Kinder Morgan, Inc. (NYSE: KMI) today announced a successful open season on its Roanoke Expansion projects on the Plantation Pipe Line System. Following the open season, Plantation Pipe Line secured long-term committed volumes of 20,000 barrels per day (bpd). The Plantation Pipe Line Company’s investment in the project is approximately $49 million. In addition, Kinder Morgan Southeast Terminal’s (KMST) investment, fully backed by 10,000 bpd of long-term committed volumes, is approximately $9 million.
“We are pleased with the successful Plantation Pipe Line open season and the opportunity to invest expansion capital to serve the Roanoke area’s needs with reliable transportation and storage services in projects that meet our investment criteria,” said James Holland, president, Kinder Morgan Products Pipelines.
With the successful open season, Plantation Pipe Line will submit the Petition for Declaratory Order (PDO) to the Federal Energy Regulatory Commission (FERC) for approval of commercial terms for the project. Pending all regulatory approvals, the project is expected to be in full service by April 1, 2020.
The Plantation Pipe Line Roanoke Expansion will provide approximately 21,000 bpd of incremental refined petroleum products capacity on Plantation from the Baton Rouge, Louisiana, and Collins, Mississippi, origin points to the Roanoke, Virginia, area. The expansion will primarily consist of additional pump capacity and operational storage on the Plantation system.
The KMST expansion will provide approximately 10,000 bpd of incremental refined product throughput capacity at the terminals.
About Kinder Morgan, Inc.
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 152 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 Kinder Morgan’s 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, 2017 (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.
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