Kinder Morgan, Phillips 66 Extend Western Gateway Pipeline Bidding Amid Shipper Interest
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Kinder Morgan and Phillips 66 have extended the open season for their proposed 1,300-mile Western Gateway Pipeline until April 15, citing strong shipper interest and the need for additional time to finalize commercial evaluations. This joint project, which involves reversing existing lines and building new infrastructure to transport 200,000 b/d of refined products from the Midcontinent to Arizona, California, and Nevada by 2029, represents a significant capital expansion for both companies. The extension, driven by prospective shippers needing more time to secure internal approvals, indicates continued momentum and potential viability for this material long-term infrastructure investment. Traders should monitor future announcements regarding shipper commitments and the final investment decision for the project.
At the time of this announcement, KMI was trading at $34.06 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $75.8B. The 52-week trading range was $23.94 to $34.24. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.