fetching latest news
News tagged in:
Midstream giant, Kinder Morgan yesterday recorded a 26% jump in the quarterly profit, climbing on the back of higher gas carryout from Permian Basin through its Gulf Coast Express pipeline. The Houston-based company filed a net income of $610 million in the fourth quarter, rising from $483 million, a year earlier. The Gulf Coast Express pipeline, which came into service in September 2019, can transport 2 billion cfd.
Calgary-based Pembina Corp. has agreed to buy Kinder Morgan Canada and the U.S. division of the Cochin Pipeline system in a $3.27 billion deal. Pembina will acquire Kinder Morgan Canada in an all-stock deal, valuing the Canadian assets of the pipeline giant at about C$15.02 per share. This represented a premium of 36.8% to stock’s Tuesday close.
Canadian energy infrastructure firm, Kinder Morgan recorded a net profit for the second quarter, climbing on the back of better incomes from natural gas pipelines and fewer impairment charges. The pipeline giant, however, missed Wall Street estimates in the earnings released yesterday. Kinder Morgan’s share traded lower nearly 2% at $20.21 in the after-hours.
Canadian pipeline major, Kinder Morgan yesterday released its quarterly report, with a quarterly profit that nearly halved from the last time. The lower profit was owed to the firm moving lower volumes of crude oil through its pipeline, and obviously, due to the pending sale of Trans Mountain pipeline with the Canadian government. Net income dropped to C$13.7 million, from C$25.1 million, a year earlier.
As the transportation crisis in Permian Basin persists, investors are looking towards the Q2 reports to be released by midstream operators in upcoming weeks. The release of Q2 earnings will start with Kinder Morgan on July 18, followed by EQT Midstream Partners, Williams Cos, and others. Analysts are saying that events in Permian oil patch will deeply affect the happenings in the gas sector, particularly for the midstream sector.