exhibit2.htm

Forward Looking Statements

NASDAQ: RGNC

This presentation may contain statements about future events and Regency Energy
Partners LP’s (“Regency Energy Partners”, “Regency” or the “Partnership”) outlook and
expectations, which are forward-looking statements. Although Regency believes that
the assumptions underlying these statements are reasonable, investors are cautioned
that such forward-looking statements are inherently uncertain and necessarily involve
risks that may affect Regency’s business prospects and performance, causing actual
results to differ from those discussed during this presentation.

Any forward-looking statements made are subject to all of the risks and uncertainties,
many of which are beyond management’s control, involved in gathering, processing,
transportation, contract compression and marketing of natural gas. Should one or more
of these risks or uncertainties occur, or should underlying assumptions prove incorrect,
Regency’s actual results and plans could differ materially from those expressed in any
forward-looking statements. These risks and uncertainties are discussed in more detail
in Regency’s filings with the Securities and Exchange Commission, copies of which are
available to the public.

The Partnership undertakes no obligation to publicly update any forward-looking
statements, whether as a result of new information or future events.

$240 million

Regency History

Capturing growth opportunities from acquisition platforms

$332 million

59%

41%

$977 million

invested

$405 million

$965 million

$146 million

$252 million

$1,363 million

invested

$1,370 million

$386 million

$584 million

$2,340 million

Acquisitions

Bolt-on Acquisitions

Organic Growth

Total

¹ Initial platform is defined as businesses initially acquired by HM Capital (Louisiana, Midcontinent and West Texas assets)

² Add-on platform businesses are defined as our compressor segment, East and South Texas assets

Recent Platform Acquisitions

Acquisitions

Type

Strategic Relevance

Growth Opportunities

CDM Resource
Management Ltd. -

$698 million

Platform

• Source of stable, fee-based cash
flows

• Provides synergies with Regency’s
existing operations

• Experienced management team
with proven ability to deliver
visible long-term organic growth
projects

• Expand market share in existing
regions - fastest growing regions are
North Louisiana, Fayetteville Shale,
and Barnett Shale

• Consolidate and optimize Regency’s
existing compression

• Enter into new regions

TexStar Field
Services LP -

$267 million¹

Platform

• Provided two new geographic
regions to gather and process gas

• Opportunity for organic growth
projects around assets

• South and East Texas regions provide
an opportunity to treat and process
sour gas

Completed $965 million of step-out acquisitions since 2006

1 Excludes closing costs and $82 million for the Como acquisition which is considered a bolt-on acquisition

Recent Bolt-On Acquisitions

Completed $386 million of bolt-on acquisitions since 2004

Acquisitions

Type

Strategic Relevance

Growth Opportunity

Nexus Gas
Holdings LLC

$88 million1

Bolt-on

• Provides additional gathering
volumes to our existing
Louisiana assets

• Strategically located to
capitalize on the developing
Haynesville Shale

• Contract to purchase 136 miles
of pipeline from Sonat
(pending approval of
abandonment by FERC); this
will enable the Nexus
gathering system to be
integrated with Regency’s
existing North Louisiana assets

FrontStreet
Hugoton LLC

$152 million

Drop down Acquisition from

GE EFS

• Increases our foot print in the
mid-continent region

• Potential to consolidate assets

Pueblo
Midstream Gas
Corporation

$64 million

Bolt-on

• Provides new source of rich,
sour gas for South Texas
system

• Consolidate gas flows to Tilden
plant with fuel savings

• Edwards Lime JV

Como

$82 million

Bolt-on

• Consolidate gas for greater

efficiencies

• Consolidate with Eustace

facility

1 Upon the successful conclusion of FERC abandonment and jurisdictional proceedings, Regency will pay an additional $52.5 million to acquire certain Sonat assets near the Nexus system

Recent Organic Growth Projects

On schedule to complete $584 million of organic growth projects since 2004

Year

Amount

Key Projects

2008

$208 million

• Construction of a 40 mile, 10 inch diameter pipeline
in west Texas

• Construction and equipment related to a partnership
in south Texas

• Compression and gathering in south Texas

• Dubach Plant expansion

• Addition of 175,000 HP in the Compression Segment

2007

$78 million

• Constructed 20 miles of 10 inch pipeline which
connected the Fashing Processing Plant to the Tilden
Processing Plant in south Texas; completed May 2008

