Enterprise GP Holdings Reports First Quarter 2009 Results; Record Net Income and Distributable Cash Flow

HOUSTON--(Business Wire)--
Enterprise GP Holdings L.P. (NYSE:EPE) today announced its consolidated and
parent-only financial results for the three months ended March 31, 2009.
Enterprise GP Holdings, the Parent Company, reported a 33 percent increase in
distributable cash flow to a record $73.9 million for the first quarter of 2009
compared to $55.7 million for the first quarter of 2008. Distributable cash flow
for the first quarter of 2009 provided 1.1 times coverage of the $0.485 per unit
distribution declared with respect to the first quarter of 2009, which is
scheduled to be paid today to unitholders of record as of the close of business
on April 30, 2009, which includes the 16 million Class C units that converted to
common units on February 1, 2009. This per unit distribution rate represents a
14.1 percent increase from the $0.425 per unit paid in May 2008 with respect to
the first quarter of 2008. Distributable cash flow is a non-generally accepted
accounting principle ("non-GAAP") financial measure that is defined and
reconciled later in this press release to its most directly comparable U.S.
generally accepted accounting principle ("GAAP") measure, which is net cash flow
provided by operating activities.

Enterprise GP Holdings will receive $88.3 million of total cash distributions
from its investments with respect to the first quarter of 2009. This represents
a 16 percent increase from the $76.2 million of cash distributions the Parent
Company received with respect to the first quarter of 2008. This increase in
cash distributions is primarily due to higher cash distribution rates from
Enterprise Products Partners, TEPPCO and Energy Transfer Equity, and additional
units issued by Enterprise Products Partners, TEPPCO and Energy Transfer
Partners.

(dollars in millions) 1st Qtr 1st Qtr Change
2009 2008
Enterprise Products Partners & EPGP $ 48.9 $ 42.3 15.6 %

TEPPCO Partners & TEPPCO GP 18.7 16.7 12.0 %

Energy Transfer Equity & LE GP 20.7 17.2 20.3 %

Total $ 88.3 $ 76.2 15.9 %

Consolidated net income attributable to Enterprise GP Holdings for the first
quarter of 2009 increased 35 percent to a record $62.9 million, or $0.47 per
unit on a fully diluted basis, compared to $46.6 million, or $0.38 per unit on a
fully diluted basis, for the first quarter of 2008. The increase in consolidated
net income for the first quarter was primarily due to increased operating income
from our investments in Enterprise Products Partners, TEPPCO, and Energy
Transfer Equity.

"In the first quarter of 2009, Enterprise GP Holdings reported record
distributable cash flow for the fourth consecutive quarter as the underlying
MLPs in which we are invested continue to post solid results," said Dr. Ralph S.
Cunningham, president and chief executive officer of Enterprise GP Holdings. "We
continue to benefit from our diversified base of cash flows from these
partnerships as they consistently generate solid results. The incentive
distribution rights associated with our general partner interests should enhance
our prospects for long-term cash distribution growth, allowing us to continue
our track record of increasing quarterly cash distributions to our partners, as
we have done every quarter since our initial public offering in August 2005,"
continued Cunningham.

Basis of Presentation of Financial Information

Our Investment in Enterprise Products Partners business segment reflects the
consolidated operations of Enterprise Products Partners and its general partner.
Our Investment in TEPPCO business segment reflects the consolidated operations
of TEPPCO and its general partner. We control Enterprise Products Partners and
TEPPCO through our ownership of their respective general partners. Our
Investment in Energy Transfer Equity business segment reflects our
noncontrolling interests in Energy Transfer Equity and its general partner
accounted for under the equity method of accounting. We evaluate segment
performance based on operating income.

In accordance with rules and regulations of the U.S. Securities and Exchange
Commission ("SEC") and various other accounting standard-setting organizations,
our general purpose financial statements reflect the consolidation of the
financial statements of businesses that we control through the ownership of
general partner interests (e.g., Enterprise Products Partners and TEPPCO). Our
general purpose consolidated financial statements present those investments in
which we do not have a controlling interest as unconsolidated affiliates (e.g.,
Energy Transfer Equity and its general partner). To the extent that Enterprise
Products Partners and TEPPCO reflect investments in unconsolidated affiliates in
their respective consolidated financial statements, such investments will also
be reflected as such in our general purpose financial statements unless
subsequently consolidated by us due to common control considerations (e.g.,
Jonah Gas Gathering Company and Texas Offshore Port System). Unless noted
otherwise, our discussions and analysis in this press release are presented from
the perspective of our consolidated businesses and operations.

