Kinder Morgan Closes Kinetrex Energy Acquisition
August 20 2021 - 3:05PM
Business Wire
Acquisition provides entry into high growth
renewable natural gas market
Kinder Morgan, Inc. (NYSE: KMI) today closed on its previously
announced acquisition of Kinetrex Energy. The $310 million
acquisition includes two small-scale, domestic LNG production and
fueling facilities, a 50% interest in a landfill-based renewable
natural gas (RNG) facility in Indiana, and signed commercial
agreements for three additional RNG facilities with construction to
begin shortly. Kinetrex is the leading supplier of liquefied
natural gas (LNG) in the Midwest and a rapidly growing player in
producing and supplying RNG under long-term contracts to
transportation service providers. The company will continue
operations as Kinetrex Energy, a Kinder Morgan company.
“We are very pleased to be adding Kinetrex Energy’s business to
the full suite of energy solutions and services that Kinder Morgan
has to offer customers,” said Energy Transition Ventures President
Jesse Arenivas. “We’re confident that additional RNG opportunities
will continue to emerge in the near term and deliver attractive
returns to our shareholders.”
About Kinder Morgan,
Inc.
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy
infrastructure companies in North America. Access to reliable,
affordable energy is a critical component for improving lives
around the world. We are committed to providing energy
transportation and storage services in a safe, efficient and
environmentally responsible manner for the benefit of people,
communities and businesses we serve. We own an interest in or
operate approximately 83,000 miles of pipelines, 144 terminals and
700 billion cubic feet of working natural gas storage capacity. Our
pipelines transport natural gas, refined petroleum products, crude
oil, condensate, CO2 and other products, and our terminals store
and handle various commodities including gasoline, diesel, jet
fuel, chemicals, ethanol, metals and petroleum coke. 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 not historical in nature.
Forward-looking statements in this news release include express or
implied statements concerning the transaction; the prospects for
RNG; the anticipated benefits of the transaction; and the
anticipated timing and benefits of Kinetrex’s planned development
projects to KMI’s business and stockholders. 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 or their ultimate impact on KMI’s
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 changes in
the supply of and demand for renewable natural gas; the timing,
cost, and success of expansion projects; commodity prices,
particularly the prices for Renewable Identification Numbers under
the U.S. Environmental Protection Agency’s Renewable Fuel Standard
Program; counterparty financial risk; the timing and success of
business development efforts; and the other 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, 2020 (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 KMI’s 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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version on businesswire.com: https://www.businesswire.com/news/home/20210820005334/en/
Melissa Ruiz, Media Relations newsroom@kindermorgan.com
Kinder Morgan Investor Relations (800) 348-7320
km_ir@kindermorgan.com
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