Kinder Morgan Energy Partners LP, the biggest U.S. pipeline company, agreed to acquire Copano Energy LLC for about $3.2 billion in stock to capitalize on rising natural gas output from shale basins in Texas, Oklahoma and Wyoming.
For more than 60 years, the Tennessee Gas Pipeline has linked natural-gas wells in Texas to customers in the north. Until last year, it paid federal corporate income taxes on its earnings, setting aside $107 million in 2011 alone.
Kinder Morgan Inc. will pay $110 million to end lawsuits by investors over its purchase of gas- pipeline owner El Paso Corp. in a settlement that includes concessions by Goldman Sachs Group Inc., according to court papers.
Kinder Morgan Inc. may proceed to a shareholder vote on a $21.1 billion takeover of El Paso Corp. after a judge rejected claims that Goldman Sachs Group Inc.’s conflict of interest warranted blocking the deal.
Kinder Morgan Inc., which this year will become the largest U.S. pipeline company after its $20.7 billion purchase of El Paso Corp., aims to extend its lead over competitors in transporting oil across Canada for export to higher-paying markets in Asia.