen wurden habe ich sie (leider)verkauft.Weiss jemand wie jetzt,im Zeitalter der Abgeltungssteuer,die Divi besteuert wird? Die Aktie ist sicher eines der besten Investments auf dem amerikanischen Kurszettel und die Story beginnt erst! Schlechte Börsenphasen gingen an diesem Papier auf jeden Fall fast spurlos vorüber.

[R-BgO]

21.04.2010 22:26
BRIEF-Kinder Morgan Energy Partners quarterly distribution

April 21 (Reuters) - Kinder Morgan Energy Partners LP:

* Increases quarterly distribution to $1.07 per unit

* Confident that 'we will meet our previously announced 2010 budget to pay cash

distributions of $4.40 per unit'

* Qtrly revenues $2,129.6 million

* Qtrly limited partners' net loss per unit $0.08

[R-BgO]

Antwort auf Beitrag Nr.: 39.348.949 von Glottobeck am 16.04.10 12:12:50

Es werden die 35% abgezogen, aber der Rest verbleibt dann echt netto, auch ohne Progressionsvorbehalt. Soweit ich das verstehe...

[Glottobeck]

Antwort auf Beitrag Nr.: 39.379.902 von R-BgO am 22.04.10 00:17:51

@R-Bgo

Wenn ich das richtig verstehe,besitzt Du die Aktie gar nicht.Ich wollte aber eine definitive Aussage über die aktuellen Abzüge. Alles
andere war bei meinem letzten Engagement auch schon so.
Am Anfang wurde überhaupt keine US-Steuer abgezogen,dann 25% und zuletzt 35%.Das mit den 35% alles abgegolten ist liegt auf der Hand.
Bei "normaler" Besteuerung wäre aber mit der Abgeltunssteuer die Sache erledigt.

[R-BgO]

Antwort auf Beitrag Nr.: 39.380.713 von Glottobeck am 22.04.10 09:25:25

ich habe die Aktie und es wird so abgerechnet, wie ich geschrieben hatte...

[R-BgO]

21.07.2010 22:07
Kinder Morgan Energy Partners Increases Quarterly Distribution to $1.09 Per Unit

Distributable Cash Flow Up 18% Over Second Quarter 2009

Kinder Morgan Energy Partners, L.P. (NYSE: KMP) today increased its quarterly cash distribution per common unit to $1.09 ($4.36 annualized) payable on Aug. 13, 2010, to unitholders of record as of July 30, 2010. The distribution represents a 4 percent increase over the second quarter 2009 cash distribution per unit of $1.05 ($4.20 annualized). KMP has increased the distribution 37 times since current management took over in February of 1997.

KMP reported second quarter distributable cash flow before certain items of $322.3 million, up 18 percent from $274.2 million for the comparable period last year. Distributable cash flow per unit before certain items was $1.06, up 7 percent from $0.99 per unit for the second quarter of 2009. Net income attributable to KMP before certain items was $365.3 million versus $325.8 million for the same period last year. Including certain items, net income attributable to KMP was $361.2 million versus $323.8 million for the second quarter of 2009. Certain items totaled a net loss of $4.2 million, which was primarily attributable to environmental remediation costs associated with a former terminal property that is expected to be sold. The sales proceeds are expected to more than recoup the remediation costs.

For the first six months, KMP produced distributable cash flow before certain items of $676.0 million compared to $534.2 million for the first two quarters of 2009. Distributable cash flow per unit before certain items was $2.24 versus $1.95 for the first six months last year. Net income attributable to KMP before certain items was $744.0 million compared to $607.7 million for the same period in 2009. Including certain items, net income attributable to KMP was $586.5 million versus $587.7 million for the first two quarters last year.

Chairman and CEO Richard D. Kinder said, "KMP had a strong second quarter and we are delighted to increase the cash distribution per unit for the second consecutive quarter. All five of KMP's business segments produced higher results than in the second quarter of 2009. Our businesses generated $810.6 million in total segment earnings before DD&A and certain items, up 14 percent from $710.6 million in the second quarter of 2009. This increase reflects solid asset performance, contributions from expansions, acquisitions and new joint ventures, and an improvement in overall market conditions compared to a year ago. Highlights in the second quarter included completing an approximately $921 million acquisition of 50 percent of Petrohawk Energy's gathering and treating assets in the Haynesville Shale in Louisiana and forming our joint venture KinderHawk Field Services. We also entered into our first major contract with a producer in the Eagle Ford Shale in Texas with our joint venture partner Copano Energy, as we continue to broaden KMP's access to the key natural gas shale plays across the United States. Looking ahead, we are confident that KMP will meet our previously announced budget to pay cash distributions of $4.40 per unit for the four quarters of 2010, which would be a 4.8 percent increase over the $4.20 per unit we distributed for 2009."

Overview of Business Segments

The Products Pipelines business produced second quarter segment earnings before DD&A and certain items of $181.1 million, up 15 percent from $157.8 million for the comparable period in 2009, and is expected to meet or exceed its published annual budget of 10 percent growth.

"Growth in this segment compared to the second quarter last year was driven by strong financial performance at our Pacific pipeline and terminal operations, attributable to higher tariffs and an increase in ethanol blending," Kinder said. "The Southeast and West Coast terminals, along with the Central Florida Pipeline and Transmix also reported good financial results. We continued to benefit from further increases in ethanol demand, boosted by both a mandate in California last quarter that increased the amount of ethanol blended into gasoline from 5.7 percent to 10 percent and favorable blending economics. As we noted previously, while the growing use of ethanol as part of the country's fuel supply tends to reduce pipeline volumes, our investments in ethanol storage and blending infrastructure have enabled us to recover those revenues and cash flows." In the second quarter, ethanol volumes handled in the products segment increased by 38 percent to 7.6 million barrels versus the second quarter of 2009. Year to date, ethanol volumes are up 40 percent to 14.8 million barrels versus the same period last year.

Unadjusted for the Jan. 1, 2010, mandated ethanol blending change in California, total refined products volumes decreased 0.6 percent compared to the second quarter of 2009. Adjusted for the mandated blending, total refined products volumes were favorable 0.5 percent in the second quarter. The adjusted 2010 second quarter volume gain represents the first time volumes have been positive quarter over quarter since the third quarter of 2007.

Revenues for the second quarter were up 13.4 percent attributable primarily to both indexed and certain cost of service pipeline rate filings, as well as the revenue uplift from ethanol storage and blending in California. An additional highlight in the quarter was a nearly 5 percent increase in volumes at the Southeast Terminals.

Overall gasoline volumes including transported ethanol on the Central Florida Pipeline were down 0.7 percent (excluding Plantation down 3.4 percent). Adjusted for the increased ethanol blending in California, overall gasoline volumes were up 1.1 percent (excluding Plantation down 1.0 percent). Diesel volumes were up 4.8 percent (excluding Plantation up 6 percent), reflecting increased economic activity on the West Coast. Jet volumes declined 6.9 percent (excluding Plantation down 2.8 percent), and NGL volumes were down significantly due to lower volumes on the Cochin pipeline system.

The Natural Gas Pipelines business produced second quarter segment earnings before DD&A and certain items of $185.1 million, up 12 percent from $164.6 million for the second quarter of 2009. Including the impact of the recent Petrohawk transaction, this segment is expected to exceed its annual budget.

"Compared to the second quarter last year, this segment's growth was driven by contributions from the Midcontinent Express (MEP) and Kinder Morgan Louisiana pipelines, which came online in August and June of 2009, respectively, and the treating assets that we purchased from Crosstex in October of 2009," Kinder said. "The Texas Intrastates and Rockies Express produced earnings in the second quarter that exceeded the same period a year ago and our new joint venture KinderHawk also contributed to the growth in the second quarter."

Overall segment transport volumes were up 17 percent compared to the second quarter last year, due primarily to MEP coming online. Sales volumes at the intrastates were up slightly.

The CO2 business reported second quarter segment earnings before DD&A and certain items of $241.5 million, up 19 percent from $202.7 million for the same period in 2009, and, at current oil prices, is expected to fall slightly short of its published annual budget of 26 percent growth.

