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

Beefs & Bouquets, May 23

To submit a beef or a bouquet to the Nanaimo News Bulletin, e-mail bulletinboard@nanaimobulletin.com

Nanaimo Timbermen want to keep trending upward

Senior A lacrosse team, coming off a 2018 playoff appearance, about to start 2019 WLA season

Bookfest helps fill school library shelves leading up to next week’s event

Vancouver Island Children’s Book Festival is June 1 at downtown Nanaimo venues

Students get a look at some of the City of Nanaimo’s inner workings

Hundreds of students participate in Public Works Day

Young Nanaimo man dies after losing control of ATV

Accident claimed the life of a 23-year-old south of Nanaimo over the long weekend

Trudeau touts economic record at Liberal fundraiser in Vancouver

The Prime Minister was in B.C. for much of this week

Thunderstorms to bring heavy rain, risk of flash floods in the Okanagan

Ten to 30 millimetres of rain to fall over the early weekend

Nanaimo astronomers can hear about ultraviolet telescope’s galactic calculations

Canada’s space telescope to look at blue end of light spectrum to unveil mysteries of the universe

UPDATE: Suspected drunk driver crashes into line-painting truck on the highway in Nanaimo

Crash happened at 1 a.m. Wednesday on the Trans-Canada Highway near Duke Point Highway

Unbe-leaf-able: Agassiz man finds more than 200 four-leaf clovers in a month

Walt Hardinge has found more than 219 four-or-more leaf clovers this spring alone

Crews fight fire with fire to keep blaze from northern Alberta town

The wildfire now covers some 920 square kilometres

Man in B.C. charged with murder and arson in 2016 New Brunswick death

He is charged in the death of 71-year-old Lucille Maltais, who was found inside a burned down home

Improve your life and theirs, adopt a cat from the BC SPCA

The BC SPCA holds an adult cat adoption promotion

RCMP probe if teen was intentionally hit with ski pole by mystery skier on B.C. mountain

The incident happened on March 20 on Grouse Mountain. Police are urging witnesses to come forward

Most Read