Kinder Morgan (NYSE:KMI) shares are trading more than 2% lower intra-day today after the company reported its Q1 earnings results, with revenue of $3.89 billion coming in worse than the Street estimate of $4.67 billion. EPS was $0.30, better than the Street estimate of $0.29.
Adjusted EBITDA of $1.996 billion came in above the Street estimate of $1.950 billion.
Operational outperformance (mostly in the natural gas and terminals) has offset commodity prices that are running below the company’s budgeted levels. Consequently, the company maintained its budgeted 2023 guidance.
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