Enterprise Announces Investments in NGL Assets.

HOUSTON -- Enterprise Products Partners L.P. (NYSE:EPD) today announced that it will make additional investments to expand its integrated network of natural gas liquids ("NGL") assets in the Permian basin and Mid-Continent region of the United States. These investments include the $144 million purchase of NGL underground storage and terminaling assets from a subsidiary of Ferrellgas Partners, L.P. (NYSE:FGP), the expansion of the Mid-America Pipeline from Skellytown, Texas to Conway, Kansas and the purchase of the remaining interests in the Mid-America and Seminole Pipelines from an affiliate of Williams Companies, Inc.

These investments and the previously announced project to construct a 75,000 barrel per day NGL fractionator and related storage facilities in Hobbs, Texas will strengthen Enterprise's business position in Conway, Kansas, the second largest NGL market in the United States, and the large Permian and Mid-Continent producing regions. It will also enhance Enterprise's capabilities to supply mixed NGLs and NGL purity products to Mont Belvieu, Texas. Each of these projects when completed will be immediately accretive to cash flow.

"Upon completion of these projects over the next two years, Enterprise will have what we believe will be one of the strongest franchises linking the two largest NGL market hubs," said Robert G. Phillips, President and Chief Executive Officer of Enterprise Products Partners L.P. "In addition to broadening the array of fee-based services that we can provide to our customers, this system will also provide Enterprise with the opportunity to benefit from regional price differences for mixed NGLs and NGL products."

"The expansion of the Mid-America pipeline from Skellytown to Conway will provide our partnership with commercial and operational flexibility to transport mixed NGLs and NGL purity products both north and south between our Hobbs location and the Conway market hub," continued Phillips. "This will integrate with and complement our existing portfolio of NGL assets and facilitate the partnership's ability to transport NGL purity products from the NGL fractionator that we are building at Hobbs to the Conway market hub."

Purchase from Ferrellgas

An affiliate of Enterprise has executed a definitive agreement with Ferrellgas, L.P. to purchase three NGL underground storage facilities and four terminals for $144 million plus closing adjustments for accounts receivables and inventories. The underground storage facilities are located in Kansas, Arizona and Utah and have a combined capacity of 6.1 million barrels. Approximately 70% of the aggregate storage capacity is leased to third party customers under fee-based contracts. The largest storage facility is located in Hutchinson, Kansas near the Conway NGL market hub. Enterprise plans to invest an additional $7 million to build a private 30-mile pipeline to connect the Hutchinson storage facility with the Mid-America hub and the large NGL storage complex at Conway. Enterprise will begin construction of this pipeline upon the closing of this transaction. The Arizona and Utah facilities provide strategic storage locations for refineries and wholesale propane customers in the western United States. This further complements Enterprise's West Coast wholesale marketing and fee-based refinery agency businesses.

Also as part of this transaction, Enterprise has agreed to acquire four propane terminals in Minnesota and North Carolina. The Minnesota facilities are connected to Enterprise's Mid-America Pipeline while the terminals in North Carolina are connected by rail to the partnership's facilities on the Gulf Coast. These terminals provide above ground storage and delivery facilities for the distribution of propane by multi-state and independent retailers and large industrial consumers in the area. This transaction is expected to close in the third quarter of 2005, subject to regulatory approval.

As part of the agreement, Ferrellgas has contracted with Enterprise to maintain a certain level of storage volume and terminal throughput for five years with the option to extend for an additional five years.

Expansion of Mid-America Pipeline

Enterprise has begun engineering and design work to construct a 190-mile, 12-inch NGL pipeline that will have the capacity to move up to 67,000 barrels per day of mixed NGLs bi-directionally between Skellytown and Conway and an additional 35,000 barrels per day from Skellytown to Hobbs. Construction of the pipeline will begin in mid-2006 and is expected to be in service in the first quarter of 2007.

Purchase of Additional Interests in Mid-America and Seminole Pipelines

Enterprise has exercised its option to acquire from an affiliate of Williams Companies, Inc. a 2.0% indirect ownership interest in the Mid-America Pipeline and a 1.6% indirect ownership interest in the Seminole Pipeline for a total purchase price of $25 million. Upon completion of this transaction, which is expected by June 30, 2005, Enterprise will own 100% of the Mid-America Pipeline and 90% of the Seminole Pipeline.

Enterprise Products Partners L.P. is one of the largest publicly traded energy partnerships with an enterprise value of approximately $14 billion, and is a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs and crude oil. Enterprise transports natural gas, NGLs and crude oil through 32,500 miles of onshore and offshore pipelines and is an industry leader in the development of midstream infrastructure in the Deepwater Trend of the Gulf of Mexico. Services include natural gas transportation, gathering, processing and storage; NGL fractionation (or separation), transportation, storage, and import and export terminaling; crude oil transportation and offshore production platform services. For more information, visit Enterprise on the web at www.epplp.com.

This press release contains various forward-looking statements and information that are based on Enterprise's beliefs and those of its general partner, as well as assumptions made by and information currently available to Enterprise. When used in this press release, words such as "anticipate," "project," "expect," "plan," "goal," "forecast," "intend," "could," "believe," "may," and similar expressions and statements regarding the plans and objectives of Enterprise for future operations, are intended to identify forward-looking statements. Although Enterprise and its general partner believe that such expectations reflected in such forward-looking statements are reasonable, neither Enterprise nor its general partner can give assurances that such expectations will prove to be correct. Such statements are subject to a variety of risks, uncertainties and assumptions. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, Enterprise's actual results may vary materially from those Enterprise anticipated, estimated, projected or expected. Among the key risk factors that may have a direct bearing on Enterprise's results of operations and financial condition are:

--fluctuations in oil, natural gas and NGL prices and production due to weather and other natural and economic forces;

--the effects of the combined company's debt level on its future financial and operating flexibility;

--a reduction in demand for its products by the petrochemical, refining or heating industries;

--a decline in the volumes of NGLs delivered by its facilities;

--the failure of its credit risk management efforts to adequately protect it against customer non-payment;

--terrorist attacks aimed at its facilities; and,

--the failure to successfully integrate our operations with any companies, if any, we may acquire in the future.

Enterprise has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.