Exhibit 99.2

CROSSTEX ENERGY, L.P.

Unaudited Pro Forma Financial Statements

Introduction

        The following are the unaudited pro forma financial statements for the year ended December 31, 2003 and as of and for the three months ended March 31, 2004. The unaudited pro forma financial statements and accompanying notes should be read in conjunction with the financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2003 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2004.

        The pro forma balance sheet assumes that the LIG acquisition occurred on March 31, 2004. The unaudited pro forma financial statements are presented to give effect to the transactions described below:

•

The LIG acquisition on April 1, 2004 for approximately $69.8 million (representing the initial purchase price of $76.9 million less estimated net liabilities assumed at closing of $7.1 million) in cash funded with borrowings under our senior secured credit facility and to accrue fees and expenses of approximately $1.6 million associated with such transaction;



•

For the pro forma statement of operations for the year ended December 31, 2003:



•

The DEFS acquisition on June 30, 2003 for approximately $68.1 million in cash funded with borrowings under our senior secured credit facility;



•

Our June 2003 and July 2003 senior secured notes offerings of approximately $40.0 million in debt securities and the application of the proceeds from these offerings to repay a portion of the borrowings outstanding under our senior secured credit facility; and



•

Our September 2003 public offering of 3,450,000 common units at a public offering price of $17.99 per unit, resulting in approximately $59.1 million of net proceeds (including an approximate $1.3 million capital contribution by our general partner) and the application of the net proceeds from the offering to repay a portion of the borrowings outstanding under our senior secured credit facility.

        The pro forma balance sheet and the pro forma statements of operations were derived by adjusting the historical financial statements of Crosstex Energy, L.P. The adjustments are based on currently available information and, therefore, the actual adjustments may differ from the pro forma adjustments. However, management believes that the adjustments provide a reasonable basis for presenting significant effects of the acquisition from LIG and the other transactions. The unaudited pro forma financial statements do not purport to present the financial position or results of operations of Crosstex Energy, L.P. had the acquisition of LIG or the other transactions actually been completed as of the dates indicated. Moreover, the statements do not project the financial position or results of operations of Crosstex Energy, L.P. for any future date or period.

        The unaudited pro forma financial statements are not necessarily indicative of the results of the actual or future operations or financial condition that would have been achieved had the transactions occurred at the dates assumed (as noted below). The unaudited pro forma financial statement should be read in conjunction with the notes thereto and the historical financial statements of Crosstex Energy, L.P. in our Annual Report on Form 10-K for the year ended December 31, 2003 and our Quarterly Report on From 10-Q for the quarter ended March 31, 2004 and the historical financial statements of LIG included herein.

1

CROSSTEX ENERGY, L.P.

Unaudited Pro Forma Consolidated Balance Sheet

March 31, 2004

(In thousands, except unit data)

See accompanying notes to unaudited pro forma financial statements.

2

CROSSTEX ENERGY, L.P.

Unaudited Pro Forma Consolidated Statement of Operations

Three Months Ended March 31, 2004

(In thousands, except per unit data)

See accompanying notes to unaudited pro forma financial statements.

3

CROSSTEX ENERGY, L.P.

Unaudited Pro Forma Consolidated Statement of Operations

Year Ended December 31, 2003

(In thousands, except per unit data)

See accompanying notes to unaudited pro forma financial statements.

4

CROSSTEX ENERGY, L.P.

Notes to Unaudited Pro Forma Financial Statements

Offering and Transactions

        The unaudited pro forma financial statements are presented to give effect to the transactions described below:

•

The LIG acquisition on April 1, 2004 for approximately $69.8 million (representing the initial purchase price of $76.9 million less estimated net liabilities assumed at closing of $7.1 million) in cash funded with borrowings under our senior secured credit facility and to accrue fees and expenses of approximately $1.6 million associated with such transaction;



•

For the pro forma statement of operations for the year ended December 31, 2003:



•

The DEFS acquisition on June 30, 2003 for approximately $68.1 million in cash funded with borrowings under our senior secured credit facility;



•

Our June 2003 and July 2003 senior secured notes offerings of approximately $40 million in debt securities and the application of the proceeds from these offerings to repay a portion of the borrowings outstanding under our senior secured credit facility; and



•

Our September 2003 public offering of 3,450,000 common units at a public offering price of $17.99 per unit, resulting in approximately $59.1 million of net proceeds (including an approximate $1.3 million capital contribution by our general partner) and the application of the net proceeds from the offering to repay a portion of the borrowings outstanding under our senior secured credit facility.

