Pipeline company Kinder Morgan Canada Ltd. said May 9 it would continue as a stand-alone entity, following a strategic review that considered options including a sale.
The company said its decision was consistent with the recommendation of a special committee of independent directors not affiliated with Kinder Morgan Inc., which holds about 70% majority voting interest in the Canadian entity.
RELATED: Kinder Morgan Hires Firm To Sell Remaining Canadian Business, Sources Say
Kinder Morgan Inc. said in October that it was exploring all options for Kinder Morgan Canada, as it saw a sellers' market for the Canadian company's assets.
Kinder Morgan Canada highlighted its infrastructure operations across western Canada, underpinned by multiyear take-or-pay contracts, and stable cash flows for its decision to remain independent.
Kinder Morgan Canada said it expects adjusted core earnings of about $213 million and distributable cash flow from continuing operations of about $109 million in 2019.
The company said it plans to invest about $32 million in expansion projects, in line with its budget.
Recommended Reading
Regional Banks Take Advantage of Large Lenders’ Oil, Gas Hesitancy
2024-06-06 - Regional banks are picking up market share and rallying the U.S. upstream sector.
Producers Trim 2024 Hedges Amid Bullish Oil Prices, M&A
2024-06-14 - Meanwhile, gas-weighted players are benefitting from solid hedge books planned ahead of price uncertainty.
NextDecade Appoints Former Exxon Mobil Executive Tarik Skeik as COO
2024-07-25 - Tarik Skeik will take up NextDecade's COO reins roughly two months after the company disclosed it had doubts about remaining a “going concern.”
CEO: Baker Hughes Lands $3.5B in New Contracts in ‘Age of Gas’
2024-07-26 - Baker Hughes revised down its global upstream spending outlook for the year due to “North American softness” with oil activity recovery in second half unlikely to materialize, President and CEO Lorenzo Simonelli said.
BPX’s Koontz: The Rise of a Shale Man
2024-07-02 - CEO Kyle Koontz takes the reins of BPX Energy’s rapid onshore growth amid big changes at BP.