• Reconfigured Tilden Processing Plant

• Re-built and activated existing nitrogen rejection unit
at Eustace Processing Plant

• Constructed 31 miles of 12 inch pipeline in south
Texas

• Electrified and added an acid injection well at Tilden
Plant

2006

$122 million

• Two new 200 MMcf/d dew point control facilities

• Compression optimization and additional gas gathering

• Loop of a western segment of our intrastate pipeline

• Expansion of North Louisiana gathering and processing
system

2005

$176 million

• Completed the Regency Intrastate Enhancement
Project for our intrastate natural gas pipeline

Announced Organic Growth Projects 2008

1 Costs shown represents Regency’s net estimated growth capital for the joint venture. Regency owns approximately 60%

² 2008 organic growth capital includes $16 million of other miscellaneous projects

Project

Description

Region

Capital
Budgeted

($ Millions)

Expected
Return

(EBITDA
Multiple)

Status

Delta to Fashing Pipeline

South
Texas

5.0x

Complete

Q2 2008

Dubach Plant Expansion

Increase processing capacity in
the Dubach area

North
Louisiana

3.4x

Phase 1: Q2 2008

Phase 2: Q3 2008

Compression and
Gathering in South Texas

Construct 11 miles of 10-12 inch
pipeline and add low pressure
compression

South
Texas

4.2x

In-progress

Q2 2008

Edwards Lime

A 40 mile project with Enduring
Resources in South Texas

South
Texas

121

3.6x

In-progress

Q2 2008

Woodward Mountain

Construct 40 miles of 10 inch pipe
and add low pressure compression

West Texas

5.7x

In-progress

Q4 2008

Compression Additions

175,000 additional horsepower

Various

118

7.0x

On-going

Total2

192

6.1x

Attractive Assets

Located in productive natural gas producing regions including Louisiana, Texas, Arkansas
and the Mid-Continent region of the United States

1 As of June 4, 2008; unit price closed at $27.40

2 Debt balance is calculated as of 3/31/2008

3 As of March 31, 2008

4 Excludes the inactive Lakin and Como plants

5 Eagle Pass and Haughton plants are being redeployed to North Louisiana in response to volume growth

6 Includes Nexus volumes

Operating Statistics

Current3

IPO

Pipeline (Miles)

6,214

3,350

Treating/Processing Plants4,5

Compression (HP)

890,000

130,000

- Contract Compression (HP)

616,000

- Gathering (HP)

- Transportation (HP)

245,000

28,000

112,000

18,000

Throughput (Bcf/d)6

1.5

0.7

Employees

671

153

Capitalization

Current¹

IPO

Market Capitalization ($bn)

2.0

0.8

Enterprise Value2 ($bn)

3.0

1.1

Attractive Market Dynamics

u Thin margin between supply
and demand

u Domestic production costs
continue to escalate

u Crude oil prices are at all
time highs

u Fractionation spreads are
strong

u Natural gas relative to crude
oil is undervalued

u Higher drilling activity
required to sustain current
supply

u Growing global energy
demand

u Growing natural gas power
generation demand in United
States

u Likely climate change
legislation

u Pipeline infrastructure
needed, as domestic
production is experiencing
shift from conventional
production basins to new,
unconventional basins

u New gathering, processing
and transportation
infrastructure needed to
facilitate ongoing
exploration and production
efforts

u New storage development
needed to facilitate
increasing levels of imports

u New compression needed to
underpin all of the above
and support declining
wellhead pressures in
conventional basins

Strong market fundamentals drive increased infrastructure needs

Strong Market

Demand

Strong Commodity

Prices

Increased

Infrastructure Needs

10.00

12.00

14.00

16.00

18.00

20.00

22.00

24.00

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

LNG

Pipeline Imports

Domestic Production

New Infrastructure Needed

1 EIA March 2008

Shift in supply sources and market demands creates additional infrastructure requirements

u Domestic production continues to increase as pipeline imports are predicted to fall

u Expect to see some additional convergence between gas and oil prices over time

― Imports required to meet full US demand

― Implies price competition with other global markets

u As industry struggles to meet demand by exploiting new supplies, US midstream infrastructure will need to be
expanded

u Anticipate that the midstream sector will make substantial capital investments

US Natural Gas Supply 2005 - 20201

Why North American Energy Infrastructure?

