Kinder Morgan Inc. hinted at a potential offloading of its remaining Canadian assets following the sale of the contentious Trans Mountain pipeline expansion to the federal government.

Speaking at an energy conference Wednesday, Kinder Morgan Chief Executive Officer Steve Kean said that while its Canadian affiliate has “attractive assets” and “no debt on the balance sheet,” the company’s primary objective was to use those projects to support the Trans Mountain expansion.

“It’s a set of midstream assets in what we think is an attractive seller’s market for those assets,” he said. “We are going to explore that over the coming months.”

In addition to the Canadian portion of the Cochin pipeline system and the Jet Fuel pipeline system, Kinder Morgan Canada Ltd. has a network of crude storage and rail terminals in Edmonton, Alberta, and the Vancouver Wharves Terminal in British Columbia.

“We can always say no, because the assets themselves will stand on their own,” Kean said.

Kinder Morgan Canada shareholders voted last week to proceed with a $4.5 billion sale of the Trans Mountain pipeline to the federal government. The decision came less than an hour after a Canadian court nullified its approval.

–With assistance from Kevin Orland.

Bloomberg.com </s> Kinder Morgan Inc. hinted at a potential off-loading of its remaining Canadian assets following the sale of the contentious Trans Mountain pipeline expansion to the federal government.

Speaking at an energy conference Wednesday, Kinder Morgan chief executive officer Steve Kean said that while its Canadian affiliate has “attractive assets” and “no debt on the balance sheet,” the company’s primary objective was to use those projects to support the Trans Mountain expansion.

“It’s a set of midstream assets in what we think is an attractive seller’s market for those assets,” he said. “We are going to explore that over the coming months.”

In addition to the Canadian portion of the Cochin pipeline system and the Jet Fuel pipeline system, Kinder Morgan Canada Ltd. has a network of crude storage and rail terminals in Edmonton, Alberta and the Vancouver Wharves Terminal in British Columbia.

“We can always say no, because the assets themselves will stand on their own,” Kean said.

Kinder Morgan Canada shareholders voted last week to proceed with a $4.5 billion sale of the Trans Mountain pipeline to the federal government. The decision came less than an hour after a Canadian court nullified its approval.

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Noncommittal Trudeau meets Notley after Alberta warns Ottawa, threatening national climate plan </s> Kinder Morgan Inc. hinted at a potential off-loading of its remaining Canadian assets following the sale of the contentious Trans Mountain pipeline expansion to the federal government. Speaking at an energy conference Wednesday, Kinder Morgan chief executive officer Steve Kean said that while its Canadian affiliate has “attractive assets” and “no debt on the balance sheet,” the company’s primary objective was to use those projects to support the Trans Mountain expansion.

“It’s a set of midstream assets in what we think is an attractive seller’s market for those assets,” he said. “We are going to explore that over the coming months.” In addition to the Canadian portion of the Cochin pipeline system and the Jet Fuel pipeline system, Kinder Morgan Canada Ltd. has a network of crude storage and rail terminals in Edmonton, Alberta and the Vancouver Wharves Terminal in British Columbia. “We can always say no, because the assets themselves will stand on their own,” Kean said. </s> Kinder Morgan (KMI ) CEO Steve Kean hints at a potential offloading of the company's remaining Canadian assets following the sale of the Trans Mountain pipeline expansion to the federal government.

Kean told the Barclays energy conference yesterday that while KMI's Canadian affiliate has “attractive assets” and “no debt on the balance sheet,” the company’s primary objective was to use those projects to support the Trans Mountain expansion.

“It’s a set of midstream assets in what we think is an attractive seller’s market for those assets. We are going to explore that over the coming months," the CEO said.

Kinder Morgan Canada (OTCPK:KMLGF) owns the Canadian portion of the Cochin pipeline system and the Jet Fuel pipeline system, as well as a network of crude storage and rail terminals in Alberta and the Vancouver Wharves Terminal in British Columbia. </s> Kinder Morgan Canada Ltd. is planning to return about $1.2 billion to shareholders from its sale of the contentious Trans Mountain oil pipeline to the Canadian government.

The board also voted to approve a plan for a “reverse stock split” of the restricted voting shares and special voting shares on a one-for-three basis, the unit of Houston-based Kinder Morgan Inc. said in a statement Tuesday.

The Trans Mountain extension project, which Prime Minister Justin Trudeau’s government bought for $4.5 billion, suffered a major setback last week after a Canadian court nullified its approval. The line, which takes crude from the oilsands to the country’s Pacific Coast, faces strong opposition in British Columbia, the province it crosses to reach the shore.

The payment to holders of restricted voting shares will take place Jan. 3, with the reverse stock split to follow, if the plan is approved. The proposals will be voted on at a special shareholder meeting during the fourth quarter of this year.

