(Reuters) -U.S. pipeline operator Kinder Morgan posted a rise in third-quarter profit on Wednesday, helped by higher volumes of natural gas transported through its pipelines.
Pipeline operators such as Kinder Morgan are banking on growing natural gas demand from LNG export facilities as well as a rise in power generation associated with AI operations, cryptocurrency mining and data centers.
“Total demand for natural gas is expected to grow by 20% through 2030, led by LNG exports and we are exploring more than 10 billion cubic feet per day of opportunities to serve the natural gas power generation sector,” CEO Kim Dang said.
The U.S. LNG sector is witnessing a resurgence in commercial activity driven by expectations of rising exports as new terminals come online following President Donald Trump’s January decision to lift a pause on new permits.
The company, which moves roughly 40% of the country’s total natural gas output, said the project backlog stood at $9.3 billion, with approximately $500 million of projects placed in service during the quarter offset by a roughly equivalent amount of projects added.
The company said it transported about 47,461 billion British thermal units of natural gas per day in the quarter, compared with 44,827 billion Btu per day last year.
However, its total delivery volumes, which also include refined products such as jet fuel and diesel fuel, fell to 2.11 thousands of barrels per day (MBbl/d) during the quarter ended September 30, from 2.15 MBbl/d last year.
The Houston, Texas-based company said its net income came in at $628 million for the three months ended September 30, compared with $625 million a year earlier.
(Reporting by Sumit Saha in Bengaluru; Editing by Alan Barona)
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