What We Are Seeing

What It All Means

u As conventional supply basins have continued to decline, producers have turned to unconventional sources
of natural gas such as tight sands, shale plays, and coal bed methane

u Unconventional wells generally exhibit steeper “decline curves” than conventional wells, meaning that
production rates drop off quickly after the first couple of months of production

u These steeper decline curves require a continued pace of development to meet forecasted consumption
levels

u In addition, these new developments are generally:

— In new areas that require significant investments in gathering infrastructure as well as capital to tie
them into the existing transportation grid

— In existing areas, but producing different quality gas (e.g., high pressure, high CO2 content) which
requires new gathering, processing, and/or treating infrastructure

u Industry experts forecast required North American capital expenditures of $10 billion per year to meet the
future needs of consumers and suppliers

u Investments are generally in long-lived, high-value physical assets

u Significant barriers to entry, which generate attractive organic investment opportunities

u Increased demand for compression in the US

Production Costs in the Shales

u For the Barnett, Woodford, and
Fayetteville Shale combined, there
are almost 140 Tcf of reserves
available at wellhead prices or $6
per Mmbtu or less.

u Abundant shale gas production is
available as long as gas prices remain
above $5 per Mmbtu.

Note: Assumes 40-acre spacing of wells.

Source: ICF International

Billions of Cubic Feet of Reserves in New Completions

Attractive Formula for Success

Dedicated and
Experienced
Management Team

Strong Sponsor

u Solely focused on Regency

u Incentivized to grow cash
flow per unit

u Excellent track record of
closing transactions

u Active merger and acquisition
history

— GE EFS invests over $5
billion annually in the
energy and water
industries

u Regency is the principal
growth platform for GE EFS in
the midstream sector

u Use complementary strengths
of both organizations

u Consolidator of midstream
assets

u Strong YTD activity of
acquisitions

u Currently own sizable
portfolio of assets:

— Interstate pipeline

— Storage

— Processing

Greater Growth
Potential

Regency

Partnership

GE EFS

u Obtain scale in our business segments and regions

u Manage using a results-oriented organizational philosophy

u Balance our business profile - by sector, region and
commodity exposure

u Enhance our financial strength

Our Corporate Mission and Key Objective

Mission

Key Objective

Implications

Implication: Scale

“Doubling our assets and EBITDA requires relentless focus on the following
strategies…”

By leveraging our existing footprint, executing on expansion projections and effectively
integrating acquired assets, we will optimize the return on each asset

Maximize
Asset Value

Asset
Expansion

Greenfield
Development

Acquisitions

u Optimize portfolio performance

u Rationalize in a disciplined approach

u Realize synergies across business segments

and regions

u Utilize and build upon customer

relationships

u Employ a thorough understanding of

market fundamentals and trends

u Respond quickly to market intelligence

u Apply strong analytical capabilities

u Maintain financial strength to capitalize

on attractive opportunities when available

u Leverage relationship with GE EFS to

jointly pursue opportunities

Implication: Results-Oriented Management Philosophy

“Build and retain a committed, strong management and employee team that is highly
motivated and focused on results”

By establishing a unified culture of excellence, we will be better positioned to more
consistently deliver on our goals and optimize our return on invested capital

Implication: Balanced Business Profile

“Optimize the growth of cash flow while taking into account the stability of
the market sector”

u Diversification of segments provides multiple earnings streams and reduces risk

u As scale increases, focus will be on adding businesses with stable, growing cash
flows

Current Business Mix

Trending Toward

Conceptual Example

Contract
Compression

Intrastate
Pipeline

Gathering and
Processing

Midstream Overview

North Louisiana

West Texas

South Texas

East Texas

Plants

Gathering System Length
(Miles)

371

Compression (HP)

25,665

Plant Capacity (MMcf/d)

Plants1

Gathering System Length
(Miles)

3,470

Compression (HP)

105,630

Plant Capacity (MMcf/d)

Plants

Gathering System Length
(Miles)

750

Compression (HP)

47,000

Plant Capacity (MMcf/d)

125

Treating Facilities

Gathering System Length
(Miles)

623

Compression (HP)

27,828

Plant Capacity (MMcf/d)

175

Gathering

Plants2

Gathering System Miles

680

Compression (HP)

