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HOUSTON, Dec. 1, 2003 -- Kinder Morgan Energy Partners announced it has increased its ownership stake in Mid-Tex Gas Storage Company, L.L.P. (Midtex) from about 68 percent to 100 percent following a $17.5 million purchase from an affiliate of NiSource Inc.
The principal asset of Midtex is the Markham natural gas storage facility located in Matagorda County, Texas, which has approximately 5 billion cubic feet of working gas capacity. KMP has completed approximately $335 million in acquisitions this year.
"We expect this acquisition will be immediately accretive to unitholders, adding stable cash flow through long-term contracts," said Chairman and CEO Richard D. Kinder. The company's Texas intrastate natural gas pipeline group consists of approximately 5,800 miles of pipeline with a peak capacity of about 5 billion cubic feet per day of natural gas and over 30 billion cubic feet of storage capacity.
Kinder Morgan Energy Partners, L. P. is the largest publicly traded pipeline limited partnership in the United States in terms of market capitalization and the largest independent refined petroleum products pipeline system in the U.S. in terms of volumes delivered. KMP owns or operates more than 25,000 miles of pipelines and approximately 80 terminals. Its pipelines transport more than two million barrels per day of gasoline and other petroleum products and up to 7.8 billion cubic feet per day of natural gas.
Its terminals handle over 60 million tons of coal and other dry-bulk materials annually and have a liquids storage capacity of approximately 55 million barrels for petroleum products and chemicals. KMP is also the leading provider of CO2 for enhanced oil recovery projects in the United States.
The general partner of KMP is owned by Kinder Morgan, Inc. (NYSE: KMI - News), one of the largest energy transportation and storage companies in America. Combined, the two companies have an enterprise value of approximately $22 billion.
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