HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc. (NYSE: KMI) today closed its previously announced
acquisition of Hiland Partners (Hiland) for a total purchase price of
approximately $3 billion, including the assumption of approximately $1
billion of debt. Hiland’s assets, mostly fee based, consist of crude oil
gathering and transportation pipelines and natural gas gathering and
processing systems, primarily serving production from the Bakken
Formation in North Dakota and Montana.
“This transaction establishes a premier midstream platform for us in the
Bakken with a significant amount of acreage dedicated under long-term
gathering agreements,” said Kinder Morgan Chairman and CEO Richard D.
Kinder. “These acreage dedications are with some of the Bakken’s largest
and most successful producers, covering some of the most attractive and
economically viable areas in the basin. We look forward to providing
quality midstream services to producers in the Bakken and pursuing
incremental growth opportunities in the basin.”
Hiland’s customers include Continental Resources, Inc., Oasis Petroleum
Inc., XTO Energy Inc., Whiting Petroleum Corporation and Hess
Corporation, among others.
Kinder Morgan, Inc. (NYSE: KMI) is the largest energy infrastructure
company in North America. It owns an interest in or operates
approximately 80,000 miles of pipelines and 180 terminals. The company’s
pipelines transport natural gas, gasoline, crude oil, CO2 and
other products, and its terminals store petroleum products and
chemicals, and handle bulk materials like coal and petroleum coke.
Kinder Morgan is the largest midstream and third largest energy company
in North America with an enterprise value of approximately $130 billion.
For more information please visit www.kindermorgan.com.
This news release includes forward-looking statements. These
forward-looking statements are subject to risks and uncertainties and
are based on the beliefs and assumptions of management, based on
information currently available to them. Although Kinder Morgan
believes that these forward-looking statements are based on reasonable
assumptions, it can give no assurance that such assumptions will
materialize. Important factors that could cause actual results to
differ materially from those in the forward-looking statements herein
include those enumerated in Kinder Morgan’s reports filed with the
Securities and Exchange Commission. Forward-looking statements
speak only as of the date they were made, and except to the extent
required by law, Kinder Morgan undertakes no obligation to update or
review any forward-looking statement because of new information, future
events or other factors. Because of these uncertainties, readers
should not place undue reliance on these forward-looking statements.
