Kinder Morgan to Purchase Midstream Shale Assets for $920 Million and Build Crude/Condensate Pipeline

HOUSTON--(BUSINESS WIRE)--Kinder Morgan Energy Partners, L.P. (NYSE: KMP) today announced it has entered into a definitive agreement to pay approximately $855 million to Petrohawk Energy Corporation (NYSE: HK) and assume approximately $65 million in debt for Petrohawk’s 50 percent interest in KinderHawk Field Services (the natural gas gathering and treating services provider in the Haynesville Shale) and a 25 percent interest in Petrohawk’s natural gas gathering and treating business in the Eagle Ford Shale. Additionally, KMP will invest approximately $220 million to build a new crude/condensate pipeline with a capacity of approximately 300,000 barrels per day (bpd) that will initially transport 50,000 bpd of condensate for Petrohawk from its production area in the Eagle Ford to the Houston Ship Channel.