Kinder Morgan Inc.
KMI,
said late Wednesday it named Kim Dang to be the energy infrastructure company’s next chief executive, while reporting mixed results. Dang, currently president, will succeed Steve Kean, who desires to cycle out of the CEO role and remain board chair, effective August 1. Kinder Morgan also reported fourth-quarter net income of $670 million, or 30 cents a share, compared with $637 million, or 28 cents a share, within the year-ago period. Adjusted earnings got here in at 31 cents a share, compared with 27 cents a share within the year-ago quarter. Revenue rose to $4.58 billion from $4.43 billion a 12 months ago. Analysts surveyed by FactSet had forecast 30 cents a share on revenue of $4.91 billion. Kinder Morgan said it expects net income of $1.12 a share in 2023, while analysts expect $1.15 a share. The corporate also said its board approved a brand new $1 billion share buyback authorization. Kinder Morgan shares were up lower than 1% after hours, following a 2.4% decline to shut at $18.36.