Release: January 16, 1998
Contact: Media Relations -- Eric W. Thode, (713) 759-3635
Investor Relations -- Brenda J. Peters, (713) 759-3954
TEPPCO PARTNERS, L.P.
REPORTS RECORD FOURTH-QUARTER AND ANNUAL 1997 EARNINGS
Houston, January 16 -- TEPPCO Partners, L.P. (NYSE:TPP) today reported
record net income for both the quarter and year ended December 31, 1997.
Net income for 1997 was $61.3 million, or $3.90 per limited partner
unit, compared with net income of $58.6 million, or $3.79 per limited partner
unit, for the year ended December 31, 1996. Fourth quarter net income was
$18.9 million, or $1.20 per limited partner unit, compared with 1996 fourth
quarter net income of $17.8 million, or $1.15 per limited partner unit.
"TEPPCO achieved record net income for the sixth consecutive year in
1997," said William L. Thacker, chairman, president and chief executive
officer. "Record deliveries of distillates and jet fuel, the result of strong
demand in the surface transportation and airline sectors, led to the highest
volumes recorded by the partnership to date. TEPPCO also benefited from a full
year of deliveries to the Little Rock Air Force Base, completion of the Phase
II mainline capacity expansion project, and expansion of the Ark-La-Tex
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