|TEPPCO Partners, L.P. to Purchase Crude Oil Storage Assets in Oklahoma|
HOUSTON--(BUSINESS WIRE)--April 1, 2005--TEPPCO Partners, L.P. (NYSE:TPP) announced today that it has acquired crude oil storage and terminaling assets in Cushing, Okla., from Koch Supply & Trading, LP. Cushing is the primary crude oil distribution point for the Central United States and the largest delivery point for the New York Mercantile Exchange.
The assets consist of eight storage tanks with 945,000 barrels of storage, receipt and delivery manifolds, interconnections to several pipelines and approximately 70 acres of land with room for expansion. The acquisition will be immediately accretive to income and cash flow.
"We are pleased with this acquisition as it supports our upstream growth strategy and can be immediately integrated into TEPPCO's existing operations," said Barry R. Pearl, president and chief executive officer of the general partner of TEPPCO. "The terminal assets complement TEPPCO's existing infrastructure in Cushing, provide additional terminaling and storage opportunities for Mid-Continent refiners, and enable TEPPCO to strengthen its gathering and marketing business."
TEPPCO Partners, L.P. is a publicly traded master limited partnership, 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 crude oil transportation, storage, gathering and marketing; owns and operates natural gas gathering systems; and owns 50-percent interests in Seaway Crude Pipeline Company, Centennial Pipeline LLC and Mont Belvieu Storage Partners, L.P., and an undivided ownership interest in the Basin Pipeline. Texas Eastern Products Pipeline Company, LLC, a wholly owned subsidiary of Enterprise GP Holdings L.P., is the general partner of TEPPCO Partners, L.P. For more information, visit TEPPCO's Web site at www.teppco.com.
CONTACT: TEPPCO Partners, L.P., Houston
SOURCE: TEPPCO Partners, L.P.