| Kinder Morgan slashes dividend 75 percent | |
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HOUSTON (AP) -- Pipeline operator Kinder Morgan Inc. slashed its quarterly dividend by 75 percent Tuesday, saying that doing so would allow it to fund expansion, eliminate the need to tap equity markets and maintain its credit rating.
The Houston-based company said its board approved a cut to its quarterly dividend to 12.5 cents per share from 51 cents per share, starting with the fourth-quarter payment payable in February.
Executive Chairman Rich Kinder said the decision was "not made lightly" and was preferable to asset sales and other options.
The reduced payout comes as commodity prices continue to plummet. U.S. benchmark crude costs just $37.51 a barrel, near a seven-year low.
Kinder Morgan shares dropped 5.2 percent to $14.90 in after-hours trading Tuesday to a new 52-week low.
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Kinder Morgan
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CODE : KMP |
ISIN : US4945501066 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Kinder Morgan is a producing company based in United states of america. Kinder Morgan is listed in Germany and in United States of America. Its market capitalisation is US$ 46.0 billions as of today (€ 36.7 billions). Its stock quote reached its lowest recent point on June 25, 1999 at US$ 10.00, and its highest recent level on November 26, 2014 at US$ 102.03. Kinder Morgan has 450 600 000 shares outstanding. |