Effective January 1, 2009, we adopted the provisions of Statement of Financial
Accounting Standards ("SFAS") 160, Noncontrolling Interests in Consolidated
Financial Statements. SFAS 160 established accounting and reporting standards
for noncontrolling interests, which were previously identified as minority
interest in our financial statements. This new standard requires, among other
things, that (i) noncontrolling interests be presented as a component of
partners` equity on our consolidated balance sheet (i.e., elimination of the
"mezzanine" presentation previously used for minority interest); and (ii)
elimination of minority interest amounts as a deduction in deriving net income
or loss and, as a result, that net income or loss be allocated between our
unitholders and general partner on one hand and noncontrolling interests on the
other. Earnings per unit amounts are not affected by these changes.

The consolidated financial statements included in this press release reflect the
changes required by SFAS 160. As a result, net income reported for the first
quarter of 2008 in these financial statements is higher than that disclosed
previously; however, the allocation of such net income results in our
unitholders, general partner and noncontrolling interests (i.e., the former
minority interest) receiving the same amounts as they did previously.
Noncontrolling interest presented in our financial statements reflects
third-party and related party ownership of our consolidated subsidiaries, which
include the third-party and related party unitholders of Enterprise Products
Partners, TEPPCO and Duncan Energy Partners.

In order for the unitholders of Enterprise GP Holdings and others to more fully
understand the Parent Company`s business and financial statements on a
standalone basis, our press release includes information devoted exclusively to
the Parent Company apart from that of our consolidated Partnership. A key
difference between the non-consolidated Parent Company financial information and
those of our consolidated Partnership is that the Parent Company views each of
its investments (i.e., Enterprise Products Partners, TEPPCO and Energy Transfer
Equity) as unconsolidated affiliates and records its share of the net income of
each as equity earnings. In accordance with GAAP, we eliminate such equity
earnings in the preparation of our consolidated Partnership financial
statements.

Use of Non-GAAP Financial Measures

The press release and accompanying schedules include the non-GAAP financial
measure of distributable cash flow. Exhibit C provides a reconciliation of this
non-GAAP financial measure to its most directly comparable financial measure
calculated in accordance with GAAP. Distributable cash flow should not be
considered an alternative to GAAP financial measures such as net income, net
cash flow provided by operating activities or any other GAAP measure of
liquidity or financial performance. We define distributable cash flow as
follows:

* Cash distributions expected to be received from the Parent Company`s
investments in limited and general partner interests (including related
incentive distribution rights, if any, held by these general partners); less the
sum of,
* Parent Company general and administrative costs on a standalone basis;
* Parent Company interest expense on a standalone basis, before non-cash
amortization; and
* the general and administrative costs, on a standalone basis, of the general
partners of Enterprise Products Partners and TEPPCO.

Distributable cash flow is a significant liquidity metric used by senior
management to compare net cash flow generated by the Parent Company`s
investments to the cash distributions the Parent Company is expected to pay its
partners. Using this metric, senior management can quickly compute the coverage
ratio of estimated cash flow to planned cash distributions.

Distributable cash flow is an important non-GAAP financial measure for the
Parent Company`s unitholders since it indicates to investors whether or not the
Parent Company`s investments are generating cash flow at a level that can
sustain or support an increase in quarterly cash distribution levels. Financial
metrics such as distributable cash flow are quantitative standards used by the
investment community because the value of a partnership unit is in part measured
by its yield (which, in turn, is based on the amount of cash distributions a
partnership pays to a unitholder).

Company Information and Forward-Looking Statements

Enterprise GP Holdings L.P. is one of the largest publicly traded GP
partnerships and it owns the general partner and certain limited partner
interests in Enterprise Products Partners L.P. and TEPPCO Partners, L.P., as
well as certain noncontrolling general partner and limited partner interests in
Energy Transfer Equity, L.P. For more information on Enterprise GP Holdings
L.P., visit its website at www.enterprisegp.com.

