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
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
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