Enron castoffs became pipeline empire - Houston Chronicle: "he late Ken Lay build the company into the multifaceted powerhouse called Enron, then left in 1996 when he was not promoted to succeed Lay as CEO.
A year later he joined Bill Morgan, another former Enron executive, and purchased a small pipeline business from Enron for $40 million.
It was not nearly as sexy as trading weather derivatives and broadband data capacity or building power plants overseas - activities that made Enron a stock market darling in the late 1990s.
But it was a solid, conservative business that - at scale - creates enormous cash flow.
Over the years Kinder Morgan grew through dozens of acquisitions and a smaller number of major project expansions.
Like a toll road
"We're not a complicated company to understand. We're just a gigantic toll road," Kinder once told the Chronicle, explaining why the pipeline company's fortunes don't rise and fall with oil and gas prices. "We just get paid a fee to move products, and we don't care what gets moved down the highway.""
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