Permian Highway Pipeline Announces Binding Open Season for Expansion Project
April 25 2022 - 4:05PM
Business Wire
Increasing natural gas takeaway from the
Permian Basin to the Gulf Coast
Permian Highway Pipeline, LLC (PHP) today announced a binding
open season to solicit commitments for an expansion project on its
system. Upon achieving a final investment decision (FID), the
project will increase PHP’s capacity by nearly 650 million cubic
feet per day (MMcf/d). A foundation shipper has already executed
long-term binding transportation agreements for half of this
expansion capacity.
The project will involve primarily compression expansions on PHP
to increase natural gas deliveries from the Waha area to multiple
mainline connections, Katy, Texas and various U.S. Gulf Coast
markets. Pending additional customer commitments, the target
in-service date for the project is October 1, 2023.
The binding open season begins April 25, 2022, and ends May 13,
2022, at 5 p.m. Central Time, though PHP reserves the right to
extend the open season as needed. Those interested in obtaining
more detailed information about this open season can visit this
page on the Kinder Morgan website or contact Enrique Valencia,
Director of Business Development in Kinder Morgan’s Natural Gas
group at 713.420.5017 or Enrique_Valencia@kindermorgan.com.
PHP is jointly owned by subsidiaries of Kinder Morgan, Inc.
(NYSE: KMI), Kinetik Holdings Inc. (NASDAQ: KNTK) and ExxonMobil
(NYSE: XOM) with an ownership interest of 26.7%, 53.3% and 20%,
respectively. Kinder Morgan Texas Pipeline (KMTP) is the operator
of PHP.
About Kinder Morgan,
Inc.
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy
infrastructure companies in North America. Access to reliable,
affordable energy is a critical component for improving lives
around the world. We are committed to providing energy
transportation and storage services in a safe, efficient and
environmentally responsible manner for the benefit of the people,
communities and businesses we serve. We own an interest in or
operate approximately 83,000 miles of pipelines, 141 terminals, and
700 billion cubic feet of working natural gas storage capacity. Our
pipelines transport natural gas, refined petroleum products, crude
oil, condensate, CO2 and other products, and our terminals store
and handle various commodities including gasoline, diesel fuel,
chemicals, ethanol, metals and petroleum coke. Learn more about our
renewables initiatives on the low carbon solutions page at
www.kindermorgan.com.
Important Information Relating to
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 not historical in nature.
Forward-looking statements in this news release include express or
implied statements concerning the anticipated capacity and timing
of the proposed PHP expansion. 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 KMI believes that these forward-looking
statements are based on reasonable assumptions, it can give no
assurance as to when or if any such forward-looking statements will
materialize or their ultimate impact on KMI’s operations or
financial condition. Important factors that could cause actual
results to differ materially from those expressed in or implied by
these forward-looking statements include the risks and
uncertainties described in KMI’s reports filed with the Securities
and Exchange Commission (SEC), including its Annual Report on Form
10-K for the year-ended December 31, 2021 (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 KMI’s 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.
About Kinetik Holdings
Inc.
Kinetik is a fully integrated, pure-play, Permian-to-Gulf Coast
midstream C-corporation operating in the Delaware Basin. Kinetik is
headquartered in Midland, Texas and has a significant presence in
Houston, Texas. Kinetik provides comprehensive gathering,
transportation, compression, processing and treating services for
companies that produce natural gas, natural gas liquids, crude oil
and water. Kinetik posts announcements, operational updates,
investor information and press releases on its website,
https://www.kinetik.com/.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international
energy and petrochemical companies, creates solutions that improve
quality of life and meet society’s evolving needs. The
corporation’s primary businesses - Upstream, Product Solutions and
Low Carbon Solutions - provide products that enable modern life,
including energy, chemicals, lubricants, and lower-emissions
technologies. ExxonMobil holds an industry-leading portfolio of
resources, and is one of the largest integrated fuels, lubricants
and chemical companies in the world. To learn more, visit
exxonmobil.com and the Energy Factor. Follow us on Twitter and
LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20220425005864/en/
KINDER MORGAN CONTACTS Katherine Hill Media Relations
(713) 369-9176 newsroom@kindermorgan.com Investor Relations (800)
348-7320 km_ir@kindermorgan.com www.kindermorgan.com KINETIK
CONTACTS Jim Schwartz Media Relations (713) 487-4838
jschwartz@kinetik.com Maddie Wagner Investor Relations (713)
487-4832 mwagner@kinetik.com https://www.kinetik.com
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