BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Kinder Morgan Reports Strong First Quarter 2024 Financial Results
Kinder Morgan, Inc. (NYSE: KMI) has announced its financial results for the first quarter of 2024, showcasing significant growth in earnings and an increase in dividends. The Houston-based energy infrastructure giant reported a first quarter earnings per share (EPS) of $0.33, up 10% from the previous year, and an adjusted EPS increase of 13%. Distributable cash flow (DCF) per share also saw a rise, reaching $0.64, a 5% increase compared to the first quarter of 2023.
Dividend Announcement
The board of directors approved a quarterly cash dividend of $0.2875 per share, which annualizes to $1.15. This dividend represents a 2% increase over the first quarter of 2023 and is payable on May 15, 2024, to stockholders of record as of April 30, 2024.
Net Income and Cash Flow
Kinder Morgan reported a net income attributable to KMI of $746 million for the quarter, marking an increase from $679 million in the same quarter of the previous year. The DCF stood at $1,422 million, compared to $1,374 million in the first quarter of 2023. The company generated $1.2 billion in cash flow from operations and reported $570 million in free cash flow after capital expenditures.
Strategic Insights from Leadership
Executive Chairman Richard D. Kinder highlighted the strategic importance of energy security amid global uncertainties such as the ongoing war in Ukraine and tensions in the Middle East. He emphasized the company's role in delivering energy from politically stable regions, underscoring its significance on the global stage.
CEO Kim Dang noted the strong start to the quarter with significant contributions from the Natural Gas Pipelines, Products Pipelines, and Terminals business segments. She pointed out that despite the current low natural gas price environment, the outlook for the Natural Gas Pipelines business remains bright, driven by expected growth in demand for liquefied natural gas (LNG) exports and natural gas for power generation.
Business Segment Performance
The Natural Gas Pipelines segment witnessed an increase in financial performance due to higher margins on storage assets and higher volumes on gathering systems, along with contributions from the recent acquisition of STX Midstream. Transport volumes in this segment were up by 2%, and gathering volumes saw a 17% increase.
The Products Pipelines segment experienced growth due to higher rates on existing assets and contributions from new capital projects, although total refined products and crude volumes were slightly down. The Terminals business segment reported increased earnings from expansion projects and higher rates on Jones Act tankers, partially offset by lower petroleum coke volumes due to refinery turnarounds.
Conversely, the CO2 business segment faced a decrease in earnings primarily due to lower CO2 sales volumes, which dropped by 7% on a net-to-KMI basis.
Future Outlook and Projects
Kinder Morgan's 2024 outlook remains positive with a projected net income attributable to KMI of $2.7 billion, up 15% from 2023, and planned dividends of $1.15 per share. The company anticipates a DCF of $5 billion and an Adjusted EBITDA of $8.16 billion for the year, both up 8% from 2023.
Significant ongoing projects include expansions in natural gas storage and delivery capabilities, with several large-scale constructions aimed at enhancing the company’s service capacity and operational efficiency. These projects are part of Kinder Morgan’s strategic focus on lower-carbon energy investments and include developments in renewable natural gas (RNG), renewable diesel, and carbon capture and sequestration.
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