|TEPPCO Resumes Service on Key Refined Products and Crude Oil Pipelines Following Hurricane Ike|
HOUSTON--(BUSINESS WIRE)--Sept. 17, 2008--TEPPCO Partners, L.P. (NYSE:TPP) today announced that commercial power has been restored to the Seaway dock in Freeport, Texas and that the 30-inch diameter crude oil pipeline to Cushing, Oklahoma has resumed service at full rates. The TEPPCO-operated Freeport facilities, including the nearby Jones Creek terminal, received only minor damage and are ready to receive shipments from crude oil vessels when the port reopens.
TEPPCO continues to assess the condition of the Seaway dock facilities in Texas City, Texas, which sustained damage to electrical equipment as a result of high water. Generators have been installed at the dock while utility crews work to bring commercial power back online. Electricity has been restored at the Texas City pump station and tank farm, which did not sustain any major damage as a result of the storm. The TEPPCO-operated Texas City marine terminal supplies crude oil to the Houston-area refineries.
The partnership has also resumed deliveries at reduced rates on its 20-inch diameter refined products pipeline and expects to return to normal service with the restoration of commercial power at its Baytown, Texas terminal, which could occur as soon as today or tomorrow. TEPPCO is also waiting for electricity service to resume at its terminal in Beaumont, Texas, the origination point for the partnership's 14-inch diameter products pipeline. In the meantime, portable generators are being installed at Beaumont that could restore service by the end of the week. The partnership continues to provide shippers with informational updates to help them manage their supplies as effectively as possible in order to meet consumer demands.
TEPPCO Partners, L.P., a publicly traded partnership with an enterprise value of approximately $5 billion, is a diversified energy logistics company 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, such as the partnership's expectations regarding the resumption of operations. 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.
CONTACT: TEPPCO Partners, L.P.