Kinder Morgan Canada Ltd. said on Wednesday its quarterly profit from continuing operations more than doubled as the company benefited from strong performance in its pipeline and terminal business.
Pipeline segment earnings jumped 39 per cent to $13.5 million, led by the Canadian part of the Cochin pipeline, which transports light condensate from the United States to Fort Saskatchewan, Alberta.
Kinder Morgan sold the controversial Trans Mountain pipeline to the Canadian government in August for $4.5 billion and on Wednesday reiterated that it was looking at all options, including a sale, following that transaction.
Kinder Morgan Inc., which holds about 70 per cent majority voting interest in Kinder Morgan Canada, has hired investment bank TD Securities to facilitate a potential sale of its Canadian business, Reuters reported in September.
The Houston-based company on Wednesday reported fourth-quarter net income available to common stockholders of US$483 million, compared with a loss of US$1.05 billion a year earlier, due to the overhaul of the U.S. tax code.
Kinder Morgan Canada reported net income from continuing operations of $40.3 million for the fourth quarter ended Dec. 31, up from $18 million a year earlier.