Enterprise Products, ExxonMobil partner on Bahia NGL line and 92-mile expansion

Rhea-AI Filing Summary

Enterprise Products Partners L.P. (EPD) announced that it has executed an agreement for ExxonMobil to acquire a 40% undivided joint interest in Enterprise’s Bahia natural gas liquids pipeline. ExxonMobil will contribute its proportionate share of Bahia project costs to date, or approximately $650 million, subject to customary adjustments, with closing subject to regulatory approvals and expected by early 2026.

After closing, Enterprise and ExxonMobil plan to expand Bahia’s capacity by adding pumping capacity and building a 92‑mile extension to ExxonMobil’s Cowboy natural gas processing plant in Eddy County, New Mexico. ExxonMobil will own a 70% interest in this extension, which is expected to be completed in the fourth quarter of 2027, while Enterprise will operate the combined system.

Insights

Midstream infrastructure analyst

EPD brings ExxonMobil into Bahia NGL pipeline, sharing $650M costs and funding future expansion.

Enterprise Products Partners has agreed to sell a 40% undivided joint interest in its Bahia NGL pipeline to ExxonMobil. In return, ExxonMobil will contribute its proportionate share of Bahia project costs incurred to date, or approximately $650 million, subject to customary adjustments. The closing is subject to regulatory approvals and is expected by early 2026, so transaction benefits depend on completion of that process.

Once the deal closes, the partners plan to increase Bahia’s capacity and construct a 92‑mile extension to ExxonMobil’s Cowboy gas processing plant in Eddy County, New Mexico. ExxonMobil will hold a 70% undivided joint interest in this extension, which is expected to be completed in the fourth quarter of 2027, while Enterprise will operate the combined system. This structure spreads capital needs and embeds a long‑term anchor customer, but actual volumes and returns will depend on future utilization of the expanded system.

8-K Event Classification

Item 9.01 — Financial Statements and Exhibits

1 item

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 20, 2025

ENTERPRISE PRODUCTS PARTNERS L.P.

(Exact name of registrant as specified in its charter)

Delaware		1-14323		76-0568219
(State or Other Jurisdiction of Incorporation or Organization)		(Commission File Number)		(I.R.S. Employer Identification No.)

1100 Louisiana, 10th Floor

Houston, Texas 77002

(Address of Principal Executive Offices, including Zip Code)

(713) 381-6500

(Registrant’s Telephone Number, including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange On Which Registered
Common Units		EPD		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

7.01 Regulation FD Disclosure.

On November 20, 2025, Enterprise Products Partners L.P., a Delaware limited partnership (together with its affiliates, “Enterprise”), issued a press release announcing that it has executed an agreement with ExxonMobil, which will acquire a 40-percent undivided joint interest (“UJI”) in Enterprise’s Bahia natural gas liquids pipeline. Pursuant to the agreement, ExxonMobil will contribute its proportionate share of Bahia project costs to date, or approximately $650 million, subject to customary adjustments. The closing of the transaction is subject to regulatory approvals and is expected by early 2026.

Upon closing of the transaction, Enterprise and ExxonMobil plan to increase Bahia’s capacity by adding incremental pumping capacity and constructing a 92-mile extension of Bahia to ExxonMobil’s Cowboy natural gas processing plant in Eddy County, New Mexico. ExxonMobil will own a 70-percent UJI in this extension, which is expected to be completed in the fourth quarter of 2027. Enterprise will serve as operator of the combined system.

A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press Release dated November 20, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

				ENTERPRISE PRODUCTS PARTNERS L.P.
				By:		Enterprise Products Holdings LLC,
						its General Partner
Date: November 20, 2025				By:		/s/ R. Daniel Boss
				Name:		R. Daniel Boss
				Title:		Executive Vice President and Chief Financial Officer of the General Partner

2

FAQ

What did Enterprise Products Partners (EPD) announce in this 8-K filing?

Enterprise Products Partners announced an agreement for ExxonMobil to acquire a 40% undivided joint interest in its Bahia natural gas liquids pipeline, with ExxonMobil contributing its share of project costs to date.

How much will ExxonMobil contribute under the Bahia pipeline agreement with EPD?

ExxonMobil will contribute its proportionate share of Bahia project costs to date, or approximately $650 million, subject to customary adjustments.

When is the Bahia pipeline joint interest transaction between EPD and ExxonMobil expected to close?

Closing of the transaction is subject to regulatory approvals and is expected by early 2026.

What expansion is planned for the Bahia NGL system after the EPD–ExxonMobil transaction closes?

After closing, Enterprise and ExxonMobil plan to increase Bahia’s capacity by adding pumping capacity and constructing a 92‑mile extension to ExxonMobil’s Cowboy natural gas processing plant in Eddy County, New Mexico.

Who will own and operate the planned Bahia pipeline extension to the Cowboy plant?

ExxonMobil will own a 70% undivided joint interest in the 92‑mile extension to the Cowboy plant, and Enterprise will serve as operator of the combined system.

When is the Bahia pipeline extension to ExxonMobil’s Cowboy plant expected to be completed?

The 92‑mile extension to the Cowboy natural gas processing plant is expected to be completed in the fourth quarter of 2027.