Kinder Posts Quarterly Loss After Slashing Investor Payout
- Backlog of pending construction projects fell by 15 percent
- Pipeline owner records $1.15 billion writedown of asset values
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Kinder Morgan Inc. swung to a loss after dramatically reducing dividends to conserve cash amid the worst energy market collapse since the 1980s.
North America’s biggest oil pipeline operator said the fourth-quarter net loss was $611 million, or 29 cents a share, compared with profit of $126 million, or 8 cents, a year earlier. The per-share result fell short of the 18-cent average profit estimate of 15 analysts in a Bloomberg survey.