Kinder Morgan Energy Partners LP (KMP) extinguished a fire at an ethanol truck rack at its terminal in Harvey, La.
Per the local media, an explosion was reported at the terminal, along the Mississippi River. However, the company spokeswoman argued that there was no explosion but just a fire that has been put off. The Harvey Volunteer Fire Department was quick to put out the fire soon after the incident.
The fire is not likely to have any impact on the partnership’s customers. The cause of fire is yet unknown and an investigation is underway to discover the cause of the fire.
A truck driver suffered burns as a result of the fire, but is now stable. The truck was in an ethanol loading area at the partnership’s terminal when the fire broke out at about 11:15 a.m.
According to the Kinder Morgan website, the partnership stores and transports petrochemicals and other bulk material at several Louisiana facilities. The facility is a loading and unloading terminal as well as stores chemicals, vegetable oils, alcohol and animal fats.
Kinder Morgan is one of the largest publicly traded master limited partnerships (MLPs) and generally serves as a benchmark for the pipeline MLP group. A focus on fee-based and diversified businesses has enabled the partnership to spread its business risks. In addition, the CO2 business is a major growth avenue for the partnership with the commodity price risk being offset by a long-term hedging strategy.
Kinder Morgan carries a Zacks Rank #3 (Hold). However, there are other stocks in the oil and gas sector – Range Resources Corp. (RRC), Susser Petroleum Partners LP (SUSP) and Dril-Quip, Inc. (DRQ) – which hold a Zacks Rank #1 (Strong Buy) and are good investment options.
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