Sector: Energy|Industry: Oil & Gas Midstream|Market Cap: $57.38B|Employees: 10.9K
Kinder Morgan, Inc. is one of the largest energy infrastructure companies in North America. They own and operate an extensive network of pipelines and terminals, transporting and storing natural gas, refined petroleum products, crude oil, and other commodities. The company's core business model revolves around fee-based contracts, providing stable revenue streams, and their key markets include major energy supply and demand areas across the U.S.
Total revenues decreased by $46 million year-over-year, primarily due to a $173 million decrease in natural gas sales and a $15 million decrease in product sales. These decreases were partially offset by a $153 million increase in services revenue.
Net income attributable to Kinder Morgan, Inc. increased by $67 million year-over-year, from $679 million to $746 million. This increase is primarily due to a decrease in costs of sales and a decrease in other expenses.
Operating income increased by $29 million year-over-year, from $1,194 million to $1,223 million. This is primarily due to a decrease in costs of sales, which offset the decrease in revenues.