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Quick Look: Kinder Morgan

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We realize that Kinder Morgan is no longer an MLP, but it certainly is still a proxy for the state of the midstream market. and available capital.  Here are a few key items from the Earnings Call Q&A held after the close on Wed, October 21st:



 - Increased Distributions from $0.49 to $.51

-  Lower 2016 Distribution growth is lowered from 10% at time of Fusion, to 6 to 10% and maintain + 1.0x coverage

-  Management believes the market is paying a premium for coverage over growth

-  No need to raise equity through middle of 2016 and can extend that date if necessary, Management would not comment on the source

-  Northeast Direct will benefit from recent New England Nuclear Shutdowns and Regulatory approvals

-  Tax Benefit extended to 2020, will not be a "Significant Federal Taxpayer" until then

-  M&A opportunities in Asset Deals (less than $1B); Valuation is stlll too high for bigger deals; Corporate deals are more difficult and unpredictable


EBITDA Segment Performance Below:






MLPData will update Q3 Distributable Cash Flows, Coverage Ratios, Unit Metrics and Guidance shortly after the earning call



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