Kinder Morgan Completes Purchase of Midstream Joint Venture
Kinder Morgan Energy Partners, L.P. (NYSE: KMP) today announced that it
has completed its acquisition of a 50 percent interest in a joint
venture that owns the Altamont gathering, processing and treating assets
in the Uinta Basin in Utah and the Camino Real gathering system in the
Eagle Ford Shale in Texas from Kohlberg Kravis Roberts & Co. L.P. for
$300 million in KMP units. Kinder Morgan now owns 100 percent of the
joint venture, 50 percent at KMP and 50 percent at Kinder Morgan, Inc.
(NYSE: KMI). The transaction is expected to be immediately accretive to
KMP′s distributable cash flow.
With over 1,100 miles of pipeline infrastructure, the Altamont system
includes over 450 well connections with producers, and it operates a
processing plant with the design capacity of 60 ?million cubic feet per
day (MMcf/d) and a 5,600 barrel per day (Bpd) natural gas liquids
fractionator. The Camino Real Gathering System has 150 MMcf/d of gas
gathering capacity and 110,000 Bpd of oil gathering capacity.
About Kinder Morgan
Kinder Morgan is the largest midstream and the fourth largest energy
company (based on combined enterprise value) in North America with an
enterprise value of over $90 billion. It owns an interest in or operates
approximately 75,000 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. Kinder
Morgan, Inc. (NYSE: KMI) owns the general partner interest of Kinder
Morgan Energy Partners, L.P. (NYSE: 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 within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934.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 include those enumerated in
Kinder Morgan′s Forms 10-K and 10-Q as filed with the Securities and
Exchange Commission.
Kinder Morgan
Larry Pierce, 713-369-9407
Media Relations
larry_pierce@kindermorgan.com
or
Mindy
Mills Thornock, 713-369-9490
Investor Relations
mindy_thornock@kindermorgan.com
www.kindermorgan.com