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Text: With that out of the way, let me just say that like a broken record, each quarter, I open our call with comments on the strong cash flow we're generating and how we're using and intend to use that cash flow.
Whether you look at our cash flow for the second quarter, for year-to-date, or our projections for the full year, it's apparent that we continue to be a strong generator of cash flow.
It's also apparent that we continue to live comfortably within that cash flow.
The question investors should ask on a continuous basis is whether we are wise stewards of that cash.
We have said repeatedly that we would use our funds to maintain a strong balance sheet, pay a good and growing dividend, invest in new projects or acquisitions when they met our relatively high return hurdle rates and opportunistically repurchase our shares.
This quarter, we announced two fairly significant acquisitions.
The first was our purchase of the Stagecoach natural gas storage and pipeline assets in the Northeast for approximately $1.2 billion.
These assets expand our services to our customers by helping connect natural gas supply with Northeast demand areas.
The acquisition is immediately accretive to our shareholders, and I believe it will be an important and profitable asset for KMI for many years to come.
Our second acquisition is to make an attractive platform investment in the rapidly growing renewable natural gas market by purchasing Kinetrex for approximately $300 million.
Steve will talk about this acquisition in detail.
We believe there is a bright future for this business and other related energy transition businesses; that we are exploring.
Now, let me conclude with two important points.
Both of these acquisitions meet our hurdle rates that I referred to earlier, and both are being paid for with our internally generated cash.
I believe both fit within the long-term financial strategy that I speak to each quarter, and I can assure you that our board looks at all alternatives in a manner completely consistent with that financial strategy.
On the Stagecoach, storage and transportation assets drew $1.2 billion.
We closed that transaction earlier this month.
It adds 41 Bcf of certificated and pretty flexible working gas storage capacity and 185 miles of pipeline.
We're excited about this transaction for several reasons.
As we discussed on the first-quarter call, we think storage value is going to increase over time.
Its value was certainly revealed during Winter Storm Uri, and we've seen that start to show up in our commercial transactions.
Storage will also become more valuable as more intermittent renewable resources are added to the grid.
The Stagecoach assets are well interconnected with our Tennessee Gas Pipeline system, as well as other third-party systems in a part of the country that is constrained from an infrastructure standpoint, and frankly, where it is difficult to get new infrastructure permitted and built.
We're excited about this transaction and believe it will pay off nicely for our shareholders.
The second transaction, which we announced at the end of last week, was accomplished by our newly formed Energy Transition Ventures Group.
We put that together in the first quarter of this year.
We're acquiring Kinetrex, a renewable natural gas business, subject to regulatory approval and a couple of other closing conditions.
At signing, Kinetrex had secured three new signed development projects that we will build out over the next 18 months, resulting in a purchase price plus capital at a less than six times EBITDA multiple by the time we get to 2023.
With Kinetrex, we're picking up a rare platform investment in a highly fragmented market.
It gives us a nice head start on working on hundreds, if not thousands, of potential renewable natural gas project candidates in the U.S. A few more points on this deal.
As several of you pointed out in your comments post announcement, the value is dependent on RINs value.
You don't make money on the gas sale, with an important exception that I'll get to in a minute.
Importantly, the particular RINs that this business generates are D3 RINs, which can be used to satisfy other RINs obligations as well.
D3s are for advanced biofuels and promoting more of those in the transportation fuel market has had bipartisan support and even more support from the environmental community than conventional ethanol.
Having said that, we believe we'll have the opportunity to mitigate our exposure to RINs pricing volatility.
Based on conversations with potential customers, not signed deals yet but conversations so far, there is significant interest in renewable natural gas in the so-called voluntary market.
These are customers who are outside of the transport fuel market who are interested in reducing their carbon footprint and we believe would transact on a long-term fixed price basis.
There are also potential customers interested in sharing the risk and reward of the RINs value.
So we will look for appropriate ways to lock in the value of the environmental attributes on attractive terms.
When we talked about our Energy Transition Ventures Group in the past, we've talked about transacting on attractive returns for our shareholders, not loss leaders and not doing things for show.
This deal is a great example of that.
In the team's short existence so far, they've acted on an attractive opportunity, and they continue to work on a number of other specific project opportunities.
So very good progress in a short period of time.
These two deals illustrate a couple of key points, broader points, about our business.
The larger deal, Stagecoach, is a further investment in our existing natural gas business, where we own the largest transportation and storage network in the country.
That reflects our view that our existing business will be needed for decades to come.
Hydrocarbons, and especially natural gas, have very stubborn advantages and will play an essential role in meeting the growing need for energy around the world.
That's something we are well positioned for with our assets and especially considering our considerable connectivity with export markets, especially in natural gas but also in refined products.
At the same time, we do see opportunities in the energy evolution, I'm putting emphasis on evolution, and we're positioning ourselves there as well.
