Energy Transfer 8-K Regulation FD Disclosure

November 2006

November 2006

RBC Capital Markets

RBC Capital Markets

RBC Capital Markets

MLP Conference

MLP Conference

MLP Conference

Energy Transfer Equity, L.P.

Energy Transfer Equity, L.P.

Energy Transfer Partners, L.P.

Energy Transfer Partners, L.P.

Exhibit 99.1

2

This

presentation

may

contain

statements

about

future

events

and

Energy

Transfer

Partners,

L.P.

(ETP)

or

Energy

Transfer

Equity,

L.P.’s

(ETE),

outlook

and

expectations,

which

are

forward-looking

statements.

Any

statement

in

this

presentation

that

is

not

a

historical

fact

may

be

deemed

to

be

a

forward-looking

statement.

These

forward-looking

statements

rely

on

a

number

of

assumptions

concerning

future

events

that

are

believed

to

be

reasonable,

but

are

subject

to

a

number

of

risks,

uncertainties

and

other

factors,

many

of

which

are

outside

ETP

or

ETE’s

control,

and

which

could

cause

the

actual

results,

performance

or

achievements

of

ETP

and/or

ETE

to

be

materially

different.

While

ETP

and

ETE

each

believe

that

the

assumptions

concerning

future

events

are

reasonable,

they

caution

that

there

are

inherent

difficulties

in

predicting

certain

important

factors

that

could

impact

the

future

performance

or

results

of

their

businesses.

These

risks

and

uncertainties

are

discussed

in

more

detail

in

the

filings

made

by

ETP

and

ETE

with

the

Securities

and

Exchange

Commission,

copies

of

which

are

available

to

the

public.

ETP

and

ETE

expressly

disclaim

any

intention

or

obligation

to

revise

or

publicly

update

any

forward-

looking

statements,

whether

as

a

result

of

new

information,

future

events,

or

otherwise.

Legal Disclaimer

Legal Disclaimer

3

ETP Corporate Structure

Public Unitholders

Energy Transfer Equity, L.P.

Energy Transfer Partners, L.P.

136,712,668 Units Outstanding

54.3% Limited

Partner Interest

La Grange Acquisition, L.P

Natural Gas

Midstream Operations

Heritage  Operating, L.P.

Propane

Operations

50%

CCE

Holdings

100% Incentive

Distribution Rights

45.7% Limited Partner

Interest

2% General Partner

Interest

Titan

Propane,

L.P.

4

Asset Profile

A diversified midstream and propane MLP:

3rd largest MLP in the U.S. (based on market cap)

Largest

intrastate

pipeline

system

in

U.S.

with

interconnects

to

major

consumption

areas throughout U.S.

Significant strategically located natural gas storage capacity

Third largest retail propane marketer in the United States with concentration in

highest population growth areas

Annual Revenue (Year ended 8/31/06)

$7.9 B

Total Assets (8/31/06)             

$5.5B

Enterprise Value (1)

$8.26 B

Equity Market Cap. (1)

$6.76 B

Units Outstanding (11/15/06)    

136,712,668

EBITDA (Fiscal 2006)

$765 million

ETP Financial Summary

(1) Unit price as of  August 30, 2006 & total debt as of 5/31/06; excludes

value of GP and ETE.

(2) Based on ETP annual  distribution of $3.00/ unit

(3) Based on total debt as of 5/31/06

ETE Financial Summary

Annual EBITDA (2)

$397 million

Current Annual DCF/ Unit

$1.25

Enterprise Value (3)

$4.2 B

Equity Market Cap. (3)

$3.6 B

Units Outstanding (8/31/06)

124,360,520

5

Investment Highlights

Substantial competitive advantage

High quality portfolio of assets

Strong credit statistics

Compares favorably with BBB+ / BBB peers

Management commitment to credit quality

High common unit coverage

ETP retains cash to fund internal growth and strengthen balance sheet

Low risk, high rate of return growth opportunities

Attractive construction price to EBITDA multiples

Long-term contracts in place prior to construction

Excellent access to public debt and equity markets

Significant liquidity

History of consistent distribution growth

Experienced management with substantial equity ownership

6

Energy Transfer Midstream System

Largest US Intrastate

Natural Gas System

12,000 miles of natural

gas pipeline

7.6 Bcf/d

capacity

78 Bcf

Storage (working

space)

14 natural gas treating

facilities

320 MMcf/d

natural gas

processing capacity

Geographic Footprint

5 Market Hubs

5 Producing Regions

>10 Interstate Pipeline

Connections

7

Transwestern Acquisition Rationale

ETP recently announced its intention to acquire Transwestern for

total

consideration

of

$1.465

billion.

