Kinder Morgan’s billionaire chairman on Wednesday denied the U.S. pipeline company skimps on maintenance spending, hitting back at allegations by a young analyst that have rattled the company’s shares.

The analyst, Kevin Kaiser, 26, of research firm Hedgeye Risk Management, published a 45-page report on September 10 alleging, among other things, that Kinder Morgan has cut maintenance work to boost cash distributed to investors in its partnerships.

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