WELCOME TO NAPA

Agenda

• Energy Transfer Update/Overview

Gregg Russell – Vice President, Marketing

• Commercial Update

Beth Hickey – Director, Commercial Optimization

• Development Update

Coralie Sculley – Director, Market Development

• West End Supply Update

Pat Anderson – Director, Supply Development

• LNG Development Update

Joey Colton – Senior Optimization Rep

Important Disclosures

This communication is based on information which Panhandle Eastern Pipe

Line Company, LP, Sea Robin Pipeline Company, LLC, Trunkline Gas

Company, LLC and Trunkline LNG Company, LLC (collectively, “Company”)

believes is reliable. However, Company does not represent or warrant its

accuracy. The statements and opinions expressed in this communication

represent the views of Company as of the date of this report. These statements

and opinions may be subject to change without notice and Company will not be

responsible for any consequences associated with reliance on any statement

or opinion contained in this communication. Company disclaims any intention

or obligation to update any statements or opinions contained in this

communication. This communication is confidential and may not be reproduced

in whole or in part without prior written permission from Company.

Energy Transfer

Update/Overview

GREGG RUSSELL

Vice President, Marketing

ETE Organizational Structure

Energy Transfer Equity, L.P.

(NYSE: ETE)

Regency Energy Partners LP (NYSE: RGP)

Energy Transfer Partners, L.P. (NYSE: ETP)

NGL

Interstate Transportation

Midstream

70% 30%

Contract Treating

Joint Ventures

Gathering & Processing

Southern Union Co.

Intrastate Transportation & Storage

LDCs

Panhandle Companies

SUGS

Lone Star NGL

Ownership in RGP 100% RGP IDRs

1.8% General Partner Interest 26.3mm LP units (17% of total)

Ownership in ETP 100% ETP IDRs

1.5% General Partner Interest 50.2mm LP units (22% of total)

Ownership in SUG 100% SUG Shares

Citrus

FEP

50%

50%

Contract Compression

Combined Asset Footprint

Natural Gas Assets Energy Transfer Southern Union Combined

Miles of Pipeline 23,589 21,169 44,758

Throughput (Bcf/d) 22.1 8.6 30.7

Storage (Bcf) 74 109 184

Processing Capacity (Bcf/d) 1.4 0.5 1.9

Transwestern Pipeline

• 1.2 Bcf/d Capacity

• Bi-directional System

• Accesses Permian, San Juan and Anadarko Basins

Tiger Pipeline

• 2.4 Bcf/d Capacity

• Serves Haynesville Producers

• Interconnects with TETCO, TGT, TXG, ANR, CGT, SESH and Trunkline

Midcontinent Express Pipeline

• 1.2 / 1.8 Bcf/d Capacity

• Interconnects with NGPL, TGT, ANR, CGT, TETCO, SONAT, Destin and Transco

• 50/50 JV with KMP

• KMP operates

Fayetteville Express

• 2 Bcf/d Capacity

• Serves Fayetteville Producers

• Interconnects with NGPL, TXG, ANR and Trunkline

• 50/50 JV with KMP

Intrastate Assets

• ETE own/operates the largest intrastate pipeline system in the US

• 7,700+ miles of pipe moving upwards of 11 Bcf/d

• 74 Bcf Storage

• Serves Houston, Austin, Dallas/Ft. Worth & San Antonio

• Over 30 interconnects with interstate pipelines

NGL/Gathering & Processing

NGL Assets

• Pipeline

Transportation

• 12 inch NGL

pipeline

• 144,000 Bbls/d

of capacity

• 12 pump stations

with 21,500 hp

• Fractionation &

Processing

• Two cryogenic

processing plants

• 25,000 Bbl/d

fractionator

• Sea Robin gas

processing plant

Sea Robin Plant

Hattiesburg Storage

Mont Belvieu Storage

Refinery Services

The Future… The Sunoco acquisition significantly diversifies ETE’s

existing infrastructure assets

Commercial Update

BETH HICKEY

Director, Commercial Optimization

Winter Record Warmth

March 2012 Record Weather

Customer Storage Comparison

to 5 Year Average

45.34%

56.69%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/11/2012 4/11/2012 5/11/2012 6/11/2012 7/11/2012 8/11/2012 9/11/2012 10/11/2012

