All Available Firm Service Capacity Under Long-Term Commitments
HOUSTON–(BUSINESS WIRE)–$KMI #KinderMorgan–Trans Mountain has successfully concluded a supplemental open season for 22,000 barrels per day of capacity on its planned expanded pipeline, subject only to final shipper board approval for that volume. The company is pleased to have all available long-term firm service capacity now contracted on the pipeline with a diverse group of 13 customers.
Collectively the firm shippers have made 15- and 20-year commitments of 707,500 barrels per day or roughly 80 percent of the capacity on the expanded pipeline, with the other 20 percent reserved for spot volumes as required by the National Energy Board.
“We’re very pleased with the swift and positive conclusion of this open season, demonstrating the continued strong market support for our project and the much-needed access to new markets it brings to Canadian producers and the secure supply of Canadian crude to refineries throughout the Pacific basin,” said Ian Anderson, president of Kinder Morgan Canada.
Next steps for the project include arranging acceptable financing and a final investment decision by Kinder Morgan. Construction is set to begin in fall 2017 and the project is expecting an in-service date of late 2019.
About Trans Mountain Expansion Project
In November 2016, the Government of Canada approved Kinder Morgan Canada’s plan to expand the existing Trans Mountain Pipeline system – between Edmonton, Alberta, and Burnaby, British Columbia. The project is subject to 157 Conditions from the National Energy Board that covers the life span of the project, and 37 Conditions attached to the Environmental Certificate received from the Government of British Columbia in January 2017. For almost 60 years, the 1,150-km Trans Mountain pipeline system has been safely and efficiently providing the only West Coast access for Canadian oil products, including about 90 percent of the gasoline supplied to the interior and south coast of British Columbia. For more information, please visit www.transmountain.com.
About Kinder Morgan
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. It owns an interest in or operates approximately 84,000 miles of pipelines and 155 terminals. The company’s pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store and handle petroleum products, chemicals and other products. For more information please visit www.kindermorgan.com.
Important Information Relating to Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. Generally the words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. 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 any such forward-looking statements will materialize. Important factors that could cause actual results to differ materially from those expressed in or implied from these forward-looking statements include the risks and uncertainties described in Kinder Morgan’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year-ended December 31, 2016 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere) and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website at ir.kindermorgan.com. 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 any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.