Kinder Morgan reports quarterly profit of $170 million

Houston pipeline giant Kinder Morgan posted a $170 million profit for the final quarter of the year to rebound after suffering a loss in the third quarter.

The net gain compares to a $72 million loss during the same time in 2015. Kinder Morgan saw an annual profit of $552 million versus a $227 million in 2015.

The company’s quarterly revenues dipped though to $3.39 billion for the quarter compared to $3.64 billion during the last quarter of 2015.

The last few months of the year saw Kinder Morgan win approval for its $5.4 billion Trans Mountain crude oil pipeline expansion project in Canada, as well as start construction on its $2 billion Elba Liquefaction Project at the Elba Island liquefied natural gas terminal in Georgia. Kinder Morgan is getting into the LNG export business.

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