Kinder Morgan, Inc (KMI) announced its third quarter results last week, saying they are ‘pleased’ with operational performance despite weak market conditions.

Related: Eagle Ford Production Down 28% for Kinder Morgan

President and CEO, Steve Kean said the company’s Eagle Ford assets have continued to experience lower production, which is affecting the company’s total volumes.

• Natural gas gathered volumes were down 17% from the third quarter last year due primarily to lower natural gas volumes on multiple systems gathering from the Eagle Ford Shale
• Natural gas transport volumes were down 1% compared to the third quarter last year, driven by lower throughput on the Texas Intrastate Natural Gas Pipelines due to lower Eagle Ford Shale volumes

The company claims that about 38% of the natural gas consumed in the United States moves on KMI pipelines. During an earnings call, Executive chairman Rich Kindertouched on the current controversies surrounding new pipeline projects around the country.

Kinder Morgan Quarterly Highlights:

• The company revealed a net loss available of $227 million, compared to net income of $186 million for the third quarter of 2015.
• Cuts 2016 capital budget to $3.3 billion from its previous estimate of $4.2 billion
• Disclosed a $285 million writedown mainly in its carbon dioxide segment, said it does not expect to access the capital markets to fund growth projects in 2016.
• Delayed completion of $5.4 billion Trans Mountain Pipeline expansion to the third quarter of 2019
• Combined gross oil production volumes averaged 53.7 MBbl/d for the third quarter, down 6 percent from 57.3 MBbl/d for the same period in 2015

Kinder Morgan shares hit a record low of $11.20 last Wednesday, before trading down 2.6 percent at $11.70 after hours.

Read more at kindermorgan.com