Kinder Morgan (KMI) has reported net loss of $180m in the second quarter, compared to net income of $337m for the second quarter of 2017. Meanwhile, the company recorded a distributable cash flow (DCF) of $1,117m, up 9% from $1,022m for the comparable period in 2017. The increase in DCF was due to greater contributions from the Natural Gas, Products Pipelines and Terminals segments.
The net loss available to common stockholders was driven by a $681m unfavourable change in total Certain Items compared to the second quarter of 2017. Second quarter 2018 Certain Items were predominantly net losses on impairments, the largest of which was a $600m impairment of certain gathering and processing assets in Oklahoma, driven by reduced cash flow estimates as a result of KMI directing capital to other areas of its portfolio.
For the first six months of 2018, KMI reported net income available to common stockholders of $305m, compared to $738m for the first six months of 2017, and DCF of $2,364m, up 6% from $2,237m for the comparable period in 2017. The increase in DCF was driven by greater contributions from all KMI business units, partially offset by greater sustaining capital.
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23rd July 2018