Exhibit 99.1

ENERGY TRANSFER EQUITY

REPORTS QUARTERLY RESULTS

FOR THE PERIOD ENDED SEPTEMBER 30^th

Dallas, Texas – November 10, 2008 – Energy Transfer Equity, L.P. (NYSE:ETE) today reported net income of $105.4 million and Distributable Cash of $108.7 million for the three months ended September 30, 2008. Distributable Cash is a “non-GAAP financial measure,” as explained below.

The principal sources of cash flow of Energy Transfer Equity, L.P. (“ETE”, the “Partnership” or the “Parent Company”) are distributions it receives from its investments in the limited and general partner interests in Energy Transfer Partners, L.P. (“ETP”). ETE currently has no other operating activities apart from those conducted by the operating subsidiaries within ETP. ETE’s principal uses of cash are for expenses, debt service and distributions to its general and limited partners.

ETE’s net income increased $53.5 million for the three months ended September 30, 2008 to $105.4 million as compared to $51.9 million for the three months ended August 31, 2007. Net income for the nine months ended September 30, 2008 was $352.5 million as compared to $288.3 million for the nine months ended August 31, 2007. These increases were due primarily to the increased earnings of ETP.

ETE 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. ETE has posted a copy of this Form 10-Q on its website at www.energytransfer.com.

Use of Non-GAAP Financial Measures

This press release and accompanying schedules include the non-generally accepted accounting principle (“non-GAAP”) financial measure of Distributable Cash. The accompanying schedules provide a reconciliation of this non-GAAP financial measure to its most directly comparable financial measure calculated and presented in accordance with GAAP. The Partnership’s Distributable Cash should not be considered as an alternative to GAAP financial measures such as net income, cash flow from operating activities, or any other GAAP measure of liquidity or financial performance.

Distributable Cash. The Partnership defines Distributable Cash as cash distributions expected to be received from ETP in connection with the Partnership’s investments in limited and general partner interests of ETP, net of the Parent Company’s expenditures for general and administrative costs and debt service. Distributable Cash is a significant liquidity measure used by the Partnership’s management to compute, based on net cash flows generated by the Partnership’s equity investments in ETP, the distributions the Partnership expects to pay its unitholders. Using this measure, the Partnership’s management computes the coverage ratio of estimated cash flows to planned cash distributions.

Distributable Cash is an important non-GAAP financial measure for our limited partners since it indicates to investors whether or not the Partnership’s investments are generating cash flows at a level that can sustain or support an increase in quarterly cash distribution levels. Financial measures such as Distributable Cash are quantitative standards used by the investment community with respect to publicly traded partnerships because the value of a partnership unit is in part measured by its yield (which in turn is based on the amount of cash distributions a partnership can pay to a unitholder). The GAAP measures most directly comparable to Distributable Cash are net income and cash flow from operating activities for ETE on a stand-alone basis. The accompanying analysis of Distributable Cash is presented for the three and nine-month periods ended September 30, 2008 and August 31, 2007 for comparative purposes.

Energy Transfer Equity, L.P. (NYSE:ETE) is a publicly traded partnership, which owns the general partner of Energy Transfer Partners, L.P. and approximately 62.5 million ETP limited partner units.

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.

The information contained in this press release is available on our website at www.energytransfer.com.

Contacts:

Investor Relations:

Brent Ratliff

Energy Transfer

214-981-0700 (office)

Media Relations:

Vicki Granado

Granado Communications Group

214-504-2260 (office)

214-498-9272 (cell)

ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(unaudited)

	September 30, 2008		December 31, 2007
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	626,132	$	56,557
Marketable securities		11,038		3,002
Accounts receivable, net of allowance for doubtful accounts		598,812		822,027
Accounts receivable from related companies		25,247		18,070
Inventories		306,901		361,954
Deposits paid to vendors		80,601		42,273
Prepaid expenses and other current assets		131,209		99,913
Total current assets		1,779,940		1,403,796
PROPERTY, PLANT AND EQUIPMENT, net		8,313,432		6,852,458
ADVANCES TO AND INVESTMENT IN AFFILIATES		1,590		86,167
GOODWILL		776,195		757,698
INTANGIBLES AND OTHER LONG-TERM ASSETS, net		396,767		361,975
Total assets	$	11,267,924	$	9,462,094

ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(unaudited)

