Energy Transfer is a growth-oriented midstream natural gas company with operations primarily located in major natural gas producing regions of Texas. Energy Transfer's primary assets consist of two large gathering and processing systems in the Gulf Coast area of Texas, the Oasis Pipeline, an intrastate natural gas pipeline that runs from the Permian Basin in west Texas to natural gas supply and market areas in southeast Texas, and the Energy Transfer Fuel system (formerly the TUFCO assets) which extends from the WAHA Hub in west Texas and covers north, central and east Texas with transmission, gathering and storage facilities including the highly responsive Bethel Storage Facility; and the Houston Pipeline Company which serves the Houston Ship Channel market, the city of Houston (the nation's fourth-largest), the Katy Hub, Beaumont/Port Arthur complex, Texas City, and Corpus Christi and includes the Bammel Gas Storage Facility, one of the largest underground reservoir storage fields in North America.

Energy Transfer's operations consist of the following:

• the gathering of natural gas from over 2,400 producing wells;
• the compression of natural gas to facilitate its flow from the wells through Energy Transfer's gathering systems;
• the treating of natural gas to remove impurities such as carbon dioxide and hydrogen sulfide to ensure that the natural gas meets pipeline quality specifications;
• the processing of natural gas to extract natural gas liquids, or NGLs; the sale of the pipeline quality natural gas, or "residue gas," remaining after it is processed; and the sale of the NGLs to third parties at fractionation facilities where the NGLs are separated into their individual components, including ethane, propane, mixed butanes and natural gasoline;
• the transportation of natural gas on its Oasis Pipeline, TUFCO systems, and Houston Pipeline to industrial end-users, independent power plants, utilities and other pipelines;
• the storage and transportation of natural gas on its Energy Transfer Fuel system and Houston Pipeline to industrial end-users, independent power plants, utilities and other pipelines; and
• the purchase for resale of natural gas from producers connected to its systems and from other third parties.
• Energy Transfer owns or has an interest in over 11,700 miles of natural gas pipeline systems, three natural gas processing plants connected to its gathering systems and nine natural gas treating facilities with a total treating capacity of over a Bcf/d.

Energy Transfer divides its operations into two business segments, the Midstream segment, which consists of its natural gas gathering, compression, treating, processing and marketing operations, and the Transportation segment, which consists of the Oasis Pipeline, the Energy Transfer Fuel system, and the Houston Pipeline Company.