Permian Highway Pipeline Announces Binding Open Season for Expansion Project
April 25, 2022 at 16:05 PM EDT
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/.
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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