Kinder Morgan: Eagle Ford Production Down 28%
Kinder Morgan Releases First Quarter Earnings
Kinder Morgan has lowered its 2016 guidance due to a 28% decline in production from their Eagle Ford shale assets.
Related: Penn Virginia Corp. Files Chapter 11
In an earnings call last week, Kinder Morgan chief executive Steve Kean reported a good first quarter with cash flows in excess of $1.2 billion plus a reduction in their growth capital backlog from $18.2 billion at the end of the fourth quarter 2015 to $14.1.
Kinder Morgan’s combined oil production across all of our fields was down 7% in the first quarter, averaging 56.4 MBbl/d, down 6 percent from 59.8 MBbl/d for the same period in 2015.
The Houston-based company lowered its overall 2016 earnings guidance by 3%, attributing over half of that to the declines in the Eagle Ford volumes.