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Kinder Morgan (KMI) Announces Texas Facility Capacity Expansion
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Kinder Morgan (KMI - Free Report) disclosed its plan to expand the working gas storage space at its Markham Storage facility, located in Matagorda County along the Texas Gulf Coast.
Markham, with a current operating gas storage capacity of 21.8 billion cubic feet (Bcf), has a peak flow of 1.1 Bcf/day of natural gas with numerous receiving and delivery sites.
In order to increase the aforementioned storage capacity by more than 6 Bcf and the daily withdrawal capacity by 650 million cubic feet (on KMI's 7,000-mile intrastate pipeline system in Texas), KMI entered into an agreement with Underground Services Markham, a subsidiary of Texas Brine Company.
According to Tom Dender, president of KMI Natural Gas Midstream, during winter storm Uri, KMI's storage portfolio was essential for providing Texas residents with basic necessities while also supplying a number of electricity generating facilities. He added that by increasing natural gas storage solutions, the company will be able to further support Texas customers, especially during extreme weather events. This expansion will help provide electric service to well over a million homes in Texas.
Under long-term contracts, anchor shippers have reserved around half of the capacity. The project is scheduled to begin commercial operation in January 2024.
Zacks Rank & Key Picks
Kinder Morgan currently holds a Zacks Rank #3 (Hold).
Sunoco, a distributor of motor fuel to approximately 10,000 convenience stores, has a stable business model with sustainable and predictable cash flows. For this year, SUN has witnessed an upward earnings estimate revision in the past seven days.
Murphy USA, a leading retailer of gasoline, operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. MUSA, with more than 1,700 stores, has witnessed an upward earnings estimate revision for 2023 and 2024, in the past 30 days.
RGC Resources is a holding company that offers energy and associated products and services through its operational subsidiaries —Roanoke Gas Company and RGC Midstream, LLC. RGCO has thousands of customers through its natural gas distribution companies that serve the Roanoke Valley and Bluefield, Virginia and West Virginia areas. For this year, the company has witnessed an upward earnings estimate revision in the past 30 days.
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Kinder Morgan (KMI) Announces Texas Facility Capacity Expansion
Kinder Morgan (KMI - Free Report) disclosed its plan to expand the working gas storage space at its Markham Storage facility, located in Matagorda County along the Texas Gulf Coast.
Markham, with a current operating gas storage capacity of 21.8 billion cubic feet (Bcf), has a peak flow of 1.1 Bcf/day of natural gas with numerous receiving and delivery sites.
In order to increase the aforementioned storage capacity by more than 6 Bcf and the daily withdrawal capacity by 650 million cubic feet (on KMI's 7,000-mile intrastate pipeline system in Texas), KMI entered into an agreement with Underground Services Markham, a subsidiary of Texas Brine Company.
According to Tom Dender, president of KMI Natural Gas Midstream, during winter storm Uri, KMI's storage portfolio was essential for providing Texas residents with basic necessities while also supplying a number of electricity generating facilities. He added that by increasing natural gas storage solutions, the company will be able to further support Texas customers, especially during extreme weather events. This expansion will help provide electric service to well over a million homes in Texas.
Under long-term contracts, anchor shippers have reserved around half of the capacity. The project is scheduled to begin commercial operation in January 2024.
Zacks Rank & Key Picks
Kinder Morgan currently holds a Zacks Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Sunoco LP (SUN - Free Report) , Murphy USA Inc. (MUSA - Free Report) and RGC Resources Inc. (RGCO - Free Report) . While both Sunoco and Murphy USA sport a Zacks Rank #1 (Strong Buy), RGC Resources carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco, a distributor of motor fuel to approximately 10,000 convenience stores, has a stable business model with sustainable and predictable cash flows. For this year, SUN has witnessed an upward earnings estimate revision in the past seven days.
Murphy USA, a leading retailer of gasoline, operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. MUSA, with more than 1,700 stores, has witnessed an upward earnings estimate revision for 2023 and 2024, in the past 30 days.
RGC Resources is a holding company that offers energy and associated products and services through its operational subsidiaries —Roanoke Gas Company and RGC Midstream, LLC. RGCO has thousands of customers through its natural gas distribution companies that serve the Roanoke Valley and Bluefield, Virginia and West Virginia areas. For this year, the company has witnessed an upward earnings estimate revision in the past 30 days.