Magellan Midstream to redesign proposed Voyager pipeline project

HOUSTON, Oct 31 (Reuters) - Pipeline operator Magellan Midstream Partners LP will redesign a major pipeline proposal to lower costs following an open season to solicit shipper interest ended in August, Chief Executive Michael Mears told investors on Thursday.

Magellan in recent months has worked with other companies to reduce costs and advance the project, expecting costs to fall to "a fraction" of the capital originally anticipated, Mears said. The proposed Voyager pipeline would run from the main U.S. storage terminal in Cushing, Oklahoma and from Midland, Texas, the heart of the Permian Basin, to its facilities in the Houston area. (Reporting by Collin Eaton in Houston)