Kinder Morgan Misses Third-Quarter Expectations; Deleveraging and Growth Ahead of Schedule
Kinder Morgan reported third-quarter results below our expectations as lower volumes in its system dragged on top-line performance. The company posted revenue of $3.33 billion versus our expectation of $3.48 billion and consensus estimate of $3.45 billion. Adjusted EBITDA for the quarter was $1.77 billion versus our estimate of $1.82 billion and consensus of $1.83 billion. Management attributed much of the performance shortfall in the third quarter to the CO2 pipeline and injection business, whi...Kinder Morgan is an energy infrastructure company. The company's segments are: Natural Gas Pipelines, which includes the ownership and operation of, among others, main interstate and intrastate natural gas pipeline and storage systems; Products Pipelines, which includes the refined petroleum products, crude oil and condensate pipelines; Terminals, which includes the ownership and/or operation of, among others, liquids and bulk terminal facilities; and carbon dioxide (CO2), which includes the production, transportation and marketing of CO2, ownership interests in and/or operation of oil fields and gasoline processing plants in West Texas.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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