Kinder Morgan : First Quarter 2025 Financial Statement
KMI
Published on 05/16/2025 at 11:22
CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited) (excluding footnotes)
SOUTHERN NATURAL GAS COMPANY, L.L.C.
As of March 31, 2025 and December 31, 2024 and For the Three Months Ended March 31, 2025 and 2024
TABLE OF CONTENTS
Consolidated Financial Statements (Unaudited)
Page Number
Consolidated Balance Sheets 2
Consolidated Statements of Income 1
Consolidated Statements of Cash Flows 3
Consolidated Statements of Members' Equity 4
CONSOLIDATED STATEMENTS OF INCOME
(In millions, unaudited)
Three Months Ended March 31,
2025
2024
Revenues
$
168
$
172
Operating Costs and Expenses
Operations and maintenance
36
35
Depreciation and amortization
22
21
General and administrative
10
9
Taxes, other than income taxes
10
10
Total Operating Costs and Expenses
78
75
Operating Income
90
97
Other Income (Expense)
Earnings from equity investment
2
2
Interest, net
(14)
(14)
Other, net
(1)
2
Total Other Expense
(13)
(10)
Net Income
$
77
$
87
March 31,
2025
December 31,
2024
ASSETS
Current assets
Cash and cash equivalents
$ 29
$ 17
Accounts receivable
40
40
Accounts receivable from affiliates
20
21
Inventories
26
25
Regulatory assets
14
18
Other current assets
1
3
Total current assets
130
124
Property, plant and equipment, net
2,665
2,623
Investment
83
83
Regulatory assets
25
24
Deferred charges and other assets
78
77
Total Assets
$ 2,981
$ 2,931
LIABILITIES AND MEMBERS' EQUITY
Current liabilities
Accounts payable
$ 57
$ 54
Accounts payable to affiliates
15
16
Accrued interest
4
18
Accrued taxes, other than income taxes
11
22
Rate liabilities
24
17
Other current liabilities
16
18
Total current liabilities
127
145
Long-term liabilities and deferred credits
Long-term debt (at net carrying value)
915
915
Regulatory liabilities
57
58
Other long-term liabilities and deferred credits
5
5
Total long-term liabilities and deferred credits
977
978
Total Liabilities
1,104
1,123
Members' Equity
1,877
1,808
Total Liabilities and Members' Equity
$ 2,981
$ 2,931
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, unaudited)
Three Months Ended March 31,
2025
2024
Cash Flows From Operating Activities
Net income
$ 77
$ 87
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
22
21
Earnings from equity investment
(2)
(2)
Other non-cash items
(1)
(1)
Distributions from equity investment earnings
2
1
Changes in components of working capital:
Accounts receivable
1
-
Accounts payable
(5)
(8)
Accrued interest
(14)
(14)
Accrued taxes, other than income
(11)
(12)
Other current assets and liabilities
7
(12)
Other long-term assets and liabilities
(5)
(11)
Net Cash Provided by Operating Activities
71
49
Cash Flows From Investing Activities
Capital expenditures
(49)
(27)
Other, net
(2)
(2)
Net Cash Used in Investing Activities
(51)
(29)
Cash Flows From Financing Activities
Issuances of debt
-
42
Payments of debt
-
(42)
Contributions from Members
38
25
Distributions to Members
(46)
(47)
Net Cash Used in Financing Activities
(8)
(22)
Net Increase (Decrease) in Cash and Cash Equivalents
12
(2)
Cash and Cash Equivalents, beginning of period
17
8
Cash and Cash Equivalents, end of period
$ 29
$ 6
Non-cash Investing and Financing Activities
Net increase in property, plant and equipment accruals
$ 9
$ 1
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest (net of capitalized interest) 28 28
Three Months Ended March 31,
2025
2024
Beginning Balance
$ 1,808
$ 1,676
Net income
77
87
Contributions
38
25
Distributions
(46)
(47)
Ending Balance
$ 1,877
$ 1,741
Disclaimer
Kinder Morgan Inc. published this content on May 16, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 16, 2025 at 15:21 UTC.