"Growth compared to the second quarter last year was driven by higher oil and NGL prices on unhedged volumes, a 5 percent increase in NGL sales volumes and a slight increase in CO2 delivery volumes," Kinder said.

Average oil production at SACROC was 29.1 thousand barrels per day (MBbl/d), down from 31.1 MBbl/d for the second quarter of 2009 (which was an exceptionally high production quarter), but about flat to plan year to date. Average oil production at the Yates Field was 24.3 MBbl/d, down from 26.8 MBbl/d for the same period last year and below plan. "While we anticipated a decline in production at Yates, the decrease in the second quarter was more than we expected, and we are actively evaluating strategies to improve production," Kinder said.

The CO2 segment is an area where KMP is exposed to commodity price risk, but that risk is partially mitigated by a long-term hedging strategy intended to generate more stable realized prices. The realized weighted average oil price per barrel, with all hedges allocated to oil, was $59.58 versus $49.47 for the second quarter of 2009. The realized weighted average NGL price per barrel, allocating none of the hedges to NGLs, was $48.67 for the second quarter compared to $34.02 for the same period last year.

The Terminals business produced second quarter segment earnings before DD&A and certain items of $159.0 million, up 12 percent from $142.5 million for the comparable period in 2009, and is expected to meet or be slightly below its published annual budget target of 14 percent growth.

"Results in the quarter were driven evenly by organic growth and acquisitions," Kinder said. "Increased capacity and throughput at Galena Park on the Houston Ship Channel, higher steel volumes across our system and an increase in bulk exports from our Gulf Coast and West Coast terminals accounted for most of our internal growth. We also benefited from the U.S. Development and Slay acquisitions in the first quarter of this year."

Bulk transload tonnage increased by 27 percent to 25.2 million tons compared to the second quarter of 2009, driven primarily by increased steel volumes. Ethanol handling was up 83 percent to 14.6 million barrels, and leasable capacity was up 5.6 percent to 58.2 million barrels due to tank expansions compared to the same period last year.

"Combined, our terminals and products pipelines business segments handled approximately 45 million barrels of ethanol through the first two quarters, as KMP continues to handle about one out of every three barrels of ethanol used in the United States," Kinder noted.

Kinder Morgan Canada produced second quarter segment earnings before DD&A and certain items of $43.9 million versus $43.0 million in the second quarter of 2009, and is expected to be slightly above its published annual budget of 2 percent growth. Growth compared to the second quarter last year reflects increased throughput on the Trans Mountain pipeline system driven by strong ship traffic at Port Metro Vancouver and the positive impact of the strengthening of the Canadian dollar.

Outlook

KMP previously announced that it expects to declare cash distributions of $4.40 per unit for 2010, a 4.8 percent increase over 2009, and the company is confident that it will meet that target. "While past results certainly don't guarantee future performance, our large footprint of diversified assets continues to generate stable, substantial cash flow in all types of market conditions," Kinder said. "The great majority of the $3.4 billion in segment earnings before DD&A that is included in our annual budget is secured by contracts and not subject to volatility. Looking ahead, we believe that KMP is well positioned for additional growth, and we will continue to pursue expansions and acquisitions toward that end."

KMP's 2010 budget assumes an average West Texas Intermediate (WTI) crude oil price of approximately $84 per barrel for the year. In its CO2 segment, the company hedges the majority of its oil production but does have exposure to unhedged volumes, a significant portion of which are natural gas liquids. For 2010, every $1 change in the average WTI crude oil price per barrel is expected to impact the CO2 segment by approximately $6 million, or less than 0.2 percent of our combined business segments' anticipated segment earnings before DD&A.

Kinder Morgan Management, LLC (NYSE: KMR) also expects to declare distributions of $4.40 per share for 2010.

Other News

Products Pipelines

* As previously announced, KMP paid a total of approximately $206 million in the second quarter to 11 shippers to settle various rate challenges dating back to 1992 that were filed with the Federal Energy Regulatory Commission (FERC) pertaining to SFPP, L.P., a wholly owned subsidiary of KMP. Due to the support of its general partner, the distribution to KMP's limited partners has not been impacted by the settlement. The general partner has agreed to a distribution from an interim capital transaction (ICT) in order for KMP to maintain distributions to its limited partners and preserve the company's cumulative cash generated in excess of distributions. A distribution from an ICT reduces incentive distributions to the general partner. The distribution from an ICT taken this quarter is expected to allow KMP to resolve its remaining FERC and California Public Utilities Commission rate cases without impacting future distributions. SFPP's assets include approximately 2,500 miles of pipelines in California and other western states that transport refined petroleum products.
* KMP has completed an approximately $69 million project that added 480,000 barrels of refined products storage capacity at its Carson Terminal in Carson, Calif. The company has entered into long-term contracts with customers for all six of the new tanks which are now in service. Additionally, the company plans to invest another $85 million to build seven more tanks with a capacity of 560,000 barrels. Six of the tanks have already been leased and they will be in service in 2013 and 2014.
* KMP has begun construction on an approximately $52 million project to build a new 1.6 mile delivery pipeline, three 150,000 barrel storage tanks and related facilities at the Travis Air Force Base in California. The project is expected to be in service in March of 2012.
* KMP's proposed 240-mile Marcellus NGL Pipeline Lateral has garnered considerable support from producers responding to its non-binding open season. Given these indications of interest, KMP is proceeding with environmental permitting and right-of-way development while it negotiates binding throughput commitments with interested shippers. The proposed pipeline will connect to the Cochin Pipeline near Metamora, Ohio, and transport natural gas liquids to fractionators and petrochemical facilities near Sarnia, Ontario. KMP contemplates a third quarter 2012 pipeline in-service date.
* Kinder Morgan Southeast Terminals (KMST) has completed the installation of automated ethanol blending facilities at a second gasoline terminal in Selma, N.C., allowing the company to increase ethanol blending service to the area's conventional gasoline market. KMST has ethanol blending capabilities in 12 of the 15 markets it serves and can adjust blending ratios as needed in order to help customers meet changing regulatory requirements.

Natural Gas Pipelines

* KMP completed the purchase of a 50 percent interest in Petrohawk Energy Corporation's natural gas gathering and treating business in the Haynesville Shale for approximately $921 million in cash, which includes about $46 million in capital expenditures less cash flow, reflecting activity since Jan. 1, 2010. The assets consist of more than 200 miles of pipeline currently in service, which is expected to increase to about 375 miles of pipeline with projected throughput of over 800 million cubic feet per day by year-end 2010. Additionally, the system's amine treating plants have a projected capacity of approximately 2,635 gallons per minute by year end. KMP anticipates the joint venture will generate substantial future growth opportunities as additional development continues in the Haynesville Shale, both from Petrohawk and from third party producers. KinderHawk Field Services LLC, the new joint venture of KMP and Petrohawk, is now operating the assets. The venture ultimately is expected to have approximately 2 billion cubic feet (Bcf) per day of mainline throughput capacity.

