Energy Transfer 2012 Annual Report Download - page 12

4
PART I
ITEM 1. BUSINESS
Overview
We (Energy Transfer Partners, L.P., a Delaware limited partnership, “ETP” or the “Partnership”) are one of the largest publicly
traded master limited partnerships in the United States in terms of equity market capitalization (approximately $14.19 billion as
of January 31, 2013). We are managed by our general partner, Energy Transfer Partners GP, L.P. (our “General Partner” or “ETP
GP”), and ETP GP is managed by its general partner, Energy Transfer Partners, L.L.C. (“ETP LLC”), which is owned by Energy
Transfer Equity, L.P., another publicly traded master limited partnership (“ETE”). The activities in which we are engaged, all of
which are in the United States, and the wholly owned operating subsidiaries (collectively referred to as the “Operating Companies”)
through which we conduct those activities are as follows:
• Natural gas operations, including the following:
• natural gas midstream and intrastate transportation and storage through Southern Union and La Grange Acquisition, L.P.,
which conducts business under the assumed name of ETC OLP; and
• interstate natural gas transportation and storage through ET Interstate and Southern Union. ET Interstate is the parent
company of Transwestern, ETC FEP, ETC Tiger and CrossCountry. Southern Union is the parent company of Panhandle,
which provides transportation and storage services through Panhandle, Trunkline and Sea Robin transmission systems.
• NGL transportation, storage and fractionation services primarily through Lone Star.
• Refined product and crude oil operations, including the following:
• refined product and crude oil transportation through Sunoco Logistics; and
• retail marketing of gasoline and middle distillates through Sunoco.
• Other operations, including the following:
• natural gas compression services through ETC Compression;
• a limited partner interest in AmeriGas;
• natural gas distribution operations through Southern Union; and
• an approximate 30% non-operating interest in a refining joint venture.
Previously we conducted our retail propane activities through HOLP and Titan. On January 12, 2012, we contributed HOLP and
Titan to AmeriGas, as discussed in Note 4 of the consolidated financial statements included in Item 8.
Table of Contents