Kinder Morgan’s terminals’ segment reported an increase in volumes of 5% in its first quarter 2018 financials.
Volumes across its network were up 11 million barrels compared to its first quarter 2017 financials including contributions from storage capacity increases in key liquid hubs. These include those along the Houston Ship Channel and Edmonton, Alberta, where it placed in-service the first six tanks of its 4.8 million-barrel Base Line Terminal crude oil merchant storage joint venture.
CEO Steve Kean says: ‘Earnings were down 2% compared to the first quarter of 2017. Earnings from expansion projects, including new build Jones Act tankers, were slightly more than offset by divestitures, decreased contributions from existing Jones Act tankers driven by lower charter rates, and some softness in tank utilisation at our Staten Island, New York, and Harvey, Louisiana, locations, among other things.’