On the company’s fourth-quarter earnings call on February 3, Enterprise reported that Q4 2025 was another strong quarter, highlighted by record operating volumes. Gas processing throughput reached 8.1 Bcf/d, fractionation volumes averaged 1.9 MMb/d, ethane exports climbed to 334 Mb/d, and pipeline volumes totaled 14.1 MMb/d on a barrel-of-oil-equivalent basis.
The Permian remains the primary engine behind these results, with a rising gas-to-oil ratio continuing to push natural gas and NGL output higher even as crude oil growth has moderated. Producers are extracting more gas and liquids per barrel of oil as they deploy new completion techniques, tap additional benches and horizons, and extend laterals deeper into their remaining inventory. The net effect is a basin that is becoming progressively more gas- and NGL-weighted, reinforcing volume growth across Enterprise’s processing, fractionation, and pipeline systems.
Among the many topics discussed on the call, none drew more attention than Enterprise’s new Bahia NGL pipeline and its expanding partnership with ExxonMobil. Bahia is a 550-mile, 600-Mb/d mixed-NGL (Y-grade) line running from the Permian Basin to Mont Belvieu that entered service last month (see map below). The buzz centered on what‘s coming next. Enterprise recently sold a 40% undivided joint interest in the project to ExxonMobil, announced construction of the Cowboy Connector to move volumes from Exxon’s Cowboy processing facility in the New Mexico Permian, and announced plans to expand the jointly owned Bahia by another 400 Mb/d to a total of 1.0 MMb/d by Q4 2027. Asked whether additional Exxon deals could be in the works, Co-CEO Jim Teague left little doubt: “Yeah. We touch Exxon in so many places I can’t count it—and we’ll continue to try to do more deals.”
