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Kinder Morgan misses quarterly profit estimates on weak prices, crude volumes
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Kinder Morgan misses quarterly profit estimates on weak prices, crude volumes
Oct 17, 2024 1:57 PM

Oct 16 (Reuters) - U.S. pipeline operator Kinder Morgan ( KMI )

fell short of Wall Street estimates for third-quarter

profit on Wednesday, weighed down by weaker commodity prices and

lower crude volumes.

U.S. WTI crude oil prices declined about 8.1% during

the reported quarter from a year earlier on concerns over demand

and ample supplies.

Crude and condensate volumes fell 4% from the year-ago

quarter.

At its products pipelines unit, which includes refined

products, adjusted core profit decreased about 11.5% to $277

million.

Kinder Morgan ( KMI ), whose pipelines move about 40% of total U.S.

natural gas production, said natural gas transport volumes rose

2% year-over-year.

The Houston, Texas-based company posted an adjusted profit

of 25 cents per share for the three months ended Sept. 30,

compared with analysts' estimates of 27 cents, according to

estimates compiled by LSEG.

Kinder Morgan ( KMI ) also projected annual adjusted core profit to

be 2% below its forecast, compared to previous expectations of

in line or within 1-2% below.

(Reporting by Sourasis Bose in Bengaluru; Editing by Sriraj

Kalluvila)

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