Kinder Morgan, Inc. reported preliminary unaudited consolidated earnings and production results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenues of $3,632 million against $3,389 million a year ago. Operating income was $812 million against $934 million a year ago. Income before income taxes was $324 million against $388 million a year ago. Net loss attributable to the company was $1,006 million against net income attributable to the company of $209 million a year ago. Net loss attributable to the common stockholders was $1,045 million against net income attributable to the company of $170 million a year ago. Basic and diluted loss per class P common share was $0.47 against basic and diluted earnings per class P common share of $0.08 a year ago. Adjusted earnings per common share were $0.21 against $0.18 a year ago. Adjusted earnings were $469 million against $410 million a year ago. Adjusted EBITDA was $1,896 million against $1,829 million a year ago. The company reported a fourth quarter DCF of $1,190 million, up 4% from $1,147 million for the comparable period in 2016. The increase in DCF was driven by greater contributions from the Natural Gas, Terminals and Products Pipelines Business Units, as well as from Kinder Morgan Canada, partially offset by decreased contributions from CO2.

For the full year, the company reported revenues of $13,705 million against $13,058 million a year ago. Operating income was $2,161 million against $1,638 million a year ago. Income before income taxes was $2,161 million against $1,638 million a year ago. Net income attributable to the company was $183 million against $708 million a year ago. Net income attributable to the common stockholders was $27 million against $552 million a year ago. Basic and diluted earnings per class P common share were $0.01 against of $0.25 a year ago. Adjusted earnings per common share were $0.66 against $0.66 a year ago. Adjusted earnings were $1,472 million against $1,477 million a year ago. Adjusted EBITDA was $7,198 million against $7,242 million a year ago. Net debt as on December 31, 2017 was $36,409 million against $38,160 million a year ago. For the full year, the company reported DCF of $4,482 million ($2.00 per share) that was down slightly from $4,511 million for the comparable period in 2016. The decrease in DCF was driven by the sale of 50% of Southern Natural Gas (SNG) in 2016, negative impacts of Hurricane Harvey, a contribution to KMI's pension plan, and the KML IPO, partially offset by increased contributions from the Terminals Business Unit, growth projects in the Natural Gas Business Unit, lower interest expense, and lower general and administrative expenses. Excluding the impact of Hurricane Harvey, the SNG sale and the KML IPO, DCF was up over 1% from 2016.

For 2018, KMI's budget is set to achieve DCF of approximately $4.57 billion ($2.05 per common share) and Adjusted EBITDA of approximately $7.5 billion. KMI also budgeted to invest $2.2 billion in growth projects during 2018 (excluding growth capital expected to be funded by KML), to be funded with internally generated cash flow without the need to access equity markets, and to end the year with a Net Debt-to-Adjusted EBITDA ratio of approximately 5.1 times.

For the quarter, the company reported transport volumes were 30,033 BBtu/d against 27,897 BBtu/d a year ago. Gas gathering volumes were 2,704 BBtu/d against 2,749 BBtu/d a year ago. Crude/Condensate Gathering Volumes was 286 MBbl/d against 265 MBbl/d a year ago. Total refined product volumes were 1,689 MBbl/d against 1,627 MBbl/d a year ago. NGLs were 113 MBbl/d against 117 MBbl/d a year ago. Total delivery volumes were 2,141 MBbl/d against 2,078 MBbl/d a year ago.

For the year, the company reported transport volumes were 29,108 BBtu/d against 28,095 BBtu/d a year ago. Gas gathering volumes were 2,653 BBtu/d against 2,970 BBtu/d a year ago. Crude/Condensate Gathering Volumes was 273 MBbl/d against 292 MBbl/d a year ago. Total refined product volumes were 1,686 MBbl/d against 1,655 MBbl/d a year ago. NGLs were 112 MBbl/d against 109 MBbl/d a year ago. Total delivery volumes were 2,125 MBbl/d against 2,088 MBbl/d a year ago.