We're doing this in our base business, where our gas delivery capability provides the needed backup for renewables at far lower cost and longer duration than batteries.
We're doing it in responsibly sourced, that is low methane emissions, natural gas.
We had our second such transaction this quarter.
We're doing it in our refined products businesses where we handle renewable transportation fuels, and we are actively developing additional business in that part of our business as well.
The Kinetrex transaction, while relatively small, positions us to develop a new business line in the renewable energy space at attractive returns and with a bit of a head start.
The takeaway from all of this is that we continue to see strong long-term value in the assets and service offerings we have today while also pivoting in an appropriate and value-creating way to the faster-growing parts of the energy business.
First, I'm going to start with our business fundamentals, and then I'll talk very high level about our forecast for the full year.
Starting with the natural gas business fundamentals for the quarter.
Transport volumes were up 4% or approximately 1.5 dekatherms per day versus the second quarter of 2020.
And that was driven primarily by LNG, Mexico exports, and power demand on TGP, the PHP in-service, higher industrial and LNG demand on our Texas intrastate system, and then higher deliveries to our Elba Express LNG facility.
These increases were partially offset by lower volumes on CIG.
And that's due to declines in Rockies production and Fayetteville Express contract expirations.
Physical deliveries to LNG off of our pipeline averaged approximately 5 million dekatherms per day.
That's a huge increase versus the second quarter of 2020.
LNG volumes also increased versus the first quarter of this year by approximately 8%.
Our market share of LNG export volumes is about 48%.
Exports to Mexico were up about 20% versus the second quarter of 2020.
Our share of Mexico volumes is about 54%.
Overall, deliveries to power plants were relatively flat.
Deliveries to LDCs were down slightly, while deliveries to industrial facilities were up 4%.
Our natural gas gathering volumes were down about 12% in the quarter compared to the second quarter of '20.
For gathering volumes though, I think the more informative comparison is the sequential quarter.
So compared to the first quarter of this year, volumes were up about 6%.
And here, we saw nice increases in Hiland volumes, which were up about 10%, and the Haynesville volumes, reports were up about 13%.
In our products pipeline segment, refined products were up 37% for the quarter versus the second quarter of '20.
Volumes are also up about 17% versus the first quarter of this year.
So we saw substantial improvement both year over year and quarter over quarter.
Compared to the pre-pandemic levels, and we're using the second quarter of 2019 as the reference point, road fuels, and that's gasoline and diesel combined, are essentially flat, and jet fuel is still down about 26%.
Crude and condensate volumes were up 6% in the quarter versus the second quarter of '20, and sequentially, they were up very slightly.
In our Terminals business segment, our liquids utilization remains high.
If you exclude the tanks out of service or required inspections, approximately 98% of our tanks are leased.
Most of the revenue that we receive comes from fixed monthly charges we receive for tanks under lease, but we do receive a marginal amount of revenue from throughput, and we saw throughput increase significantly, about 22% in total on our liquids terminals, 26% if you're just looking at refined products.
But that still remains a little bit below 2019, up 6% on total liquids volumes, 5% when you're just looking at gasoline and diesel.
We continue to experience some weakness in our marine tanker business.
But as we said last quarter, we expect that this market will improve, but it may take until late this year as the charter activity tends to lag the underlying supply and demand fundamentals.
On the bulk side, volumes increased by 23%, and that was driven by coal and steel.
Mill utilization of our largest steel customer exceeded pre-pandemic levels.
Coal export economics improved for both met and thermal coal.
In the CO2 segment, crude volumes were down about 9%.
CO2 volumes were down about 10% year over year.
Increased oil and NGL prices did offset some of the volume degradation.
But if you compare to our budget, we're currently anticipating the oil volumes will exceed our budget by approximately 5%, and that's driven primarily by some nice performance on SACROC.
CO2 volumes, we also expect to exceed our budget.
So overall, we're seeing increased natural gas volumes and demand from LNG and Mexico exports, as well as industrial demand on the Gulf Coast.
We're seeing increased gathering volumes in the Bakken and the Haynesville and nice recovery of refined products volumes.
Crude oil volumes are above our expectations in our CO2 segment, and we're getting some price help.
We still experienced some weakness in our Jones Act tankers, and the Eagle Ford remains highly competitive.
Now, let me give you a very high-level update of our full-year forecast.
As we said in the release, we're currently projecting full-year DCF of $5.4 billion.
That's above the high end of the range that we gave you last quarter.
The range we gave you last quarter was $5.1 billion to $5.3 billion.
The outperformance versus the high end of the range is driven by our Stagecoach acquisition, higher commodity prices and better refined products volumes.
For the second quarter of 2021, we're declaring a dividend of $0.27 per share, which is $1.08 annualized, and that's up 3% from the second quarter of 2020.
This quarter, we generated revenue of 3.15 billion, which is up 590 million from the second quarter of 2020.
We also had higher cost of sales with an increase there of 495 million.
