HOUSTON, October 19, 2022 – (BUSINESS WIRE) – Board of Directors of Kinder Morgan, Inc. (NYSE: KMI) today approved a third-quarter cash dividend of $0.2775 per share ($1.11 annualized) to be paid in November to registered shareholders at the close of trading from October 31, 2022 to October 31 2022 Dividends increased by 3% compared to the third quarter of 2021.
The company reported net income attributable to KMI of $576 million in the third quarter, compared to $495 million in the third quarter of 2021; Distributable cash flow (DCF) was $1.122 billion compared to the third quarter of 2021. Adjusted earnings for the quarter were $575 million compared to $505 million in the third quarter of 2021.
“As we continue to witness the tragic consequences of the war in Ukraine, including global economic turmoil and unrest, our company and the entire US energy sector can take pride in continuing to serve our citizens and people around the world with natural gas, petroleum products. and crude oil, said executive chairman Richard D. Kinder. “The excellent work of more than 10,000 Kinder Morgan employees contributed to another successful quarter as we delivered strong earnings and good coverage of our dividend this quarter. As always, the company remains steadfast in achieving our long-term goals of maintaining a strong investment-grade balance sheet, expanding opportunities through internal funding, paying attractive and growing dividends, and further rewarding our shareholders by repurchasing our shares on an opportunistic basis.”
“The company continues to be over budget and well over its quarterly DCF targets,” said Chief Executive Officer Steve Keen. “Our pipeline segment continues to see strong demand for the wide range of corporate transportation and storage services we provide, as well as lucrative contract renewals for several assets in our network. We are also moving ahead with projects to provide additional natural gas LNG transportation capacity. (LNG) and remain focused on being the supplier of choice in this growing market.Given the proximity of our existing assets to planned LNG expansion projects, we expect to maintain and potentially increase our approximately 50% share of transportation capacity. to reach LNG export capacity.
“Domestic, we see the market prioritizing our 700 billion cubic feet (bcf) of natural gas storage capacity in operation,” Keane continued. “As the contribution of intermittent renewables to the energy sector continues to grow, our customers are increasingly aware of the role that storage must play in energy systems that require flexible supply options.
“There is no doubt that the assets we manage and the services we provide will be in demand for a long time to come. Similarly, there is no doubt that there is a long transition to broader adoption of low-carbon energy – we are moving forward, approximately 80 percent of our project in progress is low-carbon energy services, including natural gas, renewable natural gas, renewable diesel and feedstock related to renewable diesel fuel and sustainable aviation fuel,” Keane concluded.
“We had strong financial performance this quarter with earnings per share of $0.25 and DCF of $0.49 per share,” said Kim Dang, president of KMI. “Compared to the third quarter of 2021, earnings per share are up 14%, DCF per share is up 11%, and DCF per share is up 7% over budget. quarter.
“During the quarter, we took several steps to add value to our shareholders, including advancing expansion projects and selling a 25.5% stake in Elba Liquefaction Company, LLC (ELC) for approximately $565 million, representing an enterprise value of approximately 13 times more than EBITDA. Dang continued. “We are using these gains to reduce short-term debt and create additional attractive investment opportunities, including opportunistic share buybacks. On share buybacks, as of October 18 this year, we have returned an average price of $16.94 per share. 21.7 million shares.
For the first nine months of 2022, the company reported net income attributable to KMI of $1.878 billion compared to $1.147 billion in the first nine months of 2021 and discounted cash flow of $3.753 billion compared to $4.367 billion. US dollars for the same period in 2021. down by 14%. Part of the increase in net income in 2022 is attributable to non-cash impairment charge accrued in 2021. The decrease in discounted cash flow compared to the previous period was mainly due to a one-time gain during the winter storm in February 2021. Excluding the impact of Uri, DCF has grown by 15% in the first nine months compared to the same period last year.
