(Reuters) – Kinder Morgan Inc (NYSE) posted a 53% drop in its quarterly profit Wednesday, as the U.S.-based pipeline operator moved lower volumes crude oil and condensate.

Crude oil prices rose to the highest level in over a decade this year, however output is still far below levels before the pandemic. Many companies prioritise shareholder returns rather than production ramp-ups.

Kinder Morgan reported that quarterly condensate and crude pipeline volumes fell 4% in comparison to a year ago.

From $1.41 Billion or 62 Cents per Share a year prior, net income to the company was $667 Million, or 29 cents per shares, for the first quarter ending March 31.

The earnings from the Winter Storm Uri in February 2021 had an impact on our first quarter 2021 results. Kinder Morgan stated in a statement that earnings for the current quarter would exceed those of the previous year if these nonrecurring earnings were not included.

Profit fell to $732million on an adjusted basis.