Energy Transfer Partners, L.P. Reports Record Fiscal Year 2005 Results

Business Wire, Nov 14, 2005

DALLAS -- Energy Transfer Partners, L.P. (NYSE:ETP) reported net income for the fiscal year ended August 31, 2005 of $349.4 million, or $2.60 per limited partner unit as compared to net income of $99.2 million for the fiscal year ended August 31, 2004, or $1.73 per limited partner unit. Net income for fiscal 2005 included income from discontinued operations of $5.5 million and a gain on the sale of discontinued operations, net of income tax expense of $142.5 million from the sale of our Oklahoma gathering, treating and processing assets, referred to as the Elk City system, on April 14, 2005. Taking out the gain on discontinued operations, the Partnership reported net income from continuing operations per limited partner unit of $1.79 per unit for fiscal 2005 as compared to $1.62 per limited partner unit for fiscal 2004. EBITDA, as adjusted, for fiscal 2005 was $413.2 million versus the $196.7 million reported for fiscal 2004. EBITDA, as adjusted for fiscal 2005, excludes the net gain on the sale of discontinued operations of $142.5 million.

Net income for the fiscal year ended August 31, 2005 of $349.4 million increased $227.6 million from aggregate net income for the fiscal year ended August 31, 2004 of $121.8 million. EBITDA, as adjusted for fiscal 2005 of $413.2 million increased $163.7 million as compared to the aggregate EBITDA, as adjusted, of $249.5 million for fiscal 2004 (see note (b) to the consolidated financial statements included in this release for the explanation of aggregate results).

The Partnership has scheduled a conference call for 10:00 a.m. Central Standard Time, Wednesday, November 16, 2005, to discuss the fiscal 2005 year end results. The dial-in number is 888-400-7916; participant code: Energy Transfer Partners.

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. EBITDA, as adjusted, 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 notes to the consolidated financial statements included in this release.

Energy Transfer Partners, L.P. is a publicly traded partnership owning and operating a diversified portfolio of energy assets. The Partnership's natural gas operations include approximately 11,700 miles of natural gas gathering and transportation pipelines, natural gas treating and processing assets located in Texas and Louisiana, and three natural gas storage facilities located in Texas. The Partnership is the fourth largest retail marketer of propane in the United States, serving more than 700,000 customers from 315 customer service locations in 34 states extending from coast to coast, with concentrations in the western, upper midwestern, northeastern, and southeastern regions of the United States.

The information contained in this press release is available on the Partnership's website at www.energytransfer.com. For more information, please contact H. Michael Krimbill, President and Chief Financial Officer, at 918-492-7272.