Energy Transfer Equity, L.P. (ETE) operates through its subsidiaries, Energy Transfer Partners, L.P. (ETP), Energy Transfer Partners G.P., L.P (ETP GP) and ETP GP's General Partner, Energy Transfer Partners, L.L.C. (ETP LLC). The Company's business operations are conducted only through ETP's wholly owned subsidiaries, ETC OLP, a limited partnership engaged in midstream and transportation and natural gas storage operations; Heritage Operating, L.P. (HOLP), a limited partnership engaged in retail and wholesale propane operations, and Titan Energy Partners, L.P., a limited partnership engaged in retail propane operations (collectively referred to as the Operating Partnerships). In May 2007, Enterprise GP Holdings L.P. acquired approximately 17.6% of the outstanding common units of ETE. In addition, Enterprise GP Holdings L.P. purchased an approximate 34.9% non-controlling interest in LE GP, LLC, which is the general partner of ETE.

On November 10, 2005, the Company acquired the remaining 2% limited partner interest in HPL Consolidation, L.P. (HPL), in which it previously held a 98% interest. In November 2005, ETE purchased the remaining 50% equity interest in South Texas Gas Gathering, in which it previously held a 50% interest. On June 1, 2006, ETE acquired all the propane operations of Titan Energy Partners, LP and Titan Energy, GP LLC (collectively, Titan). During the fiscal year ended August 31, 2006 (fiscal 2006), HOLP and Titan collectively acquired substantially all of the assets of eight propane businesses. In June 2006, the Company and Atmos Energy Corporation (Atmos) completed the North Side Loop (NSL) pipeline, a 45-mile, 30-inch pipeline system.

Energy Transfer Partners, L.P.'s Operations

The Company's midstream and transportation and storage businesses own and operate approximately 12,000 miles of natural gas gathering and transportation pipelines, with an additional 600 miles under construction, three natural gas processing plants, two of which are connected to its gathering systems, fourteen natural gas treating facilities and three natural gas storage facilities located in Texas. Through ETC OLP, ETE conducts its natural gas midstream and transportation and storage businesses through two segments: the midstream segment and the transportation and storage segment. The Company's midstream segment focuses on the gathering, compression, treating, blending, processing and marketing of natural gas concentrated in the Austin Chalk trend of southeast Texas, the Permian Basin of west Texas, the Barnett Shale in north Texas and the Bossier Sands in east Texas. ETE's transportation and storage segment focuses on the transportation of natural gas between major markets from various natural gas producing areas through connections with other pipeline systems, as well as through its Oasis Pipeline, its East Texas Pipeline, its Fort Worth Basin Pipeline, its natural gas pipeline and storage assets.

ETE's midstream segment consists of The Southeast Texas System; The La Grange and Madison processing plants, and interests in various midstream assets located in Texas and Louisiana. The Southeast Texas System, a 4,250-mile integrated system located in southeast Texas that gathers, compresses, treats, processes and transports natural gas from the Austin Chalk trend. The Southeast Texas System is a large natural gas gathering system covering 13 counties between Austin and Houston. The system includes the La Grange processing plant, the Madison processing plant, and seven treating facilities. This system is connected to the Katy Hub through the 55-mile Katy Pipeline and is also connected to the Oasis Pipeline, as well as two power plants. Interests in various midstream assets located in Texas and Louisiana include the Vantex System, the Rusk County Gathering System, the Whiskey Bay System and the Chalkley Transmission System. On a combined basis, these assets have a capacity of approximately 560 million cubic feet per day (MMcf/d).

The Company's transportation and storage segment consists of The Oasis Pipeline, The ET Fuel System, The East Texas Pipeline and The Houston Pipeline System. The Oasis Pipeline, a 583-mile natural gas pipeline that directly connects the Waha Hub to the Katy Hub. The Oasis Pipeline is primarily a 36-inch diameter natural gas pipeline. It has bi-directional capability with approximately 1.2 billion cubic feet per day (Bcf/d) of throughput capacity moving west-to-east and greater than 750 MMcf/d of throughput capacity moving east-to-west. The Oasis Pipeline has many interconnections with other pipelines, power plants, processing facilities, municipalities and producers.

The ET Fuel System comprises approximately 2,100 miles of intrastate natural gas pipeline and related natural gas storage facilities. With approximately 460 receipt and/or delivery points, including interconnects with pipelines providing direct access to power plants and interconnects with other intrastate and interstate pipelines. The ET Fuel System provides access to the Waha Hub, the Katy Hub and the Carthage Hub, the three major natural gas trading centers in Texas. The ET Fuel System has total system throughput capacity of approximately 1.3 Bcf/d of natural gas and total working storage capacity of 12.4 Bcf of natural gas. The ET Fuel System operates its Bethel natural gas storage facility, with a working capacity of 6.4 billion cubic feet (Bcf), an average withdrawal capacity of 300 MMcf/d and an injection capacity of 75 MMcf/d, and its Bryson natural gas storage facility, with a working capacity of six Bcf, an average withdrawal capacity of 120 MMcf/d and an average injection capacity of 96 MMcf/d. The Fort Worth Basin Pipeline is a 55-mile, 24-inch natural gas pipeline that connects ETE's existing pipelines in north Texas and provides transportation for natural gas production from the Barnett Shale producing area.

The East Texas Pipeline is a 148-mile natural gas pipeline that connects three treating facilities, one of which the Company owns, with its Southeast Texas System. The Houston Pipeline System comprises approximately 4,200 miles of intrastate natural gas pipeline with an aggregate capacity of 2.4 Bcf/d, the underground Bammel storage reservoir and related transportation assets. The system has access to multiple sources of natural gas supply reserves from south Texas, the Gulf Coast of Texas, east Texas and the western Gulf of Mexico, and is directly connected to major gas distribution, electric and industrial load centers in Houston, Corpus Christi, Texas City and other cities located along the Gulf Coast of Texas. The Bammel storage facility has a total working gas capacity of approximately 65 Bcf and has a peak withdrawal rate of 1.3 Bcf/d.

Heritage Operating, L.P. and Titan Operating, L.P.

Through HOLP and Titan, the Company is a retail propane marketer in the United States. ETE serves more than one million customers from 442 customer service locations in 41 states. ETE's propane operations extend from coast to coast with concentrations in the western, upper midwestern, northeastern and southeastern regions of the United States. The Company is also a wholesale propane supplier in the southwestern and southeastern United States. In Canada, through participation in M-P Energy Partnership, ETE supplies propane. The Company owns a 60% interest in M-P Energy Partnership, which is engaged in wholesale distribution and in supplying its northern United States locations.


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