This press release contains various forward-looking statements and information
that are based on Enterprise GP Holdings` beliefs and those of its general
partner, as well as assumptions made by and information currently available to
Enterprise GP Holdings. When used in this press release, words such as
"anticipate," "project," "expect," "plan," "goal," "forecast," "intend,"
"could," "believe," "may," and similar expressions and statements regarding the
plans and objectives of Enterprise GP Holdings, Enterprise Products Partners,
TEPPCO, Energy Transfer Equity or Energy Transfer Partners (the "Related
Companies") for future operations, are intended to identify forward-looking
statements. Although Enterprise GP Holdings and its general partner believe that
such expectations reflected in such forward-looking statements are reasonable,
neither Enterprise GP Holdings nor its general partner can give assurances that
such expectations will prove to be correct. Such statements are subject to a
variety of risks, uncertainties and assumptions. If one or more of these risks
or uncertainties materialize, or if underlying assumptions prove incorrect,
Enterprise GP Holdings` actual results may vary materially from those it
anticipated, estimated, projected or expected. Among the key risk factors that
may have a direct bearing on the Related Companies` and, in turn, Enterprise GP
Holdings` results of operations and financial condition are:

* fluctuations in oil, natural gas and natural gas liquid prices and production
due to weather and other natural and economic forces;
* the effects of the Related Companies` debt level on its future financial and
operating flexibility;
* a reduction in demand for the Related Companies` products by the
petrochemical, refining, heating or other industries;
* a decline in the volumes delivered by the Related Companies` facilities;
* the failure of any of the Related Companies` credit risk management efforts to
adequately protect it against customer non-payment;
* terrorist attacks aimed at the Related Companies` facilities; and
* the failure to successfully integrate the Related Companies` operations with
companies, if any, that they may acquire in the future.

Enterprise GP Holdings has no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information, future events
or otherwise.

Exhibit A
Enterprise GP Holdings L.P. - Parent Company
Selected Financial Data - UNAUDITED
For the Three Months Ended March 31, 2009 and 2008
(Amounts in millions)

The following table presents distributable cash flow, summarized income statement data and selected balance sheet
information for the Parent Company with respect to the periods shown and at the dates indicated.

Three Months Ended March 31,
2009 2008
Cash distributions from investees: (1)
Enterprise Products Partners and EPGP:
From common units of Enterprise Products Partners $ 7.3 $ 6.9
From 2% general partner interest and related IDRs 41.6 35.4
TEPPCO and TEPPCO GP:
From common units of TEPPCO 3.2 3.1
From 2% general partner interest and related IDRs 15.5 13.6
Energy Transfer Equity and LE GP:
From common units of Energy Transfer Equity 20.5 17.1
From member interest in LE GP 0.2 0.1
Total cash distributions from investees 88.3 76.2
Cash expenses, primarily Parent Company (14.4 ) (20.5 )
Distributable cash flow $ 73.9 $ 55.7

Distributions by Parent Company $ 67.5 $ 52.4

Parent Company summarized income statement data:
Equity in earnings of investees (2) $ 78.1 $ 66.7
General and administrative costs 2.0 2.2
Operating income 76.1 64.5
Interest expense, net (13.2 ) (17.9 )
Net income attributable to Enterprise GP Holdings L.P. $ 62.9 $ 46.6

Parent Company debt principal outstanding at end of period $ 1,070.3 $ 1,088.0

(1) Represents cash distributions received or, in the case of Energy Transfer Equity for the most recent quarter, declared and scheduled to be received with respect to such quarter. With respect to cash distributions from investees for the first quarter of 2009, we received the distributions shown for Enterprise Products Partners and its general partner on May 8, 2009, and we received the cash distributions from TEPPCO and its general partner on May 7, 2009. The declared distribution from Energy Transfer
Equity and its general partner is scheduled to be paid on May 19, 2009.
(2) Represents the Parent Company`s share of net income of Enterprise Products Partners, TEPPCO, Energy Transfer Equity and their respective general partners.