39,100

Plant Capacity (MMcf/d)3

510

Transportation

Length (miles)

330

Compression (HP)

28,375

RIGS Pipeline Capacity
(MMcf/d)

910

1 Excludes the idle Lakin plant

2 The Haughton and Eagle Pass plants have been relocated to North Louisiana and are being consolidated into the Dubach facility

3 The consolidation of the Haughton plant into the Dubach facility is scheduled to come on-line during Q3 2008

Treating/Processing Facility

Regency Regional Offices

Regency Corporate Headquarters

Gathering & Transportation Systems

Contract Compression Operating Base

u EXCO

u Sampson

u Petrohawk

u Devon

u Comstock

u Samson

Plants

Dubach Processing Plant

Lisbon Processing Plant

Elm Grove Refrigeration Plant

Dubberly Refrigeration Plant

Gathering Systems

Dubach/Calhoun/Lisbon Gathering System

Nexus Gathering System

Transport Systems

Regency Intrastate Gas System (RIGS)

Gulf States Transmission

North Louisiana

Key Assets

Key Producer Customers

u Integrated gathering, processing and transmission system accessing
prolific gas fields across North Louisiana and East Texas

u Provides full suite of Producer Services

Gathering Compression Dehydration

Processing Dew point control Gas marketing

u RIGS provides direct access to premium interstate markets and major
power generation plants

Dubach
Plant

Dubberly
Plant

Regency Intrastate Gas System

Gathering Assets

Processing Plants

NGL Line

Gulf States Transmission

Primary Producing Formations

u Cotton Valley

u Bossier

u Hosston

u James Lime

Area

Shown

2007-2008 Drilling Activity

Increasing Terryville Drilling Activity

u Regency is continuing to expand its gathering system in the active Terryville Field which feeds the
Dubach/Lisbon processing complex

— Production has increased primarily due to drilling in the Cotton Valley and Grey Sand formations

— Potential to extend field further into Claiborne Parish

— Petrohawk, the largest producer in the field, plans to spend more than $120 million to drill 75 wells
during 2008 and estimates the resource potential at 1.0 TCfe2

— Recent new supply addition of 10MMcf/d from Clayton Williams and a verbal agreement to add 15
MMcf/d from another third party

North Louisiana system is well positioned to capture increasing volumes

1 Source: HPDI, LLC

2 Estimate based on Petrohawk’s investor presentation 5/21/2008

Terryville Field Volumes 2006-20071

Dubach

Plant

Lincoln
Parish

Claiborne
Parish

Gas wells Jan 2007 to Current1

Gas wells prior to 20071

Regency Intrastate Gas System

Gathering Assets

NGL Line

Processing Plants

Lisbon

Plant

Nexus Gathering System

u Desoto Parish is the most active drilling area in Louisiana with additional upside into Shelby County, Texas

u Significant volume upside with the creation of downstream takeaway capacity for the system

— Horizontal completions increasing deliverability and improving drilling economics

— In-fill drilling opportunities with down-spacing of wells

u Nexus acquisition economics are accretive regardless of execution of pending Sonat acquisition

u Nexus volumes have increased to 125MMcf/d

Provides Regency with significant gathering footprint in active drilling area that has limited downstream
takeaway capacity

Joaquin

Nexus Gathering System

Gas wells Jan 2007 to Current1

Gas wells prior to 20071

1 Source: HPDI, LLC

Area

Shown

Desoto

Parish

Shelby

County

Purchase of Sonat Assets would connect Nexus to RIGS

Dubach
Plant

Dubberly
Plant

SNG lines to be acquired

Existing Regency Assets

Regency Processing Plants

With the purchase of Nexus, Regency acquired an agreement to purchase certain Sonat assets

Acquisition

u Contract is for $52.5 million,
contingent upon FERC approval of
abandonment as a jurisdictional
pipeline

u Sonat purchase includes three pipes
and a compression station

— 34 miles of 10” pipeline, 57
miles of 14” pipeline and 45
miles of 16” pipeline

— Regency will install, pending
the outcome of FERC
proceedings, a 22 mile loop to
significantly increase
downstream takeaway capacity
for Nexus

— Addition of processing plant at
Bienville

Bienville
Plant
(Future)

