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Technology Stocks : KMI- a fallen high dividend yielder - for how long?
KMI 26.19+0.4%Oct 31 9:30 AM EDT
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From: E_K_S5/22/2024 12:58:13 PM
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OldAIMGuy

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The news about Kinder Morgan acquiring Texas oilfield assets in a carbon capture tax play was reported by Reuters on Wednesday, May 22, 2024. ( perplexity.ai )

Kinder Morgan Inc. has acquired oil and gas producing assets in the Permian Basin of Texas, valued at approximately $100 million, with the intention of leveraging the U.S. carbon capture tax incentives to enhance production from these properties.The key details of this acquisition are:
  • The deal includes 265 mature wells and 11,600 acres of land in the Permian Basin.
  • Kinder Morgan aims to boost production from these assets by employing enhanced oil recovery techniques using carbon capture and storage.
  • This could potentially recover an additional 100 million to 300 million barrels of oil over time from the field.
  • The company plans to divest several of its older, conventional oilfields in the area to focus on more lucrative properties enabled by the carbon tax credits.
  • This strategic move is driven by the U.S. Inflation Reduction Act's $60 per metric ton tax credit for carbon sequestration, which makes older oil-producing regions more financially attractive for enhanced recovery methods.
  • Kinder Morgan considers carbon dioxide as one of its primary commodities and sees this acquisition as a platform to develop carbon sequestration solutions for nearby emissions sources.
So in essence, Kinder Morgan is acquiring mature Permian Basin assets with the specific intent of reviving production through carbon capture and storage techniques incentivized by the recent U.S. carbon tax credits.
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