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 increased marginally by $71 million in Q2 2024 compared to Q2 2023, primarily due to a $131 million increase in service revenues, offset by a decrease in commodity sales. The six month revenue increase was only $25M.
Operating costs increased by $63 million in Q2 2024 and $12M in the six month period, primarily due to higher operations and maintenance expenses, which negatively impacted net income.
Net income attributable to Kinder Morgan decreased by $11 million in Q2 2024 and increased by $56M in the first six months of 2024, compared to the same periods in 2023, indicating a slight deterioration in profitability.