In this news, we discuss the Kinder Morgan quarterly profit falls on lower natgas volume.
(Reuters) – U.S. pipeline operator Kinder Morgan Inc KMI.N on Wednesday reported a 10% drop in quarterly profit as a sharp drop in natural gas prices due to the COVID-19 pandemic hurt production and fuel transport.
Pipeline companies have been forced to offer deep discounts to customers for transporting crude, gas and refined products on their pipelines as the oil and gas industry struggles with low energy demand and demand for energy. production is closed due to the pandemic.
Kinder Morgan, which transports nearly 40% of the natural gas consumed in the United States, said its profits fell 1% for its pipelines and 20% for its pipelines. Natural gas transport volumes fell by 2%.
Available net income for the company fell to $ 455 million, or 20 cents per share, in the third quarter ended Sept. 30, from $ 506 million, or 22 cents per share, a year earlier.
Excluding items, Kinder Morgan gained 21 cents per share, in line with Wall Street estimates, according to Refinitiv IBES data.
Reporting by Arundhati Sarkar in Bengaluru; Editing by Anil D’Silva, Bernard Orr
Original © Thomson Reuters