WASHINGTON (dpa-AFX) - Kinder Morgan, Inc. (KMI) said, for fiscal 2020, the company now expects distributable cash flow to be below plan by approximately 10 percent and adjusted EBITDA to be below plan by approximately 8 percent. The company revised its guidance due to the COVID-19 pandemic-related reduced energy demand and the sharp decline in commodity prices.
KMI expects to use internally generated cash flow to fully fund its 2020 dividend payments, as well as all of its 2020 discretionary spending, with no need to access equity markets.
For the first quarter, adjusted earnings per share was $0.24 compared to $0.25, last year. Distributable cash flow per share was at $0.55, compared to $0.60, prior year.
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