Kinder Morgan Inc - Class P

Kinder Morgan posted a steady but softening first quarter in 2023, reporting earnings per share of $0.30 on revenue of $3.89 billion, as rising interest costs and weaker commodity prices weighed on bottom-line momentum even as the core pipeline business held firm. GAAP net income attributable to KMI edged up to $679 million from $667 million a year earlier, though adjusted earnings slipped to $675 million from $732 million, and distributable cash flow declined to $1.37 billion with DCF per share falling 5% to $0.61. The Natural Gas Pipelines segment was the clear engine of resilience, with adjusted segment EBDA climbing to $1.43 billion from $1.30 billion, fueled by stronger contributions from the Texas Intrastate system and an 18% surge in gathering volumes across the Haynesville and Eagle Ford systems. Offsetting that strength, net interest expense rose sharply to $445 million from $333 million following January's $1.50 billion senior notes issuance. Management held full-year 2023 guidance steady, targeting $4.80 billion in DCF and $7.70 billion in adjusted EBITDA, confident the base business can absorb continued commodity price pressure.