Profile: Inergy Midstream L P (NRGM.N)
24.44USD
2 Aug 2013
$-0.07 (-0.29%)
$24.51
$24.50
$24.86
$24.40
6,432
37,535
$26.01
$21.03
Inergy Midstream, L.P., formerly Inergy Midstream, LLC, is a limited partnership formed by Inergy, L.P. (NRGY) to own, operate, develop and acquire midstream energy assets. As of September 30, 2011, its assets base consisted of natural gas and natural gas liquids (NGLs) storage and transportation assets located in the Northeast region of the United States. NRGM GP, LLC is the general partner of Inergy Midstream, L.P. The Company owns and operates four natural gas storage facilities located in New York and Pennsylvania that have an aggregate working gas storage capacity of 41.0 billion cubic feet with high peak injection and withdrawal capabilities. It also owned natural gas pipelines located in New York and Pennsylvania with 355 million cubic feet per day of interstate and intrastate transportation capacity as of September 30, 2011. In addition, it owns and operates a 1.5 million barrel NGL storage facility located near Bath, New York. The Company’s natural gas storage capacity was 41.0 billion cubic feet as of October 31, 2011, which did not include 38.4 billion cubic feet of natural gas storage capacity owned by NRGY on the Texas Gulf Coast. In May 2012, the Company announced that it acquired 100% of the membership interests in US Salt, LLC (US Salt) from Inergy, L.P. In December 2012, the Company completed the acquisition of Rangeland Energy, LLC.
The Company owns and operates the four natural gas storage facilities, including Stagecoach, a 26.3 billion cubic feet multi-cycle natural gas storage facility located approximately 150 miles northwest of New York City in Tioga County, New York and Bradford County, Pennsylvania; Thomas Corners, a 7.0 billion cubic feet multi-cycle natural gas storage facility located in Steuben County, New York; Seneca Lake, a 1.5 billion cubic feet multi-cycle natural gas storage facility located in Schuyler County, New York, and Steuben, a 6.2 billion cubic feet single-turn natural gas storage facility located in Steuben County, New York. The Company stores natural gas and NGLs and transport natural gas for customers, such as utilities (local distribution company and electric utilities), marketers, producers, industrial users, pipelines and refiners.
Natural Gas Storage Services
As of October 31, 2011, the aggregate storage capacity of the Company’s natural gas storage facilities was approximately 95% contracted under fixed reservation fee agreements. During the fiscal year ended September 30, 2011 (fiscal 2011), approximately 80%, of its total revenue was derived from fee-based storage activities, including firm storage services and hub services. Firm storage services include storage services pursuant to which customers receive firm right to store natural gas in the Company’s facilities over a defined period, typically three to five years. During fiscal 2011, approximately 74% of its total revenue was derived from firm storage services. Hub services include interruptible storage services, under which customers receive only limited assurances regarding the availability of capacity and deliverability in its storage facilities and pay fees based on their actual utilization of its assets; firm and interruptible park and loan services, under which customers receive the right to store gas in (park), or borrow gas from (loan), the Company’s facilities on a seasonal basis; interruptible wheeling services, under which customers pay fees for the limited right to move a volume of natural gas from one interconnection point through storage and redelivering the natural gas to another interconnection point, and balancing services, under which customers pay the Company fees to help balance and true up their deliveries of natural gas to, or takeaways of natural gas from, its facilities. During fiscal 2011, approximately 6% of its total revenue was derived from hub services.
Natural Gas Transportation Services
The Company generates transportation revenue by providing fee-based transportation services to its customers. The Company’s interstate transportation services include firm wheeling services and firm and interruptible transportation services. It also generates interstate transportation revenue by releasing interstate pipeline transportation capacity to certain Stagecoach customers. During fiscal 2011, approximately 13%, respectively, of the Company’s total revenue was derived from interstate transportation services. The Company provides intrastate transportation service to New York State Electric & Gas Corporation (NYSEG), under a firm transportation service agreement. Under this agreement, it makes 30 million cubic feet per day of transportation capacity available to NYSEG on its 37-mile intrastate natural gas pipeline for the purpose of transporting natural gas from the Company’s interconnect with Dominion’s system to certain NYSEG city gates within its service territory. The Company acquired its intrastate pipeline in July 2011.
NGL Storage Operations
The Company provides NGL storage and related terminaling services at its Bath storage facility. The Company provides loading and unloading services and receives fees for such services. As of December 7, 2011, it had 1.5 million barrels of propane and butane storage capacity in operation at the Bath storage facility. It provides firm storage services utilizing 100% of the storage capacity at its Bath NGL storage facility to an affiliate, Inergy Propane, LLC, under a five-year contract entered into in March 2011. In fiscal 2011, approximately 7%, respectively, of the Company’s total revenue was derived from NGL storage services.
The Company competes with Dominion Resources, Inc., NiSource Inc. and El Paso Corporation.
Company Address
Inergy Midstream L P
Suite 200, Two Brush Creek Boule
KANSAS CITY MO 64112
P: +1816.8428181
F: +1302.6365454
Company Web Links
| Name | Compensation |
|---|---|
Robert Phillips |
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Michael Campbell |
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Laura Ozenberger |
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Michael Lenox |
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Michael France |
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