Kinder Morgan’s investor call: the good, the bad and the ugly

Texas pipeline executives warn construction is coming — this winter

Yesterday, Kinder Morgan issued their quarterly report on a phone call with the investors whose money they’re gambling in a high stakes battle against First Nations, British Columbians and a rapidly transitioning global market.

Once every three months we have an opportunity to listen to former Enron executive Rich Kinder and his merry band of oil millionaires reassure investors their cash is in good hands. So, of course, we must take their overconfidence with many grains of salt.

Still, there’s some juicy intel for Trans Mountain opponents to glean from yesterday’s reports from Kinder Morgan and their Canadian subsidiary. Here’s my quick recap for you — the good, the bad and the ugly.

The good

Kinder Morgan admits their project is already behind schedule. They’re almost two months off their planned start date so far and currently projecting a nine month delay.

As it turns out, basic regulatory requirements can be time-consuming when there are, for instance, hundreds of residents in Chilliwack willing to object in writing to the pipeline route on the basis of wanting to continue to drink clean water.

You can also see the value of Kinder Morgan IPO shares drop a little in response to the news of the impending delays, if you’re into that stuff:

The bad

Kinder Morgan is pleased to report they’re gathering the permits they need to build — including from the B.C. government.

CEO Steve Kean said:

“We recently received… permits from British Columbia granting access to nearly half of the Crown land parcels that we need in British Columbia.”

Oof.

The ugly

All of this means a renewed threat that construction is on the horizon. In yesterday’s news release, the company states:

“Trans Mountain is now in receipt of a number of priority permits… including access to British Columbia northern interior Crown lands. Pending receipt of some further permits and approvals, clearing and other construction activities will commence this year in Alberta and the B.C. northern interior.”

How about that for a real bummer? Or, a real reason to keep up the pressure on our elected officials to stand up for our communities…

 

Keep calm and organize on. Send your message to Premier Horgan.

30 Responses to “Kinder Morgan’s investor call: the good, the bad and the ugly”

  1. Edward lalonde says:

    John Horgan please do not let this pipeline go through. I voted for you to protect the great people and lands of British Columbia And Canada. And let us not forget to respect the views of the first nations people.

  2. janis says:

    Listen to ordinary and indigenous people, say NO to Kinder Morgan. Our wishes count!

  3. Carol Rabinovitch says:

    We need to keep our clean drinking water

  4. Tom Cullen says:

    Allowing KMX to continue will forever place the NDP in BC and nationally on the wrong side of history. The risks of spills which cannot be cleaned up, the death of the southern resident orca population which cannot be replaced and the acceleration of climate breakdown are just too big a price to pay.
    Please do everything you can to stop Kinder Morgan expansion.
    Thanks!

  5. Penny Oyama says:

    Mr. Horgan,
    Even if I were NOT a member of the BC NDP as well as the federal party, I would still be writing you this message so you know that I would like you and the party to force ALL activities of construction of the Kinder Morgan pipeline expansion to be STOPPED IMMEDIATELY!! Eventually I want the corporation to be DENIED permission to build ANY pipelines!!
    This goes for the Site C dam as well!!
    Thank you.

  6. Bill Davidson says:

    Dear Premier Horgan,

    Based upon your election statements I expect you to stop the TransMountain pipeline.

    Thank you.

  7. Charles Cruickshank says:

    I live and work in BC and for 20 years was a driller for precision drilling and I am completely against this pipeline!

  8. Eva van Loon says:

    Keep it coming against this heinously shortsighted project!

  9. Kim Driscoll says:

    Hello Premier Horgan,
    If we are serious about stopping climate change, we MUST focus on alternative energy, NOT dirty pipelines. See ironandearth.org to see workers who want to use their skills for clean energy development. Bitumen CANNOT be “cleaned up” if their is a spill…it sinks to the bottom of the ocean. PLEASE, for planet earth, our children, grandchildren, and generations to come, STOP KINDER MORGAN and their idiotic pipeline expansion.
    Thank you,
    Kim

  10. Mary Walter says:

    Why is the BC government issuing priority permits to BC’s northern interior crown lands when the BDP and Greens have said they will do everything they could to stop construction of the KM pipeline?

    This is a sunset industry, endangers life on earth with increasing instead of reducing our use of fossil fuels and at the same time threatens our lands and waters with pollutants we have no way of cleaning up. Add to that the flawed process that brought us to this point….the NEB hearings and lack of proper consultation with First Nations and you have a project that needs to be stopped.
    Where are you BC government? We depend on you to protect us.

  11. kathrynmacd says:

    I understood that your government campaigned against the Kinder Morgan pipeline and now I learn that BC has just granted the corporation access to crown land in the northern interior. How can this be? I trusted you!!

  12. William Orr says:

    Walk the talk.

  13. NH says:

    How can they have received permits for crown land? I thought our new BC government has vowed to use every available tool to block progress, and that would certainly include withholding permits for crown land. Is this just BS on KMs part or have we already been betrayed again?

  14. Christina Wilson says:

    Never mind the environmental threat – we don’t need more fossil fuels period. There does not seem to be any political will to change our energy consumption to that of renewable sources. No one seems able to see past the next election. There are some things out there more important than money.

