Four Model Portfolio companies have released their Q4 numbers and updated guidance for 2021 so far: Services giant Schlumberger Ltd (NYSE: SLB) highlighted in the Feature article, technology firm Texas Instruments (NYSE: TXN) and midstream companies Hess Midstream Corp (NYSE: HESM) and Kinder Morgan Inc (NYSE: KMI).
As was the case with its Q3 results, Kinder Morgan’s Q4 took hits from both shale drilling cutbacks and sharply reduced demand for refined products. The company also absorbed $1.95 billion in non-cash asset impairments for the full year.
Shortfalls were felt organization-wide including at natural gas transportation, Kinder’s largest division at 63.5 percent of Q4 EBDA. Natural gas gathering volumes fell by -20 percent, reflecting especially weak activity in the Eagle Ford and Kinderhawk systems. That offset the positive impact of increased volumes on the company’s Texas Intrastate pipeline systems and the opening of the Elba Island LNG export facility.
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Elliott and Roger on Feb. 25, 2021
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