• Natural Gas News

    Kinder Morgan Profits up in Q4 on Project Start-ups

Summary

The Gulf Coast Express gas pipeline has helped ease takeaway constraints in the Permian basin.

by: Joseph Murphy

Posted in:

Natural Gas & LNG News, Americas, Liquefied Natural Gas (LNG), Corporate, Financials, Infrastructure, Pipelines, News By Country, United States

Kinder Morgan Profits up in Q4 on Project Start-ups

US energy infrastructure operator Kinder Morgan posted a 26% growth in its fourth-quarter profits on January 23, thanks to increased gas takeaway from the Permian basin.

Net income came to $610mn in the three-month period, versus $483mn a year earlier, Kinder Morgan said in a report.

The company launched its Gulf Coast Express (GCX) pipeline in September, capable of transporting up to 2bn ft3/day of gas from the Permian. The project provided some relief to producers in the area, which had been flaring record rates of associated gas because of takeaway capacity constraints.

Kinder Morgan also benefited from the October start-up of its Elba Island LNG project in Georgia, together with commissioning of expansion projects at the Tennessee gas pipeline. Its gas transport volumes were up 14% yr/yr, with earnings from gas pipelines up 11% at $1.25bn.