(Reuters) – U.S. pipeline operator Kinder Morgan Inc reported a 26% rise in quarterly profit on Wednesday, benefiting from higher gas takeaway from Permian Basin through its Gulf Coast Express pipeline.
The pipeline, which can transport 2 billion cubic feet per day (bcfd), came into service in September last year when drillers were burning off natural gas at record rates due to lack of transportation capacity from the shale-rich Permian Basin.
Earnings - Gas - Transport - Volumes - %
Earnings from natural gas transport volumes rose 14% and from natural gas liquids transport volumes jumped 23% from a year earlier.
The pipeline operator generated $1.35 billion, or 59 cents per share, in distributable cash flow (DCF) in the fourth quarter, higher than $1.14 billion, or 50 cents per share, in the prior quarter. On...
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