Exhibit 99.2
FOR IMMEDIATE RELEASE
Energy Transfer Partners
Updates 2008 and 2009 Financial Guidance
DALLAS, December 11, 2007 — Energy Transfer Partners, L.P. (NYSE:ETP) today announced that
the Partnership has updated its 2008 and 2009 EBITDA guidance to reflect the Partnership’s
previously announced change in year-end reporting to December 31 from its current August 31
year-end. The Partnership expects EBITDA for the twelve month period ending December 31, 2008 to
total $1.25 billion and EBITDA for the twelve month period ending December 31, 2009 to total $1.55
billion to $1.65 billion. For the four month period ending December 31, 2007, the Partnership now
expects EBITDA to total $370 million.
ETP also updated its capital expenditure guidance for the 28 month period ending December 31, 2009.
In the four month period ending December 31, 2007, growth capital expenditures are expected to
total $790 million. In 2008 and 2009, growth capital expenditures are expected to total in
aggregate $2.1 billion, with $1.8 billion expected in 2008 and the remainder in 2009. The increase
in both EBITDA and growth capital expenditures in the 28 month period ending December 31, 2009
reflects a stronger outlook and expansion of ETP’s intrastate and interstate business units.
Maintenance capital expenditures in 2008 and 2009 are expected to total $105 million annually.
The change in year-end reporting to December 31 will result in the Partnership filing a Form 10-Q
for the quarter-ending November 30, 2007 in January 2008 and a Transition Form 10-Q for the four
month period ending December 31, 2007 in February 2008. In 2008, Form 10-Qs will be filed for the
periods ending March 31, June 30, September 30 and the Form 10-K for the year ending December 31,
2008 will be filed in March 2009.
— more —
Exhibit 99.2
EBITDA Discussion
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 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 our disposal of assets and discontinued operations 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 internal measures 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 of 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.
Energy Transfer Partners, L.P. (NYSE:ETP) is a publicly traded partnership owning and
operating a diversified portfolio of energy assets. ETP’s natural gas operations include
intrastate natural gas gathering and transportation pipelines, natural gas treating and processing
assets located in Texas, Louisiana, New Mexico, Utah and Colorado and three natural gas storage
facilities located in Texas. These assets include approximately 14,000 miles of intrastate
pipeline in service, with approximately 500 miles of intrastate pipeline under construction, and
2,400 miles of interstate pipeline. ETP is also one of the three largest retail marketers of
propane in the U.S., serving more than one million customers across the country.
Exhibit 99.2
Energy Transfer Equity, L.P. (NYSE:ETE) owns the general partner of Energy Transfer
Partners and approximately 62.5 million ETP limited partners units. Together ETP and ETE have a
combined enterprise value of approximately $20 billion.
The information contained in this press release is available on the Partnership’s website at
www.energytransfer.com.
Contacts:
Investor Relations:
Renee Lorenz
Energy Transfer
214-981-0700 (office)
Media Relations:
Vicki Granado
Gittins & Granado
214-504-2260 (office)
214-498-9272 (cell)
# # #
