Kinder Morgan Energy partners, L.P. is a leading pipeline transportation and energy storage company in North America. Kinder Morgan owns or operates approximately 26,000 miles of pipelines transporting primarily natural gas, crude oil, and petroleum products. Kinder Morgan also owns about 170 terminals that store and handle products such as gasoline, coal, and petroleum coke. Kinder Morgan is also the leading provider of carbon dioxide, commonly called CO2 for enhanced oil recovery projects in North America.
In addition to its role in the energy transportation and storage industry, Kinder Morgan operates in two major oil fields in Texas: the Yates Oil Field and the SACROC Unit. Kinder Morgan produces approximately 55,000 barrels per day between the two areas, and claims to be the second-largest oil producer in Texas.
Chairman and CEO Richard Kinder, selected by Morningstar as its 2005 CEO of the Year, receives a salary of $1.00 a year, no bonuses, no option grants, and no restricted stock. Additionally Kinder Morgan claims that it does not spend money on corporate jets, first-class airfare, sports tickets or other expensive perks.
Kinder Morgan asserts that it committed to public safety, protection of the environment and operation of its facilities in compliance with all applicable rules and regulations.
On August 28, 2006 Kinder Morgan announced that it would be taken private in a management-led leveraged buyout totaling approximately $22 billion. Outside participants in the transaction include Fayez Sarofim, Goldman Sachs Capital Partners and Highstar Capital (then owned by American International Group).
On September 8, 2010, a notice of a class action settlement was filed in the District Court of Shawnee County Kansas. The proposed settlement is to resolve claims of breach of fiduciary duty owed to Kinder Morgan shareholders by persons involved with the buyout. The settlement payment is to be $200 million. A hearing on the settlement is scheduled for November 12, 2010.
On November 23, 2010, Kinder Morgan filed for an initial public offering. On February 3, 2011 Kinder Morgan disclosed that it would raise $2.2 billion in its IPO, which is expected during the week of February 7th.
In October 2011, Kinder Morgan Inc. agreed to buy El Paso Corp. (EP) for $21.1 billion and will make the combined company have 67,000 miles (107,000 kilometers) of gas lines and eclipse Enterprise Products Partners LP (EPD) as the biggest U.S. pipeline operator. The transaction paid with share of Kinder Morgan, Kinder Morgan warrant and all of cash portion $11.5 billion through Barclays Plc (BARC) borrowing.
In addition to its role in the energy transportation and storage industry, Kinder Morgan operates in two major oil fields in Texas: the Yates Oil Field and the SACROC Unit. Kinder Morgan produces approximately 55,000 barrels per day between the two areas, and claims to be the second-largest oil producer in Texas.
Chairman and CEO Richard Kinder, selected by Morningstar as its 2005 CEO of the Year, receives a salary of $1.00 a year, no bonuses, no option grants, and no restricted stock. Additionally Kinder Morgan claims that it does not spend money on corporate jets, first-class airfare, sports tickets or other expensive perks.
Kinder Morgan asserts that it committed to public safety, protection of the environment and operation of its facilities in compliance with all applicable rules and regulations.
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On November 23, 2010, Kinder Morgan filed for an initial public offering. On February 3, 2011 Kinder Morgan disclosed that it would raise $2.2 billion in its IPO, which is expected during the week of February 7th.
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