Core Viewpoint - ExxonMobil is acquiring a 40% stake in the Bahia natural gas liquids (NGL) pipeline from Enterprise Products Partners to enhance gas takeaway capacity in the Permian basin [1][2]. Group 1: Transaction Details - The transaction is subject to regulatory approvals and is expected to close by early 2026 [2]. - The Bahia pipeline, spanning 550 miles, will initially transport 600,000 barrels per day of NGLs from the Midland and Delaware basins to the Mont Belvieu fractionation complex [2]. - Upon closing the transaction, the capacity of the Bahia pipeline is planned to be increased to 1 million barrels per day by adding pumping capacity and constructing a 92-mile extension to ExxonMobil's Cowboy natural gas processing plant [3]. Group 2: Expansion Plans - The extension will connect to multiple Enterprise-owned processing facilities in the Delaware Basin, with completion expected in the fourth quarter of 2027 [4]. - Enterprise will operate the combined system, which includes the new "Cowboy Connector" [4]. Group 3: Market Context - The ratio of natural gas and NGL production to crude oil production is increasing in the Permian, making the Bahia pipeline crucial for delivering mixed NGLs to the Mont Belvieu complex [5]. - NGL production in the Permian Basin is projected to rise by over 30% between 2024 and 2030, highlighting the need for expanded takeaway capacity [6]. - ExxonMobil views the Permian as a core area for production growth, contributing to its strong third-quarter results [6].