Kinder Morgan Inc (NASDAQ:KMI) stock rose 1.85% (As on January 19, 11:14:07 AM UTC-4, Source: Google Finance) after the company beat analysts’ estimates for fourth-quarter adjusted profit and said long-time Chief Executive Steve Kean will step down from the role. Meanwhile, Kean, who has served as CEO for the last eight years, will step down effective Aug. 1, but will remain on the company’s board. He will be succeeded by President Kim Dang.

Moreover, the company saw increased volumes from power demand and LDCs as a result of weather and coal retirements, and that was somewhat offset by reduced LNG volumes due to the Freeport outage and exports to Mexico as a result of third-party pipeline capacity added to the market. Physical deliveries to LNG facilities off of the pipes averaged approximately 5.4 million dekatherms per day. That’s down about 450,000 dekatherms per day versus Q4 of ’21, and that’s due to the Freeport outage, and somewhat offset by increased deliveries to Sabine Pass. Road fuels were down 3%, but we saw a 10% increase in jet fuel demand. Crude and condensate volumes were down 6% in the quarter due to lower Bakken volume. Sequential volumes were down about 3%, and that was driven by lower HH volumes, that’s a pipe coming out of the Bakken, due to unattractive locational pricing differentials. The company saw increases in petcoke and coal volume, but that was more than offset by lower steel volume. In the CO2 segment, prices were up across the board. On the volume side, oil production was flat, but it’s up 8% versus our budget. CO2 volumes were up 12%.

KMI in the fourth quarter of FY 22 has reported the adjusted earnings per share of 31 cents, beating the analysts’ estimates for the adjusted earnings per share of 30 cents, according to Refinitiv IBES data. The company had reported the adjusted revenue of $4.6 billion in the fourth quarter of FY 22, missing the analysts’ estimates for revenue of $4.9 billion. For the quarter, DCF per share was up 13%

For 2023, KMI expects to generate net income attributable to KMI of $2.5 billion ($1.12 per share) and declare dividends of $1.13 per share, a 2% increase from the dividends declared for 2022. The company also budgeted to generate 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.