* Eagle Ford Gathering LLC, the KMP-Copano Energy joint venture that provides gathering, transportation and processing services to natural gas producers in the Eagle Ford Shale resource play in South Texas, recently entered into a long-term gas services agreement with SM Energy Company. SM Energy will commit up to 200,000 MMBtu per day of Eagle Ford Shale natural gas production over a 10-year term, and Eagle Ford Gathering will construct approximately 85 miles of 24- and 30-inch pipeline that is expected to begin service during the summer of 2011. KMP and Copano will invest approximately $137 million in phase one of the project and have committed 375,000 MMBtu per day of capacity to Eagle Ford Gathering for transportation on Kinder Morgan's intrastate pipeline and for processing at Copano's Houston Central plant.
* Construction continues on the Fayetteville Express Pipeline (FEP). A joint venture with Energy Transfer Partners, FEP is a 42-inch, 185-mile pipeline that will begin in Conway County, Ark., and end in Panola County, Miss. FEP has secured 10-year binding commitments totaling 1.85 Bcf per day of capacity. The pipeline will have an initial capacity of 2 Bcf per day. Pending regulatory approvals, FEP is expected to begin interim service in the fourth quarter and be fully in service by year end. The joint venture's cost estimate for this project is expected to be below $1.2 billion versus an original budget of $1.3 billion.
* Rockies Express Pipeline (REX) continues with its compression expansion on the Entrega portion of the pipeline. The first leg of this expansion from Meeker, Colo., to Wamsutter, Wyo., began service in December 2009. The second leg of the expansion from Wamsutter to the Cheyenne Hub in Colorado is now expected to be completed in September 2010.
* Midcontinent Express Pipeline completed two compression projects ahead of schedule and under budget that increased Zone 1 capacity from 1.4 to 1.8 Bcf per day and Zone 2 capacity from 1.0 to 1.2 Bcf per day. The incremental capacity is fully subscribed with 10-year binding agreements.
* Construction is nearing completion on an approximately $100 million project that will nearly triple the working capacity of the North Dayton Storage Facility in Texas. Solution mining of a new cavern, with an estimated 7.25 Bcf of working capacity, was recently completed. The new cavern is expected to be in service in the third quarter, along with additional injection horsepower and withdrawal facilities.

* Construction continues on the $14 million in capital improvements that are being made at KMP's Huntsman Storage facility in Nebraska. Incremental storage capacity arising from the expansion project started Feb. 1, 2010, under a firm service agreement with a five-year term. Construction is expected to be completed by Nov. 1, 2010.

CO2

* Construction continues on KMP's Eastern Shelf Pipeline and the Katz oil field project in the Permian Basin of Texas. The project involves the installation of a 91-mile, 10-inch diameter CO2 distribution pipeline and complementary facilities that will have an initial capacity of 65 million cubic feet per day, with the ability to increase the capacity to 200 million cubic feet per day. In addition, the project includes the development of a new CO2 flood in the Katz Field near Knox City, Texas. The company anticipates that the project will unlock an incremental 25 million barrels of oil to be produced over the next 15 to 20 years from the Katz Field, and will provide a platform for future enhanced oil recovery operations in the region. The pipeline is expected to be completed in the third quarter and CO2 injections into the Katz field should begin in early 2011.

Terminals

* KMP has entered into a definitive sale and purchase agreement to acquire a terminal with ethanol tanks, a truck rack and additional acreage in Dallas, Texas, from Direct Fuels for approximately $16 million. The facility is connected to one of the unit train terminals that KMP acquired from U.S. Development in January. The transaction is expected to close in July of 2010.
* KMP has signed a definitive agreement with a major oil company to support a new ethanol unit train facility at its Deer Park, Texas, terminal and a pipeline connection to its Pasadena, Texas, terminal. The company will invest approximately $15.5 million in the first phase of the project, which is expected to be completed in the second quarter of 2011.
* KMP renewed about 4.5 million barrels of tank storage at its terminals in the second quarter with an average contract length of 5.6 years.
* KMP began constructing 1.15 million barrels of new tank capacity at its Carteret, N.J., terminal. The approximately $66.6 million project is expected to be completed in September of 2011.

Financings

* KMP entered into a new $2 billion three-year unsecured revolving credit facility that will expire in June of 2013. The new facility replaced a $1.85 billion unsecured credit facility that was scheduled to expire in August of 2010. Borrowing under the new credit facility can be used for general partnership purposes.
* KMP sold common units valued at approximately $535 million during the second quarter, including a KMP overnight offering, a private placement and sales under its at-the-market program. Additionally, KMP issued $1 billion in senior notes in May.

Kinder Morgan Management, LLC

Shareholders of Kinder Morgan Management, LLC will also receive a $1.09 distribution ($4.36 annualized) payable on Aug. 13, 2010, to shareholders of record as of July 30, 2010. The distribution to KMR shareholders will be paid in the form of additional KMR shares. The distribution is calculated by dividing the cash distribution to KMP unitholders by KMR's average closing price for the 10 trading days prior to KMR's ex-dividend date.

Kinder Morgan Energy Partners, L.P. (NYSE: KMP) is a leading pipeline transportation and energy storage company in North America. KMP owns an interest in or operates approximately 28,000 miles of pipelines and 180 terminals. Its pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store petroleum products and chemicals and handle bulk materials like coal and petroleum coke. KMP is also the leading provider of CO2 for enhanced oil recovery projects in North America. One of the largest publicly traded pipeline limited partnerships in America, KMP has an enterprise value of approximately $30 billion. The general partner of KMP is owned by Kinder Morgan, Inc., a private company. For more information please visit www.kindermorgan.com.

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10 Core Stocks for Your Portfolio: Kinder Morgan Energy Partners

By Chuck Saletta | More Articles
September 16, 2010 | Comments (0)


If you're looking for a company you can buy, hold, and perhaps never need to sell, you'll want one with a strong economic moat, to assure it has long-term staying power. You'll also want one that pays its owners well. After all, the only ways to make money off a stock are through dividends or through selling, and if you're selling, the stock is hardly a core investment.

Kinder Morgan Energy Partners (NYSE: KMP) is one of the few companies that hit both criteria. With an impressive (and covered by operating cash flows) 6.3% yield, its distribution currently beats highly rated bonds. And since what it does is about the closest you can get to a 'tollbooth' operation, it's more or less is in the business of digging its own moats. Those two factors make it an extremely attractive long term holding.


The business
Kinder Morgan Energy Partners along with its conjoined twin, Kinder Morgan Management (NYSE: KMR), transports energy and energy related products. In essence, it's an oil and gas pipeline company that builds, owns and operates much of the infrastructure that moves around the energy that powers our economy.

In addition to its own pipelines, Kinder Morgan partners with others in some cases. Recently, it completed the giant REX natural gas pipeline linking Western Colorado with Eastern Ohio, where it partnered with ConocoPhilips (NYSE: COP) and Sempra (NYSE: SRE). Between the pipelines it exclusively owns and the ones it shares with partners, Kinder Morgan is one of the largest companies in its line of business on the continent.

And if you do happen like the oil production business, Kinder Morgan also claims to be the second largest oil producer in Texas.

Why it's a core stock
Refiners like Valero (NYSE: VLO) are exposed to market risk based on the crack spread (the difference between the price of oil and the price of gasoline). Drillers like Transocean (NYSE: RIG) are heavily dependent on high oil prices to spur demand and high rates on their services and equipment. And even integrated giants like ExxonMobil (NYSE: XOM) prefer to see high oil prices in order to get good returns on their investments.

But pipeline companies like Kinder Morgan? They earn their revenues more on the quantity of oil that passes through their infrastructure, rather than its price. In addition, the business is very capital intensive due to long pipeline and expensive right of way acquisition costs. In addition, it has a huge NIMBY (Not In My Backyard!) factor attached to it. Those two factors often scare away competition, so once one pipeline sets up, it's unlikely to see many others pop up locally.

Yet what ultimately makes it such an attractive business is that once a pipeline is set up, it's a significantly cheaper way to move oil than, say, trucking it around the country.

Risks
As a company with lots of flammable and toxic liquids moving around its infrastructure, the occasional explosion or leak can have nasty consequences. While nothing from Kinder Morgan has risen quite to the level of BP's recent oil spill, there have been occasional fatalities. As an investor, you face headline risk whenever there's a disaster, and a large enough one could result in permanent loss of capital.

From a financial point of view, the company's structure as a partnership adds risk as well. As a partnership, its unit holders are personally taxed based on the company's income, rather than just on the dividends they receive. As a result, to attract investors, Kinder Morgan Energy Partners typically pays out more than it technically reports as earnings.

While its payout tends to be covered by its operating cash flows, such a high distribution level leaves the company with little to reinvest. Because of this, the company regularly taps the financial markets and dilutes its existing unit holders to get the capital it needs to expand. As long as it can successfully invest that capital at high rates of return, existing unit holders should do fine, but if it can't, those units can stumble.

