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Kinder Morgan updates progress on Canadian portfolio

Kinder Morgan updates progress on Canadian portfolio

Houston-based Kinder Morgan reported a 10% drop in quarterly revenues today on lower transport volumes throughout its North American pipeline network. Revenues declined to US$3.33 billion, resulting in a net loss of US$227 million, including a US$405 million write-down on the Midcontinent Express Pipeline. 

Kinder Morgan Canada reported a 2% increase in revenues for the third quarter, rising to US$43 million. Volumes on the Trans Mountain line rose to 30.7 million barrels in Q3, up 4% from the same quarter last year. A decision is expected from the federal government on the Trans Mountain Expansion by December 20, 2016.

The company also announced it is progressing construction of its Base Line Terminal, a new crude oil storage facility being developed in Sherwood Park, Alberta. The terminal is a 50/50 joint venture between Kinder Morgan and Keyera. The project includes the construction of 12 crude oil storage tanks with a total storage capacity of 4.8 million barrels. The site has room for expansion to over 6 million barrels of storage capacity, if required. Commissioning is expected to begin in the first quarter of 2018. The terminal connects to several export pipelines, including Trans Mountain, as well as two rail-loading terminals in the area.

MAP COURTESY KEYERA

COURTESY KEYERA

Planning and permitting is also progressing on its Utopia Pipeline Project, which will initially carry 50,000 bbl/day of ethane and propane from Ohio to Windsor, Ontario. The US$500 million project should be in service by January 2018, if everything goes according to plan.

Kinder Morgan has reduced its debt by US$2 billion since the last quarter and plans to boost capital spending over the next few years.

CP Rail's crude transport volumes continue to nose dive

CP Rail's crude transport volumes continue to nose dive

Premier Notley sets a "new and better course" for Alberta

Premier Notley sets a "new and better course" for Alberta

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