Kinder Morgan revised down its 2024 profit forecast due to lower oil prices, RNG project delays, and product volume declines.
U.S. pipeline operator Kinder Morgan NYSE KMI has revised down its earnings guidance for this year amid a decline in oil prices and oil product volumes. The company reported late on Wednesday adjusted earnings per share EPS of $0.25 for the third quarter, flat compared to the third quarter of 2023, and slightly missing the average expectation of $0.27 EPS, according to estimates compiled by LSEG.
Full-year adjusted EPS would be some 4% lower than initially expected, although both adjusted core earnings and earnings per share are set to increase compared to 2023. In the products pipeline segment, refined products volumes were up 1% and crude and condensate volumes were down 4% in the third quarter compared to the third quarter of 2023, Kinder Morgan’s president Thomas Martin said on the earnings call.
Earnings Guidance Oil Prices Renewable Natural Gas (RNG) Pipeline Operator Adjusted EPS EBITDA Natural Gas Electricity Demand Data Centers
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