Sum
If you're looking for an investment that pays you well while you own it and delivers a service that's critical to our modern life, you could do far worse than Kinder Morgan Energy Partners. As long as we need oil and natural gas, and as long as the fields that produce it are far away from major population centers that demand it, there will be a need for pipelines like the ones it owns.

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Kinder Morgan Energy Partners, L.P. (NYSE: KMP) today increased its quarterly cash distribution per common unit to $1.11 ($4.44 annualized) payable on Nov. 12, 2010, to unitholders of record as of Oct. 29, 2010. The distribution represents a 6 percent increase over the third quarter 2009 cash distribution per unit of $1.05 ($4.20 annualized). KMP has increased the distribution 38 times since current management took over in February of 1997.

KMP reported third quarter distributable cash flow before certain items of $317.9 million versus $320.0 million for the comparable period last year. Distributable cash flow per unit before certain items was $1.02 compared to $1.12 per unit for the third quarter of 2009. Net income attributable to KMP before certain items was $339.6 million versus $351.1 million for the same period last year. Including certain items, net income attributable to KMP was $320.8 million compared to $359.5 million for the third quarter of 2009. Certain items totaled a net loss of $20.7 million, the majority of which was attributable to hedge ineffectiveness in the CO2 and natural gas intrastate businesses and an insurance deductible.

For the first nine months of the year, KMP produced distributable cash flow before certain items of $993.9 million, up 16 percent from $854.2 million for the first three quarters of 2009. Distributable cash flow per unit before certain items was $3.26, up 6 percent from $3.07 for the first nine months last year. Net income attributable to KMP before certain items was $1.08 billion compared to $0.96 billion for the same period in 2009. Including certain items, net income attributable to KMP was $907.3 million versus $947.2 million for the first three quarters last year.

Chairman and CEO Richard D. Kinder said, "We are pleased to increase the cash distribution per unit for the third consecutive quarter, which we have now raised to $1.11 per unit from $1.05 for the fourth quarter of 2009. Our five businesses generated $797.9 million in total segment earnings before DD&A and certain items, up 6 percent from $751.8 million in the third quarter of 2009 — solid results, but below our budget projections. Year to date, total segment earnings before DD&A and certain items were $2.4 billion, up 13 percent from $2.1 billion for the same period a year ago. This increase reflects solid asset performance, contributions from expansions, acquisitions and new joint ventures. Looking ahead, we expect to meet our previously announced budget to pay cash distributions of $4.40 per unit for 2010, which would be a 4.8 percent increase over the $4.20 per unit we distributed for 2009."

Overview of Business Segments

The Products Pipelines business produced third quarter segment earnings before DD&A and certain items of $171.6 million, up 3 percent from $166.7 million for the comparable period in 2009, and is expected to be slightly below its published annual budget of 10 percent growth.

"Growth in this segment compared to the third quarter last year was driven by our Pacific pipeline and West Coast terminal operations," Kinder said. "Revenues increased by 8.3 percent compared to the third quarter last year, led by an increase in ethanol storage and blending, good results on the East Line and at the Carson terminal, and an uptick in biofuels handling. The segment was impacted by lower results in our transmix business."

The company continued to benefit from further increases in ethanol demand, boosted by both a mandate in California (which took effect in the first quarter) that increased the amount of ethanol blended into gasoline from 5.7 percent to 10 percent in that state, and favorable blending economics. As noted previously, while the growing use of ethanol as part of the country's fuel supply tends to reduce pipeline volumes, the company's investments in ethanol storage and blending infrastructure have allowed this business segment to recover those revenues and cash flows. In the third quarter, ethanol volumes handled in the products segment increased by 25 percent versus the third quarter of 2009 to 7.6 million barrels. Year to date, ethanol volumes are up 34 percent versus the same period last year to 22.4 million barrels.

Unadjusted for the Jan. 1, 2010, mandated ethanol blending change in California, total refined products volumes increased 0.9 percent compared to the third quarter of 2009. Adjusted for the mandated blending, total refined products volumes were up 2 percent in the third quarter. This is the first quarter that unadjusted volumes have been positive year over year since the third quarter of 2007.

For the third quarter versus the same period last year, overall gasoline volumes including transported ethanol on the Central Florida Pipeline were up 0.8 percent (excluding Plantation down 0.9 percent). Adjusted for the increased ethanol blending in California, overall gasoline volumes were up 2.6 percent (excluding Plantation up 1.5 percent). Gasoline volumes on Plantation were up 5.5 percent reflecting a new commercial customer. Diesel volumes were up 7 percent (excluding Plantation up 6.1 percent), reflecting a modest increase in economic activity on the West Coast. Jet fuel volumes declined 6.1 percent (excluding Plantation up 0.5 percent). NGL volumes were up 7 percent due to higher volumes on both the Cochin and Cypress pipelines.

The Natural Gas Pipelines business produced third quarter segment earnings before DD&A and certain items of $188.9 million versus $194.8 million for the third quarter of 2009. Including the impact of the recent KinderHawk transaction, this segment is expected to exceed its annual budget of 5 percent growth.

"Positives compared to the third quarter last year included strong results from the Kinder Morgan Louisiana Pipeline, and contributions from the Kinder Morgan Treating business that we acquired last October and the KinderHawk joint venture, which recently signed a major Haynesville producer to a long-term agreement to provide gathering and treating services," Kinder said. "Signing a large third-party customer is a significant milestone for the joint venture."

This segment was impacted in the third quarter by lower results at both the Rockies Express and the Texas Intrastate pipelines. Earnings declined at Rockies Express compared to the third quarter of 2009 due primarily to a higher than expected property tax assessment in Ohio and higher interest expenses due to terming up debt. The Texas Intrastates were impacted by unfavorable market conditions that resulted in reduced sales margins and lower storage spreads.

The Fayetteville Express Pipeline (FEP) will be completed in the fourth quarter ahead of schedule and under budget. A joint venture with Energy Transfer, FEP began interim service on a portion of the pipeline this month and is expected to be fully operational by Dec. 1 of this year. Additional information on FEP and other natural gas projects can be found in the Other News section of this release.

Overall segment transport volumes were up 3 percent compared to the third quarter last year, due primarily to the Midcontinent Express Pipeline coming online. At the Texas Intrastates, sales volumes were up 7 percent, but transport volumes were down.

The CO2 business reported third quarter segment earnings before DD&A and certain items of $229.4 million, up 16 percent from $198.6 million for the same period in 2009, and is expected to fall short of its published annual budget of 26 percent growth. However, this segment is still expected to produce annual growth of approximately 20 percent.

"Growth compared to the third quarter last year was driven by higher oil and NGL prices on unhedged volumes, and the second best quarter on record in NGL sales volumes, a 5 percent increase over the third quarter of last year," Kinder said. "While this segment recorded solid growth versus the third quarter last year, results were below budget due primarily to lower than anticipated crude oil prices versus budget and lower production at the Yates Field. However, we were able to offset a significant amount of this deterioration through costs savings."

Notably, CO2 demand is increasing. Year to date, KMP has signed attractive new sales and delivery contracts of over 800 billion cubic feet (Bcf) of CO2 to eight customers for an average term of 8.5 years. These agreements include contracts with new customers, or replaced or extended existing agreements that were set to expire over the next few years at generally more favorable terms. The company anticipates entering into additional, significant CO2 transportation contracts by year end.

Average oil production at SACROC was 29.0 thousand barrels per day (MBbl/d) for the quarter, down from 29.6 MBbl/d for the third quarter of 2009 and slightly below plan year to date. Average oil production at the Yates Field was 23.2 MBbl/d for the quarter, down from 26.4 MBbl/d for the same period last year and about 8 percent below plan year to date.

The CO2 segment is an area where KMP is exposed to commodity price risk, but that risk is partially mitigated by a long-term hedging strategy intended to generate more stable realized prices. The realized weighted average oil price per barrel, with all hedges allocated to oil, was $59.54 versus $51.42 for the third quarter of 2009. The realized weighted average NGL price per barrel, allocating none of the hedges to NGLs, was $46.73 for the third quarter compared to $40.28 for the same period last year.

