Selected Financial Data
since 2010
Income Statement
Kinder Morgan Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues | Operating income | Net income (loss) attributable to Kinder Morgan, Inc. |
|---|---|---|---|
| Dec 31, 2019 | 13,209) | 4,873) | 2,190) |
| Dec 31, 2018 | 14,144) | 3,794) | 1,609) |
| Dec 31, 2017 | 13,705) | 3,544) | 183) |
| Dec 31, 2016 | 13,058) | 3,572) | 708) |
| Dec 31, 2015 | 14,403) | 2,447) | 253) |
| Dec 31, 2014 | 16,226) | 4,448) | 1,026) |
| Dec 31, 2013 | 14,070) | 3,990) | 1,193) |
| Dec 31, 2012 | 9,973) | 2,593) | 315) |
| Dec 31, 2011 | 8,265) | 1,539) | 594) |
| Dec 31, 2010 | 8,191) | 1,281) | (41) |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).
The financial performance from 2010 to 2019 is characterized by an initial expansion phase, a mid-period correction, and a subsequent increase in operational efficiency and bottom-line profitability.
- Revenue Trends
- Revenues exhibited a strong upward trajectory between 2010 and 2014, nearly doubling from 8,191 million to a peak of 16,226 million. A contraction occurred between 2015 and 2016, after which revenues stabilized within a range of 13,058 million to 14,144 million through 2019.
- Operating Income Performance
- Operating income grew aggressively from 1,281 million in 2010 to 4,448 million in 2014. Following a sharp decline to 2,447 million in 2015, a recovery period ensued, culminating in a decade-high of 4,873 million in 2019. This indicates that operational profitability reached its zenith at the end of the decade, independent of the revenue peak seen in 2014.
- Net Income Volatility and Growth
- Net income transitioned from a loss of 41 million in 2010 to a substantial profit of 2,190 million by 2019. The trend was marked by significant volatility, specifically a sharp dip to 253 million in 2015 and a further decrease to 183 million in 2017, before experiencing an exponential increase in the final two years of the period.
- Operational Efficiency and Margin Analysis
- A notable divergence is observed between revenue and operating income toward the end of the analyzed period. The fact that 2019 produced the highest operating income despite revenues being approximately 18.7% lower than the 2014 peak suggests a significant improvement in operational margins and cost management strategies.
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Balance Sheet: Assets
Kinder Morgan Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2019 | 3,238) | 74,157) |
| Dec 31, 2018 | 5,722) | 78,866) |
| Dec 31, 2017 | 2,715) | 79,055) |
| Dec 31, 2016 | 3,229) | 80,305) |
| Dec 31, 2015 | 2,824) | 84,104) |
| Dec 31, 2014 | 3,752) | 83,198) |
| Dec 31, 2013 | 3,868) | 75,185) |
| Dec 31, 2012 | 3,674) | 68,185) |
| Dec 31, 2011 | 1,663) | 30,717) |
| Dec 31, 2010 | 1,787) | 28,908) |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).
The asset profile of the organization exhibits a period of aggressive expansion followed by a phase of gradual consolidation between 2010 and 2019. A significant structural shift in the balance sheet occurred in 2012, marking a transition to a substantially larger asset base that remained relatively stable before entering a slight downward trajectory in the latter half of the decade.
- Total Asset Growth and Contraction
- Total assets experienced a dramatic increase between 2011 and 2012, rising from 30,717 million USD to 68,185 million USD. This growth continued through 2015, where assets reached a peak of 84,104 million USD. Following this peak, a consistent downward trend is observed from 2016 through 2019, with total assets declining to 74,157 million USD by the end of the period.
- Current Asset Volatility
- Current assets demonstrated significant fluctuations, lacking a linear growth pattern. After an initial increase in 2012, values remained relatively stable between 2,715 million USD and 3,868 million USD for most of the decade. A notable anomaly occurred in 2018, where current assets spiked to 5,722 million USD, before reverting to 3,238 million USD in 2019.
- Asset Composition and Liquidity Profile
- The ratio of current assets to total assets remained consistently low throughout the analyzed period. Even during the 2018 spike in current assets, the proportion of liquid assets relative to the total asset base was minimal. This indicates a capital-intensive business model where the vast majority of value is held in non-current, long-term assets.
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Balance Sheet: Liabilities and Stockholders’ Equity
Kinder Morgan Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Long-term debt, including current portion | Total Kinder Morgan, Inc.’s stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2019 | 5,100) | 39,268) | 34,392) | 33,742) |
| Dec 31, 2018 | 7,557) | 43,669) | 37,324) | 33,678) |
| Dec 31, 2017 | 6,181) | 43,931) | 37,843) | 33,636) |
| Dec 31, 2016 | 5,924) | 45,503) | 40,050) | 34,431) |
| Dec 31, 2015 | 4,065) | 48,701) | 43,227) | 35,119) |
| Dec 31, 2014 | 6,362) | 48,772) | 42,963) | 34,076) |
| Dec 31, 2013 | 6,075) | 46,900) | 36,193) | 13,093) |
| Dec 31, 2012 | 5,209) | 44,086) | 34,401) | 13,865) |
| Dec 31, 2011 | 4,529) | 22,149) | 17,255) | 3,321) |
| Dec 31, 2010 | 3,644) | 20,369) | 15,826) | 3,439) |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).
The financial trajectory between 2010 and 2019 is characterized by a period of rapid capital expansion followed by a sustained phase of deleveraging and equity stabilization.
- Liability Trends
- Total liabilities experienced a sharp escalation between 2011 and 2012, increasing from 22,149 million US$ to 44,086 million US$. Liabilities reached a peak in 2014 at 48,772 million US$ before entering a steady downward trend, concluding the period at 39,268 million US$ in 2019. Current liabilities exhibited higher volatility, peaking in 2018 at 7,557 million US$ before decreasing to 5,100 million US$ by the end of 2019.
