News Release
April 14, 2000

TEPPCO PARTNERS, L.P. REPORTS FIRST QUARTER 2000 EARNINGS

HOUSTON -- TEPPCO Partners, L.P. (NYSE:TPP) today reported net income for the quarter ended March 31, 2000 of $23.9 million, or $0.60 per unit, compared with net income of $23.4 million, or $0.64 per unit for the quarter ended March 31, 1999.

"The first quarter of 2000 was the best quarter in TEPPCO’s history, producing record revenues and net income," said William L. Thacker, chairman, president and chief executive officer of the general partner of TEPPCO. "Refined products transportation revenues and volumes set a first quarter record, with strong deliveries of gasolines, distillates and jet fuel. Total system throughput was also a first quarter record despite the warmest weather in U.S. history, which negatively impacted LPG volumes.

"Crude oil margins exceeded the 1999 first quarter in all segments. Additionally, non-transportation activity added to the quarter’s results with contributions from product sales and the storage services at Mont Belvieu," Thacker continued.

Transportation revenues for the products segment for the first quarter of 2000 were $51.1 million, compared with $52.2 million for the 1999 quarter. The decrease was due to lower propane deliveries as a result of unusually mild weather in the upper Midwest and the Northeast. Offsetting the decrease were record refined products deliveries, which were 5 percent higher than the previous first quarter record, set in 1999.

Mont Belvieu operations and Other revenues were $12.7 million for the first quarter of 2000, compared with $8.9 million for the 1999 quarter. The increase was attributable to increased storage revenue at Mont Belvieu and the sale of increased volumes of product inventory compared with 1999.

Gross margin for the crude oil segment was $9.5 million for the first quarter, compared with $8.3 million for the 1999 first quarter. Crude oil marketing volumes in the 2000 quarter were approximately 270,000 barrels per day compared with 239,000 barrels per day in 1999. Transportation volumes of crude and natural gas liquids (NGLs) were approximately 109,000 barrels per day in the current quarter, compared with 101,000 barrels per day in the prior year quarter. Lube oil volumes were approximately 768,000 gallons per month, compared with 653,000 gallons per month in 1999.

Operating expenses, including fuel and power, for the 2000 first quarter totaled $34.3 million, compared with $30.8 million for the 1999 quarter. The increase was due to the write-off of $0.9 million of project evaluation costs, higher costs associated with increased transportation volumes and increased costs for outside services.

TEPPCO will be hosting a first-quarter 2000 related conference call on Monday, April 17, 2000, commencing at 8:05 a.m. (CST). Interested parties may listen via the Internet, on either a live or replay basis, at www.streetevents.com.

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, market conditions, governmental regulations and factors discussed in TEPPCO Partners, L.P.’s filings with the Securities and Exchange Commission.

TEPPCO Partners, L.P. is a publicly owned master limited partnership, which conducts business through two operating companies. TE Products Pipeline Company, Limited Partnership is one of the largest common carrier pipelines of refined petroleum products and liquefied petroleum gases in the United States. TEPPCO Crude Oil, LLC is a crude oil gathering, transportation, storage and marketing company operating primarily in Texas and Oklahoma. Texas Eastern Products Pipeline Company, LLC, which is an indirect wholly owned subsidiary of Duke Energy Field Services, LLC, is the general partner of TEPPCO Partners, L.P.

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TEPPCO Partners, L. P.
OPERATING DATA

(Unaudited - In Millions, Except Per Barrel, Per Gallon and MBbl/day Amounts)

Three Months
Ended
March 31,


2000

1999



Products System:

Barrels Delivered

Refined Products

29.6

28.1

LPGs

11.7

13.2

Mont Belvieu Operations

7.1

6.9



TOTAL

48.4

48.2



Average Tariff Per Barrel

Refined Products

$0.95

$0.91

LPGs

1.98

2.02

Mont Belvieu Operations

0.16

0.16



Average System Tariff Per Barrel

$1.08

$1.11



Crude Oil System(1)

Margins:

Crude oil transportation

$4.9

$4.3

Crude oil marketing

2.2

2.0

NGL transportation

1.8

1.4

LSI

0.6

0.6



  Total Margin

$9.5

$8.3



Volumes (MBbl/day):

Crude oil transportation

95.9

90.5

Crude oil marketing

269.7

239.2

NGL transportation

13.3

10.8

LSI Volume (Total Gallons)

2.3

2.0

Margin (Per Barrel):

Crude oil transportation

$0.558

$0.527

Crude oil marketing

$0.092

$0.093

NGL transportation

$1.449

$1.449

LSI Margin (Per Gallon)

$0.272

$0.277

(1) Certain amounts from the prior year have been revised or reclassified to conform to current presentation.

