Exhibit 99.1

FOR IMMEDIATE RELEASE

ENERGY TRANSFER PARTNERS REPORTS
QUARTERLY RESULTS FOR THE PERIOD ENDED SEPTEMBER 30^th

Dallas – November 10, 2008 – Energy Transfer Partners, L.P. (NYSE:ETP) today reported EBITDA, as adjusted, and net income for the quarter ended September 30, 2008. EBITDA, as adjusted, for the three months ended September 30, 2008 totaled $332.7 million, an increase of $108.8 million over the three months ended August 31, 2007. Net income for the three months ended September 30, 2008 totaled $221.0 million, an increase of $84.5 million over the three months ended August 31, 2007.

For the nine months ended September 30, 2008, EBITDA, as adjusted, totaled $1.1 billion, an increase of $191.3 million over the nine months ended August 31, 2007. Net income for the nine months ended September 30, 2008 totaled $715.1 million, an increase of $110.0 million over the nine months ended August 31, 2007.

“Our assets provided for another solid quarter of operating results and cash flow,” said Martin Salinas, Energy Transfer Partners’ Chief Financial Officer. “We continue to experience strong demand for our natural gas pipeline capacity across our system and have benefited from the incremental fee-based cash flow generated from our pipeline expansion projects completed over the last eighteen months.”

ETP also announced that it has filed its quarterly report on Form 10-Q for the period ended September 30, 2008 with the Securities and Exchange Commission. ETP has posted a copy of this Form 10-Q on its website at www.energytransfer.com.

The Partnership has scheduled a conference call for 8:00 a.m. Central Time, Tuesday, November 11, 2008 to discuss the third quarter results. The dial-in number is 1-800-230-1092, 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 14,500 miles of intrastate pipeline in service, with approximately 300 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 at www.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)

	September 30,		December 31,
	2008		2007
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	526,074	$	56,467
Marketable securities		11,038		3,002
Accounts receivable, net of allowance for doubtful accounts		598,812		822,027
Accounts receivable from related companies		27,808		24,438
Inventories		306,901		361,954
Deposits paid to vendors		80,601		42,273
Prepaid expenses and other current assets		130,765		99,798
Total current assets		1,681,999		1,409,959
PROPERTY, PLANT AND EQUIPMENT, net		7,903,927		6,433,788
ADVANCES TO AND INVESTMENT IN AFFILIATES		1,590		86,167
GOODWILL		746,607		728,109
INTANGIBLES AND OTHER LONG-TERM ASSETS, net		387,185		350,138
Total assets	$	10,721,308	$	9,008,161

