Energy Transfer 8-K Energy Transfer Partners Reports Quarterly Results for the Period Ended June 30TH

Exhibit 99.1

ENERGY TRANSFER PARTNERS REPORTS QUARTERLY RESULTS
FOR THE PERIOD ENDED JUNE 30^TH

Dallas — August 10, 2009—Energy Transfer Partners, L.P. (NYSE:ETP)today reported EBITDA, as adjusted, and net income for the quarter ended June 30, 2009. EBITDA, as adjusted, for the three months ended June 30, 2009 totaled $307.7 million, an increase of $15.7 million over the three months ended June 30, 2008. Net income for the three months ended June 30, 2009 totaled $150.7 million, a decrease of $15.0 million from the three months ended June 30, 2008.

For the six months ended June 30, 2009, EBITDA, as adjusted, totaled $748.5 million, an increase of $16.0 million over the six months ended June 30, 2008. Net income for the six months ended June 30, 2009 totaled $457.9 million, a decrease of $36.1 million from the six months ended June 30, 2008.

ETP also announced that it has filed its quarterly report on Form 10-Q for the three months ended June 30, 2009 with the Securities and Exchange Commission. ETP has posted a copy of this Form 10-Q on its website atwww.energytransfer.com. The Partnership has scheduled a conference call for 9:00 a.m. Central Time, Tuesday, August 11, 2009 to discuss the second quarter results. The dial-in number is 1-888-423-3273, 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 gathering and transportation pipelines, treating and processing assets, and three storage facilities located in Texas. ETP currently has more than 17,500 miles of pipeline in service and has a 50% interest in joint ventures that have approximately 500 miles of interstate pipeline in service. 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 Energy Transfer Partners and approximately 62.5 million ETP limited partners units.

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

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)

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ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except unit data)
(unaudited)

	June 30,		December 31,
	2009		2008
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	114,229	$	91,902
Marketable securities		9,630		5,915
Accounts receivable, net of allowance for doubtful accounts		388,324		591,257
Accounts receivable from related companies		37,330		17,895
Inventories		187,654		272,348
Deposits paid to vendors		51,987		78,237
Exchanges receivable		27,596		45,209
Price risk management assets		4,272		5,423
Prepaid expenses and other current assets		54,306		75,215
Total current assets		875,328		1,183,401
PROPERTY, PLANT AND EQUIPMENT, net		8,613,411		8,296,085
ADVANCES TO AND INVESTMENTS IN AFFILIATES		374,922		10,110
GOODWILL		734,949		743,694
INTANGIBLES AND OTHER ASSETS, net		402,792		394,199
Total assets	$	11,001,402	$	10,627,489

ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except unit data)
(unaudited)

	June 30,			December 31,
	2009			2008
LIABILITIES AND PARTNERS’ CAPITAL
CURRENT LIABILITIES:
Accounts payable	$	283,380		$	381,135
Accounts payable to related companies		7,419			34,547
Exchanges payable		22,793			54,636
Customer advances and deposits		73,031			106,679
Accrued and other current liabilities		273,053			311,988
Price risk management liabilities		1,727			94,978
Interest payable		150,336			106,259
Income taxes payable		4,120			14,538
Deferred income taxes		—			589
Current maturities of long-term debt		44,382			45,198
Total current liabilities		860,241			1,150,547
LONG-TERM DEBT, less current maturities		5,692,651			5,618,549
DEFERRED INCOME TAXES		110,762			100,597
OTHER NON-CURRENT LIABILITIES		14,571			14,727
COMMITMENTS AND CONTINGENCIES
		6,678,225			6,884,420
PARTNERS’ CAPITAL:
General Partner		169,128			161,159
Limited Partners:
Common Unitholders (168,786,459 and 152,102,471 units authorized, issued and outstanding at June 30, 2009 and December 31, 2008, respectively)		4,157,171			3,578,997
Class E Unitholders (8,853,832 units authorized, issued and outstanding — held by subsidiary and reported as treasury units)		—			—
Accumulated other comprehensive income (loss)		(3,122	)		2,913
Total partners’ capital		4,323,177			3,743,069
Total liabilities and partners’ capital	$	11,001,402		$	10,627,489

ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per unit and unit data)
(unaudited)

