Crude Oil October 17, 2024 12:20:04 AM
Kinder Morgan Misses Estimates, Lowers Annual Profit Forecast on Weak Prices
Shares of the company, whose pipelines move about 40% of total U.S. natural gas production, fell 2.6% in extended trade.
SEATTLE (Oil Monster): Kinder Morgan fell short of Wall Street estimates for third-quarter profit on Wednesday and lowered its annual forecast as the U.S. pipeline operator contends with weaker commodity prices and lower crude volumes.
Shares of the company, whose pipelines move about 40% of total U.S. natural gas production, fell 2.6% in extended trade.
"For the full year, we expect refined product volumes to be slightly below our plan to 2% over 2023," President Thomas Martin said in a conference call.
Courtesy: www.reuters.com