Kinder Morgan quarterly profit jumps 16% on higher natural gas earnings
5:55 pm Monday, October 24th, 2022
(This Oct. 19 story has been corrected to remove reference to jet fuel volumes in headline and paragraph 1 and 2, and reason for profit jump in headline and paragraph 1)
(Reuters) – Kinder Morgan Inc reported a 16.4% rise in quarterly profit on Wednesday, as the U.S. pipeline operator benefited from higher natural gas pipeline earnings and improved margins from crude oil, gas-liquids and carbon dioxide transport businesses.
Earnings from natural gas pipelines rose 6% to $1.16 billion in the reported quarter, primarily on increased volumes on the KinderHawk gathering system.
“Our Natural Gas Pipelines segment continues to see strong demand for the extensive firm transport and storage services we offer, as well as favorable contract renewals on multiple assets across our network,” Chief Executive Officer Steve Kean said.
The Texas-based company posted a net income of $576 million, or 25 cents per share, for the third-quarter ended Sept. 30, compared with $495 million, or 22 cents per share, a year earlier.
(Reporting by Ankit Kumar; Editing by Vinay Dwivedi)