For 2022, KMI has pledged $2.5 billion of KMI-attributable net income and declared a dividend of $1.11 per share, up 3% from the dividend declared in 2021. The company also expects a 2022 DCF of $4.7bn, adjusted EBITDA of $720m and a net debt/adjusted EBITDA ratio of 4.3x by the end of 2022. KMI now expects net income attributable to KMI to benefit the budget by about 3% and adjusted EBITDA and DCF by about 4-5%. Net income was affected by unsettled hedges, which we treat as certain items.
“Financial results for the natural gas pipeline segment improved in the third quarter of 2022 compared to the third quarter of 2021, primarily due to an increase in the volumes of our KinderHawk gathering systems; continuing growth in demand for transportation and storage services from U.S. natural gas pipeline companies, Southern Natural Gas (SNG) and Mid-Continent Rapid Pipelines, higher fees from our intra-Texas systems, and favorable prices for the Altamont collection system,” Dang said.
Natural gas supplies were unchanged from Q3 2021, with the decline in the Texas intra-system mainly due to outages at the Freeport LNG terminal, El Paso Gas due to partial pipeline outages, and the CIG and Cheyenne Plains gas pipelines. production in the Rocky Mountain Basin continues to decline. This decline was partially offset by gains at Kinder Morgan Louisiana Pipeline and Elba Express due to increased LNG deliveries to customers and an increase in SNG due to higher demand from electricity consumers. Natural gas production increased by 13% compared to the third quarter of 2021, mainly due to an increase in gas production from KinderHawk, which serves the Haynesville shale fields.
“The pipeline products segment’s contribution declined compared to the third quarter of 2021 as lower commodity prices impacted the inventory value of our transmix assets, as well as our crude oil and condensate assets,” Dang said. “Compared to the third quarter of 2021, total volumes of petroleum products decreased by 2%, while transportation volumes of crude oil and condensate were down 5%, gasoline volumes were 3% lower than a year earlier, diesel fuel volumes were down 5%.” sales continued to recover rapidly, up 11% compared to the third quarter of 2021. These effects were partly offset by higher average rates and increased sales through our oil condensate refinery in the Houston Shipping Canal.
“Compared to the third quarter of 2021, terminal segment revenue increased due to the growth of our bulk materials business, which was driven by continued growth in processing volumes and export volumes of coal and petroleum coke. our processing operations at our manufacturing center facilities increased year-over-year, higher property taxes and the weakness of our center in New York Harbor resulted in revenue declines year-over-year,” Dang continued. “In our Jones Act tanker business, fundamentals continued to improve, with the advantage of better fleet utilization compared to the third quarter of 2021 being offset by lower average freight rates as ships previously re-contracted at lower freight rates, though significantly higher charter rates. rates. Notably, average freight rates and earnings improved during the quarter compared to the second quarter of 2022.
“Compared to the third quarter of 2021, CO2 segment revenues increased significantly, mainly due to higher prices for crude oil, liquefied natural gas (NGL) and CO2. Our weighted average crude oil price for the quarter increased by 25% to $66, 34. per barrel, while our NGL weighted average price for the quarter increased by 35% compared to the third quarter of 2021 to $37.68 per barrel, and CO2 prices increased by $0.39 or 33%,” Dang said: “In the third quarter of 2022, total net oil production from our fields was 7% higher than planned, but lower by 3% compared to the same period in 2021. Compared to the third quarter of 2021, KMI’s NGLs net sales increased by 1 %% while CO2 sales were 11% lower than Q3 2021 net KMI due to the expiration of accrued interest after project payments in 2021.”
Since the beginning of the year, as of October 18, KMI has repurchased about 21.7 million shares of common stock at an average price of $16.94 per share.
In August 2022, KMI issued a $750 million 4.80% note maturing in February 2033 and a $750 million 5.4% note maturing in August 2052 to repay debt and for general corporate goals.
The implementation of the expansion project of LLC Perm Trunk Pipeline (PGP) continues, within the framework of which work is underway to provide a construction contractor, land and materials. The necessary compression equipment was provided. The project will expand PHP’s capacity by approximately 550 million cubic feet per day (MMcf/d). The project will add compression to the PHP system to increase the delivery of gas from the Permian field to the US Gulf Coast market. The deadline for commissioning the facility is November 1, 2023. PHP is jointly owned by KMI, Kinetik Holdings Inc. and a subsidiary of ExxonMobil Corporation. Kinder Morgan is a PHP operator.
