TULSA, Okla. -- Magellan Midstream Partners LP (MMP - Get Report) said Monday it won't build an 80-mile pipeline from Port Arthur to Houston as planned, but will instead link its terminal to an existing Explorer pipeline in a move to save about $120 million.The petroleum distributor is joining forces with Explorer Pipeline to transport petroleum from Motiva Enterprises LLC's Port Arthur, Texas refinery to markets in East Texas. Magellan will now build a 9-mile pipeline to connect its East Houston terminal to Explorer's pipeline that transports petroleum products from Port Arthur to Fauna, Texas, just east of Houston.
To Cut Pipeline Costs, Magellan Hooks Up With Explorer
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.