Exhibit B
Enterprise GP Holdings L.P.
Condensed Statements of Consolidated Operations - UNAUDITED
For the Three Months Ended March 31, 2009 and 2008
(Amounts in millions, except per unit amounts)

Since the Parent Company owns the general partner of (and therefore controls) Enterprise Products Partners and TEPPCO,
our consolidated financial statements include the financial results of Enterprise Products Partners and TEPPCO. The net
income of Enterprise Products Partners and TEPPCO allocated to limited partner interests not owned by the Parent Company
is allocated to noncontrolling interests. On a consolidated basis, we have three reportable business segments:
Investment in Enterprise Products Partners, Investment in TEPPCO and Investment in Energy Transfer Equity. The following
table summarizes our financial information by business segment for the periods presented:

Three Months Ended March 31,
2009 2008
Revenues:
Investment in Enterprise $ 3,423.1 $ 5,684.5
Products Partners
Investment in TEPPCO 1,517.0 2,866.7
Eliminations (53.1 ) (44.9 )
Total revenues 4,887.0 8,506.3
Costs and expenses:
Investment in Enterprise 3,064.3 5,332.4
Products Partners
Investment in TEPPCO 1,399.5 2,753.8
Other, non-segment including (50.2 ) (39.7 )
Parent Company
Total costs and 4,413.6 8,046.5
expenses
Equity in earnings of unconsolidated
affiliates:
Investment in Enterprise 7.2 8.9
Products Partners (1)
Investment in TEPPCO (1) 0.2 (1.1 )
Investment in Energy Transfer 17.5 12.0
Equity (2)
Total equity in 24.9 19.8
earnings of
unconsolidated
affiliates
Operating income:
Investment in Enterprise 366.0 361.0
Products Partners
Investment in TEPPCO 117.7 111.8
Investment in Energy Transfer 17.5 12.0
Equity
Other, non-segment including (2.9 ) (5.2 )
Parent Company
Total operating 498.3 479.6
income
Interest expense (165.7 ) (148.5 )
Provision for income taxes (16.0 ) (4.5 )
Other income, net 1.2 1.5
Net income 317.8 328.1
Net income attributable to noncontrolling (254.9 ) (281.5 )
interest (3)
Net income attributable to Enterprise GP $ 62.9 $ 46.6
Holdings L.P.
Allocation of net income to:
Limited partners $ 62.9 $ 46.6
General partner $ * $ *
Earnings per Unit, basic and fully diluted:
Earnings per Unit $ 0.47 $ 0.38
Average LP Units outstanding 133.7 123.2

(1) Represents equity earnings from unconsolidated affiliates as recorded by Enterprise Products Partners and TEPPCO.
(2) Represents the Parent Company`s share of the net income of Energy Transfer Equity and its general partner.
(3) Represents earnings of Enterprise Products Partners and TEPPCO allocated to their respective limited partner interests not owned by the Parent Company.

* Amount is negligible.

Exhibit C
Enterprise GP Holdings L.P. - Parent Company
Non-GAAP Reconciliations - UNAUDITED
For the Three Months Ended March 31, 2009 and 2008
(Amounts in millions)

The following table presents a reconciliation of the Parent Company`s non-GAAP distributable cash flow amounts to GAAP
net cash flow provided by operating activities.

Three Months Ended March 31,
2009 2008
Distributable Cash Flow (Exhibit A) $ 73.9 $ 55.7
Adjustments to derive net cash flow provided by operating
activities (add or subtract as indicated by sign of number):
Distributi (88.3 ) (76.2 )
ons to be
received
from
investees
with
respect to
period
indicated
(Exhibit
A) (1)
Distributi 86.0 76.0
ons
received
from
investees
during
period
Net effect (1.7 ) (4.4 )
of changes
in
operating
accounts
Net cash flow provided by operating activities $ 69.9 $ 51.1

(1) Represents cash distributions collected subsequent to the end of each reporting period.

Enterprise GP Holdings L.P.
Randy Burkhalter, 713-381-6812 or 866-230-0745 (Investor Relations)
Rick Rainey, 713-381-3635 (Media Relations)

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