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Kinder Morgan Inc.

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Kinder Morgan has the largest network of natural gas pipeline in North America that spreads over almost 70,000 miles. Notably, the company’s midstream properties are linked to all the prospective plays in the United States that are rich in natural gas. These extensive pipeline networks, for which almost $32 billion has been invested to date, have been providing Kinder Morgan with stable fee-based revenues. In fact, the company believes that 91% of cash flow in 2017 will come from fee-based contracts. However, we are concerned with the company’s weak balance sheet as total debt capital is higher than total equity capital. Moreover, the company’s price chart is unimpressive. Year to date, Kinder Morgan has lost 18.1%, underperforming the industry’s 3.7% decline.  

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