U.S. pipeline operator Kinder Morgan NYSE KMI has revised down its earnings guidance for this year amid a decline in oil prices and oil product volumes. The company reported late on Wednesday adjusted earnings per share EPS of $0.25 for the third quarter, flat compared to the third quarter of 2023, and slightly missing the average expectation of $0.27 EPS, according to estimates compiled by LSEG.
Full-year adjusted EPS would be some 4% lower than initially expected, although both adjusted core earnings and earnings per share are set to increase compared to 2023. In the products pipeline segment, refined products volumes were up 1% and crude and condensate volumes were down 4% in the third quarter compared to the third quarter of 2023, Kinder Morgan’s president Thomas Martin said on the earnings call.