kinder morgan houston

We also include amounts from joint ventures for income taxes and DD&A (see 'Amounts from Joint Ventures' below). ), Important Information Relating to Forward-Looking Statements. Natural gas gathering volumes were down 13% from the third quarter of 2019 across nearly all our systems, most notably on the KinderHawk system. This was somewhat offset by lower interest expense versus the same period last year. (See Table 7, Additional JV Information.) Our realized weighted average crude oil price for the quarter was up 11% at $54.83 per barrel compared to $49.45 per barrel for the third quarter of 2019, largely driven by our Midland/Cushing basis hedges,' said Dang. With this reduction, DCF less expansion capital expenditures is improved by approximately $135 million compared to budget, helping to keep our balance sheet strong. We believe the GAAP measure most directly comparable to DCF is net income (loss) to Kinder Morgan, Inc. DCF per common share is DCF divided by average outstanding common shares, including restricted stock awards that participate in common share dividends. Construction is nearing completion on a facility upgrade at the Battleground Oil Specialty Terminal Company LLC (BOSTCO) terminal, a leading fuel oil storage terminal on the Houston Ship Channel. She has reported on a wide variety of topics for the business desk since joining the Chronicle in 2018, including economy, labor, employment, energy, and the environment. Elba Liquefaction Company (ELC) completed the commissioning and startup activities on the remaining liquefaction units of the Elba Liquefaction project on August 27, 2020. This performance represents an improvement over the second quarter of 2020 as we saw some recovery in this sector.'. Our vision is delivering energy to improve lives and create a better world. 'CO2 segment earnings were down slightly due to mark-to-market adjustments on hedge contracts. 'Continued low refined product demand and lower crude and condensate volumes during the third quarter reduced contributions from the Products Pipelines segment,' Dang said. In our liquids business, which accounts for approximately 80% of the segment, refined product volumes were down 22% compared to the third quarter of 2019, although our predominantly fixed, take-or-pay contracting profile mitigated the negative impact to earnings. Houston pipeline operator Kinder Morgan Inc. posted a third quarter profit on Wednesday. 'Finally, and as I noted last quarter, the actions we took over the last several years to strengthen our balance sheet, including reducing our net debt by $10 billion since the third quarter of 2015, have increased our resiliency for these challenging times,' Kean concluded. The oil industry is consolidating. (See the accompanying Tables 3 and 7. The approximately $2 billion project is designed to transport up to 2.1 billion cubic feet per day (Bcf/d) of natural gas through approximately 430 miles of 42-inch pipeline from the Waha area to U.S. Gulf Coast and Mexico markets. But the profit marks a stark turnaround from the $637 million loss in the second quarter of 2020, when the company wrote down $1 billion in assets. Please join Kinder Morgan, Inc. at 4:30 p.m. Eastern Time on Wednesday, October 21, at for a LIVE webcast conference call on the company's third quarter earnings. It owns and operates more than 35,000 miles of pipelines and over 170 terminals in North America. ), Adjusted Earnings is calculated by adjusting net income (loss) attributable to Kinder Morgan, Inc. for Certain Items. For more information, please visit “We are very proud of how our team has performed during this challenging time,” CEO Steve Kean said in a statement. The calculations of DCF and Adjusted EBITDA related to our unconsolidated and consolidated JVs include the same items (DD&A and income tax expense, and for DCF only, also cash taxes and sustaining capital expenditures) with respect to the JVs as those included in the calculations of DCF and Adjusted EBITDA for our wholly-owned consolidated subsidiaries. (C) 2020 Electronic News Publishing, source ENP Newswire,, Kinder Morgan profit falls as pandemic hits demand for refined products. 'Crude and condensate pipeline volumes were down 17% and total refined product volumes were down 16% compared to the third quarter of 2019. Further, storage demand has remained elevated, contributing to historically-high effective utilization across our network of nearly 80 million barrels of storage capacity,' said Dang. Net Debt is a non-GAAP financial measure that management believes is useful to investors and other users of our financial information in evaluating our leverage. Adjusted Earnings per share uses Adjusted Earnings and applies the same two-class method used in arriving at basic earnings per common share. We believe the most comparable measure to Net Debt is debt net of cash and cash equivalents as reconciled in the notes to the accompanying Preliminary Consolidated Balance Sheets in Table 6. 1001 Louisiana St., Suite 1000 The pipeline operator cut $175 million from its initial 2020 operating budget. The nearly $2 billion project is supported by long-term contracts with Shell. Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in net income (loss), but typically either (1) do not have a cash impact (for example, asset impairments), or (2) by their nature are separately identifiable from our normal business operations and in our view are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation and casualty losses). These declines were partially offset by a full quarter of GCX volumes. Construction is progressing on NGPL's Gulf Coast Southbound project. We own an interest in or operate approximately 83,000 miles of pipelines and 147 terminals and are the largest energy infrastructure firm in the S&P500.

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