On September 27, 2022, KMI announced the sale of a 25.5% stake in ELC to an unnamed financial buyer for approximately $565 million. Proceeds from the transaction are used to reduce short-term debt and create additional attractive investment opportunities, including opportunistic share buybacks. As a result of the transaction, KMI and an unnamed financial buyer each own 25.5%, while Blackstone Credit continues to own a 49% stake in ELC. The joint venture ELC was established in 2017 to build and own 10 modular liquefaction plants operating on the island of Elba. KMI will continue to operate the facility.
On July 22, 2022, the Tennessee Gas Pipeline (TGP) filed with the Federal Energy Regulatory Commission for the proposed Cumberland Project. The project, designed to support the Tennessee Valley Authority’s (TVA) proposed decommissioning and replacement of existing coal-fired power plants with natural gas-fired combined-cycle plants, costs about $181 million and includes a new 32-mile pipeline that will transport approximately 245 million cubic meters d natural gas is delivered from the existing TGP system to the 1,450 MW TVA power plant at the existing site in Cumberland, Tennessee. The project is subject to TVA environmental review completion and final administrative approval of decommissioning and replacement projects. In addition, the commencement of construction is scheduled for August 2024 with an expected commissioning date of September 1, 2025, once all required permits and permits have been received.
The Southern California KMI Renewable Diesel Center is scheduled to be fully operational in the first quarter of 2023. The Southern California hub will connect ships in the Port of Los Angeles area and other renewable diesel supplies to pipelines in the Colton and San Diego area via KMI’s SFPP. San Diego is expected to be operational by November 2022, with Colton to follow. At Colton, this project will allow customers to supply renewable diesel blended with conventional diesel and biodiesel to produce various concentrations of renewable fuel on our truck shelves. The Southern California Renewable Diesel Center will provide a total capacity of up to 20,000 barrels of blended diesel fuel per day on two truck racks dedicated to domestic transportation. The project is based on the commitment of the client.
For KMI’s planned Northern California Renewable Diesel Hub, due to railroad-related permitting issues, KMI reconfigured the project to deliver renewable diesel via pipeline to multiple locations in Northern California. For commissioning in the same first quarter of 2023 as the rail project, KMI has specified its northern pipeline system capable of transporting a total of 20,000 barrels per day of renewable diesel from Concord to the Bradshaw, San Jose and Fresno markets. The project will use the existing infrastructure, allowing it to become operational in the first quarter, with potential expansion in subsequent phases. KMI provides the necessary commitment to customers to complete this transition.
KMI continues construction work at its Carson terminal to connect ship-based renewable diesel stocks entering its Los Angeles port hub with its cargo racks to deliver unblended renewable diesel to local markets. The project is expected to be launched by December 2022.
Tank conversion work continues with the initial construction of a renewable storage and logistics center at KMI’s facility in Harvey, Louisiana. When the project is completed, the facility will serve as a hub for American Neste, a leading supplier of renewable diesel and sustainable aviation fuel, storing a variety of locally sourced raw materials such as used cooking oil. The scaling up of the project, including enhanced model capabilities, has resulted in an upward revision to the expected cost of the project, which currently stands at approximately US$80 million. The project will generate significant profits and is supported by Neste’s long-term commercial commitment. It is still on schedule and is expected to start operating in the first quarter of 2023.
The site continues work on a previously announced project that will significantly reduce emissions at the KMI petroleum products terminal along the Houston Seaway. An investment of approximately $64 million will address emissions issues associated with handling products at KMI’s Galina Park and Pasadena Pier and provide a significant return on investment. The expected Scope 1 & 2 CO2 equivalent emissions reduction across the combined facilities is approximately 34,000 metric tons per year or a 38% reduction in total facility GHG emissions versus 2019 (pre-pandemic). The expected Scope 1 & 2 CO2 equivalent emissions reduction across the combined facilities is approximately 34,000 metric tons per year or a 38% reduction in total facility GHG versus emissions 2019 (pre-pandemic). The expected reduction in CO2 emissions in terms of volumes 1 and 2 at the combined facilities is approximately 34,000 metric tons per year, or a reduction in total GHG emissions of 38% compared to 2019 (pre-pandemic). Compared to 2019 (pre-pandemic), the combined Scope 1 and 2 CO2 equivalent emissions are projected to be approximately 34,000 metric tons per year, or a 38% reduction in total GHG emissions. The facility is expected to be commissioned in the third quarter of 2023.
