Energy Transfer 2010 Annual Report Download - page 4

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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 $10.45 billion as of January 31, 2011). 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 segments:
Onatural gas midstream and intrastate transportation and storage through La Grange Acquisition, L.P.,
which conducts business under the assumed name of Energy Transfer Company (“ETC OLP”); and
Ointerstate natural gas transportation services through Energy Transfer Interstate Holdings, LLC (“ET
Interstate”). ET Interstate is the parent company of Transwestern Pipeline Company, LLC
(“Transwestern”), ETC Fayetteville Express Pipeline, LLC (“ETC FEP”) and ETC Tiger Pipeline, LLC
(“ETC Tiger”).
• Retail propane through Heritage Operating, L.P. (“HOLP”) and Titan Energy Partners, L.P. (“Titan”).
• Other operations, including natural gas compression services through ETC Compression, LLC (“ETC
Compression).
The following chart summarizes our organizational structure as of December 31, 2010:
Public Unitholders
142,985,623 ETP Common
Units
Energy Transfer Partners, L.L.C.
0.01% General Partner Interest
1.8% General Partner Interest
Incentive Distribution Rights
100% Membership Interest
Operating Companies
Energy Transfer Equity, L.P.
Energy Transfer Partners GP, L.P.
Energy Transfer Partners, L.P.
99.99% Limited
Partner Interest
50,226,967 ETP
Common Units
2