Kinder Morgan Energy Partners, L.P. (KMP) today announced that it is initiating a new business of owning, leasing and acquiring natural resource reserves within its Terminals business segment to pursue non-operating investments in coal and other mineral reserve properties and infrastructure. Richard M. Whiting, a senior executive with more than 35 years of experience in the coal industry, has joined KMP as President of Kinder Morgan Resources LLC, which will own mineral reserve properties and other assets in North America. KMP will not actively engage in the mining of coal or other natural resources, but will lease properties it acquires to various operators in exchange for royalty payments. The lessees of the properties will manage any commodity price risk associated with the operations, not KMP.
John Schlosser, president of KMP’s Terminals business, said, “This new business platform will enable us to increase the services we offer to our valued coal industry customers, as well as other extractive industry participants. We currently have over $450 million in coal terminals expansion projects underway at KMP and we are pursuing additional opportunities. Rick Whiting has extensive commercial and operating experience, and is highly regarded in the coal industry, and we are delighted he has joined KMP to oversee our new endeavor—Kinder Morgan Resources.”
Kinder Morgan Energy Partners, L.P. (KMP) is a leading pipeline transportation and energy storage company and one of the largest publicly traded pipeline limited partnerships in America. It owns an interest in or operates approximately 51,000 miles of pipelines and 180 terminals. The general partner of KMP is owned by Kinder Morgan, Inc. (KMI). Kinder Morgan is the largest midstream and the third largest energy company in North America with a combined enterprise value of approximately $115 billion. It owns an interest in or operates approximately 80,000 miles of pipelines and 180 terminals. Its pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store petroleum products and chemicals and handle such products as ethanol, coal, petroleum coke and steel. KMI owns the general partner interests of KMP and El Paso Pipeline Partners, L.P. (EPB), along with limited partner interests in KMP, Kinder Morgan Management, LLC (KMR) and EPB. For more information please visit www.kindermorgan.com.
This news release includes forward-looking statements. These 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 Kinder Morgan believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that such assumptions will materialize. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include those enumerated in Kinder Morgan’s reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, Kinder Morgan undertakes no obligation to update or review any forward-looking statement because of new information, future events or other factors. Because of these uncertainties, readers should not place undue reliance on these forward-looking statements.
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- Oil, Gas, & Consumable Fuels
- Kinder Morgan