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|Energy Transfer Partners to Expand Texas Natural Gas Pipeline Capacity|
Board Approves Texas Independence Pipeline Project
DALLAS--(BUSINESS WIRE)--April 1, 2008--Energy Transfer Partners, L.P. (NYSE: ETP) today announced that the Board of Directors of the Partnership has approved the construction of the Texas Independence Pipeline, a $485 million 42-inch natural gas pipeline, that will serve the rapidly expanding Bossier and Barnett Shale natural gas resource plays of East and North Central Texas.
The 160 mile Texas Independence Pipeline will expand Energy Transfer's Texas Intrastate Systems' capacity by an incremental 1.1 billion cubic feet per day. This pipeline will connect the Partnership's existing central and north Texas infrastructure to its East Texas pipeline network. With the addition of compression, the project may be expanded to transport natural gas volumes in excess of 1.75 billion cubic feet per day. Construction of the new pipeline will commence in the fourth quarter of 2008, with completion expected in the third quarter of 2009.
Energy Transfer is currently constructing a number of other pipeline expansion projects designed to serve producers in Texas, including the 42-inch Southeast Bossier Pipeline which is expected to be in service by May 1, 2008.
"With the completion of our expansion pipeline projects, including this new Texas Independence Pipeline, our capacity to transport Bossier and Barnett Shale volumes will approach 7 billion cubic feet per day," said Mackie McCrea, President - Midstream Operations. "Our system offers producers in Texas unequaled access to major markets and pipeline interconnects," added Mr. McCrea.
Energy Transfer Partners, L.P. (NYSE:ETP) is a publicly traded partnership owning and operating a diversified portfolio of energy assets. ETP has pipeline operations in Arizona, Colorado, Louisiana, New Mexico and Utah, and owns the largest intrastate pipeline system in Texas. ETP's natural gas operations include intrastate natural gas gathering and transportation pipelines, natural gas treating and processing assets and three natural gas storage facilities located in Texas. These assets include approximately 14,000 miles of intrastate pipeline in service, with approximately 500 miles of intrastate pipeline under construction, and 2,400 miles of interstate pipeline. ETP is also one of the three largest retail marketers of propane in the United States, serving more than one million customers across the country.
Energy Transfer Equity, L.P. (NYSE:ETE) owns the general partner of Energy Transfer Partners and approximately 62.5 million ETP limited partners units. Together ETP and ETE have a combined enterprise value of approximately $20 billion.
Statements in this release may be forward-looking statements as defined under federal law. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the Partnership, and a variety of risks that could cause results to differ materially from those expected by management of the Partnership. The Partnership undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
The information contained in this press release is available on our website at: www.energytransfer.com.
CONTACT: Investor Relations: Energy Transfer Renee Lorenz, 214-981-0700 or Media Relations: Gittins & Granado Vicki Granado, 214-504-2260 Cell: 214-498-9272 SOURCE: Energy Transfer Partners, L.P.
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