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ENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Regulation FD Disclosure (Nov 20, 2025)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed November 20, 2025
Period End
November 20, 2025
Securities
EPDEPDU
In the record · 2016–202610-K1110-Q328-K128

EPD filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 128 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Nov ’17Nov ’17
  2. Leadership change8-K · Jan ’20Jan ’20
  3. Material agreement8-K · Mar ’22Mar ’22
  4. Material agreement8-K · Aug ’24Aug ’24

01—Abstract

Summary

Summary of the 8-K filed November 20, 2025. Cited figures are marked; the original filing is the authoritative source.

Enterprise Products Partners L.P.

(NYSE: EPD) announced on November 20, 2025 that it has signed an agreement under which ExxonMobil will acquire a 40-percent undivided joint interest in Enterprise's Bahia natural gas liquids (NGL) pipeline. ExxonMobil will contribute its proportionate share of Bahia project costs incurred to date, approximately $650 milliona, subject to customary adjustments. Closing is subject to regulatory approvals and is expected by early 2026, so investors should treat the transaction as pending rather than completed.

The 550-mile Bahia pipeline has begun commissioning and will move 600,000 barrels per day of NGLs from the Midland and Delaware basins to Enterprise's Mont Belvieu fractionation complex. Upon closing, the partners plan to expand capacity to 1 million BPD through added pumping capacity and a 92-mile extension to ExxonMobil's Cowboy natural gas processing plant in Eddy County, New Mexico. That extension, called the Cowboy Connector, is expected to be completed in the fourth quarter of 2027, with ExxonMobil owning a 70-percent interest in it.

Enterprise will operate the combined system. For investors, the deal brings in a major partner's capital to fund a large growth project and recovers roughly $650 millionb of costs already spent, which may reduce Enterprise's net capital requirement and improve its funding flexibility.

The filing does not disclose the financial impact on earnings, cash flow, or leverage, and the forward-looking statements carry regulatory, cost and competitive risks. The announcement is primarily about Permian NGL takeaway growth, with management citing a projected increase of over 30 percent in Permian NGL production from 2024 to 2030.

02—Key points

Key Highlights

  1. ExxonMobil agreed to acquire a 40% undivided joint interest in the 550-mile Bahia NGL pipeline, with closing expected by early 2026 pending regulatory approvals.
  2. ExxonMobil will contribute about $650 million, its proportionate share of Bahia project costs to date, subject to customary adjustments.
  3. Bahia begins commercial operations immediately after commissioning with initial capacity of 600,000 BPD of NGLs from the Midland and Delaware basins to Mont Belvieu.
  4. Planned expansion to 1 million BPD includes added pumping capacity and a 92-mile extension to ExxonMobil's Cowboy gas processing plant in Eddy County, New Mexico (the Cowboy Connector).
  5. ExxonMobil will own a 70% interest in the Cowboy Connector extension, which is expected to be completed in Q4 2027.
  6. Enterprise will remain operator of the combined Bahia system, preserving its operational control.
  7. Management cites Permian NGL production growth of over 30% from 2024 to 2030 as the demand driver for the expansion.

03—Questions

Frequently Asked Questions

  1. How much is ExxonMobil paying for its interest in Bahia?

    ExxonMobil will contribute its proportionate share of Bahia project costs incurred to date, approximately $650 million, subject to customary adjustments. The filing does not state a separate purchase premium.

  2. When is the transaction expected to close?

    Closing is subject to regulatory approvals and is expected by early 2026. The deal is not yet completed as of the filing date.

  3. What does the expansion add to Bahia's capacity?

    Bahia's initial capacity is 600,000 BPD. Upon closing, Enterprise and ExxonMobil plan to increase capacity to 1 million BPD through incremental pumping capacity and a 92-mile extension to ExxonMobil's Cowboy plant, with completion expected in Q4 2027.

  4. Who controls the project after the deal?

    Enterprise will serve as operator of the combined system. ExxonMobil holds a 40% undivided interest in Bahia and a 70% interest in the Cowboy Connector extension.

  5. Does the filing disclose the financial impact on Enterprise?

    No. The 8-K does not disclose effects on earnings, cash flow, leverage, or distributions. Investors should review future filings and earnings materials for the financial impact.

04—Continue

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