Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Kinder Morgan profit rises as fuel demand heats up

10/20/2021 | 04:19pm EST

Oct 20 (Reuters) - Kinder Morgan Inc posted a 4.1% jump in adjusted profit for the third quarter on Wednesday, as a rebound in fuel demand from pandemic lows boosted the pipeline operator's volumes.

With people taking to the roads again and air travel picking up as international borders reopen, Kinder Morgan reported a jump of 9% in gasoline volumes and a 56% surge in jet fuel volumes.

The company also posted a 3% rise in gas pipeline volumes as a scramble to fill gas inventories before the winter heating season in Europe and Asia steadily boosted exports of liquefied natural gas from the United States.

"We continue to benefit from growing global natural gas demand. Our assets are well-positioned to serve growing domestic markets and export locations for LNG and Mexico," Chief Executive Officer Steve Kean said.

The Delta variant of COVID-19 had hit refined products volumes during the period, but the company expects the impact to ease in the fourth quarter.

Kinder Morgan, which pushed into the renewable natural gas business with the $310 million purchase of privately held Kinetrex Energy this year, said it was looking to take advantage of the global transition to green energy by seeking opportunities in the space.

Kinetrex and natural gas pipeline firm Stagecoach Gas Services, which Kinder Morgan bought in July, are expected to slightly outperform the company's expectations for the year.

Adjusted profit rose to $505 million, or 22 cents per share, in the third quarter ended Sept. 30, from $485 million, or 21 cents per share, a year earlier.

Analysts on average had estimated 24 cents per share, according to Refinitiv IBES data.

Revenue of $3.82 billion beat estimates of $3.26 billion. (Reporting by Ruhi Soni in Bengaluru; Editing by Devika Syamnath)


ę Reuters 2021
Latest news "Economy & Forex"
03:50aCHINA SECURITIES REGULATOR : Says media report that china will ban companies with vie structure from u.s. listing is total misunderstanding and misreading
RE
03:48aCHINA SECURITIES REGULATOR : Says respects chinese companies' choice of listing venues on the basis of compliance
RE
03:32aECOWAS Mission Observes the Presidential Election in The Gambia
PU
03:32aMINISTRY OF COMMERCE AND INDUSTRY OF REPUBLIC : For harnessing agricultural and food products exports potential from eastern Uttar Pradesh, APEDA organized ‘Agri-export conference cum Buyer Seller Meet' at Mirzapur
PU
03:00aWestern companies are blind to Ugandan investments - President Museveni
RE
03:00aChinese private investment growing in uganda as western investors lose appetite - ugandan president
RE
03:00aLittle progress has been made in the fight against corruption - ugandan president
RE
03:00aUGANDAN PRESIDENT MUSEVENI : Kampala airport not collateral for chinese loan
RE
03:00aKampala bombers had contact with somalia, kenya - ugandan president
RE
02:32aCOVID cases found on Norwegian Cruise ship returning to New Orleans
RE
Latest news "Economy & Forex"