Western Gateway Pipeline Secures Shipper Commitments, Advances Towards Mid-2029 In-Service
KMI sits 26% above its 52-week low of $25.425.
Summary
The Western Gateway Pipeline, a joint venture between Kinder Morgan and Phillips 66, is advancing after successfully securing sufficient long-term shipper commitments during its second open season. This proposed refined products pipeline aims to connect Midwest and Gulf Coast refinery supply to the Arizona and California markets, with a targeted in-service date of mid-2029. The project is significant as it validates Kinder Morgan's (and Phillips 66's) capital expansion plans, de-risking a major infrastructure investment that will supply 200,000 b/d of refined products to a region heavily reliant on fuel imports. This positive development confirms future growth for Kinder Morgan's energy infrastructure portfolio.
At the time of this announcement, KMI was trading at $32.05 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $71.2B. The 52-week trading range was $25.43 to $34.73. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.