Kinder Morgan backs FY23 EPS view $1.12, consensus $1.10

For 2023, KMI budgeted net income attributable to KMI of $2.5 billion ($1.12 per share) and expects to declare dividends of $1.13 per share, a 2% increase from the dividends declared for 2022. The company also budgeted 2023 DCF of $4.8 billion ($2.13 per share) and Adjusted EBITDA of $7.7 billion and to end 2023 with a Net Debt-to-Adjusted EBITDA ratio of 4.0 times, well below our long-term target of 4.5 times. At this early stage in the year, we are leaving our 2023 budget guidance in place. So far, crude oil and natural gas prices have been below our full year 2023 budget assumptions of $85 and $5.50 respectively, with strong performance in our overall business expected to substantially offset the weaker pricing to date and the forward curve for the balance of the year.