Kinder Morgan Posted Notable Surge in Q3 Profits

SEATTLE (Oil Monster): Kinder Morgan, Inc. announced robust Q3 results. The company’s third quarter profits surged over 16%, mainly aided by 11% surge in transportation volume of jet fuel.

The company reported third quarter net income attributable to the company of $576 million or 25 cents per share. This compares with net income attributable to the company of $495 million or 22 cents per share in the corresponding quarter a year before. The earnings from natural gas pipelines were up by 6% over the previous year to $1.16 billion in Q3 this year, the press release noted.

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The board of directors of the company approved a cash dividend of $0.2775 per share for the third quarter, which will be payable on November 15, 2022, to stockholders of record as of the close of business on October 31, 2022.

Kinder Morgan reported notable progress in expansion projects during the quarter. Also, it recorded sales of 25.5% equity interest in Elba Liquefaction Company, L.L.C., the proceeds of which were used to reduce short-term debt and create additional capacity for attractive investments.

For the first nine months of 2022, the company reported net income attributable to the company of $1,878 million, compared with $1,147 million a year ago.