Energy Transfer 8-K Energy Transfer Partners Reports

Exhibit 99.1

FOR IMMEDIATE RELEASE

ENERGY TRANSFER PARTNERS REPORTS

THIRD QUARTER AND YEAR-TO-DATE RESULTS

Dallas – July 10, 2007 – Energy Transfer Partners, L.P. (NYSE:ETP) reported EBITDA, as adjusted, for the third fiscal quarter ended May 31, 2007 of $244.7 million as compared to EBITDA of $145.6 million for the third fiscal quarter of 2006, an increase of $99.1 million. For the nine month period ended May 31, 2007, ETP reported EBITDA of $799.4 million as compared to $657.5 million for the nine months ended May 31, 2006, an increase of $141.9 million.

ETP reported net income of $157.5 million for the third quarter ended May 31, 2007 as compared to $111.9 million for the same period ended May 31, 2006, an increase of $45.6 million. ETP reported net income of $539.6 million for the nine month period ended May 31, 2007 as compared to $482.5 million for the nine months ended May 31, 2006, an increase of $57.1 million.

Both the three and nine month periods ended May 31, 2007 benefited by the acquisition of Titan Propane in June 2006 and the December 1, 2006 acquisition of Transwestern Pipeline.

“We are pleased to announce another quarter of strong financial performance, with our growth driven by our Titan and Transwestern acquisitions and the continued expansion of our core intrastate pipeline business” said Brian J. Jennings, Chief Financial Officer, ETP. “Importantly, we are beginning to see returns from our multi-year capital expansion program.”

The Partnership has scheduled a conference call for Thursday, July 12^th at 10:00a.m. Central Time (11:00a.m. Eastern Time) to discuss the fiscal 2007 third quarter results. The dial-in number is (888) 423-3281; participant code: Energy Transfer Partners. The call will be available for replay for a limited time on the company’s website.

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. EBITDA, as adjusted, 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’s natural gas operations include intrastate natural gas gathering and transportation pipelines, natural gas treating and processing assets

located in Texas and Louisiana, and three natural gas storage facilities located in Texas. These assets include approximately 12,200 miles of intrastate pipeline in service, with an additional 400 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 U.S., 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. Together ETP and ETE have a combined enterprise value of approximately $20 billion.

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

Contacts

Investor Relations:

Energy Transfer

Renee Lorenz

214-981-0700

Media Relations:

Vicki Granado

Gittins & Granado

214-361-0400

ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)

(unaudited)

	May 31, 2007			August 31, 2006
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	95,610		$	26,041
Marketable securities		3,575			2,817
Accounts receivable, net of allowance for doubtful accounts		625,339			675,545
Inventories		297,876			387,140
Deposits paid to vendors		46,579			87,806
Exchanges receivable		40,545			23,221
Price risk management assets		25,944			56,139
Prepaid expenses and other		40,002			56,139
Total current assets		1,175,470			1,301,804
PROPERTY, PLANT AND EQUIPMENT, net		5,278,109			3,313,649
GOODWILL		716,443			604,409
INTANGIBLES AND OTHER LONG-TERM ASSETS, net		399,330			235,151
Total assets	$	7,569,352		$	5,455,013
LIABILITIES AND PARTNERS’ CAPITAL
CURRENT LIABILITIES:
Accounts payable	$	584,436		$	603,140
Exchanges payable		48,188			24,722
Customer advances and deposits		40,554			108,836
Accrued and other current liabilities		261,697			202,296
Price risk management liabilities		1,866			36,918
Current maturities of long-term debt		39,768			40,578
Total current liabilities		976,509			1,016,490
LONG-TERM DEBT, less current maturities		3,426,608			2,589,124
DEFERRED INCOME TAXES		100,481			106,842
OTHER NON-CURRENT LIABILITIES		16,819			5,695
COMMITMENTS AND CONTINGENCIES
		4,520,417			3,718,151
PARTNERS’ CAPITAL:
General Partner		125,290			82,450
Limited Partners:
Common Unitholders (136,979,887 and 110,726,999 units authorized, issued and outstanding at May 31, 2007 and August 31, 2006, respectively)		2,928,185			1,647,345
Class E Unitholders (8,853,832 units authorized, issued and outstanding - held by subsidiary and reported as treasury units)		—			—
		3,053,475			1,729,795
Accumulated other comprehensive income (loss)		(4,540	)		7,067
Total partners’ capital		3,048,935			1,736,862
Total liabilities and partners’ capital	$	7,569,352		$	5,455,013

ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per unit and unit data)

(unaudited)

