Kinder Morgan closed on a $640 million deal for a Bakken natural gas gathering and processing network in the Williston Basin. (Source: Shutterstock)
Kinder Morgan (KMI) closed on a $640 million deal for a Bakken natural gas gathering and processing network, the company announced on Feb. 18.
KMI subsidiary Hiland Partners Holdings acquired the North Dakota system from Outrigger Energy II. The deal includes a 270 MMcf/d processing facility and a 104-mile transport line with a 350 MMcf/d capacity.
The company announced the deal in mid-January.
The network takes the natural gas out of the Williston Basin. With this transaction, KMI expects to reduce the future capex needed for additional growth to serve its existing Bakken customers.
“We are pleased to have completed this strategic acquisition and to start integrating these assets with our existing Hiland gas footprint,” said Tom Dender, KMI natural gas midstream president.
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