soaring profits Kinder Morgan made during last year’s freeze proved difficult to beat as the company reported a drop in the first quarter of this year.
The Houston-based pipeline company said its profits declined 53 percent to $667 million in the first three months of the year compared with $1.4 billion during the same period in 2021, when it made around $1 billion during the week of the February freeze. Revenue fell 18 percent to $4.3 billion from $5.2 billion in the first quarter of last year.
“While we are benefiting from commodity price tailwinds," said Kinder Morgan CEO Steve Kean,"we are also performing better than budget in a number of areas, which is more than offsetting some higher cost headwinds." The company said it is exploring gas takeaway options as demand increases, including the possibility of increasing its compression capacity in the Permian Basin and along the Gulf Coast — projects that could add more than 1 billion cubic feet per day of takeaway capacity to the region as early as next year.
Kinder Morgan is also making investments to support renewable diesel, Kean said, “and our investment in renewable natural gas is presenting good additional growth opportunities.”
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