BUZZ-Kinder Morgan rises after buying natgas gathering system for $640 mln
Pipeline operator Kinder Morgan's KMI.N shares rise 1.2% to $28.51
Company's unit Hiland Partners to purchase a natural gas gathering and processing system in North Dakota from Outrigger Energy II LLC for $640 mln
Acquisition includes a 270 mln cubic feet per day (mmcf/d) processing facility and a 104-mile gas gathering header pipeline with 350 mmcf/d of capacity connecting supplies from the Williston Basin area to high-demand markets
KMI expects acquisition to be immediately accretive to its shareholders
Company expects to reduce capital expenditures needed to accommodate the growth of its existing Bakken region customers
Transaction expected to close in 1Q25
Stock was up 53.8% in 2024
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com;))
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