Kinder Morgan quarterly profit jumps 16% on higher jet fuel volumes
Reuters
Published Oct 19, 2022 04:14PM ET
Updated Oct 19, 2022 04:27PM ET
(Reuters) -Kinder Morgan Inc reported a 16.4% rise in quarterly profit on Wednesday, as the U.S. pipeline operator transported higher jet fuel volumes amid a boom in airline travel demand.
Kinder Morgan (NYSE:KMI) transported 11% more jet fuel in the July-September quarter from a year earlier.
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.
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Written By: Reuters
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