On August 11, 2022, KMI completed the acquisition of North American Natural Resources, Inc. and its subsidiaries North American Biofuels, LLC and North American-Central, LLC (NANR). The $135 million acquisition includes seven landfill gas power plants in Michigan and Kentucky. KMI has made Final Investment Decisions (FIDs) to convert three of the seven facilities to Renewable Natural Gas (RNG) facilities at a capital cost of approximately $145 million. The facilities are expected to be operational by mid-2024 and are expected to produce around 1.7 bcm upon completion. feet RNG per year. NANR’s remaining four assets are expected to produce 8.0 MWh in 2023, further enriching KMI’s renewable energy portfolio by adding generation to its landfill gas power generation business.
Construction is underway at the Twin Bridges, Prairie View and Liberty landfills, three sites including an approximately $150 million Kinetrex Energy renewable natural gas (RNG) project at the Indiana landfill. The facilities are expected to be operational throughout 2023 and KMI will monetize Revolving Identification Numbers (RINs) starting with the first new facility in the first quarter of 2023. These projects will increase KMI’s total annual RNG production by approximately 3.5 billion cubic meters. feet upon completion.
Kinder Morgan Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable and affordable energy is a critical component of improving life 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 or operate approximately 83,000 miles of pipelines, 141 terminals, 700 billion cubic feet of active natural gas storage capacity and approximately 2.2 billion cubic feet of total annual renewable natural gas capacity, plus an additional 5.2 billion cubic feet of capacity for development. Our pipelines transport natural gas, refined products, renewable fuels, crude oil, condensate, carbon dioxide and other products, and our terminals store and process a variety of commodities, including gasoline, diesel, renewable fuels, chemicals, ethanol, metals and oil. coke. Learn more about our renewable energy program at the Low Carbon Solutions page at www.kindermorgan.com.
Join Kinder Morgan, Inc. on Wednesday, October 19 at 4:30 pm ET at www.kindermorgan.com to participate in the online conference on the company’s third quarter earnings. An updated investor presentation will be posted on the Investor Relations page of the KMI website by October 20, 2022 at 9:30 AM ET.
This press release includes financial indicators of adjusted earnings and distributable cash flow (DCF) in accordance with GAAP, both in the aggregate and per share; segment earnings before depreciation, depletion and amortization (DD&A), amortization of excess cost of equity investments and Certain Items (Adjusted Segment EBDA); segment earnings before depreciation, depletion and amortization (DD&A), amortization of excess cost of equity investments and Certain Items (Adjusted Segment EBDA); прибыль сегмента до износа, истощения и амортизации (DD&A), амортизации избыточной стоимости вложений в акционерный капитал и определенных статей (скорректированная EBDA сегмента); segment profit before depreciation, depletion and amortization (DD&A), amortization of excess value of equity investments and certain items (adjusted EBDA segment);折旧、损耗和摊销前的分部收益(DD&A)、股权投资超额成本的摊销和某些项目（调整后的分部EBDA）； Depreciation, loss, and amortized segment income (DD&A), equity investment excess cost amortization, and certain items (adjusted segment EBDA); прибыль сегмента до износа, истощения и амортизации (DD&A), амортизации избыточной стоимости инвестиций в акционерный капитал и некоторых статей (скорректированный сегментный EBDA); segment profit before depreciation, depletion and amortization (DD&A), amortization of excess value 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 income before interest expense, income taxes, DD&A, amortization of excess cost of equity investments and Certain Items (Adjusted EBITDA); net income less interest expense, income taxes, depreciation and amortization, amortization of surplus value of equity investments and certain items (adjusted EBITDA);扣除利息费用、所得税、DD&A、股权投资超额成本摊销和某些项目前的净收入（调整后的EBITDA）； After deducting profit expenses, income tax, DD&A, excess cost amortization of equity investment, and net income of certain projects (adjusted EBITDA); Net income less interest, income taxes, depreciation and amortization, amortization of surplus value of investments in equity capital and certain items (adjusted EBITDA); net debt, net EBITDA adjusted for debt and free cash flow (FCF).
