U.S. oil projects begin to falter as producers curb spending

The number of pipeline and storage terminal projects proposed to move shale to t...

HOUSTON - The number of pipeline and storage terminal projects proposed to move shale to the U.S. Gulf Coast has dwindled amid steps by oil producers to pare exploration spending.

On Monday, Magellan Midstream Partners LP cut its capital spending outlook by $450 million over two years, saying the proposed Permian Gulf Coast pipeline was unlikely to proceed. The same day that Magellan ended its project, Schlumberger NV’s chief executive forecast North American onshore spending will decline more than 10 percent this year.

“The volume of projects is clearly too much for the short term,” said Sandy Fielden, analyst at equity researcher Morningstar Inc.

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