October 22, 2012 [Fuel Fix] - Oil and natural gas pipeline and storage titan Kinder Morgan Energy Partners reported Wednesday that third-quarter profit soared 76 percent on a nearly 11 percent increase in revenue.
The firm said net income totaled $379 million, or $1.26 per distribution unit, compared to $215 million, or $1.16 a unit, a year earlier.
Kinder Morgan Energy Partners reported third-quarter distributable cash flow before certain items of $455 million, up 15 percent from $394 million for the comparable period in 2011. Distributable cash flow per unit before certain items was $1.28 compared to $1.19 for the third quarter last year, the firm said.
Revenue in the quarter rose to $2.34 billion, compared to $2.11 billion a year earlier.
“With our large footprint of assets in North America, KMP is well positioned for future growth,” chairman and CEO Richard Kinder said.
Also Wednesday, Kinder Morgan Inc., owner of Kinder Morgan Energy Partners’ general partner, reported that its third-quarter net income rose more than 31 percent to $200 million, or 17 cents per Class A share, compared to profit of $152 million, or 19 cents per Class A share, a year earlier. Revenue increased to $2.87 billion from $2.12 billion a year earlier.
The company attributed growth to the strong performance of Kinder Morgan Energy Partners, and a full quarter of contributions from El Paso Pipeline Partners and the natural gas assets that Kinder Morgan acquired in the El Paso Corp. transaction.
Kinder Morgan closed its $21 billion acquisition of El Paso Corp. in May, forming the nation’s largest petroleum transport company, with an enterprise value of about $100 billion, according to the company.