The Terminals business produced third quarter segment earnings before DD&A and certain items of $164.0 million, up 14 percent from $144.0 million for the comparable period in 2009, and is expected to be slightly below its published annual budget target of 14 percent growth.

"The $20 million of growth compared to the third quarter last year was driven by organic growth ($11.7 million) and acquisitions ($8.3 million)," Kinder said. "Increased capacity and throughput, and higher price contract renewals, at our Gulf Coast liquids terminals spearheaded our internal growth, along with an increase in bulk volumes. Additionally, this segment benefited from the U.S. Development and Slay acquisitions that closed in the first quarter of this year."

The terminals business added more than 2.6 million barrels of liquids capacity compared to the third quarter of 2009, including over 1 million barrels of new storage tank capacity at the Gulf Coast facilities. Bulk volumes increased by 7 percent to 24.4 million tons versus the same period last year. Steel and ore volumes were up led by the Ashtabula, Ohio, facility and the Mid-Rivers terminals. Bulk volumes also increased at the West Coast terminals.

Ethanol volumes handled by the terminals group were up substantially in the third quarter to 14.1 million barrels, with the majority of the increase attributable to the U.S. Development acquisition. Year to date, ethanol handling in this segment is up 79 percent to 44.1 million barrels.

Combined, the terminals and products pipelines business segments handled about 66.5 million barrels of ethanol through the first three quarters, as KMP handles approximately 30 percent of the ethanol used in the United States.

Kinder Morgan Canada produced third quarter segment earnings before DD&A and certain items of $44.0 million versus $47.7 million in the same period last year, and is expected to be slightly above its published annual budget of 2 percent growth. The decline in the quarter compared to the third quarter last year reflects a change in the foreign exchange rate. While the Canadian dollar strengthened this quarter, the impact was not as favorable as it was during the third quarter last year.

Outlook

KMP previously announced that it expects to declare cash distributions of $4.40 per unit for 2010, a 4.8 percent increase over 2009, and the company expects to meet that target. "Our large footprint of diversified assets continues to generate stable, substantial cash flow," Kinder said. "Looking ahead, we believe that KMP is well positioned for additional growth, and we will continue to pursue expansions and acquisitions."

KMP's 2010 budget assumes an average West Texas Intermediate (WTI) crude oil price of approximately $84 per barrel for the year. In its CO2 segment, the company hedges the majority of its oil production, but does have exposure to unhedged volumes, a significant portion of which are natural gas liquids. For 2010, every $1 change in the average WTI crude oil price per barrel is expected to impact the CO2 segment by approximately $6 million, or less than 0.2 percent of our combined business segments' anticipated segment earnings before DD&A.

Kinder Morgan Management, LLC (NYSE: KMR) also expects to declare distributions of $4.40 per share for 2010.

Other News

Products Pipelines

* KMP this month completed the purchase of four refined petroleum products terminals in the southeastern and southwestern United States from Chevron U.S.A. Inc. for approximately $40 million including inclusion capital. The multi-products terminals have a combined storage capacity of approximately 650,000 barrels and feature automated truck-loading equipment and a variety of blending and additive-injection services. Chevron has entered into a long-term contract with Kinder Morgan to use the terminals.
* KMP sold a 50 percent equity interest in its 104-mile Cypress Pipeline to Westlake Chemical Corporation, which had a contractual right to purchase 50 percent of the facility. The line supplies natural gas liquid feedstocks to Westlake's Lake Charles, La., petrochemical complex. KMP will continue to own 50 percent of and operate the line under a long-term agreement with Westlake.

* KMP continues to pursue commercial agreements with shippers for its proposed 240-mile Marcellus NGL Pipeline Lateral. The proposed pipeline would originate in Marshall County, W. Va., and connect to the Cochin Pipeline near Metamora, Ohio, for shipment of natural gas liquids to facilities in the Sarnia, Ontario, petrochemical complex. If binding transportation commitments are obtained from prospective shippers in the fourth quarter of 2010, KMP projects the pipeline could be in service in the third quarter of 2012.

Natural Gas Pipelines

* Construction is nearly finished on the Fayetteville Express Pipeline (FEP). All of the pipeline has been completed and placed into service, with the final 55 miles recently receiving authorization to operate from the Federal Energy Regulatory Commission. Construction continues on the compressor station and the last two delivery meters. A joint venture with Energy Transfer Partners, FEP is a 42-inch, 185-mile pipeline that stretches from Conway County, Ark., to Panola County, Miss. FEP has secured 10-year binding commitments totaling 1.85 Bcf per day of capacity and the pipeline will have an initial capacity of 2 Bcf per day. Interim service for a portion of the pipeline began on Oct. 1, and FEP is projecting the pipeline to be fully operational by Dec. 1, 2010. The joint venture's cost estimate for this project is slightly above $1 billion versus an original budget of $1.3 billion.
* Construction and commercial activities on Eagle Ford Gathering, the KMP-Copano Energy joint venture that provides gathering, transportation and processing services to natural gas producers in the Eagle Ford Shale resource play in South Texas, continue to progress well. The joint venture previously entered into a long-term gas services agreement with SM Energy, which will commit up to 200,000 MMBtu per day of Eagle Ford Shale natural gas production over a 10-year term. The joint venture expects to obtain binding commitments for the remaining 175,000 MMBtu per day of capacity prior to completion of construction. KMP and Copano have committed to invest approximately $137 million in phase one of the project and have committed 375,000 MMBtu per day of capacity to Eagle Ford Gathering for transportation on Kinder Morgan's intrastate pipeline and for processing at Copano's Houston Central plant. The joint venture is pursuing additional investment opportunities in the Eagle Ford shale play.

* Construction has been completed on an approximately $100 million project that will nearly triple the working capacity of the North Dayton Storage Facility in Texas. Solution mining of a new cavern, with an estimated 7.25 Bcf of working capacity, was recently completed and is currently in the debrining process. The cavern is anticipated to be fully operational in the first quarter of 2011.

* Rockies Express Pipeline completed its compression expansion on the Entrega portion of the pipeline. The 200,000 dekatherms per day of additional capacity is fully subscribed. The second leg of the expansion from Wamsutter, Wyo., to the Cheyenne Hub in Colorado was completed this month and the first leg from Meeker, Colo., to Wamsutter began service in December 2009.

* Construction has been completed on the capital improvements at the company's Huntsman Storage facility in Nebraska. Total costs for this project were $10.5 million, significantly under the original budget. Incremental storage capacity arising from the expansion project started Feb. 1, 2010, under a firm service agreement with a five-year term.
* Kinder Morgan acquired the assets of Gas-Chill, Inc., a company that manufactures and provides small mechanical refrigeration units (MRUs) for natural gas liquids recovery. The approximately $13 million acquisition allows Kinder Morgan Treating, a subsidiary of KMP, to quickly transport and install MRUs that enable customers to remove natural gas liquids from natural gas streams to meet pipeline hydrocarbon dew point specifications. This acquisition was effective Sept. 1.

CO2

* Construction is nearing completion on the Eastern Shelf Pipeline project in the Permian Basin of Texas. The new 91-mile, 10-inch diameter pipeline and complementary facilities will have an initial capacity of 65 million cubic feet per day, with the ability to increase the capacity to 200 million cubic feet per day. The pipeline, which begins near Snyder and ends west of Knox City, Texas, will provide customers with access to a steady supply of CO2 for enhanced oil recovery. The company expects to begin CO2 injections in the line in November with deliveries to Kinder Morgan's Katz Field near Knox City in December, slightly ahead of the original 2011 start date. The development of a new CO2 flood in the Katz Field is projected to unlock an incremental 25 million barrels of oil to be produced over the next 15 to 20 years and will provide a platform for future enhanced oil recovery operations in the region. The company expects to invest approximately $230 million in this project.

