(Updated - December 8, 2015 12:54 PM EST)

Kinder Morgan (NYSE: KMI) board holding meeting today to mull dividend cut, according to the WSJ.

UPDATE - According to the report, Kinder Morgan has an "ambitious" backlog of projects, which include a contested nat gas pipeline across New England and another oil sands pipeline.

News comes as just one year ago, Kinder Morgan was promising big growth and improved payouts to shareholders. But, confidence in the company has since waned as oil and nat gas prices have tumbled over the last year.

Following a recent slide in prices, Kinder Morgan's annual dividend rate of $2.04 produces a yield at just over 12 percent. Some speculate that the energy giant might trim its quarterly payment to around 1 cent per share.

Shares of Kinder Morgan are down 4.7 percent Tuesday afternoon.