The Houston pipeline company Kinder Morgan swung to a profit in the third quarter, after posting losses in the same period in 2016.
The company said it earned $334 million in the three months ending in September, after losing $227 million in the third quarter of 2016. Revenues were essentially flat over the year at about $3.3 billion.
In the first nine months 2017, revenues grew to $10.1 billion, an increase of about 4 percent compared to the same period last year.
Kinder Morgan said it will hold its dividend at 12.5 cents a share, although it said in July that it plans to boost the investor payout to 20 cents in the first quarter of 2018.
Kinder Morgan slashed its dividend by 75 percent from 51 cents a share at the end of 2015 as the effects of the oil bust spread into the pipeline industry.
Over the past several months, Kinder Morgan has sold interests in projects to pay down debt that was as high as $40 billion.
In a statement, the company’s executive chairman Richard Kinder said the company would continue to fund its growth with its operating income, rather than seeking outside financing.
He added the company remained on track to increase the dividend early next year and complete the $2 billion stock buy-back that Kinder Morgan announced last quarter.
CEO Steve Kean noted that company delivered solid earnings despite the challenges and impact of Hurricane Harvey, which doused the region with more than 50 inches of rain.
“Hundreds of our employees and their families were affected by these storms, but they and the assets they operate proved resilient and strong,” Kean said. “Our response was robust and impacts on our customers and operations were minimized.”
This story originally appeared in the Houston Chronicle, an Energy Voice content partner. For more click here.
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