Terminals

* KMP purchased a 42-acre terminal in Chesapeake, Va., from Southern Concrete Products for approximately $10 million including inclusion capital. The facility will handle approximately 250,000 tons of material annually including pumice, aggregate and sand.
* KMP has entered into a long-term agreement with a major oil company to construct an ethanol pipeline that will connect KMP's unit train operation at its Linden, N.J., facility with its large petroleum terminal in Carteret, N.J. The pipeline is expected to be in service in the fourth quarter of 2011 and should move about 3,000 barrels of ethanol per day.
* KMP completed its transaction in July to purchase a terminal with ethanol tanks, a truck rack and additional acreage in Dallas, Texas, from Direct Fuels for approximately $16 million. The facility is connected to one of the unit train terminals that KMP acquired from U.S. Development in January.

Financings

* KMP sold common units valued at approximately $138.5 million during the third quarter under its at-the-market program. KMP has issued about $673.5 million in equity year to date.

Kinder Morgan Management, LLC

Shareholders of Kinder Morgan Management, LLC will also receive a $1.11 distribution ($4.44 annualized) payable on Nov. 12, 2010, to shareholders of record as of Oct. 29, 2010. The distribution to KMR shareholders will be paid in the form of additional KMR shares. The distribution is calculated by dividing the cash distribution to KMP unitholders by KMR's average closing price for the 10 trading days prior to KMR's ex-dividend date.

Kinder Morgan Energy Partners, L.P. (NYSE: KMP) is a leading pipeline transportation and energy storage company in North America. KMP owns an interest in or operates approximately 28,000 miles of pipelines and 180 terminals. Its pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store petroleum products and chemicals and handle bulk materials like coal and petroleum coke. KMP is also the leading provider of CO2 for enhanced oil recovery projects in North America. One of the largest publicly traded pipeline limited partnerships in America, KMP has an enterprise value of over $30 billion. The general partner of KMP is owned by Kinder Morgan, Inc., a private company. For more information please visit www.kindermorgan.com.

Please join KMP at 4:30 p.m. Eastern Time on Wednesday, Oct. 20, at www.kindermorgan.com for a LIVE webcast conference call on the company's third quarter earnings.

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Kinder Morgan Energy Partners Reports $416 Million Profit (KMP)
By Daniel James Hayden IV
January 19, 2011 6:36 PM


Houston, Texas-based Kinder Morgan Energy Partners, LP (NYSE: KMP) released financial results on Wednesday after the market closed.

Kinder Morgan Energy Partners, LP announced that its 4th quarter net income climbed to $416.3 million, or 44 cents per share, up from $324.7 million, or 26 cents per share, a year earlier.

Excluding special items, the company reported earnings of 46 cents per share.

Kinder Morgan Energy Partners, LP reported revenue of $1.92 billion, up from $1.91 billion a year earlier.

According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 43 cents per share, on revenue of $2.27 billion.

Chairman and CEO Richard D. Kinder said, "Overall, 2010 was a good year at Kinder Morgan and we are very pleased with our results, particularly when you consider the state of the economy during the past year. We hit our distribution per unit target of $4.40 for the year, and we generated cash in excess of that distribution, although we did fall a bit short of our annual budget. All five of our businesses produced stronger results in the fourth quarter and for the full year of 2010 than in the comparable periods of 2009."

Kinder Morgan Energy Partners, LP (KMP) finished the trading day at $71.90 per share. The consensus price target of analysts covering the company's stock is $70.85 per share.

Kinder Morgan Energy Partners, LP is a leading pipeline transportation and energy storage company in North America whose 28,000 miles of pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its 180 terminals store petroleum products and chemicals and handle bulk materials like coal and petroleum coke.

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Kinder Morgan Energy Partners Distributes $4.61 Per Unit for 2011 - Exceeds Annual Budget
Declares Quarterly Distribution of $1.16 Per Unit

HOUSTON--(BUSINESS WIRE)--Jan. 18, 2012-- Kinder Morgan Energy Partners, L.P. (NYSE: KMP) today declared a quarterly cash distribution per common unit of $1.16 ($4.64 annualized) payable on Feb. 14, 2012, to unitholders of record as of Jan. 31, 2012. This represents a 3 percent increase over the fourth quarter 2010 cash distribution per unit of $1.13 ($4.52 annualized). KMP has increased the distribution 42 times since current management took over in February of 1997.

Chairman and CEO Richard D. Kinder said, “KMP had a solid fourth quarter and a very successful year overall. We will distribute $4.61 per unit for the full year, exceeding our annual budget of $4.60 per unit and representing an increase of almost 5 percent from the 2010 distribution per unit. We also generated cash in excess of our distribution target of approximately $21 million. We would have been just short of our annual budget of $37 million in excess coverage had we not chosen to increase the distribution per unit by a penny over the budget, and if we would have received a Canadian tax refund that was expected in 2011, but will not be received until this year. All five of our business segments produced higher annual segment earnings before DD&A and certain items than during 2010, totaling $3.64 billion. This 10 percent increase over last year reflects solid asset performance and contributions from expansions and acquisitions. We invested over $2.6 billion in expansions, joint ventures and acquisitions in 2011 to further grow the company. Looking ahead, we believe there are exceptional growth opportunities in our set of businesses related to the continuing emergence of the natural gas shale plays, growth in CO2 demand in the Permian Basin, increasing demand for export coal and further mandates to increase the use of renewable fuels. With our large footprint of assets in North America, KMP is well positioned for future growth.”

KMP reported fourth quarter distributable cash flow before certain items of $424.9 million, up 16 percent from $366.2 million for the comparable period in 2010. Distributable cash flow per unit before certain items was $1.27 compared to $1.17 for the fourth quarter last year. Fourth quarter net income before certain items was $491.8 million compared to $425.4 million for the same period in 2010. Including certain items, net income was $479.3 million compared to $412.2 million for the fourth quarter last year. Certain items for the fourth quarter totaled a net loss of $12.5 million versus a net loss of $13.2 million for the same period last year. The primary certain items included hedge ineffectiveness in our CO2 business, environmental reserves at SFPP and insurance costs related to a terminal fire.

For the full year, KMP produced distributable cash flow before certain items of $1.52 billion, up 12 percent from $1.36 billion for 2010. Distributable cash flow per unit before certain items was $4.68 compared to $4.43 for the comparable period last year. Net income before certain items was $1.76 billion compared to $1.52 billion for 2010. Including certain items, net income was $1.27 billion versus $1.33 billion for the same period last year. Certain items for 2011 totaled a net loss of $491.0 million versus a net loss of $193.8 million last year. As previously announced, the primary items included settlement reserves in the Products Pipelines business and the write down of the carrying value of KMP’s initial purchase of KinderHawk.

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refresh zur Vermeidung der Historisierung

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Kinder Morgan Energy Partners Increases Quarterly Distribution to $1.36 Per Unit, up 5%
Fourth Quarter DCF 28 Percent Higher Than Fourth Quarter 2012


HOUSTON--(BUSINESS WIRE)--Jan. 15, 2014-- Kinder Morgan Energy Partners, L.P. (NYSE: KMP) today increased its quarterly cash distribution per common unit to $1.36 ($5.44 annualized) payable on Feb. 14, 2014, to unitholders of record as of Jan. 31, 2014. This represents a 5 percent increase over the fourth quarter 2012 cash distribution per unit of $1.29 ($5.16 annualized) and is up from $1.35 per unit ($5.40 annualized) for the third quarter of 2013. KMP has increased the distribution 50 times since current management took over in February 1997.

Chairman and CEO Richard D. Kinder said, “KMP had a strong fourth quarter and a very successful year. We will distribute $5.33 per unit for the full year, which represents a 7 percent increase over the 2012 distribution of $4.98 per unit, and an increase of $0.05 per unit from our 2013 plan. We earned distributable cash flow before certain items of $5.39 per unit for 2013 or coverage in excess of our distributions of $22 million. For 2013, our five business segments produced $5.550 billion in segment earnings before DD&A and certain items, up 27 percent from last year. Growth was led by the dropdowns from Kinder Morgan, Inc. associated with its acquisition of El Paso Corporation in 2012, contributions from the midstream assets KMP acquired in the Copano Energy transaction in May of 2013, increased oil production in our CO2 segment, and good results at our Products Pipelines and Terminals businesses. KMP invested $3.5 billion in expansions and acquisitions during 2013 (not including dropdowns and the Copano acquisition), which exceeded our budget of $2.9 billion. We are excited about 2014 and continue to see exceptional growth opportunities across all of our business segments. We currently have identified approximately $13.5 billion in expansion and joint venture investments at KMP that we are confident will come to fruition and drive future growth.”

