VERESEN $11.60 - Toronto symbol VSN

VERESEN $11.60 (Toronto symbol VSN; Shares outstanding: 292.0 million; Market cap: $3.2 billion; TSINetwork Rating: Average; Dividend yield: 8.6%; www.vereseninc.com) and KKR & Co. LP (symbol KKR on New York) formed a joint venture in late 2014 called Veresen Midstream.

The partners then bought natural gas gathering and compression assets in northeastern B.C. from Encana and Japan’s Mitsubishi Corp. for $1 billion.

As well, Veresen Midstream agreed to undertake a $5-billion expansion for gas producers, including Encana. This development would be backed by 30-year contracts that would significantly cut Veresen Midstream’s risk.

The partners recently reached agreement with Encana and Mitsubishi for the first project: the Sunrise gas-processing plant, an $860-million facility in northeastern B.C. Construction has now started, and completion is scheduled for mid-2017.

Veresen is still a buy.

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