Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Kinder Weighs Full Exit From Canada After Trans Mountain Debacle

Published 06/09/2018, 05:00
Updated 06/09/2018, 12:48
© Reuters.  Kinder Weighs Full Exit From Canada After Trans Mountain Debacle
KMI
-

(Bloomberg) -- Kinder Morgan Inc (NYSE:KMI). hinted at a potential offloading of its remaining Canadian assets following the sale of the contentious Trans Mountain pipeline expansion to the federal government.

Speaking at an energy conference Wednesday, Kinder Morgan Chief Executive Officer Steve Kean said that while its Canadian affiliate has “attractive assets” and “no debt on the balance sheet,” the company’s primary objective was to use those projects to support the Trans Mountain expansion.

“It’s a set of midstream assets in what we think is an attractive seller’s market for those assets,” he said. “We are going to explore that over the coming months.”

In addition to the Canadian portion of the Cochin pipeline system and the Jet Fuel pipeline system, Kinder Morgan Canada Ltd. has a network of crude storage and rail terminals in Edmonton, Alberta, and the Vancouver Wharves Terminal in British Columbia.

“We can always say no, because the assets themselves will stand on their own,” Kean said.

Kinder Morgan Canada shareholders voted last week to proceed with a C$4.5 billion sale of the Trans Mountain pipeline to the federal government. The decision came less than an hour after a Canadian court nullified its approval.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.