KMP reported fourth quarter distributable cash flow before certain items of $635 million, up 28 percent from $495 million for the comparable period in 2012. Distributable cash flow per unit before certain items was $1.44 compared to $1.35 for the fourth quarter last year. Fourth quarter net income before certain items was $796 million compared to $669 million for the same period in 2012. Including certain items, net income was $818 million compared to $647 million for the fourth quarter last year. Certain items for the fourth quarter totaled a net gain of $22 million versus a net loss of $22 million for the same period last year. Certain items principally reflected an insurance reimbursement for damage at certain terminals in the Northeast following Hurricane Sandy.

For the full year, KMP reported distributable cash flow before certain items of $2.244 billion, up 26 percent from $1.778 billion for the comparable period in 2012. Distributable cash flow per unit before certain items was $5.39 compared to $5.07 for the same period last year. Net income before certain items was $2.742 billion compared to $2.244 billion for 2012. Including certain items, net income was $3.317 billion compared to $1.401 billion for the same period last year. Certain items for the full year totaled a net gain of approximately $575 million (primarily reflecting a gain in the second quarter related to re-measurement of KMP’s original 50 percent interest in the Eagle Ford joint venture to fair market value) versus a net loss of $843 million for the same period last year.

Overview of Business Segments

The Natural Gas Pipelines business produced fourth quarter segment earnings before DD&A and certain items of $665 million, up 40 percent from $474 million for the same period last year due primarily to the dropdowns from KMI associated with the El Paso acquisition and contributions from the Copano transaction. For the year, Natural Gas Pipelines produced segment earnings before DD&A and certain items of $2.336 billion, up 70 percent from $1.374 billion in 2012, exceeding its published annual budget of 54 percent growth as a result of the Copano acquisition.

“Growth in this segment compared to both the fourth quarter and full year 2012 was driven by the midstream assets we acquired from Copano in May of 2013, including the other 50 percent of Eagle Ford Gathering which we did not already own, dropdowns from KMI (Tennessee Gas Pipeline and 50 percent of El Paso Natural Gas were dropped down to KMP in August 2012, and KMP purchased the remainder of EPNG in March of 2013) and strong results from TGP,” Kinder said. “TGP benefited from continued strong demand for its services, driven by ongoing growth in the Marcellus and Utica Shale plays and a number of expansion projects that began service in November of 2012 and November of 2013, including the approximately $500 million Northeast Upgrade Project. EPNG realized higher throughput in 2013 versus 2012 due to an increase in natural gas exports to Mexico and capturing a larger percentage of the Southwest market.”

While both the fourth quarter and 2013 earnings in this segment reflect the impact of the November 2012 divestitures of our Rockies assets, that impact was more than offset by the financial results produced by the assets acquired in the El Paso and Copano transactions.

“We continue to believe that natural gas is the future play for America because it’s domestic, clean, abundant and very reasonably priced,” Kinder stated. “Our El Paso and Copano transactions have significantly increased our natural gas footprint in the United States, and KMP is well positioned to play a leading role in building and expanding infrastructure required to connect developing natural gas supplies to markets.”

The CO2 business produced fourth quarter segment earnings before DD&A and certain items of $392 million, up 16 percent from $337 million for the same period in 2012. For the year, CO2 produced segment earnings before DD&A and certain items of $1.432 billion, up 8 percent from $1.326 billion in 2012, exceeding its published annual budget of 5 percent growth.

“Growth in this segment compared to both the fourth quarter and full year of 2012 was led by increased oil and NGL production, and higher prices,” Kinder said. “Combined gross oil production volumes averaged over 57 thousand barrels per day (MBbl/d) for the fourth quarter, which was led by significantly increased production at our large SACROC Unit, and also included 1.3 MBbl/d from the Goldsmith Unit we acquired in June. This represents more than a 7 percent increase in oil production versus the fourth quarter last year. The Snyder Gas Plant also produced superb results and set a record for NGL production with an average of 19.5 MBbl/d for the full year. Additionally, we set a CO2 production record in December in southwest Colorado, averaging 1.3 billion cubic feet per day (Bcf/d), primarily due to our Doe Canyon CO2 source field expansion coming online ahead of schedule.” Following completion of a $255 million expansion, Doe Canyon averaged almost 200 million cubic feet per day (MMcf/d) for the fourth quarter, substantially higher than the initial projection of 170 MMcf/d.

Oil production at the SACROC Unit was 32.3 MBbl/d in the fourth quarter, up almost 6 percent from 30.6 MBbl/d for the same period last year, and significantly higher than plan. SACROC volumes for the full year were also up approximately 6 percent from 2012. Production continued to be relatively stable at the Yates Field, which produced 20 MBbl/d in the fourth quarter versus 20.8 MBbl/d for the same period last year, and slightly above plan. Production at the Katz Field was 3.5 MBbl/d in the fourth quarter, almost doubling from 1.8 MBbl/d for the same period last year and slightly above plan. Fourth quarter production at Goldsmith was 1.3 MBbl/d, slightly below plan, but integration is going well. The average West Texas Intermediate (WTI) crude oil price for the full year was $97.97 compared to the $91.68 per barrel that was assumed when the company developed the 2013 budget.

In this segment, KMP is exposed to commodity price risk, but that risk is partially mitigated by a long-term hedging strategy intended to generate more stable realized prices. The realized weighted average oil price per barrel for the year, with all hedges allocated to oil, was $92.70 versus $87.72 for 2012. The realized weighted average NGL price per barrel for the year, allocating none of the hedges to NGLs, was $46.43 compared to $50.95 for 2012, as NGL prices remained low.

The Products Pipelines business produced fourth quarter segment earnings before DD&A and certain items of $203 million, up 16 percent from $176 million for the comparable period in 2012. For the year, Products Pipelines produced segment earnings before DD&A and certain items of $784 million, up 12 percent from $703 million in 2012, slightly below its published annual budget of 13 percent growth. Segment earnings would have been higher except for lower revenues on SFPP’s intrastate pipelines in California, primarily due to the adverse California Fourth District Court of Appeal ruling in the second quarter which denied an income tax allowance on the company’s intrastate pipelines in that state.

“The increase in earnings compared to the fourth quarter of 2012 was driven by significantly higher volumes and associated revenues on the Cochin pipeline system and higher margins and volumes in our transmix business,” Kinder said. “For the full year, earnings increased due to higher NGL volumes on the Cochin and Cypress pipelines, an increase in refined products volumes, higher transmix volumes and a full year of operations on the Kinder Morgan Crude and Condensate pipeline. Incremental earnings for this segment came from placing the Parkway Pipeline in service in September and contributions from crude and condensate assets obtained in the Copano transaction. Including joint ventures and other projects, KMP’s planned investments related to Eagle Ford Shale crude and condensate opportunities currently total approximately $1 billion.”

Total refined products volumes for the fourth quarter were up over 6 percent compared to the same period last year, including Plantation. Segment gasoline volumes (including transported ethanol on the Central Florida Pipeline) were up over 8 percent, reflecting a boost in Plantation volumes due to allocations on a competing pipeline, a completed unit train project which increased Tampa-sourced ethanol to Orlando and the completion of Parkway. Jet fuel volumes increased almost 7 percent attributable to high commercial and military activity on the West Coast. NGL volumes were up almost 23 percent, primarily on Cochin, due to strong grain drying and winter heating demand. For the full year, mainline volumes were up over 2 percent on the Pacific pipeline system on the West Coast, the first meaningful increase since 2007.

