Breaking news: Kinder Morgan to cancel its Utica Marcellus Texas Pipeline project

In news breaking today, Oct 18, Kinder Morgan announced it would cancel its Utica Marcellus Texas Pipeline project. The disclosed at a presentation of its financial results for the third quarter.

 

 

The cancelled project was designed to move up to 430,000 barrels of natural gas liquid daily from the shale at Utica and Marcellus to the Gulf Coast Texas. Instead, Kinder Morgan stated it would spend its resources on the natural gas pipeline that moves gas from the Gulf coast to the northeast coast.

This isn’t the first abandoned project — earlier this year they backed out of the high-profile Trans Mountain pipeline expansion — but Kinder Morgan exceeded expectations for the third quarter, with a profile of US$693 million. Cash flow certainly isn’t an issue, rising to US$1.1 billion for Q3 2018 — up 4 percent over 2017. A quarterly dividend of 20 cents a share was also announced. This is significantly up from the same quarter of 2017, which came in with net US$334 million.

 

 

 

Trans Mountain Pipeline

The Trans Mountain Pipeline in Canada was previously sold — expected to bring in US$900 million — after the government of Canada would not guarantee the project would be approved. Numerous hurdles have hit the proposed pipeline, notably non-stop environmental protests, challenges in court, and disagreement between the province of British Columbia and the Federal Government. Their interest in the project was sold to the Canadian Government.

Other Popular Stories

  • BC refinery close to financing deal
  • FTG Aerospace to supply avionics to Rockwell Collins
  • Bombardier nearly ready to flight test CSeries
  • Clean energy expected to surge as pv costs drop
  • Pratt & Whitney Canada announces helicopter engine contracts
  • Japex to buy into west coast LNG development
  • Volkswagen to produce super-efficient hybrid
  • Canada keeping up pressure on US for Keystone XL approval
  • Bombardier holds update on CSeries aircraft
  • Skilled labour shortage in world oil industry: report
  • Canadian business, except energy, had profitable Q4: Statistics Canada
  • Miners struggling with higher costs, lower prices
  • Russian leasing company orders 42 CSeries jets from Bombardier
  • GM investing $250 million at Ingersoll plant
  • SPPCA's new landing gear facility opening in Mississauga
  • Economy managed slight growth in Q4, but shrank in December
  • Manufacturing the sole industry showing job losses in February
  • DART Aerospace re-branding itself to reach wider markets
  • Canadian oil production up; producers turning to railways for shipment
  • RV industry has growing role in Canada's economy: study
Scroll to Top