HOUSTON--(BUSINESS WIRE)--Jan. 16, 2009--TEPPCO Partners, L.P. (NYSE:TPP) today declared a fourth quarter cash distribution of $0.725 per unit, or $2.90 per unit on an annualized basis. The rate for the fourth quarter of 2008 represents a 4.3 percent increase compared with the $0.695 per unit declared with respect to the fourth quarter of 2007. The distribution is payable February 6, 2009, to unitholders of record on January 30, 2009, and covers the period October 1, 2008 through December 31, 2008.
TEPPCO will announce its fourth quarter and full year 2008 results on Tuesday, February 3, 2009, before the market opens for trading. Following the announcement, the partnership will host a conference call at 9 a.m. CST to discuss its earnings performance. 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. A replay of the conference call webcast will be accessible on the TEPPCO website for one week following the call.
TEPPCO Partners, L.P., is a publicly traded partnership 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. 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.
Mark G. Stockard, 713-381-4707
Toll Free: 800-659-0059
Rick Rainey, 713-381-3635
Source: TEPPCO Partners, L.P.