The company said revenues decreased $3,866 million in 2023 compared with 2022, and costs of sales decreased $4,317 million. It cited lower natural gas sales of $3,616 million and lower product sales of $1,029 million as drivers of the revenue decline, mainly due to lower commodity prices.

1. 01

   The company said revenues decreased $3,866 million in 2023 compared with 2022, and costs of sales decreased $4,317 million. It cited lower natural gas sales of $3,616 million and lower product sales of $1,029 million as drivers of the revenue decline, mainly due to lower commodity prices.

2. 02

   Kinder Morgan said operating cash flow was $6,491 million in 2023 and $4,967 million in 2022. It cited $843 million of deferred revenues, received for fixed reservation fees under long-term transportation and terminal contracts, as one of the drivers of the $1,524 million increase.

3. 03

   The company said it acquired STX Midstream in Q4 and financed the deal with commercial paper borrowings. It said net cash used for acquisitions in 2023 was $1,829 million, after deducting cash acquired.

4. 04

   The company expects to declare dividends of $1.15 per share for 2024, a 2% increase over the $1.13 per share declared for 2023. It also expects to invest $2.3 billion in discretionary capital expenditures, including expansion projects and contributions to joint ventures, in 2024.

Key figures

Fiscal year ended December 31, 2023

Revenue

$13.6B

Operating income

$4.3B

Net income

$2.4B

EPS

$1.06

Operating cash flow

$6.5B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.