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

	September 30,		December 31,
	2008		2007
LIABILITIES AND PARTNERS’ CAPITAL
CURRENT LIABILITIES:
Accounts payable	$	549,813	$	672,388
Accounts payable to related companies		37,535		48,483
Customer advances and deposits		139,656		75,831
Accrued and other current liabilities		246,630		220,847
Accrued capital expenditures		195,350		87,622
Interest payable		70,992		63,254
Current maturities of long-term debt		45,660		47,036
Total current liabilities		1,285,636		1,215,461
LONG-TERM DEBT, less current maturities		5,509,484		4,297,264
DEFERRED INCOME TAXES		101,700		102,762
OTHER LONG-TERM LIABILITIES		14,381		13,483
COMMITMENTS AND CONTINGENCIES
		6,911,201		5,628,970
PARTNERS’ CAPITAL:
General Partner		159,044		160,193
Limited Partners:
Common Unitholders (151,799,685 and 142,069,957 units authorized, issued and outstanding at September 30, 2008 and December 31, 2007, respectively)		3,641,184		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		9,879		26,906
Total partners’ capital		3,810,107		3,379,191
Total liabilities and partners’ capital	$	10,721,308	$	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 Ended						Nine Months Ended
	September 30,			August 31,			September 30,			August 31,
	2008			2007			2008			2007
REVENUES:
Natural gas operations	$	1,938,586		$	1,424,012		$	6,322,070		$	4,323,448
Retail propane		238,830			161,147			1,086,417			912,983
Other		28,799			41,167			90,575			167,161
Total revenues		2,206,215			1,626,326			7,499,062			5,403,592
COSTS AND EXPENSES:
Cost of products sold — natural gas operations		1,435,308			1,089,968			4,965,145			3,323,717
Cost of products sold — retail propane		187,799			103,784			744,316			566,585
Cost of products sold — other		10,347			23,908			27,783			100,561
Operating expenses		197,493			144,507			573,606			427,219
Depreciation and amortization		70,508			52,591			191,757			145,353
Selling, general and administrative		44,252			39,428			136,632			118,347
Total costs and expenses		1,945,707			1,454,186			6,639,239			4,681,782
OPERATING INCOME		260,508			172,140			859,823			721,810
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized		(67,792	)		(47,180	)		(191,757	)		(134,101	)
Equity in earnings (losses) of affiliates		(654	)		(51	)		(749	)		274
Gain (loss) on disposal of assets		2,520			(2,525	)		1,584			(8,254	)
Other, net		19,316			17,154			54,910			36,328
INCOME BEFORE INCOME TAXES AND MINORITY INTERESTS		213,898			139,538			723,811			616,057
Income tax expense (benefit)		(7,150	)		3,202			8,754			10,062
INCOME BEFORE MINORITY INTERESTS		221,048			136,336			715,057			605,995
Minority interests		—			191			—			(888	)
NET INCOME		221,048			136,527			715,057			605,107
GENERAL PARTNER’S INTEREST IN NET INCOME		80,252			62,046			233,599			182,575
LIMITED PARTNERS’ INTEREST IN NET INCOME	$	140,796		$	74,481		$	481,458		$	422,532
BASIC NET INCOME PER LIMITED PARTNER UNIT	$	0.93		$	0.54		$	3.06		$	2.79
BASIC AVERAGE NUMBER OF UNITS OUTSTANDING		149,839,499			136,980,931			145,160,079			136,978,832
DILUTED NET INCOME PER LIMITED PARTNER UNIT	$	0.93		$	0.54		$	3.05		$	2.79
DILUTED AVERAGE NUMBER OF UNITS OUTSTANDING		150,248,194			137,235,809			145,615,088			137,231,656

The Partnership previously 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 nine-month periods ended September 30, 2008 and the three and nine-month periods ended August 31, 2007 (the three and nine-month periods of the previous fiscal year most nearly comparable to the three and nine-month periods ended September 30, 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 nine-month periods ended August 31, 2007 are comparable to what would have been reported for the three and nine-month periods ended September 30, 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 Ended						Nine Months Ended
	September 30,			August 31,			September 30,			August 31,
SUPPLEMENTAL INFORMATION:	2008			2007			2008			2007
(unaudited)
Net income reconciliation:
Net income	$	221,048		$	136,527		$	715,057		$	605,107
Interest expense, net of interest capitalized		67,792			47,180			191,757			134,101
Income tax expense (benefit)		(7,150	)		3,202			8,754			10,062
Depreciation and amortization		70,508			52,591			191,757			145,353
Non-cash compensation expense		2,378			(924	)		14,338			7,307
Other, net		(19,316	)		(17,154	)		(54,910	)		(36,328	)
(Gain) loss on disposal of assets		(2,520	)		2,525			(1,584	)		8,254
EBITDA, as adjusted (a)	$	332,740		$	223,947		$	1,065,169		$	873,856
	Three Months Ended						Nine Months Ended
	September 30,			August 31,			September 30,			August 31,
VOLUMES:	2008			2007			2008			2007
(unaudited)
Midstream
Natural gas MMBtu/d — sold		1,344,033			926,511			1,361,295			930,401
NGLs bbls/d — sold		24,019			22,417			27,618			19,986
Intrastate Transportation and storage
Natural gas MMBtu/d — transported		11,613,933			7,787,906			10,515,132			9,288,808
Natural gas MMBtu/d — sold		1,409,348			1,437,598			1,556,524			1,430,869
Interstate transportation
Natural gas MMBtu/d — transported		1,862,781			1,874,179			1,750,592			1,802,109
Retail propane gallons sold (in thousands)		90,386			82,311			422,109			463,638

(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.