Kinder Morgan, Inc. (KMI) Announces Q1 2023 Cash Dividend of $0.2825 per Share
Dividends
April 20, 2023
Kinder Morgan, Inc. (KMI), the American energy infrastructure company, has announced a cash dividend of $0.2825 per share for the first quarter of 2023. The board of directors approved this dividend on April 19, 2023, and it will be payable on May 15, 2023, to shareholders of record as of May 1, 2023.
The latest dividend marks the sixth consecutive year of an increase in dividend payouts for Kinder Morgan, Inc. The new dividend is a 2% increase over the first quarter of 2022, which is good news for investors looking to capitalize on a steady stream of income from their investment in KMI.
Kinder Morgan, Inc. reported first-quarter net income attributable to KMI of $679 million. This is compared to $667 million in the first quarter of 2022, which indicates a 1.8% increase in the company's net income. However, the company's distributable cash flow (DCF) for the first quarter of 2023 was $1,374 million, a decrease of 5% from $1,455 million in the first quarter of 2022. Adjusted earnings for the quarter were $675 million, down 7.8% from $732 million in the first quarter of 2022.
In a statement, Executive Chairman Richard D. Kinder said, "For the sixth year in a row, we are very pleased to announce another increase in the dividend we provide our shareholders. Shareholders continue to benefit from our long-standing corporate strategy: maintaining a strong investment-grade balance sheet, internally funding expansion opportunities, paying an attractive and growing dividend, and further returning value by repurchasing our shares on an opportunistic basis."
In addition to the dividend increase, Kinder Morgan, Inc. repurchased approximately 6.8 million shares for $113 million at an average price of $16.62 per share. The share repurchase program is a further sign of the company's commitment to returning value to shareholders.
Members of LevelFields received the alert of this event on April 19, 4:30 PM ET
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