TEPPCO Partners, L. P.
Condensed Balance Sheets (Unaudited)

(In Millions)

March 31,

December 31,

2000

1999


Assets

Current assets

Cash and cash equivalents

$45.0

$32.6

Short-term investments

1.5

1.5

Other

262.3

229.0


Total current assets

308.8

263.1

Property, plant and equipment - net

731.2

720.9

Investments

5.2

5.2

Other assets

51.5

52.2


Total assets

$1,096.7

$1,041.4


Liabilities and Partners' Capital

Current liabilities

$273.3

$243.5

Senior Notes

389.7

389.7

Other long-term debt

86.0

66.0

Other non-current liabilities and minority interest

6.4

6.5

Class B Units

106.4

105.9

Partners' capital

General partner's interest

2.2

0.7

Limited partners' interests

232.7

229.1


Total partners' capital

234.9

229.8


Total liabilities and partners' capital

$1,096.7

$1,041.4


TEPPCO Partners, L. P.
Condensed Statements of Cash Flow (Unaudited) (In Millions)

Three Months
Ended
March 31,

2000

1999


Cash Flows from Operating Activities

Net income

$23.9

$23.4

Depreciation, working capital and other

4.8

(12.6)


Net Cash Provided by Operating Activities

28.7

10.8


Cash Flows from Investing Activities:

Proceeds from cash investments

-

3.0

Purchases of cash investments

-

(1.2)

Purchase of crude oil system

-

(2.2)

Capital expenditures

(18.0)

(11.9)


Net Cash Used in Investing Activities

(18.0)

(12.3)


Cash Flows from Financing Activities:

Proceeds from term loan

20.0

-

Distributions paid

(18.3)

(16.0)


Net Cash Provided by (Used in) Financing Activities

1.7

(16.0)


Net Increase (Decrease) in Cash and Cash Equivalents

12.4

(17.5)

Cash and Cash Equivalents -- beginning of period

32.6

47.4


Cash and Cash Equivalents -- end of period

$45.0

$29.9


Supplemental Cash Information:

Interest paid during the year (net of capitalized interest)

$13.8

$14.2


TEPPCO Partners, L. P.
FINANCIAL HIGHLIGHTS

(Unaudited - In Millions, Except Per Unit Amounts)

Three Months
Ended
March 31,


2000

1999



Operating Revenues:

Sales of crude oil and petroleum products

$682.8

$222.4

Transportation - Refined Products

28.0

25.6

Transportation - LPGs

23.1

26.6

Transportation - Crude oil and NGLs

4.1

2.6

Mont Belvieu operations

4.5

2.9

Other

8.2

6.0



Total Operating Revenues

750.7

286.1



Costs and Expenses:

Purchases of crude oil and petroleum products

677.4

216.7

Operating expenses - general and administrative

26.8

23.9

Operating fuel and power

7.5

6.9

Depreciation and amortization

8.2

8.1



Total Costs and Expenses

719.9

255.6



Operating income

30.8

30.5



Interest expense - net

(7.4)

(7.4)

Other income - net

0.5

0.3



Net Income

$23.9

$23.4



Net Income Allocation:

General Partner

$4.0

$2.4

Limited Partners

$19.9

$21.0



Net Income

$23.9

$23.4



Basic and Diluted Net Income

Per Limited Partner and Class B Unit:

$0.60

$0.64



Number of Limited Partner and Class B Units

32.9

32.9

Contact: Brenda J. Peters (Investor Relations)
Phone: (713) 759-3954
24 Hour Phone: (704) 382-8333
Email: media_relations@duke-energy.com
Contact: Kathleen A. Sauvé
Phone: 713) 759-3635
24 Hour Phone: (704) 382-8333
Email: ksauve@teppco.com