- Long-Term Debt Profile
- Long-term debt, including the current portion, acted as the primary component of total liabilities throughout the observed decade. A significant surge occurred in 2012, with debt levels rising to 34,401 million US$ from 17,255 million US$ in the prior year. This growth continued until 2015, when debt peaked at 43,227 million US$, followed by a consistent reduction to 34,392 million US$ by 2019.
- Stockholders' Equity Evolution
- Equity levels remained relatively stagnant between 2010 and 2011 but underwent substantial growth beginning in 2012. A particularly sharp increase is observed between 2013 and 2014, where equity rose from 13,093 million US$ to 34,076 million US$. Following this expansion, stockholders' equity remained remarkably stable, fluctuating minimally between 33,636 million US$ and 35,119 million US$ from 2014 through 2019.
- Capital Structure Observations
- A fundamental shift in capital structure occurred around 2014. The period from 2010 to 2014 was marked by aggressive increases in both debt and equity. In contrast, the period from 2015 to 2019 indicates a strategic transition toward debt reduction while maintaining a consistent equity base, resulting in a gradual improvement of the leverage profile.
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Cash Flow Statement
Kinder Morgan Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2019 | 4,748) | (1,714) | (6,185) |
| Dec 31, 2018 | 5,043) | (68) | (1,824) |
| Dec 31, 2017 | 4,601) | (3,362) | (1,681) |
| Dec 31, 2016 | 4,787) | (1,705) | (2,629) |
| Dec 31, 2015 | 5,303) | (5,706) | 327) |
| Dec 31, 2014 | 4,467) | (5,210) | 471) |
| Dec 31, 2013 | 4,064) | (3,064) | (1,095) |
| Dec 31, 2012 | 2,795) | (5,084) | 2,584) |
| Dec 31, 2011 | 2,365) | (2,392) | (57) |
| Dec 31, 2010 | 1,911) | (2,287) | 711) |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).
The cash flow profile from 2010 to 2019 reflects a transition from an aggressive growth and expansion phase toward a period of operational stabilization and increased capital reallocation. Operating cash flow grew consistently throughout the first half of the decade, providing a robust foundation for subsequent investment and financing activities.
- Operating Cash Flow Performance
- Net cash provided by operating activities exhibited a strong upward trajectory from 2010 to 2015, increasing from 1,911 million to a peak of 5,303 million. Following 2015, operational cash generation entered a plateau phase, with values fluctuating between 4,601 million and 5,043 million through 2019, indicating a stabilization of core business cash yields.
- Investing Activity and Capital Deployment
- Investing activities were characterized by consistent net outflows, reflecting ongoing capital expenditures. These outflows accelerated between 2012 and 2015, peaking at 5,706 million in 2015. A notable anomaly occurred in 2018, where net cash used in investing activities decreased sharply to 68 million, suggesting a significant reduction in capital spending or the realization of asset divestitures during that fiscal year.
- Financing Activity and Capital Structure
- Financing activities underwent a fundamental shift over the ten-year period. While the period between 2010 and 2015 saw mixed results with occasional significant inflows, such as 2,584 million in 2012, the period from 2016 to 2019 was marked by substantial and accelerating outflows. This trend culminated in a 6,185 million outflow in 2019, pointing toward a strategic pivot toward debt repayment, share repurchases, or increased dividend distributions.
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Per Share Data
Kinder Morgan Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2019 | 0.96 | 0.96 | 1.00 |
| Dec 31, 2018 | 0.66 | 0.66 | 0.80 |
| Dec 31, 2017 | 0.01 | 0.01 | 0.50 |
| Dec 31, 2016 | 0.25 | 0.25 | 0.50 |
| Dec 31, 2015 | 0.10 | 0.10 | 1.61 |
| Dec 31, 2014 | 0.89 | 0.89 | 1.74 |
| Dec 31, 2013 | 1.15 | 1.15 | 1.60 |
| Dec 31, 2012 | 0.31 | 0.32 | 1.40 |
| Dec 31, 2011 | 0.69 | 0.71 | 1.05 |
| Dec 31, 2010 | -0.05 | -0.05 | 0.00 |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The ten-year period from 2010 to 2019 is characterized by significant volatility in earnings per share and a substantial realignment of the dividend distribution policy.
- Earnings Per Share (EPS) Trends
- Earnings exhibited a cyclical trajectory, transitioning from a basic loss of 0.05 per share in 2010 to a peak of 1.15 per share in 2013. A period of contraction followed, with earnings declining sharply to a low of 0.01 per share by 2017. A recovery phase is evident in the final two years of the period, with diluted EPS increasing to 0.96 by December 31, 2019. Basic and diluted figures remained nearly identical throughout the decade, indicating minimal dilution from outstanding convertible securities or options.
- Dividend Distribution Patterns
- Dividend payments showed a consistent upward trend from 2011 to 2014, rising from 1.05 to a peak of 1.74 per share. This growth was followed by a significant downward correction in 2016, where the dividend was reduced to 0.50 per share. Subsequent years showed a measured recovery, with the dividend increasing to 0.80 in 2018 and 1.00 in 2019.
- Earnings-to-Dividend Relationship
- A notable divergence between net earnings and dividend payouts is observed between 2011 and 2015. During this interval, dividend per share consistently exceeded basic earnings per share, suggesting that distributions were funded through cash flows from operations or external financing rather than current-year net income. The drastic reduction in dividends in 2016 aligned the payout more closely with the depressed earnings environment of that period, establishing a more sustainable relationship between profitability and shareholder distributions in the latter years of the analysis.
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