Kinder Morgan profit rises on higher gasoline, jet fuel volumes
1/19/2022 3:54:55 PM
Kinder Morgan reported a rise in quarterly adjusted profit on Wednesday as the U.S. pipeline operator transported higher volumes of gasoline and jet fuel.
Consumption of gasoline and jet fuel surged in the quarter as people resumed travel and business activity picked up, following a year of coronavirus-driven decline in demand.
Kinder Morgan, which transports nearly 40% of the natural gas consumed in the U.S., said gasoline volumes rose 7% while jet fuel volumes jumped 48%.
However, the company's natural gas transport volumes were down 3% with declines on Colorado Interstate Gas Pipeline, hurt by lower output in the Rockies basin.
Adjusted profit rose 0.82% to $609 MM in the fourth quarter ended Dec. 31, from $604 MM a year earlier.
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