Driven by its ownership of Kinder Morgan Energy Partners LP (KMP), Kinder Morgan Inc. (KMI) reported record second quarter earnings Wednesday, up 11% over a year ago. Meanwhile, KMP reported an earnings jump of 16% in the quarter on strong showings in its pipeline group.
Ownership
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Kinder Morgan Earnings Jump 11%; Partnership Gains 16%
Driven by its ownership of Kinder Morgan Energy Partners LP (KMP), Kinder Morgan Inc. (KMI) reported record second quarter earnings Wednesday, up 11% over a year ago. Meanwhile, KMP reported an earnings jump of 16% in the quarter.
Falcon Gas Storage Buys Out Wyckoff Project Partner, Targets Late 2005 Operation
Increasing its ownership to 100%, Houston-based Falcon Gas Storage Co. Inc. said that it has acquired the remaining 50% interest in Greyhawk Gas Storage Co. LLC, owned by a subsidiary of Nova Scotia-based Emera Inc. Terms of the transaction were not disclosed.
Falcon Gas Storage Buys Out Wyckoff Project Partner, Targets Late 2005 Operation
Increasing its ownership to 100%, Houston-based Falcon Gas Storage Co. Inc. said Wednesday that it has acquired the remaining 50% interest in Greyhawk Gas Storage Co. LLC, owned by a subsidiary of Nova Scotia-based Emera Inc. Terms of the transaction were not disclosed.
Gaz Metro, TransCanada Close on Additional Stake in PNGTS
Gaz Metropolitan & Co. and TransCanada Corp. increased their ownership stake in the northeastern-based Portland Natural Gas Transmission System (PNGTS) after closing on a $56 million purchase from El Paso Corp. The transaction was first announced last month (see Daily GPI, Nov. 19).
TransCanada Buys DTE’s Stake in Portland Natural Gas for $47M
TransCanada Corp has exercised a right to increase by more than 10% its ownership interest in New England’s Portland Natural Gas Transmission System to 43.42%, purchasing a portion of DTE East Coast Pipeline Co.’s interest in PNGTS for US$47.1 million. The price includes assumption of US$27.8 million in debt.
TransCanada Buys DTE’s Stake in Portland Natural Gas for $47M
TransCanada Corp has exercised a right to increase by more than 10% its ownership interest in New England’s Portland Natural Gas Transmission System to 43.42%, purchasing a portion of DTE East Coast Pipeline Co.’s interest in PNGTS for US$47.1 million. The price includes assumption of US$27.8 million in debt.
Dominion Tries to Douse FERC Concerns About Greenbrier Pipe
Responding to FERC’s concerns that key customers may back out of its Greenbrier Pipeline project, Dominion Transmission Inc. reported to the agency Thursday that approximately 90% of the transportation capacity to be created by the proposed natural gas pipeline has been subscribed by power generators and local distribution companies (LDCs), a company spokesman said.
Western Gas Wants Control of Williams’ Powder River Assets Once Held by Barrett
Western Gas Resources Inc. has filed a lawsuit against Williams Cos. concerning the control and ownership of their jointly owned properties in the Powder River Basin of Wyoming. The lawsuit concerns a 1997 development and operating agreement between Western Gas and former venture partner Barrett Resources Inc., which was acquired by Williams in 2001 (see Daily GPI, May 8, 2001).
Industry Briefs
Mirant said it has completed the sale of its 44.8% ownership stake in Bewag, a Berlin-based utility to the Vattenfall group for $1.63 billion. Mirant received more than $1 billion in net proceeds after repayment of $600 million in debt associated with its Bewag investment. “Consistent with our announced business plan, this sale is yet another step in strengthening Mirant’s balance sheet and improving its liquidity,” said CEO Marce Fuller. “Other asset sales continue to be pursued by Mirant.”