Storm Propels Pipeline's Profit

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Kinder Morgan last week reported higher-than-expected first-quarter profits thanks to a demand surge for gas and electricity during the February winter storm. The deep freeze knocked out nearly half of Texas power plants and sent prices for gas and power to record levels. Kinder Morgan benefited from the shortage as it released gas and sold electricity at prices that were hundreds of times higher than normal for several days. "Our previous investments in our assets, particularly on our gas storage assets, were a huge help. We were on maximum withdrawal for days at several of our fields," CEO Steven Kean said on a post-earnings call. Although gas transport volumes were down 3% overall amid the lingering impact on demand from the Covid-19 pandemic, Kinder Morgan's gas pipelines unit still saw adjusted income grow by almost 80%.

Gas Pipelines, Oil Pipelines, Corporate Strategy , Midstream Companies
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