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Kinder Morgan (KMI) Stock Gains After Acquiring Storage Terminals

NEW YORK (TheStreet) -- Kinder Morgan (KMI - Get Report) stock is up by 0.19% to $31.78 in afternoon trading on Tuesday after the company agreed to acquire 15 refined products terminals in the U.S. from BP (BP) in a transaction valued at about $350 million.

BP will also sell associated infrastructure of the terminals, which have about 9.5 million barrels of storage capacity and pipelines connecting them to certain refining and processing centers in the U.S.

As part of the transaction, Kinder Morgan and BP will create a joint venture that will own 14 of the terminals and will be 75% owned by Kinder Morgan and 25% owned by BP.

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Kinder Morgan will operate and market those terminals on behalf of the joint venture, while one terminal will be solely owned and operated by the Houston company.

BP will enter into commercial agreements with the joint venture to secure long-term storage.

The transaction is expected to close in the first quarter of 2016.

Kinder Morgan will release its 2015 third quarter earnings results on Wednesday after the market...