For a reconciliation of budgetary DCF and budgetary adjusted EBITDA with budgetary net income attributable to KMI in 2022, see Tables 9 and 10 included in KMI’s April 20, 2022 press release.
The non-GAAP financial measures we describe below should not be considered substitutes for GAAP net income attributable to Kinder Morgan or other GAAP measures and have important limitations as analytical tools. Our calculations of these non-GAAP financial measures may differ from those used by others. You should not consider these non-GAAP financial measures on their own or in lieu of our analysis of results presented in accordance with GAAP. Management addresses the limitations of these non-GAAP financial ratios by reviewing our GAAP comparables, understanding the differences between those ratios, and incorporating this information into our analysis and decision-making.
Some items as adjustments used to calculate our non-GAAP financials are items that GAAP would require to be included in net income attributable to Kinder Morgan but would not normally (1) have a cash effect (for example, unsettled hedges goods and impairment of assets). ), or (2) are identifiable in nature separate from our normal business operations and which, in our opinion, may only arise from time to time (for example, certain litigation, new tax formulations and accidental losses). We also include adjustments related to joint ventures (see “Amounts from joint ventures” below and accompanying Tables 4 and 7).
Adjusted earnings are calculated by adjusting net income attributable to Kinder Morgan for certain items. We and some external users of our financial statements use adjusted earnings to measure the earnings of our business, excluding certain items, as another reflection of our ability to generate earnings. In our view, the GAAP measure most directly comparable to adjusted earnings is net income attributable to Kinder Morgan. Adjusted earnings per share uses adjusted earnings and uses the same two-category approach as for basic earnings per share. (See attached 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. 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. DCF рассчитывается путем корректировки чистой прибыли, относящейся к Kinder Morgan, Inc., по определенным статьям (скорректированная прибыль), а также с помощью DD&A и амортизации избыточной стоимости инвестиций в акционерный капитал, расходов по подоходному налогу, налогов на денежные средства, капитальных затрат на поддержание и других статей. DCF is calculated by adjusting the net income attributable to Kinder Morgan, Inc. for certain items (adjusted earnings) and using DD&A and amortization of the excess cost of equity investments, income tax expense, cash taxes, capital expenditures on maintenance and other articles. DCF（调整后收益）的归属于 Kinder Morgan, Inc.的净收入，以及进一步通过DD&A 和股权投资超额成本的摊销、所得税费用、现金税、维持资本支出和其他项目来计算的。的 净 收入 ， 以及 通过 通过 dd & a 和 投资 超额 成本 的 摊销 、 所得税 、 现金税 、 维持 资本 支出 其他 项目 来 计算。。。。。。 DCF is determined by adjusting the net income attributable to Kinder Morgan, Inc. for certain items (adjusted earnings) and, in addition, by amortizing excess depreciation and amortization and equity investments, income tax expense, cash taxes , capital costs for maintenance 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). We also include amounts from joint ventures for income taxes, DD&A and sustaining capital expenditures (see “Amounts from Joint Ventures” below). We also include amounts from joint ventures for income tax, depreciation and amortization and maintenance capital costs (see “Amounts from joint ventures” below).我们还包括来自合资企业的所得税、DD&A 和持续资本支出的金额（见下文“来自合资企业的金额”）。 