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 October 20, 2015 - 9:00 AM EDT
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Kinder Morgan and BP Form Joint Venture Limited Liability Company to Purchase U.S. Terminals from BP

Combined Expertise Creates Synergies in Key Refined Products Markets

Kinder Morgan, Inc. (NYSE: KMI) today announced that the company has finalized agreements with BP Products North America Inc. to acquire 15 refined products terminals and associated infrastructure in the United States in a transaction valued at approximately $350 million. Kinder Morgan and BP will form a joint venture limited liability company (JV) terminal business to own 14 of the acquired assets, which Kinder Morgan will operate and market on the JV’s behalf. One terminal will be owned solely by KMI.

The terminals, with approximately 9.5 million barrels of storage, are pipeline-connected to key refining and processing centers across the United States and offer extensive truck, vessel, and barge access and terminal service capabilities. In connection with the transaction, BP will enter into commercial agreements securing long-term storage and throughput capacity from the JV, which plans to market additional capacity to third-party customers. The transaction is expected to close in the first quarter of 2016.

“We are excited to be partnering with BP on this joint venture,” said John Schlosser, president of Kinder Morgan Terminals. “By combining BP’s expertise in product trading and marketing with Kinder Morgan’s strength in operations and terminal development, the JV is well suited for growth opportunities in high-demand refined petroleum products markets. We believe this arrangement benefits BP, Kinder Morgan and third-party customers.”

Kinder Morgan will own a 75 percent interest in the JV, with BP owning the balance. The terminals are located in the Midwest, Northeast, Southeast and on the West Coast.

Kinder Morgan, Inc. (NYSE: KMI) is the largest energy infrastructure company in North America. It owns an interest in or operates approximately 84,000 miles of pipelines and 165 terminals. The company’s pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store petroleum products and chemicals, and handle bulk materials like coal and petroleum coke. Kinder Morgan is the largest midstream and third largest energy company in North America with an enterprise value of approximately $115 billion. For more information please visit www.kindermorgan.com.

This news release includes forward-looking statements. These forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although Kinder Morgan believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that such assumptions will materialize. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include those enumerated in Kinder Morgan’s reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, Kinder Morgan undertakes no obligation to update or review any forward-looking statement because of new information, future events or other factors. Because of these uncertainties, readers should not place undue reliance on these forward-looking statements.

Kinder Morgan, Inc.
Media Relations
Melissa Ruiz, (713) 369-8060
melissa_ruiz@kindermorgan.com
or
Investor Relations, (713) 369-9490
km_ir@kindermorgan.com
www.kindermorgan.com


Source: Business Wire (October 20, 2015 - 9:00 AM EDT)

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