Kinder Morgan Energy Partners LP (KMP) late Wednesday said it sold its Powder River Gathering System and the Painter Unit fractionation facility in Wyoming to Momentum Energy Group LLC for approximately $43 million in cash. The parties also executed a long-term processing agreement at KMP’s Douglas processing plant. Proceeds from the sale will be used to pay down debt. KMP management said the assets were not core to the company’s strategy, which is operating transportation pipelines and terminals. KMP owns or operates more than 27,000 miles of pipelines and approximately 145 terminals. Its pipelines transport more than 2 million bbl/d of gasoline and other petroleum products and up to 9 Bcf/d of natural gas.
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