Kinder Morgan Energy Partners L.P Earnings Cheat Sheet: Net Income Falls

Kinder Morgan Energy Partners L.P (NYSE:KMP) reported results for the second quarter. Kinder Morgan Energy Partners L.P. is a pipeline transportation and energy storage company in North America, which owns and manages a portfolio of energy transportation and storage assets.

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Kinder Morgan Energy Partners L.P Earnings Cheat Sheet for the Second Quarter

Results: Net income for Kinder Morgan Energy Partners L.P fell to $230.5 million vs. $361.2 million a year earlier. A drop of 36.5%.

Revenue: Rose 2.9% to $2 billion.

Quoting Management: Chairman and CEO Richard D. Kinder said, “KMP had a solid second quarter and through the first six months of the year we are slightly ahead of our published annual budget.For the first two quarters, total segment earnings before DD&A were $1.73 billion, up six percent from the first half of 2010.Given our solid asset performance, along with current oil prices and interest rates, we are on pace to generate cash flow well above our annual budget of $37 million in ‘excess cash flow’ (cash flow in excess of that required to cover per unit distributions).We previously announced that KMP is expected to declare cash distributions of $4.60 per unit for 2011, which would be a 4.5 percent increase over 2010, and we expect to meet or exceed that target.We continue to see exceptional growth opportunities in the midstream energy sector, particularly in the natural gas shale plays and in the coal export business.With our large footprint of assets in North America, we believe that KMP is well positioned to capitalize on these opportunities and further grow the company.”

Competitors to Watch: Kinder Morgan Inc (NYSE:KMI), Copano Energy, L.L.C. (NASDAQ:CPNO), Enterprise Products Partners L.P. (NYSE:EPD), MarkWest Energy Partners, L.P. (NYSE:MWE), El Paso Pipeline Partners, L.P. (NYSE:EPB), El Paso Corporation (NYSE:EP), Enterprise GP Hldgs. L.P. (EPE), Energy Transfer Partners, L.P. (NYSE:ETP), Duncan Energy Partners L.P. (NYSE:DEP), and Magellan Midstream Partners, L.P. (NYSE:MMP).

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(Source: Xignite Financials)