Kinder Morgan Q2: Earnings Miss, Higher Project Backlog & More

Kinder Morgan, Inc. (NYSE:KMI) reported second-quarter FY24 revenue of $3.57 billion, missing the consensus of $4.12 billion.

Natural Gas Pipelines segment saw improved financial performance Y/Y, driven by higher contributions from the Texas Intrastate system and the STX Midstream acquisition.

Also, contributions from the Products Pipelines segment increased Y/Y, aided by higher rates on existing assets and contributions from new capital projects.

In the second quarter, earnings in the Terminals business segment exceeded Y/Y, led by new expansion projects coming online and increased rates and utilization at their New York Harbor hub facilities in liquids terminals.

CO2 business segment earnings, excluding the gain from a divestiture, were down due to lower crude volumes, CO2 sales, and NGL volumes, down 13%, …

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