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.

 

Engineered Design Insider kinder morganOil Gas Automotive Aerospace Industry Magazine

 

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.

 

 

Engineered Design Insider Natural Gas pipelineOil Gas Automotive Aerospace Industry Magazine

 

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.

Did you miss this?

Other Popular Stories

  • Five companies to provide power storage for Ontario
  • Mexican oil and gas re-opened to foreign companies after 76 years
  • Windsor-Detroit bridge can proceed as final obstacles fall
  • Pump and compressor makers feeling the oil crunch
  • Invest $50 billion in infrastructure over five years or fall further behind: Report
  • Two firsts for Ontario as energy storage systems certified
  • World's largest offshore wind turbines would mimic palm trees to withstand winds
  • Wind more economical than nuclear: offshore wind turbines in U.K. significantly less expensive per megawatt than planned nuclear
  • Canada's wholesale sales rose 0.7 per cent in June, to $56.4 billion
  • Progress made on Detroit River cleanup: fish no longer smells
  • Strong manufacturing helped grow economy in January
  • Drop in manufacturing pushes industrial capacity use down in Q4 2012
  • Airbus Tests Self-Flying Taxi
  • Self-Healing Grids Developed
  • Bombardier delays delivery of CSeries jets
  • Move to autonomous cars gains momentum with CES announcements, more expected from Detroit auto show
  • The Future of Transportation
  • Mixed results for Canada's auto parts industry: report
  • Promise of more investment in auto industry but no specifics
  • Canada's exports soared in June while imports fell
Scroll to Top