Kinder Morgan options for Canadian branch delayed due to ‘complexity’

The company hopes to announce its next steps in coming weeks

A sign warning of an underground petroleum pipeline is seen on a fence at Kinder Morgan’s facility where work is being conducted in preparation for the expansion of the Trans Mountain Pipeline, in Burnaby, B.C., on April 9, 2018. Kinder Morgan Canada Ltd. says it is continuing to evaluate its strategic options and hopes to announce its next steps in coming weeks. The company was spun off from its American parent in mid-2017 to raise money to build the Trans Mountain pipeline expansion but that purpose no longer exists after it sold the existing pipeline and its expansion project to the federal government for $4.5 billion last summer. THE CANADIAN PRESS/Darryl Dyck

Kinder Morgan Canada Ltd. says it is continuing to evaluate its strategic options and hopes to announce its next steps in coming weeks.

The company was spun off from its American parent in mid-2017 to raise money to build the Trans Mountain pipeline expansion but that purpose no longer exists after it sold the existing pipeline and its expansion project to the federal government for $4.5 billion last summer.

READ MORE: B.C. braces for another round of pipeline battle with Alberta’s Jason Kenney

Chief financial officer Dax Sanders says in a news release the options being evaluated include continuing as a standalone enterprise, a disposition by sale and a strategic combination with another company.

He says the process, which analysts had expected to be complete by now, is taking longer than anticipated due to the “complexity” of the situation.

The company reported net income of $21.3 million on revenue of $102 million in the three months ended March 30, compared with $44.4 million on $88.6 million revenue in the same period a year earlier.

It reported adjusted earnings rose 21 per cent in its terminal operations thanks to storage capacity additions and higher rates, while its pipelines segment’s adjusted earnings rose 63 per cent due to reduced costs on its Cochin condensate import pipeline.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Ellis Bird Farm opens 2019 with book unveil of Charlie, Winnie and the Bluebirds

Site Manager Myrna Pearman documented the history of central Alberta’s natural treasure

Lacombe Police Service requests help finding missing person

Melissa Oswell was last seen on May 15th, after walking away from a health facility in Lacombe

Lacombe Composite High School students win gold at Skills Alberta Competition

Camryn Grant and Ben Rainforth will represent Team Alberta at Nationals in Halifax

Lacombe Police joins in on Canada Road Safety Week

1,841 motor vehicle fatalities and 9,960 serious injuries due to motor vehicle collisions in 2017

City of Lacombe council highlights – May 13, 2019

The next scheduled Regular Council Meeting is on May 27th

VIDEO: LCHS Hair Massacure supports children’s charities

Event supports kids living with cancer

Growing wildfire prompts warning for High Level to prepare for evacuation

Town of High Level announced Monday that residents should get personal items in order

Carbon tax, desk-thumping on agenda in upcoming Alberta legislature session

Jason Kenney has appointed a panel to come up with ways to reduce spending in the budget this fall

Facebook takes down anti-vaxxer page that used image of late Canadian girl

Facebook said that the social media company has disabled the anti-vaccination page

Authorities warn out-of-control wildfire could cut northern Alberta town’s electricity

Alberta Transportation has closed Highway 35 south of High Level due to the fire

‘Rope-a-dope’: Environmentalists say Alberta war room threat won’t distract them

Those against Alberta Premier Jason Kenney aren’t worried about promise to fight critics of energy industry

Almost $13 million to be paid to Grande Prairie hospital subcontractors, others

No reasons for the Court of Queen’s Bench order were released

Canada’s parole officers say correctional system has reached breaking point

About half of Canada’s federal parole officers work inside penitentiaries and correctional institutions

Speed, alcohol considered factors in deadly Calgary crash: police

Two female passengers in the Corolla, aged 31 and 65, died at the scene

Most Read