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Kinder Morgan profit falls 29 pct; hikes dividend

Reuters - UK Focus

(Corrects spelling of "dividend" in first paragraph)

July 15 (Reuters) - Kinder Morgan Inc (NYSE: KMI - news) 's second-quarter profit fell nearly 29 percent from the first quarter, and the pipeline company said it increased its quarterly dividend by 14 percent.

The company also said it would buy the 49 percent stake that it does not already own in natgas joint venture Elba Liquefaction Co LLC from Royal Dutch Shell Plc (Xetra: R6C1.DE - news) .

Kinder Morgan, which last year put all of its publicly traded partnerships into one corporate parent, said on Wednesday that it continued to remain on track for 2015 dividend target of $2 per share.

Net income attributable to Kinder Morgan fell to $333 million in the second quarter ended June 30, from $469 million in the first quarter ended March 31. (Reporting by Tanvi Mehta and Sneha Banerjee in Bengaluru; Editing by Maju Samuel)