BUZZ-Kinder Morgan rises after buying natgas gathering system for $640 mln
Updates
** Shares of pipeline operator Kinder Morgan KMI.N rise 1.1% to $28.47 in a high-oil-price environment
** 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
** "Acquisition of existing assets provides a quicker path to incremental capacity and allows for KMI to save on capex that would be needed to construct a similar new build," RBC Capital Markets analyst Elvira Scotto says
** 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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