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Kinder Morgan, Completing El Paso Deal, Sees Higher Savings

DOW JONES NEWSWIRES Kinder Morgan Inc. (KMI) has completed its acquisition of El Paso Corp. (EP) and raised its expectations for cost savings associated with the merger. Kinder Morgan now expects to see cost savings of $400 million a year to result from the El Paso deal, up from its previous estimates of $350 million in savings. The company also said it expects to declare dividends of at least $1.40 a share for 2012, up from its previous plan of $1.35 a share. Kinder Morgan, a pipeline transportation and storage company, last year agreed to acquire El Paso, operator of a network of interstate natural-gas pipelines in North America, for $21 billion. The acquisition was expected to create North America's largest natural-gas pipeline operator. "We are delighted to close the El Paso transaction and we are very excited about the natural gas footprint that we now have in the United States with the additional of approximately 44,000 miles of natural gas pipelines from El Paso," said Kinder Morgan Chief Executive Richard D. Kinder. "We are bullish on the future of natural gas and believe that it will be the fuel of choice in America for many years to come." Kinder Morgan named two El Paso directors, Anthony W. Hall Jr. and Robert F. Vagt, to serve on its board. Shares were roughly flat in recent trading at $33.17. The stock is up 3.1% so far this year. -By Kristin Jones; Dow Jones Newswires; 212-416-2208; kristin.jones@dowjones.com

Stock News for El Paso (EP)
DateTimeHeadline
05/24/201211:20:53Kinder Morgan, Completing El Paso Deal, Sees Higher Savings
05/21/201214:05:10PG&E Names El Paso Veteran To Gas Pipeline Team
05/18/201217:41:35El Paso Unit Asks US Energy Department For LNG Export Authorization
05/18/201208:51:14El Paso Pipeline To Pay $635 Million To Acquire Midstream Assets...
05/17/201218:50:57Kinder Morgan To Replace El Paso In S&P 500 Next Week
05/15/201219:31:42Icahn No Longer Reports Stakes In El Paso, Motorola Solutions
05/03/201209:19:15El Paso 1Q Net Up 39%; El Paso Pipeline Income Up 17%
05/02/201213:38:30Applications Given Early Antitrust Clearance
05/01/201214:13:52FTC: Kinder Morgan Must Sell 3 Rocky Mountain Pipelines For El...
04/25/201217:30:36Kinder Morgan To Buy 50% Interest In Natural-Gas JV From KKR
04/19/201201:02:42CORRECT(4/18): Kinder Morgan Energy 1Q Profit Drops 39%
04/18/201218:16:21El Paso To Sell Some Midstream Assets To Pipeline Partnership
03/20/201221:51:12Korea National Oil: Part Of Group Acquiring El Paso Oil Assets
03/19/201216:06:12FILLFILLFILL*Korea National Oil Corp A Partner In El Paso E&P...
03/15/201210:06:54Kinder Morgan To Sell Some Pipeline Assets For FTC OK Of El Paso...
03/09/201213:31:21El Paso Holders Overwhelmingly Approve Kinder Morgan Merger
03/05/201211:36:34El Paso Reschedules Kinder Morgan Merger Vote
02/27/201208:21:06El Paso 4Q Net More Than Doubles; El Paso Pipeline Earnings Up...
02/24/201219:24:11CORRECT: El Paso To Sell Exploration And Production Business...
02/24/201218:30:07El Paso To Sell Exploration And Production Business For $7.15...

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