⁍ U.S. pipeline operator Kinder Morgan Inc KMI.N reported a 10% drop in quarterly profit.

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⁍ A steep fall in energy demand due to the coronavirus crisis led to lower shipments of refined products and natural gas.

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⁍ A pandemic-driven drop in energy demand has freed up some capacity at pipeline companies.

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– Oil and gas pipeline operator Kinder Morgan said Wednesday that its third-quarter profit fell 10% as a result of lower shipments of refined products and natural gas. The company said earnings from its product pipelines, which move gasoline, jet fuel, and diesel, fell 20%, Reuters reports. The company also forecast fourth-quarter volume for refined products to be off by about 10% from a year earlier. Market conditions are weighing on a number of planned expansion projects, Kinder Morgan said, adding that they were not needed at least in the near term. Chief Executive Officer Steve Kean said the midstream segment stands to benefit from it as the industry would be left with stronger and well-capitalized players.