So netting those two together, gross margin was up 95 million.
This quarter, we also took an impairment of our South Texas gathering and processing assets of 1.6 billion.
So with that impact, we generated a loss -- net loss of 757 million for the quarter.
Looking at adjusted earnings, which is before certain items, primarily the South Texas asset impairment this quarter and the midstream goodwill impairment a year ago, we generated income of $516 million this quarter, up $135 million from the second quarter of 2020.
Moving on to the segment EBDA and distributable cash flow performance.
Natural gas -- our natural gas segment was up $48 million for the quarter, and that was up primarily due to favorable margins in our Texas Intrastate business, greater contributions from our PHP asset, which is now in service; and increased volumes on our Bakken gas gathering systems.
Partially offsetting those items were lower volumes on our South Texas and KinderHawk gathering and processing assets and lower contributions from FEP due to contract roll-offs.
Our product segment was up $66 million driven by a nice recovery in refined product volume.
Terminals was up 17 million, also driven by the nice refined product volume recovery, partially offset by lower utilization of our Jones Act tankers.
Our CO2 segment was down $5 million due to lower crude oil and CO2 volumes and some increased well work costs.
Those are partially offset by higher realized crude oil and NGL pricing.
Our G&A and corporate charges were lower by $7 million.
This is where we benefited from our organizational efficiency savings, as well as some lower noncash pension expenses, partially offset by some lower capitalized G&A costs.
Our JV DD&A category was lower by $27 million primarily due to Ruby.
And that brings us to our adjusted EBITDA of $1.670 billion, which is 7% higher than the second quarter of 2020.
Interest expense was $16 million favorable, driven by our lower LIBOR rates benefiting our interest rate swaps, as well as a lower debt balance and lower rates on our long-term debt.
And those are partially offset by lower capitalized interest expenses versus last year.
Our cash taxes for the quarter were unfavorable $40 million, mostly due to Citrus, our products Southeast pipeline and Texas margin tax deferrals, which were taken in 2020 as a result of the pandemic, just timing.
And for the full year, our cash taxes are in line with our budget.
Our sustaining capital was unfavorable $51 million for the quarter driven by higher spend in our natural gas, CO2 and Terminals segments, but that higher spend is in line with what we had budgeted for the quarter.
Our total DCF of $1.025 billion is up 2%, and our DCF per share of $0.45 per share is up $0.01 from last year.
On our balance sheet, we ended the quarter at 3.8 times debt-to-EBITDA, which is down nicely from 4.6 times at year-end.
Kim already mentioned that we updated our full-year guidance, which now has DCF and EBITDA above the top end of the range that we provided in the first quarter.
For debt-to-EBITDA, we expect to end the year at 4.0 times.
That includes the acquisitions of Stagecoach, which we closed on July 9, and Kinetrex, which we expect to close in the third quarter.
As a reminder, that level -- our year-end debt-to-EBITDA level has the benefits of the largely nonrecurring EBITDA generated during Winter Storm Uri earlier in the year, and our longer-term leverage target of around four and a half times has not changed.
Onto reconciliation of our net debt.
The net debt for the quarter ended at 30 billion, almost 30.2 billion, down 1.847 billion from year-end and about $500 million down from Q1.
Our net debt has now declined by over $12 billion or about 30% since our peak levels.
To reconcile the change in the quarter in net debt, we generated 1.025 billion of DCF.
We paid out approximately 600 million of dividends.
We spent approximately $100 million of growth capital and contributions to our joint ventures.
And we had $175 million of working capital source of cash flows, primarily interest expense accrual.
That explains the majority of the change for the quarter.
For the change year-to-date, we generated $3.354 billion of distributable cash flow.
We spent $1.2 billion on dividends.
We've spent $300 million on growth capex and JV contributions.
We received $413 million on our partial interest sale of NGPL.
And we have experienced a working capital use of approximately $425 million, and that explains the majority of the change for the year.
[Operator instructions] All right, Missy, let's open it up.

user
expects to declare dividends of $1.08 per share for 2021.
expects to meet or exceed top end of range provided last quarter for dcf and adjusted ebitda.
anticipate generating 2021 dcf of $5.4 billion and adjusted ebitda of $7.9 billion.
now expects to end 2021 with a net debt-to-adjusted ebitda ratio of 4.0.
approved a cash dividend of $0.27 per share for q2.
upgrade project, agawam, massachusetts expected to be placed in service in nov 2021.
cash dividend of $0.27 per share represents a 3% increase over q2 of 2020.
acadiana expansion project anticipated to be placed into commercial service as early as q1 of 2022.
kinder morgan - as of june 30, had over $3.9 billion of borrowing capacity under $4 billion credit facility, over $1.3 billion in cash, equivalents.
kinder morgan - borrowing capacity, current cash on hand, cash from operations more than adequate to manage cash requirements through 2021.

assistant