Kinder Morgan Energy Partners, the biggest U.S. pipeline company, said fourth-quarter profit rose as it shipped more gas in its interstate pipeline network.
Net income increased to $614 million from $475 million in the same quarter of 2011, Houston-based Kinder Morgan (KMI:US) said in a statement today on Business Wire. After payments to Kinder Morgan Inc., its parent company, Kinder Morgan earned 64 cents per unit, 13 cents more than a year ago.
Kinder Morgan’s gas throughput increased after it bought some of El Paso Corp.’s pipelines from Kinder Morgan Inc. in August. The parent corporation bought El Paso Corp. in May for $22.8 billion, creating a 75,000-mile (120,700-kilometer) pipeline network, and has been selling its assets to Kinder Morgan Energy Partners. (KMP:US)
Those transactions are expected to bolster Kinder Morgan Energy Partners’ earnings, Brian Watson, who helps manage $3.5 billion in assets at Steelpath Capital Management LLC in Dallas, Texas, said in an interview.
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