Kinder Morgan on Wednesday posted a fourth quarter loss of just under $1 billion after a one-time tax charge of $1.4 billion, a hit taken from the recently enacted federal tax overhaul, the company said.
Without the initial tax payment, the company would earned a profit of nearly $400 million, Kinder Morgan said.
While the tax cut is expected to be a boon for corporations, several major companies have already indicated that their quarter earnings would show heavy losses due to the revaluing of certain assets.
Kinder Morgan is not alone in posting a heavy loss due to the cuts. The New York investment bank, Goldman Sachs, said it lost nearly $2 billion in fourth quarter after taking $4 billion charge due to tax changes.
Late last year, Kinder Morgan announced that it will move forward with $1.7 billion gas pipeline from West Texas to the Corpus Christi area after signing Apache Corp. as a major customer. The project is expected to begin operation by October 2019.
This first appeared on the Houston Chronicle – an Energy Voice content partner. For more click here.
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