Energy Transfer Operating 8K Declares Fourth Quarter Distribution | ET+E 24 Jan 08

Fourth Quarter 2007

Earnings Conference Call

January 24, 2008

Sunoco Logistics Partners L.P.

Exhibit 99.2

Forward-Looking Statement

Q4 2007 Assessment

Earnings for the year 2007 were at a record $120.9 million which

was an increase of 34% over 2006.

Quarterly net income in the fourth quarter 2007 of $35.8 million

compared to $27.9 million in the prior year’s quarter

Earnings per L.P. unit were $0.94 per L.P. unit compared to $0.80

per L.P. unit in the prior year’s quarter

Increased total distribution to $0.87 ($3.48 annualized) per unit, a

7.1 percent increase over the prior year’s distribution

–

Represents the eighteenth distribution increase in the past

nineteen quarters.

Q4 2007 Financial Highlights

($ in millions, unaudited)

(3.0)

$ 90.3

(3.4)

$ 120.9

(0.5)

$ 27.9

(0.9)

$ 35.8

Capitalized Interest

Net Income

118.2

30.9

156.2

38.7

36.0

8.6

44.6

9.7

Operating income

Interest cost and debt expense, net

5,644.0

36.7

55.7

5,736.4

7,156.1

37.3

56.2

7,249.6

1,427.7

9.4

13.8

1,450.9

2,200.8

9.5

13.8

2,224.1

Cost of products sold and operating expenses

Depreciation and amortization

Selling, general and administrative expenses

Total costs and expenses

5,854.6

7,405.8

1,486.9

2,268.7

Total revenues

$ 5,837.3

17.3

$ 7,377.4

28.4

$ 1,481.1

5.8

$ 2,261.4

7.3

Sales and other operating revenue

Other income

2006

2007

2006

2007

Twelve Months Ended

December 31,

Three Months Ended

December 31,

Q4 2007 Financial Highlights

(amounts in millions, except unit and per unit amounts, unaudited)

$ 2.85

$ 3.37

$ 0.80

$ 0.94

Diluted

$ 79.2

$ 96.7

$ 23.0

$ 27.0

Limited Partners’

interest in Net Income

27,738

28,729

28,677

28,750

Diluted

27,609

28,581

28,536

28,586

Basic

Weighted average Limited Partners’

units

outstanding (in thousands):

$ 2.87

$ 3.38

$ 0.81

$ 0.94

Basic

Net Income per Limited Partner unit:

$ 90.3

(11.1)

$ 120.9

(24.2)

$ 27.9

(4.9)

$ 35.8

(8.8)

Net Income

Less: General Partner’s interest

Calculation of Limited Partners’

interest:

2006

2007

2006

2007

Twelve Months Ended

December 31,

Three Months Ended

December 31,

Eastern Pipeline System

(amounts in millions, unless otherwise noted, unaudited)

61.8

0.469

66.2

0.466

68.4

0.500

Total shipments (mm barrel miles per day)

(2)

Revenue per barrel mile (cents)

Operating Highlights

(1)

45.5

9.6

17.5

$ 44.2

52.3

9.2

20.4

$ 49.4

13.3

2.1

4.5

$11.4

13.2

2.4

5.2

$ 14.2

Operating expenses

Depreciation and amortization

Selling, general and administrative expenses

Operating income

$ 105.6

11.2

116.8

$ 117.4

13.9

131.3

$ 28.4

2.9

31.3

$ 31.5

3.5

35.0

Sales and other operating revenue

Other income

Total revenues

Financial Highlights

2006

2007

2006

2007

Twelve Months Ended

December 31,

Three Months Ended

December 31,

(1) Excludes amounts attributable to equity ownership interests in the corporate joint ventures.

(2) Represents total average daily pipeline throughput multiplied by the number of miles of pipeline through which each barrel has

been shipped.

