Kinder Morgan Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Net income attributable to Kinder Morgan, Inc.	2,190)	1,609)	183)	708)	253)
Net (income) loss attributable to noncontrolling interests	49)	310)	40)	13)	(45)
Net noncash charges	2,759)	2,725)	4,380)	4,156)	4,619)
Changes in components of working capital, net of the effects of acquisitions and dispositions	(250)	399)	(2)	(90)	476)
Net cash provided by operating activities	4,748)	5,043)	4,601)	4,787)	5,303)
Capital expenditures	(2,270)	(2,904)	(3,188)	(2,882)	(3,896)
Issuances of debt	8,036)	14,751)	8,868)	8,629)	14,316)
Payments of debt	(11,224)	(14,591)	(11,064)	(10,060)	(15,116)
Debt issue costs	(10)	(42)	(70)	(19)	(24)
Free cash flow to equity (FCFE)	(720)	2,257)	(853)	455)	583)

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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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Kinder Morgan Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Kinder Morgan Inc. FCFE increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.

Kinder Morgan Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	2,261,487,090
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	(720)
FCFE per share	-0.32
Current share price (P)	15.71
Valuation Ratio
P/FCFE	—
Benchmarks
P/FCFE, Competitors¹
Chevron Corp.	19.52
ConocoPhillips	13.76
Exxon Mobil Corp.	14.50
Marathon Petroleum Corp.	5.67
Occidental Petroleum Corp.	10.00
Valero Energy Corp.	6.90
P/FCFE, Sector
Oil, Gas & Consumable Fuels	23.15
P/FCFE, Industry
Energy	23.70

Based on: 10-K (reporting date: 2019-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Kinder Morgan Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
No. shares of common stock outstanding¹	2,265,063,459	2,263,656,419	2,206,066,684	2,232,438,943	2,231,555,976
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	(720)	2,257)	(853)	455)	583)
FCFE per share³	-0.32	1.00	-0.39	0.20	0.26
Share price^1, 4	21.81	18.02	17.24	22.48	15.62
Valuation Ratio
P/FCFE⁵	—	18.07	—	110.30	59.79
Benchmarks
P/FCFE, Competitors⁶
Chevron Corp.	38.28	—	—	—	—
ConocoPhillips	14.36	—	—	—	—
Exxon Mobil Corp.	16.01	—	—	—	—
Marathon Petroleum Corp.	5.87	—	—	—	—
Occidental Petroleum Corp.	1.84	—	—	—	—
Valero Energy Corp.	7.61	—	—	—	—
P/FCFE, Sector
Oil, Gas & Consumable Fuels	11.93	—	—	—	—
P/FCFE, Industry
Energy	12.49	—	—	—	—

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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2019 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -720,000,000 ÷ 2,265,063,459 = -0.32

⁴ Closing price as at the filing date of Kinder Morgan Inc. Annual Report.

⁵ 2019 Calculation
P/FCFE = Share price ÷ FCFE per share
= 21.81 ÷ -0.32 = —

⁶ Click competitor name to see calculations.

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Kinder Morgan Inc. (NYSE:KMI)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical