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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