Kinder Morgan Inc reported a 20.3% rise in quarterly adjusted profit on Wednesday as higher demand for jet fuel boosted the U.S pipeline operator’s volumes, with the company also benefiting from an increase in natural gas pipeline performance.
Kinder Morgan received a boost from bottled-up travel demand, resulting in a 19% rise in jet fuel volumes transported in the second quarter.
The company said adjusted earnings for it natural gas pipelines were up 6% at $1.13 billion in the reported quarter.
The Houston, Texas-based pipeline and terminal operator posted adjusted profit of $621 million, or 27 cents per share, for the quarter ended June 30, from $516 million, or 23 cents per share, a year earlier.