Kinder Morgan misses revenue estimates as gasoline, diesel volumes drop
July 19 (Reuters) — Kinder Morgan on Wednesday missed Wall Street estimates for second-quarter revenue as the pipeline operator transported lower volumes of gasoline and diesel through its network.
Oil and gas prices came under pressure during the April-June quarter as rising interest rates in key economies and a slower-than-expected manufacturing and consumption recovery in China dented fuel demand.
Energy output has yet not reached pre-pandemic levels as companies have kept a tight rein on production, pressuring pipeline operators’ transport volumes.
While Kinder Morgan’s volumes for gasoline and diesel fell in the reported quarter compared to the previous year, its total delivery volumes rose on higher natural gas volumes. The Houston, Texas-based firm posted revenue of $3.50 billion, compared with analysts’ average estimate of $4.55 billion, according to Refinitiv data. (Reporting by Tanay Dhumal in Bengaluru Editing by Vinay Dwivedi)
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.