Kinder Morgan Posts Blowout Profit on Texas Winter Storm
- Storm had a $1 billion impact on first-quarter earnings
- Profits from natural gas sales may be as high as $880 million
A truck drives down the street during a power outage in McKinney, Texas, on Feb. 16, 2021.
Photographer: Cooper Neill/BloombergThis article is for subscribers only.
Kinder Morgan Inc. surprised investors with a $1 billion dollar windfall from the historic winter storm that crippled Texas and boosted natural gas and power prices.
The deadly mid-February storm swelled first-quarter results, President Kimberly Dang said during a conference call with investors on Wednesday. The gain was so outsized that the pipeline operator results surpassed the average estimate by almost three times.