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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:

 

 

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

 

 

Premium Subscribers can access Weekly Fund Flows Here

 

Premium Subscribers can access Risk Metrics Here

 

Premium Subscribers can Monitor Portfolio Income Here

 

Premium Subscribers can access Guidance and Forecast Changes Here

 

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All Data is collected and provided by MLPData LLC

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