HOUSTON—Energy Transfer Partners LP (NYSE: ET) will no longer pursue the Permian Gulf Coast (PGC) pipeline as it was initially announced, but will evaluate participating in other projects to transport crude from the largest U.S. oil field, company CFO Thomas Long said on May 9.
One of Energy Transfer’s partners in the PGC pipeline, Magellan Midstream Partners LP (NYSE: MMP), said in March it was not likely the project would go forward as planned. The proposed project would have carried 1 million barrels per day (bbl/d) to the Gulf Coast.
The Dallas-based pipeline operator has almost completed a 120,000 bbl/d expansion of its Permian Express System, a joint venture with Exxon Mobil Corp. (NYSE: XOM), with the system’s full capacity coming into service by the end of third-quarter 2019, Long told investors on a conference call.
The company received “sufficient commitments to make this project accretive,” Long said.
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