	Three Months Ended May 31,						Nine Months Ended May 31,
	2007			2006			2007			2006
REVENUES:
Midstream and transportation and storage	$	1,406,598		$	1,211,549		$	3,961,880		$	5,503,385
Propane and other		308,188			208,786			1,203,831			783,386
Total revenues		1,714,786			1,420,335			5,165,711			6,286,771
COSTS AND EXPENSES:
Cost of products sold, midstream and transportation and storage		1,095,040			1,020,692			3,117,732			4,765,113
Cost of products sold, propane and other		192,347			126,675			742,814			481,712
Operating expenses		148,903			102,969			415,093			305,336
Depreciation and amortization		47,402			28,149			126,571			84,076
Selling, general and administrative		39,786			23,732			105,989			79,986
Total costs and expenses		1,523,478			1,302,217			4,508,199			5,716,223
OPERATING INCOME		191,308			118,118			657,512			570,548
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized		(46,149	)		(13,674	)		(128,383	)		(70,609	)
Equity in earnings (losses) of affiliates		839			(150	)		5,212			(318	)
Gain (loss) on disposal of assets		(2,500	)		22			(3,785	)		556
Interest and other income, net		17,751			9,672			20,845			12,933
INCOME BEFORE INCOME TAX EXPENSE AND MINORITY INTERESTS		161,249			113,988			551,401			513,110
Income tax expense		3,560			1,981			10,456			28,406
INCOME BEFORE MINORITY INTERESTS		157,689			112,007			540,945			484,704
Minority interests		(223	)		(95	)		(1,333	)		(2,199	)
NET INCOME		157,466			111,912			539,612			482,505
GENERAL PARTNER’S INTEREST IN NET INCOME		59,962			30,109			173,830			78,287
LIMITED PARTNERS’ INTEREST IN NET INCOME	$	97,504		$	81,803		$	365,782		$	404,218
BASIC NET INCOME PER LIMITED PARTNER UNIT	$	0.71		$	0.67		$	2.67		$	2.79
BASIC AVERAGE NUMBER OF UNITS OUTSTANDING		136,978,390			110,658,305			131,147,779			108,466,616
DILUTED NET INCOME PER LIMITED PARTNER UNIT	$	0.71		$	0.67		$	2.66		$	2.78
DILUTED AVERAGE NUMBER OF UNITS OUTSTANDING		137,368,358			110,921,227			131,520,530			108,718,490

	Three Months Ended May 31,						Nine Months Ended May 31,
SUPPLEMENTAL INFORMATION:	2007			2006			2007			2006
(unaudited)
Net income reconciliation:
Net income	$	157,466		$	111,912		$	539,612		$	482,505
Depreciation and amortization		47,402			28,149			126,571			84,076
Interest expense		46,149			13,674			128,383			70,609
Income tax expense		3,560			1,981			10,456			28,406
Non-cash compensation expense		5,324			(451	)		11,395			5,375
Interest (income) and other, net		(17,751	)		(9,672	)		(20,845	)		(12,933	)
(Gain) loss on disposal of assets		2,500			(22	)		3,785			(556	)
EBITDA, as adjusted (a)	$	244,650		$	145,571		$	799,357		$	657,482
	Three Months Ended May 31,						Nine Months Ended May 31,
VOLUMES:	2007			2006			2007			2006
Midstream
Natural gas MMBtu/d – sold		1,042,641			1,216,424			948,242			1,423,414
NGLs Bbls/d – sold		21,586			10,902			16,373			10,224
Transportation and storage
Natural gas MMBtu/d – transported		6,752,447			4,797,307			5,540,393			4,500,308
Natural gas MMBtu/d – sold		1,204,609			1,303,033			1,388,337			1,572,451
Interstate transportation
Natural gas MMBtu/d – transported		1,802,486			—			1,765,677			—
Natural gas MMBtu/d – sold		22,247			—			20,382			—
Propane operations (in gallons)
Retail propane		127,612			91,514			521,957			346,010
Wholesale		23,493			19,299			79,204			67,143

(a) EBITDA, as adjusted, is defined as the Partnership’s earnings before interest, taxes, depreciation, amortization and other non-cash items, such as compensation charges for unit issuances to employees, gain or loss on disposal of assets, and other expenses. We present EBITDA, as adjusted, on a Partnership basis, which includes both the general and limited partner interests. 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 our disposal of assets and discontinued operations is not included when determining EBITDA, as adjusted. EBITDA, as adjusted, (i) is not a measure of performance calculated in accordance with generally accepted accounting principles and (ii) should not be considered in isolation or as a substitute for net income, income from operations or cash flow as reflected in our consolidated financial statements.

EBITDA, as adjusted, is presented because such information is relevant and is used by management, industry analysts, investors, lenders and rating agencies to assess the financial performance and operating results of our fundamental business activities. Management believes that the presentation of EBITDA, as adjusted, is useful to lenders and investors because of its use in the natural gas and propane industries and for master limited partnerships as an indicator of the strength and performance of the Partnership’s ongoing business operations, including the ability to fund capital expenditures, service debt and pay distributions. Additionally, management believes that EBITDA, as adjusted, provides additional and useful information to our investors for trending, analyzing and benchmarking the operating results of our partnership from period to period as compared to other companies that may have different financing and capital structures. The presentation of EBITDA, as adjusted, allows investors to view our performance in a manner similar to the

methods used by management and provides additional insight to our operating results. In addition, out debt agreements contain financial covenants based on 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. We have a large number of business locations located in different regions of the United States. EBITDA, as adjusted, can be a meaningful measure of financial performance because it excludes factors which are outside the control of the employees responsible for operating and managing the business locations, and provides information management can use to evaluate the performance of the business locations, or the region where they are located, and the employees responsible for operating them. Our EBITDA, as adjusted, includes non-cash compensation expense which is a non-cash expense item resulting from our unit based compensation plans that does not require cash settlement and is not considered during management’s assessment of the operating results of our business. Adding these non-cash compensation expenses in EBITDA, as adjusted, allows management to compare our operating results to those of other companies in the same industry who may have compensation plans with levels and values of annual grants that are different than ours. We do not include gain or loss on the sale of assets when determining EBITDA, as adjusted, since including non-cash income or loss resulting from the sale of assets increases/decreases the performance measure in a manner that is not related to the true operating results of our business.

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. Management compensates for these limitations by considering EBITDA, as adjusted in conjunction with its analysis of other GAAP financial measures, such as gross margin, operating income, net income, and cash flow from operating activities.