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Kinder Morgan misses on earnings and cuts 2016 capital budget

Kinder Morgan misses on earnings and cuts 2016 capital budget

US pipeline giant Kinder Morgan disappointed investors and unexpectedly reported lower first quarter results over last year: 

  • Net income was US$276 million, down from $429 million for the same period last year.
  • Revenues fell to US$3.20 billion, much lower than the US$3.76 billion that was expected and lower than Q1/2015 revenues of $3.60 billion. 
  • The 2016 capital budget was cut from US$3.3 billion to US$2.9 billion.

The company expects it will be able to fund its projects and dividends without having to issue more debt or shares.

Kinder Morgan Canada reported Q1 earnings of US$40 million versus the US$41 million for Q1/2015. Demand on the Trans Mountain pipeline remains high with deliveries to Washington State up 17% year/year. The company is still waiting for final approval of its US$5.6 billion Trans Mountain Expansion. The earliest in-service date has been moved to the end 2019 thanks to new delays brought in by the Federal Liberals. The expansion will increase the line's capacity from 300,000 to 890,000 bbl/day.

EI recipients continue to rise in Alberta & Saskatchewan but news claims start to level off

EI recipients continue to rise in Alberta & Saskatchewan but news claims start to level off

Oil workers' strike in Kuwait boosts oil prices

Oil workers' strike in Kuwait boosts oil prices

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