Replies to post #906 on Kinder Morgan Inc (KMI)

[benfrankledger]

After clarifying comments from management, it appears Kinder Morgan will actually be free cash flow positive this year.

It turns out that $0.6 billion of Kinder Morgan's 2019 growth capex budget is for retiring JV-level debt.

Using cash to pay down debt isn't the same as growth capex, and the headline budget number obfuscates that point.

Great news for its dividend and its fundamentals.