		Three Months Ended June 30,						Six Months Ended June 30,
		2009			2008			2009			2008
REVENUES:
Natural gas operations		$	948,233		$	2,375,637		$	2,060,188		$	4,383,484
Retail propane			179,770			249,449			667,677			847,587
Other			23,814			28,390			54,052			61,776
Total revenues			1,151,817			2,653,476			2,781,917			5,292,847
COSTS AND EXPENSES:
Cost of products sold — natural gas operations			542,004			1,952,569			1,274,117			3,529,837
Cost of products sold — retail propane			78,070			163,962			298,292			556,517
Cost of products sold — other			5,919			7,541			12,723			17,436
Operating expenses			176,681			197,143			358,454			376,113
Depreciation and amortization			76,174			62,421			148,777			121,249
Selling, general and administrative			53,749			44,011			109,481			92,380
Total costs and expenses			932,597			2,427,647			2,201,844			4,693,532
OPERATING INCOME			219,220			225,829			580,073			599,315
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized			(100,680	)		(68,416	)		(182,725	)		(123,965	)
Equity in earnings (losses) of affiliates			1,673			(169	)		2,170			(95	)
Gains (losses) on disposal of assets			181			515			(245	)		(936	)
Gains (losses) on non-hedged interest rate derivatives			36,842			355			50,568			(245	)
Allowance for equity funds used during construction			(1,839	)		15,660			18,588			25,548
Other, net			(100	)		1,942			967			10,291
INCOME BEFORE INCOME TAX EXPENSE			155,297			175,716			469,396			509,913
Income tax expense			4,559			10,042			11,491			15,904
NET INCOME			150,738			165,674			457,905			494,009
GENERAL PARTNER’S INTEREST IN NET INCOME			87,179			78,983			177,469			153,347
LIMITED PARTNERS’ INTEREST IN NET INCOME		$	63,559		$	86,691		$	280,436		$	340,662
BASIC NET INCOME PER LIMITED PARTNER UNIT	(1)	$	0.38		$	0.61		$	1.72		$	2.39
BASIC AVERAGE NUMBER OF UNITS OUTSTANDING			166,596,074			142,827,051			161,829,139			142,794,658
DILUTED NET INCOME PER LIMITED PARTNER UNIT	(1)	$	0.38		$	0.60		$	1.72		$	2.38
DILUTED AVERAGE NUMBER OF UNITS OUTSTANDING			167,197,121			143,353,304			162,384,831			143,323,778

(1) Basic and diluted net income per limited partner unit amounts for the three and six months ended June 30, 2008 have been restated to reflect the retrospective adoption of certain accounting principles on January 1, 2009. See our quarterly report on Form 10-Q for the quarter ended June 30, 2009 for a more detailed discussion.

SUPPLEMENTAL INFORMATION:

	Three Months Ended June 30,						Six Months Ended June 30,
	2009			2008			2009			2008
(unaudited)
Net income reconciliation:
Net income	$	150,738		$	165,674		$	457,905		$	494,009
Interest expense, net of interest capitalized		100,680			68,416			182,725			123,965
Income tax expense		4,559			10,042			11,491			15,904
Depreciation and amortization		76,174			62,421			148,777			121,249
Non-cash compensation expense		7,682			3,874			14,483			11,960
(Gains) losses on disposal of assets		(181	)		(515	)		245			936
(Gains) losses on non-hedged interest rate derivatives		(36,842	)		(355	)		(50,568	)		245
Allowance for equity funds used during construction		1,839			(15,660	)		(18,588	)		(25,548	)
Other, net		100			(1,942	)		(967	)		(10,291	)
Proportionate share of joint ventures’ interest, depreciation and allowance for equity funds used during construction		2,953			—			2,953			—
EBITDA, as adjusted (a)	$	307,702		$	291,955		$	748,456		$	732,429

(a) The Partnership has disclosed in this press release EBITDA, as adjusted, which is a non-GAAP financial measure. Management believes EBITDA, as adjusted, provides useful information to investors as a measure of comparison with peer companies, including companies that may have different financing and capital structures. The presentation of EBITDA, as adjusted, also allows investors to view our performance in a manner similar to the methods used by management and provides additional insight to our operating results.

The Partnership defines EBITDA, as adjusted, as total partnership earnings before interest, taxes, depreciation, amortization and other non-cash items, such as compensation charges for unit issuances to employees and other expenses. Non-cash compensation expense represents charges for the value of the grants awarded under the Partnership’s compensation plans over the vesting terms of those plans and are charges which do not, or will not, require cash settlement. Non-cash income or loss such as the gain or loss arising from disposal of assets is not included when determining EBITDA, as adjusted.

