Kinder Morgan Energy Boosts Quarterly Payout by 2 Cents to 83 Cents
Pipeline operator Kinder Morgan Energy Partners LP said Wednesday it boosted its quarterly cash distribution by 2 cents to 83 cents per partnership unit.
The partnership will make the distribution on Feb. 14 to unitholders of record on Jan. 31.
Looking ahead, the partnership said it expects to grow its distribution per unit by about 6 percent in 2007, with growth accelerating at the end of the year.
“We anticipate that the fourth quarter 2007 distribution per unit will be almost 10 percent higher than the fourth quarter 2006 distribution per unit,” Chairman and CEO Richard D. Kinder said in a statement.
Kinder Morgan Energy Partners, a subsidiary of Kinder Morgan Inc., owns or operates more than 27,000 miles of pipelines and about 145 terminals.
Shares of Kinder Morgan Energy slipped 16 cents to close at $48.28 in after-hours trading. They closed the regular session down 4 cents at $48.44 on the New York Stock Exchange.