  15. Nancy Christie says:

    Premier Horgan, I understand that BC needs to create jobs in order to develop & grow the economy, & I know that globally there is an increasing demand for energy. However, there are alternative clean ways to produce energy that don’t pose a potential threat to the ecosystems that provide peace & well-being, fresh, clean, air , & uncontaminated water for all forms of life. I believe constructing & maintaining the pipeline is an expensive & dangerous way to provide an energy commodity; it poses a great risk to the health and lives of all God’s creations living within range of the pipeline pathway. We have witnessed the Lac Megantic disaster & the many spills in the oil sands & the outrageous deaths of thousands of migrating birds who made landing in the oily pools. Surely, you can find a non- threatening way of creating, selling & moving potential power without creating a heavy black cloud of fear & anxiety about the inherent dangers & potential disasters inculcated in transporting this form of raw energy across mountains, rivers & valleys to a west coast port. Would the profit not be greater if there were a marketable product less likely to create situations of costly cleanups?
    Please think this project through & opt for a contract with fewer possibilities of elevated delivery costs.

    DO THE RIGHT THING! BECOME A LEADER & A HERO.

  16. Frances Arbour says:

    Although controversial, I think that the Kinder Morgan pipeline should be built taking all necessary precautions for environmental safety. Canada still hasn’t reached the point where there are sufficient environmentally safe alternative sources for energy and heating in a country with a very cold winter to be able to do without using oil. At the same time as the Kinder Morgan pipeline is being built to export Canadian oil from Alberta to Asian markets, the government of Alberta has brought in a carbon tax to deal with environmental and climate change concerns aimed at having sufficient financial resources to develop alternative environmentally safer options for the future. I encourage your government to support the building of the Kinder Morgan pipeline despite pressures from the Green party and certain, but not all, First Nations groups. Frances Arbour

  17. William Francis Chase says:

    What’s this I read about the Province of BC granting Kinder Morgan some of the Permits required to commence construction of the Trans Mountain Pipeline? If true, that goes against your Election Promises and the one of the main reasons you were voted into power.
    SAY IT AIN’T SO JOHN

  18. Stacy Avery says:

    This can’t be true. You granted permits to these sewer slugs?

  19. Joanne Moe says:

    I am very concerned about the increased oil tanker traffic going down our beautiful B.C. coast if the Kinder Morgan pipeline is built and the tanker traffic greatly increases. Even with your so-called safety procedures, it is a matter of when not if there is an oil spill. We cannot threaten our beautiful B.C. coastline with this project. Please do not give approval, it is just not worth the risk. Perhaps Alberta should refine the oil on site and use the oil and gas in Canada instead of sending it offshore. I live in hope, Joanne Moe

  20. Frances Dietz says:

    I may be right; I may be wrong. My intuition STILL tells me that, no matter what, Kinder Morgan’s Oil Pipeline is a doomed project. Not having the experience of dealing with BIG MONEY or POLITICS, I don’t understand why the ‘plug’ is not pulled now. There are simply too many obstacles for this development to go through. (If the Pipeline itself goes somewhere else, maybe that’s another thing, but there is no way that it’ll make it to the BC coast! The proposed increase of tanker traffic with THAT oil on BC’s waters is simply not going to happen.)

    I know that things are more complicated than what I care to know, but the bottomline IS clear and it just seems a colossal waste of resources, time, AND money to drag the process farther.

  21. I lam says:

    The mere notion that greed and profit could justify a 60m wide swath across crown lands, residential areas and across water ways will be referred to by historians as a litmus test for the end of this era of ‘civility’.

  22. Christina Smethurst says:

    Thanks Edward! If you haven’t already, please send your letter using this link: https://dogwoodbc.ca/petitions/john-horgan-kinder-morgan/ It will go straight to his inbox! Cheers, Christina

  23. Christina Smethurst says:

    Thanks for your comment, Tom! If you haven’t already, please send your note directly to John Horgan using this link: https://dogwoodbc.ca/petitions/john-horgan-kinder-morgan/ Cheers! Christina

  24. Christina Smethurst says:

    Thank you for speaking out, Penny! If you haven’t already done so, please send this comment directly to John Horgan using this link: https://dogwoodbc.ca/petitions/john-horgan-kinder-morgan/ Cheers! Christina

  25. Christina Smethurst says:

    Thanks Bill! We want to make sure Premier Horgan gets your message. Could you please send your comment directly to his inbox? You can do so using this link: https://dogwoodbc.ca/petitions/john-horgan-kinder-morgan/ Cheers! Christina

  26. Christina Smethurst says:

    Thanks for your comment, Kim! We want to make sure Premier Horgan gets your message, could you please use this link to send it to him directly? https://dogwoodbc.ca/petitions/john-horgan-kinder-morgan/ Thanks! -Christina

  27. Christina Smethurst says:

    Thank you, Mary! How would you feel about sending your message straight to Premier Horgan? You can use this link to do it! https://dogwoodbc.ca/petitions/john-horgan-kinder-morgan/ Cheers, Christina

  28. Christina Smethurst says:

    Thank you for your comment, Kathryn! If you haven’t already, please send your message directly to John Horgan: https://dogwoodbc.ca/petitions/john-horgan-kinder-morgan/ He needs to hear from you! Cheers, Christina

  29. Christina Smethurst says:

    Thank you for this, Nancy! We’d love if you could send your message directly to John Horgan. Here’s the link you can use: https://dogwoodbc.ca/petitions/john-horgan-kinder-morgan/ Cheers, Christina

  30. sacca9nuts@hotmail.com says:

    These comments are just repeating each other – and I LOVE IT!! It is good to be with like-minded folks.

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