Kinder Morgan has closed its previously announced acquisition of Hiland Partners for a total purchase price of approximately $3 billion (€2.6 billion), including the assumption of approximately $1 billion of debt.
Hiland’s assets, mostly fee-based, consist of crude oil gathering and transportation pipelines and natural gas gathering and processing systems, primarily serving production from the Bakken Formation in North Dakota and Montana.
‘This transaction establishes a premier midstream platform for us in the Bakken with a significant amount of acreage dedicated under long-term gathering agreements,’ says Kinder Morgan chairman and CEO Richard Kinder. ‘These acreage dedications are with some of the Bakken’s largest and most successful producers, covering some of the most attractive and economically viable areas in the basin.’
Hiland’s customers include Continental Resources, Oasis Petroleum, XTO Energy, Whiting Petroleum Corporation and Hess Corporation, among others.