Press release from Business Wire
Kinder Morgan Energy Partners to Expand Eagle Ford Crude Condensate Pipeline
Monday, June 03, 2013
Kinder Morgan Energy Partners to Expand Eagle Ford Crude Condensate Pipeline13:29 EDT Monday, June 03, 2013
HOUSTON (Business Wire) -- Kinder Morgan Energy Partners, L.P. (NYSE: KMP) today announced it will invest approximately $107 million to expand its Kinder Morgan Crude and Condensate pipeline system (KMCC) deeper into the Eagle Ford Shale play in Karnes County, Texas. The expansion, supported by a long-term contract with ConocoPhillips (NYSE: COP), will extend the 178-mile pipeline 31 miles from the KMCC DeWitt Station in DeWitt County, Texas, to ConocoPhillips' Central Delivery Facility near Helena in Karnes County. Kinder Morgan will also build receipt tanks and a truck unloading facility adjacent to ConocoPhillips' Helena Central Delivery Facility. Kinder Morgan expects to begin construction on the project in July of this year.
“We're pleased we can expand our KMCC pipeline to provide additional flexibility to our customers seeking to move Karnes County crude and condensate to Houston-area markets,” said KMP Products Pipelines President Ron McClain. “This expansion further assists our commitment to deliver up to 300,000 barrels per day of crude and condensate from the Eagle Ford Shale.” The transaction is expected to be immediately accretive to cash distributable to KMP unitholders upon the project's completion in the third quarter of 2014.
Kinder Morgan Energy Partners, L.P. (NYSE: KMP) is a leading pipeline transportation and energy storage company and one of the largest publicly traded pipeline limited partnerships in America. It owns an interest in or operates approximately 51,000 miles of pipelines and 180 terminals. The general partner of KMP is owned by Kinder Morgan, Inc. (NYSE: KMI). Kinder Morgan is the largest midstream and the third largest energy company in North America with a combined enterprise value of approximately $115 billion. It owns an interest in or operates approximately 80,000 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.
KMI owns the general partner interests of KMP and El Paso Pipeline Partners, L.P. (NYSE: EPB), along with limited partner interests in KMP, Kinder Morgan Management, LLC (NYSE: KMR) and EPB. For more information please visit www.kindermorgan.com.
This news release includes forward-looking statements. These forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although Kinder Morgan believes that these forward-looking statements 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 include those enumerated in Kinder Morgan's reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, Kinder Morgan undertakes no obligation to update or review any forward-looking statement because of new information, future events or other factors. Because of these uncertainties, readers should not place undue reliance on these forward-looking statements.
Kinder Morgan Energy Partners, L.P.
Emily Mir, 713-369-8060
Investor Relations, 713-369-9490