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Kinder Morgan Canada shareholders to receive Trans Mountain transaction proceeds

The Kinder Morgan Canada Limited board announced a series of decisions following the closing of the sale of the Trans Mountain Pipelinesystem and the Trans Mountain Expansion Project (TMEP) to the Government of Canada.  The KML board unanimously voted to distribute the net proceeds from the sale, after capital gains taxes, customary purchase price adjustments and repayment of KML debt, as a return of capital to shareholders. The return of capital to holders of KML's restricted voting shares is expected to be approximately $1.2 billion or approximately $11.40 per restricted voting share. To facilitate the return of capital and provide flexibility for dividends going forward, KML will seek voting shareholder approval to reduce the stated capital of KML's restricted voting shares by $1.45 billion.  

Kinder Morgan to use Trans Mountain sale proceeds for debt reduction

Kinder Morgan, Inc. announced its intention to vote in favor of the Kinder Morgan Canada Limited board's proposals that will facilitate the distribution of approximately $2.0 billion of Trans Mountain net sale proceeds as a return of capital to KMI; and reiterated its intention to use the proceeds to pay down debt. As a result, KMI currently expects to end the year at a Net Debt-to-Adjusted EBITDA ratio of approximately 4.6 times, and expects to have reduced its consolidated net debt by approximately $7.8 billion since the third quarter of 2015.

Horgan responds to Ottawa's Trans Mountain move

British Columbia Premier John Horgan, whose NDP government has staunchly opposed the Trans Mountain Expansion Project, has said that the proposed purchase of the Trans Mountain Pipeline from Kinder Morgan Canada will not change the risks of the project, nor will it end the province's challenges to the line.

Kinder Morgan still urging clarity on Trans Mountain

While the federal government has stated it stands behind the Trans Mountain Expansion Project - and is willing to put public funds into ensuring it moves forward - the proponent for the Alberta-to-BC pipeline twinning has firmly entrenched itself leading up to its May 31 deadline for a final decision to be made.

Tanks Five and Six of Twelve Completed Ahead of Schedule at Kinder Morgan's Base Line Terminal Joint Venture

Kinder Morgan Canada following the successful completion of the first four tanks and commencement of service in January, is pleased to announce that two additional tanks at the Base Line Terminal are available for service ahead of schedule, starting March 13th.  The two tanks add an additional 800,000 barrels of crude storage to the 1.6 million barrels currently in operation.

Service starts at Base Line Terminal, Kinder Morgan Canada reports

Kinder Morgan Canada Limited has started service service for the first four of twelve crude oil storage tanks at Base Line Terminal, a 50-50 crude oil merchant terminal joint venture with Keyera in Sherwood Park, Alberta (near Edmonton). The remaining eight tanks at the facility, all twelve of which are fully-contracted with long-term, firm take-or-pay agreements with creditworthy customers, are expected to be phased into service throughout 2018.

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Federal government approves Trans Mountain, Line 3 pipelines

Canada's federal government has approved two major pipeline expansions, Kinder Morgan's Trans Mountain pipeline expansion and the Line 3 replacement proposed by Enbridge. Prime Minister Justin Trudeau, along with Minister of Natural Resources Jim Carr and Marc Garneau, Minister of Transport, announced the approvals, which will create an estimated 23,000 new jobs during construction and expand global markets for Canadian oil by removing a major bottleneck in the flow of product to refineries and other buyers.