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.
Recommended Reading
E&P Highlights: Oct. 14, 2024
2024-10-14 - Here’s a roundup of the latest E&P headlines, including another delay at one of the largest gas fields in the world and two major contracts in West Africa.
E&P Highlights: Sept. 30, 2024
2024-09-30 - Here’s a roundup of the latest E&P headlines, including concessions awarded in the Middle East and updates following Hurricane Helene.
TotalEnergies Awards SBM Offshore FPSO GranMorgu Development Contract
2024-11-15 - SBM will construct and install a floating production, storage and offloading vessel for TotalEnergies alongside its partner Technip Energies, the company said.
E&P Highlights: Oct. 28, 2024
2024-10-28 - Here’s a roundup of the latest E&P headlines, including a new field coming onstream and an oilfield service provider unveiling new technology.
E&P Highlights: Nov. 25, 2024
2024-11-25 - Here’s a roundup of the latest E&P headlines, including North Sea production updates as well as major offshore contracts and a transfer of interests by Exxon in Suriname.