ENERGY TRANSFER PARTNERS, L.P. ANNOUNCES COMMON UNITS OFFERING

Dallas, Texas — July 14, 2008 — Energy Transfer Partners, L.P. (NYSE:ETP) today announced that it has commenced a public offering of 7,750,000 common units representing limited partner interests, with an option for the underwriters to purchase up to an additional 1,162,500 common units. Net proceeds from the offering will be used by ETP to repay borrowings outstanding under its revolving credit facility.

Citi, Wachovia Securities, Credit Suisse and Lehman Brothers are acting as joint book-running managers, and JPMorgan, Merrill Lynch & Co., Morgan Stanley, UBS Investment Bank, Deutsche Bank Securities, Morgan Keegan & Company, Inc., Oppenheimer & Co., RBC Capital Markets and Sanders Morris Harris are acting as co-managers. A copy of the preliminary prospectus supplement and prospectus relating to the offering may be obtained from the following addresses:

Citi
Brooklyn Army Terminal
Attn: Prospectus Delivery Dept.
140 58th Street
Brooklyn, New York 11220
Telephone: 718-765-6732

Wachovia Securities
Attn: Equity Syndicate Dept.
375 Park Avenue
New York, New York 10152
e-mail: equity.syndicate@wachovia.com
Telephone: 1-800-326-5897

Credit Suisse
Attn: Prospectus Dept.
One Madison Avenue
New York, New York 10010
Telephone: 1-800-221-1037

Lehman Brothers
c/o Broadridge
Integrated Distribution Services
1155 Long Island Avenue
Edgewood, New York 11717
e-mail: qiana.smith@broadridge.com
Fax: 631-254-7140

You may also obtain these documents for free when they are available by visiting EDGAR on the SEC web site at www.sec.gov.

This offering is made pursuant to an effective shelf registration statement and prospectus filed by ETP with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

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 14,300 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 ETP and approximately 62.5 million ETP limited partner units.

Statements about the offering 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 ETP, and a variety of risks that could cause results to differ materially from those expected by management of ETP. ETP 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.


Contacts

Investor Relations:
Energy Transfer
Brent Ratliff
214-981-0700

Media Relations:
Vicki Granado
Gittins & Granado
214-361-0400 direct
214-498-9272 cell