Pembina Pipeline Completes Kinder Morgan Deal

Date : 12/16/2019 @ 8:25PM
Source : Dow Jones News
Stock : Kinder Morgan Inc (KMI)
Quote : 14.2  0.21 (1.50%) @ 1:00AM
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Last $ 14.20 ◊ 0.00 (0.00%)

Pembina Pipeline Completes Kinder Morgan Deal

Kinder Morgan (NYSE:KMI)
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By Michael Dabaie

 

Pembina Pipeline Corp. (PPL.T; PBA) said it completed its acquisition of Kinder Morgan Canada Ltd. and the U.S. portion of the Cochin Pipeline system.

Pembina said its outlook for 2020 is for adjusted earnings before interest, tax, depreciation and amortization of C$3.25 billion to C$3.55 billion. The 2020 guidance reflects the closing of the Kinder Morgan deal, and C$440 million of new projects recently placed into service.

Pembina said it expects to place into service an additional C$1.1 billion of projects during 2020.

"We are pleased to have closed the highly strategic Kinder Morgan transaction earlier than originally expected, which will allow us to realize a full year of contribution from these assets in 2020," said Chief Executive Mick Dilger.

Kinder Morgan Inc. (KMI) said it plans to use the proceeds from the Pembina transactions to pay down debt, creating about $1.2 billion of balance sheet and borrowing flexibility in 2020.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

December 16, 2019 15:10 ET (20:10 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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