Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Kinder Morgan Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Services	8,198)	7,955)	7,885)	—)	—)
Commodity sales	4,811)	5,987)	5,654)	—)	—)
Other	200)	202)	166)	—)	—)
Natural gas sales (legacy)	—)	—)	—)	2,454)	2,839)
Services (legacy)	—)	—)	—)	8,146)	8,290)
Product sales and other (legacy)	—)	—)	—)	2,458)	3,274)
Revenues	13,209)	14,144)	13,705)	13,058)	14,403)
Costs of sales	(3,263)	(4,421)	(4,345)	(3,498)	(4,115)
Gross profit	9,946)	9,723)	9,360)	9,560)	10,288)
Operations and maintenance	(2,591)	(2,522)	(2,472)	(2,303)	(2,337)
Depreciation, depletion and amortization	(2,411)	(2,297)	(2,261)	(2,209)	(2,309)
General and administrative	(590)	(601)	(673)	(669)	(690)
Taxes, other than income taxes	(426)	(345)	(398)	(421)	(439)
Loss on impairment of goodwill	—)	—)	—)	—)	(1,150)
Gain (loss) on divestitures and impairments, net	942)	(167)	(13)	(387)	(919)
Other income (expense), net	3)	3)	1)	1)	3)
Operating income	4,873)	3,794)	3,544)	3,572)	2,447)
Earnings (loss) from equity investments	101)	617)	428)	(113)	384)
Amortization of excess cost of equity investments	(83)	(95)	(61)	(59)	(51)
Interest, net	(1,801)	(1,917)	(1,832)	(1,806)	(2,051)
Other, net	75)	107)	82)	44)	43)
Other income (expense)	(1,708)	(1,288)	(1,383)	(1,934)	(1,675)
Income before income taxes	3,165)	2,506)	2,161)	1,638)	772)
Income tax expense	(926)	(587)	(1,938)	(917)	(564)
Net income	2,239)	1,919)	223)	721)	208)
Net (income) loss attributable to noncontrolling interests	(49)	(310)	(40)	(13)	45)
Net income attributable to Kinder Morgan, Inc.	2,190)	1,609)	183)	708)	253)
Preferred stock dividends	—)	(128)	(156)	(156)	(26)
Net income available to common stockholders	2,190)	1,481)	27)	552)	227)

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

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Income statement item	Description	The company
Revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Kinder Morgan Inc. revenues increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Kinder Morgan Inc. operating income increased from 2017 to 2018 and from 2018 to 2019.
Income before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Kinder Morgan Inc. income before income taxes increased from 2017 to 2018 and from 2018 to 2019.
Net income attributable to Kinder Morgan, Inc.	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Kinder Morgan Inc. net income attributable to Kinder Morgan, Inc. increased from 2017 to 2018 and from 2018 to 2019.

Kinder Morgan Inc. (NYSE:KMI)

Income Statement