Pipeline operator Kinder Morgan Energy Partners LP said it would purchase two tanker companies from affiliates of Blackstone Group and Cerberus Capital Management for $962 million to expand its crude and refined products transportation business.American Petroleum Tankers has a fleet of five product tankers, while State Class Tankers has ordered four. The vessels are scheduled to be delivered in 2015 and 2016.Kinder Morgan will invest about $214 million to complete their construction, the company said.The two companies ship crude oil, condensate and refined products in the United States and comply with the Jones Act, a U.S. law requiring all ships moving between U.S. ports to be U.S.-owned, U.S.-made and U.S.-crewed.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 1.06% or $0.32/share to $30.56. In the past year, the shares have traded as low as $15.15 and as high as $30.49. On average, 4805250 shares of BX exchange hands on a given day and today's volume is recorded at 97874.
Kinder Morgan, Inc. (KMI) owns and manages a diversified portfolio of energy transportation and storage assets. Shares of KMI traded higher by 0.23% or $0.08/share to $35.30. In the past year, the shares have traded as low as $32.30 and as high as $41.49. On average, 5824050 shares of KMI exchange hands on a given day and today's volume is recorded at 130388.
Kinder Morgan Energy Partners, L.P. (KMP) is a pipeline transportation and energy storage company in North America. Shares of KMP traded higher by 0.37% or $0.2899/share to $79.55. In the past year, the shares have traded as low as $77.13 and as high as $92.99. On average, 1036950 shares of KMP exchange hands on a given day and today's volume is recorded at 35781.
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