Kinder Morgan Inc. said Wednesday it is expecting 12% earnings per share growth next year before including any potential benefits from acquisitions it plans to make. The company announced earnings expectations of $4.20/share in 2005 compared to 2004 consensus earnings estimates of $3.75.

“It is important to note that although we are optimistic about our chances for making accretive acquisitions in 2005, we have not included any benefits from acquisitions in our base budgets,” said CEO Richard Kinder. “We remain committed to transparency, and we will continue to review and explain any variances to the budgets during our quarterly earnings calls.”

KMI’s expected cash flow in 2005 is $620 million. Affiliate Kinder Morgan Energy Partners LP expects to declare cash distributions of $3.13 per unit for 2005, which represents 9% growth over expected 2004 distributions of $2.87 per unit. The 2005 expectations include an excess of distributable cash flow over distributions even greater than the $28 million of excess budgeted in 2004.

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