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KMP to Invest Up to $100M in Biodiesel Infrastructure

Kinder Morgan Energy Partners, L.P. (NYSE: KMP) announced plans to invest up to $100 million to expand its terminal facilities to help serve the growing biodiesel market. z KMP has entered into long-term agreements with Green Earth Fuels, LLC to build up to 1.3 million barrels of tankage that will handle approximately 8 million barrels of biodiesel production at KMP’s terminals on the Houston Ship Channel, the Port of New Orleans and in New York Harbor. Green Earth Fuels has agreed to build biodiesel production facilities at various KMP terminal sites in these regions and has already begun construction on an 86 million gallon facility at KMP’s Galena Park Terminal on the Houston Ship Channel that is expected to commence operations in July 2007. In addition to biodiesel, KMP has significantly increased its handling of ethanol and continues to pursue additional ethanol opportunities in both its terminals and products pipelines business units. In 2006, KMP handled approximately 1.5 billion gallons of ethanol, almost 30 percent of the domestic ethanol market. The terminals group currently provides ethanol services at its facilities in Chicago, New York Harbor, Philadelphia, New Orleans, Los Angeles and Houston, while the products pipelines group provides storage and […]

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VeraSun Energy Announces Q4, 2006 Financial Results

VeraSun Energy Corporation (NYSE: VSE), a leading producer of ethanol, announced its financial results for the three months and year ended December 31, 2006. “We are pleased to announce another strong quarter and a solid year. 2006 included significant milestones for the Company as we recorded more than $550 million of revenues in our fourth year of operations and nearly doubled our production capacity,” said Don Endres, CEO and Chairman of VeraSun. “In the fourth quarter, we produced 59.6 million gallons of ethanol – our highest level of output to date at approximately 103 percent of nameplate capacity,” said Endres. Net income $75.7 million, or $1.03 per diluted share, for 2006 and $21.4 million, or $0.27 per diluted share, for the fourth quarter of 2006. Cash on hand at the end of 2006 was $362.3 million, including $44.3 million of restricted cash for the construction of the Charles City, Iowa, production facility. Fiscal Year 2006 Financial Highlights: Revenues grew to $557.8 million for the year, an increase of $321.4 million, or 136% from 2005. This growth was the result of the sale of 98.2 million additional gallons in 2006, as well as a price improvement of $0.59 per gallon from […]

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