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
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:
Renee Lorenz, 214-981-0700
Gittins & Granado
Vicki Granado, 214-504-2260
SOURCE: Energy Transfer Partners, L.P.