01:45 PM EDT, 05/22/2024 (MT Newswires) -- Kinder Morgan ( KMI ) has acquired oil and gas producing assets in West Texas from Avad Energy Partners for $100 million, Reuters reported Wednesday, citing people familiar with the matter.

The transaction includes some 265 wells, according to Avad marketing documents people close to the matter, as well as some 11,600 acres of land, Reuters quoted the people as saying.

Kinder Morgan ( KMI ) plans to use US carbon capture incentives to raise the oilfield production, the people were quoted as saying.

Kinder Morgan ( KMI ) and Avad Energy did not immediately respond to requests for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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