UPDATE 1-Kinder Morgan has higher quarterly profit, distribution
Oct 16 (Reuters) - Kinder Morgan Energy Partners LP, the largest U.S. pipeline company, said on Wednesday its profit in the third quarter rose sharply and distributions rose 7 percent, helped by acquisitions.
Kinder Morgan's quarterly distribution rose to $1.35 per unit, slightly above Wall Street expectations for $1.34 per share, according to Thomson Reuters I/B/E/S. The company's year-ago distribution was $1.26.
The Houston-based master limited partnership reported net income of $697 million, up from $383 million a year earlier.
The company's distributable cash flow rose 22 percent from a year earlier to $544 million. MLPs, a structure favored by energy companies, pay no taxes because they pay out nearly all profits in distributions to investors.
Kinder Morgan left its outlook for its full-year distribution per common unit unchanged at $5.33.
Kinder Morgan Inc, the MLP's general partner, acquired Copano Energy LLC in May of this year and also bought the pipeline and gathering assets of El Paso Corp in May 2012.
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