Kinder Morgan, Inc. reported its financial results for the third quarter and the first nine months of 2024, showing a mixed performance in revenue and profitability compared to the same periods in 2023. For the three months ended September 30, 2024, total revenues were $3,699 million, a decrease of $208 million (5%) from $3,907 million in the prior year. For the nine months, revenues totaled $11,113 million, down $183 million (2%) from $11,296 million in 2023.
Despite the decline in revenues, the company experienced an increase in operating income, which rose to $1,015 million for the third quarter, up from $938 million in 2023, reflecting an increase of $77 million (8%). For the nine-month period, operating income increased to $3,276 million, compared to $3,162 million in the previous year, marking a 4% rise. Net income for the third quarter was $651 million, an increase of $96 million (17%) from $555 million in 2023, while net income for the nine months rose to $2,026 million, up $158 million (8%) from $1,868 million.
The company’s earnings per share also improved, with basic and diluted earnings per share for the third quarter at $0.28, compared to $0.24 in the same period last year. For the nine months, earnings per share increased to $0.87 from $0.80.
Operating costs decreased significantly, with total operating costs for the third quarter at $2,684 million, down from $2,969 million in 2023, and for the nine months at $7,837 million, compared to $8,134 million in the previous year. This reduction in costs was attributed to lower natural gas and product costs, driven by decreased commodity prices.
Strategically, Kinder Morgan completed the acquisition of AVAD Energy Partners’ interest in the North McElroy Unit for $60 million in June 2024, enhancing its CO2 business segment. Additionally, the company divested interests in several CO2 assets for $19 million, realizing a gain of $41 million. The acquisition of STX Midstream for $1,829 million was finalized in December 2023, further expanding its portfolio.
As of September 30, 2024, Kinder Morgan's total debt stood at $32,031 million, with cash and cash equivalents amounting to $108 million, an increase from $83 million at the end of 2023. The company declared a quarterly dividend of $0.2875 per share, reflecting a 2% increase from the previous year.
About KINDER MORGAN, INC.
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