HOUSTON (AP) â¿¿ Kinder Morgan Energy Partners LP said Tuesday that it plans to invest about $140 million to expand its Gulf Coast-area coal terminal network and signed an agreement with Arch Coal Inc. to help support the upgraded facilities. The two companies also are in discussions on an agreement that would include port space for coal shipments at Kinder Morgan's East Coast facilities. If the expansion is completed as expected, it would allow Arch Coal to ship coal through Kinder Morgan terminals and provide the St. Louis mining company more port capacity for its seaborne coal business. The Houston pipeline and energy storage company said it plans to add equipment and a railcar loop track at its Deepwater terminal in Houston. The project is expected to be completed in the second quarter of 2014 and will add to cash available to Kinder Morgan unitholders when finished. Kinder Morgan's Deepwater and East Coast facilities offer dual rail access and the International Marine Terminal provides barge access to inland waterways. "Securing additional port capacity further supports the expansion of Arch's international coal platform," John W. Eaves, Arch president and chief operating officer, said in a statement. Shares of Kinder Morgan rose 26 cents to close at $88.30 per share and fell 1 cent in after-hours trading. Shares of Arch Coal fell 36 cents to close at $13.76 per share and fell an additional 1 cent in after-hours trading.
TheStreet’s Fundamentals of Investing Course will teach you the keys to making the right decisions in any market.
TheStreet’s Personal Finance Essentials Course will teach you money management basics and investing strategies to help you avoid major financial pitfalls.
TheStreet Courses offers dedicated classes designed to improve your investing skills, stock market knowledge and money management capabilities.
More from Stocks
Dow Futures Flat, But Near Record; Investors Eye Retail Sales, Q2 Bank Earnings
U.S. equity futures were little-changed in early Tuesday trading as investors maintained their cautious stance on global stocks heading into the second quarter earnings season and keyed on June retail sales data for further clues on the direction of Federal Reserve interest rates.
Replay: Jim Cramer on Earnings Season, China and Amazon Prime Day
Jim Cramer's breaking down what he expects from earnings season, China's slowing growth, and Amazon's Prime day sale.
Prime Day Isn't Just For Amazon -- Target, Walmart, Others Want a Piece Too
Amazon's retail competitors will see a 79% revenue lift around Prime Day, according to a projection from Adobe Analytics.
Jim Cramer: Even if Slowdown Hits, You'll Look Good With These Six Stocks
Estee Lauder is among the companies that are sure winners, no matter which way the economy goes.
Slack Rallies by 3% as Research Firms Initiate Bullish Coverage
Canaccord, Barclays and William Blair all published bullish notes on the messaging service, which went public via a direct listing in June.