Kinder Morgan has reported adjusted earnings of $621m for the second quarter, up from $516m a year ago.
Steve Kean, CEO of Kinder Morgan, reported: “Each of our business segments also outperformed the prior year period this quarter, with solid growth in our base natural gas business.
“Our Natural Gas Pipelines segment continues to see strong demand for the extensive firm transport and storage services we offer, as well as favourable contract renewals. We are also prepared to invest more in the near term to support LNG growth as we pursue a robust set of opportunities for additional LNG transport capacity.”
Kinder Morgan’s terminals segment reported improved earnings, with liquids volumes increasing in both truck rack terminals and refined product hub facilities.
Kim Dang, president of Kinder Morgan, said: “Persistent, steep backwardation in refined product futures price curves continued to present a headwind for product storage and blending economics, contributing to lower utilisation rates and modest rate pressure, principally in our New York Harbour hub.”
Tank conversion work is continuing at the Harvey terminal in Louisiana to create a renewable feedstock storage and logistics hub for Neste. The facility is expected to begin operations in early 2023.
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