© Stocksak. FILEPHOTO: The headquarters for Kinder Morgan Inc., U.S. energy exporter/pipeline operator, is seen in Houston Texas, U.S. September 27, 2020. REUTERS/Gary McWilliams
(Removes mention of jet fuel volumes in headline, paragraph 1 and 2, Oct. 19 story; Corrects reasons for profit jump headline and paragraph 1)
(Stocksak). Kinder Morgan Inc reported a 16.4% increase in its quarterly profit on Wednesday. This was due to higher pipeline earnings and better margins from, gas liquids and carbon dioxide transport companies.
Earnings from natural Gas Pipelines rose 6% to $1.16Billion in the last quarter, mainly due the KinderHawk Gathering System’s increased volumes.
Chief Executive Officer Steve Kean stated, “Our Natural Gas Pipelines Segment continues to see strong interest for the extensive firm transportation and storage services we provide, as well as favorable contracts renewals on multiple assets within our network.”
The net income of the Texas-based company was $576million, or 25cs per share for the third quarter ended September 30, compared to $495 million or 22cs per share a year earlier.