DD&A 和持续资本支出的金额（见下文“来自合资企业的金额）” We also include income tax, depreciation and current capital costs of the joint venture (see “Joint Venture Amounts” below). DCF is an important performance indicator for management and external users of our financial statements in evaluating our performance and measuring and evaluating the ability of our assets to generate cash income after debt service, cash taxes and capital maintenance costs. Useful, this can be for discretionary purposes such as dividends, share repurchases, debt repayments, or expansion capital expenditures. DCF should not be used as a substitute for net cash from operations calculated in accordance with GAAP. We believe the GAAP measure most directly comparable to DCF is net income attributable to Kinder Morgan, Inc. DCF per share is the DCF divided by the average number of shares outstanding, including restricted shares that participate in dividend payments. (See attached 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 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. Скорректированная EBDA сегмента рассчитывается путем корректировки прибыли сегмента до DD&A и амортизации избыточной стоимости инвестиций в акционерный капитал (EBDA сегмента) для определенных статей, относящихся к сегменту. Adjusted segment EBDA is calculated by adjusting segment earnings before DD&A and amortization of the excess cost of equity investments (segment EBDA) for certain items related to the segment.调整后的分部EBDA 是通过调整DD&A 之前的分部收益和归属于该分部的某些项目的股权投资超额成本（分部EBDA）的摊销来计算的。 Adjusted segment EBDA is calculated by amortizing the excess of equity investment cost (segment EBDA) of the segment’s income before adjusting DD&A and certain items attributable to that segment. Скорректированная EBDA сегмента рассчитывается путем корректировки амортизации прибыли сегмента до DD&A и избыточной стоимости инвестиций в акционерный капитал (сегментная EBDA), относящейся к определенным статьям в сегменте. Adjusted EBDA for a segment is calculated by adjusting the segment’s depreciation and amortization before DD&A and the excess cost of equity investments (segment EBDA) related to certain items in the segment. Management uses the adjusted segment indicator EBDA to analyze segment performance and manage our business. General and administrative expenses, as well as certain corporate expenses, are generally not controlled by the operating managers of our segments and therefore are not considered in evaluating the operating performance of our business segments. We believe that the adjusted EBDA segment is a useful performance indicator because it provides management and external users of our financial statements with additional information about our segment’s ability to generate stable cash flows. We believe this is useful to investors because it is the measure that management uses to allocate resources among our segments and evaluate the performance of each segment. We believe that the GAAP measure that is not most directly comparable to adjusted EBDA is EBDA. (See attached 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. before interest expense, income taxes, DD&A, and amortization of excess cost of equity investments (EBITDA) for Certain Items. Adjusted EBITDA is calculated by adjusting net income attributable to Kinder Morgan, Inc. before deducting interest expense, income taxes, depreciation and amortization and amortization of excess return on equity investments (EBITDA) for certain items. Adjusted EBITDA is attributable to Kinder Morgan, Inc.的净收入（扣除利息费用、所得税、DD&A 和某些项目的超额股权投资成本(EBITDA) 摊销前的）来计算的。的 Net income （或除利息这个, income tax, DD&A, and excess equity investment cost (EBITDA) of certain projects) is calculated. Adjusted EBITDA is calculated by adjusting net income attributable to Kinder Morgan, Inc. before deducting interest expense, income taxes, depreciation and amortization and amortization of excess return on 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). We also include amounts from joint ventures for income taxes and DD&A (see “Amounts from Joint Ventures” below). We also include the amount of joint ventures for income tax and depreciation and amortization (see “Amounts of joint ventures” below).我们还包括来自合资企业的所得税和DD&A（参见下文“来自合资企业的金额”）。 We also include income tax from 合资电影全用和DD&A (see 下文“合资电视安全最好进行”). We also include income tax and depreciation and amortization from joint ventures (see “Amounts from joint ventures” below). Management and external users use Adjusted EBITDA in combination with our net debt (described below) to estimate certain leverage ratios. Therefore, we consider adjusted EBITDA useful for investors. In our opinion, the GAAP measure that is not most directly comparable to adjusted EBITDA is net income attributable to Kinder Morgan (see attached tables 3 and 4).
