Why has this been such a personal vendetta for you? We have all heard the stories about the conference where Kinder took Kurt Wulff to task and from that day on he was out to get Kinder....personally, KMP is a very minor part of my portfolio and as such its overall performance doesn't move the needle too terribly much in either direction, so it doesn't bother me when they only achieve say 4% distribution growth, when the historical returns have been much better. Big deal. When confronted with facts, you run and hide. Is it the success that Kinder has had that you are jealous of? I made a killing when I bought KMI right after the Enron debacle and another killing when they took KMI private and collected huge dividends along the way. I rolled a portion of those proceeds into KMP. Since that time, I have done quite well relative to the market. Sure, other MLPs have done better. I know, I own a great many of them.
I don't think any investor that has done their due dilligence expects KMP to grow much more than 3-5% a year, if that. The 7% yield is a good return relative to what can be had at a bank these days in CDs. Is it risk free, Absolutely not, but I am comfortable with the risk. I know Kinder's GP can't collect IDRs if they can't pay the distribution.