Kinder Morgan taps Kim Dang as new CEO; results, outlook mixed

Kinder Morgan Inc.
KMI,
-2.44%
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 wants 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, in the year-ago period. Adjusted earnings came in at 31 cents a share, compared with 27 cents a share in the year-ago quarter. Revenue rose to $4.58 billion from $4.43 billion a year 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 company also said its board approved a new $1 billion share buyback authorization. Kinder Morgan shares were up less than 1% after hours, following a 2.4% decline to close at $18.36.