Kinder Morgan Energy Partners, L.P. and Chevron Corp., have announced a definitive agreement for Kinder Morgan to purchase all of Chevron's shares of Plantation Pipe Line Company, for approximately $124 million in cash.

Following the transaction, Kinder Morgan will own 51.17 percent of Plantation. Exxon Pipeline Company, an affiliate of Exxon Corp., owns 48.83 percent of Plantation.

The transaction is expected to close during the second quarter, said Kinder Morgan chairman and CEO Richard D. Kinder, formerly of Cape Girardeau.

Kinder Morgan owns and operates one of the largest product pipeline system in the nation, serving customers in 16 states, with more than 5,000 miles of pipeline and 20 associated terminals. Plantation delivers over 600,000 barrels per day of gasoline, jet fuel and diesel through its 3,144-mile pipeline network.