Energy Transfer LP has approved construction of a roughly $5.3 billion natural-gas pipeline designed to move additional Permian Basin supply to growing markets in New Mexico and Arizona. The project expands the company’s Transwestern Pipeline network, increasing takeaway capacity from West Texas and helping meet rising power-generation and industrial demand in the U.S. Southwest. Construction is expected to start after regulatory approvals, with commercial service slated for late 2029, the company said. The announcement rattled rivals in the region, with shares of Kinder Morgan Inc. falling about 4.6% in afternoon trading as investors reassessed the competitive landscape for future pipeline projects.