15 January 2014 23:34 [Source: ICIS news]
HOUSTON (ICIS)--Kinder Morgan’s Q4 net income increased more than 26% year over year while its full-year 2013 net income more than doubled thanks to higher revenues, the US midstream major said on Wednesday.
Net income for the fourth quarter of 2013 was $809m, up from $640m in Q4 2012. Net income for 2013 ended at $3.28bn, up from $1.38bn in 2012.
Strong revenue growth helped drive the 2013 numbers, with Q4 2013’s $3.47bn up more than 29% from Q4 2012’s $2.68bn. Full-year 2013 revenue came in at $12.5bn, up about 38% from $9.04bn in 2012.
Growth in Kinder Morgan’s Products Pipelines segment was driven by higher natural gas liquid (NGL) volumes and associated revenues on its Cochin and Cypress pipeline system, and better margins and volumes in the its transmix business, said company chairman and CEO Richard Kinder.
For 2014, Kinder Morgan has identified about $13.5bn in expansion and joint venture investments to drive future growth, the CEO said.
“We are excited about 2014 and continue to see exceptional growth opportunities across all of our business segments,” Kinder said.
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