Energy Transfer 8-K Energy Transfer Partners Reports Record

Exhibit 99.1

FOR IMMEDIATE RELEASE

ENERGY TRANSFER PARTNERS REPORTS RECORD

RESULTS FOR THE FOUR MONTHS ENDED DECEMBER 31^ST

Dallas – February 11, 2008 – Energy Transfer Partners, L.P. (NYSE:ETP) today reported record net income and EBITDA, as adjusted, for the four months ended December 31, 2007. Net income for the four months ended December 31, 2007 totaled $261.8 million, an increase of 63% over the four months ended December 31, 2006 results.

For the four months ended December 31, 2007, EBITDA, as adjusted, totaled $403.0 million, an increase of 51% over the EBITDA, as adjusted, for the four months ended December 31, 2006. Growth capital expenditures for the four-month period totaled $604 million and maintenance capital expenditures totaled $49 million.

“We are pleased to build upon the momentum established in the first fiscal quarter, exceeding our December guidance for the period and again posting record results,” said Brian Jennings, Energy Transfer Partners’ Chief Financial Officer.

As previously announced, the Partnership has changed its fiscal year end to the calendar year. As a result of this change in year end, ETP has filed a transition report on Form 10-Q covering the four-month transition period that began September 1, 2007 and ended December 31, 2007 with the Securities and Exchange Commission. For comparison purposes, the Partnership has also presented the data for the four-month period ended December 31, 2006.

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 14,000 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 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)

	December 31, 2007		August 31, 2007
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	56,467	$	68,705
Marketable securities		3,002		3,099
Accounts receivable, net of allowance for doubtful accounts		822,027		637,676
Accounts receivable from related companies		24,438		6,900
Inventories		361,954		192,276
Deposits paid to vendors		42,273		45,490
Prepaid expenses and other current assets		99,798		86,947
Total current assets		1,409,959		1,041,093
PROPERTY, PLANT AND EQUIPMENT, net		6,433,788		5,548,383
ADVANCES TO AND INVESTMENT IN AFFILIATES		86,167		56,564
GOODWILL		728,109		718,429
INTANGIBLES AND OTHER LONG-TERM ASSETS, net		350,138		343,959
Total assets	$	9,008,161	$	7,708,428

ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)

(unaudited)

	December 31, 2007		August 31, 2007
LIABILITIES AND PARTNERS’ CAPITAL
CURRENT LIABILITIES:
Accounts payable	$	672,388	$	487,148
Accounts payable to related companies		48,483		19,471
Exchanges payable		40,382		34,252
Customer advances and deposits		75,831		81,919
Accrued and other current liabilities		331,341		254,396
Current maturities of long-term debt		47,036		47,031
Total current liabilities		1,215,461		924,217
LONG-TERM DEBT, less current maturities		4,297,264		3,626,977
DEFERRED INCOME TAXES		102,762		100,810
OTHER NON-CURRENT LIABILITIES		13,483		16,591
COMMITMENTS AND CONTINGENCIES
Total liabilities		5,628,970		4,668,595
PARTNERS’ CAPITAL:
General Partner		160,193		127,046
Limited Partners:
Common Unitholders (142,069,957 and 136,981,221 units authorized, issued and outstanding at December 31, 2007 and August 31, 2007, respectively)		3,192,092		2,890,140
Class E Unitholders (8,853,832 units authorized, issued and outstanding - held by subsidiary and reported as treasury units)		—		—
		3,352,285		3,017,186
Accumulated other comprehensive income		26,906		22,647
Total partners’ capital		3,379,191		3,039,833
Total liabilities and partners’ capital	$	9,008,161	$	7,708,428

ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per unit and unit data)

(unaudited)

	Four Months Ended December 31,
	2007			2006
REVENUES:
Natural gas operations	$	1,832,192		$	1,668,667
Retail propane		471,494			409,821
Other		45,824			83,978
Total revenues		2,349,510			2,162,466
COSTS AND EXPENSES:
Cost of products sold - natural gas operations		1,343,237			1,382,473
Cost of products sold - retail propane		315,698			256,994
Cost of products sold - other		14,719			50,376
Operating expenses		221,757			173,365
Depreciation and amortization		71,333			48,767
Selling, general and administrative		59,132			40,603
Total costs and expenses		2,025,876			1,952,578
OPERATING INCOME		323,634			209,888
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized		(66,298	)		(54,946	)
Equity in earnings (losses) of affiliates		(94	)		4,743
Gain on disposal of assets		14,310			2,212
Other income, net		1,061			2,158
INCOME BEFORE INCOME TAX EXPENSE AND MINORITY INTERESTS		272,613			164,055
Income tax expense		10,789			3,120
INCOME BEFORE MINORITY INTERESTS		261,824			160,935
Minority interests		—			(490	)
NET INCOME		261,824			160,445
GENERAL PARTNER’S INTEREST IN NET INCOME		91,011			73,204
LIMITED PARTNERS’ INTEREST IN NET INCOME	$	170,813		$	87,241
BASIC NET INCOME PER LIMITED PARTNER UNIT	$	1.22		$	0.70
BASIC AVERAGE NUMBER OF UNITS OUTSTANDING		137,624,934			123,931,608
DILUTED NET INCOME PER LIMITED PARTNER UNIT	$	1.21		$	0.70
DILUTED AVERAGE NUMBER OF UNITS OUTSTANDING		138,013,366			124,229,968

	Four Months Ended December 31,
SUPPLEMENTAL INFORMATION:	2007			2006
(unaudited)
Net income reconciliation:
Net income	$	261,824		$	160,445
Depreciation and amortization		71,333			48,767
Interest expense		66,298			54,946
Income tax expense		10,789			3,120
Non-cash compensation expense		8,114			4,385
Interest (income) and other, net		(1,061	)		(2,158	)
(Gain) loss on disposal of assets		(14,310	)		(2,212	)
EBITDA, as adjusted (a)	$	402,987		$	267,293
	Four Months Ended December 31,
VOLUMES:	2007			2006
Midstream
Natural gas MMBtu/d - sold		1,090,090			968,016
NGLs bbls/d - sold		25,389			12,458
Transportation and storage
Natural gas MMBtu/d - transported		8,787,387			4,889,029
Natural gas MMBtu/d - sold		1,259,566			1,379,721
Interstate transportation
Natural gas MMBtu/d - transported		1,708,477			1,791,437
Retail propane gallons (in thousands)		205,311			214,623

(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 our 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.