Exhibit
99.2




|Energy Transfer Equity, L.P.

Acquisition of Southern Union Company

Investor Presentation - July 5, 2011
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|Legal Disclaimer

This presentation may contain statements about future events, outlook and expectations of Energy Transfer Equity, L.P. (ETE), Energy Transfer
Partners, L.P. (ETP), Regency Energy Partners LP (RGNC), and Southern Union Company (SUG) (collectively, the "Companies"), all of which
are forward-looking statements. Any statement in this presentation that is not a historical fact may be deemed to be a forward-looking statement.
These forward-looking statements rely on a number of assumptions concerning future events that are believed to be reasonable, but are subject
to a number of risks, uncertainties and other factors, many of which are outside the Companies' control, and which could cause the actual results,
performance or achievements of the Companies to be materially different. Among those is the risk that conditions to closing the transaction are
not met or that the anticipated benefits from the proposed transaction cannot be realized. While the Companies believe that the assumptions
concerning future events are reasonable, we caution that there are inherent difficulties in predicting certain important factors that could impact the
future performance or results of our businesses. These risks and uncertainties are discussed in more detail in the filings made by the Companies
with the Securities and Exchange Commission, copies of which are available to the public. The Companies expressly disclaim any intention or
obligation to revise or publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.

All references in this presentation to capacity of a pipeline, processing plant or storage facility relate to maximum capacity under normal operating
conditions and, with respect to pipeline transportation capacity, are subject to multiple factors (including natural gas injections and withdrawals at
various delivery points along the pipeline and the utilization of compression) which may reduce the throughput capacity from specified capacity
levels.



Additional Information

In connection with the transaction, ETE and SUG will file a joint proxy statement / prospectus and other documents with the SEC. Investors and
security holders are urged to carefully read the definitive joint proxy statement / prospectus when it becomes available because it will contain
important information regarding ETE, SUG and the transaction.

A definitive joint proxy statement / prospectus will be sent to stockholders of SUG seeking their approval of the transaction. Investors and security
holders may obtain a free copy of the definitive joint proxy statement / prospectus (when available) and other documents filed by ETE and SUG
with the SEC at the SEC's website, www.sec.gov. The definitive joint proxy statement / prospectus (when available) and such other documents
relating to ETE may also be obtained free of charge by directing a request to Energy Transfer Equity, L.P., Attn: Investor Relations, 3738 Oak
Lawn Avenue, Dallas, Texas 75219, or from ETE's website, www.energytransfer.com. The definitive joint proxy statement / prospectus (when
available) and such other documents relating to SUG may also be obtained free of charge by directing a request to Southern Union Company,
Attn: Investor Relations, 5444 Westheimer Road, Houston, Texas 77056, or from SUG's website, www.sug.com.

ETE, SUG and their respective directors and executive officers may, under the rules of the SEC, be deemed to be "participants" in the solicitation
of proxies in connection with the proposed transaction. Information concerning the interests of the persons who may be "participants" in the
solicitation will be set forth in the joint proxy statement / prospectus when it becomes available.
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|Revised Transaction Overview

ETE and SUG have entered into a revised Merger Agreement, unanimously adopted by the Boards of Directors of both
companies

SUG shareholders can elect $40.00 in cash or 0.903 ETE common units per SUG common share

Transaction value well in excess of $40.00 per SUG share

Election subject to proration so that aggregate consideration will be a maximum of 60% cash or up to a maximum of
50% ETE common units

Simplified transaction structure modified to provide certainty of value

Based on ETE's 2-day volume-weighted average price, the implied value of the stock component is $40.50 per
SUG share

Represents more than a 42% premium to the closing price of SUG common stock on June 15, 2011

Significant upside participation through ownership in ETE common units

Recent ~12% increase in distributions not reflected in ETE unit price because of SUG transaction uncertainty

SUG shareholders defer taxes for portion of consideration received in ETE common units

Transaction structure maintains credit profile benefit from prior transaction for enlarged Energy Transfer family

Committed acquisition financing to fund cash consideration

ETE and ETP have agreed to the pre-arranged drop-down of Southern Union's 50% interest in Citrus Corp., the
owner of Florida Gas Transmission Company, LLC, to ETP for $1.9 billion in cash

No antitrust concerns based on "hell or high water" commitment

Holders of 14% of SUG's common shares have signed support agreements and agreed to pre-elect ETE common unit
consideration

Transaction on track for 1Q 2012 closing
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|More value for SUG shareholders

ETE

WMB

ETE's Merger Agreement provides superior value and certainty to SUG shareholders relative to WMB's proposal

Premium to Unaffected
Share Price

Material Upside
Potential

Ability to Defer Taxes

Diligence

Financing

Antitrust Issues

$40 cash / 0.903 ETE units

More than 42%

Yes

Yes

Done

Committed


$39

38%

No

No - Fully taxable

Ongoing

?

Likely

ETE believes its revised proposal is superior to the offer from Williams ("WMB") for many reasons

Higher premium with potential for continued upside to SUG shareholders

More tax efficient structure for SUG shareholders who receive ETE common units

No financing or regulatory issues

None

Offer

Timing to Close

?