Here are other key takeaways from the statement:
• Kinder Canada expects to maintain a dividend of $0.1625 per restricted share in the third quarter and expects to pay the dividend before the reverse split.
• For the fourth quarter, the first entirely without Trans Mountain, Kinder Canada expects its remaining assets in the pipelines and terminals segments to generate adjusted earnings before certain items, or Ebitda, of just over $50 million.
• The company expects to finish the year with little or no debt.
• John Schlosser was named president, and he continues to serve as president of Terminals for Kinder Morgan Inc.
• Kinder Morgan said it plans to vote in favor of Kinder Canada’s board proposals. </s> VANCOUVER – The Federal Court of Appeal has quashed Ottawa’s approval of the contentious Trans Mountain pipeline expansion.

READ MORE: Cost to twin Trans Mountain pipeline now $1.9B higher, Kinder Morgan says

The decision means the National Energy Board will have to redo its review of Kinder Morgan Canada’s project.

In a written decision, the court says the energy board’s review was so flawed that the federal government could not rely on it as a basis for its decision to approve the expansion.

The court also concludes that the federal government failed in its duty to engage in meaningful consultations with First Nations before giving the green light to the project.

That decision means the government will have to redo part of its consultations with Indigenous groups.

READ MORE: ‘I’ve lived my 70 years abiding by the law’: B.C. grandma jailed for Trans Mountain protest

Prime Minister Justin Trudeau’s government approved Trans Mountain in 2016 and was so determined to see it built that it announced plans this spring to buy the pipeline and expansion project for $4.5 billion.

The court combined into one case nearly two dozen lawsuits calling for the energy board’s review to be overturned.

The expansion would triple the capacity of the Trans Mountain pipeline that carries oil from near Edmonton to Metro Vancouver for overseas shipping.

Kinder Morgan shareholders are to vote later today on whether to approve the sale to Canada. </s> The court combined into one case nearly two dozen lawsuits calling for the National Energy Board’s review of Kinder Morgan Canada Ltd.’s project to be overturned

The Federal Court of Appeal has overturned the Trudeau government’s approval of the contentious Trans Mountain pipeline expansion.

In a unanimous decision by a panel of three judges, the court says the National Energy Board’s review of the project was so flawed that the federal government could not rely on it as a basis for its decision to approve the expansion.

The court also concludes that the federal government failed in its duty to engage in meaningful consultations with First Nations before giving the green light to the project.

The decision came less than an hour before Kinder Morgan shareholders voted overwhelmingly in favour of finalizing the sale of Trans Mountain to the Canadian government.

Prime Minister Justin Trudeau’s government approved the project in 2016 and is so determined to see the line built that it announced plans this spring to buy the pipeline and expansion project for $4.5 billion.

The court ruling requires the energy board to conduct a new review — which the court suggests could be kept short — and means the government will have to redo part of its consultations with Indigenous groups.

The court combined into one case nearly two dozen lawsuits calling for the energy board’s review of Kinder Morgan Canada’s project to be overturned.

First Nations, including the Tsleil-Waututh and Squamish on British Columbia’s south coast, argued that Ottawa did not adequately consult them before the review or the cabinet decision to approve the project.

Lawyers for the federal government told court that Ottawa conducted extensive consultations.

Environmental groups and the cities of Vancouver and Burnaby also challenged the project in Federal Court last fall. They were supported by the province of British Columbia, which acted as an intervener.

Alberta was also an intervener and the province’s lawyer told the court Ottawa’s decision to approve the pipeline expansion was based on broad evidence that considered environmental, economic and Indigenous interests.

The expansion would triple the capacity of the Trans Mountain pipeline from near Edmonton to Burnaby, B.C., to 890,000 barrels a day. It would also increase the number of tankers in Burrard Inlet seven-fold.

The court ruled that the review contained one fatal flaw: it excluded the project’s impact on marine shipping. That, in turn, meant that the energy board did not assess the potential impact of increased tanker traffic on the southern resident killer whale population.

That failure “was so critical that the Governor in Council could not functionally make the kind of assessment of the project’s environmental effects and the public interest that the (environmental assessment) legislation requires,” says the ruling written by Justice Eleanor Dawson.

As for consultations with Indigenous communities, the court found that the government’s representatives “limited their mandate to listening to and recording the concerns of the Indigenous applicants and then transmitting those concerns to the decision-makers.” There was no “meaningful two-way dialogue.”

“The Indigenous applicants were entitled to a dialogue that demonstrated that Canada not only heard but also gave serious consideration to the specific and real concerns the Indigenous applicants put to Canada, gave serious consideration to proposed accommodation measures and explained how the concerns of the Indigenous applicants impacted Canada’s decision to approve the project.”

The Federal Court case was the most significant legal challenge facing the project and the decision may still be appealed to the Supreme Court of Canada.

