Just so you know who we’re dealing with…
… a Wall Street analyst, Kevin Kaiser of Hedgeye Research, called Kinder Morgan a “house of cards,” claiming that the company’s bottom line looked healthy because they were skimping on maintenance costs.
Kinder Morgan is the Texas-based company behind the west coast Trans Mountain crude oil pipeline, and boasts 84,000 miles of North American oil and gas pipeline. It was not the first time a company associated with Richard Kinder, one of its founders, had been described using that phrase.
The original “house of cards” was Enron where Kinder served as President and COO, expanding its revenues from $5.7 billion in 1991 to $13.3 billion in 1996. Enron collapsed in the 2001 scandal over its questionable accounting methods. It begs the question: does any of Enron’s genetic makeup live on inside Kinder Morgan?
To read the rest of the article, go to How a scandal-plagued company gave birth to Kinder Morgan.
Photo credit: Construction crews working on Kinder Morgan’s Trans Mountain pipeline in Western Canada. Photo from Kinder Morgan.