Energy Transfer Partners, L.P. Declares Increase in Quarterly Distribution on Common Units.

Energy Editors/Business Editors

DALLAS--(BUSINESS WIRE)--March 23, 2004

Energy Transfer Partners, L.P. (NYSE:ETP) announced today a 7.7% increase in the quarterly cash distribution to $0.70 per common unit (an annualized rate of $2.80 per unit) on the Partnership's outstanding limited

partner units for the second quarter of fiscal 2004 ended February 29, 2004. The $0.70 per common unit quarterly distribution represents an increase of $0.05 per common unit (an annualized increase of $0.20 per unit) over the distribution paid for the first quarter of fiscal 2004. At the current market price of $39.60 per unit, the distribution represents an annual yield of approximately 7.1%. The distribution is payable on April 14, 2004 to Unitholders of record as of April 2, 2004.

Energy Transfer Partners, L.P. is a publicly traded partnership owning and operating a diversified portfolio of energy assets. The Partnership's natural gas operations include approximately 4,500 miles of natural gas gathering and transportation pipelines with an aggregate throughput capacity of 2.5 billion cubic feet of natural gas per day, with natural gas treating and processing assets located in Texas, Oklahoma, and Louisiana. The Partnership is the fourth largest retail marketer of propane in the United States, serving more that 650,000 customers from over 300 customer service locations in 31 states extending from coast to coast, with concentration in the western, upper midwestern, northeastern, and southeastern regions of the United States.

This press release may include certain statements concerning expectations for the future that are forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in the Partnership's Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

The information contained in this press release is available on the Partnership's website at www.energytransfer.com. For more information, please contact Michael L. Greenwood, Vice President - Finance, at 918-492-7272.

Company: Energy Transfer Partners, L.P. (NYSE:ETP)

Record Date: April 2, 2004

Payment Date: April 14, 2004

Amount Paid: $0.70 per Limited Partner Unit