The

Acquisition

provides

the

following benefits:

FERC-regulated asset that diversifies ETP’s asset base outside of Texas

Source of stable, fee-based revenue

Identified expansion projects provide potential for increased cash flow

with favorable economics

New Phoenix lateral

Complete San Juan loop

Provides greater optionality for producers connected to  Transwestern by

providing access to Texas and west coast markets

Provides additional sources of supply to existing customers on ETP’s Oasis

and North Texas Pipelines

8

TEXAS

OKLAHOMA

COLORADO

NEW

MEXICO

ARIZONA

UTAH

NEVADA

CALIFORNIA

Ignacio

Blanco Hub

Thoreau

Needles

Topock

2

5

6

Station 9

SAN JUAN

ROCKIES

PERMIAN

ANADARKO

3

1

4

Mainline

1  West 1,210 MM/d

2  Bi-directional East

650 MM/d & West 750 MM/d

San Juan Lateral

3  Ignacio to Blanco 476 MM/d

4  Blanco to Thoreau 1,235 MM/d

East Laterals (Bi-directional)

5  West Texas North 585 MM/d, South 550 MM/d

6  Panhandle North 235 MM/d, South 263 MM/d

Transwestern Asset Description

9

ETP’s Contiguous Footprint Expands

10

New Phoenix Lateral:

260 miles of 36”

pipe connects

Phoenix to TW’s existing

mainline at Ash Fork, AZ

500 MMcf/d of new pipeline

capacity

Projected in-service date April

30, 2008

Upstream Segments:

Complete San Juan loop

26 miles, 36”

pipe

375 MMcf/day of additional

capacity from Blanco

1

2

3

4

5

7

8

9

Delivery Points:  1-Prescott (UNS), 2-SWGas, 3-APS Red Hawk,

4-Duke Arlington Valley, 5-Sempra Mesquite, 6-Gila Bend, 7-SRP

Desert Basin, 8-APS Sundance, 9-SRP Santan Lateral

Delivery Points:  1-Prescott (UNS), 2-SWGas, 3-APS Red Hawk,

4-Duke Arlington Valley, 5-Sempra Mesquite, 6-Gila Bend, 7-SRP

Desert Basin, 8-APS Sundance, 9-SRP Santan Lateral

Transwestern –

Growth Opportunities

11

Transwestern Acquisition Financing

Negotiated transaction, no auction

$1.465 billion purchase price

2 Step transaction

Step

1

–

Purchased

GE’s

50%

ownership

in

CCE

Holdings

for

$1

billion, less $25 million distribution with the completion of Step 2

CCE Holdings = Transwestern Pipeline + 50%

of Citrus Corp.

(Florida Gas Transmission)

Step 2 –

Exchange 50%

ownership

in CCE Holdings + $490

million

in

cash/debt

assumption

for

100%

ownership

in

Transwestern Pipeline

LLC purchase –

full tax basis step-up

12

Competitive Advantages

Texas Infrastructure

Multiple Market Options for Producers

Strong Position in Active Supply Basins

Operating Expertise

Producer Relationships

Substantial Organic Growth Opportunities

Bypass Capability at Processing Plants

13

Project Update

Provides 2.3 Bcf/d

additional outlet

capacity to Fort Worth Basin and

East Texas producers

Links high growth production with

major market hubs and multiple

interstate interconnects across Texas

Provides accretive returns on

significant capital spending

Backed by long-term contracts

with investment grade

counterparties

14

Project Update

Approximately 547 miles of intrastate expansion

42”, 36”

& 30”

