Exxon Mobil Corp. and Plains All American Pipeline LP signed a letter of intent to push through with a joint venture for a pipeline that would carry crude oil and condensate produced in the Permian Basin to the Gulf Coast in Texas.

Exxon and Plains plan to construct a common carrier pipeline that would deliver more than 1 million barrels of crude oil and condensate per day to markets in Texas. The supply would come from Exxon Mobil's production as well as from third parties, according to a June 12 news release.

The pipeline would run from Wink and Midland to Webster, Baytown and Beaumont in Texas. Construction would focus on existing pipeline corridors to lessen impacts on community and the environment, the release said.

Exxon Mobil is a global oil and gas company that produces, refines and markets petroleum products, while Plains is a master limited partnership that owns and operates midstream energy infrastructure in the U.S. and Canada.