HOUSTON, April 19 /CNW/ -- The Federal Energy Regulatory Commission
(FERC) has approved construction of the Rockies Express-West project, 713
miles of 42-inch diameter pipeline that will extend from the Cheyenne Hub in
Weld County, Colo., to an interconnection with Panhandle Eastern Pipe Line
located in Audrain County, Mo. The pipeline will also interconnect with the
pipeline systems of Kinder Morgan Interstate Gas Transmission, Northern
Natural Gas Company, Natural Gas Pipeline Company of America and ANR. Actual
construction on Rockies Express-West is expected to commence in May with an
in-service target date of Jan. 1, 2008.
"The sponsor companies appreciate the timely manner in which the FERC
completed its environmental review and subsequently authorized the certificate
for Rockies Express-West," said Scott Parker, president of Kinder Morgan
Energy Partners' Natural Gas Pipelines group. "We look forward to completing
another significant segment of the Rockies Express project, which will
transport natural gas from the prolific Rocky Mountain supply basins to
markets in the Midwest."
Rockies Express Pipeline LLC is a $4.4 billion joint venture of Kinder
Morgan Energy Partners (NYSE: KMP), Sempra Pipelines and Storage, a unit of
Sempra Energy (NYSE: SRE), and ConocoPhillips (NYSE: COP), and is one of the
largest natural gas pipelines to be constructed in North America. When
completed, after receipt of all necessary approvals, the 1,678-mile pipeline
will have a capacity of approximately 1.8 billion cubic feet per day. Binding
firm commitments from creditworthy shippers have been secured for virtually
all of the capacity on the pipeline. KMP is overseeing construction of the
project and will operate the pipeline.
The first 328-mile segment of the Rockies Express project, which runs
from the Meeker Hub in Rio Blanco County, Colo., to the Wamsutter Hub in
Sweetwater County, Wyo., to the Cheyenne Hub, is in service and has a current
capacity of 500,000 dekatherms per day. The final segment of the project is
Rockies Express-East, which will consist of 637 miles of pipeline from eastern
Missouri to the Clarington Hub in eastern Ohio. Subject to receipt of
regulatory approvals, Rockies Express-East is expected to begin interim
service as early as Jan. 1, 2009, and to be fully operational by June 2009.
Kinder Morgan Energy Partners, L.P. is one of the largest publicly traded
pipeline limited partnerships in America. KMP owns an interest in or operates
approximately 26,000 miles of pipelines and more than 150 terminals. Its
pipelines transport more than 2 million barrels/day of gasoline and other
petroleum products and up to 7 billion cubic feet/day of natural gas. Its
terminals handle over 90 million tons of coal and other dry-bulk materials
annually and have a liquids storage capacity of about 70 million barrels for
petroleum products and chemicals. KMP is also the leading provider of CO2 for
enhanced oil recovery projects in North America.
The general partner of KMP is owned by Kinder Morgan, Inc. (NYSE: KMI),
one of the largest energy transportation, storage and distribution companies
in North America. Combined, the two companies have an enterprise value of
more than $35 billion.
Sempra Pipelines & Storage acquires, builds and operates natural gas
pipelines and storage facilities in Mexico and the United States. Sempra
Energy, based in San Diego, is a Fortune 500 energy-services holding company
with 2006 revenues of nearly $12 billion. The Sempra Energy companies' 14,000
employees serve more than 29 million consumers in the United States, Europe,
Canada, Mexico, South America and Asia.
ConocoPhillips is an integrated petroleum company with interests around
the world. Headquartered in Houston, the company had approximately 38,400
employees, $165 billion of assets and $184 billion of revenues as of December
31, 2006. For more information, go to http://www.conocophillips.com .
This news release includes forward-looking statements. Although Kinder
Morgan believes that its expectations 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 are enumerated in Kinder Morgan's Forms 10-K
and 10-Q as filed with the Securities and Exchange Commission.
This press release contains statements that are not historical fact and
constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. When Sempra Energy uses words like
"believes," "expects," "anticipates," "intends," "plans," "estimates," "may,"
"would," "should" or similar expressions, or when Sempra Energy discusses its
strategy or plans, the company is making forward-looking statements. Forward-
looking statements are not guarantees of performance. They involve risks,
uncertainties and assumptions. Future results may differ materially from
those expressed in the forward-looking statements. Forward-looking statements
are necessarily based upon various assumptions involving judgments with
respect to the future and other risks, including, among others: local,
regional, national and international economic, competitive, political,
legislative and regulatory conditions and developments; actions by the
California Public Utilities Commission, the California State Legislature, the
California Department of Water Resources, the Federal Energy Regulatory
Commission and other regulatory bodies in the United States and other
countries; capital markets conditions, inflation rates, interest rates and
exchange rates; energy and trading markets, including the timing and extent of
changes in commodity prices; the availability of natural gas; weather
conditions and conservation efforts; war and terrorist attacks; business,
regulatory, environmental, and legal decisions and requirements; the status of
deregulation of retail natural gas and electricity delivery; the timing and
success of business development efforts; the resolution of litigation; and
other uncertainties, all of which are difficult to predict and many of which
are beyond the control of the company. These risks and uncertainties are
further discussed in the company's reports filed with the Securities and
Exchange Commission that are available through the EDGAR system without charge
at its Web site, http://www.sec.gov and on the company's Web site,
Sempra Pipelines & Storage is not the same company as the utilities,
SDG&E or SoCalGas, and Sempra Pipelines & Storage is not regulated by the
California Public Utilities Commission.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements within the meaning
of the "safe harbor" provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements are statements that contain
projections about our revenues, income, earnings and other financial items,
our plans and objectives for the future, future economic performance, or other
projections or estimates about our assumptions relating to these types of
statements. These statements usually relate to future events and anticipated
revenues, earnings, business strategies, competitive position or other aspects
of our operations or operating results. In many cases you can identify
forward-looking statements by terminology such as "anticipate," "estimate,"
"believe," "continue," "could," "intend," "may," "plan," "potential,"
"predict," "should," "will," "expect," "objective," "projection," "forecast,"
"goal," "guidance," "outlook," "effort," "target" and other similar words.
However, the absence of these words does not mean that the statements are not
forward-looking. The forward-looking statements are based on management's
expectations, estimates and projections about ConocoPhillips and the petroleum
industry in general on the date this statement was released. These statements
are not guarantees of future performance and involve certain risks,
uncertainties and assumptions that are difficult to predict. Further, certain
forward-looking statements are based on assumptions as to future events that
may not prove to be accurate. Therefore, actual outcomes and results may
differ materially from what is expressed or forecast in such forward-looking
statements. Economic, business, competitive and regulatory factors that may
affect ConocoPhillips' business are generally as set forth in ConocoPhillips'
filings with the Securities and Exchange Commission (SEC).
ConocoPhillips is under no obligation (and expressly disclaims any such
obligation) to update or alter its forward-looking statements whether as a
result of new information, future events or otherwise.
For further information:
For further information: Emily Mir Thompson, Media Relations,
+1-713-369-9407, or Mindy Mills, Investor Relations, +1-713-369-9490, both of
Kinder Morgan Energy Partners, L.P.; or Art Larson, Media Relations,
+1-877-866-2066, or Karen Sedgwick, Investor Relations, +1-877-736-7727, both
of Sempra Energy; or Charlie Rowton, Media Relations, +1-281-293-2701, or Gary
Russell, Investor Relations, +1-212-207-1996, both of ConocoPhillips; Web
Site: http://www.kindermorgan.com, http://www.conocophillips.com,