Kinder Morgan Inc. on Oct. 16 posted third-quarter adjusted EBITDA of $1.83 billion, a decrease from $1.86 billion in the year-ago period.
The S&P Global Market Intelligence consensus adjusted EBITDA estimate was $1.86 billion.
The company expects its adjusted EBITDA to come in about 3% below budget for the year, mainly because of the delay in the Elba Island liquefaction project's in-service date and lower commodity prices, among other factors. Kinder Morgan also noted a delay for its Permian Highway pipeline project, saying the "slower than anticipated" pace of regulatory approvals had pushed the in-service date to early 2021. The pipe was expected to be online in late 2020.
Still, the company touted progress on the project to date. "We also made excellent progress on our Permian Highway Pipeline project, with nearly 85 percent of the right-of-way secured along the route and construction activities underway on the western spread," President Kim Dang said in the Oct. 16 news release.
Distributable cash flow in the third quarter totaled $1.14 billion, up from $1.09 billion in the prior-year quarter. Net income available to common stockholders was $506 million, a drop from $693 million a year earlier.
Kinder Morgan is one of the largest energy infrastructure companies in North America, operating about 84,000 miles of pipelines and 157 terminals.