Pipeline Operator Kinder Morgan To Spend $1.23 bln To Buy Stagecoach Gas Services

Time to read
less than
1 minute
Read so far

Pipeline Operator Kinder Morgan To Spend $1.23 bln To Buy Stagecoach Gas Services

Mon, 06/07/2021 - 12:21
Posted in:
0 comments
Sign of Kinder Morgan at Company headquarters in Houston, US (copyright by Shutterstock/JHVEPhoto)
Sign of Kinder Morgan at Company headquarters in Houston, US (copyright by Shutterstock/JHVEPhoto)

Houston based energy exporter and pipeline operator Kinder Morgan Inc, recently announced that it intends to buy New England regional gas storage and distributor Stagecoach Gas Services LLC, for the sum of $1.23 billion. At present, Stagecoach Gas Services is a joint venture between Consolidated Edison Inc and Crestwood Equity Partners Ltd partnership.

This deal will allow Kinder Morgan to expand into pipeline operations in America’s profitable north-eastern markets. Stagecoach Gas Services operates in the south-western part of New York state and the northern part of the state of Pennsylvania. The company currently delivers some 2.9 billion-cubic-feet-a-day of natural gas to important regional gas and electricity utilities within New York State and northern Pennsylvania and holds in storage some 41 billion-cubic-feet-a-day of natural gas in readiness for customers. In fact, much of the gas for its pipelines comes from various Marcellus gas fields further south in Pennsylvania.

It is forecast, that the deal between Kinder Morgan Inc and consolidated Edison Inc and Crestwood Equity Partners Ltd partnership, will be completed sometime in the 3rd quarter of 2021. Once complete, this buy-out will enable Kinder Morgan Inc to access four natural gas storage facilities and three important pipelines serving the New England market.

Add new comment

The content of this field is kept private and will not be shown publicly.

Text only

  • No HTML tags allowed.
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.