HOUSTON–(BUSINESS WIRE)–Kinder Morgan, Inc. (NYSE: KMI) today issued the following statement after the Travis County District Court dismissed all claims made against the Permian Highway Pipeline (PHP) Project.
“Kinder Morgan is very pleased with the ruling made by the Travis County District Court,” said Tom Martin, president of Natural Gas Pipelines for KMI. “The court’s finding validates the process established in Texas for the development of natural gas utility projects, as well as the steps we have taken to comply with that process. We will continue to engage all stakeholders as we work to complete PHP.”
The eminent domain process ensures that no single landowner can block critical infrastructure necessary to moving the energy needed to heat and cool homes, schools, businesses and public buildings in Texas — while providing substantial local and state revenues.
The PHP project is an approximately $2 billion project that will help provide the infrastructure needed to allow further development of the Permian Basin in West Texas by providing an outlet for increased Permian natural gas production to growing market areas along the Texas Gulf Coast and Hill Country area. Throughout its development, the route has been carefully evaluated to minimize potential impacts to the environment and landowners, while also being cost-effective and constructible. Upon completion, PHP will transport up to 2.1 billion cubic feet per day (Bcf/d) of dry natural gas, and only dry natural gas, through approximately 430 miles of 42-inch pipeline from the Waha, Texas area to the Katy, Texas area, Texas Gulf Coast markets, and Hill Country area.
This project is expected to provide almost $1 billion in additional revenue each year to the state of Texas and its counties to support local schools, first responders and other vital needs. Additionally, individual leaseholders are projected to receive more than $2 billion per year in new oil and natural gas royalties.
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. We own an interest in or operate approximately 84,000 miles of pipelines and 157 terminals. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals transload and store liquid commodities including petroleum products, ethanol and chemicals, and bulk products, including petroleum coke, metals and ores. 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 KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize nor their ultimate impact on our operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include the risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2018 (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, KMI 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.