Kinder Morgan has cut about 120 companywide positions as a step to shrink costs and adapt during the oil downturn. The Houston-based company confirmed that 37 of those cuts are Houston positions.
Kinder Morgan has also reduced its shareholder dividend and project backlog in efforts to increase cash flow.
The upstream companies affected by the oil recession, such as Schlumberger and Halliburton who together have cut more than 70,000 jobs since late 2014, have passed along their woes to Kinder Morgan, shrinking Kinder Morgan’s project backlog from $22 billion to about $14 billion.
The company’s stock was trading at about $42 a share last year and now trades at about $18 on the day.
Although Kinder Morgan has taken unfortunate measures to stay afloat in the downturn, this energy giant has positive news about some major projects in the works, such as the FERC approval for the Elba Liquefaction Project and the green light to expand its Trans Mountain pipeline.
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