Kinder Morgan Commences Bakken Pipeline Binding Open Season
Zacks Investment Research | Jul 01, 2019 06:28AM ET
Kinder Morgan, Inc. (NYSE:KMI) recently announced a binding joint tariff open season, seeking for shipping commitments to transport crude from the prolific Bakken Shale play through the Hiland Crude system. A subsidiary of Kinder Morgan, Hiland Crude, LLC, and a unit of Tallgrass Energy, LP (NYSE:TGE) , Tallgrass Pony Express Pipeline, LLC, are working together on the project.
Through their combined systems, the companies plan to transfer crude from the Bakken Shale to refineries along the Pony Express oil system and the market in Cushing, OK. The open season is expected to close on July 28, 2019.
While the Hiland Crude system can transport crude of around 88,000 barrels per day (BPD) from Bakken to Guernsey, WY, the Pony Express system is capable of delivering about 375,000 BPD from Guernsey to Cushing, and links three refineries along the path.
Kinder Morgan is a leading midstream energy infrastructure provider in North America. The company operates pipelines that are spread across 84,000 miles to transport natural gas, crude oil, condensate, refined petroleum products, CO2 and other products. Kinder Morgan owns 157 terminals that are utilized for storing liquid commodities comprising ethanol & chemicals, and petroleum products. The terminals also store and transload petroleum coke, metals and ores.
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Headquartered in Houston, TX, Kinder Morgan has gained 35.8% year to date compared with 18% rally of the Zacks Investment Research
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