2012%

5 Year Average%

2011%

End of April 2012 Customer Storage % by

Segment:

PEPL Field: 47.0%

PEPL Mkt: 59.2%

TGC: 20.8%

End of April 5 Year Average

Customer Storage % by Segment:

PEPL Field: 22.7%

PEPL Mkt: 40.5%

TGC: 27.5%

End of April 2011 Customer Storage

% by Segment

PEPL Field: 12.9%

PEPL Mkt: 44.6%

TGC: 37.6%

Avg Peak Day - Houstonia

900,000

1,000,000

1,100,000

1,200,000

1,300,000

1,400,000

1,500,000

December

January February March November

07 08 09 10 11

Winter Peak Days through Houstonia

1,000,000

1,100,000

1,200,000

1,300,000

1,400,000

1,500,000

1,600,000

December

January February March November

07 08 09 10 11

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

Jan-11 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan-12 Feb Mar Apr May*

Bcf/

day (

av

g)

REX Deliveries by Segment

REX-West Upstream of Lebanon Lebanon Downstream of Lebanon

* Through 5/17.

Data derived from REX capacity postings.

Rockies Express Deliveries

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

Jan-12 Feb-12 Mar-12 Apr-12 May-12

Dt/

day (

av

g)

REX (East) Deliveries - Upstream of Lebanon

Ameren Illinois ANR Citizens Midwestern PEPL Trunkline Vectren Indiana

Rockies Express Deliveries

* Through 5/17.

Data derived from REX capacity postings.

Winter Peak Days through

Independence

600,000

800,000

1,000,000

1,200,000

1,400,000

December

January February March November

07 08 09 10 11

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

07 08 09 10 11 07 08 09 10 11 08 09 10 11 12 08 09 10 11 12 08 09 10 11 12

November December January February March

Winter Daily Avg of Zone 1A Receipts

Z1A Average Daily Receipt Quantities January 2012 – April 2012

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

Jan-12 Feb-12 Mar-12 Apr-12

Richland Parish Regency Tiger Interconnect

Fayetteville @ Bobo Road Olla- Gulf South Acadian

McNutt TGC Receipt

Summer Maintenance

• PEPL Major work – Haven 400 line

beginning June 2012

• Trunkline Cypress outage – June

2012 (see critical posting)

PEPL Operational Constraints

Tuscola

Houstonia

Haven

Edgerton

Trunkline Operational Constraints

AAmmbbiiaa

TTuussccoollaa

JJoohhnnssoonnvviillllee

DDyyeerrssbbuurrgg

JJooppppaa

SShhaaww

EEppppss

PPoolllloocckk

NN JJuuddssoonn

LLoonnggvviillllee

Fayetteville Express

Bobo Road

Cap 900,000

ETC - Tiger

Cap 566,000

Centerpoint - Perryville

Cap 70,000

Centerpoint –

Richland Parish

Cap 1,000,000

Regency

Cap 1,000,000

Gulf South - Olla

Cap 700,000

Crosstex - Mcnutt

Cap 380,000

Acadian

Cap 500,000

Texas Gas

Greenville Lateral

Cap 500,000

IInnddeeppeennddeennccee

$6.08

$7.55

$3.08

$3.88 $3.96

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

To

tal C

on

su

mp

tio

n M

CF

Panhandle Powerplant Consumption

2008

Summer

2009

Summer

2010

Summer

2011

Summer

2007

Summer

Trunkline Powerplant Consumption

$6.84

$9.69

$3.53

$4.18 $4.15

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

To

tal C

on

su

mp

tio

n M

CF

2008

Summer

2009

Summer

2010

Summer

2011

Summer

2007

Summer

What could the summer bring…

PEPL Mid Season Fuel Filing

• Due to…

• Record winter weather

• Historically high storage inventory

• Lower fuel consumption

• PEPL fuel tracker is highly over recovered

• Possible midcycle fuel filing to lower

fuel rates

Tropical Activity Forecast

Named Storms Hurricanes Major

Hurricanes

MDA 11 5 2

CSU 10 4 2

WSI 11 6 2

Accuweather 12 5 2

TSR 13 6 3

TWC 11 6 2

1995-2011 AVG 15 8 4

NOAA AVG 0 6 0

• March 1, 2012 – fuel rate filing for fuel rates effective April 1, 2012

• March 14, 2012 – customer protest that PEPL’s tariff did not include RCC

• March 30, 2012 – Fuel rates approved and show cause order issued by FERC

• April 30, 2012 – filed explanation to show cause order and request for rehearing

