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News Breaks
December 11, 2012
12:39 EDTKMI, CDZICadiz announces agreement with Kinder Morgan
Cadiz (CDZI) announced it has entered into a new agreement with Kinder Morgan (KMI) securing the company's ownership of a 96-mile natural gas pipeline linking its holdings in the Cadiz Valley to the northern and central California water delivery network. The exchange agreement divides 220 miles of pipeline currently under option to the company, with the company gaining ownership rights to the 96-mile eastern segment between Barstow and the Cadiz Valley and returning to Kinder Morgan rights to the 124-mile western segment. In 2010, Cadiz procured an option to purchase the 220-mile pipeline for $40M from El Paso Natural Gas, which was subsequently acquired by Kinder Morgan. Kinder Morgan is currently exploring expansion of its oil and gas transportation network between Texas and California and desired to purchase back the rights to the western segment of this line. The consideration that Kinder Morgan has paid Cadiz for this agreement has been made by way of a reduction in the purchase price of the 96-mile eastern segment of the pipeline to a nominal amount of $1 (one dollar). In addition, Kinder Morgan will pay the company a further $10M cash payment at the time it seeks regulatory approval for use of the western line.
News For CDZI;KMI From The Last 14 Days
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October 2, 2015
18:24 EDTKMITennessee Gas Pipeline issues statement of MA DPU order on EDCs
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September 29, 2015
13:42 EDTKMIKinder Morgan announces additional gas capacity commitments to NED project
Kinder Morgan announced that its subsidiary, Tennessee Gas Pipeline Company, has executed agreements with producers, local distribution companies and a New York end-use market participant totaling 627,000 dekatherms per day for the Supply Path component of the proposed Northeast Energy Direct Project. The agreements will provide a direct supply link from abundant natural gas fields in Pennsylvania to existing and future Northeast and New England markets, and firm transport of incremental supplies for delivery at or near Wright, New York. From the Wright area, shippers can deliver into the Market Path component of the NED project for transport to Dracut, Massachusetts, or into TGP's existing pipeline system or into the Iroquois Gas Transmission system. The incremental gas supplies will help meet New York and New England's growing consumer and industrial gas needs, as well as helping to bolster electric reliability in the region. TGP is continuing to negotiate with additional potential shippers on the NED project, including LDCs and others, and expects to announce these commitments and others at a later date. NED's Supply Path component, from northeastern Pennsylvania to Wright, New York, is scalable up to 1.2 billion cubic feet per day, and its Market Path component is scalable up to 1.3 Bcf/d. The NED project, including the Supply Path and Market Path components, has a planned in-service date of November 2018, subject to regulatory approvals. Additionally, the NED Supply Path component and associated agreements are subject to approval by the Kinder Morgan board of directors.

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