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Magellan shifts focus to crude oil pipelines


Published Apr 10, 2014
Magellan Midstream Partners

Magellan Midstream Partners LP is shifting its focus to crude oil with the majority of its capital spending earmarked for crude projects.

In a presentation to investors on Tuesday, Magellan said of the $950 million it plans to spend between 2014 and 2016, 80 percent will go to crude oil projects primarily in and around Texas and its shale oil plays.

"We're really going through a transformation in terms of where the growth is coming for Magellan," Chief Executive Mike Mears told investors.

"If you're look at where we're spending our capital ... 80 percent of that is crude oil and only 20 percent is on products."

Tags: Magellan Midstream Partners




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