	September 30, 2008			December 31, 2007
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable	$	550,543		$	673,116
Accounts payable to related companies		37,483			48,012
Customer advances and deposits		139,656			75,831
Accrued and other current liabilities		272,342			230,851
Accrued capital expenditures		195,350			87,622
Interest payable		81,470			78,933
Current maturities of long-term debt		45,691			47,068
Total current liabilities		1,322,535			1,241,433
LONG-TERM DEBT, less current maturities		7,181,710			5,870,106
DEFERRED INCOME TAXES		196,698			199,934
OTHER LONG-TERM LIABILITIES		55,352			59,465
MINORITY INTERESTS		2,463,660			2,106,819
COMMITMENTS AND CONTINGENCIES
		11,219,955			9,477,757
PARTNERS’ CAPITAL (DEFICIT):
General Partner		417			192
Limited Partners—Common Unitholders (222,829,956 units authorized, issued and outstanding at September 30, 2008 and December 31, 2007)		67,886			(4,628	)
Accumulated other comprehensive loss		(20,334	)		(11,227	)
Total partners’ capital (deficit)		47,969			(15,663	)
Total liabilities and partners’ capital (deficit)	$	11,267,924		$	9,462,094

ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per unit data)

(unaudited)

	Three Months Ended						Nine Months Ended
	September 30, 2008			August 31, 2007			September 30, 2008			August 31, 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		28,674			41,167			90,199			167,161
Total revenues		2,206,090			1,626,326			7,498,686			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		73,563			55,646			200,922			154,519
Selling, general and administrative		45,316			41,374			140,781			124,743
Total costs and expenses		1,949,826			1,459,187			6,652,553			4,697,344
OPERATING INCOME		256,264			167,139			846,133			706,248
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized		(90,300	)		(73,423	)		(261,297	)		(211,439	)
Equity in earnings (losses) of affiliates		(654	)		(51	)		(749	)		274
Gain (loss) on disposal of assets		2,520			(2,525	)		1,584			(8,254	)
Gains (losses) on non-hedged interest rate derivatives		(9,152	)		33			(13,610	)		29,081
Other, net		18,564			1,403			53,631			4,560
INCOME BEFORE INCOME TAX EXPENSE AND MINORITY INTERESTS		177,242			92,576			625,692			520,470
Income tax expense (benefit)		(7,874	)		2,729			6,600			8,518
INCOME BEFORE MINORITY INTERESTS		185,116			89,847			619,092			511,952
Minority interests		(79,737	)		(37,976	)		(266,614	)		(223,633	)
NET INCOME		105,379			51,871			352,478			288,319
GENERAL PARTNER’S INTEREST IN NET INCOME		326			160			1,091			903
LIMITED PARTNERS’ INTEREST IN NET INCOME	$	105,053		$	51,711		$	351,387		$	287,416
BASIC NET INCOME PER LIMITED PARTNER UNIT	$	0.47		$	0.23		$	1.58		$	1.30
BASIC AVERAGE NUMBER OF UNITS OUTSTANDING		222,829,956			222,828,332			222,829,956			221,165,470
DILUTED NET INCOME PER LIMITED PARTNER UNIT	$	0.47		$	0.23		$	1.57		$	1.30
DILUTED AVERAGE NUMBER OF UNITS OUTSTANDING		222,829,956			222,828,332			222,829,956			221,165,470

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 they 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.

ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES

VOLUMES TRANSACTED THROUGH ENERGY TRANSFER PARTNERS, L.P.

(unaudited)

	Three Months Ended		Nine Months Ended
	September 30, 2008	August 31, 2007	September 30, 2008	August 31, 2007
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

ENERGY TRANSFER EQUITY, L.P.—PARENT COMPANY

DISTRIBUTABLE CASH

(Dollars in thousands, except per unit)

(unaudited)

The following table presents the calculation and reconciliation of Distributable Cash of the Parent Company with respect to the following periods:

	Three Months Ended						Nine Months Ended
	September 30, 2008			August 31, 2007			September 30, 2008			August 31, 2007
Distributable Cash:
Cash distributions expected from Energy Transfer Partners, L.P. associated with:
General partner interest:
Standard distribution rights	$	4,384		$	3,553		$	12,740		$	10,405
Incentive distribution rights		75,804			59,315			219,298			170,473
Less: General Partner contribution to ETP to maintain its 2% interest		—			—			(13,098	)		—
Limited partner interest:
26,086,957 class G units (converted to common units May 2007)		—			21,522			—			63,098
62,500,797 common units		55,860			30,042			166,018			88,076
Total cash expected from Energy Transfer Partners, L.P.		136,048			114,432			384,958			332,052
Deduct expenses of the Parent Company on a stand-alone basis:
General and administrative expenses		(1,544	)		(2,838	)		(5,600	)		(8,370	)
Interest expense, net of amortization of financing costs, interest income, and realized gains and losses on interest rate derivatives		(25,762	)		(25,295	)		(74,218	)		(74,348	)
Distributable Cash	$	108,742		$	86,299		$	305,140		$	249,334
Cash distributions to be paid to the partners of Energy Transfer Equity, L.P.:
Distribution per limited partner unit related to the period	$	0.4800		$	0.3900		$	0.4800		$	0.3900
Distributions to be paid to public unitholders		45,562			37,019			132,889			106,168
Distributions to be paid to affiliates		61,396			49,885			179,072			143,066
Distributions to be paid to general partner		332			270			969			774
Total cash distributions to be paid by Energy Transfer Equity, L.P. to its limited and general partners	$	107,290		$	87,174		$	312,930		$	250,008
Reconciliation of Non-GAAP “Distributable Cash” to GAAP “Net Income” and GAAP “Net cash provided by operating activities” for the Parent Company on a stand-alone basis:
Net income	$	105,379		$	51,871		$	352,478		$	288,319
Adjustments to derive Distributable Cash:
Equity in earnings of unconsolidated affiliates		(138,955	)		(96,030	)		(441,299	)		(375,268	)
Cash distribution expected from Energy Transfer Partners, L.P.		136,048			114,432			384,958			332,052
Amortization of financing costs		751			751			2,255			2,252
Other non-cash		4			9			14			27
Unrealized gains and losses on non-hedged interest rate swaps		5,515			15,266			6,734			1,952
Distributable Cash		108,742			86,299			305,140			249,334
Adjustments to Distributable Cash to derive Net Cash Provided by Operating Activities:
Cash distributions expected from Energy Transfer Partners, L.P.		(136,048	)		(114,432	)		(384,958	)		(332,052	)
Cash distributions received from Energy Transfer Partners, L.P.		122,831			107,204			399,295			310,696
Net change in other operating assets and liabilities		1,141			3,135			9,673			(966	)
Net cash provided by operating activities for Parent Company on a stand-alone basis	$	96,666		$	82,206		$	329,150		$	227,012

(1) For the three months ended September 30, 2008, cash distributions expected to be received from Energy Transfer Partners, L.P. consists of cash distributions in respect of the three months ended September 30, 2008 payable on November 14, 2008 to holders of record as of the close of business on November 10, 2008. For the three months ended August 31, 2007, cash distributions received from Energy Transfer Partners, L.P. consisted of cash distributions paid on October 15, 2007 for the three months ended August 31, 2007.

For the nine months ended September 30, 2008, cash distributions received or expected to be received from Energy Transfer Partners, L.P. consist of cash distributions paid on May 15, 2008 in respect of the quarter ended March 31, 2008, cash distributions paid on August 14, 2008 in respect of the quarter ended June 30, 2008, and cash distributions in respect of the three months ended September 30, 2008 payable on November 14, 2008 to holders of record as of the close of business on November 10, 2008. For the nine months ended August 31, 2007, cash distributions received from Energy Transfer Partners, L.P. consisted of cash distributions paid on April 13, 2007 for the three months ended February 28, 2007, cash distributions paid on July 16, 2007 for the three months ended May 31, 2007 and cash distributions paid on October 15, 2007 for the three months ended August 31, 2007.

(2) For the three months ended September 30, 2008, cash distributions expected to be paid by Energy Transfer Equity, L.P. consist of cash distributions in respect of the three months ended September 30, 2008 payable on November 19, 2008 to holders of record as of the close of business on November 10, 2008. For the three months ended August 31, 2007, cash distributions paid by Energy Transfer Equity, L.P. consisted of cash distributions paid on October 19, 2007 for the three months ended August 31, 2007.

For the nine months ended September 30, 2008, cash distributions paid or expected to be paid by Energy Transfer Equity, L.P. consist of cash distributions paid on May 19, 2008 in respect of the quarter ended March 31, 2008, cash distributions paid on August 19, 2008 in respect of the quarter ended June 30, 2008, and cash distributions in respect of the three months ended September 30, 2008 payable on November 19, 2008 to holders of record as of the close of business on November 10, 2008. For the nine months ended August 31, 2007, cash distributions paid by Energy Transfer Equity, L.P. consisted of cash distributions paid on April 16, 2007 for the three months ended February 28, 2007, cash distributions paid on July 19, 2007 for the three months ended May 31, 2007, and cash distributions paid on October 19, 2007 for the three months ended August 31, 2007.