Analyst Report: Kinder Morgan Inc

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Kinder Morgan Inc. is one of the largest natural gas transmission and storage companies in North America. After going private in May 2007, it went public again in February 2011 via a $3.3 billion initial public offering. Following a late 2014 consolidation of its former operating entities, Kinder Morgan Energy Partners, L.P., Kinder Morgan Management, and El Paso Pipeline Partners, L.P., the newly consolidated company no longer has a master limited partnership structure, under which the former limited partners paid incentive distribution rights (IDRs) to KMI as their general partner. Through its various operating businesses, KMI operates a diverse set of assets, including 70,000 miles of pipelines and 152 terminals. Its pipelines transport natural gas, refined petroleum products, crude oil, carbon dioxide, and other products, and its terminals store products such as petroleum, chemicals, ethanol, coal, coke and steel. The company is a leading provider of carbon dioxide, which is used for enhanced oil recovery projects in North America. KMI also owns a 20% equity interest in NGPL Pipe Co. LLC, a major interstate natural gas pipeline and storage system.

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