Energy Transfer 8-K Energy Transfer Partners Reports Financial Results for the Periods Ended December 31ST

Exhibit 99.1

FOR IMMEDIATE RELEASE

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

Dallas — February 16, 2009—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 31^st 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 31^st to December 31^st 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 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)

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

	December 31,		December 31,
	2008		2007
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	91,902	$	56,467
Marketable securities		5,915		3,002
Accounts receivable, net of allowance for doubtful accounts		591,257		822,027
Accounts receivable from related companies		17,895		24,438
Inventories		272,348		361,954
Deposits paid to vendors		78,237		42,273
Exchanges receivable		45,209		37,321
Price risk management assets		5,423		8,203
Prepaid expenses and other current assets		75,215		54,274
Total current assets		1,183,401		1,409,959
PROPERTY, PLANT AND EQUIPMENT, net		8,296,085		6,433,788
ADVANCES TO AND INVESTMENT IN AFFILIATES		10,110		86,167
GOODWILL		743,694		728,109
INTANGIBLES AND OTHER LONG-TERM ASSETS, net		394,199		350,138
Total assets	$	10,627,489	$	9,008,161

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

	December 31,		December 31,
	2008		2007
LIABILITIES AND PARTNERS’ CAPITAL
CURRENT LIABILITIES:
Accounts payable	$	381,135	$	672,388
Accounts payable to related companies		34,547		48,483
Exchanges payable		54,636		40,382
Customer advances and deposits		106,679		75,831
Accrued wages and benefits		64,692		35,408
Accrued capital expenditures		153,230		87,622
Accrued and other current liabilities		94,066		133,258
Price risk management liabilities		94,978		4,358
Interest payable		106,259		63,254
Income taxes payable		14,538		7,012
Deferred income taxes		589		429
Current maturities of long-term debt		45,198		47,036
Total current liabilities		1,150,547		1,215,461
LONG-TERM DEBT, less current maturities		5,618,549		4,297,264
DEFERRED INCOME TAXES		100,597		102,762
OTHER NON-CURRENT LIABILITIES		14,727		13,483
COMMITMENTS AND CONTINGENCIES
		6,884,420		5,628,970
PARTNERS’ CAPITAL:
General Partner		161,159		160,193
Limited Partners:
Common Unitholders (152,102,471 and 142,069,957 units authorized, issued and outstanding at December 31, 2008 and 2007, respectively)		3,578,997		3,192,092
Class E Unitholders (8,853,832 units authorized, issued and outstanding — held by subsidiary and reported as treasury units)		—		—
Accumulated other comprehensive income		2,913		26,906
Total partners’ capital		3,743,069		3,379,191
Total liabilities and partners’ capital	$	10,627,489	$	9,008,161

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

	Three Months			Three Months			Year			Twelve Months
	Ended			Ended			Ended			Ended
	December 31,			November 30,			December 31,			November 30,
	2008			2007			2008			2007
REVENUES:
Natural gas operations	$	1,331,086		$	1,304,965		$	7,653,156		$	5,628,413
Retail propane		428,182			288,966			1,514,599			1,201,949
Other		35,538			34,266			126,113			201,427
Total revenues		1,794,806			1,628,197			9,293,868			7,031,789
COSTS AND EXPENSES:
Cost of products sold — natural gas operations		920,837			944,739			5,885,982			4,268,456
Cost of products sold — retail propane		269,752			192,065			1,014,068			758,650
Cost of products sold — other		10,247			11,035			38,030			111,596
Operating expenses		208,225			161,955			781,831			589,174
Depreciation and amortization		70,394			52,728			262,151			198,081
Selling, general and administrative		57,595			42,895			194,227			161,242
Total costs and expenses		1,537,050			1,405,417			8,176,289			6,087,199
OPERATING INCOME		257,756			222,780			1,117,579			944,590
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized		(73,944	)		(49,934	)		(265,701	)		(184,035	)
Equity in earnings (losses) of affiliates		584			(241	)		(165	)		33
Gain (loss) on disposal of assets		(2,887	)		13,124			(1,303	)		4,870
Gains (losses) on non-hedged interest rate derivatives		(51,138	)		(1,264	)		(50,989	)		29,768
Allowance for equity funds used during construction		18,701			4,766			63,976			9,714
Other, net		(180	)		(3,460	)		9,306			(3,112	)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE AND MINORITY INTERESTS		148,892			185,771			872,703			801,828
Income tax expense (benefit)		(2,074	)		5,523			6,680			15,585
INCOME FROM CONTINUING OPERATIONS BEFORE MINORITY INTERESTS		150,966			180,248			866,023			786,243
Minority interests		—			—			—			(888	)
NET INCOME		150,966			180,248			866,023			785,355
GENERAL PARTNER’S INTEREST IN NET INCOME		82,297			67,599			315,896			250,174
LIMITED PARTNERS’ INTEREST IN NET INCOME	$	68,669		$	112,649		$	550,127		$	535,181
BASIC NET INCOME PER LIMITED PARTNER UNIT	$	0.45		$	0.82		$	3.75		$	3.65
BASIC AVERAGE NUMBER OF UNITS OUTSTANDING		151,967,607			137,044,104			146,871,261			136,995,492
DILUTED NET INCOME PER LIMITED PARTNER UNIT	$	0.45		$	0.82		$	3.74		$	3.64
DILUTED AVERAGE NUMBER OF UNITS OUTSTANDING		151,967,607			137,287,541			147,090,608			137,255,593

In 2007, the Partnership announced a change in its year end from August 31 to December 31. The unaudited consolidated financial statements contained in this press release cover the three and twelve-month periods ended December 31, 2008 and the three and twelve-month periods ended November 30, 2007 (the three and twelve-month periods of the previous fiscal year most nearly comparable to the three and twelve-month periods ended December 31, 2008). The Partnership did not recast the financial data for the prior fiscal periods because the financial reporting processes in place at that time included certain procedures that were completed only on a fiscal quarterly basis. The Partnership believes the information, data and indicated trends for the three and twelve-month periods ended November 30, 2007 are comparable to what would have been reported for the three and twelve-month periods ended December 31, 2007 if we had recast the prior period information. Such comparability is impacted primarily by weather, fluctuations in commodity prices, volumes of natural gas sold and transported, our hedging strategies and the use of financial instruments, trading activities, basis differences between market hubs and interest rates.