Representatives from the Squamish and Tsleil-Waututh along with other First Nations spokespeople were expected to comment on the ruling at a media event.

Kinder Morgan had already won several court victories, including one last week when the Supreme Court of Canada dismissed an application from the City of Burnaby to overturn a lower court decision.

The Federal Court of Appeal is expected to release a judgment today on whether the federal government adequately consulted First Nations on the contentious Trans Mountain pipeline expansion.

The court combined into one case nearly two dozen lawsuits calling for the National Energy Board’s review of Kinder Morgan Canada Ltd.’s project to be overturned.

First Nations, including the Tsleil-Waututh and Squamish on British Columbia’s south coast, argued the federal government did not adequately consult them before the energy board review or the cabinet decision to approve the project.

Lawyers for the federal government told court that Ottawa conducted extensive consultation.

Environmental groups and the cities of Vancouver and Burnaby also challenged the project in Federal Court last fall, supported by British Columbia, which was an intervener.

Alberta was also an intervener and the province’s lawyer told the court that Ottawa’s decision to approve the expansion was based on evidence that considered environmental, economic and Indigenous interests.

Kinder Morgan shareholders are also set to vote today on whether to approve the sale of the pipeline and expansion project to the Canadian government for $4.5 billion.

Related: Trans Mountain pipeline: How we got here

Related: TIMELINE: Key dates in the history of the Trans Mountain pipeline

Like us on Facebook and follow us on Twitter. </s> The court combined into one case nearly two dozen lawsuits calling for the National Energy Board’s review of Kinder Morgan Canada Ltd.’s project to be overturned

The Federal Court of Appeal has overturned the Trudeau government’s approval of the contentious Trans Mountain pipeline expansion.

In a unanimous decision by a panel of three judges, the court says the National Energy Board’s review of the project was so flawed that the federal government could not rely on it as a basis for its decision to approve the expansion.

The court also concludes that the federal government failed in its duty to engage in meaningful consultations with First Nations before giving the green light to the project.

The decision came mere moments after Kinder Morgan shareholders voted overwhelmingly in favour of finalizing the sale of Trans Mountain to the Canadian government.

Prime Minister Justin Trudeau’s government approved the project in 2016 and is so determined to see the line built that it announced plans this spring to buy the pipeline and expansion project for $4.5 billion.

The court ruling requires the energy board to conduct a new review — which the court suggests could be kept short — and means the government will have to redo part of its consultations with Indigenous groups.

The court combined into one case nearly two dozen lawsuits calling for the energy board’s review of Kinder Morgan Canada’s project to be overturned.

First Nations, including the Tsleil-Waututh and Squamish on British Columbia’s south coast, argued that Ottawa did not adequately consult them before the review or the cabinet decision to approve the project.

Lawyers for the federal government told court that Ottawa conducted extensive consultations.

Environmental groups and the cities of Vancouver and Burnaby also challenged the project in Federal Court last fall. They were supported by the province of British Columbia, which acted as an intervener.

Alberta was also an intervener and the province’s lawyer told the court Ottawa’s decision to approve the pipeline expansion was based on broad evidence that considered environmental, economic and Indigenous interests.

The expansion would triple the capacity of the Trans Mountain pipeline from near Edmonton to Burnaby, B.C., to 890,000 barrels a day. It would also increase the number of tankers in Burrard Inlet seven-fold.

The court ruled that the review contained one fatal flaw: it excluded the project’s impact on marine shipping. That, in turn, meant that the energy board did not assess the potential impact of increased tanker traffic on the southern resident killer whale population.

That failure “was so critical that the Governor in Council could not functionally make the kind of assessment of the project’s environmental effects and the public interest that the (environmental assessment) legislation requires,” says the ruling written by Justice Eleanor Dawson.

As for consultations with Indigenous communities, the court found that the government’s representatives “limited their mandate to listening to and recording the concerns of the Indigenous applicants and then transmitting those concerns to the decision-makers.” There was no “meaningful two-way dialogue.”

“The Indigenous applicants were entitled to a dialogue that demonstrated that Canada not only heard but also gave serious consideration to the specific and real concerns the Indigenous applicants put to Canada, gave serious consideration to proposed accommodation measures and explained how the concerns of the Indigenous applicants impacted Canada’s decision to approve the project.”

The Federal Court case was the most significant legal challenge facing the project and the decision may still be appealed to the Supreme Court of Canada.

Representatives from the Squamish and Tsleil-Waututh along with other First Nations spokespeople were expected to comment on the ruling at a media event.

Kinder Morgan had already won several court victories, including one last week when the Supreme Court of Canada dismissed an application from the City of Burnaby to overturn a lower court decision.

The Federal Court of Appeal is expected to release a judgment today on whether the federal government adequately consulted First Nations on the contentious Trans Mountain pipeline expansion.

