Energy Transfer no longer pursuing Permian Gulf Coast pipeline: CFO

HOUSTON (Reuters) - Energy Transfer Partners LP 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 Chief Financial Officer Thomas Long said on Thursday.

One of Energy Transfer’s partners in the PGC pipeline, Magellan Midstream Partners LP, 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 (bpd) to the Gulf Coast.

The Dallas-based pipeline operator has almost completed a 120,000 bpd expansion of its Permian Express System, a joint venture with Exxon Mobil Corp, with the system’s full capacity coming into service by the end of the third quarter of 2019, Long told investors on a conference call.

The company received “sufficient commitments to make this project accretive,” Long said.

Reporting by Collin Eaton; Editing by Chizu Nomiyama and Bernadette Baum