Kinder Morgan Energy Partners LP, the biggest U.S. pipeline operator since its parent company bought El Paso Corp. in May, said second-quarter profit fell as it reduced the value of some pipeline assets that it agreed to sell to obtain approval for the acquisition.
Kinder Morgan Inc. is counting on finding a buyer for El Paso Corp.’s oil and natural gas production business within six months to help pay off ballooning debt from its $21.1 billion acquisition of the rival pipeline company.
Enbridge Inc. and Enterprise Products Partners LP said they will team up to increase the ability of U.S. refineries on the Texas coast to get oil from a storage depot in Cushing, Oklahoma, the delivery point for most U.S. crude.
Enterprise Products Partners LP, the largest U.S. pipeline partnership by market value, will build a 1,230-mile (1,979-kilometer) line to ship ethane from Pennsylvania to U.S. Gulf Coast petrochemical plants.
Kinder Morgan Inc. may reap more than $900 million if it has to sell natural-gas pipelines in the Rocky Mountains to secure federal approval of its $21 billion acquisition of El Paso Corp., scheduled to close in the second quarter.
A group led by Apollo Global Management LLC agreed to acquire El Paso Corp.’s oil and natural gas exploration business for $7.15 billion in the second-biggest private equity takeover of an energy producer.