• Sign up for the Daily Digest E-mail
Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

Kinder Morgan Canada earns $13.7 million in Q2 in 45 per cent drop

July 18, 20184:26 PM The Canadian Press0 Comments

CALGARY – Kinder Morgan says the $4.5 billion deal to sell Trans Mountain pipeline assets to the federal government is progressing well.

“We are laser-focused right now on closing this transaction, and that process is going well,” said Kinder Morgan CEO Steven Kean on an earnings call Wednesday.

The company reached a deal with the Trudeau government in late May to sell the existing Trans Mountain pipeline running from the Edmonton to the Vancouver area, as well as the controversial expansion project that will nearly triple the line’s capacity.

Kinder Morgan said it expects the deal to close late in the third quarter or early in the fourth quarter this year, subject to approval by shareholders and regulators, while the federal government said in announcing the deal that it expects it to close in August.

The pending sale of the pipeline helped push down Kinder Morgan Canada’s net income, which came in at $13.7 million in the second quarter compared to $25.1 million for the same quarter last year.

The company said net income was reduced primarily because of the non-cash write-off of capitalized credit facility fees, which were replaced by temporary credit facilities because of the pending sale.

Net income for restricting voting stockholders came in at $1.8 million or two cents per share, compared to $4.2 million or 11 cents per share for the same period last year.

Total revenue for the quarter came in at $178 million for the quarter, compared to $168.7 million for the same quarter last year.

Kinder Morgan Trans Mountain pipeline

Follow the BOE Report
  • linkedin
  • facebook
  • twitter
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • Cardinal announces its 2021 operating and capital budget focused on continued debt reduction and asset optimization
  • Newfoundland government to fund refinery as search for buyer continues
  • Canada’s rig count up 11 to 181
  • U.S. drillers add oil and gas rigs for 8th week in a row
  • Oil falls as China lockdown, U.S. unemployment temper gains

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView

About
  • About BOEReport.com
  • In the News
  • Terms of Use
  • Privacy Policy
Resources
  • App
  • Widgets
  • Notifications
  • Daily Digest E-mail
Get In Touch
  • Advertise
  • Post a Job
  • Contribute
  • Contact
Featured In
  • CamTrader
  • Rigger Talk
Data Partner
  • Foxterra
BOE Network
© 2021 Grobes Media Inc.