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Kinder Morgan Inc. (KMI-0.19%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements and details on the company's operations, financial condition, and business strategy. Kinder Morgan reported total revenues of $15.1 billion, a decrease from $15.3 billion in the previous year, primarily due to lower commodity sales.
Operating income for the year was $4.4 billion, up from $4.3 billion in 2023. Net income attributable to Kinder Morgan, Inc. was $2.6 billion, an increase from $2.4 billion in the previous year.
The company reported a decrease in costs of sales to $4.3 billion from $4.9 billion, driven by lower commodity prices and volumes.
Kinder Morgan's capital expenditures for 2024 totaled $2.6 billion, with $1.7 billion allocated to expansion projects. The company expects to invest $2.3 billion in expansion projects and joint ventures in 2025.
The filing outlines various business segments, including Natural Gas Pipelines, Products Pipelines, Terminals, and CO2, with each segment's performance discussed in detail.
The company reported a net debt of $31.8 billion as of December 31, 2024, and maintained a credit rating of BBB with a stable outlook.
Kinder Morgan declared dividends of $1.15 per share for 2024, a 2% increase from the previous year, and plans to increase dividends to $1.17 per share in 2025.
The filing also highlights recent acquisitions, including the purchase of a natural gas gathering and processing system in North Dakota, expected to close in the first quarter of 2025.
Kinder Morgan continues to focus on stable, fee-based energy transportation and storage assets, with an emphasis on maintaining a strong financial profile and enhancing shareholder value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kinder Morgan Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.