Yep, you're missing your stiffener plate, also affectionately known as an oil drip pan.

V8 and I6 reinforcement plates are different. Picture below is for I6 models. Make sure you get the correct one.

Here is the exploded parts view for the 3.0 6 cyl application. (You did not mention your engine size)

QTY Part Number **Description Qty Each

1 *31116760277 *FRONT AXLE SUPPORT 1 * $970.46
1 *31116760277 *FRONT AXLE SUPPORT 1 * $970.46
2 *31106760705 *FLANGE SCREW - M12X1,5X66 6 * $4.94
3 *31101095656 *REINFORCEMENT PLATE 1 * $183.40
4 *31101096987 *HEX BOLT WITH WASHER - M10X55 6 * $4.79
5 *33306760587 *HEX NUT With FLANGE - M10-10 ZNS3 6 * $1.46
6 *31126769717 *LEFT TENSION STRUT WITH RUBBER MOUNTING 1 * $214.22
6 *31126769718 *RIGHT TENSION STRUT WITH RUBBER MOUNTING 1 * $214.22
7 *31126769715 *RUBBER MOUNTING F PULL ROD 2 * $79.75
8 *31106769434 *HEXAGON SCREW WITH FLANGE - M14X1,5X103 2 * $8.08
9 *33306760349 *SELF-LOCKING COLLAR NUT - M14X1,5-10 ZNS3 2 * $2.86
10 *31126760275 *WISHBONE, LEFT 1 * $202.43
10 *31126760276 *WISHBONE, RIGHT 1 * $202.43
11 *31121124622 *STEEL RUBBER MOUNTING 2 * $38.27
12 *31303450534 *COLLAR SCREW - M12X1,5X80 ZNS3 2 * $5.15
13 *33326760668 *SELF-LOCKING COLLAR NUT - M12X1,5-10 ZNS3 2 * $1.51
14 *31106769443 *SELF-LOCKING HEX NUT - M14X1,5 05 ZNS3 4 * $1.90
15 *31126756491 *WHEEL SUSPENSION JOINT 2 * $75.30
16 *31106766780 *FLANGED CAP SCREW - M10X1,5X20-10.9 4 * $2.13

I have the 4.4 V8.

Thanks guys I appreciate all your help. I would have never known that it was missing if not for this forum.

Found where to create my signature and added my vehicle.

Yes those big mofo bolts that hold the plate, they also tighten the sway bar mounts. You better get the bolts & nuts from the dealer. Plate as mentioned, wrecker yard, or e-bay. Dealer might be very $$$$

I found two different plates that both say they fit my vehicle.
BMW E53 x5 4 6 Front Engine Motor Reinforcement Under Carrier Splash Cover Plate | eBay

and
BMW E53 x5 Engine Bottom Rear Cover Trim Guard Sheild Reinforcement Plate | eBay

Which one is correct or will ether work?

The one on my 4.6is is this one : BMW E53 x5 4 6 Front Engine Motor Reinforcement Under Carrier Splash Cover Plate | eBay

Also, dealer or ECS for the nuts and bolts.

I'm going to show my ignorance here...What is the reason to get the nuts & bolts from the dealer or ECS. Wouldn't a nut and bolt supplier work or is there something that I don't know about?

I'd Imagine you can use any nut and bolt you want. Due to the sway bar being part of the suspension, I'd rather have the same bolt the manufacturer calls for in there rather then just a home depot bolt. Also makes life easier when you have to take the skid plate off again and your following a DIY, most of the times they will list the sizes that come on the car.

Trust me, I'm all for making the fix as easy and as inexpensive as possible but its only 6 bolts and 6 nuts and they play an integral part in your suspension.