Kinder Morgan(US:KMI)2025-04-16 20:13Financial Performance - Kinder Morgan approved a cash dividend of $0.2925 per share for Q1 2025, a 2% increase from Q1 2024, resulting in an annualized dividend of $1.17[1] - The company reported Q1 2025 net income attributable to KMI of $717 million, down from $746 million in Q1 2024, while adjusted net income increased by 1% to $766 million[3] - Adjusted EBITDA for Q1 2025 was $2,157 million, reflecting a 1% increase compared to Q1 2024[3] - Revenues for Q1 2025 were $4,241 million, a 10.4% increase from $3,842 million in Q1 2024[42] - Net income attributable to Kinder Morgan, Inc. for Q1 2025 was $717 million, down 3.9% from $746 million in Q1 2024[42] - Adjusted Net Income Attributable to Kinder Morgan, Inc. increased by 1% to $766 million in Q1 2025 from $758 million in Q1 2024[42] - Adjusted EPS remained stable at $0.34 for both Q1 2025 and Q1 2024[42] - Total operating costs for Q1 2025 were $3,096 million, a 18.2% increase from $2,619 million in Q1 2024[42] - Earnings from equity investments for Q1 2025 were $220 million, a decrease from $231 million in Q1 2024[42] - The company reported a significant increase in Total Certain Items, rising to $49 million in Q1 2025 from $12 million in Q1 2024, a 308% increase[47] - Cash flow from operations for Q1 2025 was $1,162 million, slightly down from $1,189 million in Q1 2024, indicating a decrease of about 2.3%[63] - Free cash flow (FCF) for Q1 2025 was $396 million, down 30.4% from $570 million in Q1 2024[63] - Dividends paid in Q1 2025 totaled $642 million, compared to $631 million in Q1 2024, reflecting an increase of approximately 1.7%[63] - FCF after dividends for Q1 2025 was $(246) million, a significant decrease from $(61) million in Q1 2024[63] - Capital expenditures (GAAP) increased to $766 million in Q1 2025 from $619 million in Q1 2024, marking a rise of about 23.8%[63] - Earnings from equity investments showed a loss of $(220) million in Q1 2025, slightly improved from a loss of $(231) million in Q1 2024[63] - Deferred income taxes decreased to $167 million in Q1 2025 from $198 million in Q1 2024, a reduction of approximately 15.6%[63] - Distribution of equity investment earnings was $185 million in Q1 2025, up from $183 million in Q1 2024, indicating a growth of about 1.1%[63] - Working capital and other items resulted in a net outflow of $(323) million in Q1 2025, compared to $(321) million in Q1 2024, showing a slight increase in outflow[63] Project and Acquisition Updates - The project backlog at the end of Q1 2025 stood at $8.8 billion, an 8% increase from $8.1 billion at the end of Q4 2024, with natural gas projects accounting for approximately 91%[7] - The company closed a $640 million acquisition of Outrigger Energy II's gathering and processing system, enhancing its presence in the Bakken region[2] - The largest project added to the backlog is the $431 million Bridge project, designed to provide 325 MMcf/d of firm transportation capacity in South Carolina[7] Future Outlook - The company expects net income attributable to KMI for 2025 to be $2.8 billion, an 8% increase from 2024, and adjusted EPS of $1.27, up 10% from 2024[9] - Kinder Morgan's long-term contracts are projected to move approximately 11 Bcf/d of LNG feedgas by the end of 2027, up from 7 Bcf/d currently[5] - The company anticipates continued demand for its assets and services, with expectations for capital projects and dividends in 2025[39] Operational Metrics - Total assets as of March 31, 2025, were $72,318 million, up from $71,407 million at the end of 2024[59] - Short-term debt increased significantly to $3,044 million in Q1 2025 from $2,009 million at the end of 2024[59] - Net Debt as of March 31, 2025, was $32,762 million, compared to $31,725 million at the end of 2024[59] - Transport volumes for Natural Gas Pipelines increased to 45,976 BBtu/d in Q1 2025 from 44,541 BBtu/d in Q1 2024[56] - Realized weighted average oil price was $68.38 per Bbl in Q1 2025, slightly down from $68.70 per Bbl in Q1 2024[56] - Natural Gas Pipelines Segment EBDA decreased to $1,453 million in Q1 2025 from $1,506 million in Q1 2024[52]