Kinder Morgan reported lower-than-expected profits in the third quarter of the year but remains upbeat about the future due to growing natural gas demand.
Kinder Morgan reported a lower-than-expected net result for the third quarter of the year but said the outlook over the short term was positive, largely thanks to expectations of stronger natural gas demand. “This quarter KMI continued to benefit from strong demand for our natural gas transportation and storage services,” chief executive Kim Dang said.
” At the same time, the company acknowledged several challenges that affect its performance, including higher borrowing costs because of higher rates, lower-than-expected commodity prices this year, and higher expenses. The company had made its budget calculations based on an oil price of $85 per barrel and a gas price of $5.50 per million British thermal units.
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