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Kinder Morgan to combine its family of companies
http://hosted.ap.org/dynamic/stories/U/US_KINDER_MORGAN_COMBINATION?SITE=VANOV&SECTION=BUSINESS&TEMPLATE=DEFAULTKinder Morgan to combine its family of companies
By JONATHAN FAHEY
AP Energy Writer
Aug 10, 6:46 PM EDT
NEW YORK (AP) -- The group of oil and gas pipeline and storage companies controlled by Kinder Morgan but traded separately will combine and become the 4th biggest U.S. energy company by market value.
The companies announced Sunday that Kinder Morgan Inc., Kinder Morgan Energy Partners, Kinder Morgan Management and El Paso Pipeline Partners will all combine under the Kinder Morgan Inc. umbrella and trade under the KMI ticker symbol.
Houston-based Kinder Morgan Inc. says the total purchase price of the three other companies is $71 billion, including $27 billion of assumed debt.
The combined market value of the four companies was $92 billion as of the close of the market Friday. That would make it the fourth largest U.S. energy company after Exxon Mobil, Chevron and ConocoPhillips.
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