The court combined into one case nearly two dozen lawsuits calling for the National Energy Board’s review of Kinder Morgan Canada Ltd.’s project to be overturned.

First Nations, including the Tsleil-Waututh and Squamish on British Columbia’s south coast, argued the federal government did not adequately consult them before the energy board review or the cabinet decision to approve the project.

Lawyers for the federal government told court that Ottawa conducted extensive consultation.

Environmental groups and the cities of Vancouver and Burnaby also challenged the project in Federal Court last fall, supported by British Columbia, which was an intervener.

Alberta was also an intervener and the province’s lawyer told the court that Ottawa’s decision to approve the expansion was based on evidence that considered environmental, economic and Indigenous interests.

Kinder Morgan shareholders are also set to vote today on whether to approve the sale of the pipeline and expansion project to the Canadian government for $4.5 billion.

Related: Trans Mountain pipeline: How we got here

Related: TIMELINE: Key dates in the history of the Trans Mountain pipeline

Like us on Facebook and follow us on Twitter. </s> OTTAWA — The Trans Mountain pipeline expansion project would be "dead" if it were still in private hands,, Prime Minister Justin Trudeau said Wednesday.

The prime minister made the remark during an Edmonton radio interview on 630 CHED ahead of a meeting with Alberta Premier Rachel Notley.

"There would be no Trans Mountain expansion if it were still a private proponent doing it," he said, of the Court of Appeal ruling overturned the National Energy Board's approval of the contentious project. "So our decision to actually take on the project is the only thing that means we can still move forward with this project."

Trudeau told host Bruce Bowie that the federal government has a "greater tolerance for risk" — suggesting the project has a larger safety net now than if it were still owned by Kinder Morgan Canada.

While the federal government's goal is to get Alberta's oil resources to tidewater, Trudeau said it's not the federal government's objective to make a profit from the pipeline.

"Our process and our focus is on getting that pipeline built the right way so we can finally get our oil resources to markets other than the United States," he said.

He said it was it "ridiculous" that Canadian oil is still mostly flowing to the United States when there are new market opportunities in Asia.

"And that's why this project is in the national interest. That's why we're going to get it built." The prime minister did not offer an explanation for how the government will get the expansion project built."

A Federal Court of Appeal decision last week halted construction on the pipeline expansion. In a unanimous ruling, the court said the government had failed in its legal duty to consult Indigenous peoples; and NEB had unjustifiably excluded project-related tanker traffic in its environmental review.

That same day, Kinder Morgan Canada shareholders voted overwhelmingly in favour of selling the pipeline and the assets related to its expansion to the federal government.

Shortly after the decision, both Trudeau and Finance Minister Bill Morneau reaffirmed the government would need some time to review the ruling before it decides on its next steps.

In Ottawa, the House of Commons' natural resources committee held an emergency meeting Tuesday where Tory MP Shannon Stubbs tabled a motion to have two senior ministers answer questions this week about the government's handling of the pipeline expansion project.

Stubbs' motion was voted down by Liberal MPs who hold a majority on the committee.

The federal government could decide to re-do consultations with Indigenous peoples, appealing ruling to the Supreme Court of Canada, or drop the expansion project altogether.

But Trudeau told 630 CHED he views the court ruling as a roadmap to guide the government in getting the expansion project built.

When asked if Ottawa would invoke the notwithstanding clause to ensure the pipeline expansion gets built, Trudeau suggested it's not in his government's interest to use "tricks" because that kind of action sows unfavourable political and economic effects.

He explained "using a legislative trick may be satisfying in the short term, but it would set up fights and uncertainty for investors over the coming years on any other project."

The notwithstanding clause has been raised by some experts, including former Quebec Liberal leader Jean Charest, as a way the government could circumvent the Federal Court of Appeal's ruling. But that legislative route would be "problematic," according to a McGill law professor.

Evan Fox-Decent explained last week that the government's legal duty to consult Indigenous peoples is not enshrined in the Charter of Rights and Freedoms — it's anchored in section 35 of the Constitution Act.

The Charter allows two ways for governments to go around any limits it imposes: by invoking the limitations clause or notwithstanding cause. But because the duty to consult Indigenous peoples is not in the Charter, invoking the notwithstanding clause to sidestep the court would not make any sense.

"So it is far from clear where the federal government could acquire lawful legislative authority to avoid the duty to consult the FCA says it owes to First Nations," Fox-Decent said.

Following his radio interview, Trudeau told reporters at an event at the Northern Alberta Institute of Technology's Productivity and Innovation Centre that he understands the frustration the province's oil workers may be feeling towards his government.

"We would like to see shovels in the ground as quickly as possible," he said.
Kinder Morgan hints at a potential offloading of Canada assets following sales of the Trans Mountain Pipeline expansion project to the Canadian government.