Since it will lower the value of your property, I would set something up
where he has to pay you a yearly fee for the use of your property. This
should counteract the drop in your property value.

Also easements are *not* 5 ft. wide! They are more likely 25 ft. wide even
though only a small portion is used. The entire width of the easment must
be accessable to equipment to maintain the pipeline at all times. Thus you
can't build any buildings, etc. on any portion of the easement!

I would place the easement on the edge of your property. Also find out what
electric utilities pay land owners yearly to run lines through their
property.