ENERGY TRANSFER PARTNERS REPORTS FINANCIAL RESULTS FOR THE PERIODS ENDED DECEMBER 31ST

Dallas, Texas — February 16, 2009 — VIew Accompanying Charts

Energy Transfer Partners, L.P. (NYSE:ETP) today reported fourth quarter 2008 EBITDA, as adjusted, of $337.9 million, representing an increase of $57.4 million compared to the quarter ended November 30, 2007 (the most comparable prior period due to the Partnership’s transition from an August 31st fiscal year end to a calendar year in 2007). Net income for the fourth quarter of 2008 totaled $151.0 million compared to $180.2 million for the quarter ended November 30, 2007. The fourth quarter 2008 net income reflects unrealized losses on certain interest rate derivatives of $50.7 million, compared to unrealized losses of $1.3 million for the three months ended November 30, 2007. Excluding these non-cash losses, fourth quarter and full year 2008 net income would have been significantly higher.

EBITDA, as adjusted, for the year ended December 31, 2008 totaled $1.40 billion, an increase of $248.7 million or 21.5% over the twelve months ended November 30, 2007. Net income for the year ended December 31, 2008 totaled $866.0 million, an increase of $80.7 million over the twelve months ended November 30, 2007.

The Partnership changed its fiscal year from August 31st to December 31st in November 2007. Quarterly results are compared to the three months ended November 30, 2007, which was included in the transition period. Annual results are compared to the twelve months ended November 30, 2007.

The Partnership has scheduled a conference call for 9:00 a.m. Central Time, Tuesday, February 17, 2009 to discuss the fiscal 2008 results. The dial-in number is 1-888-428-4476, participant code: Energy Transfer. The call will be available for replay on the Partnership’s website for a limited time.

EBITDA, as adjusted, is a non-GAAP financial measure used by industry analysts, investors, lenders, and rating agencies to assess the financial performance and the operating results of the Partnership’s fundamental business activities and should not be considered in isolation or as a substitute for net income, income from operations, or other measures of cash flow. A table reconciling EBITDA, as adjusted, with appropriate GAAP financial measures is included in the summarized financial information included in this release.

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 14,600 miles of intrastate pipeline in service, with approximately 250 miles of intrastate pipeline under construction. In addition, ETP owns 2,450 miles of interstate pipeline in service, with approximately 250 miles of interstate pipeline under construction. 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) is a publicly traded partnership, which owns the general partner of Energy Transfer Partners and approximately 62.5 million ETP limited partner units.

The information contained in this press release is available on the Partnership’s website at www.energytransfer.com.

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Contacts
Investor Relations:
Energy Transfer
Brent Ratliff
214-981-0700 (office)

Media Relations:
Vicki Granado
Granado Communications Group
214-504-2260 (office)
214-498-9272 (cell)