On track for 1Q 2012
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|Attractive, immediate and long-term accretion to ETE's distributable cash flow

Strong commercial and operational fit with existing natural gas and natural gas liquids operations

Attractive, complementary assets aligned with ETE's growth strategy

Provides larger, more competitive interstate and midstream platform with significantly enhanced
and expanded geographic diversity

Adds significant demand-side market-centric pipelines to Energy Transfer's asset portfolio

Additional organic growth opportunities in strategic geographical locations across the United States

Significantly increases fee-based revenues from long-term contracts with strong credit quality
customers

Ability to realize immediate meaningful operational and commercial synergies

Diversifies ETE's cash flow profile, resulting in a significant portion of pro forma cash flow sourced
from large scale, regulated and investment grade operations

Potential for additional asset "drop-downs" or asset sales over time will further enhance value


Strategic Rationale for ETE Unitholders
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|Attractive, immediate financial impact for SUG shareholders

More than a 42% premium to the unaffected closing price on June 15, 2011

Flexibility for shareholders to elect cash or ETE common units

Up to 50% ETE common unit election provides opportunity for significant upside to SUG
shareholders based on SUG shareholders' individual investment objectives

Ability to defer tax for SUG shareholders receiving ETE common units

Increase in annualized dividend yield from 2% to 5.6%(1)

Tax characteristics of ETE distributions are more advantageous than SUG dividends

Transaction certainty for SUG shareholders

Committed financing in place

No antitrust concerns expected

Enhanced long-term position as this transaction combines SUG's attractive end-user position in major
energy-consuming markets with Energy Transfer's unique asset footprint proximate to major natural
gas producing basins

Benefits to SUG Shareholders

Provides superior transaction value including a significant cash component, highly compelling
equity participation and certainty to close

(1) Based on annualized quarterly distribution announced on 6/30/2011 of $0.625 per unit and
the closing unit price of $44.68 as of 7/1/2011.
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|Consideration Mechanism

SUG
shareholder
election on a per
share basis

$40.00 of cash per SUG
common share

0.903 ETE common units
per SUG common share

Subject to proration if >60% of the SUG shareholders on a per
share basis elect to receive cash

Not more than 60% of the total consideration to be in cash

Committed pre-election of ETE common units means that more
cash available for other holders (70% cash / 30% units)

Each SUG shareholder may elect to receive $40.00 cash or 0.903 ETE common units on a per share basis

Total mix of consideration dependent upon election of SUG shareholders

Shareholder election

Outcome dependent upon aggregate election of SUG shareholders

Subject to proration if >50% of the SUG shareholders on a per
share basis elect to receive ETE common units

Not less than 50% of the total consideration to be in cash

Committed pre-election is subject to proration if more holders
want highly attractive ETE common units

A compelling proposition for all SUG shareholders
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|ETE and ETP have negotiated the pre-arranged drop-down of SUG's 50% interest in Citrus Corp., the owner of Florida
Gas Transmission Company, LLC, into ETP for $1.9 billion in cash

Florida Gas Transmission Company, LLC is a 5,500 mile interstate pipeline with a throughput capacity of 3.2 Bcf/d

Upon closing of this drop-down transaction, ETP will be the operator and El Paso Corporation will own the
remaining 50% interest

Transaction is expected to close concurrently with or shortly after the ETE / SUG closing and is expected to be
accretive to ETP

Transaction will provide multiple strategic advantages to ETP

Citrus is a premier pipeline providing access to the strong Florida market

Expands ETP's fast growing Interstate Transportation segment and adds significant demand-side market-centric
pipelines to ETP's asset portfolio

Significantly increases fee-based revenue and long-term contracts supported by high credit quality customers

This transaction has been approved by Conflicts Committees of ETE and ETP

There are no financing contingencies

No ETP unitholder vote is required

ETP expects to fund the drop-down transaction with financings that are consistent with its commitment to maintaining
investment grade credit metrics

The $1.9 billion of proceeds will be used to repay a substantial portion of the acquisition financing incurred by ETE to
fund the cash consideration to be paid to SUG shareholders

Transaction will be structured to defer any gain realization for ETE or SUG

Overview of Citrus Transaction
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|Illustrative Transaction Timeline

June 2011

Initial transaction
announced

Began drafting
proxy statement /
prospectus

Began regulatory
approval process

File proxy
statement /
prospectus

SUG
shareholder
meeting

~9 months from initial announcement to closing due to regulatory approvals

Integration plan will be put in place immediately resulting in one functional organization at closing

Have already made HSR and Missouri regulatory filings

Already filed for
regulatory approval

 - Missouri

 - HSR

Q1 2012:
Complete
merger and
Citrus drop-
down

FERC filing remains
to be made
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|ETE Relative Performance

ETE Distribution Growth

Relative ETE - Total Return

112%

229%

48%

Source:   FactSet Research Systems.

Since January 2009, ETE unitholders have experienced total returns of 229%

(1) Based on annualized quarterly distribution announced on 6/30/2011 of $0.625 per unit.

(1)
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|Florida Gas Transmission

Panhandle Eastern Pipeline

Trunkline Gas

Sea Robin Pipeline

Southern Union Gas Services

Missouri Gas Energy

New England Gas Company

Storage

Trunkline LNG

Southern Union assets

ETP natural gas pipelines

Lone Star pipeline

RGNC pipelines

RGNC gathering system

Lone Star fractionation/processing facility

Lone Star storage facility

RGNC treating/processing facility

Gas hub

Processing

Storage

Treating

ETE-controlled assets

Gas basins

Combined Asset Footprint

Note:   Excludes PEI Power.


Note:   Figures include only proportional share of partially owned assets.

(1)   Includes ETP, RGNC and Lone Star JV.

(2)   Based on most recent publicly available data.
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