Future Processing Plant

Future 22 mile loop

Area

Shown

Highlights

Haynesville Shale Development

u 20+ rigs expected to be operating by end of 2008

— Expected to be horizontal play

— Resource potential up to 20 TCFE

u Depth range of 10,500’ - 13,000’

— Potential for substantial production

— Over pressured reservoir

— High levels of CO2 and H2S

u Regency well positioned to exploit activity

u System configuration allows for efficient treating
opportunity

u Capacity can be added on RIGS to handle early results

u Significant future organic growth opportunities with
development

Over 1.3 million acres leased in Haynesville area

Chesapeake

500,000 Acres

Devon

105,000 Acres

EXCO

150,000 Acres

Comstock

95,000 Acres

EOG

150,000 Acres

El Paso

80,000 Acres

Petrohawk

150,000 Acres

XTO

80,000 Acres

Regency is well positioned to exploit opportunities in Haynesville Shale

Regency Processing Plants

Future 22 mile loop

SNG lines to be acquired

Existing Regency Assets

Note: Highlighted area on map represents estimated Petrohawk acreage ownership at 1/1/08

Source: Petrohawk’s investor presentation 5/21/2008 with Regency’s assets included

Projected Field Boundary

Petrohawk currently drilling

Haynesville data points

Haynesville net isopach data points

Petrohawk 2008 planned new drills

Plants

Tilden (Lean/Sour)

Tilden (Rich/Sour)

South Texas

Key Assets

Primary Producing Formations

Key Producer Customers

u Olmos

u Wilcox

u Austin Chalk

u Buda

u Edwards

u Sligo

u St. Mary’s

u Swift Energy

u XTO

u BlackBrush

u Lewis Energy

u Enduring

Tilden
Plant

Regency Treating Plants

Edwards Lime

Gas Gathering Line

Crude Line

— Lean gas treating

— Rich gas gathering

— Rich gas treating

— Low pressure gathering

Area

Shown

South Texas - Organic Growth

Delta to Fashing
Extension

$25 million

Edwards Lime

$12 million1

LaSalle PJV

$26 million

Tilden Electrification Project

$10 million

Over $80 million invested in optimizing assets

1 Costs shown represent Regency’s net estimated growth capital for the partnership (Regency owns approximately 60%)

Gold River Compression

$7 million

Tilden
Plant

Fashing
Plant

Area

Shown

South Texas - Edwards Lime

u Regency owns 60% and Enduring owns 40% of the partnership

— Enduring dedicated approximately 32,000 acres in Karnes, Dewitt and Bee Counties

— Regency contributed the idle Fashing treating plant

u Enduring completing wells horizontally with some IPs over 10,000 MCFD

u Currently, Enduring is producing 14 MMcf/d, with 7 wells drilled and stimulated, 4 wells drilled and
unstimulated and 2 shut-in

u Significant upside potential with proximity to Pioneer Pawnee system

Edwards Lime is a joint venture between Regency and Enduring Resources

Pioneer Pawnee Plant

1 Source: HPDI, LLC

Edwards Lime Expansion

Area of mutual interest

Producing Gas Wells1

Enduring Resources Operated
Gas Wells1

Regency Treating Plant

Pawnee Field Boundaries

Pioneer Pawnee Plant

Assets

Eustace Processing Plant

Eustace Gathering System

East Texas

Key Assets

Primary Producing Formations

Key Producer Customers

u Smackover

u Valence

u Eagle Rock

Myrtle Springs
Liquid Treating
Facility

Eustace Plant

Cedar
Creek
Lake

Regency Processing Plant

Cedar Creek Lake

Gas Gathering Assets

Liquid Treating Facility

Area

Shown

Cedar Creek Reservoir Project (BBOG)

Cedar
Creek
Lake

u Wells were plugged due to logistics issues, as Cedar Creek lake is situated between the wells and
Eustace Plant.

