Summary
Kinder Morgan, Inc. (KMI) announced on December 16, 2019, the successful completion of two significant transactions related to its pipeline assets. Firstly, KMI finalized the sale of the U.S. portion of its Cochin Pipeline to Pembina Pipeline Corporation. This divestiture is a strategic move aimed at streamlining its asset portfolio and potentially improving financial flexibility. Secondly, KMI's subsidiary, Kinder Morgan Canada Limited (KML), has been acquired by Pembina. Pembina has purchased all outstanding common equity of KML, including the portion owned by KMI. This transaction signifies a substantial shift in KML's ownership structure and represents a partial exit from Canadian operations for KMI. Investors should monitor how these transactions impact KMI's future revenue streams, debt levels, and overall strategic direction.
Key Highlights
- 1KMI completed the sale of the U.S. portion of the Cochin Pipeline to Pembina Pipeline Corporation.
- 2Kinder Morgan Canada Limited (KML), a KMI subsidiary, has been acquired by Pembina.
- 3Pembina acquired all outstanding common equity of KML, including KMI's stake.
- 4The transactions were announced and completed around December 16, 2019.
- 5The filing includes a press release detailing these transactions.
- 6David P. Michels, KMI's Vice President and Chief Financial Officer, signed the report.