October 15, 2014 / 8:30 PM / 6 years ago

Kinder Morgan Partners profit rises, terminals help

Oct 15 (Reuters) - Kinder Morgan Energy Partners LP, the largest U.S. oil and natural gas pipeline company, on Wednesday said its third-quarter profit jumped from a year earlier, helped by higher profits for its product pipeline and terminals business.

Profit in the quarter at the Houston-based master limited partnership (MLP) totaled $976 million compared with $697 million in the same quarter a year ago.

The amount of cash available to be paid to unitholders, or distributable cash flow before certain items, rose 10 percent from a year earlier to $607 million.

The company said it has raised its quarterly cash distribution per unit 4 percent to $1.40 per share.

In August, Kinder Morgan Inc said it will put all its publicly traded units under one roof in a $44 billion deal in response to investor concerns about growth prospects. With that deal, the company will shed its MLP structure. (Reporting by Anna Driver)

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