Key Developments: Kinder Morgan Energy Partners LP (KMP)
84.30USD
18 Jun 2013
$0.19 (+0.23%)
$84.11
$84.11
$84.46
$83.45
930,898
1,154,307
$92.99
$74.59
Latest Key Developments (Source: Significant Developments)
Kinder Morgan Energy Partners LP Comments On FY 2013 Earnings Guidance-Conference Call
Kinder Morgan Energy Partners LP announced that for fiscal 2013, it expects $5.7 billion of earnings before DD&A. Full Article
Kinder Morgan Energy Partners LP Increases Quarterly Distribution to $1.30 Per Unit
Kinder Morgan Energy Partners LP announced that it Shareholders of KMR will receive a $1.30 dividend ($5.20 annualized) payable on May 15, 2013, to shareholders of record as of April 29, 2013. Full Article
Kinder Morgan Energy Partners LP Announces Acquisition Of Copano Energy, L.L.C For Approximately $5 Billion In Unit For Unit Transaction
Kinder Morgan Energy Partners LP and Copano Energy, L.L.C announced a definitive agreement whereby KMP will acquire all of Copano`s outstanding units for a total purchase price of approximately $5 billion, including the assumption of debt. The transaction, which has been approved by the Boards of Directors of both companies, will be a 100% unit for unit transaction with an exchange ratio of .4563 KMP units per Copano unit. The consideration to be received by Copano unitholders is valued at $40.91 per Copano common unit based on KMP`s closing price as of Jan. 29, 2013, representing a 23.5% premium to Copano`s close on January 29, 2013. The transaction, which is expected to close in the third quarter of 2013,. TPG, Copano`s unitholder (owning over 14% of its outstanding equity), has agreed to support the transaction. Copano, a midstream natural gas company with operations primarily in Texas, Oklahoma and Wyoming, provides comprehensive services to natural gas producers, including natural gas gathering, processing, treating and natural gas liquids fractionation. Upon closing, KMP will own 100% of Eagle Ford Gathering (currently a joint venture with Copano), which provides gathering, transportation and processing services to natural gas producers in the Eagle Ford Shale. Citi acted as financial advisor for KMP and Weil Gotshal & Manges LLP and Bracewell & Giuliani acted as legal counsel to KMP. Full Article
Kinder Morgan Energy Partners LP Announces President Change-Form 8-K
Kinder Morgan Energy Partners LP reported in its Form 8-K that effective March 31, 2013, C. Park Shaper will resign from his positions as President and Director of Kinder Morgan G.P., Inc., the general partner of KMP (General Partner), and of Kinder Morgan Management, LLC, the delegate of the General Partner (KMR). Mr. Shaper's resignation from the Boards of KMR and the General Partner was not due to any disagreement with KMP. Steven J. Kean, currently executive vice president and chief operating officer of KMR and the General Partner, will become President and Chief Operating Officer and a Director of KMR and the General Partner, effective March 31, 2013. Full Article
Kinder Morgan Energy Partners LP Increases Quarterly Distribution
Kinder Morgan Energy Partners LP announced that it has increased its quarterly cash distribution per common unit to $1.29 ($5.16 annualized) payable on Feb. 14, 2013, to unitholders of record as of Jan. 31, 2013. This represents an 11 % increase over the fourth quarter 2011 cash distribution per unit of $1.16 ($4.64 annualized) and is up from $1.26 per unit ($5.04 annualized) for the third quarter of 2012. KMP has increased the distribution 46 times since current management took over in February 1997. Full Article
Kinder Morgan Energy Partners LP Announces Exercise of Underwriters' Option to Purchase Additional Units
Kinder Morgan Energy Partners LP announced that the underwriter of its recently completed public offering of 3,900,000 common units has exercised in full its option to purchase an additional 585,000 common units. Barclays acted as the underwriter of the offering. The public offering price for the additional common units is $78.60 per unit, the same price at which the 3,900,000 common units were sold. Both the 3,900,000 common unit offering and the additional 585,000 common unit offering closed on December 14, 2012. Total net proceeds from the sale of the 4,485,000 common units are approximately $348 million. KMP intends to use the proceeds from this offering to repay commercial paper debt. Full Article
Tallgrass Energy Partners, LP Closes Purchase of Midstream Assets from Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP announced that Tallgrass Energy Partners, LP has closed the previously announced transaction with the Company to buy Kinder Morgan Interstate Gas Transmission (KMIGT), Trailblazer Pipeline Company, the Casper-Douglas natural gas processing and West Frenchie Draw treating facilities in Wyoming, and KMP`s 50% interest in the Rockies Express Pipeline (REX). Tallgrass acquired these assets for a total cash consideration of approximately $1.8 billion. Including the proportionate amount of REX debt, the purchase price is equivalent to a value of $3.3 billion. Tallgrass is owned by the management team of Tallgrass, Kelso & Company, and a limited group of investors led by The Energy & Minerals Group including Magnetar Capital. Full Article
Kinder Morgan Energy Partners LP Increases Quarterly Distribution to $1.26 Per Unit
Kinder Morgan Energy Partners LP announced that it increased its quarterly cash distribution per common unit to $1.26 ($5.04 annualized) payable on Nov. 14, 2012, to unitholders of record as of Oct. 31, 2012. This represents a 9% increase over the third quarter 2011 cash distribution per unit of $1.16 ($4.64 annualized) and is up from $1.23 per unit ($4.92 annualized) for the second quarter of 2012. Full Article
Kinder Morgan Energy Partners Starts Construction on Parkway Pipeline Partnering With Valero Energy Corp - Reuters
Reuters reported that Kinder Morgan Energy Partners began construction of the Parkway Pipeline, increasing the amount of gasoline, jet and diesel carried from Louisiana refineries to the oil hub of Collins, Mississippi. The 136-mile, 16 inch pipeline will begin in Norco, Louisiana and carry 110,000 bpd initially, with the ability to expand to over 200,000 bpd. Kinder Morgan is partnering with Valero Energy Corp to build the pipeline, which is expected to be in service by mid-year 2013. Full Article
Tallgrass Energy Partners, LP To Acquire Midstream Assets From Kinder Morgan Energy Partners LP
Tallgrass Energy Partners, LP announced that it has entered into a purchase and sale agreement with Kinder Morgan Energy Partners, L.P. to buy Kinder Morgan Interstate Gas Transmission (KMIGT), Trailblazer Pipeline Company, the Casper-Douglas natural gas processing and West Frenchie Draw treating facilities in Wyoming, and KMP's 50% interest in the Rockies Express Pipeline (REX). Tallgrass will acquire these assets for a total cash consideration of approximately $1.8 billion. Including the proportionate amount of REX debt, this amount is equivalent to a value of $3.3 billion. The transaction is expected to close in the fourth quarter. Tallgrass is owned by the management team of Tallgrass, Kelso & Company, and a limited group of investors led by The Energy & Minerals Group including Magnetar Capital. Full Article
Canada crude - Heavy grades steady as pipeline reopens
CALGARY, Alberta, June 14 - Canadian cash crude prices were broadly steady on Friday, holding within sight recent highs as Kinder Morgan Energy Partners LP restarted its 307,000 barrel per day Trans Mountain pipeline. Kinder Morgan shut the line on Wednesday when light crude oil was first spotted on the surface of the pipeline's right of way during routine maintenance. Repairs on the line, which carries crude from Edmonton, Alberta, to the Vancouver area and Puget Sound, are now c
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