Kinder Morgan Energy Partners Completes Sale of One-Third Interest in
Express-Platte Pipeline System
HOUSTON -- March 14, 2013
Kinder Morgan Energy Partners, L.P. (NYSE: KMP), today announced that it has
closed its previously announced sale of its one-third interest in the
Express-Platte Pipeline System to Spectra Energy Corp for approximately $380
million pre-tax. KMP’s joint venture partners in Canada (Ontario Teachers’
Pension Plan Board and Borealis Infrastructure, the infrastructure investment
arm of the OMERS pension plan) also sold their interests in the pipeline
system, as Spectra Energy Corp purchased 100 percent of Express-Platte—a
1,700-mile oil pipeline system connecting Canadian and U.S. producers to
refineries in the Rocky Mountain and Midwest regions of the United States.
Based on the structure of KMP’s investment with the Express-Platte Pipeline
partners, KMP received approximately $15 million of cash flow on an annual
basis from its investment, consisting primarily of debenture interest. KMP
plans to redeploy the proceeds from the sale into various growth projects to
further benefit its unitholders.
Kinder Morgan Energy Partners, L.P. (NYSE: 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 more than 44,000 miles of pipelines and 180 terminals. The general
partner of KMP is owned by Kinder Morgan, Inc. (NYSE: KMI). Kinder Morgan is
the largest midstream and the third largest energy company in North America
with a combined enterprise value of approximately $100 billion. It owns an
interest in or operates more than 73,000 miles of pipelines and 180 terminals.
Its pipelines transport natural gas, gasoline, crude oil, CO 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. (NYSE: EPB),
along with limited partner interests in KMP, Kinder Morgan Management, LLC
(NYSE: 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
Kinder Morgan Energy Partners, L.P.
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