Kinder Morgan Closes $3 Billion Hiland Acquisition
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.
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