The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

Trans Mountain Receives Positive Open Season Results

Tuesday, February 21, 2012

Trans Mountain Receives Positive Open Season Results13:30 EST Tuesday, February 21, 2012 CALGARY, Alberta (Business Wire) -- Kinder Morgan Energy Partners, L.P. (NYSE: KMP) today announced that the commitments received through Kinder Morgan Canada's recent open season support moving forward with the proposed Trans Mountain pipeline system expansion. The expansion open season, held between Oct. 20, 2011, and Feb. 16, 2012, received strong binding commercial support from a diverse group of customers. “The response to our open season was very encouraging,” said Ian Anderson, president of Kinder Morgan Canada. “The strong support received through this process will now allow us to complete initial project design and planning. We are looking forward to engaging in dialogue with First Nations, interested stakeholders and communities along the pipeline. The final decision on the proposed project will be known by the end of the first quarter of this year.” The expansion open season was based on a 600,000 barrels per day (bpd) capacity design, up from the existing 300,000 bpd capacity. The proposed expansion is anticipated to cost approximately $3.8 billion. For almost 60 years, the 1,150-km Trans Mountain pipeline system has been safely and efficiently providing the only West Coast market access for Canadian oil products, including about 90 percent of the gasoline supplied to the Lower Mainland. Kinder Morgan Energy Partners, L.P. (NYSE: KMP) is a leading pipeline transportation and energy storage company in North America. KMP owns an interest in or operates approximately 29,000 miles of pipelines and 180 terminals. Its pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store petroleum products and chemicals and handle such products as ethanol, coal, petroleum coke and steel. KMP is also the leading provider of CO2 for enhanced oil recovery projects in North America. One of the largest publicly traded pipeline limited partnerships in America, KMP and Kinder Morgan Management, LLC (NYSE: KMR) have an enterprise value of over $40 billion. The general partner of KMP is owned by Kinder Morgan, Inc. (NYSE: KMI). Combined, KMI, KMP and KMR constitute the largest midstream energy entity in the United States with an enterprise value of approximately $65 billion. For more information please visit www.kindermorgan.com. This news release includes forward-looking statements.Although Kinder Morgan believes that its expectations are based on reasonable assumptions, it can give no assurance that such assumptions will materialize.Important factors that could cause actual results to differ materially from those in the forward-looking statements herein are enumerated in Kinder Morgan's Forms 10-K and 10-Q as filed with the Securities and Exchange Commission. Kinder Morgan Energy Partners, L.P.Lexa Hobenshield, 604-268-3013Media RelationsorMindy Mills Thornock, 713-369-9490Investor Relationswww.kindermorgan.com