December 16, 2019 [Houston Chronicle] – Houston pipeline operator Kinder Morgan plans to spend $2.4 billion on expansion projects in the New Year.
In a statement, the company said it plans to spend the money on new pipelines, contributions to joint ventures and other projects.
Kinder Morgan expects to generate $5.1 billion of distributable cash flow in 2020, a three percent increase from the $5 billion the company projected for 2019.
As a pipeline company, Kinder Morgan makes the vast majority of its revenue from fees that it charges oil and natural gas companies.
The company’s board of directors will review the proposed 2020 budget for approval at its upcoming January board meeting. Executives will discuss the budget in detail during the company’s annual investor conference on Jan. 29, in Houston.
Founded in 1997 and headquartered in Houston, Kinder Morgan has nearly 11,000 employees across the United States and Mexico.
The company reported a $1.48 billion profit on $14 billion of revenue in 2018.
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