KMP Completes Acquisition of Copano Energy
May 01 2013 - 7:24AM
Business Wire
Kinder Morgan Energy Partners, L.P. (NYSE: KMP) today closed its
previously announced acquisition of Houston-based Copano Energy,
L.L.C. (NASDAQ: CPNO). KMP has acquired all of Copano’s outstanding
units for a total purchase price of approximately $5 billion,
including the assumption of debt. The transaction, which was
approved by the Copano unitholders on April 30 (with more than 99
percent of the units that voted voting in favor of the transaction)
and previously by the boards of directors of both companies, is a
100 percent unit-for-unit transaction with an exchange ratio of
.4563 KMP units per Copano unit.
“We are delighted to complete this transaction, which will
enable us to significantly expand our midstream services footprint
and offer a wider array of services to our customers,” said KMP
Chairman and CEO Richard D. Kinder. “We will now pursue
incremental development in the Eagle Ford Shale play in South
Texas, and gain entry into the Barnett Shale Combo in North Texas
and the Mississippi Lime and Woodford shales in Oklahoma. The
transaction is expected to be modestly accretive to KMP in 2013,
given the partial year, and about $0.10 per unit accretive for at
least the next five years beginning in 2014.”
With operations primarily in Texas, Oklahoma and Wyoming, Copano
provides comprehensive services to natural gas producers, including
natural gas gathering, processing, treating and natural gas liquids
fractionation. It owns an interest in or operates almost
7,000 miles of pipelines with 2.7 billion cubic feet per day
(Bcf/d) of natural gas throughput capacity, and nine processing
plants with more than 1 Bcf/d of processing capacity and
315 million cubic feet per day of treating capacity.
Kinder Morgan Energy Partners, L.P. (NYSE: KMP) is a leading
pipeline transportation and energy storage company and one of the
largest publicly traded pipeline limited partnerships in America.
It owns an interest in or operates approximately 51,000 miles of
pipelines and 180 terminals. The general partner of KMP is owned by
Kinder Morgan, Inc. (NYSE: KMI). Kinder Morgan is the largest
midstream and the third largest energy company in North America
with a combined enterprise value of approximately $120 billion. It
owns an interest in or operates approximately 80,000 miles of
pipelines and 180 terminals. Its pipelines transport natural gas,
gasoline, crude oil, CO2 and other products, and its terminals
store petroleum products and chemicals and handle such products as
ethanol, coal, petroleum coke and steel. KMI owns the general
partner interests of KMP and El Paso Pipeline Partners, L.P. (NYSE:
EPB), along with limited partner interests in KMP and EPB and
shares in Kinder Morgan Management, LLC (NYSE: KMR). For more
information please visit www.kindermorgan.com.
This news release includes forward-looking statements. These
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 such
assumptions will materialize. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements herein include those enumerated in
Kinder Morgan’s reports filed with the Securities and Exchange
Commission. Forward-looking statements speak only as of the date
they were made, and except to the extent required by law, Kinder
Morgan undertakes no obligation to update or review any
forward-looking statement because of new information, future events
or other factors. Because of these uncertainties, readers should
not place undue reliance on these forward-looking statements.
Copano (NASDAQ:CPNO)
Historical Stock Chart
From Jul 2024 to Aug 2024
Copano (NASDAQ:CPNO)
Historical Stock Chart
From Aug 2023 to Aug 2024