EBITDA, as adjusted, is used by management to determine our operating performance and, along with other data, as internal measures for setting annual operating budgets, assessing financial performance of our numerous business locations, as a measure for evaluating targeted businesses for acquisition and as a measurement component of incentive compensation.

There are material limitations to using a measure such as EBITDA, as adjusted, including the difficulty associated with using it as the sole measure to compare the results of one company to another, and the inability to analyze certain significant items that directly affect a company’s net income or loss. In addition, our calculation of EBITDA, as adjusted, may not be consistent with similarly titled measures of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP, such as gross margin, operating income, net income, and cash flow from operating activities.

REPORTABLE SEGMENTS (unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2009			2008			2009			2008
Intrastate transportation and storage:
Natural gas MMBtu/d — transported		13,593,471			10,355,466			13,611,768			9,938,323
Natural gas MMBtu/d — sold		812,193			1,582,022			876,506			1,639,467
Revenues (including intersegment)	$	493,934		$	1,872,245		$	1,122,585		$	3,353,086
Cost of products sold		233,951			1,614,660			616,565			2,815,132
Gross margin		259,983			257,585			506,020			537,954
Operating expenses		56,918			82,080			110,408			140,695
Depreciation and amortization		25,859			20,022			50,892			36,473
Selling, general and administrative		20,277			19,113			44,076			36,568
Segment operating income	$	156,929		$	136,370		$	300,644		$	324,218
Interstate transportation:
Natural gas MMBtu/d — transported		1,683,298			1,768,406			1,715,252			1,693,882
Natural gas MMBtu/d — sold		24,294			13,396			19,695			12,240
Revenues	$	70,585		$	59,224		$	131,934		$	114,640
Operating expenses		17,344			14,630			32,709			25,850
Depreciation and amortization		12,837			9,266			23,496			18,566
Selling, general and administrative		8,454			6,837			15,584			12,507
Segment operating income	$	31,950		$	28,491		$	60,145		$	57,717
Midstream:
Natural gas MMBtu/d — sold		916,048			1,518,209			1,003,236			1,377,495
NGLs Bbls/d — sold		41,338			28,097			40,781			29,590
Revenues (including intersegment)	$	545,768		$	1,874,420		$	1,177,400		$	3,120,184
Cost of products sold		470,108			1,768,161			1,029,284			2,919,131
Gross margin		75,660			106,259			148,116			201,053
Operating expenses		17,011			17,253			34,804			34,131
Depreciation and amortization		17,191			13,489			33,701			27,335
Selling, general and administrative		13,408			10,248			26,422			21,932
Segment operating income	$	28,050		$	65,269		$	53,189		$	117,655
Retail propane and other retail propane related:
Retail propane gallons (in thousands)		92,153			97,309			310,633			331,723
Retail propane revenues	$	179,770		$	249,449		$	667,677		$	847,587
Other retail propane related revenues		22,502			24,211			50,507			51,788
Retail propane cost of products sold		78,070			163,962			298,292			556,517
Other retail propane related cost of products sold		4,816			4,320			9,699			9,496
Gross margin		119,386			105,378			410,193			333,362
Operating expenses		84,294			82,043			178,470			173,350
Depreciation and amortization		20,174			19,487			40,446			38,573
Selling, general and administrative		10,358			9,371			22,648			20,007
Segment operating income (loss)	$	4,560		$	(5,523	)	$	168,629		$	101,432
All other	$	(1,016	)	$	(336	)	$	(1,782	)	$	(341	)
Selling, general and administrative expenses not allocated to segments	$	(1,253	)	$	1,558		$	(752	)	$	(1,366	)
Total operating income	$	219,220		$	225,829		$	580,073		$	599,315
Other items not allocated by segment:
Interest expense, net of interest capitalized	$	(100,680	)	$	(68,416	)	$	(182,725	)	$	(123,965	)
Equity in earnings (losses) of affiliates		1,673			(169	)		2,170			(95	)
Gains (losses) on disposal of assets		181			515			(245	)		(936	)
Gains (losses) on non-hedged interest rate derivatives		36,842			355			50,568			(245	)
Allowance for equity funds used during construction		(1,839	)		15,660			18,588			25,548
Other, net		(100	)		1,942			967			10,291
Income tax expense		(4,559	)		(10,042	)		(11,491	)		(15,904	)
		(68,482	)		(60,155	)		(122,168	)		(105,306	)
Net income	$	150,738		$	165,674		$	457,905		$	494,009