Houston-based Kinder Morgan has sold its Pembina Pipeline interest (25 million shares) for $764 million after taxes and the added cash will be used in its 2020 budget to reduce debt.  Kinder Morgan acquired the shares when Pembina bought Kinder Morgan Canada last August as part of a C$4.35 billion ($3.33 billion) deal.

Pembina, with headquarters in Calgary, Alberta, also acquired the U.S. portion of the Cochin Pipeline in the Kinder Morgan deal for C$2.05 billion ($1.57 billion) in cash. Kinder Morgan had owned 70% of Kinder Morgan Canada.

The pipeline moves 110,000 barrels per day of condensate from Fort Saskatchewan, Alberta, to Chicago, Illinois, a distance of about 1,740 miles (2,900 kilometers).

Kinder Morgan Canada had been spun off from its American parent company in 2017 to raise money for the Trans Mountain oil pipeline expansion, but in 2018, Kinder Morgan sold the pipeline and its expansion project to the Canadian federal government for C$4.5 billion ($3.45 billion).