Kinder Morgan Canada Ltd. said Jan. 16 its quarterly profit from continuing operations more than doubled as the company benefited from strong performance in its pipeline and terminal business.
Pipeline segment earnings jumped 39% to C$13.5 million, led by the Canadian part of the Cochin pipeline, which transports light condensate from the U.S. to Fort Saskatchewan, Alberta.
Kinder Morgan sold the controversial Trans Mountain pipeline to the Canadian government in August for C$4.5 billion and on Jan. 16 reiterated that it was looking at all options, including a sale, following that transaction.
Kinder Morgan Inc. (NYSE: KMI), which holds about 70% majority voting interest in Kinder Morgan Canada, has hired investment bank TD Securities to facilitate a potential sale of its Canadian business, Reuters reported in September.
The Houston-based company on Jan. 16 reported fourth-quarter net income available to common stockholders of $483 million, compared with a loss of $1.05 billion a year earlier, due to the overhaul of the U.S. tax code.
Kinder Morgan Canada reported net income from continuing operations of C$40.3 million (US$30.4 million) for the fourth quarter ended Dec. 31, up from C$18 million a year earlier. (US$1 = C$1.3256)
The number of pipeline and storage terminal projects proposed to move shale to the U.S. Gulf Coast has dwindled amid steps by oil producers to pare exploration spending.
U.S. buyout firm Carlyle Group has agreed to buy between 30% and 40% of Cepsa, Europe's largest privately-owned oil and gas company, from Abu Dhabi state investor Mubadala.
Pecos Bend IV begins commissioning process and Welch takes over as CEO.