65.7

0.489

Terminal Facilities

(amounts in millions, unless otherwise noted, unaudited)

391.7

461.9

687.8

433.8

507.3

695.9

399.8

428.8

685.6

437.1

466.3

725.1

Terminal throughput (000’s bpd)

Refined product terminals

(2)

Nederland terminal

Refinery terminals

(1)

Operating Highlights

$ 39.1

$ 52.7

$ 10.2

$ 12.3

Operating income

53.4

15.4

57.5

15.3

16.1

13.9

4.0

17.4

4.0

3.9

Operating expenses

Depreciation and amortization

Selling, general and administrative expenses

$ 123.3

$ 141.6

$ 32.1

$ 37.6

Total revenues

Financial Highlights

2006

2007

2006

2007

Twelve Months

Ended

December 31,

Three Months

Ended

December 31,

(1)

Consists of the Partnership’s Fort Mifflin Terminal Complex, the Marcus Hook Tank Farm and the Eagle Point Dock.

(2)

Includes results from the Partnership’s purchase of a 50% interest in a refined products terminal in Syracuse, New York

from the acquisition date.

Lease Acquisition Financial Results

Total

2003

2.5

1.3

1.1

(0.1)

4.8

2004

(0.1)

2.5

0.5

1.9

4.8

2005

(1.4)

1.3

1.0

0.1

0.8

2006

2.2

5.5

(2.6)

5.8

10.9

2007

0.4

0.6

5.8

2.0*

8.8

Operating Income ($ in millions, unaudited)

Lease Acquisition is expected to generate $6-7 mm/year in any market structure.

* This includes a $3 mm loss on movements on one of our 100% owned pipelines.

Western Pipeline System

(1) Excludes amounts attributable to equity ownership interests in the corporate joint venture.

(2) Represents total segment sales and other operating revenue minus cost of products sold and operating expenses and depreciation and

amortization divided by crude oil pipeline throughput.

526.0

191.6

26.8

527.5

178.0

30.8

532.6

190.9

34.3

512.2

169.5

40.2

Crude oil pipeline throughput (000’s bpd)

Crude oil purchases at wellhead (000’s bpd)

Gross margin per barrel of pipeline throughput (cents)

Operating Highlights

$ 34.8

$ 54.1

$ 14.3

$ 18.1

Operating income

22.8

19.8

5.2

4.7

Selling, general and administrative expenses

11.7

12.8

3.3

3.1

Depreciation and amortization

5,545.1

7,046.3

1,400.6

2,170.2

Cost of products sold and operating expenses

5,614.4

7,133.0

1,423.4

2,196.1

Total revenues

$5,608.3

6.1

$7,118.5

14.5

$ 1,420.6

2.8

$ 2,192.3

3.8

Sales and other operating revenue

Other income

Financial Highlights

2006

2007

2006

2007

Twelve Months Ended

December 31,

Three Months Ended

December 31,

(amounts in millions, unless otherwise noted, unaudited)

(3) Includes results from the Partnership’s purchases of an undivided joint interest in the Mesa Pipe Line

system, the Corsicana

to Wichita Falls, Texas pipeline system, the Amdel pipeline system and the Millennium and Kilgore pipeline system from acquisition dates.

(1)(3)

(2)

Q4 2007 Financial Highlights

($ in millions, unaudited)

582.9

591.0

Total Partners’

Capital

491.9

515.1

Total debt

$ 9.4

$ 2.0

Cash and cash equivalents

Balance Sheet Data (at period end):

December 31,

2006

December 31,

2007

$ 239.0

$ 119.7

$ 34.0

$ 32.5

Total

209.1

94.7

21.0

22.1

Expansion capital expenditures

$ 29.9

$ 25.0

$ 13.0

$ 10.4

Maintenance capital expenditures

Capital Expenditure Data:

2006

2007

2006

2007

Twelve Months Ended

December 31,

Three Months Ended

December 31,

Energy Transfer Operating (ET+E) 8-KDeclares Fourth Quarter Distribution