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Kinder Morgan Posts Explosive Benefits to Texas Winter Storm

(Bloomberg)-Kinder Morgan, Inc. surprised investors with a billion-dollar storm from a historic winter storm that crippled Texas and pushed up natural gas and electricity prices. A deadly storm in mid-February swelled first-quarter results, President Kimberley Dunn said in a conference call with investors on Wednesday. Mizuho Americas LLC analyst Gabriel Moreen said the profits were so great that pipeline operator results were nearly three times higher than the average estimate. “It’s a shame.” Kinder revealed a net profit of $ 116 million from voluntarily curbing electricity usage in the event of a disaster and reselling it at super-high prices. This means a $ 880 million plunge in gas sales. A Kinder Morgan spokesperson refused to comment on the numbers. Losers, winners, and utilities across Lone Star suffered billions of dollars when the Arctic explosion disrupted the power grid, disrupted gas supplies, and pushed prices to unprecedented levels. It was. On the other side of the market, drillers such as Kinder and Comstock Resources Inc. made significant profits. Investors and analysts are closely watching similar positive surprises among peers in Kinder’s pipeline sector as they announce their first-quarter results in the coming weeks. “Our stored assets worked very well and were able to supply gas to the market during the storm,” said CEO Steve Keen. “These storage withdrawals have made it possible to supply large quantities of gas at contract or prevailing prices, along with gas purchased before and during the event.” Impact of additional gas sold by Kinder Many were sent to generators that were closed or profitable by regular suppliers. As the disaster intensifies, the storm can have a long-term impact on Kinder, and if the costume pays to ensure an uninterrupted gas supply, it will add value to the company’s conduits and storage facilities. Moline said in an interview. Peers such as Energy Transfer LP may also be ready to make significant profits from the disaster. The unit jumped 3.3% to its highest level since March 15. Energy Transfer will announce its quarterly financial results on May 11. Kinder’s first-quarter net profit reached a record $ 1.41 billion. According to Bloomberg. New York’s share rose 0.9% (add analyst comments in the third paragraph). Visit bloomberg.com for articles like this. Subscribe now to get the most trusted business news sources. © 2021 Bloomberg LP

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