(Adds industry background, shipping volumes, forecast)
July 21 (Reuters) – Kinder Morgan cut its 2021 profit forecast on Wednesday and reported lower quarterly earnings on the back of a decrease in natural gas volumes shipped.
Kinder Morgan had earned about $1 billion during the Texas cold storm which swept parts of the United States last quarter, knocking out nearly half of the state’s power plants and sending prices for natural gas and electricity up to record levels.
The company lowered its full-year profit forecast to $1.7 billion, from a $2.9 billion expectation outlined at the end of the first quarter.
Kinder Morgan, which transports nearly 40% of the natural gas consumed in the United States, said natgas transport volumes fell 1.8% sequentially, while total refined product volumes rose 16.7%.
Adjusted profit stood at $516 million, or 23 cents per share, in the second quarter ended June 30, compared with a profit of $1.37 billion, or 60 cents per share, in the first quarter.
Editing by Krishna Chandra Eluri