Kinder Morgan Announces Commencement of Operations at the 4.8 Million Barrel Base Line Terminal

Kinder Morgan Announces Commencement of Operations at the 4.8 Million Barrel Base Line Terminal

Canada NewsWire

CALGARY, Jan. 15, 2018 /CNW/ - Kinder Morgan Canada Limited (TSX: KML) today announces the commencement of service for the first four of twelve crude oil storage tanks at Base Line Terminal, a 50-50 crude oil merchant terminal joint venture with Keyera (TSX: KEY) in Sherwood Park, Alberta (near Edmonton). The remaining eight tanks at the facility, all twelve of which are fully-contracted with long-term, firm take-or-pay agreements with creditworthy customers, are expected to be phased into service throughout 2018.

Base Line Terminal is connected by pipeline to Kinder Morgan’s Edmonton-area terminals and is capable of sourcing the majority of the crude streams handled by Kinder Morgan for delivery to multiple destinations, including but not limited to, Kinder Morgan’s Trans Mountain Pipeline, the 50%-Kinder Morgan-owned Alberta Crude and Edmonton Rail terminals, other Edmonton area facilities and major export pipelines.

“Kinder Morgan is pleased to commence operation of the Base Line Terminal and provide the Edmonton market with much needed, additional merchant storage,” said John Schlosser, President of Kinder Morgan Canada Terminals. ”The project is forecast to be completed on-time and on-budget later in the year, owing to strong cooperation with and support from our contractors and various project stakeholders, including the local community, regulators and government agencies. We are also excited to expand our partnership in the Edmonton-area with Keyera and appreciate their support and involvement in the project.”

Kinder Morgan’s total investment in the project is approximately CAD $398 million, including costs associated with the construction of a pipeline segment funded solely by Kinder Morgan. Up to an additional 1.8 million barrels may be added in a phase-two expansion of the terminal, depending on future demand. 

About Kinder Morgan Canada Limited

Kinder Morgan Canada Limited operates a business, comprising a number of pipeline systems and terminal facilities including the Trans Mountain pipeline, the Canadian portion of the Cochin pipeline, the Trans Mountain Puget Sound pipeline, Trans Mountain Jet Fuel pipeline, the Westridge Marine and Vancouver Wharves terminals in British Columbia as well as various crude oil loading facilities in Edmonton, Alberta. The Trans Mountain pipeline currently transports approximately 300,000 barrels per day (bpd) of crude oil and refined petroleum products from the oil sands in Alberta to Vancouver, British Columbia and Washington state. On November 29, 2016, the Government of Canada granted approval for the $7.4 billion Trans Mountain Expansion Project, to increase the nominal capacity of the system to 890,000 bpd.


Advisory Regarding Forward-Looking Statements

This document contains certain forward-looking statements and information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation that are based on the Company’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as “plans”, “expects”, “proposes”, “projects”, “will”, “estimates”, “anticipates”, “develop”, “could” and similar expressions suggesting future events or future performance. In particular, this news release contains forward-looking statements and information relating to the planned use of proceeds, size of and timing for the offering, the anticipated closing date, the anticipated rights, privileges, restrictions and conditions attaching to the Series 3 Preferred Shares and Series 4 Preferred Shares, and the anticipated dividends and timing thereof.

Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions. Any forward-looking statements provided in this news release have been included for the purpose of providing information relating to management’s current expectations and plans for the future, are based on a number of significant assumptions and may not be appropriate, and should not be used, for any other purpose. Future actions, conditions or events may differ materially from those expressed in forward-looking statements. Many of the factors that will determine these results, including the ability of the Company to pay dividends, are beyond the ability of the Company to control or predict. As noted above, the forward-looking statements included in this news release are based on a number of material assumptions, including among others those highlighted, or inherent in the factors highlighted below. Among other things, specific factors that could cause actual results to differ from those indicated in the forward-looking statements provided in this news release include, without limitation: changes in market conditions and the competitive landscape relating to the Company’s business (the “Business”); issues, delays or stoppages associated with major expansion projects, including the Trans Mountain Expansion Project and the Base Line Terminal project; changes in public opinion or public or government opposition to the Business’ major expansion projects; the resolution of issues relating to the concerns of individuals, special interest or Aboriginal groups, governmental organizations, non-governmental organizations and other third parties that may expose the Business to higher project or operating costs, project delays or even project cancellations; changes in the level or nature of support from the federal government and various provincial governments (including the Alberta and British Columbia provincial governments), municipal governments and/or applicable regulators (including the National Energy Board and the British Columbia Utilities Commission) and specifically, opposition to the Trans Mountain Expansion Project by the British Columbia provincial government and municipal governments therein, changes in the regulatory environment applicable to the Business, significant unanticipated cost overruns or required capital expenditures; the breakdown or failure of equipment, pipelines and facilities, releases or spills, operational disruptions or service interruptions; the ability of the Company and/or the Business to access sufficient external sources of financing, and the cost of such financing; and certain other risks detailed from time to time in the Company’s public disclosure documents including, among other things, those detailed under the heading “Risk Factors” in the Company’s short form base shelf prospectus dated July 28, 2017, and under the heading “Risk Factors” in the Company’s final long form prospectus dated May 25, 2017, both of which can be found at www.sedar.com. In addition, the closing of the offering may not be completed, or may be delayed, if the conditions to the closing of the offering are not satisfied on the anticipated timelines or at all. Accordingly, there is a risk that the offering will not be completed within the anticipated time, on the terms currently proposed, or at all. The intended use of the net proceeds of the offering by the Company may change if the board of directors of the Company determines that it would be in the best interests of the Company to deploy the proceeds for some other purpose.

Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. The Company does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws.

SOURCE Kinder Morgan Canada Limited

View original content: http://www.newswire.ca/en/releases/archive/January2018/15/c1755.html

Keyera Announces the startup of the Base Line Terminal

Keyera Announces the startup of the Base Line Terminal

Canada NewsWire

CALGARY, Jan. 15, 2018 /CNW/ - Keyera Corp. (TSX:KEY) (“Keyera”) today announced the startup of the Base Line Terminal (the “Terminal”), an above-ground crude oil storage terminal adjacent to its Alberta EnviroFuels facility near Edmonton, Alberta. The first four tanks are now in service with the remaining eight tanks expected to be phased into service throughout 2018. The Terminal is a 50-50 joint venture in affiliation with Kinder Morgan Canada Limited (TSX:KML) (“Kinder Morgan”) and will provide customers with a total of 4.8 million barrels of crude oil storage capacity.

“The Base Line Terminal is a great addition to our diversified portfolio of assets,” said David Smith, Keyera’s President and CEO. “This new business provides Keyera with stable fee-for-service cash flows fully underpinned by several take-or-pay agreements up to 10 years in length with creditworthy counterparties. We are pleased to have partnered with Kinder Morgan by combining our complementary assets and areas of expertise to meet customer needs.”

The total Base Line Terminal project is currently on time and on budget. Up to an additional 1.8 million barrels of crude oil storage capacity may be added to the Terminal, depending on future customer demand.

About Keyera

Keyera Corp. (TSX:KEY) operates one of the largest midstream energy companies in Canada, providing essential services to oil and gas producers in the Western Canada Sedimentary Basin. Its predominantly fee-for-service based business consists of natural gas gathering and processing, natural gas liquids processing, transportation, storage, marketing, iso-octane production and sales, and an industry-leading condensate system in the Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high quality, value-added services to its customers across North America and is committed to conducting its business ethically, safely and in an environmentally and financially responsible manner.

About Kinder Morgan Canada Limited

Kinder Morgan Canada Limited (TSX:KML) Kinder Morgan Canada Limited operates a business, comprising a number of pipeline systems and terminal facilities including the Trans Mountain pipeline, the Canadian portion of the Cochin pipeline, the Trans Mountain Puget Sound pipeline, Trans Mountain Jet Fuel pipeline, the Westridge Marine and Vancouver Wharves terminals in British Columbia as well as various crude oil loading facilities in Edmonton, Alberta. The Trans Mountain pipeline currently transports approximately 300,000 barrels per day (bpd) of crude oil and refined petroleum products from the oil sands in Alberta to Vancouver, British Columbia and Washington state. On November 29, 2016, the Government of Canada granted approval for the $7.4 billion Trans Mountain Expansion Project, to increase the nominal capacity of the system to 890,000 bpd.

Disclaimer

This document contains forward-looking statements based on current expectations and assumptions made by the management of Keyera and Kinder Morgan respectively relating to, among other things, each party’s business, the environment in which each operates and the future operations and performance of the assets. As these forward-looking statements depend upon future events, actual outcomes may differ materially depending on factors such as: successful completion of commissioning activities; cost and schedule variables that may affect construction of the remaining tanks; weather conditions; interest of customers in future expansions; obtaining necessary government approvals for future expansions; future operating results of the assets; ability to execute strategic initiatives; commodity supply/demand balances and prices; activities of producers, competitors, customers, business partners and others; overall economic conditions; access to capital and financing alternatives; operational risks; and potential delays or changes in plans with respect to the ongoing development of the project, capital expenditures or the results therefrom; the legislative, regulatory and tax environment; and other known or unknown factors. There can be no assurance that the results or developments anticipated by either Keyera or Kinder Morgan will be realized or that they will have the expected consequences for or effects on Keyera.