• Currently waiting on Commissions response

Reservation Charge Crediting

(RCC) - PEPL

Development Update

CORALIE SCULLEY

Director, Market Development

Proposed Offshore Asset Consolidation Combined Asset Map

Proposed Offshore Asset Consolidation Summary and Expected Timeline

• Sea Robin to acquire Trunkline’s offshore assets, including

• Terrebonne System

• Vermilion System

• Partial ownership interest in the Brazos A-47 system

• Offshore Terrebonne & Vermilion Systems remain FERC regulated

• Maintains rate & service protection for shippers on these systems

• Shipper access to offshore supplies will be maintained at three onshore receipt points:

• Terrebonne System - just upstream of the Patterson Compressor Station at both the Neptune and Patterson II processing plants

• Vermilion System - just upstream of the Kaplan Compressor Station at the Cow Island Meter Station

• Joint FERC filing by Trunkline and Sea Robin occurred on Oct. 7, 2011

• Receipt of FERC approvals expected mid-2012

• Initiation of Sea Robin’s Terrebonne and Vermilion offshore service to commence upon receipt of FERC approval

Northeast Gas Supply Utica Shale – Overview

• The Utica Shale

formation lies 3,000 to

7,000 feet below the

Marcellus Shale

• Estimated recoverable

potential:

• 1.3 to 5.5 billion

barrels of oil

• 3.8 to 5.7 Tcf of

natural gas

• Major producers active

in the play include

Anadarko,

Chesapeake, Devon,

Enervest, Hess

Utica Shale Activity in Ohio

0

5

10

15

20

25

30

35

40

2009

2010

Ja

n-1

1

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

Jun-1

1

Ju

l-1

1

Au

g-1

1

Se

p-1

1

Oct-

11

No

v-1

1

De

c-1

1

Ja

n-1

2

Feb

-12

Ma

r-1

2

Ap

r-1

2

Horizontal Well Permits Issued

Total 2011 = 96

Jan – Apr ‘12 = 112

Ohio Dept of Natural Resources

Horizontal Well Activity

Northeast Gas Supply Where is it Going?

• Most new pipeline projects out of the Northeast are designed to serve historically premium markets:

• Boston/New England

• New Jersey/NewYork

• Other project destinations:

• Eastern Canada via Niagara

• Mid-Atlantic

• Southeast

Northeast Gas Supply Where Else Can It Go?