	Three Months			Three Months			Year			Twelve Months
	Ended			Ended			Ended			Ended
	December 31,			November 30,			December 31,			November 30,
SUPPLEMENTAL INFORMATION: (unaudited)	2008			2007			2008			2007
Net income reconciliation:
Net income	$	150,966		$	180,248		$	866,023		$	785,355
Depreciation and amortization		70,394			52,728			262,151			198,081
Interest expense		73,944			49,934			265,701			184,035
Income tax expense (benefit)		(2,074	)		5,523			6,680			15,585
Non-cash compensation expense		9,143			5,251			23,481			12,558
Other (income) expense, net		32,617			(42	)		(22,293	)		(36,370	)
(Gain) loss on disposal of assets		2,887			(13,124	)		1,303			(4,870	)
EBITDA, as adjusted (a)	$	337,877		$	280,518		$	1,403,046		$	1,154,374

	Three Months		Three Months		Year		Twelve Months
	Ended		Ended		Ended		Ended
	December 31,		November 30,		December 31,		November 30,
	2008		2007		2008		2007
VOLUMES:
Midstream
Natural gas MMBtu/d — sold		982,207		1,074,560		1,269,724		964,721
NGLs bbls/d — sold		20,635		24,956		25,939		28,995
Transportation and storage
Natural gas MMBtu/d — transported		13,269,286		8,831,276		11,187,327		7,122,562
Natural gas MMBtu/d — sold		876,261		1,220,692		1,389,781		1,450,466
Interstate transportation
Natural gas MMBtu/d — transported		1,856,034		1,728,028		1,777,097		1,783,639
Natural gas MMBtu/d — sold		21,319		14,622		15,162		18,419
Retail propane gallons (in thousands)		179,025		130,425		601,134		594,063

(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 non-cash 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 an internal measure 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 for 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.

	Three Months			Three Months			Year			Twelve Months
	Ended			Ended			Ended			Ended
	December 31,			November 30,			December 31,			November 30,
REPORTABLE SEGMENTS (unaudited)	2008			2007			2008			2007
Revenues:
Midstream	$	787,053		$	834,515		$	5,342,393		$	3,079,828
Eliminations		(295,491	)		(476,033	)		(3,568,065	)		(1,681,640	)
Intrastate transportation and storage		771,963			888,968			5,634,604			3,994,047
Interstate transportation		67,561			57,515			244,224			236,178
Retail propane and other retail propane related		461,069			318,521			1,624,010			1,308,149
All other		2,651			4,711			16,702			95,227
Total revenues	$	1,794,806		$	1,628,197		$	9,293,868		$	7,031,789
Cost of Products Sold:
Midstream	$	714,707		$	736,401		$	4,986,495		$	2,809,870
Eliminations		(295,491	)		(476,033	)		(3,568,065	)		(1,681,640	)
Intrastate transportation and storage		501,621			684,371			4,467,552			3,140,226
Retail propane and other retail propane related		277,307			198,897			1,038,722			783,181
All other		2,692			4,203			13,376			87,065
Total cost of products sold	$	1,200,836		$	1,147,839		$	6,938,080		$	5,138,702
Depreciation and Amortization:
Midstream	$	15,340		$	9,835		$	59,344		$	28,604
Intrastate transportation and storage		24,408			15,411			84,701			59,259
Interstate transportation		9,586			9,221			37,790			37,193
Retail propane and other retail propane related		20,889			18,117			79,717			72,358
All other		171			144			599			667
Total depreciation and amortization	$	70,394		$	52,728		$	262,151		$	198,081
Operating Income (Loss):
Midstream	$	8,897		$	64,157		$	166,414		$	155,764
Intrastate transportation and storage		164,208			118,782			718,348			545,081
Interstate transportation		33,262			23,958			124,676			119,608
Retail propane and other retail propane related		52,859			17,485			114,564			123,890
All other		(1,003	)		(496	)		(1,531	)		986
Selling general and administrative expenses not allocated to segments		(467	)		(1,106	)		(4,892	)		(739	)
Total operating income		257,756			222,780			1,117,579			944,590
Other items not allocated by segment:
Interest expense, net of interest capitalized	$	(73,944	)	$	(49,934	)	$	(265,701	)	$	(184,035	)
Equity in earnings (losses) of affiliates		584			(241	)		(165	)		33
Gain (loss) on disposal of assets		(2,887	)		13,124			(1,303	)		4,870
Gains (losses) on non-hedged interest rate derivatives		(51,138	)		(1,264	)		(50,989	)		29,768
Allowance for equity funds used during construction		18,701			4,766			63,976			9,714
Other, net		(180	)		(3,460	)		9,306			(3,112	)
Income tax benefit (expense)		2,074			(5,523	)		(6,680	)		(15,585	)
Minority interests		—			—			—			(888	)
		(106,790	)		(42,532	)		(251,556	)		(159,235	)
Net Income	$	150,966		$	180,248		$	866,023		$	785,355