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UPDATE: Exxon affiliate buys 20% stake in $2B Permian gas pipeline project

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UPDATE: Exxon affiliate buys 20% stake in $2B Permian gas pipeline project

An Exxon Mobil Corp. affiliate exercised an option in January to buy a 20% equity stake in the $2 billion Permian Highway pipeline project led by a Kinder Morgan Inc. subsidiary and Blackstone Energy Partners portfolio company EagleClaw Midstream Ventures LLC.

ExxonMobil Permian Highway Pipeline LLC purchased the ownership share in the project that's anchor shippers include Exxon unit XTO Energy Inc., EagleClaw and Apache Corp. spinoff Altus Midstream Co. Altus Midstream can still exercise its option for up to 33% of the project.

Kinder Morgan and EagleClaw in September 2018 green-lit the 430-mile, 42-inch pipeline designed to carry gas from the Waha Hub in West Texas to Gulf Coast and Mexican markets via Katy, Texas.

Kinder Morgan President Kimberly Dang said during the Jan. 16 earnings conference call that the company "identified an opportunity to increase the capacity by about 100 million cubic feet a day and [is] currently working to sell that capacity."