The Products Pipelines segment handled over 10.8 million barrels of biofuels (ethanol and biodiesel) in the fourth quarter, up 15 percent from the same period a year ago. The increase was driven by the August 2012 acquisition of a biofuel transload terminal in South Carolina and SFPP biodiesel blending projects coming online this year on the West Coast. This segment continues to make investments in assets across its operations to accommodate more biofuels.

The Terminals business produced fourth quarter segment earnings before DD&A and certain items of $221 million, up 12 percent from $198 million for the same period in 2012. For the year, Terminals produced segment earnings before DD&A and certain items of $798 million, up 6 percent from $752 million in 2012, but below its published annual budget of 12 percent annual growth primarily due to lower bulk volumes.

“Growth in this segment versus both the fourth quarter and full year of 2012 was almost all organic and was driven by higher earnings from our liquids facilities along the Houston Ship Channel (reflecting new and restructured contracts with higher rates and expansion projects coming online), an increase in export coal revenue (primarily from expansions at our IMT terminal in Louisiana), and incremental earnings from the BP Whiting and Edmonton Terminal expansions,” Kinder explained. “While export coal tonnage was up only 2 percent compared to the fourth quarter last year and 1 percent versus full year 2012, our earnings were up nicely in this business due to long-term minimum tonnage commitments that we have with many of our customers.”

For the fourth quarter, Terminals handled 18.3 million barrels of ethanol, up from 15.4 million barrels for the same period last year. Combined, the terminals and products pipelines business segments handled 28.4 million barrels of ethanol, up 16 percent from 24.5 million barrels for the fourth quarter of 2012. KMP continues to handle approximately 30 percent of the ethanol used in the United States.

Kinder Morgan Canada produced fourth quarter segment earnings before DD&A and certain items of $54 million versus the $71 million it reported for the same period in 2012. For the year, Kinder Morgan Canada produced segment earnings before DD&A and certain items of $200 million, down from $229 million in 2012. For both the fourth quarter and the full year, earnings were impacted by the sale of the Express-Platte pipeline system, which occurred in the second quarter of 2013, and unfavorable book taxes. Overall, however, the sale of Express-Platte is modestly accretive at KMP.

2014 Outlook

As previously announced, KMP expects to declare cash distributions of $5.58 per unit for 2014, an approximate 5 percent increase over the $5.33 per unit it will distribute for 2013. (KMR also expects to declare distributions of $5.58 per share for 2014, and the distribution to KMR shareholders will be paid in the form of additional KMR shares.) In 2014, KMP expects to:

Generate approximately $6.4 billion in segment earnings before DD&A (adding back KMP’s share of joint venture DD&A), an increase of approximately $750 million over $5.6 billion in 2013 (adding back KMP’s share of joint venture DD&A).
Distribute over $2.5 billion to its limited partners.
Invest approximately $3.6 billion in expansions (including contributions to joint ventures) and small acquisitions. Almost $720 million of the equity required for this investment program is expected to be funded by KMR share dividends with a substantial additional portion of the equity coming from at-the-market equity sales.
KMP’s expectations assume an average WTI crude oil price of approximately $96.15 per barrel in 2014, which approximated the forward curve at the time the budget was prepared. The cash generated by KMP’s assets is predominantly fee-based and is not sensitive to commodity prices. In its CO2 segment, the company hedges the majority of its oil production, but does have exposure to unhedged volumes, a significant portion of which are natural gas liquids. For 2014, the company expects that every $1 change in the average WTI crude oil price per barrel will impact the CO2 segment by approximately $7 million, or approximately 0.125 percent of KMP’s combined business segments’ anticipated segment earnings before DD&A.

[Terry_Teflon]

Kann mir bitte mal jemand den Unterschied zwischen:
Kinder Morgan
Kinder Morgan Managment
und Kinder Morgen LP erklären?

Hab ich es richtig verstanden, dass wenn man sich "Kinder Morgan Managment" kauft, automatisch jedes Quartal in die Aktie reinvestiert wird und
ich dann nur immer die anfallenden Handelsgebühren/Steuer zahle?

"Kinder Morgan" und "Kinder Morgan LP" schütten einfach in Bardividende aus,
oder irre ich mich?


Hat jemand diese Aktie im Depot liegen?

Danke!

[R-BgO]

Antwort auf Beitrag Nr.: 47.048.326 von Terry_Teflon am 26.05.14 18:50:41

Habe alle drei.

Eine gute Übersicht findest Du auf Seite 3 der fast immer gleich aufgebauten Unternehmenspräsentation, hier frisch von letzter Woche: http://www.kindermorgan.com/investor/presentations/0522_inve…

KMI = Kinder Morgan Inc. ist die Mutter, erst vor relativ kurzer Zeit an die Börse gegangen; normale company, zahlt Divi

KMP = Kinder Morgan Energy Partners L.P. ist eine große MLP, der general partner gehört KMI, zahlt DISTRIBUTIONS, steuerlich was komplett anderes als Divi

KMR = Kinder Morgan Management LLC, "is KMP", d.h. eine share KMR ist pari pissu eine unit KMP; letztlich ein Steuersparvehikel, da die Distributions in Form weiterer Shares erfolgen und dafür keine Quellensteuer abgezogen wird; angeblich von insidern bevorzugt

Handelsgebühren musst Du dafür -zumindest bei comdirect- keine bezahlen, aber natürlich die Steuer auf den Gegenwert der Ausschüttung.

[R-BgO]

Das Thema MLP-Besteuerung ist nicht so ganz ohne!

Siehe z.B. diese Diskussion Thread: Seadrill Partners - offshore LLC

Musst Dir letztlich selbst 'ne Meinung bilden...


Ich habe für mich immer erstmal kleine Mengen gekauft, um zu sehen wie abgerechnet wird und dann später aufgestockt.

[Terry_Teflon]

Antwort auf Beitrag Nr.: 47.050.034 von R-BgO am 26.05.14 23:12:02

Danke euch beiden!

Ich laß mir das mal durch den Kopf gehen.

[Terry_Teflon]

Kurssprung bei Kinder Morgan.

Wird wohl deswegen sein:

Kinder Morgan verschlankt sich
11.08.2014, 07:31 Uhr

Zusammenführung: Der Energieriese Kinder Morgan vereint sein Öl-, Gas- und Pipelinegeschäft. Für 70 Milliarden Dollar sollen die bisher als eigenständige Firmen geführten Geschäftseinheiten flexibler für Zukäufe sein.

http://www.handelsblatt.com/unternehmen/industrie/us-energie…

[R-BgO]

Antwort auf Beitrag Nr.: 47.487.373 von Terry_Teflon am 11.08.14 17:48:39

Transaktion hat gestern geclosed

[R-BgO]

Antwort auf Beitrag Nr.: 48.439.725 von R-BgO am 28.11.14 09:38:01

heute ausgebucht

over-and-out

[Terry_Teflon]

Antwort auf Beitrag Nr.: 48.486.083 von R-BgO am 04.12.14 10:43:19

Zitat von R-BgO: heute ausgebucht

over-and-out

Hi!

Warum bist du ausgestiegen?
Lag es rein am Verfall des Ölpreises?

lg

[R-BgO]

Antwort auf Beitrag Nr.: 48.500.471 von Terry_Teflon am 05.12.14 16:09:11

bin nicht ausgestiegen, die ganzen Töchter (Kinder Morgan Partners, Kinder Morgan Management, El Paso) wurden von der Mutter übernommen und man erhielt im Tausch Aktien der Mutter;


Geschäftsentwicklung sollte auch relativ unabhängig vom Ölpreis sein, da hauptsächlich fee-based

[Terry_Teflon]

Achso! Ich dachte du hast kalte Füße bekommen wegen dem Ölpreis.
Direkten Einfluß vom Ölpreis sehe ich auch nicht.

Ich hab sie nur verkauf, weil ich mir ein Auto kaufen mußte.

Viel Glück damit!

[R-BgO]

hier geht's weiter

Thread: Kinder Morgan Inc. - jetzt auch an der Börse