UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): April 22, 2009
TEPPCO
PARTNERS, L.P.
(Exact
name of registrant as specified in its charter)
|
Delaware
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1-10403
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76-0291058
|
|
(State
or Other Jurisdiction of
|
(Commission
File Number)
|
(I.R.S.
Employer
|
|
Incorporation
or Organization)
|
Identification
No.)
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1100
Louisiana, Suite 1600, Houston, Texas
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77002
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
Telephone Number, including Area Code: (713) 381-3636
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
¨ Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Effective April 22, 2009, Enterprise GP
Holdings L.P., the sole member of Texas Eastern Products Pipeline Company, LLC
(the “Company”), appointed Duke R. Ligon and Irvin Toole, Jr. to the Board of
Directors of the Company, which is the general partner of TEPPCO Partners, L.P.
(the “Partnership”). The Board of Directors has appointed Mr. Ligon and Mr.
Toole to serve as members of its Audit, Conflicts and Governance
Committee.
Mr. Ligon, age 67, is an attorney and
most recently served as senior vice president and general counsel of Devon
Energy Corporation from 1997 until he retired in 2007. He currently serves as
strategic advisor to Love’s Travel Shops & Country Stores, Inc. He is
a director of Pre-Paid Legal Services, Inc. (legal services), Quest Midstream
Partners, L.P. (natural gas transportation), SemGroup Energy Partners, L.P.
(crude oil terminalling, storage, gathering and transportation), TransMontaigne
Partners L.P. (distribution and marketing of petroleum products) and Panhandle
Oil and Gas Inc. (oil and gas exploration).
Mr. Toole, age 67, most recently served
as president, chief executive officer and a director of Pacific Management, LLC,
which was the general partner of Pacific Energy Partners, L.P. and its
predecessor companies, from 1998 until he retired in 2006. Mr.
Toole served as chairman, president and chief executive officer of Santa Fe
Pacific Pipelines, Inc., the general partner of Santa Fe Pacific Pipeline
Partners, L.P., from 1991 to 1998.
Mr. Ligon and Mr. Toole will each
receive $75,000 in cash annually for their services. Amounts paid for
2009 will be prorated for time of service.
Item 7.01. Regulation FD
Disclosure.
The Partnership issued a press release
dated April 23, 2009 regarding the above director appointments. A copy of the
press release is furnished herewith as Exhibit 99.1.
The information in the press release
attached as Exhibit 99.1 is “furnished” and not “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, or otherwise subject to
the liabilities of that section. It may only be incorporated by reference in
another filing under the Securities Exchange Act of 1934 or the Securities Act
of 1933 if and to the extent such subsequent filing specifically references the
information incorporated by reference herein.
Item
9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit
No.
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Description
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99.1
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Press
Release dated April 23, 2009.
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1
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
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TEPPCO
PARTNERS, L.P.
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||
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By:
Texas Eastern Products Pipeline Company, LLC,
its
General Partner
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||
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Date:
April 23, 2009
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By:
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/s/
Tracy E. Ohmart
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Name:
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Tracy
E. Ohmart
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Title:
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Acting
Chief Financial Officer
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2
Exhibit
Index
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Exhibit
No.
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Description
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99.1
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Press
Release dated April 23, 2009.
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3
EXHIBIT
99.1
| April 23, 2009 |
CONTACTS:
|
Investor Relations – | Mark G. Stockard |
| Phone: | (713) 381-4707 | ||
| Toll Free: | (800) 659-0059 | ||
| Media Relations – | Rick Rainey | ||
| Phone: | (713) 381-3635 |
TEPPCO
PARTNERS, L.P. NAMES DUKE R. LIGON AND
IRVIN
TOOLE, JR. TO BOARD OF DIRECTORS
HOUSTON – TEPPCO Partners,
L.P. (NYSE:TPP) today announced that Duke R. Ligon and Irvin Toole, Jr. have
been elected to the board of directors of its general partner, Texas Eastern
Products Pipeline Company, LLC, effective April 22, 2009. In
addition, both have been appointed to serve as members of the board’s Audit,
Conflicts and Governance Committee. On March 12, 2009, TEPPCO
announced that Chairman of the Board, Murray H. Hutchison, had withdrawn from
the Audit, Conflicts and Governance Committee in conjunction with the expansion
of his responsibilities to include interim executive authority.
“With
their in-depth understanding of the master limited partnership structure and
broad experience in the crude oil and refined products areas that comprise our
core pipeline business segments, I’m confident that both gentlemen will be
productive additions to our board and we are very pleased and fortunate to have
them part of the team,” said Jerry Thompson, president and chief executive
officer of TEPPCO’s general partner. “These latest additions bring
the total number of members on the TEPPCO board to seven, five of which are
independent directors.”
Since
2007, Mr. Ligon has served as a strategic advisor for Love’s Travel Stops &
Country Stores, Inc. in Oklahoma City, Oklahoma. Prior to his current
responsibilities,
Page
2
he spent
11 years as general counsel and senior vice president for Devon Energy
Corporation. During his nearly 40-year career, Mr. Ligon has served
in numerous legal, regulatory and legislative advisory roles, providing counsel
on a wide range of energy-related issues. He earned a J.D. from the
University of Texas and a bachelor’s degree from Westminster College in Fulton,
Missouri.
From 1998
to 2006, Mr. Toole served as president, chief executive officer and director for
the general partner of Pacific Energy Partners, L.P. and its predecessor
companies. During his tenure, he initiated the development of a major
new crude oil import terminal at the Port of Los Angeles and completed a series
of acquisitions totaling more than $1 billion. His energy experience
spans more than 40 years and includes various executive level financial and
operational positions with several large integrated crude oil and refined
products pipeline companies. Mr. Toole holds a master’s degree and a
bachelor’s degree in civil engineering from Texas A&M University and
completed the Advanced Management Program at Harvard Business
School.
TEPPCO
Partners, L.P., is a publicly traded energy logistics 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 operates primarily on the United States inland and Intracoastal Waterway
systems, and in the Gulf of Mexico. For more information, visit TEPPCO’s website
(www.teppco.com). Texas Eastern Products Pipeline Company,
Page
3
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.
###