Kinder Morgan Canada distributes revenue windfall to shareholders, despite pared-back assets

Kinder Morgan Canada Ltd. says earnings from its significantly pared-back assets climbed 80 per cent in the fourth quarter compared with a year earlier.

Company says it distributed $3.98B of proceeds from the Trans Mountain sale to shareholders

Steel pipe to be used in construction of Kinder Morgan Canada's Trans Mountain pipeline expansion at a stockpile site in Kamloops, B.C., in May 2018. (Dennis Owen/Reuters)

Kinder Morgan Canada Ltd. says earnings from its significantly pared-back assets climbed 80 per cent in the fourth quarter compared with a year earlier.

The results don't include the Trans Mountain Pipeline, a package of storage terminals and the Puget Sound pipeline that the company sold to the Government of Canada for $4.5 billion last August.

The company's remaining assets include Edmonton crude terminal infrastructure, its Cochin distilate pipeline and a Vancouver mineral export terminal.

Kinder Morgan Canada says earnings from the continued operations came in at $40.3 million for the fourth quarter, up from $22.3 million for the same quarter in 2017.

The company says it distributed $3.98 billion of the proceeds from the Trans Mountain sale to shareholders on January 3.

The fate of the Trans Mountain pipeline remains unclear as the federal government continues further consultations on the controversial project.

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