u To solve issue, Blackbrush Oil and Gas plans to drill directionally from the Eustace (East) side of
the lake to reach the reservoir

u Wells scheduled to spud in third quarter of 2008

u Regency has entered into an agreement to gather and treat the production

Cedar Creek Lake

Gas Gathering Assets

Blackbrush drilling location

Regency Processing Plant

Area of reservoir

Reschke No. 1

u Drilled in 1984

u Tested at 1,000-1,200 Mcf/d and 115
Bbls/d

u Plugged in 1990 due to lack of access to
processing

No. 1 White

u Drilled in 1985

u Tested at 1,418 Mcf/d and 874 Bbls/d

u Plugged in 1990 due to lack of access to
processing

Ultra White Estate No. 1

u Drilled in 1993

u Tested at 1,589 Bbls/d and 2,900 Mcf/d

u Well plugged due to lack of right-of-
way access for pipeline

Prior Wells Drilled

West Texas

Key Assets

Primary Producing Formations

Key Producer Customers

u Devonian

u Delaware

u Atoka/Morrow

u Cherry Canyon

u Wolfcamp

u Bone Springs

u Exxon Mobil

u Oxy Permian

u Marathon

Waha Processing Plant

Waha Gathering System

u Chevron

u Finley

u BTA

Waha
Plant

Gas Gathering Assets

Woodward Mountain Extension

Regency Processing Plant

Area

Shown

Contract Compression Services Integration

u Shut down 3 existing
compressor stations and
consolidated to one station
with two units

u Reduced total HP requirements
by 270 HP to 2,680 HP

u Using the same amount of fuel,
increased line throughput
capacity by 33%

u Able to significantly lower
gathering line pressures back to
the wellhead

u Secured large acreage
dedication with active drilling

Project Description

Gas Gathering Assets

Compressors removed from service

Regency Processing Plant

Waha Plant

New compressors

Improving system performance by optimizing compression assets in West Texas

Shifting management of Regency’s compression assets to the Contract Compression
Services segment

Plants

FrontStreet Hugoton

Lakin

Mocane-Laverne

Greenwood

Mid-Continent

Key Assets

Primary Producing Formations

Key Producer Customers

u Chase

u Morrow

u Chester

u Completed acquisition of FrontStreet Hugoton from a GE affiliate during Q1 of 2008

u Acquisition greatly expands Regency’s presence in the region and increases fee-based margin

u Prolific, mature basin with stable average decline rates

u Mocane and Lakin systems are increasing volumes by attracting new producers

u Primary growth potential comes from consolidation plays in the region

Mocane
Plant

Gas Gathering Assets

FrontStreet Hugoton System

Regency Processing Plant

Area

Shown

u BP

u Oxy

u Cimarex

u EXCO

FrontStreet Hugoton Acquisition

Gas Gathering Assets

FrontStreet Hugoton System

Regency Processing Plant

u Unique rate structure which limits downside risk

u Operated by BP America Production Company

u 1,870 miles of pipeline and 4 main compressor stations with approximately 63,500 of combined HP

Conceptual Example

Environmental and Safety

Committed to the achievement of excellence in the area of environmental, health and safety
performance

Goal:

Reliable delivery of products to customers with no adverse affects on
employees, customers, public and the environment

Safety

Environment

Key Metrics

u OSHA Recordable Injuries/Illnesses

u Incident Rates

u Vehicle Accidents

u Number of Regulatory Inspections

u Number of Reportable spills

u Number of Air Exceedences

u Number of Water Exceedences

u Notices of Violations

Compliance and
Continuous Improvement

Environmental Initiatives Completed Since 2007

Consolidation

Capture Gas to Atmosphere

Replacement of Old
Compressors

u Retired grand-fathered
high emission Como and
Fashing Plants

u Created operating cost
savings and increased
recoveries by rerouting
gas to lower emission
plants

u Implemented projects to
direct gas vapors into
pipelines

u Redirect flare volumes
back to pipeline

u Saving emissions and lost
revenues

u Retired compression with
dirty exhaust and low
fuel efficiencies

u Created savings in
operating expenses, fuel
and emission fees

Proactively invested capital to reduce emissions while optimizing our assets

Synergies and Asset Optimization

We have a history of producing operational synergies and expect to aggressively pursue more in
the future