Michigan Storage

Perryville, Henry Hub, LNG Exports, Gulf Coast Industrials

Lebanon Hub: •Columbia

•Dominion

•REX

•TETCO

•TX Gas

Gas

City

Marcellus and Utica

supply

West End Supply Update

PAT ANDERSON

Director, Supply Development

Shale Plays Near Panhandle

Mississippian

Lime

Core

Mississippian

Excello-

Mulky

Woodford

Caney

Woodford/Cana Fayetteville

Granite Wash

Barnett

Bend

Woodford

Mississippian Lime

• Encompasses ~17 million prospective acres across

Oklahoma and Kansas

• Relatively shallow depth of 4,000 - 6,000 ft

• Quickly becoming one of the hottest onshore oil plays

in the country

• Typical wells producing roughly 50% gas and 50% oil

• Lower well costs and better rates of return than

Bakken wells

Mississippian Lime Activity

NGP Straddle Plant

• Located adjacent to the Haven Compressor station

• Capable of processing 1.4 Bcf/d

• Projected in-service date – 4Q 2013

• Existing gas stream processing but capable of handling

richer gas streams

National Helium Upgrade

• DCP Midstream, LP is upgrading its National Helium Plant

(NH) in Liberal Kansas

• NH is the largest plant in the Midcontinent, capable of

processing more than 600 MMcf per day

• Connect NH to its Southern Hills NGL pipeline

• Southern Hills will have over 150,000 barrels per day of

capacity and be operational in mid-2013

New Interconnections – 2012-13

200 MM

4Q’12

150 MM

3Q’13

225 MM

3Q’12

200 MM

1Q’13

150 MM

1Q’13

200 MM

3Q’13

NGP Plant

3Q’13

LNG Development Update

JOEY COLTON

Senior Optimization Rep

U.S. LNG Exports

LNG Reference Material

Natural Gas/LNG Conversion

• Volume Reduction - 620:1

• LNG Temperature – Minus 2600 F

• 1 mtpa = 142,900 Mcf/d

Regasification Shipping Liquefaction Pipeline Production

Typical LNG Shipping/Tankers

• Length - 950’

• Width - 150’

• Draft (Underwater) - 37’

• Capacity - 160,000 cm3 (2.7 Bcf)

• Cost - ~$200 MM

U.S. LNG Exports

Trunkline LNG Terminal – Lake Charles, LA

Year Milestone

1978 Construction begins

1982 Construction complete

• 6.3 Bcf of storage in 3 LNG storage tanks

• 630,000 Mcf/d of sendout capacity

1984 Terminal put in standby mode

1989 Terminal re-activated

2001 BG Group signs firm capacity agreement

2002 Phase I Expansion agreement signed

2003 104 Cargoes Received

Phase II Expansion agreement signed

2006

Phase I & II Expansion placed in-service • Storage capacity increased to 9 Bcf (1 additional tank)

• Sendout capacity increased to 1.8 Bcf/d (2.1 Bcf/d peak)

• Addition of second unloading dock

Infrastructure Enhancement Project (IEP) agreement executed

2010 IEP placed in-service

• Ambient Air Vaporization of sendout

• Liquids extraction capacity of 1.1 Bcf/d

Trunkline LNG Lake Charles Total Cargoes Received = 688

0

9

38

0 0 0 0 0 2

12 13

5

12 7

2 3

12

17

27

55

62

47

104

59

36

50

86

3

11 14

1 1

0

20

40

60

80

100

120

198

1

198

2

198

3

198

4

198

5

198

6

198

7

198

8

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

Carg

oe

s R

ece

ive

d

U.S. LNG Exports

The Import Phenomenon Re-visited (2008)

U.S. LNG Exports

North American Import Terminals (2012)

U.S. LNG Exports

DOE Applications & Approvals

Applications Received by DOE to Export Domestically Produced LNG from the

Lower-48 States (as of May 7, 2012)

Total Quantity

(Bcf/d) FTA Applications Non-FTA Applications

Cheniere Sabine Pass 2.20 Approved Approved

Freeport LNG (Phase I) 1.40 Approved Under Review

Freeport LNG (Phase II) 1.40 Approved Under Review

Lake Charles Exports (Trunkline LNG) 2.00 Approved Under Review

Carib Energy 0.03 Approved Under Review

Dominion Cove Point 1.00 Approved Under Review

Jordan Cove 1.20 Approved Under Review

Sempra Cameron LNG 1.70 Approved Under Review

Gulf Coast LNG 2.80 Under Review Under Review

Cambridge Energy 0.27 Pending Approval N/A

Gulf LNG Liquefaction Company, LLC 1.50 Pending Approval N/A

LNG Development Comp. (Oregon LNG) 1.25 Pending Approval N/A

SB Power Solutions Inc. 0.07 Pending Approval N/A

Total Applications 16.82

U.S. LNG Exports

Current FERC Proposals

U.S. LNG Exports

Proximity to Trunkline Gas Pipeline

Beeville

Edna

Cypress

Kountze

Centerville Patterson

Terrebonne Sea Robin

Trunkline LNG

Freeport LNG

Sabine Pass LNG

Longville

Creole Trail Pipeline

KM Louisiana Pipeline

Cameron/LA STG Pipeline

Trunkline

Cameron LNG

Thank You WE HOPE YOU ENJOY THE REST OF

YOUR STAY