Kinder Morgan Energy Partners said in an update on fourth quarter 2008 operations that its products pipeline segment earned $153.2 million before factoring in depletion, depreciation and amortization, an 11 percent increase on the yearly period. For the year, this segment generated $571.5 million in earnings before DD&A, which was below its projected budget of $612.7 million or 5 percent growth.

“The shortfall was driven by lower volumes as a result of extremely high products prices and a recessionary environment,” said Chairman and CEO Richard D. Kinder.

The partnership, which owns an interest in or operates more than 25,000 miles of pipelines and 170 terminals in North America, said the products pipelines segment in the fourth quarter “benefited from improved financial performances at the Southeast and West Coast terminals, along with the Cochin and Central Florida pipelines, compared to 2007.”

Flying J Inc. last week in a release announced the resignation of President and Chief Executive Officer J. Phillips Adams and named current board chair Crystal Call Maggelet as his replacement.

“All of us at Flying J recognize and appreciate the contributions Phil has made to the company over the years, and we wish him well,” said Maggelet. “Given the challenges our company is currently facing, however, it is essential that we look forward.”

Flying J, along with its Big West refining and Longhorn Pipeline subsidiaries filed Chapter 11 bankruptcy protection on Dec. 22, 2008, with the company saying that the bankruptcy filing was due to the “precipitous decline in crude oil prices coupled with the disruption in credit markets.”