Kinder Morgan Canada Ltd. said Jan. 16 its quarterly profit from continuing operations more than doubled as the company benefited from strong performance in its pipeline and terminal business.
Pipeline segment earnings jumped 39% to C$13.5 million, led by the Canadian part of the Cochin pipeline, which transports light condensate from the U.S. to Fort Saskatchewan, Alberta.
Kinder Morgan sold the controversial Trans Mountain pipeline to the Canadian government in August for C$4.5 billion and on Jan. 16 reiterated that it was looking at all options, including a sale, following that transaction.
Kinder Morgan Inc. (NYSE: KMI), which holds about 70% majority voting interest in Kinder Morgan Canada, has hired investment bank TD Securities to facilitate a potential sale of its Canadian business, Reuters reported in September.
RELATED: Trans Mountain Expansion Saga Reaches ‘Bittersweet Outcome'
The Houston-based company on Jan. 16 reported fourth-quarter net income available to common stockholders of $483 million, compared with a loss of $1.05 billion a year earlier, due to the overhaul of the U.S. tax code.
Kinder Morgan Canada reported net income from continuing operations of C$40.3 million (US$30.4 million) for the fourth quarter ended Dec. 31, up from C$18 million a year earlier. (US$1 = C$1.3256)
Recommended Reading
Energy Transfer Asks FERC to Weigh in on Williams Gas Project
2024-04-08 - Energy Transfer's filing continues the dispute over Williams’ development of the Louisiana Energy Gateway.
Venture Global Acquires Nine LNG-powered Vessels
2024-03-18 - Venture Global plans to deliver the vessels, which are currently under construction in South Korea, starting later this year.
Kinder Morgan Sees Need for Another Permian NatGas Pipeline
2024-04-18 - Negative prices, tight capacity and upcoming demand are driving natural gas leaders at Kinder Morgan to think about more takeaway capacity.
Ozark Gas Transmission’s Pipeline Supply Access Project in Service
2024-04-18 - Black Bear Transmission’s subsidiary Ozark Gas Transmission placed its supply access project in service on April 8, providing increased gas supply reliability for Ozark shippers.
EQT CEO: Biden's LNG Pause Mirrors Midstream ‘Playbook’ of Delay, Doubt
2024-02-06 - At a Congressional hearing, EQT CEO Toby Rice blasted the Biden administration and said the same tactics used to stifle pipeline construction—by introducing delays and uncertainty—appear to be behind President Joe Biden’s pause on LNG terminal permitting.