ExxonMobil signs a letter of intent; XTO
Energy to be a shipper on pipeline
Kinder Morgan Texas Pipeline LLC (KMTP), a subsidiary of Kinder
Morgan, Inc. (NYSE: KMI), EagleClaw Midstream Ventures, LLC
(EagleClaw), a portfolio company of Blackstone Energy Partners, and
Apache Corporation (NYSE, NASDAQ: APA) today announced that Exxon
Mobil Corporation (NYSE: XOM) has signed a letter of intent to
support the proposed Permian Highway Pipeline Project (PHP
Project). Under the letter of intent, ExxonMobil subsidiary XTO
Energy may contract for up to 450,000 dekatherms per day (Dth/d) of
capacity on the pipeline.
The approximately $2 billion PHP Project will provide an outlet
for increased natural gas production from the Permian Basin to
growing market areas along the Texas Gulf Coast and is designed to
transport up to 2 billion cubic feet per day (Bcf/d) of natural gas
through approximately 430 miles of 42-inch pipeline from the Waha
to Katy, Texas, areas, with connections to the U.S. Gulf Coast and
Mexico markets. The PHP Project is expected to be in service in
late 2020, subject to the execution of definitive agreements and
the receipt of construction permits.
As previously announced, KMTP and EagleClaw will be the initial
partners, each with a 50 percent ownership interest in the project.
Apache and EagleClaw will both be significant shippers on the
proposed pipeline, with each entity planning to commit up to
500,000 Dth/d to the project. Apache will also have the option to
acquire equity from the initial partners. KMTP will build and
operate the pipeline.
“We are committed to supporting development of the
infrastructure needed for our planned production growth in the
Permian Basin,” said Sara Ortwein, President, XTO Energy. “The
Permian Highway Pipeline will provide additional capacity for
reliable transportation of natural gas to the U.S. Gulf Coast.”
“We are very pleased to have an industry leader like ExxonMobil
support our project and are encouraged by the significant progress
we have made with our co-developers and other potential shippers to
rapidly shore up commitments,” said Sital Mody, President of Kinder
Morgan Natural Gas Midstream. “We expect this development will
accelerate our path to a final investment decision.”
In addition, KMTP and EagleClaw will hold an open season for
capacity on the PHP Project. The open season begins on August 10,
2018, and interested parties should submit their written request to
Dave Grisko, vice president of business development for Kinder
Morgan’s Natural Gas Midstream group, at
david_grisko@kindermorgan.com or (713) 369-9870.
About Kinder Morgan,
Inc.
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy
infrastructure companies in North America. We own an interest in or
operate approximately 85,000 miles of pipelines and
152 terminals. Our pipelines transport natural gas, refined
petroleum products, crude oil, condensate, CO2 and other products,
and our terminals transload and store liquid commodities including
petroleum products, ethanol and chemicals, and bulk products,
including petroleum coke, metals and ores. For more information
please visit www.kindermorgan.com.
About EagleClaw Midstream Ventures,
LLC
EagleClaw Midstream Ventures, LLC is focused on rapid response
to the midstream infrastructure requirements of Permian producers.
The Company provides comprehensive gathering, transportation,
compression, processing and treating services necessary to bring
natural gas, natural gas liquids and crude oil to market. EagleClaw
currently has long term dedications for over 300,000 acres from a
broad number of successful and active producers in the Delaware
basin. For more information, please visit
www.eagleclawmidstream.com.
About Blackstone
Blackstone Energy Partners is Blackstone's energy-focused
private equity business, with a successful record built on our
industry expertise and partnerships with exceptional management
teams. Blackstone has invested over $15 billion of private equity
globally across a broad range of sectors within the energy
industry. Blackstone (NYSE: BX) is one of the world's leading
investment firms. Our asset management businesses, with over $440
billion in assets under management, include investment vehicles
focused on private equity, real estate, public debt and equity,
non-investment grade credit, real assets and secondary funds, all
on a global basis. Further information is available at
www.blackstone.com.
About Apache Corporation
Apache Corporation is an oil and gas exploration and production
company with operations in the United States, Egypt and the United
Kingdom. Apache posts announcements, operational updates, investor
information and copies of all press releases on its website,
www.apachecorp.com, and on its Media and Investor Center mobile
application, which is available for free download from the Apple
App Store and the Google Play store.
About Exxon Mobil
Corporation
ExxonMobil, the largest publicly traded international oil and
gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products and its chemical company is one of
the largest in the world. For more information, visit
www.exxonmobil.com or follow us on Twitter
http://www.twitter.com/exxonmobil.
Important Information Relating to
Kinder Morgan’s Forward-Looking Statements
This news release includes forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995 and Section 21E of the Securities and Exchange Act of 1934.
Generally the words “expects,” “believes,” anticipates,” “plans,”
“will,” “shall,” “estimates,” and similar expressions identify
forward-looking statements, which are generally not historical in
nature. Forward-looking statements are subject to risks and
uncertainties and are based on the beliefs and assumptions of
management, based on information currently available to them.
Although Kinder Morgan believes that these forward-looking
statements are based on reasonable assumptions, it can give no
assurance that any such forward-looking statements will
materialize. Important factors that could cause actual results to
differ materially from those expressed in or implied from these
forward-looking statements include the risks and uncertainties
described in Kinder Morgan’s reports filed with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for
the year-ended December 31, 2017 (under the headings “Risk Factors”
and “Information Regarding Forward-Looking Statements” and
elsewhere) and its subsequent reports, which are available through
the SEC’s EDGAR system at www.sec.gov and on our website at
ir.kindermorgan.com. Forward-looking statements speak only as of
the date they were made, and except to the extent required by law,
KMI undertakes no obligation to update any forward-looking
statement because of new information, future events or other
factors. Because of these risks and uncertainties, readers should
not place undue reliance on these forward-looking statements.
Important Information Relating to
Apache’s Forward-Looking Statements
This press release includes forward-looking statements. Except
for the historical information contained herein, the matters
discussed in this press release are forward-looking statements that
involve certain risks and uncertainties, such as Apache’s
expectations regarding future results, capital expenditures,
project completions, liquidity and financial market conditions.
These risks and uncertainties include, among other things,
insufficient cash from operations, adverse market conditions,
governmental regulations and other factors discussed in Apache’s
filings with the U.S. Securities and Exchange Commission. If any of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results or outcomes may vary
materially from those expected. Apache disclaims any intention or
obligation to update publicly or reverse such statements, whether
as a result of new information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180809005801/en/
KMI Media RelationsMelissa Ruiz, (713)
420-6397newsroom@kindermorgan.comorKMI Investor
Relations(713)
369-9490km_ir@kindermorgan.comwww.kindermorgan.comorEagleClawJamie
Welch, (713) 621-7300jwelch@eagleclawmidstream.comorBlackstone
Media RelationsPaula Chirhart, (212)
583-5011Paula.chirhart@blackstone.comorApache Media
RelationsCastlen Kennedy, (713)
296-7189castlen.kennedy@apachecorp.comorApache Investor
RelationsGary Clark, (713)
296-6472gary.clark@apachecorp.com
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