Kinder Morgan’s profits are rising with a higher volume of gasoline and fuel by Reuters
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(Reuters) – Children Morgan Inc (NYSE 🙂 reported a quarterly increase in adjusted earnings on Wednesday as the U.S. pipeline operator transported higher volumes of gasoline and fuel.
Gasoline and jet fuel consumption rose in the quarter as people resumed travel and business activity rose after a year of demand driven by coronavirus.
Kinder Morgan, which transports nearly 40 percent of what is consumed in the United States, said gasoline volumes were up 7 percent, while aircraft fuel volumes were up 48 percent.
However, the company’s natural gas transportation volumes fell 3% with the fall of the Colorado Interstate Gas Pipeline, hurting smaller Rockies Basin production.
Adjusted earnings rose 0.82% in the fourth quarter ended December 31 to $ 609 million, up from $ 604 million a year earlier.
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