For additional information on these and other factors, see Keyera’s public filings on www.sedar.com. The information provided in this release is given as of the date hereof. Readers are cautioned that they should not unduly rely on forward-looking information. 

SOURCE Keyera Corp.

View original content: http://www.newswire.ca/en/releases/archive/January2018/15/c7866.html

KBR Assures No Disruptions on UK Defense Project

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KBR Assures No Disruptions on UK Defense Project

PR Newswire

HOUSTON, Jan. 15, 2018 /PRNewswire/ — KBR, Inc. (NYSE: KBR) announced today that it expects no disruption to its project being executed through a joint venture with Carillion as a result of Carillion’s announced liquidation earlier today.

KBR operates a stand-alone Joint Venture with Carillion on Project Allenby Connaught through its Aspire Defence entities, providing high quality design, construction and maintenance services to the British Army for living and working accommodation. The Joint Venture has been successfully performing services for the Ministry of Defence since 2006 and the management and workforce are mature and stable.

We have been undergoing contingency planning for the last three months and are well placed to continue operating this contract.  We do not expect any disruption to the delivery of services, the performance of the contract or the cash-flow from the contract because of Carillion’s liquidation.

“We’ve been aware of Carillion’s challenges for some time and have taken necessary steps to facilitate a seamless transition and we are operating business as usual,” said Stuart Bradie, KBR President and CEO.  “We will continue to work closely with the Ministry of Defence, and the administrator to explore options to ensure the long-term continued success of MoD programs.”

About KBR, Inc.

KBR is a global provider of differentiated professional services and technologies across the asset and program life cycle within the Government Services and Hydrocarbons sectors. KBR employs over 34,000 people worldwide (including our joint ventures), with customers in more than 80 countries, and operations in 40 countries, across three synergistic global businesses:

  • Government Services, serving government customers globally, including capabilities that cover the full life-cycle of defense, space, aviation and other government programs and missions from research and development, through systems engineering, test and evaluation, program management, to operations, maintenance, and field logistics
  • Technology & Consulting, including proprietary technology focused on the monetization of hydrocarbons (especially natural gas and natural gas liquids) in ethylene and petrochemicals; ammonia, nitric acid and fertilizers; oil refining; gasification; oil and gas consulting; integrity management; naval architecture and proprietary hulls; and downstream consulting
  • Engineering & Construction, including onshore oil and gas; LNG (liquefaction and regasification)/GTL; oil refining; petrochemicals; chemicals; fertilizers; differentiated EPC; maintenance services (Brown & Root Industrial Services); offshore oil and gas (shallow-water, deep-water, subsea); floating solutions (FPU, FPSO, FLNG & FSRU) and program management

KBR is proud to work with its customers across the globe to provide technology, value-added services, integrated EPC delivery and long term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.

Visit www.kbr.com

Forward Looking Statement

The statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company’s control that could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the outcome of and the publicity surrounding audits and investigations by domestic and foreign government agencies and legislative bodies; potential adverse proceedings by such agencies and potential adverse results and consequences from such proceedings; the scope and enforceability of the company’s indemnities from its former parent; changes in capital spending by the company’s customers; the company’s ability to obtain contracts from existing and new customers and perform under those contracts; structural changes in the industries in which the company operates; escalating costs associated with and the performance of fixed-fee projects and the company’s ability to control its cost under its contracts; claims negotiations and contract disputes with the company’s customers; changes in the demand for or price of oil and/or natural gas; protection of intellectual property rights; compliance with environmental laws; changes in government regulations and regulatory requirements; compliance with laws related to income taxes; unsettled political conditions, war and the effects of terrorism; foreign operations and foreign exchange rates and controls; the development and installation of financial systems; increased competition for employees; the ability to successfully complete and integrate acquisitions; and operations of joint ventures, including joint ventures that are not controlled by the company.

KBR’s most recently filed Annual Report on Form 10-K, any subsequent Form 10-Qs and 8-Ks, and other Securities and Exchange Commission filings discuss some of the important risk factors that KBR has identified that may affect the business, results of operations and financial condition. Except as required by law, KBR undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

 

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SOURCE KBR, Inc.