Synergies

Asset Optimization

Executed:

u Consolidated Como Processing Plant
volumes into our Eustace plant in East
Texas

u Tilden Electrification - fuel savings

u Eustace Upgrade - increased NGL
recoveries

u Consolidated and aggregated volumes
in South Texas

u Waha Compression Consolidation -
improved capacity with no increase in fuel

In-progress:

u Moving idle equipment into North
Louisiana

u RIGS Compression Configuration- fuel
savings and increased capacity

u Focus on synergies with contract
compression operating culture

u Waha Automation- improved run-time,
recoveries and reduced fuel

u Use of idle Fashing plant for Edwards
Lime JV

Future/Pending:

u Consolidation of FrontStreet Hugoton
with the remainder of Mid-continent
system

u Contract Compression Service Segment
Integration - improve compression
operations and reduced fuel

u Connection of Nexus to RIGS system
via Sonat acquisition and additional
capital expenditures

u Waha Plant Process Modifications-
improve recoveries with lower fuel

Contract Compression Services

u Contract Compression Segment provides our customers with turnkey
services while adapting to their changing conditions to maximize their
production and cash flow

u Provide custom-designed, cost-efficient natural gas compressor packages

u Provide complete compressor operation and maintenance services -
including all labor, lube oil, antifreeze and wear parts

Delivering value to our customers through superior run-times

Owned

14.0 mm

Outsourced

6.9 mm

Majors

Gathering / Processing

Independents

29%

43%

28%

12%

81%

u The current outsourced compression market is made up primarily of smaller,
independent producers

u As the majors and larger independents sell off non-core assets, significant
amounts of additional compression could enter the compression services market

Compression Market Overview

Source: Spears - 2007 Compression Market Overview

Drivers of Compression Growth

u Driven by the volume of production in a field as well as the field’s average
wellhead pressure and the average pressure of takeaway pipelines

Illustrative Example

u Because long-haul line pressures remain constant, compression requirements
decrease linearly with production declines but increase exponentially with
falling wellhead pressure

To End Market

Typical

Wellhead

Pressures

15-50psi

High-Pressure

Gathering

System

200-400psi

“Long-Haul”

Pipelines

1,000psi

Wellhead Compressor (50-200HP)

Field Compressor (600-2,000HP)

Contract Compression Business Model

Contract Compression Services versus Unit Rental

„ Full-service contract includes maintenance and unit operations

„ 98% runtime guarantee places greatest value on customer cash flow

„ Focus is on service level with no mention of specific unit in customer
contract

„ Because of our performance in this area, we maintain long-term
relationships, resulting in long-term cash flow stability

Larger Horsepower Applications

Focus On Organic Growth versus Acquisitions

„ Larger horsepower allows for greater attention per unit from field
personnel (spreads fixed costs over more horsepower and allows for a
higher employee/unit ratio)

„ Promotes equipment standardization which reduces costs for parts,
training and tools

„ Promotes geographical and operating efficiencies

„ Maintains existing culture

Distinctive Asset Base

Core compression operations are located in Texas, Louisiana and Arkansas

HP by Size1

Range

Total

% of

# of

Units

0-499

47,673

7.7%

285

500-999

65,699

10.7%

106

1,000 and over

502,480

81.6%

334

Total

615,852

100%

725

HP by Region1

State

Total

Southwest (Texas)

199,962

Southeast (Louisiana and
Texas)

106,260

Northwest (Arkansas,
Louisiana and Texas)

110,032

Northeast (Texas)

199,598

Total

615,852

1 Horsepower as of 3/31/08

Southwest Region

Southeast Region

Northwest Region

Northeast Region

1 Horsepower as of 3/31/08

Contract Compression Horsepower Growth

Contract Compression has seen impressive year-over-year growth in horsepower

u 81% of revenue generating horsepower are in larger horsepower units (>1000 HP)

New
Customer
Growth

Growth in
HP from
2004
Customers

100%
Retention
of 2004
Customers

213,744

108,635

293,473

1 As of 3/31/08

2 Represents budgeted additions

Disciplined Financial Growth Strategy

u Credit profile targets:

― Debt/Adjusted EBITDA: < 4.0x

― Adjusted EBITDA/Interest: > 5.0x

u Maintain significant liquidity

u Prudently manage our interest rate exposure and debt maturity profile

u Manage capital spending and distributable cash flow to support balance sheet

u Provide financial flexibility while achieving top quartile returns to unit holders

Regency’s key objective is to achieve an investment grade rating within the next 3 years

Q1 08 Growth Over Q1 07 Offers Glimpse of Potential
Future Growth

1st Quarter

Adjusted Segment Margin:

2008

2007

% Change

Gathering & Processing

57.1

30.2

89%

Transportation

14.7

14.3

Compression Services

23.0

N/A

Total Adjusted Segment Margin

94.7

44.5

113%

Adjusted EBITDA

56.0

26.8

109%

Net Income

10.3

(1.3)

N/A

Cash Available for Distribution

37.9

18.4

106%

Cash Generated per LP Unit

- Excluding Class D Units

.53

N/A

- Total Units

.49

.38

29%

Actual Distribution per LP Unit

.42

.38

11%

Coverage Ratio

- Excluding Class D Units

1.36x

N/A

- Total Units

1.22x

1.00x

22%

$ in Millions, except per unit data

Locked in Growth in Cash Flows

Executed Hedges by Product:

On average, Regency’s executed hedge pricing increases over time, which translates into built-in
growth in adjusted segment margin

u Relative to 2008 pricing, higher priced hedges will add approximately $11 million to adjusted
segment margin in 2009 and $29 million to adjusted segment margin in 2010

u Acquisition of CDM Resource Management will provide a consistent source of organic growth opportunities

u Historical returns on organic growth projects have been producing returns at 6x adjusted EBITDA

u Target asset IRR range for Gathering & Processing and Transport segments are 12%-20%

u Target asset IRR range for Compression segment is 12%-16%

Organic Growth and Bolt-on Acquisitions

Organic growth and small bolt-on acquisitions are expected to be at least $300 million
per year going forward

1 Includes small bolt-on acquisitions

2 Through April, $81.6 million has been spent on organic growth projects

u Capacity: $900 million

u Drawn: $780 million

u Revolver Pricing Grid

Debt/EBITDA Spread over LIBOR

>5.25x 225bp

≤5.25x 200bp

≤4.25x 175bp

≤3.75x 150bp

u Executed $300 million in swaps vs.
1 month LIBOR at approximately
2.4% fixed effective through
3/5/2010

Credit and Liquidity

u Debt Rating Ba3/BB-

u Debt/EBITDA³ 4.83x

u EBITDA/Interest³ 5.34x

u Fixed Charge Ratio³ 2.97x

u % Fixed Debt 60.3%

u Average Interest Rate² 5.95%

u $357.5 million maturing on
December 15, 2013

u 8.375% coupon paid semi-annually

u First call date December 15, 2010

Regency has sufficient capacity under its revolver to fund its budgeted organic growth
plans through 2008

¹ Revolver statistics as of 5/28/2008

² Calculated debt at end of Q1 2008 and assumes 200bp margin on revolver

³ Based on compliance filings

Senior Notes

Revolver¹

Credit Summary

Significant Sponsor and Management Ownership

u GE EFS owns a 92% economic interest in Regency’s General Partner and approximately
32% of Regency’s Limited partner units

― LP holdings include 17.7 million subordinated units and 4.7 million common units
(received as consideration for GE EFS’s interest in FrontStreet Hugoton)

u Unique ownership structure with a large and broad ownership position by management

― LP units - management holds 2.4 million units¹, including restricted unit grants

― GP interest - management holds an 8% interest² in Regency’s GP and over 40
members of management can collectively earn-in to an additional 10% of the GP
when certain cash flow targets are met

Incremental Distribution Earned

Annual Distributable Cash per Unit

$2.50

$2.75

10%

$3.00

Vesting Schedule for Class C Shares

¹ Includes the top 10 executives

² Includes current and former managements’ interest

Regency Approach to Guidance and Distributions

u Annual guidance ranges are developed using current year budget as the starting point.
Ranges are developed for:

― EBITDA

― Cash available for distribution

― Cash generated per LP unit

u Guidance is based on management’s fundamental price deck for unhedged commodity
exposure

u Lower end of range assumes one or two significant negative developments

u Higher end of range assumes one or two significant positive developments

u Distributions are set based on both current quarter and expected annual performance

― Cash flows are normalized to reflect management’s views on a sustainable pricing
environment

2008 Outlook and Goals

u Evaluation of existing assets for optimization opportunities

u Continued improvement in operating fundamentals

u Significant growth in EBITDA and Cash Available for Distribution supported by
integration of recent acquisitions and over $200 million of organic growth projects

u Development of medium-term organic growth plans, particularly with respect to the
Haynesville Shale

u Realize synergies across business segments and regions

u Increase financial knowledge of operational team

u Consistently grow distributions while maintaining prudent coverage ratios