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I don't know the reason they disagree, maybe it's that one includes El Paso assets and the other doesn't.

I do know that the PE is irrelevant. KMI is a holding company that owns the General Partner of Kinder-Morgan Energy Partners LP. They have no directly held assets, they own the GP, units of KMP and Incentive Distribution Rights to KMP. They also own El Paso Pipeline Partners. Because of their odd structure, the PE is meaningless. All they really do is collect payments from the GP and KMP, service debt, pay taxes and then pass the residual on to shareholders. That PE is not worth much as a result of their structure. With KMI it's about cash flow.

The Kinder-Morgan family is not an easy an easy group to understand, but historically, it has been a solid investment.

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