Joint venture amounts – Certain items, DCF and Adjusted EBITDA reflect the amounts of non-consolidated joint ventures (JVs) and consolidated joint ventures, which are used to reflect income from equity investments and non-controlling interests (NCIs), respectively. confirmation and measurement methods. 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. 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. The DCF and Adjusted EBITDA calculations associated with our non-consolidated and consolidated joint ventures include the same items (depreciation and administrative expenses and income tax, and for DCF only, also cash taxes and maintenance capital costs) in respect of the JV, which and those included in the DCF calculations and Adjusted EBITDA for our wholly owned consolidated subsidiaries.与我们的未合并和合并合资企业相关的DCF 和调整后EBITDA 的计算包括与计算中包含的与合资企业相关的相同项目（DD&A 和所得税费用，仅对于DCF，还包括现金税和持续资本支出）我们全资合并子公司的DCF 和调整后EBITDA。与 我们 的 未 合并 和 合并 企业 相关 的 dcf 和 后 后 eBitda 的 包括 与 计算 包含 的 与 合资 企业 相关 相同 项目 （dd & a 和 费用 仅 对于 对于 ， ， 包括 现金税 资本 资本 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 持续 &支出）我们全资合并子公司的DCF 和调整后EBITDA。 The calculation of DCF and Adjusted EBITDA associated with our unconsolidated and consolidated joint ventures includes the same items as those associated with the joint venture included in the calculation (depreciation and income tax expense, and for DCF only, also includes taxes on cash and fixed capital Expenses) DCF and Adjusted EBITDA of our wholly owned consolidated subsidiaries. (See Table 7, Additional Information on Joint Ventures.) Although these amounts relating to our non-consolidated joint ventures have been included in the calculation of DCF and Adjusted EBITDA, such inclusion should not be construed as implying that we control the operations and the resulting income , expenses or cash flows of such unconsolidated joint ventures.
Net debt is calculated by subtracting debt from (1) cash and cash equivalents, (2) fair value adjustments and (3) foreign exchange effects on our euro-denominated currency swap bonds. Net debt is a non-GAAP financial measure that management believes is useful to investors and other users of our financial information in assessing our leverage. In our opinion, the most comparable measure of net debt is net debt after cash and cash equivalents, as described in the notes to the provisional consolidated balance sheet in Table 6.
FCF is calculated by deducting operating cash flow from capital expenditures (maintenance and expansion). FCF is used by external users as an additional leverage indicator. Therefore, we believe that FCF is useful for our investors. We believe that the GAAP measure most directly comparable to FCF is cash flow from operating activities.
This press release contains forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. In general, the words “anticipate”, “believe”, “foresee”, “plan”, “will”, “will”, “estimate”, “project” and similar expressions refer to forward-looking statements that are generally not historical predictive. Preliminary statements in this press release include, among other things, statements, express or implied, regarding: the long-term demand for KMI’s assets and services; opportunities associated with the energy transition; KMI expectations for 2022; expected dividends; capital projects of KMI, including the expected completion dates 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. While KMI believes that these forward-looking statements are reasonable assumptions, but no assurance can be given as to when or whether such forward-looking statements will materialize or their ultimate effect on our operations or financial position. Actual results may differ from those expressed in these forward-looking statements. Material factors that differ materially from the implied results are include: the timing and extent of changes in supply and demand for the products we ship and process; commodity prices; financial risks of the counterparty; and other information described in KMI’s filings with the Securities and Exchange Commission (SEC) Risks and Uncertainties, including Form 10-K Annual Report for the year ended December 31, 2021 (under the headings “Risk Factors” and “Forward-Looking Statement Information” and elsewhere) and its subsequent reports, which may be available through EDGAR of the Securities and Exchange Commission. www.sec.gov and our website ir.kindermorgan.com. Forward-looking statements speak only as of the date they are made and KMI undertakes no obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required by law. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.
Adjusted earnings are net income attributable to Kinder Morgan, adjusted for certain items, as shown in Table 2. Adjusted earnings per share uses adjusted earnings and uses the same two-category approach as for basic earnings per share.
Preliminary net income attributable to Kinder Morgan reconciled to DCF as adjusted income
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Post time: Oct-21-2022