|TEPPCO Partners, L.P. Declares Increase in Quarterly Cash Distribution; Announces Release Date for First Quarter 2008 Earnings Results and Conference Call|
HOUSTON--(BUSINESS WIRE)--April 14, 2008--TEPPCO Partners, L.P. (NYSE:TPP) today announced an increase in its quarterly cash distribution to $0.71 from $0.695 per unit. This distribution is payable May 7, 2008, to unitholders of record on April 30, 2008, and covers the period January 1, 2008 through March 31, 2008.
"We are pleased to announce this distribution increase, which is our third increase in the last four quarters," said Jerry E. Thompson, president and chief executive officer of the general partner of TEPPCO. "The distribution represents a 3.6 percent increase in the annualized rate compared with the first quarter of 2007. Each of our business segments continues to perform well, including our marine transportation business which we added during the first quarter of 2008."
TEPPCO will announce its first quarter 2008 financial results on Tuesday, April 29, 2008, before the New York Stock Exchange opens for trading. Following the announcement, the partnership will host a conference call related to its first quarter 2008 earnings performance with analysts and investors 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 2290848. The replay and transcript will also be available on the TEPPCO website.
TEPPCO Partners, L.P. is a publicly traded partnership with an enterprise value of approximately $5 billion, which conducts business through various subsidiary operating companies. TEPPCO owns and operates one of the largest common carrier pipelines of refined petroleum products and liquefied petroleum gases in the United States; owns and operates petrochemical and natural gas liquid pipelines; is engaged in transportation, storage, gathering and marketing of crude oil; owns and operates natural gas gathering systems; owns and operates a marine transportation business for refined products, crude oil, asphalt, lube products and other crude oil related products; and has ownership interests in Jonah Gas Gathering Company, Seaway Crude Pipeline Company, Centennial Pipeline LLC, and an undivided ownership interest in the Basin Pipeline. Texas Eastern Products Pipeline Company, LLC, the general partner of TEPPCO Partners, L.P., is owned by Enterprise GP Holdings L.P. (NYSE:EPE).
CONTACT: TEPPCO Partners, L.P.
SOURCE: TEPPCO Partners, L.P.