2008-10-09 22:34:00 -
www.teppco.com - TEPPCO Partners, L.P. (NYSE:TPP) today declared a third quarter cash distribution of $0.725 per unit. This distribution is payable November 6, 2008, to unitholders of record on October 31, 2008, and covers the period July 1, 2008 through September 30, 2008.
"We are pleased to announce this distribution increase, which represents a 4.3
percent increase over the annualized rate at the beginning of this year and is our second increase in 2008," said Jerry E. Thompson, president and chief executive officer of the general partner of TEPPCO. "We are seeing the results of increased distributable cash flow from the growth initiatives we began in 2006 including the completion of the Jonah Phase V expansion, the completion of our refined products terminal in Boligee Alabama, and the addition of five new barges and three new tow boats in our Marine segment since we completed the Cenac acquisition. We expect distributable cash flow to continue to increase as future growth projects come into service. The partnership continues to benefit from a diverse set of businesses that emphasize fee-based cash flows."
TEPPCO will announce third quarter and year-to-date 2008 results on Tuesday, October 28, 2008, before the market opens for trading. Following the announcement, the partnership will host a conference call to discuss its earnings performance at 9 a.m. CDT. The call will be broadcast live on the Internet and may be accessed at the partnership's website, www.teppco.com under the "Investors" tab. Those interested in listening to the webcast, should log in at least ten minutes prior to the start of the conference call to download and install any necessary audio software. An audio replay of the conference call will be accessible for seven days at 888-203-1112, confirmation code 7968264. The replay and transcript will also be available on the TEPPCO website.
TEPPCO Partners, L.P., is a publicly traded partnership with operations that span much of the continental United States. TEPPCO owns and operates an extensive network of assets that facilitate the movement, marketing, gathering and storage of various commodities and energy-related products. The partnership's midstream network is comprised of approximately 12,500 miles of pipelines that gather and transport refined petroleum products, crude oil, natural gas, liquefied petroleum gases (LPGs) and natural gas liquids, including one of the largest common carrier pipelines for refined petroleum products and LPGs in the United States. TEPPCO's storage assets include approximately 27 million barrels of capacity for refined petroleum products and LPGs and about 14 million barrels of capacity for crude oil. TEPPCO also owns a marine business that transports refined petroleum products, crude oil and lube products via tow boats and tank barges that operate primarily on the United States inland and Intracoastal Waterway systems, and in the Gulf of Mexico. For more information, visit TEPPCO's website. Texas Eastern Products Pipeline Company, LLC, the general partner of TEPPCO Partners, L.P., is owned by Enterprise GP Holdings (NYSE:EPE).
This news release includes forward-looking statements. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties. These risks and uncertainties include, among other things, insufficient cash from operations, market conditions, governmental regulations and factors discussed in TEPPCO Partners, L.P.'s filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The partnership disclaims any intention or obligation to update publicly or reverse such statements, whether as a result of new information, future events or otherwise.
TEPPCO Partners, L.P., Houston
Investor Relations
Mark G. Stockard, 713-381-4707
Toll Free: 800-659-0059
or
Media Relations
Rick Rainey, 713-381-3635
