ETP/Titan

ETP owns and operates a diversified portfolio of energy assets. ETP's natural gas operations include approximately 12,000 miles of natural gas gathering and transportation pipelines, with an aggregate throughput capacity of 7.2 billion cubic feet of natural gas per day, and includes natural gas treating and processing assets located in Texas and Louisiana. ETP is also the fourth largest retailer of propane in the United States, serving more than 700,000 customers from coast to coast.

Titan Energy Partners (formerly Cornerstone Propane Partners) was one of the largest retail propane marketers in the US, the Company consists of retail propane operations conducted in 146 locations in 33 states.  For fiscal year 2005, Titan sold more than 200 million gallons of propane to over 325,000 customers. It operates primarily through its Titan Propane unit.

Cypress advised Energy Transfer Partners, LP (ETP) in connection with the acquisition of Titan Energy Partners LP. The purchase price of $549.7 million included the payoff of long-term debt. This transaction was accretive at a value of approximately $0.10 to $0.15 per common ETP unit.