|TEPPCO Completes Expansion of Oil Storage Facility at Cushing, Oklahoma|
HOUSTON--(BUSINESS WIRE)--Oct. 3, 2007--TEPPCO Partners, L.P. (NYSE:TPP) today announced that it has placed into service three new crude oil storage tanks at its Cushing, Oklahoma facility representing a 900,000 barrel, or nearly 50 percent, increase in its storage capacity. The expansion, which is supported by long-term dedicated lease agreements, brings total capacity at the Cushing facility to 2.8 million barrels.
"The expansion of our Cushing crude oil assets provides the market with valuable, incremental storage capacity, particularly for supplies coming from the Gulf Coast and Canada," said Jerry E. Thompson, president and chief executive officer for the general partner of TEPPCO. "Increasing storage capacity at Cushing, a vital U.S. crude oil market hub that offers connectivity to multiple distribution outlets, is one of the drivers of the partnership's growth strategy."
The recently constructed tanks are part of a multi-phase expansion program TEPPCO is pursuing at Cushing. The partnership expects to place another 250,000 barrels of crude oil storage capacity in service in 2008. The initiatives are part of TEPPCO's previously announced capital expenditure program. Since acquiring its Cushing assets in 2000, the partnership has more than tripled storage capacity. With additional property available for expansion, TEPPCO continues to evaluate opportunities to build additional tanks at the facility.
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; 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). Additional information about Enterprise GP Holdings is available at www.enterprisegp.com.
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 its expansion programs and future operating results. 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 materialize, 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., Houston
SOURCE: TEPPCO Partners, L.P.