(Reuters) – Kinder Morgan Inc reported a rise in quarterly adjusted profit on Wednesday as the U.S. pipeline operator transported higher volumes of gasoline and jet fuel.
Consumption of gasoline and jet fuel surged in the quarter as people resumed travel and business activity picked up, following a year of coronavirus-driven decline in demand.
Kinder Morgan, which transports nearly 40% of the natural gas consumed in the United States, said gasoline volumes rose 7% while jet fuel volumes jumped 48%.
However, the company’s natural gas transport volumes were down 3% with declines on Colorado Interstate Gas Pipeline, hurt by lower output in the Rockies basin.
Adjusted profit rose 0.82% to $609 million in the fourth quarter ended Dec. 31, from $604 million a year earlier.
(Reporting by Rithika Krishna in Bengaluru; Editing by Vinay Dwivedi)
