April 22, 2002; Kinder Morgan Advances on Greed Gauge 

Reporting a quarter that looked favorable superficially, but does little to justify extraordinarily high valuation, a pyramid of debt and misleading accounting, Kinder Morgan announced an increase in payout for KMP and KMR to an annual rate of $2.36 a share.  That qualifies the general partner for 39% of all cash flow distributed up from 38% a few months ago.  The new payout rate is 2.5 times the level that triggers a 50% marginal general partner tax rate on incremental cash flow.  As a result Kinder Morgan’s leading position on the Greed Gauge is strengthened.