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

  • Tesla is now the number one valued carmaker in America, jumping ahead of GM
  • Volkswagen hit with $14.7 billion in fines, compensation over emissions scandal
  • SNC's Candu Energy signs international agreements
  • Eleventh hour intervention by Marchionne secured Fiat Chrysler deal
  • Higher efficiency solar cells within reach
  • Wind capacity reaches 82,183 megawatts in US, enough to power 24 million homes
  • Slower growth, need for new markets challenge Canada's oil producers
  • Technology supplier announces 18 per cent growth
  • 12 new electric vehicles by 2022 Renaut-Nissan-Mitsubishi alliance commits 30% of overall production output
  • LNG activity heating up in BC as Petronas seeks export licence
  • China Opens Solar Highway, Closes in Under a Week
  • Automotive and chemical manufacturing pull up overall Canadian manufacturing sales to higher level than projected
  • Volvo aims to put garbage collectors out of work with autonomous robot garbage trucks
  • Agreement between western provinces smooths way for pipelines
  • Manufacturing down in February in both Canada and US
  • Time running out for dealing with global greenhouse emissions: report
  • Canada green tech company helps Chile reduce methane in landfills: $7 million project
  • Two auto parts plants adding jobs in southwestern Ontario
  • SPPCA's new landing gear facility opening in Mississauga
  • Volvo to Expand Production of XC40 SUV in Europe and China
Scroll to Top