03:04 PM EDT, 05/22/2024 (MT Newswires) -- (Updates with Kinder Morgan ( KMI ) declines to comment in the fourth paragraph.)

Kinder Morgan ( KMI ) 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 265 wells, according to Avad marketing documents as well as 11,600 acres of land, Reuters reported.

Kinder Morgan ( KMI ) plans to use US carbon-capture incentives to raise the oilfield production, the report said.

Kinder Morgan ( KMI ) declined to comment to MT Newswires, while Avad Energy did not immediately respond to a request for comment.

Shares of Kinder Morgan ( KMI ) fell 2.2% in recent trading Wednesday.

(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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