Pipeline Expansion

New Additions

South Loop to Beaumont, TX

North Loop to Paris, TX

Approximately $1.4 billion total capital spending

Reed to Texoma

section placed in

service and flowing gas as of 8/31/2006

15

Projects under Construction

Two 24-inch and 36-inch pipeline extensions

42-inch Pipeline –

Phase II and III

Silsbee 42-inch Loop –

160 miles

36-inch Northside to Paris Loop –

130 miles

320 MMcf/day Processing Plant –

Johnson Cty

16

Processing Plants –

Johnson County

ETP is installing processing

plants in Johnson County

Capacity 320,000 Mcf/day

Installation in steps –

130,000

Mcf/day completed by October

2006

Installation of additional

190,000 Mcf/day of capacity is

estimated to be completed by

June 2007

Estimated $65 million in

construction cost

Contracts structured primarily as

fee-based revenue

17

Propane Operations

ETP’s propane operations are concentrated in higher than average population growth areas where natural gas

distribution may not be cost effective, and its geographic diversification minimizes the impact of weather patterns in

individual regions.

Fee-based, pass-through business, subject to weather volatility

that impacts volumes

Focus on higher-margin residential customers

Record fiscal 2004 and 2005 operating and financial

performance

Realized 1%-3% internal growth excluding acquisitions

Trend of increasing margins due to higher vehicle fuel costs,

steel costs, benefit, and insurance cost

Assets owned

Purchase land, buildings and vehicles

90% of customer tanks

Retail Gallons Sold (Millions)

126

147

160

181

330

330

376

398

406

0

50

100

150

200

250

300

350

400

450

No active Legend.

18

Updated Propane Operations Map

Energy Transfer

Titan

19

ETP Credit Statistics (8/31/2006)

Outstanding Debt (8/31/2006)

$2.6 billion

(excluding working capital)

2006 EBITDA

$765 million

2007E EBITDA

$980 million

2006 Interest Exp.

$114 million

Debt/ EBITDA

3.4 X

EBITDA/ Interest

6.671 X

20

Historical Returns vs. Peers

5-Year Average Annual Total Return

8/29/01 - 8/29/06

Source:    FactSet

Note:

1   BWP, BPL, EEP, ETP, EPD, KMP, MMP, OKS, PPX, PAA, SXL, TPP, and VLI

28.1%

14.5%

(9.0%)

2.6%

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

ETP

Large Cap MLP

Average¹

Dow Jones

S&P 500

21

ETP Distribution History

$1.30

$1.40

$1.50

$1.65

$1.75

$1.85

$1.95

$2.00

$2.20

$2.35

$2.55

$3.00

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

22

Distribution History vs. Peers

2-Year Average Annual Distribution Growth

8/29/01 - 8/29/06

30%

15%

14%

12%

10%

9%

8%

7%

7%

5%

1%

0%

0%

5%

10%

15%

20%

25%

30%

35%

ETP

SXL

MMP

PAA

EPD

OKS

PPX

BPL

KMP

VLI

TPP

EEP

23

Distribution History vs. Peers

Average Annual Distribution Growth

Note:

1   Includes BWP, BPL, EEP, ETP, EPD, KMP, MMP, OKS, PPX, PAA, SXL, TPP, and VLI

26.0%

30.4%

30.8%

6.5%

7.3%

7.6%

0%

5%

10%

15%

20%

25%

30%

35%

3 Yr CAGR (8/29/03-8/29/06)

2 Yr CAGR (8/29/04-8/29/06)

1 Yr CAGR (8/29/05-8/29/06)

ETP

Large Cap MLP Average¹

24

Investment Highlights

Substantial competitive advantage

High quality portfolio of assets

Strong credit statistics

Compares favorably with BBB+ / BBB peers

Management commitment to credit quality

High common unit coverage

ETP retains cash to fund internal growth and strengthen balance sheet

Low risk, high rate of return growth opportunities

Attractive construction price to EBITDA multiples

Long-term contracts in place prior to construction

Excellent access to public debt and equity markets

Significant liquidity

History of consistent distribution growth

Experienced management with substantial equity ownership