News Release
Oct. 16, 1998

TEPPCO ELECTS RICHARD OSBORNE TO BOARD OF DIRECTORS

HOUSTON, October 16 - Texas Eastern Products Pipeline Company (TEPPCO), general partner of TEPPCO Partners, L.P., (NYSE:TPP) today announced the election of Richard J. Osborne to TEPPCO’s Board of Directors. He succeeds James T. Hackett, who resigned from the board effective September 15.

Osborne, 47, is executive vice president and chief financial officer of Duke Energy Corporation in Charlotte, N.C. In this position, he develops corporate financial policy and strategy, and oversees investor relations, financial and accounting matters, including the development and implementation of long-term financial and investment plans. Osborne joined Duke Power Company as a financial analyst in 1975 and has served in a variety of positions in the financial areas of the company. He was named to his current position following Duke Power’s merger with PanEnergy Corp in 1997.

Osborne is a member of the Edison Electric Institute, where he is chairman of the Executive Advisory Committee on Finance, Taxes and Regulation, and the Financial Executives Institute.

He serves on the boards of directors of the Foundation of the School of Public Health at the University of North Carolina and the Foundation for the Carolinas, where he serves as chairman of the Investment Committee. He is also a board member and president of the Charlotte Jewish Federation and The North Carolina Council on Economic Education. In addition, Osborne is past president of Planned Parenthood of Greater Charlotte, Duke Power Toastmasters and Top of the Week Rotary Club.

Osborne received a bachelor of arts degree in economics and history from Tufts University and a master of arts degree in business administration from the University of North Carolina at Chapel Hill.

"Richard Osborne is an outstanding addition to our board of directors," said William L. Thacker, chairman, president and chief executive officer. "His experience and guidance in the area of financial policy and strategy will be an asset as TEPPCO moves forward,"

TEPPCO is the general partner of TEPPCO Partners, L.P., which is a publicly owned master limited partnership. TE Products Pipeline Company, Limited Partnership, the operating partnership, is one of the largest common carrier pipelines of refined petroleum products and liquefied petroleum gases in the United States.

Contact: Eric W. Thode
Phone: (713) 750-3635
24 Hour Phone: (704) 382-8333
Email: media-relations@duke-energy.com