Pro Forma Adjustments

(a)

Reflects the elimination of assets and liabilities of LIG that were retained by the seller and not acquired by us.



(b)

Reflects borrowings under our senior secured credit facility to acquire LIG, the accrual of fees and expenses associated with the LIG acquisition, the elimination of LIG's historical equity, the increase in the deferred tax liability related to the differences between the book and tax basis of the net assets acquired from LIG and the reduction in property and equipment and the increase in intangible assets based on our acquisition cost for LIG.



(c)

Reflects additional debt issuance costs associated with increasing our senior secured credit facility borrowing base to acquire LIG.



(d)

Reflects the additional depreciation and amortization expense from the LIG acquisition. Pro forma depreciation and amortization expense was based on estimated useful lives of 15 years for the acquired transmission assets, three years for acquired vehicles and three years for the intangible assets. Due to our new carrying value of the LIG assets, historical depreciation and depletion expense and impairment expense on the LIG assets have been eliminated in these pro formas.



(e)

Reflects increase of interest expense resulting from borrowings under our senior secured credit facility of $69.8 million for the LIG acquisition.



(f)

Reflects the elimination of interest income from LIG's former parent company.



(g)

Reflects the adjustment of income tax expense for the estimated tax expense associated with our new LIG entities. The new LIG entities we formed for the LIG acquisition are treated as C Corporations for tax purposes and therefore are required to pay income tax on their net

5

income. The purpose of the corporate structure of the new LIG entities is twofold: (i) to obtain a step-up in the depreciable basis of the assets for the unitholders and (ii) to minimize the tax cost to achieve the step-up. We will recognize a current tax expense on the LIG entities net taxable income and will receive a benefit for the reversal of the deferred tax liability relating to the difference between the book and tax basis of the net assets acquired as of the acquisition date.

(h)

For the year ended December 31, 2003, reflects the elimination of the reduction in LIG's historical general and administrative expense of $3.6 million related to reversals of estimated environmental clean up costs in excess of actual costs realized in 2003.



(i)

For the year ended December 31, 2003, reflects the additional depreciation and amortization expense from the acquisition of the DEFS assets. Pro forma depreciation and amortization expense was based on estimated useful lives of 15 years for the acquired transmission assets and seven years for the intangible assets. Due to our new carrying value of the DEFS assets, historical depreciation and depletion expense has been eliminated in these pro forma statements.



(j)

For the year ended December 31, 2003, reflects increase of interest expense resulting from borrowings under our senior secured credit facility of $28.1 million for the DEFS acquisition and senior secured notes of $40.0 million.



(k)

For the year ended December 31, 2003, reflects reduction of interest resulting from the repayment of the $58.6 million of borrowings under our senior secured credit facility with the proceeds from the September 2003 offering of common units.



(l)

For the year ended December 31, 2003, the weighted-average limited partners' units outstanding used in the income per unit calculation includes the limited partners' common and subordinated units and excludes the general partner interest. The weighted-average limited partners' units outstanding have been adjusted to reflect the September 2003 offering of common units as if these units have been outstanding since January 1, 2003.

Commitments and Contingencies

        The liabilities and potential liabilities discussed in Footnote 3 of the LIG financial statements (Commitments and Contingencies) were not assumed by us in the acquisition. Specifically, we have no liability for environmental remediation at the identified sites. Such remediation is the responsibility of American International Specialty Lines Insurance Corporation. Therefore, the liability and associated asset have been eliminated from the pro forma balance sheet. The seller has indemnified us against any liability pursuant to the energy market investigation and other litigation for any events that preceed the closing date.

6

QuickLinks

Exhibit 99.2